ManifestationMiles BecklerMind Power

Top 10 Wealth Habits Revealed – Empower Your Habits To Create Abundance!

might be on might not be on we’re live welcome miles here miles been calm and this video is all about wealth habits I want to share some of the top habits of wealth that I’ve learned and implemented in my life to completely transform my relationship with money and my financial situation you see your habits are creating your life you’re doing a lot of people do the same things we often think the exact same thoughts we did the day before day in and day out same actions same thoughts therefore the results are the same in order to change your life situation we need to think new thoughts and we need to take new actions in a different direction so when I was tired of being broke all the time tired of being $50,000 in debt feeling like I was drowning under my debt I decided to learn what wealthy people and wealthy families did and out of that I then started taking actions and I started doing and implementing what these wealthy families did and now at this point I’m gonna share with you 10 of these items it’s not conclusive this isn’t the the only ten things but I feel like these are some of the most important that I’ve learned and I’ve been able to implement so jumping right into the ten wealth habits number one you must pay yourself first ultimately to grow wealth you need to build up a nest egg and then at some point you want to get these monies that are in your nest egg to go create more monies money loves to multiply it actually does when you put it in the right places throw in a bank account it’s going to multiply put it in the right type of cash flow real estate it’s going to multiply even some web assets it can multiply but if you don’t have said nest egg to invest anywhere you don’t have anything that can go multiply you might be thinking about miles but I’m broke I don’t have the money to go pay myself first I can’t even pay my bills well guess what if you can’t pay your bills now if you pay yourself 10% you’re still not gonna be able to pay your bills afterwards and something magic happens when you actually commit to and you prove that you can manage your money and the biggest part of this is pay yourself first there’s a great audio book called the richest man in Babylon it’s an old story it’s a fiction story and it’s a great book it’s available for free on audiobooks you can find it it’s a free book on I believe Gutenberg but you can find the audiobook here on YouTube and it really just preaches that idea of hey yourself first get an emergency fund then build a wealth account you’ll be amazed at what you can ultimately create number two is constantly seeking to increase your savings rate and this happens from two separate directions earning more and spending less okay as we earn more and spend the exact same amount that actually we’ll be able to increase your savings right okay hold on so if you’re gonna be invest if you’re gonna be saving if you live on forty five percent of your income okay and then you earn more income you should be able to live on forty percent of your income because your income just went up what do you do with that extra five percent you put it into your wealth account right that’s that savings so this is how you can kind of just kind of keep working your numbers within your personal ecosystem your personal finance system to always be focused on increasing your savings rate looking around at where you spend your money running a budget through that you need a budget system if you want paying attention to what you’re spending money on buying a car you can pay cash for instead of getting into payments for all its debt in a minute but these are all of the different kinds of things that wealthy people look at in order to maximize their savings rate and constantly increase their savings rate because the goal is how many of my money’s in my earning can I put into an asset that’s going to go create more monies that’s the way that wealthy people think and on the other side of the coin it’s okay I want these things I want a liability I want to Apple watch I want a fancy car I want to be one of that without a thought of that Mercedes has a hundred and fifty dollar oil change or the Lambo has a four thousand dollar oil change versus the oil change I can do on my truck because I just kind of like working on my car when I’m listening to audio right so there’s all these little bits around your life that money is flowing its way out of your pockets into other people’s pockets and when you make sure that flow is mainly focused on filling up your wealth accounts by increasing your savings account that is something that wealthy people do and that is a habit that I’ve kind of learned to do now number three no debt for liabilities okay there is an argument to be made about using debt for assets okay rental properties right so if you want to go borrow the amount for a mortgage on a rental property and that rental property will cash flow meaning you borrow $200,000 and you get a renter in and you’re making $500 a month positive cash flow from money that you borrowed that’s a good use of debt right there are times and ways to use debt for good the bad ways to use debt are for liabilities what are liabilities they’re things that don’t make you money Apple watches liability cars are liabilities right everything that actually requires you to pay money into it every month or ongoing for maintenance and upkeep etc that’s a liability things that bring you money are assets wealthy people focus on collecting assets and sometimes they use debt for assets but they rarely if ever use debt for liabilities if it’s free 0% interest there’s some times that it does make sense and some wealthy people will take a 2% loan and put the money in the stock market because they think they’ll get a 7% return but buying things we can’t afford now and putting it on debt because we want it and it’ll emotionally evoke a feeling that is a trap and that is a slippery slope away from the mountain of wealth that that you ultimately want to create it’s ultimately and effectively taking money that you could be putting into your savings in your wealth account and it’s putting it into things that are going to depreciate in value and you can’t sell an Apple watch for what you bought it for and that money just disappears every dollar is potentially an employee when you spend that dollar okay when you spend that dollar it’s gone it can’t go make more for you but when you invest that dollar it can go out and make more dollars for you wealthy people always focus on putting their dollars in places and employments that can go bring more money in the other side of the coin is those dollars go out to things that are expensive and you don’t get any money back and it’s just gone and the worst case scenario is using debt to facilitate that process because you’re actually spending your future energy now and it’s just a very slippery slope at number 4 investing in education financial education I honestly think that emotional education if you’re married like learning how to cooperate in love and live with your spouse is a great thing divorces are incredibly expensive from what I’ve heard there’s the this investing in education is far greater than simply financial education I think it’s extremely important to know how money works I think it’s important to know the difference between money and currency do you know the difference between money and currency are you familiar with how the fractional reserve banking system works these are very basic ideas that are there are societies founded on okay the banks that you use it’s a fractional reserve banking system and we don’t really use money anymore we use currency and it’s a very big distinction most people if I ask them if they know what those things are the answer is no I don’t but if I ask most people to name four characters from the game of Thrones one two three four why because most people spend their time watching and wasting time on chewing gum for the mind watching television shows instead of reading the books and going through the educational materials to educate themselves on their world of finances but I guarantee that wealthy people know how the banking systems work what fractional reserve banking is how compound interest works and how to get that working for them okay so it’s just a distinction on where that time and energy is focused I read a lot of material on investing in the evenings that’s kind of I’ve trained myself to enjoy understanding how all of that works and I’m continuing to educate myself as an investor with my free time because that’s what wealthy people do that’s where I want to go therefore what I shall do okay it’s pretty simple when you really break it down in this step number five take ownership of absolutely everything right I mean everything in our world boss sucks well you chose that job okay car broke down well eventually at some point you chose that cart right that every single thing in our life requires ownership to be taken upon it and the sooner we take ownership of it versus the victim mentality of this happened to me so what the real question is or the real situation or place to be is that there’s a lot of that’s just what is in our world okay rough upbringing grow poor yep so did I so what that’s just what is what am I gonna do about it how am I going to leverage this how am I going to turn this into a positive saying where’s my secret hidden power within that which happened to me at a young age okay and I know that that life can be dramatic and traumatic for people who read Oprah’s story if you want to hear a story of someone who grew up in incredibly challenging conditions I mean just talk about the the deck being stacked against that woman and look at what she has created in her world it is possible and it’s people who take ownership of absolutely everything in their life who seem to be able to get to okay what are we gonna do about this and that’s the key and that’s where a lot of wealthy people focus is like okay cool that’s a whole lot of what is I don’t care about it I don’t to judge it I don’t want to bitch about it and I’ll moan about what are we going to do about it how are we rectifying this situation and then I’m gonna actually jump one and come back you know that sorry I’m on my notes here I’m actively looking for problems to solve is something so this is number seven or skip number six we’ll go back to it so out of that idea is that wealthy people actually seek out problems to solve that is one of the biggest things that wealthy people especially when you get into the world of entrepreneurship but even in the corporate world right even in the business world even working through middle management seeking out problems and work throws seeking out problems within your your logistical line within the company whatever that is wealthy people always go into and after they charged for problems because they know that solving enough problems especially for other people is actually a massive way to generate wealth if you’re able to solve supply chain problems for a large corporation not only is there potential for you in that situation to get promotions to get noticed for being the one who brings that to the table but maybe you can go apply what you did to other businesses as a consultant and then you can stop trading dollars for hours and you can start getting paid based on the results that you’re creating because you found a better way to do that which a lot of corporations do as entrepreneurs we’re often looking around at our audience and surveying right that’s one of the big things to do in the world of digital marketing survey your audience ask them what their biggest challenges are go create or find and as an affiliate promote the solutions they’re already seeking for okay so wealthy people go into and look for problems to solve and the other side of that coin is people they try to avoid them they drink a lot of beer or wine or they smoke weed or they go on Netflix vendors they do things to mentally numb themselves from the overwhelming feeling of their challenges versus taking those challenges head-on once we get our own challenges kind of we get on the path to solving those and we start to look for helping other people solve their challenges that’s how we can open ourselves up to more income coming in then you loop back up to the top of the list right percentage of everything that comes in gets paid to me first and foremost so we’re increasing how much we’re earning we’re putting money away for ourselves we’re increasing our savings rate this is how wealth is created within one single generation so they seek out leverage this is number six I’m all over the list but weirdoes will be the seventh one in something like that but anyways there are ten total on this list um seeking out leverage so there’s two ways that this works that that wealthy people leverage this number one is other people’s time okay so at this point in my business I’ve got I don’t know a dozen 18 people or so who do different jobs and tasks within my corporation from customer support to search engine optimization to writers to research to layout to designer so I’m leveraging the amount of hours that my business is able to create work product within okay so when Myles and Melanie were the only people working on the business we would do 70 ish 80 hour weeks okay it says a hundred and forty hours a week or so of work product that we were able to bring forth but now that I’ve got multiple full-time teammates and I’ve got a dozen or more part-time teammates and Melanie and I are still working in our business collectively we are able to accomplish three to five hundred man-hours of work product each and every week and melly and I get to be focused on the highest value okay not we’re not just doing all of the tasks we’re not doing the absolute highest value tasks why can we focus on that because we’ve leveraged the time and energy of other people specifically specialists to do all of these other things that we aren’t absolutely spectacular at okay so that’s one side of the leverage argument number two is leverage the money’s okay and this is where real estate comes in for a 20% down payment you can take control over an entire property so you can for a $200,000 house you can get control of said property for $40,000 which means you put in 40 and you get the the appreciation you get the tax deduction of depreciation and the potential cash flow from renting a $200,000 house you didn’t have to put two hundred thousand dollars of your own money out of your pocket into said house you only put $40,000 in okay so you’re getting this forty thousand dollars to leverage itself to obtain a two hundred thousand dollar asset so that’s how leverage can be used from a financial perspective but it can also be used from a time perspective for entrepreneurs as well actively looking went over that one so wealthy people sever the dollar four hours connection okay so the whole trading dollars per hour is a trap being an employee you have one of the worst tax rates being a business owner you get all kinds of tax benefits right and you’re really putting yourself in a situation where other people control how much money you’re going to make there is some control that employees have the ability to go jump ship and go to another company the ability to skill up and to develop more professional skills and to add value to your employer there is obviously an ability to earn more but when that income is translated from exchanging dollars for hours to being based on the results that you’re getting for other people or the number of items sold okay like a percent of profits type situation the ceiling of how much you earn completely disappears right so this is how I was able to go from a customer support job that was thirty thousand dollars a year that was kind of like my sweet spot call center customer service manage Department I was good at that okay thirty forty thousand dollars a year maybe in the Bay Area I could have got up to sixty thousand dollars a year but the cost of living out there is ridiculous okay so that’s where I was before I really went down this path of digital business now I’ve got my sights set on building a 10 million dollar per year digital media company that’s where I’m going lot different potential there in this world and that’s because I’m no longer paid for the hours that I put in I’m now paid for the results that I get for other people and for the items that I sell sometimes those results are sales for my affiliate partners right they want sales they’ll give me a commission for every link that are every person who purchases so I send traffic of the traffic some people purchase they’re so appreciative of that result they got more sales that I get a commission in that situation not to mention when I help people grow their businesses through my memberships etc and and the all the other things that we sell so it’s it’s severing the dollars for our transition for me it went from being an employee Ryan so straight hours four dollars and then I transitioned into doing freelance work that was the easiest next step and ultimately I was still trading dollars for hours as a freelancer but I was able to leverage the time of other people and I was able to take on a lot more projects and I personally could do myself which increased the amount of money I was earning because I was earning money based on the output of my team and not just a work product that I was able to do from there I learned how to build and package digital products and sell affiliate products and grow email lists which is where I started to get scale on my side and that’s how it worked for me the cash flow quadrant book by Rich Dad Poor Dad Robert Kiyosaki is actually a really good book on that but I’ve got a video on the cash flow quadrant here you can find that on the channel by searching get paid for results get paid for the number of items that sell is the goal sometimes we have to one step our way through being a consultant or through being a freelancer to ultimately get there but but severing that dollar for our relationship with money and changing that to a system that really doesn’t have a big ceiling above you is something that all wealthy people have done number nine having clear goals or a very clear vision of what you’re bringing forth into the future right so there’s this kind of idea out there that if you don’t really have a goal for your life you’re just gonna be a part of someone else’s goal and this is where a lot of employees find themselves is you’re just there working with in middle management they’re working with in a call center they’re working within a warehouse they’re working within a greater that is someone else’s vision right Jeff Bezos has a vision for selling everything and crushing every competitor in the world and now how many employees work for for Amazon from the Amazon convenience stores that are out there the the whole food stores that are out there the warehouses the people who run their split tests they’re the people who run their their web services right they just hundreds I don’t even know how many people work for Amazon I’ve absolutely no clue I’m not even gonna take a shot Matt Dart but all of those people working for Amazon most of them don’t really have a vision from their future that they don’t really have a goal there will be some of them in there that up side hustles they’re doing this or they know that they’re they’re getting great software engineering experience for a company that runs a lot of tests or they’re running conversion rate optimization and Amazon is notorious for how many CRO tests that they run each and every day so there is there are there is a percentage of employees who are very very conscious about why they’re at that current position and how that’s leading them towards their goals their vision but most people simply don’t have a vision Oracle for their future so sometimes we gotta get deep what do you want to experience in life where do you want to work for I have a perfect day exercise that I’ve done on a previous video I’ve talked a lot about the law of attraction on this you need to have a vision lifestyle design is a really important thing what life do you want to be living ten years from now if you don’t consciously set this up the lifestyle you’ll be living in ten years from now will be a result of what other people want for you and from you versus you consciously declaimed this is where my ship is going and eventually you’ll adapt you know do a little of this lore that and you’ll you’ll change what you want because we change as humans and there was a time when I wanted to live traveling the world and be a full time digital nomad and I did that for four years I lived in over 20 countries building my business as I went along I was a man this traveling stuff is tiring I don’t want it anymore I want I want some stability I want some nature I want some hiking I want on a lake I want to go paddleboard and well now I’ve rearranged my goals in my vision and I’m living that life at this point and in ten years who knows what that will be but I’m consciously constantly constantly consciously coming back to those questions of what do I want out of this life where do I want this life to go I’ve got a vision right now from where I’m at here for where my future is going it incorporates that 10 million dollar per year business that I’m growing right now incorporates a lot of lifestyle aspects and wealthy people constantly come back to the vision and the goals that they have for their life and number 10 they take calculated risks you know there’s a lot of people and an employee mindset a lot of times they think that is risky to be an entrepreneur and I personally watched my father work without through the unions he worked for the same corporation for 33 years we did not have much he couldn’t afford a house for most of those 33 years my parents bought their first house when I was like 22 or something like that and he got fired two years before his full retirement and the corporation just said you cost too much you’re done we don’t want to pay you full vesting when you’re done because he would have made more in his retirement had they let him stick around for those two years and he was making the most he had ever made at that point in his life and they brought in a college student to pay them a lot less so it was a financial decision by a corporation to let go of my father there’s a lot of people who think it’s risky to be an entrepreneur but growing up seeing that I believe that it was risky to leave my financial future in the hands of a corporation so a calculated risk for me has to been spending my nights and weekends for nearly two decades now to figure out how does business work how does wealth work how does a entrepreneurship work how do people sell things how do you get traffic on line how do I grow a list of leads how do I get people interested in buying my things how do I deliver the things that I’m selling how do I pay taxes on all this money you know like there’s all these bits and pieces and to me that was a calculated risk and to most people it’s risky to be an entrepreneur to me being an employee is risky because your financial future is in the hands of other people in the hands of corporations and there comes a point in time when that corporation needs to show higher earnings per share to their shareholders and a shortcut way to do that is to fire 10,000 people and voila the payroll decreases there’s more earnings because not all the money is going out investors are happy for about a quarter the stock price goes up the CEO looks good they get a gigantic bonus tens of thousands of people are out of work these are people who didn’t have vision for themselves these are who didn’t take calculated risks then you can apply this to investing right there is an argument for crypto currencies there’s a really good book investing in crypto assets that made the logical argument that like a 1% or so investment in crypto currencies can actually balance out a portfolio in a unique way whether that’s true or not based on their studies the data did point in that direction but these are the types of logical calculated risks that investors make that wealthy people make wealthy people never bet the farm on one thing wealthy people never bet the farm and go all-in on a certain specific trendy thing that’s going boom right they might get a little piece of that action but they’re gonna spread themselves out they’re going to hedge their risks if you will and each risk is calculated well what if the Fed cuts interest rates today what’s that gonna do to things maybe I want to hedge against that what if this happens maybe I want to hedge against that and all of these little risks are completely calculated just like going into a new market place or building another niche site or when I decided to build this YouTube channel this was a calculated risk I knew it would take time away from my core business that I’m so growing with my wife today but I figured that there’d be a long term value from that extra brand it’s a little extra security we now have two solid brands growing we’re now building our third and our fourth brand to have more stability just in case something weird happens so yes I’m risking some time from business a but I’m building an entirely totally different niche business in another place a calculated risk that has paid off very well right what’s the upside potential of a move what’s the downside potential of the mood downside potential for wealthy people never goes to zero right there’s never a bet of investment if you want to call it they’re not investments when they get that big that’s gonna leave someone at zero they don’t bet the farm on anything they calculate their risks and there’s calculated risks to be made everywhere now if you’re an employee and you’re listening yeah miles I’m fired up I’m gonna quit my job tomorrow build an online business that’s not a calculated risk do you have enough money to support yourself from your online business yet if not that’s not a calculated risk a calculated risk is I’m gonna stop going to happy hour on Thursday nights I’m gonna stop binge watching Netflix I’m gonna stop buying beer and wine I’m gonna put all that money that I just saved from those actions into savings and then I’m gonna spend my time building an audience and email list and ultimately a web based business and I’m gonna stick with this for three years I’m gonna pay off all of my debt I’m gonna increase my side income and then when I’m making more money from my side income I have no debt I have a six month emergency fund at that point I’m gonna go all in on my little business and then I’m gonna scale it to a million dollars a year that my friend is a calculated risk that is how wealthy people approach challenges and problems with a very long time horizon that didn’t even get on my list I could probably do another list of ten and I might in the future so let me know if if you enjoy these kinds of videos I got a comment down here people are enjoying the fact that this is live and it’s refreshing that this is not edited I ain’t got time to edit literally I’m so busy and I thank you for those kinds of comments and I love bringing you my raw take on this stuff I’m not here to impress you I’m literally I want to encourage you to take calculated risks to pay yourself first to to do the things that wealthy people do because I grew up in poverty right Mike like I grew up with a ton of love and I have to get my parents I don’t want my parent I don’t want to sound bad right like my dad watched the videos like God Russell maker he said you know like I grew up with love I grew up with man we took vacations we went to the beach it was an hour drive to Santa Cruz camped on the beach once you know one week a year that was my family vacation was like an hour and we loved it I like I didn’t feel like I had lack it’s actually only until I was in my 20s and 30s that I learned about the reality of the situation as it was going on growing up and it made me think like huh you know like to him out of that right out of like employee mindset dad having a little pawn shop in order to pay for rent and in one generation I’ve been able to go and grow a multi-million dollar business my dad grew up in North Dakota with no indoor plumbing no electricity no running water in the house like that’s crazy in one generation now I got a multimillion-dollar business right so so I know it’s possible and I’m just fired up to try to help you kick you into gear and I laid out all the tactics and I’m talking about the mindset stuff but ultimately this channel is all about building a business and once you get cash flow coming in gotta learn how to keep that cash flow because so many entrepreneurs they got a big hit they do a launch things go crazy to make it 10 grand a month and the moment it dries up they’re back down to zero why because they didn’t do these things they didn’t pay themselves first they didn’t make calculate risk they didn’t hedge their bets on other brands and I know you can do this and I just I hope it’s empowering I hope it’s uplifting and I hope you’ve enjoyed this video if you have give me a thumbs up I thank you for your time I’m gonna call it at this point in time I got more videos coming out for you soon and I appreciate you and just thank you for being here with me and on that note I’m gonna say and one more time so and all right Cheers I’ll catch you guys soon be well

As found on Youtube

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker