I’m really excited to tell you about my new book that will come out later in March titled Freedom Mindset: Using Money To Get Wealthy, Retire Early, and Do What You Love.
This book has essentially been my life for about a year as I look back to the beginning stages of research and outlining what I wanted to communicate to you about money. Wow, thinking back that far is crazy for me.
Then came the dog days of writing at 6 am before work, during lunch, and in the evening. And next came the continual back and forth revisions with my editor as we sculpted and chiseled what we desired for the finished product.
I’m happy to say that all the work has been entirely worth it as I absolutely love the content in my new book Freedom Mindset! I know it’s my best creation (so far).
If you’re a young adult who wants to take control of your money and get rich, I’m convinced you’re going to get a ton of value out of this book.
Freedom Mindset isn’t a complex finance book that you can only understand if you have a background in finance or accounting. It’s the opposite.
This book walks you through a step-by-step approach to reach financial freedom so you can live more and work less. What would you pursue when you’re free to stop worrying about money so you can start chasing what makes you happy?
Without further ado, here’s the first unveiling of the book cover:
And as promised, below is the table of contents from Freedom Mindset with some additional details of each chapter for you to preview.
Freedom Mindset Table Of Contents
The Purpose Of This Book
Chapter 1 Money Coming In
Find And Get Paid Your Market Value
Eight Steps To Salary Negotiation Excellence
Chapter 2 The Most Important Factor To Becoming Rich
Wise Money Management
Chapter 3 Destroying Debt
Debt Is The Worst Stage Five Clinger
Mission: Destroy Your Debt
Objective 1: Eliminate Student Loans
Objective 2: Terminate Credit Card Debt
Objective 3: Stay Out Of Debt
Chapter 4 Saving For Freedom
Your Current Saving Problem
The Golden Savings Rule: Pay Yourself First
Now Is The Time For High Savings
How To Automatically Pay Yourself First
Five Steps To Financial Freedom
Chapter 5 Spending With A Plan
My Friend’s Problem Is Also Your Spending Problem
The Average Person’s Spending Mindset
The Rich Person’s Spending Mindset
Your Spending Solution
Easiest Way To Track Your Spending
Chapter 6 Investing Truths And Myths
You Don’t Have To Be Rich To Invest, But You Have To Invest To Become Rich
Unnecessary Weight Part 1: Mutual Funds
Unnecessary Weight Part 2: Financial Advisers
Chapter 7 Your Winning Investment Strategy
Part I: Why An Index Fund Is Your Best Bet
Are Index Funds Too Good To Be True?
Part II: What About Buying Individual Stocks?
Part III: Putting It All Together
Chapter 8 Feed The Investing Machine
Avoid These Investing Mistakes
Chapter 9 Remember The Goal: Financial Freedom
Things Better Than Money
How To Give Back
Chapter 10 Follow Through For Success
Follow Through Or What You Read Is Basically Useless
And if you want to join my street team for the book release, send me an email to brian [at] takeyoursuccess.com.
Why Your Salary Is Costing You Millions In Earned Income
The average person craves a salaried job the for comfort, security, and the guarantee they can pay their bills.
But a salary will cost countless people millions of dollars in earned income throughout their career.
It’s ironic that we want a guaranteed income so we can live comfortably leading up to and through retirement.
That’s what society promises, at least, until things become uncomfortable.
Once something bad happens—you get fired, laid off, don’t save enough, salary increase doesn’t keep pace with inflation, make bad financial choices, have expensive kids, get divorced—and now you’re far away from a comfortable retirement nest egg plus have less skills and determination to go make your own money.
The salaried gig looks great on the outside, until you dive deeper to see that it’s often the single biggest demotivator and limiting factor to earning more money.
Your Salary Kills Urgency And Entices Laziness
Though not entirely similar, a salary shares some common characteristics of communism.
You get the same paycheck every month regardless of your performance—pretty close to communism.
At many jobs, a guy like Bill will voluntarily show up at 6 AM every work morning and leave at 8 PM, while slacker Johnny over there shows up at 8 AM and leaves at 6 PM and is paid the exact same wage as Bill.
The paycheck doesn’t reflect the reality that Bill worked 20 plus more hours than Johnny and got a heck of a lot more done than Johnny.
Talk about unfair? The salary gig is cruel, I’m telling you.
And since that situation isn’t fair, human nature will get Bill to think, “Stop working so hard. Why bother to put in the extra hours if I’m not rewarded? I’m going to start acting like Johnny because he’s doing just what’s asked of him and the boss doesn’t notice my performance.”
Now I’m not naive to think that bonuses, raises, and promotions aren’t a thing in the workforce—a differentiator from communism.
However, those are just too much out of your control to count on and you’re not rewarded until months or years later. And they often require smart salary negotiation, which is difficult if you’re not practiced, on top of luck.
Plus, in the example above, if Bill decides to work less and deliver less value then he won’t get the bonus or raise even if there’s one available.
The idea is that a salary often persuades workers to do the bare minimum to keep their job and keep getting paid.
It doesn’t entice individuals to give their all each and every day to not only make themselves double the income, but the company double the return on investment in them as well.
Knowing a paycheck is coming has a cocaine effect where you’re addicted to that monthly guaranteed income even though it’s not in your best interest to rely on it.
What’s worse is the damage it does to your overall net worth.
Guaranteed Income Costs You Millions Of Dollars
The addiction of needing a salary will costs millions of people, millions of dollars in lost income.
Let’s take a look at the multiple reasons why a salary sets you up to fail in the chase towards wealth.
For one, the average salary increase in the US doesn’t match the potential of a hustler who gets to decide their own income based on their work ethic.
A May 2017 forecast from WorldatWork predicts that salary increase budgets for U.S. employers will grow 3 percent on average in 2018 across most employee categories.
Say you make $50,000 a year at your 9 to 5 job you despise. Are you going to bust your butt for 261 work days in the year for a 3% salary increase? I’m not. We’re only talking about $1,500 at that rate.
The work compared to the payoff doesn’t add up to a good deal. It’s not motivating to me. It shouldn’t motivate you.
I could work at McDonald’s and come out with more dollars per hour than that thievery.
You’ll drag your feet for a 3% salary increase (+$1,500), but perform like a workhorse if you have a definite opportunity to double your current income (+$50,000).
That’s a difference in $48,600 between the two of them for the year and this is just the beginning. The difference is exponential over the lifetime of a career.
Second, when your income is entirely in your hands—be it as a beginner entrepreneur, commission sales rep, recruiter, or other job—your butt is on the hot seat from the get go to perform.
There’s no room to take it easy if you want to eat that week and keep your business alive.
Plus, you’ll be motivated to save extra money since this can turn into the business’ emergency fund or a payroll account to hire some contractors or full-time employees.
Meaning each dollar you earn has a higher purpose than eating expensive meals and treating yourself to materialistic clothing purchases.
And by investing in your business, your company and you personally will take home more profits than if your income was tied down by a normal 9 to 5 job.
I’m not surprised when I look at the richest people in each state only to find that none of them are salaried works but entrepreneurs and business owners.
Now you don’t have to be an entrepreneur, but you do need a job with no ceiling on your income if you want to get maximum performance out of yourself and the rewards that come with it.
Third, the rate of your learning is immensely sped up when you have to rely on your own work ethic to make money and pay the bills. You can’t afford to be out of the know in your industry if you want to compete with your competitors.
This is the pressure that forces you to gain knowledge and then use that experience to win more deals for yourself.
Plus, you can compound your knowledge to make more money in the future or consult others on the keys to success based on your experience. These opportunities aren’t there in the corporate world.
By getting off the addicting salary drug and choosing your own medicine, you force yourself to provide value to others so you can ultimately get paid what you’re worth.
And the more patient and skilled you become, the greater this income increases over years then decades.
That’s how your income grows by hundreds of thousands of dollars every year, which adds up to millions, instead of 3% and $1,500 (if that) every year.
Work Like You’re Not On Salary
You only get to do this thing called life once.
Why take the safe and boring road with a salaried job that is like driving a minivan straight on a flat road until retirement, when you can take the thrilling road in a sports car up a mountain with jagged cliffs and unbelievable views?
Bet on yourself. Work your face off. And work like you’re not on salary.
By mixing things up, you’ll discover if your company rewards you for going above and beyond what’s asked of you.
And if they do incentivize your efforts then you don’t need to find a different job. Maybe it doesn’t though and you see the writing on the wall: you’re worth millions more than you will ever earn here so you find a better job you love.
It’s like any pursuit in life, you need to get out of your comfort zone to truly push yourself, grow, and become the best version of yourself.
Happiness comes from personal growth. So take the jump and make the most of it.
Millions of dollars are nice, but the feeling of personal satisfaction from working incredibly hard and getting rewarded for it will far trump the money—every time.
Why 1 Bitcoin Can Be Worth $100,000 In A Few Years
Bitcoin. What is it? How much is one worth? And how much is it going to be worth in a few years and long term?
You have questions. I have ideas.
Let’s break it down one by one. Because when we’re talking cryptocurrencies (already confused by that word?) like Bitcoin it can be easy to get lost in terminology and explanations.
For the sake of brevity, here’s my definition and my dumbed down explanation in parenthesis:
A Bitcoin is a digital currency (internet money) that is decentralized (completely independent of a central bank or country) and uses blockchain (encryption, or a digitally secure method) to prove transactions have been made and to keep an accurate ongoing record of activity.
Still confused? That’s alright.
People were confused about cars and the internet when they first heard about it. But they learned and those two inventions turned out to win the day over horses and newspapers.
Basically a Bitcoin is internet money for the people, and belongs to no bank or country. If you want another explanation, this piece from Coindesk should help.
The current market value of 1 Bitcoin at this exact time of writing this blog post is $3,630—well now it’s over $5,000 in just a week or two later when I first drafted this article. Excuse my Captain Obvious (just being mindful of the rookie investors here): that’s the rate you have to pay if you’re going to buy one today and the return you’d get if you’re selling one right now.
For a little personal back story, the first date I bought Bitcoin was in May 2016. That’s around 16 months before posting today’s article. That’s 16 months to grow in value—and let me tell you, it has been the best investment of my entire life to date. (Tesla is up there, but this takes the cake by far.)
I’ll do another video about my Bitcoin story to fill you guys in.
But for now it’s all about the crazy high potential of Bitcoin and why I see a rich future in this cryptocurrency years and decades from now.
What Will Bitcoin Be Worth In A Few Years?
Before anyone gets too carried away in what I’m about to write, let me preface this with a blunt statement: No one knows (including me) the future price of Bitcoin.
(And don’t trust anyone that claims they know. They’re either liars, or they’re liars and thieves trying to steal your money for their personal gain.)
However, I wouldn’t be surprised if in the future 1 Bitcoin is worth $100,000. That’d mean it rockets in price to be worth 20 times more than it’s worth today!
Though it’s not just me who sees insane potential in Bitcoin.
Check out what John McAfee—remember the guy famous for inventing the McAfee anti-virus software? this is the same man—tweeted:
While no one may be as bullish on Bitcoin as McAfee, other recent estimates from super smart people in finance see high growth for this revolutionary cryptocurrency coin:
- Michael Novogratz won’t be surprised if 1 Bitcoin is worth $10,000 in 6 to 10 months
- Ronnie Moas predicts Bitcoin will reach $15,000 to $20,000 value around 2020
- Tom Lee says it’s possible we’ll see 1 Bitcoin at $55,000 in five years
Here’s why I hold this lofty marker for Bitcoin and why I think it (along with other cryptocurrencies) can change the world as we know it.
(As the note at the bottom of this blog posts suggests, this is just my opinion and not investment advice.)
Strong Advantages Bitcoin Has Going For It
I’m not just making a wild prediction when I say Bitcoin has the potential to be worth $100,000 someday. I don’t say stuff like that on pure whims.
My hopefulness is backed by some hard facts that Bitcoin has going for it:
- Bitcoin is the first and top brand of all cryptos. Being the bellwether brand in this space gives Bitcoin more staying power and a better likelihood of reaching mainstream adoption than anything else. The first mover always has rare advantages that other coins have a difficult time catching up to. (See Facebook as an example of early acceptance and then dominating at the top spot.)
- It costs money for miners to mine Bitcoin. Since it costs human resources, machine power, and money to mine Bitcoin (thousands of dollars or more), there’s real value in the coins unlike printed money where the federal banks can print as much as they want and create inflation.
- Bitcoin and the blockchain can be a transcendent technology. Inventions like electricity and the internet changed the world forever and the early adopters in the internet are still reaping the absurd financial benefits today. Since Bitcoin eliminates the middle man (banks) in financial transactions to save people fees and time to send or receive money, this technology has the potential to completely upend the banking system, world financial system, and how society is run as we know it. If or when it does that, a serious price increase will follow.
- Anyone can buy it, not just rich people. Investing in startups, real estate, and private companies is only allowed if you’re already wealthy, but you don’t need a private invitation to invest in this cryptocurrency and the others. The fact that anyone can buy Bitcoin gives it a tremendous advantage over other investment assets. By allowing the masses to get in this game or put their money into Bitcoin to protect themselves against government inflation, it makes Bitcoin more likely to be a fixture in the future.
- The rising usage of Bitcoin means rising price and long-term value. As countries like India “legalize” Bitcoin and places like Japan open up Bitcoin ATMs the exchanging of Bitcoins is going to rise, which raises its monetary value. Plus more usage leads to more word of mouth marketing from businesses to non-profits to neighbors.
- Talent is flocking to work on blockchain technology. Working in Silicon Valley used to be the hottest trend for the world’s brightest minds, but there’s been a flocking of brilliant people who are spending their every working hour on Bitcoin, the blockchain, and related opportunities.
- There is a limited supply of 21 million Bitcoins. After all 21 million Bitcoin are mined, no more Bitcoins can be mined since that’s the limit. Then the supply plummets and the demand skyrockets. The problem with cash is the Federal Reserve and governments can always print more so supply is always there. The lack of unlimited Bitcoin supply will drastically raise its value over time.
Keep in mind two more things.
First, those details above are just some of Bitcoin’s advantages. I could have gone on longer but those are what I feel are the main benefits that give it insane potential to grow in price to multiples of the current value.
Second, none of those advantages mean Bitcoin is a guaranteed winner and it’s by no means a risk-free investment. Countries like China and Russia have been clamping down on cryptocurrencies which poses threat (or maybe more potential for success) to this space.
In complete transparency, although I’d say I’m well read and “in the know” about Bitcoin, by no means am I an expert or the smartest guy out there on the subject.
What you read are just my quick thoughts off the top of my head that I intentionally tried to keep simple to avoid confusion.
What do you think about Bitcoin, its future worth in a few years, and the cryptocurrency space in general?
And while I’ve personally had unbelievable financial success investing in Bitcoin and I am still long on the technology going forward, it could drop by 50% or 100% of its value and go to $0 at any moment.
Tremendous risk surrounds this cryptocurrency space as of now.
So don’t invest money you can’t afford to lose. Don’t risk losing your car, house, or the stability of your family because you did something stupid and got burned.
Be smart with your money. Start small if you’re going to invest in anything, including Bitcoin. And realize that you can lose the shirt off your back if you make bad investing decisions.
Also, read the note below to be clear about the intention of this blog post. Good luck!
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
Get Richer By Saving Money Like Frugal Billionaire Warren Buffett
Haters will call you cheap, fans will call you frugal, but if you can save half as much as Warren Buffett, you’re going to reach financial freedom.
If you don’t know much about the Oracle of Omaha, Mr. Buffett, just know he’s been the richest guy on the planet and is currently the third wealthiest man living.
And he’s famously known as the best investor of all-time—no big deal though.
Don’t be fooled. His investing talents aren’t the only weapon in his arsenal to build wealth. This guy is as thrifty as your grandma cutting coupons before every grocery visit.
Here are a few examples of Warren Buffett’s frugal ways that set himself apart from the rest of us:
- Lives in the same house that he bought in 1958
- Turned a dresser drawer into a crib for his first born child
- Drove a Volkswagen for the longest time until his wife replaced his car for him
- Never spends more than $3.17 for breakfast
By mixing an intense savings rate with wise investing, his wealth skyrocketed like you can’t imagine.
To be 100% clear, if he saved less he has less money to invest and a much smaller net worth. Taken to the extreme, with no savings then he has no money to invest, and no wealth.
So this article is going to focus on his top 1% savings rate since most articles on Buffett focus on his investing.
Now that Warren Buffett laid out the blueprint, all you have to do is follow it to master your money and build wealth.
Would Warren Buffett Approve Of Your Savings Rate?
How much do you shell out for breakfast? I’m convinced that 99% of you spend more than Warren Buffett does on an average day.
What’s your current car and living situation? Is it above your means, just at your means where if you lost your job you’d be screwed, or below your means to pocket extra cash?
We all know Warren would advocate to live below your means because he knows that with compound interest on your side, your money will double quicker than you realize. That’s how wealth is earned.
How much money do your currently save?
I recommend all young adults save at least 20% but ideally upwards of 50% if they truly want to be financially free in a short amount of time (around 10 years).
In all money matters, aim to be more like Warren Buffett and less like mainstream culture who is fixated on buying the new shiny object and trend of the month.
And when you think you’re saving enough, save just a little more. If you can do the hard work now, life gets much easier going forward.
Want more savings tips? Check out my Amazon bestselling book Freedom Mindset. It has everything you need to become a millionaire.
You don’t have to listen to me. By all means you can continue to spend money without a care in the world.
Except how long does that last until it comes back to haunt you?
Is it in eight months when you don’t have enough cash to buy a wedding ring and have to delay getting engaged?
Is it in three years when you can’t afford to quit your job and rely on your savings for six months until your side hustle starts making money?
Or is it in 10 years when you’re stuck at that same financial position you were a decade ago and are no closer to securing the financial future of your family and kids?
Procrastinate all you want. But fortune favors the frugal—just ask old Warren Buffett about that.
And the time is now for us young adults to be bold with our savings and investments so we can cash in like kings later.
P.S. Want to learn more about Warren Buffett? I read his biography Buffett: The Making of An American Capitalist and loved it.