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What To Do With Your FIRST Real Estate Commission - YouTube
Channel: Bryan Casella
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what's up everybody this is bc brian
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kocel welcome to another video again if
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it's your first video I highly recommend
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you browse the channels I have a ton of
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content to help you now a lot of you
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following me even if you're not in real
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estate right this video can apply to you
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because this falls back on something
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that I learned the hard way and finally
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when I did learn it and apply it it
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transformed my life completely most
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people nowadays 99% of people probably
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or more struggle with financial
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responsibility and money management
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right I think they said 87% of the
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United States in particular they don't
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even have two or three thousand dollars
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in their checking account or savings
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account which is pretty sad right it
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just goes to show the lack of clarity
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understanding and mis-education about
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money and people need to make more all
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right so what to do with your first
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Commission check in real estate right
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now immediately I'm gonna assume that if
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you're watching this you're getting into
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real estate you're not coming from a
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high income bracket and switching over
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you're probably coming from a lower
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income bracket or you were like me you
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were broke and you wanted to do
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something different and say hey I'm
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gonna get in real estate and I want to
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kill it so I'm gonna highly recommend
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that you set aside about 20% of that
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check for taxes right away right so if
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you close a $5,000 Commission check one
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thousand bull is gone all right taxes so
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I recommend that you begin to open
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different bank accounts right so you're
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gonna have a tax account
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thousand goes into your tax account
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right now you have eighty percent left
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what do you do with this well I'm gonna
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also recommend that about anywhere from
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10 to 15 percent you reinvest back into
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your business right for example what I
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did when I started was I took a portion
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of my first Commission check it was I
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think my first Commission check was like
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$3,700 I took about 500 of that and I
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immediately invested in the triple line
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dialer which was 130 a month and then
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the red X which is about 40 or 50 bucks
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a month that's a lead service right
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again that that would be 150 160 a month
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commitment but if I set aside 500 for it
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that'll fund me for about three months
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and in the meantime in those three
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months I can close more deals right so
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that's that right that's another ten or
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fifteen percent so now you're at about
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thirty thirty-five percent taking now
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the other fifty I would say forty to
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fifty percent of it you hold for your
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expenses to pay off bills and to live
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right I know it's not gonna leave you
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with much that may leave you with
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anywhere from about fifteen ten fifteen
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percent something like that now that you
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can use to play to buy clothes or
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anything like that right I always
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recommend that people do not live on
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more than fifty to fifty five fifty to
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fifty five percent of what they make
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their income so if you're pulling in
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five grand a month between rent and all
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your expenses I would highly recommend
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you stand or twenty five hundred a month
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right now if you're over that right now
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you need to increase your income period
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you can cut back expenses however I'm
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gonna highly recommend that you increase
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your income and do so immediately all
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right now I want you to go in the
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comment section below right now and tell
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me kind of where you're at as far as
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income made how much it's just going for
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you to survive rent car phone and that
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kind of stuff right I'd like to know you
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don't have to tell us how much money
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you're making but just give us a rough
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estimate of the percentage just going
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into it because the minute you can start
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to live way below your means which is
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something that a lot of people don't do
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especially getting into real estate
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that's one of the biggest downfalls is a
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lot of Intuit individuals begin to make
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money which is something that I did and
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you start spending it foolishly in this
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hysteria or belief that hey I'm just
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gonna have you know 20 30 40 grand
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coming in all the month before you have
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that rhythm established alright and then
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you're looking at the end of the month
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saying hey I made 20 grand this month
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but I already spent eighteen what's
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going on and that's kind of the wake-up
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call that I had to really tell me okay I
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really need to understand finances money
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studying more and adopt some sort of
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money management system right now I've
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given it in my other videos but this is
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basically what you need to do for your
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money after taxes right I'll give you a
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quick little breakdown of it again
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fifty-five percent of your money goes to
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living expenses monthly bills that kind
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of stuff
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10% goes to education which would be
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investing in my products or somebody
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that you study or follow another 10% is
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going to go into play money which is the
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money that you use to go out to the
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movies get something to drink go to the
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bar club whatever it is that you do
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right another 10% is for investment
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another 10% is financial freedom meaning
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you never touch that money and that last
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5% is contribution meaning you give it
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to charity contribute to somebody else
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invest in somebody else's business or
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whatever it is right I think that's 100
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percent I'm fine I've been off but you
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can rewind the video and watch it
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alright so you have that first
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commission check that's pretty much it
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so from the 10 or 15% remaining from
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earlier I would recommend you use that
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money to play write maybe buy some more
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suits or clothes you know have some fun
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with it and you have to remember that
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some of your money you're going to use
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for enjoyment right not all of it has to
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be structured one of the biggest things
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I get is oh well you're buying cars and
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all this stuff it's I do you have one
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life to live right I'm following and
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managing my money very well which I
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highly recommend everybody does who
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watches this video too and if I set
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myself up for victory by managing it
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well I can't get myself the cars and
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clothes and that kind of stuff because
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that income has been set aside for that
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that's the mistake as a lot of people
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will make money right they don't follow
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the money management system and they
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save up all I'm gonna save up for a
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Lamborghini and all their money goes
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into the Lamborghini which I did not do
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I have other assets and other things
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okay and that's basically the breakdown
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I want to get for you guys you know you
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want to make sure that you're not
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spending your money foolishly right if
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we're saving up for a new car it's
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tempting to just take that next check
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and do it but set aside 10 15% for it
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right 10% like I said in the money
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management system and save it up maybe
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that 10% is 500 a month or a thousand a
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month right as you're making more money
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and your down payment Stan grant well
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hey you save up for 10 months if you're
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setting aside a thousand a month and you
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have it you have to have that discipline
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you have to be able to demonstrate to
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the universe or whatever entity you
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believe in that you can't be responsible
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with it and when you're deserving and
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your demonstrator you're responsible
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with your money right you'll earn the
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next slow if you can't manage three four
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or five thousand a month how are you
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gonna manage 10 20 50 100 random
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right that's why you always see people
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hit the lottery make millions and then a
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year or two later they're broke and
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miserable and back in the same position
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or worse than they were originally all
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right so be smart with your money
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reinvest back into your business set
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aside a little bit to play with set
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aside a little bit to educate yourself
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and learn new things and spend money on
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yourself right which is something I'm
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gonna recommend and touch on here at the
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end and then all in this video you guys
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have to invest in yourself man I'm not
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saying buy my products right you can buy
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my products or not I don't really care I
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want you to invest in yourself however
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you see fit
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whoever you study wherever you learn
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from at the end of the day they have
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knowledge that they're not gonna give
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you for free right that's why all my
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mentors everybody about studying with
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you know Tony Robbins Amrish and all
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these people I paid and gone to like all
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their events and I'm front-row first one
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to leave first one to show up last one
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to leave and I give my everything right
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that online entrepreneur that I learned
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from at the event I give him $2,000 to
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spend a day with him just to learn and
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now look what I'm doing online right
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money well-spent and I know a lot of
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people would say oh I would never spend
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$2,000 like that well then you're not
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going to get the results that I got
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period because he taught me stuff that
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you haven't taught anybody else okay so
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be smart right set aside money for
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expenses save up for all the big toys
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and and things that you want right the
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long-term savings account which was one
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of the 10% categories be responsible set
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aside money for taxes right and you'll
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be fine right the last thing you want to
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do is be scrapping at the end to pay for
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taxes or to make up and fill gaps it
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because of your lack of preparing and
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preparation and education on money
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management you weren't able to do all
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right I know it was kind of a little bit
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all over the place in this video but I
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really want to hammer at home this is
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one of the biggest mistakes that I made
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with money I never had money really and
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even in my younger days any money that I
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made I spent foolishly right I learned
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this lesson older in my late 20s but I'm
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glad I did because now I'm setting
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myself for a lot of financial success
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growth and increasing income right so
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the goal here is to manage your money
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correctly and continuously increase your
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income day in and day out month by month
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year by year alright so be smart with
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your money
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cool I'll end it here make sure that you
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guys as this videos coming out tonight
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is the event you can still sign up for
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the event and double your income event
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for Friday evening and Saturday it will
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be recorded right and everybody will get
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a copy who signed up you can catch it
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live in person in San Jose or you can
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stream it worldwide right HD stream
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secondly I'll give a shout-out to my
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moderate success program which is my
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personal coaching program I know that a
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lot of you are starting to join it and
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you do see the value as it's pretty much
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every other day coaching videos lectures
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and q and A's and a bunch of bonuses
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that I just continuously add to it right
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and I recently added some team trainings
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that are sales and non sales related ok
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that's it for this one guys make sure
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you like the video subscribe share this
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one and again be smart with your money I
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can't say that enough if you do that
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then the world will open up right the
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majority of people suffer greatly in
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poverty or whatever it is because they
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don't understand money you don't need a
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lot to begin to understand the
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principles and apply them yeah if you
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can apply them on a very basic level
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show some responsibility have some
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patience when it comes to increasing
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your income and buying those other
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things that you want your life will
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change and you're going to begin to
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notice a shift in your life and when you
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get to the other side of the fence of
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not having to worry about money that's
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when you can really start doing your
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your passions live abundantly with more
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enthusiasm and you can really start
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helping other people too okay again
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that's it for this one and I will see
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you on the next one TBC
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