Is there a secret that rich people know that you don’t? Is it possible to create true WEALTH for you and your family? Learn the number one key to wealth here.
In this video you are going to learn the number one thing that wealthy people know that poor people don’t.
My goal of this video is to help you understand exactly what it will take for you to break free from the rat race.
Here’s the audio book I recommend: https://wwwmilesbeckler.com/prosperity Buy it with an Audible ‘Credit’ and it is just $15 (the cost of the credit)
If you want some deeper dive about my story… The ‘long version’ that includes all the gritty details about the hardships and challenges I’ve had to overcome on this path, go here: https://www.milesbeckler.com/about/
For insights about my best investment ever, go here: https://www.milesbeckler.com/my-best-investment-ever/
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When I was younger, I grew up in a family that was working class poor. We had love, we always had food on the table, but we didn’t ever really have enough money.
At the end of the month, it was very common for my family to go pawn their valuables in order to get the money needed to pay basic bills and to essentially pay for rent.
Shopping for us was going down to the thrift store and at one point my mom had two pairs of socks, the ones she was wearing that day, and the other ones that she was hand-washing that day because she literally could afford two pairs of socks.
So that’s where I grew up and when I left the house I was on a mission to figure out what is it that wealthy families did that my family didn’t.
So this sent me on about a 15 to 20 year deep dive into society, economics, entrepreneurship, business, etc, and I’m going to break down everything I learned in this one video for you.
First I want to get really clear here on the word wealth because wealth is the absolute key here, not riches, wealth. And to me wealth is measured in time.
When you are wealthy, you should be able to count that in how long you can go with ever without ever having to work for your money again.
My family was behind the ball. They had negative wealth because at the end of the month they still didn’t have enough money to pay for that month, so they had to go to the pawn shop with valuables.
Now at this point in my life, I could measure my wealth in years. I could literally walk away from life, travel the world for three to four years right now.
So I consider myself to be three to four years wealthy.
And that’s what I want for you.
Because that feeling of having freedom, of not feeling the pressure of the bills, my student loanstotalling $50,000 grand, all paid off, everything’s covered and taken care of for years.
I want you to get there. So how does it work?
There’s the income that we’re bringing in from whatever it is that we’re doing. And where this income goes is really what holds or unlocks the secret.
So we have two things.
We have assets and liabilities and every dollar that you spend is going into one or one of these two categories.
Now what’s the difference between an asset and a liability?
Personal opinion.
This is the number one most important thing.
This is the secret right here: The real key here is that assets bring you money. Liabilities cost you money.
Repeating for emphasis:
Things that bring you money are assets, things that cost you money, our liabilities.
So your car that requires oil changes, insurance, maintenance, et cetera, that’s a liability because it costs money. The house you live in, whether you’re renting it or buying, it costs you money. Even if you’re buying your house, that means you have a mortgage payment, you’re paying interest to the bank, you’re paying taxes on that place.
You’re paying for all of the maintenance and upkeep and utilities, et cetera. That means the home that you own is actually a liability because it costs you money
Out of the money that is earned every single month, some portion for sure it goes the liabilities because we all have liabilities that you know, we got food, we got rent, we got things we got to pay for it, right?
The real question is: How much money is going into assets?
When we funnel money into our assets, what the assets do is actually create a surplus of money.
And then when we funnel that money back up in through the same process, our assets start to grow and they actually create more money.
And this is how wealthy people get wealthy, is they focus their attention, their intention, and really they focus their cashflow into assets that generate positive cashflow.
And when that cashflow from the asset comes back out, what do they do?
They funnel it back in to more assets.
Said another way. Wealthy people collect assets. Poor people collect things that costs them money.
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Hello love your helpful videos. What would you say was the quickest way to earn with affiliate marketing to earn at least €500 a month from websites? As I've just started a unique program where I can build thousands of Web pages within a short space of time. I know it's a game changer but need the 500 coming in within 3 months to sustain my outgoings for the project?
I would like to learn more about affiliated
Miles, I hope enough people want more of this type of content. I have listened to the books you suggested and putting the principles into practice
🍻”I ain’t got no lambo that needs a $4,000 dollar oil change!!!😃😃” sweet simplicity
Very helpful thanks 😊
Thanks Miles. This information should be taught in K-12 schools. We had similar experiences of growing up poor, and it's helped motivate me to save more. Thanks for inspiring me to keep working on my business. 💜✨
Awesome shit Miles! Off the top what are some other books on personal finance and wealth creation that changed your perspective? I know you've talked about The Millionaire Next Door in other videos.
Hello Miles!👋🏽 You are like Robin Hood . You share your Knowledge for free and in a way, everybody understand. Greetings from Germany
THanks Miles. 🙂 As Usual some values from my mentor online. 🙂
Miles you are by FAR the Best Mentor/ Teacher Online in my opinion because you're REAL, TRANSPARENT and have a BIG HEART and desire to help people reach their goals. And I Praise the Lord for sending You my way, and me your way, to learn from a Real, Genuine Marketing Master !!!…Thanks so much for all your hard work you put in and the priceless value you share with me and everyone who wants to learn online business the right way !!!…God Bless You and Your Wife !!!
Miles, Thank you for making such an amazing video. Please make more videos on personal finance in the future👍
Holy wow phenomenal energy and passion just rushing out of you. I got a few laughs out of the liability expressions you shared. Tis far better to have a property over a Lambo
miles you're amazing.
Great content Miles! Just read your email with the latest update on the case study, very interesting and looking forward to another video update on it.
Miles Beckler – real estate… I'm so ready for the meat n potatoes on that 1!!!
Great video as always. Thanks so much. You are inspiring to many people. Do you have any speaking engagements in Houston Texas in 2020?
Just FYI, the link to the audible is missing a dot.
yes, more vids about finance! maybe more tips on managing money & cashflow in small business. how much we put the money back on the business, how to give salary for ourselves & team, shares with our business partners, etc. and maybe business guide about when your business partner is also your life partner
thanks Miles! always appreciate your work here!
A good summary, I looked at the asian culture. They love to collect assets – be it land, property, business or things that can generate cashflow for themselves and their descendents. Save, Invest, Build, Grow…. Enjoy Life as you do all these! Cheers Bro!
Love how you do this for FREE like Gary Vee…so rare ! im about to binge your youtube videos
Hi Miles, thanks for the genuine content that you put out! I'm currently building a blog, and recently read your post on Surfer SEO. I'm upto 21 optimised posts now and 2 months in, traffic is steadily going up. I have a sales funnel, I do SEO, etc. I know affiliate marketing works, and that you need to have a solid work ethic. My niche is mmo. At what point (if I continue and don't stop!) would you say I could maybe get a first sale?
Great video as always. Quick question. What whiteboard software are you using?
your views on Real Estate are interesting. I guess I've been buying the dogma of the online business space in investing in web assets.
I've been thinking of buying an early stage affiliate site that i'm confident I can grow with my skills. I know a guy who sells ones that make a few hundred a month at 30x monthly multiple.
Would you do something like this if you were earlier in your career and didn't have the cash flow for a RE deal?
it's crazy how many times you said the word SYSTEM! SYSTEMS!!! Great vid! Thanks!
Love it! Great reminders here 🙌🏻
Would be greatful for more on this topic.thanks miles
Much need video!
Agree – I would add that there are also ways to create truly passive income through investing for wealth management that will rival the real estate use case. Just another tool in the belt. 🙂
Miles… Been following you fur over a year! I gave said it do many times before but I am. Just SO grateful for YOU and your sincere, high integrity wisdom! Definitely more real estate. I have been studying it for years but always too afraid to pull the trigger! Keep it up!
More assets: Stocks and bonds. Check out simple investing with mutual fund investing companies like Vanguard, or participate in 401(k) type offerings at work or set one up for your business. That is sharing in the wealth that many companies produce, often with automatic contributions. It really adds up!
Yes I feel like real estate is definitely the next step it would be great to hear your point of view