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30 comments
0:46 understand assets and liabilities
3:50 start investing early
6:53 optimize your tax situation
10:11 understand where you are on the wealth ladder
12:51 be an early adopter
14:18 have an emergency fund in addition to your investments
15:09 understand the macro financial climate
<I totally agree with what you are saying. I started in crypto in August 2017, and I bought in. I was up 5x by December only to watch that disappear quickly and then watch the original investment go down by about 85% during the ensuing 4 year bear market. I took the opportunity to accumulate more over the last 4 years which was hard to do and at the same time a smart thing to do. I wish I had bought more. I am in profit for now but I am planning on using my experience to do exactly what you have said in this post. I have learned from you and other Youtubrs especially my mentor Lawson Maurey, who taught me how to make trade and increase my crypto from 11 to 27btc that no one really knows what is going to happen and I know you are only saying what you think will happen based on the past. It is yours and my opinion so people should make their own investment choices based on their own research…
Since when did Robert Kiyosaki get to define what an asset and a liability was? Something doesn’t have to generate cash flow to be an asset. Your home, boats, and cars are all BOTH an asset and a liability. I work in Finance and every building that we own has an asset and a liability value. The important thing to know is that you only realize the value of that asset if you’re able to sell it and in the case of cars, boats, etc., the value of that asset generally depreciates over time. Houses typically go up over long periods of time.
The difference between the asset value after any selling fees are included and the liability can be included as part of your net worth.
Texas doesn’t have income tax but property taxes are 2-3% per year where I live. If you own a $300K house, enjoy that $6-9K tax bill every year
Am thinking of getting into crypto investment crypto is indeed the future
This is a great video, want to be youtube friends?
Great video except the wealthfront bit. I completely disagree with two points on investing:
1)Never put assets into a product that takes a % of the assets. NEVER…EVER. You can self diversify and make just as much or more and you won't lose the % of your asset value for no good reason;
2)People get obsessed with reducing their tax bill to the point of harming their cash position. I would never sell stocks at a loss just to reduce my gain to lower my tax bill. It is always better to sell all stocks at a profit. Your cash position will be greater, and you'll have more cash and higher asset value even after paying taxes. If you want to lower your tax bill, diversify by getting into other investments that may be more risky or generate depreciation expense, like setting up a rental property company.
Graham Stephan siping 20 cent coffee: “Net Worth Trivial Amount? Never heard of it.” 😂
Some really great tips Ben! Although I love the CC videos, I’m enjoying some of your other finance videos.
I think even at a worth of $1 billion I would still get triggered over the post office raising the price of stamps by a penny.
Primary residence isn’t a liability when the majority of family net worth is tied to their homes.
How is something speculative like crypto considered an asset but a home a liability?
That 0.01% number explains why the 1% are so disconnected from the reality of the 99%.
You poor, poor hundreds of thousands of dollars a year person….. 😉
⤴️⤴️⤴️⤴️⤴️🆙May god continue to bless you sir🔝for the $2BTC you generate into my wallet thank you sir you are the best 🥰🔝🆙…….
⤴️⤴️⤴️⤴️⤴️🆙May god continue to bless you sir🔝for the $2BTC you generate into my wallet thank you sir you are the best 🥰🔝🆙…….
⤴️⤴️⤴️⤴️⤴️🆙May god continue to bless you sir🔝for the $2BTC you generate into my wallet thank you sir you are the best 🥰🔝🆙…….
I have been seeing so many recommendation about Mr Robot treading ..his strategy must be good for people to talk about him
I have been seeing so many recommendation about Mr Robot treading ..his strategy must be good for people to talk about him
I have been seeing so many recommendation about Mr Robot treading ..his strategy must be good for people to talk about him
I need to get on Credit Shifu's level where while you meditate money randomly appears.
Great video, I really enjoyed it. I especially liked that part about "liquid net worth". Learned something 2day..
So why not just make an llc versus an s corp?
Nice! I really enjoyed the SMB sound effects.
A little loose with the terms here.
Your home is absolutely an asset. Your mortgage is a liability. Ideally the value of home increases and you sell it for a profit.
Unlike a car is which is known as a depreciating asset. Its value will not go up. That's why you always here never buy a new car because it loses value the moment you buy it.
<The prices of BTC, ETH, and DOGE have collapsed in recent months, but they've recently started to recover. Right now can be a smart time to invest, but it's important to buy for the right reasons. Choosing the right investment strategy can reduce your risk and make the most of your money. If you missed out on the last crypto incidents, it may be tempting to invest in cryptocurrency now to take advantage of this rebound. But there's no guarantee that prices will return to their record-shattering highs, that is why it is always reasonable to trade with the guidance of an expert trader, I bought BTC for the first over a year ago now and I have been able to make 16BTC not by trading on my own but by following the advise and accurate signals from Christoph Hoffmann Trading signals and strategy. A renowned trader that is always one step ahead, Christoph Hoffmann runs program for investor/newbies who are curious to learn how to earn by trading crypto. & can easily be reached on Telegram @Christophsignals. Make trades with a calculated approach to mitigate risk.
Really great tips. Many thanks
So glad I bought at a dip in April 2020, not a millionaire yet
Millionaire generally means $1,000,000 net worth. I suspect under that definition, you are there.
I wonder that he can do more tips for all new generation.