If I Lost Everything, Here’s EXACTLY How I’d Start Over from Scratch

Rashad Bilal (0:00)

If you had to restart today from scratch, knowing everything you know now, what would be the first three money moves? So for me, I'll answer this question first. Yeah, yeah.

For me personally, I wouldn't, you start from scratch, investing is not a top priority for me. Not to say that that's not something that, but I feel like if you have no money, your priority, how you gonna invest money if you don't have money? Starting from scratch, I would figure out a low overhead service based business. I'm just speaking from personal experience. I can only give you my personal experience. So like when I was in a financial services industry selling insurance, there's a lot of different stuff that you could do like this, like car insurance, life insurance, different type of service based industry, because I feel like there's always an opportunity to make money on commissions.

And if I was dead broke, I would call my friends. Now, this is important. I wouldn't call my friends to ask them for money.

I would call my friends to tell them what I'm doing. So when I started in financial services, I used to have a project. It's called Project 100, where you list 100 people that you know. Everybody, your friend, your friend's parents, your kid you went to college with, somebody you played basketball with, everybody. This is your network of people. So I will reach out to every single person that I know and tell them what I'm doing. And try to actually sell them products. Like I said, I can only speak for personal experience, what I actually did in real life. And then from there, I would hone in on my referrals and get referred to those people that they know, all while reinvesting in profits, living in as low cost environment as possible. If living with your parents is an option, then that's a good option, whatever. Renting a room, whatever you got to do. Not spending money on overhead, reinvesting the money. Social media will come, but I will focus on social media afterwards.

But I feel that the business aspect is the most important aspect first, because you have to generate money to actually get into the groove of actually being able to invest. And a lot of people are like, well, what kind of business should I start? Like I said, there's always room for a service-based business. There's always going to be somebody that's going to have to sell you car insurance. There's always going to be somebody that's going to have to sell life insurance. There's always going to be somebody that's in that type of vein, health insurance, whatever it is. There's always money. There's always money to be made in a very short period of time. You don't have to go to college for these types of situations.

And that's what I would do. So, but what would you do?

Troy Millings (2:49)

Same as you. I can only talk from personal experience.

First, you have to build a business because the higher returns that you're going to get, that are going to outpace the market for sure is by starting your own business. After that, you got to take, you got to pick a number 50 percent, 60 percent and put it into long-term. So that takes care of your future number.

So important caveat is that too, and I know people hate when I say this, you have to stay your ass inside doors. Costs a lot of money to be outside and people don't want to do it. And I get it because you are thinking about now.

But I look back at all those seasons that I missed of going to games, I get that, have a ball and do what the hell I want to now. And then third, you got to hit that futures market. You got to pick a target that if your life is on the line, this is the target that I'm going to use to be able to hit. And Red Panda, you know what that target is, but the three for me is start a business.

Two, puts 50 or 60 percent of the money into stocks long-term. Third, trade futures. And if I can add a fourth, find a way to help other people first and get them a result, so they can then come back and then pay me. The reason why I started with the Yes and Chad and started on social media back in 2016, 2017, just giving away for free. If I help you make money first, I'll be able to call that favor back upon you later. So I wouldn't do anything different. But it's really important to the other part of this question, is to never get back to the point where you're started from scratch.