Freight Brokers: How Small Business Owners Build Wealth 2021

all right so today we're talking about small business ownership and building wealth now of course you don't have to be a small business owner to build wealth but i'm speaking from that perspective because that's what i do but now regardless of whether you're working on a job making 50 000 or whether you're making hundred and fifty thousand dollars what you'll find out is not necessarily about making money because we as a people we figure that out most of us know how to make money but what we don't know how to do is we don't know how to protect preserve diversify and grow the money that we're making we have the statistics to prove that 78 of people live paycheck to paycheck so we know that we are not um savvy i should say when it comes down to money most of us are not so in today's video we're going to talk about protecting preserving diversifying and growing the money that we make and then we'll be able to build wealth so stay tuned all right so you can see it's starting to snow outside a little bit i like the snow hopefully you like the snow and since we're on that word like i figured now would be a great time for me to remind you to hit that like button make the like button turn blue does a whole lot for my channel helps me to get seen by a larger viewing audience i certainly would appreciate that also if you want more videos like this hit that subscribe button and then hit that notification bell you'll be notified every time i release new videos so now let's get out of the snow and get into the business so what i want to show you today is how small business owners build wealth in 2021. now it doesn't matter whether you're a small business owner or not i'm choosing small business owner because that's what i do but even if you have a job making 50 000 a year you can build wealth if you watch the dave ramsey so you'll see it all the time people that make fifty thousand dollars a year ultimately become millionaires not because of how much money they make but because what they have here what they understand about money and how they utilize money so that's what we're going to talk about here today and if you also watch this video all the way to the end i'm going to have a side hustle you don't have to quit your job but it's also good to have a side hustle something that you can do on the side to make additional money and a thousand dollars per month wouldn't that change the way that you currently are doing things wouldn't that be a big positive to your financial life i thought so so i'll share that with you at the end of this video but we're going to get into how small business owners build wealth in 2021 now why are we talking about this particular topic because building wealth is great it's a great achievement great accomplishment but at the same time to me it's about life and death because you're going to grow old or you're going to die before you grow old but those of us that get to old age we're going to do it one or two ways we can get there gracefully and have our financial futures taken care of or it can be really hard it can be a harsh ride to getting older and not having any idea of where your next meal is coming from where your next rent payment is coming from we don't want to put ourselves in that situation but that's what we're looking at two ends of the spectrum one is a hard tough life or the other is take care of business now enjoy life now and be able to enjoy your life as you start to get older because your finances are taken care of that's very very critical because everything in this world requires that we have money in order to enjoy those things america the richest country in the world we would think that americans pretty do pretty well financially but that's not necessarily the case and we want to talk about that today so we can get some things changed so we can get ourselves where we want to go financially now this report tells us that 40 of americans wouldn't be able to handle a 400 emergency with cash a credit card or savings account something that you can replace relatively quickly so that says something about that 40 of people it could say something about the money management skills now there are things that happen in life emergencies job loss different things like that but for the most part i'm just talking about a regular life person that's going to work every day and they're not able to handle 400 emergency so let's deal with that let's talk about that let's look at the statistics and deal with it for what it is reality check a shocking number of americans live paycheck to paycheck not really surprising to me because i was in that number i was i was a person that lived from paycheck to paycheck because i didn't have an awareness of money i didn't really put myself first when it came to my money and that's what some of the things that we're going to talk about today putting you first not putting the creditors first putting you first when it comes to your money so we can get out of this paycheck to paycheck now if you had to take a wild guess what would you guess when you say the number of people that live paycheck to paycheck in the richest country in the world would you say 4 out of 10 maybe 6 out of 10. let's check and see [Music] 78 78 of people live paycheck to paycheck now that's almost 8 out of ten that's eight out of ten people that you see are living check to check you get paid today and you start paying your bills once you finish paying your bills you don't have anything left for yourself and that rat race starts over again you continue to do that same thing over and over and over again i know that i've done that it's not a really good feeling and it doesn't bode well for your financial future because you don't have you're not putting anything away for that future and regardless of what people post on facebook on instagram or any other social media outlets about how great life is how many vacations they've gone on the big beautiful car and house that they have regardless of any of that eight out of ten people live paycheck to paycheck now the question is are you in that group now and do you want to get out of that group if you do we have to change the way that we see money okay now we've talked about one end of the spectrum people are struggling now i want to talk about the other end of the spectrum over 1700 millionaires are made in america every single day think about that wouldn't you like to be one of those 1700 but there's something that's different about those 1700 the way that they see money and the way that most people see money is completely different they have an awareness of consciousness as it concerns their money because your current thinking got you to where you are right now if that's you know well off financially you've been doing some good things if you have not gotten to where you want then that means that we have to change your thinking we have to change the way that you currently see money because there's definitely opportunity out there 1700 millionaires being made every single day i want to be one of those i'm going to be one of those how about you resources let's take a look at resources so when we're thinking about building wealth we want to look to our resources our weapons that are in our arsenal to help us uh go out and fight that battle of becoming a millionaire now one of your main resources your most important resource is your income and we have different sources of income some people have w2 pay which is a job some people have a side hustle some people have a business and then some wise people have a combination of all of those the good thing about that is is that when you have different sources if one is interrupted then you still have other sources that's why it's important to have some diversification amongst your income resources because it just gives us other outlets when it comes to our money now there are also some players in the game that work against us becoming wealthy and we have to identify those players so that we can deal with them one of those we call termites termites you know the insect it eats away at the foundation of your home well termites in the financial world they eat away at your financial foundation and they are things like car loans student loans mortgages credit cards payday loans insurance and of course different lifestyle bills that you have all of these things are working against your wealth so we want to identify those things and we need to look at it and find out are these things necessary do we have to have these things and if we do have them can we get them paid off so it frees up more of our cash to do the things that we want to do with it for example save it invest it use it for things that are in our favor and not in favor of creditors so for example let's take a look at a car loan some people think that you have to have a car loan and that's just not the case i drive a 2006 ford pickup truck paid about fifty five hundred dollars for it i don't have a note on it pay very little in insurance because i have liability insurance but the average car loan brand new car is 554 a month okay so that's about 6 600 a year that you could be putting into your roth ira and fully funded but we're having car notes because we feel like we have to have a car note no you may need a car to get you from point a to point b but that doesn't mean that it automatically comes with a loan pay cash for your car so that you don't have to deal with loans because at the end of the day a car is to get you from point a to point b now don't get me wrong i love cars i'm a big car enthusiast i like nice cars and i'm gonna get another nice car but i don't sacrifice wealth in order to get a car anymore i used to do that but i figured i finally figured out that that doesn't make good sense good common sense when it comes down to building wealth it works against it let's look at another another one that's a big one your mortgage yes some people say hey in order for me to get a house i got to go out and get a mortgage a mortgage loan i can't afford to pay two three hundred thousand dollars for a house on my own i haven't saved that kind of money and i get that i have a mortgage loan right now but here's the difference i am working every day to pay that mortgage loan off so i can free that cash up so i can invest it and save it and use it for things that i want to use it for other than sending it to a mortgage payment because this is a big what i call throw away because you're paying interest on a mortgage and you know to me interest is like riding down the freeway and taking your money and throwing it out of the window and that's what you're doing for 30 years or 15 years however long you have a mortgage you're paying interest throw away and you're throwing away money out of the window and that works against building wealth so we attack our mortgage to pay it off we go into a mortgage with the idea that i want to own my home i don't want to just pay for it for 30 years i don't want to throw interest throw money out of the window all right another big problem that we have is we have a 25 to 1 withdrawals deposits ratio and what i mean by that is is you have one deposit and for every one deposit you got about 25 withdrawals or maybe even more so that means that once you have some money coming to the bank that money is now used and withdrawn from until it's at zero and after it's at zero there's nothing else to draw you don't have additional deposits come in so we have to change this thinking of one deposit and 25 withdrawals to 15 deposits and some withdrawals you know it's good to get a deposit every single day how do you do that well you build a business you build side hustles you don't just rely on a job for your income because if you do you only have one source so we want to get more deposits coming in so it can offset some of those withdrawals [Music] and of course we can have more for saving investing now let's talk about our income here we've identified income as being our primary resource to building wealth so obviously that means that we would want to take care of it we want to do the right thing by our income so the first thing that you think about is preservation i want to preserve the income that i have and when we're talking preservation that simply means that we want to preserve our money and keep it away from creditors now let's talk about uh preservation as it pertains to awareness when you start to preserve your money when you start to look at your money differently you come into a different awareness about your money you're not as willing to throw your money away now you're looking at you're looking at your money you're realizing that hey i gotta do some different things in order to get some different results financially i can't go out and spend my money haphazardly without you know really thinking about hey do i need this whatever it is that i'm getting ready to buy do i really want what i'm getting ready to buy is it really something that i should go and do right now you start to think about things differently you start to think about money before you spend it a lot of times we spend emotionally oh i'm having a you know itch to spend money today so i just go out and spend money doesn't mean that you really need or you really want to do it you're just doing that based on some feeling but when you come into preservation mode you come you become aware of money now of course we want to make more money and spend less money that's what it's all about making more and spending less that means there's more for you but at the same time some people want to make more money and spend more money and there's nothing wrong with that as long as you take care of the things that you've identified to be important if you want to go out and get a great wonderful house or a nice car nothing wrong with that take care of the business first though that's all we're saying here getting out of debt now when you get out of debt what you're going to realize is that's going to give your money back to you that's going to give you controllership and ownership again of your money right now you don't you don't have ownership of your money creditors have the ownership of your money you get it and you transfer it straight to them when you get rid of that debt all that money comes back into your home that cash flow is added back to your home now and that's a big positive for building wealth now we talked about this earlier the average car payment is 554 for a new car and it is 391 dollars for a used car again this is the thinking that you have to have a loan but that's not the case you don't have to have a loan we just choose to have one now instead of having car loans and you know credit cards and different things like that let's look at some income protections that are going to work in our favor for example 401k the traditional ira the 401k roth ira the roth ira on the personal side and the health savings account now there are different protections out there i'm talking about these because these are the ones that i have but now the 401k traditional that's a little bit different than the roth because what it's going to allow for you to do is to take a deduction a tax deduction now let's just say and this is a just an example let's say you made 100 000 this year and you put 19 000 into your traditional uh ira so now instead of you having to pay taxes on a hundred thousand dollars you take a hundred thousand minus the 19 because you're going to get a tax deduction for putting it in traditional and you would pay uh 81 000 or taxes on 81 000 instead of 100 000 you'll get a deduction for the money you put into your traditional ra but that means that you're going to pay taxes later so you're deferring the taxes you're not paying the taxes now you pay it later when you get ready to withdraw the money from the traditional ira now the roth ira is a little bit different in that you're going to pay those taxes now and by paying the taxes now that means that when you get ready to take the money out you don't have to pay any taxes on those on those dollars nor do you have to pay any taxes on the earnings the money that it's earning while it's in the roth ira so when you take a look at the traditional and roth you simply make a decision and say well you think about which is best for you you talk to your cpa and you guys make a decision do i want to put it in the roth and pay my taxes now so that when i take the money out i don't have any tax liability or very little or do i go in the traditional and get the tax break now and then when i get ready to take it out i have to pay taxes now remember you're not going to know what taxes are at that time when you get ready to take it out taxes could have gone up maybe they go down but i doubt very seriously that taxes are going to go down so that's why i use a 401k roth now your roth ira you can choose to go that route on the personal side and i think that's about six thousand dollar limit that you can put in that per year and then there's the health savings account health savings account is a way for you to save money to help you to be able to finance your medical bills as you start to get older or as you start to need it when you use it for medical bills then you don't pay any taxes on that money that you put into their savings account as long as you're using it for your medical bills so that's a good way to save money tax-free that you may eventually use for your medical bills now at the same time in order to qualify for this you have to be you have to have what's called a high deductible insurance plan and then you can qualify for your health savings account and think about this why is a health savings account important because the average family pays about three hundred and sixteen thousand dollars in a lifetime on health care females 361 000 males 268 000. so that's a lot of money over a lifetime and insurance is not going to cover all of that you're going to have to end up paying for some of that so a health savings account would be a good idea now you don't get any protections in this brokerage account but i love a brokerage account it's different than from a savings account because you can invest here you can invest in mutual funds stocks bonds but the whole idea is to grow your money inside your brokerage account after you have put all of your money that you can put inside of the tax shelters these are tax shelters this is just a brokerage account you don't get any tax savings inside that account you just grow your money there now let's talk about the limitations on the hsa because we can only put so much money into that account just like our roth ira and our 401ks anytime we have shelters they're going to limit the amount of money that we can put in so with the hsa as a single fowler or single coverage you can put in 35.50 and as a family you can put in 7100 and remember these are tax-free contributions as long as they're used for medical expenses okay so some people say hey brandon i'm good i have a 401k i've had it for the last 10 years and that's good that's great i applaud you taking that first step and going out and opening the account but that's the problem most of us open up a 401k or many of us do but the problem is we don't put money into it and if you take a look here the average 401k balance is 92 000 so that means that if you live till 90 years old and retire at 70 you have 20 years that you're not going to be working that you're going to be living off of that 92 000 and that's less than 5 000 a year that you would spend that in a 20-year period you're probably going to want more access to more than five thousand dollars a year but if you only need five thousand then a hundred thousand worths of fights but if you're like me you're gonna need or you know that you're gonna need more than 92 000 you realize a hundred thousand dollars is not a lot of money for retirement so we have a lot of work still to do if you fall in the average now here are some even worse news this 92 000 is the average but the median 401k balance is just 22 000 as you can see here now where do you fall do you have a hundred thousand dollars in your account or are you closer to the 22 thousand either way we got a lot of work to do so it's not just about getting the account it's about putting money into it okay and the limits on our 401k is 19 500 this year and some people look at that and say man that's a lot of money to try and put in a 401k who actually does that well regular people just like me and you once we get an understanding i have a 401k plan under my company alliance logistics and as you can see in the 2020 tax year we put 20 500 in that account the 2019 tax year 20 500 roughly in that account so there are people out here just like me just like you that are putting the max contributions into retirement accounts because they understand how important retirement is they understand how important securing their financial future is all right as you can see with the roth ira we talked about there's a six thousand dollar limit for it roth ira here six thousand dollars that we've put in our roth ira this year and as you can see here it shows in 1905 for the roth ira 401k so people out here are doing that just like me and you your turn income growth we always want to grow our income the more income we have the more income we have to save and invest and if we have more income we can get to our goals faster provided we understand how to utilize the money to get there so when we're talking about growing our income we also want to use different investments like real estate index mutual funds exchange traded funds stocks bonds and cryptocurrency i use a combination of all of these investments to grow my income we don't want our income our dollars just sitting on the sideline we want them in the game producing more and more of those dollars now income diversification we talked a little bit about that we want to diversify our income through different ways of producing income w-2 business side hustle investment or passive income and then you may have a pension of some kind although pensions are becoming relics if you're like me and in the military you might have a pension so if you have a pension that's great and then you can look at forward to maybe some social security if it's still around we always count that in too at some point you know when you get to the age where you can draw social security hopefully it'll still be there it's your money you've paid into it so hopefully that money will still be there but these are just some things that we see as being able to diversify our income amongst different ways of producing that income all right so as promised i told you at the end of this video i was going to show you a way that you could earn an extra thousand dollars a month now what i understand is that it's hard for us to figure out what is it that i'm gonna do what is it for me we see other people doing other things and we say hey man what is my thing so i want to try to help you choose something that'll help you get your wheels turning and that is youtube if you decide to say hey you know i want to get out and do something that's a little bit different than what i've been doing i want to make youtube videos make youtube videos about what you're doing in your life what you're doing in your job a business venture something that you're good at talk about those things share them with people share your perspective on youtube and you can make a cool thousand dollars a month off of a small channel i have a small channel and that's about what i've been averaging with youtube videos and yes that's going to take some time usually it's going to be on the weekends probably and if you sit down and you spend time making material content that resonate with people that's based off of what you know and what you understand not trying to talk about something that you don't know anything about but talking about the things that resonate with you and then there are certain you know number of people that that may resonate with and you start talking about those things and build an audience and you can make easily one thousand dollars a month now i'll take that word back easily because nothing worth having is easy but if you put your mind to it then you can do it there's no two ways about that now think about that making youtube videos in your spare time and making an extra thousand dollars a month how would that change your financial picture and what am i saying here if you look here and you can see these are youtube earnings and that's from october from january all the way to october 31 november hadn't gotten paid yet for december i'm looking for my check but if you see i get paid every month on that account every month like clockwork making youtube videos content that people watch share with others hit the like button on please don't forget to do that and my channel gets bigger and bigger and i can make more and more money you can do the same thing alright so in summary we just discussed increasing protection preservation diversification and the growth of your income what i really hope that you take from this video is that anybody without regard to what your race is what your background is what connections you have whoever you are wherever you are you can become a million millionaire you can build wealth if it's something that you are intentional about so i want to encourage you by showing you that regular people are becoming millionaires every single day we saw the statistics 1700 people are becoming new millionaires here in the united states every day so that shows us that's an abundance and opportunity the question is will you take advantage of it are you the type of person to put something on your mind say that you're going to achieve something and go after it with everything that you have within you you can do it the question is will you in order for things to change for you you have to change and if you're willing to change and go to work then you can make anything happen that you want to happen for you and your family so i wish you the very best in your life in your business see you at the top because the bottom is much too crowded

2020-12-19 23:05

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