I WANT YOU TO GET RICH: The Hard Truth About Wealth

SPEAKER_1 (0:00)

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Michael Zuber (0:31)

I just want to be clear about one thing this morning, and that is, I want you to be rich. I want you to be wealthy. I know it takes a season of sacrifice. I know it takes time to build. But at the end of the day, we keep showing up here each and every day because I want to make a difference. I want to help change your life, your generation, the next generation's life. There is a former guru out with a video in the last couple of days that rubbed me the wrong way. The title of the video is, get this, I don't want you to get rich anymore.

Folks, the game hasn't changed. In my opinion, the wealth formula has existed for over 100 years. It is only three steps. I know there are people that want to talk a good game, tell a big story, and all of these things. But once again, the wealth formula for the folks in the back of the room is quite simple. Step one, you need to create disposable income. Any way, anyhow, you can. Disposable income, if you don't know what it is, is essentially money that you can light on fire, and nothing in your life changes. The good news is there's only three ways to do it. You can cut expenses.

You can grow income. Or you could do both. Now, cutting expenses is the fastest, but it has always been a finite number. You can only cut so deep for so long. Growing revenue is an option. And again, we'll talk about something later in the video about millennials, which I think is interesting. But again, it is possible. And of course, you can do both. Then step two.

This is where a lot of folks get it wrong. They chase shiny objects. They chase butterflies, rabbits, shiny pennies, whatever your analogy is, is you need to become an elite investor at something. An elite investor simply said identifies value quickly, identifies creative ways, gets deal flow, and basically becomes as a known entity in that area. Now, for me, that happened to be the Mayfair District way back when, in 2001 and 2002 It does not have to be real estate. I have come to believe that you can become wealthy anyway, anyhow. It does take time. And of course, step three, this is the one where most people fail, is it takes a decade. That wealth formula has existed since the 1900s, and it will exist for the next 100 years. So again, get your money right, understand your number, all of those things. I want you to be rich. I want you to be wealthy. Just want to get that off the table. Again, folks, we did a surprise live stream last night for almost two hours. Shout out Dion and Matt, that particular video from that particular guru really pissed me off. And yeah, so we're flying solo. I might do another live stream today or Wednesday. I don't know. You guys let me know if you want to do something in the evening. Leave comments below.

But might do something at 7 p.m. Pacific if there's enough interest. So leave comments below if that's something you'd like. Otherwise, I'm happy to do something else. All right, what's going on in the world? Let's talk about Bitcoin. Why not talk about Bitcoin? It looks like it is rising quickly. It's now 84,000. It was just, what, 60,000 a couple of months ago. Is the crypto winter over? Again, they talk about these four-year cycles with winter being one year. I've heard people say the crypto winter is supposed to end in October. Again, I don't know. I'm just repeating what I've heard and read. But not only is Bitcoin jumping today. Oil, seeing a big drawdown to 96 The 10-year note bounced off of 5%, now 4.96. More and more stuff going on. Fannie and Freddie, Fannie and Freddie going to ramp up MBS purchases, mortgage-backed securities. Folks, if you don't know what that means, let me just remind you that one of the reasons mortgage rates were so low in the COVID era was because the Fed became the largest buyer of mortgage-backed securities. Now, of course, we are not talking about the Fed, but anytime we have an outside buyer, which Fannie and Freddie would be considered outside, it creates artificial demand, at least for a short time. And these buyers, Fannie and Freddie, aren't rate-sensitive. So the fact that Fannie and Freddie turned the bazooka on the MBS market likely lowers rates at least in the short term.