ICT YT - 2022-08-06 - ICT Mentorship 2022 - Ends Series Vol 2.srt
Last modified by Drunk Monkey on 2022-08-06 11:11
| 1 | 00:00:07,680 --> 00:00:13,350 | ICT: Alright folks, welcome back. This is part two of a four part series titled ins. |
| 2 | 00:00:19,439 --> 00:00:29,459 | Alright, so many mentioned in the first episode, there was four parts to this teaching series. And it's aimed at giving you obviously the mindset of applying |
| 3 | 00:00:29,459 --> 00:00:39,479 | the things I teach you on this channel. That kind of caught with the creative approach to using the information in your personal life. And while it won't |
| 4 | 00:00:39,479 --> 00:00:49,019 | match everyone's personal life and or the limitations that each of you have, it's meant to spur on creativity, on your part, bring your own personal |
| 5 | 00:00:49,019 --> 00:01:00,719 | creativity and experience into the equation because trading is absolutely a unique, solo sport. It's not a team venture. And you need to be able to tackle |
| 6 | 00:01:00,719 --> 00:01:09,239 | these things on your own, all of you are going to be coming from different walks of life. That means either you're going to be more fluent than the next or |
| 7 | 00:01:09,809 --> 00:01:21,629 | broke, like I was when I first started out. So this particular series is more of a mindset and a practical approach to what you've already been trained to look |
| 8 | 00:01:21,629 --> 00:01:32,669 | for in price charts. Okay, so the fourth part will be like a nuts and bolts type thing. So I know most of you are probably already bored with this approach, but |
| 9 | 00:01:32,669 --> 00:01:41,639 | I promise you, if you go out there and you try to trade, and you try to make money and you crash and burn, this is going to be one of those episodes. If |
| 10 | 00:01:41,669 --> 00:01:50,579 | anyone comes to me and asks, Hey, look, I've tried trading, I've tried making money I lost, what series, do you recommend this one? Okay, this one here, |
| 11 | 00:01:50,579 --> 00:01:57,299 | because this is going to give you the right mindset going into trading, if you've already failed, and specifically for those individuals that have yet to |
| 12 | 00:01:57,299 --> 00:02:08,099 | trade with live money. If you approach the marketplace and your life with these ideas, I think you'll be better equipped to succeed, I can't promise that you're |
| 13 | 00:02:08,099 --> 00:02:16,259 | going to succeed, no mentor can do that. I'm certainly not going to cosign and say I guarantee you're going to make money. Okay, I can't do that. But I think |
| 14 | 00:02:16,259 --> 00:02:26,579 | you'll have the best advantages in your favor having these insights versus having no understanding about what's available to you. So the first episode was |
| 15 | 00:02:26,579 --> 00:02:37,139 | dealing with the problem. Episode Two of the four part series is now the solution. Now the solution to the problem that we mentioned, everyone has is |
| 16 | 00:02:37,169 --> 00:02:50,399 | making ends meet. Well, the solution is additional income source. So I'm proposing the practice of learning how to read these markets that could not that |
| 17 | 00:02:50,399 --> 00:03:01,919 | I promise you not that I can guarantee because I'm not. It could be a possible income stream for you in more ways than you probably are aware of. And hopefully |
| 18 | 00:03:01,919 --> 00:03:11,339 | open your eyes up to that here. If you look at it from that perspective, I think you'll find new motivation that may not have been available to you prior to |
| 19 | 00:03:11,339 --> 00:03:17,579 | thinking like this. So I'm going to talk about how you can run your life like a business, which is important because they don't teach these types of things in |
| 20 | 00:03:17,579 --> 00:03:27,809 | school. And also to understand that what may feel impossible right now, you change that perspective to I'm possible, you are possible you can succeed with |
| 21 | 00:03:27,809 --> 00:03:42,449 | this. Alright, just a real quick recap. Episode One, we talked about the problem problem is we only have so much income when we have a job, okay, which is just |
| 22 | 00:03:42,449 --> 00:03:54,029 | over broke. The living expenses everyone has is going to be a variable. Okay, some of us have much more extravagant living expenses, and lifestyles and the |
| 23 | 00:03:54,029 --> 00:04:03,119 | cost associated with it. And then there's other folks that like when I came up, I was broke, I wasn't making very much money, I had very little understanding |
| 24 | 00:04:03,119 --> 00:04:12,269 | about what it felt like to have money in the bank, because I really didn't have a bank account. I would take my checks that would get paid each week and go to a |
| 25 | 00:04:12,359 --> 00:04:20,699 | check cashing service. And I would pay a fee for that. And there's a lot of folks out there to still do that. But the problem is, is you have to come up |
| 26 | 00:04:20,699 --> 00:04:29,189 | with more income. Now, the income that you get from your job is obviously static, it's limited to whatever your employer feels that you're worth. And |
| 27 | 00:04:29,189 --> 00:04:38,219 | whatever the pay rate is for that skill that they've hired you for, or that workload that they expect you to do. That's it. That's all you can get unless |
| 28 | 00:04:38,219 --> 00:04:50,519 | you do overtime. And that's a limited income stream. Now, do you have enough time to have a secondary job? Working two full time jobs is very difficult. I've |
| 29 | 00:04:50,519 --> 00:04:51,269 | done that before. |
| 30 | 00:04:51,510 --> 00:04:58,890 | It's not fun. You have no life you'll find yourself getting sick easily because your body's rundown. A full time job with a part time job is hard. I've done |
| 31 | 00:04:58,890 --> 00:05:13,710 | that too. So does your time allow you have that second job income? That might not be practical for you. And if it isn't, don't be ashamed. Don't be |
| 32 | 00:05:13,740 --> 00:05:22,980 | discouraged, because what you're delving into here could potentially open up a whole new broad stream of income options. |
| 33 | 00:05:30,779 --> 00:05:46,229 | The solution? Now, obviously, the employment income is a static income source. Many people come to me all the time, say, hey, look, how fast do you think I can |
| 34 | 00:05:46,229 --> 00:05:59,249 | get to trading, live money, real time and doing it for a living. And, honestly, if you've been ignoring this, every time I mentioned it, there are times where |
| 35 | 00:05:59,759 --> 00:06:10,619 | you'll get into this industry, and you'll be met with initial luck, I had a bout of luck in the early goings of my career, and then I found out quickly that I |
| 36 | 00:06:10,619 --> 00:06:17,339 | really didn't know what I was doing, because it was too immature, but didn't have the understanding about what the markets would likely do. And you're going |
| 37 | 00:06:17,339 --> 00:06:31,079 | to have that too. But if you've ever felt the wonderful feeling of being profitable, with a live account, that bug bite, once that gets in you, you are |
| 38 | 00:06:31,079 --> 00:06:40,649 | absolutely ruined for life, because you know what it feels like. So you're gonna always chase after that. There's a way to do this properly. And I didn't have |
| 39 | 00:06:40,649 --> 00:06:51,569 | these understandings when I first started. So as a business owner, entrepreneur, things change your way of thinking when you start running businesses, and you |
| 40 | 00:06:51,569 --> 00:07:04,259 | apply those experiences and wisdom to things that you do in all facets of money making. So your income right now, if you have a paying job, be thankful, I know, |
| 41 | 00:07:04,259 --> 00:07:14,219 | it sucks, I know you want to leave it, I wanted to leave my as well. But you need to make ends meet right now. And trading isn't there yet, as an income |
| 42 | 00:07:14,219 --> 00:07:22,799 | stream, you're just learning how to do it. Or maybe you're hitting miss, and you're just above breakeven, or just below breakeven. If you aren't blowing |
| 43 | 00:07:22,799 --> 00:07:34,499 | accounts, you're actually in a very good place from a career stance, because you are not wrecking yourself and blowing the account. So keep the income coming in. |
| 44 | 00:07:34,499 --> 00:07:41,159 | That's as long as you're showing up for work and doing what you're supposed to be doing. Your employer finds value in you. And they're solvent as a company, |
| 45 | 00:07:42,719 --> 00:07:52,679 | you have an income stream that is likely to continue as long as you keep doing what you're expected to do there. So keep that if you have children, or a |
| 46 | 00:07:52,679 --> 00:08:03,329 | spouse, they're relying on that income just as much as you are. So understand that it's a normal feeling for you to want to escape that rat race. But don't be |
| 47 | 00:08:03,329 --> 00:08:18,479 | so I guess impatient to think that you're gonna be ready to leave it when you're really not. Additional Income Sources by learning how to read these markets, |
| 48 | 00:08:19,649 --> 00:08:30,539 | what one value, potential investment income, now that category investment income, we're going to talk about them in subcategories. But additionally, once |
| 49 | 00:08:30,539 --> 00:08:39,929 | you understand this industry, and what's available to you in terms of income stream options, you can create business income from it as well. So now you have |
| 50 | 00:08:39,929 --> 00:08:51,449 | three major classifications of potential income streams, that could be pouring into you, the incorporation of you, the entity, the corporate entity, that is |
| 51 | 00:08:51,449 --> 00:09:04,319 | you, whatever your name is, me, Michael, ICT Incorporated, whatever. You're going to create an entity in the world, it may be multiple entities, and we'll |
| 52 | 00:09:04,319 --> 00:09:13,709 | talk about that as I go. But these income streams are going to be pouring into you and you're gonna be using that income to create more income and open up |
| 53 | 00:09:13,709 --> 00:09:21,239 | doors and opportunities for you to increase your income. So that way, you're not limiting yourself just to whatever your boss and your employment is paying you. |
| 54 | 00:09:21,509 --> 00:09:33,149 | You're building up your incorporation of yourself to replace the necessity of that employment income that comes from your job. But you're not going to expect |
| 55 | 00:09:33,149 --> 00:09:42,029 | it to happen right away. You're investing in yourself with a plan of action. Okay, so I'm providing you a solution. This is an idea this is a mindset going |
| 56 | 00:09:42,029 --> 00:09:47,309 | forward if you don't want to subscribe to this and obviously you're welcome to go out there and just roll the dice and think trade is going to be easy for you |
| 57 | 00:09:47,309 --> 00:09:49,829 | and then learn otherwise. |
| 58 | 00:09:57,090 --> 00:10:05,820 | Now the employment income, my first suit Justin is, again, be thankful that you have your job. There's a lot of people who don't have a job and are not |
| 59 | 00:10:05,820 --> 00:10:16,500 | gainfully employed. If you are gainfully employed, be thankful for it. Don't spend frivolously save, put money aside, cut expenses, the first episode, I |
| 60 | 00:10:16,500 --> 00:10:23,400 | talked about how you got to go through and trim the fat, the things that you really don't need, get rid of it now, because that's going to help you have more |
| 61 | 00:10:23,400 --> 00:10:38,820 | money to allocate to resources, computers, learning resources, and I'm not talking about courses, I'm talking about things like note taking, you know, |
| 62 | 00:10:41,370 --> 00:10:50,640 | things they'll help you study better and be more organized. And it's not a great deal of expenses. But those things cost. And they're not always entirely free. |
| 63 | 00:10:50,850 --> 00:11:02,520 | So while you get the benefit of me teaching you with 30 years experience and real world experience, losing real money, making real money, teaching, lots of |
| 64 | 00:11:02,520 --> 00:11:10,620 | people all around the world, different walks of life, I have experience and I'm giving them pouring myself into you for free. Because I want to see you succeed, |
| 65 | 00:11:10,650 --> 00:11:20,460 | I want to see you do well. But I don't want to see you do the same things that I did early on in defer success, defer learning properly, and equipping yourself |
| 66 | 00:11:20,700 --> 00:11:27,990 | with the resources and wisdom that would really never come to you. And there's a lot of people out there to have courses and things and they still won't talk to |
| 67 | 00:11:27,990 --> 00:11:38,610 | you like this. Because my opinion is they're only making money from what they sell. Okay, and if you can't make money from the things that you're selling the |
| 68 | 00:11:38,610 --> 00:11:49,770 | information about, then you really are limited as a mentor, you're limited as an educator, you're limited as someone that would be a resource of wisdom. So keep |
| 69 | 00:11:49,770 --> 00:12:00,750 | the job, you're going to need it. And the ideal scenario is you're going to replace this income. It may seem impossible right now, but I assure you, it is |
| 70 | 00:12:00,750 --> 00:12:15,300 | possible, not for everyone, I'm not guaranteeing it, but it is absolutely possible. Now investment income, learning how to read the markets, as I teach on |
| 71 | 00:12:15,300 --> 00:12:23,640 | this YouTube channel, and in the mentorship lessons and lectures, I teach you how to sit down in front of these charts, and decipher what it is that the |
| 72 | 00:12:23,640 --> 00:12:33,300 | markets likely to do next. Now that doesn't mean profitable trading. That's something that you have to learn for yourself. Now I'll give you concepts. I'll |
| 73 | 00:12:33,300 --> 00:12:41,670 | give you ideas on how to anticipate specific events unfolding certain times of the day, certain days of the week, certain months of the year. Those factors |
| 74 | 00:12:41,820 --> 00:12:54,060 | are. law simply tools. They're conceptual ideas. You as the operator, when you're learning how to do this, you're going to read into it with your personal |
| 75 | 00:12:55,950 --> 00:13:07,140 | limited exposure to doing this, and your overzealous approach to just diving in not really knowing what it is going to be the consequence or ignoring the |
| 76 | 00:13:07,140 --> 00:13:21,630 | potential consequence of pain and loss and monetary loss that would otherwise not be considered as a new trader because we get PIP drunk or well blinded to |
| 77 | 00:13:21,630 --> 00:13:30,900 | the idea that when losses come in, when you lose money, that's a real occurrence where the money is absolutely leaving your account versus watching a demo |
| 78 | 00:13:30,900 --> 00:13:39,210 | account, go and drawdown, you don't really feel that. So all those things are going to be |
| 79 | 00:13:40,500 --> 00:13:48,510 | translated to a real world experience that none of you are really prepared for. And for those that have experienced it, you know exactly what I'm talking about. |
| 80 | 00:13:49,140 --> 00:14:02,160 | But income coming from investments. It can come from a speculative account where you're trading just to build money, and you're taxed on it. I'm not a CPA, I'm |
| 81 | 00:14:02,160 --> 00:14:10,980 | going to talk about certain things here. That may be the right questions for you to go to your CPA and ask me if you have more information. So I'm not acting as |
| 82 | 00:14:11,010 --> 00:14:22,080 | a tax advisor here. Okay, I'm not acting as a financial adviser. I'm not acting as a certified trade accountant. Okay, I'm simply just having a discussion with |
| 83 | 00:14:22,080 --> 00:14:35,640 | you. We're friends, okay. And I'm trying to equip you with the right things to ask the professionals that do taxes, the people that help set up corporations, |
| 84 | 00:14:35,910 --> 00:14:48,450 | and what I mean by that I have the escort, okay. That to me, is the best approach for an entrepreneur. It provides pass through income. So whatever your |
| 85 | 00:14:48,450 --> 00:15:01,560 | business is, make that income passes through you. Okay, and you don't have to pay the double tax that a C Corp, which would be required by C Corp. And what I |
| 86 | 00:15:01,560 --> 00:15:16,170 | mean by that there's taxation, when you create income streams through business, or business entities in LLC, the S corp has the benefit of doing basically half |
| 87 | 00:15:16,500 --> 00:15:31,980 | of the normal taxation that you would have in either the C Corp or other means of income. So there's benefits to having a specific type of LLC, but your unique |
| 88 | 00:15:32,520 --> 00:15:42,870 | circumstances may require or limit you from the use of an escort. Now, I'm speaking directly to the American populace in my community. Obviously, if you're |
| 89 | 00:15:42,870 --> 00:15:51,150 | outside the United States, I don't have any insight for you there. Okay. But the general ideas I'm talking about here, I'm sure that there's something is close |
| 90 | 00:15:51,180 --> 00:16:00,150 | is what I'm referring to here in your own country, or maybe not. And I can't compensate for that, obviously, I'm just trying to do the best I can working |
| 91 | 00:16:00,150 --> 00:16:10,380 | with the community at large, I have to only speak from personal experience and the things I either know and or at least point in the right direction. But |
| 92 | 00:16:10,380 --> 00:16:21,750 | investment income comes by way of speculative accounts where you just go in you trade retail account, and try to make money with it. There's also deferred tax |
| 93 | 00:16:21,780 --> 00:16:37,440 | vehicles like IRAs, and Roth, IRAs, and 401. K's as investment income, you can build huge, huge nest stakes for retirement, applying the information with sound |
| 94 | 00:16:37,470 --> 00:16:48,810 | investment logic, and if you're correct, by not being taxed on it every year, and giving up large portions of what you gained. That stays in there. And that |
| 95 | 00:16:48,810 --> 00:17:04,620 | compounding effect really takes effect over time. So my idea is to try to spur on the notion of putting your heaviest lifting into accounts like that, not I |
| 96 | 00:17:04,620 --> 00:17:16,140 | need to double my account that I opened up with oanda forex.com, TD Ameritrade, those, those accounts that you're trying to dig into each week or month in |
| 97 | 00:17:16,140 --> 00:17:29,130 | getting expenses out to meet your ends. Those accounts, you want to trade those soberly, kind of like what I've adopted this whole series with, but apply the |
| 98 | 00:17:29,130 --> 00:17:40,740 | heavy lifting of compound interest, and really working towards growing the tax deferred accounts like a Roth IRA, which is really like, in theory, it's |
| 99 | 00:17:40,980 --> 00:17:49,860 | limitless, on how fast I mean, there's people that have made billions and billions of dollars, with Roth IRAs. And while that is available to us in the |
| 100 | 00:17:49,860 --> 00:18:00,060 | United States, that shouldn't be tapped into. So you can create an account with a Roth self directed, and you can go out there and make the decisions on what |
| 101 | 00:18:00,060 --> 00:18:06,510 | you're trading, and what investment vehicles you're using, what stocks you're purchasing and trading. And you don't have to worry about the implications of |
| 102 | 00:18:07,440 --> 00:18:18,000 | the taxes and the burden of meeting the taxation requirements at the end of each year, because it's tax deferred. So it allows the compounding effect it really |
| 103 | 00:18:18,030 --> 00:18:19,530 | grow. So |
| 104 | 00:18:20,819 --> 00:18:27,929 | I want you to think about that young folks that are listening. Okay. Because when I first started investing, like Morningstar was the thing coming up, and |
| 105 | 00:18:27,929 --> 00:18:35,729 | Morningstar was, like the big deal with mutual funds. Mutual funds became a thing when I was younger. And everybody's like, wow, this is really good, you |
| 106 | 00:18:35,729 --> 00:18:46,019 | know, and they sold on the idea that stocks on average, yield about 12%, not every year, but 12% across the board, and everybody did their calculator thing |
| 107 | 00:18:46,019 --> 00:18:53,549 | like you do when you first start learn how to trade Forex. I got this much money, but this many pips every 10 minutes, I can make this much money, and I |
| 108 | 00:18:53,549 --> 00:19:06,239 | can buy a house when I'm, oh, six months from now. You know, what you've done under the same stuff. I was 20 years old before. But these ideas of chasing |
| 109 | 00:19:06,269 --> 00:19:21,719 | immediate wealth should be controlled, and meeting your needs through trading modularly. That means taking one bill at a time, not thinking about investment |
| 110 | 00:19:21,719 --> 00:19:34,229 | income. Like I have to have that money right now. But deferring that growth and maximizing it with tax deferment vehicles like a Roth IRA or self directed IRA |
| 111 | 00:19:34,229 --> 00:19:44,219 | and United States, we had the benefit of doing that. I'll talk a little bit about that in a moment we get into business income, but these ideas of splitting |
| 112 | 00:19:45,119 --> 00:19:54,839 | the investment income into different branches. It may seem complex right now, but I promise you, there's a lot of good books out there on the general ideas, |
| 113 | 00:19:55,139 --> 00:20:06,149 | not necessarily how to trade them yourself. I think that my channel kids view To the insights on how you can at least begin to attack that idea. But the |
| 114 | 00:20:06,149 --> 00:20:18,029 | approaches of setting up an individual IRA or simple IRA, or Roth IRA, inside of a corporation, like an LLC, they can have an investment account, the long term |
| 115 | 00:20:18,059 --> 00:20:31,979 | IRA, and I want you to think about how, if you learn how to do what it is I teach on this channel, read the charts. Okay? That opens up so many different |
| 116 | 00:20:31,979 --> 00:20:48,299 | business opportunities, which brings you what business income. Now, if you have an LLC, that means your liability is limited. So the business itself shields you |
| 117 | 00:20:48,599 --> 00:21:01,229 | to a certain degree. And if you're going to be doing like real estate, okay, you're going to create an LLC, so that way it creates privacy, it prevents the |
| 118 | 00:21:01,889 --> 00:21:11,009 | general public to see like, they can't just pull up properties and say, Okay, let me look up Michael, Joe Huddleston, and see what he has in this area, when |
| 119 | 00:21:11,009 --> 00:21:22,379 | you have a LLC for your contributions as a partner in an LLC, where properties may be held in an entity that you are part of, but you're not putting yourself |
| 120 | 00:21:22,379 --> 00:21:37,229 | out there. Okay, so it provides you a means of shielding. When you have a LLC for your business income, what is that? What are you doing? Like? What's the |
| 121 | 00:21:37,229 --> 00:21:46,229 | business that you're running? Well, I want you to think about how, if you learn how to do this? Well, okay, because this is the other question, I get a lot. How |
| 122 | 00:21:46,229 --> 00:21:59,159 | much money do I need to start trading? Real time not the job? That question is answered by you. But my canned response is you need to be in a position where |
| 123 | 00:21:59,159 --> 00:22:10,889 | you already can make two times what your monthly income is, right now. So that way, you're meeting your monthly expenses by at least two times. And you've been |
| 124 | 00:22:10,889 --> 00:22:23,639 | doing that for a while. What is Oh, wow, I think a minimum minimum a year of doing just that. And have $100,000 in your disposal. Now, some of you saw this |
| 125 | 00:22:23,639 --> 00:22:31,529 | in some of the comments. Oh, you're just saying something that's impossible to us right now. That's the target of this episode, turning impossible to I'm |
| 126 | 00:22:31,799 --> 00:22:42,809 | possible. See, you're getting over this period of time where, like, usually the young guys, they come to me or they come to other mentors, and they say, Hey, |
| 127 | 00:22:42,869 --> 00:22:50,819 | teach me how to trade. Okay. Okay, I'll sit down with you, I'll show you how to trade. I'll teach you how to do analysis and find setups and how to handle |
| 128 | 00:22:50,819 --> 00:22:52,199 | losses. And |
| 129 | 00:22:53,579 --> 00:22:59,249 | they're impatient through that. And even if they get to the point where they understand the model, they understand how to trade they understand how to read |
| 130 | 00:22:59,249 --> 00:23:10,319 | price action, they want to jump over from where they're working right now, punching the clock for 40 hours or more. And they want to go right to wealthy |
| 131 | 00:23:10,439 --> 00:23:22,259 | Instagram lifestyle. And what they don't understand is, is 99.99999% of those folks are selling information or selling an idea or image. And they're not |
| 132 | 00:23:22,259 --> 00:23:32,369 | really making profits trading. Now, I'm not here to dump on them. You already know my opinion about that. But that income they're making, I guarantee they're |
| 133 | 00:23:32,369 --> 00:23:42,059 | not even managing that properly. So you're trying to have unrealistic expectations about a shoestring budget approach to starting how to trade and you |
| 134 | 00:23:42,059 --> 00:23:52,319 | want champion wishes and caviar dreams in six months or less. And some of you can play in kick and scream. When I tell you, you have to at least submit to one |
| 135 | 00:23:52,319 --> 00:24:02,759 | year of learning. Without that you don't have it. Anybody tells you anything less than a full year. They're lying to you. So your business income. Once you |
| 136 | 00:24:02,759 --> 00:24:10,979 | understand what it is you're doing with these charts, what type of business income can be made available to you? Well, let's talk about that. |
| 137 | 00:24:17,880 --> 00:24:27,960 | Going back to the income to monthly expenses, I'm going to revisit this. Obviously you have employment income if you're gainfully employed, put that |
| 138 | 00:24:27,960 --> 00:24:38,040 | aside, that's going to stay there until you get to the point where you're able to make two times your monthly income requirements now in meeting your ins twice |
| 139 | 00:24:38,070 --> 00:24:47,610 | over so onwards, if your income expenses are 4000 a month, you're consistently able to do $8,000 a month. Now, while you're doing that you're saving money. |
| 140 | 00:24:47,640 --> 00:24:57,840 | What are you doing that for? Because you don't want to have cash? starvation. In other words, you don't want to be drowning in debt. And just because you know |
| 141 | 00:24:57,840 --> 00:25:06,660 | you can lean on experience Have, I can make 8000 hours a month, I think consistent with it for a year. Okay, that's wonderful. But something magical |
| 142 | 00:25:06,660 --> 00:25:16,440 | happens when you cut the umbilical cord away from that job. So you hate your job right now, you hate it, as you should, you should be looking to leave that. |
| 143 | 00:25:16,890 --> 00:25:24,030 | Okay? If someone offered you twice the amount of money you pay right now, you want the same job you're doing right now? How fast would it take you to want to |
| 144 | 00:25:24,030 --> 00:25:31,650 | leave it, you'd hate that job immediately, because you see what an opportunity. So I'm trying to open your eyes to the opportunity that understanding these |
| 145 | 00:25:31,650 --> 00:25:43,770 | markets can provide you. So leaving the employment income as it is, and telling you submit to it, stay with it until you can afford to leave it. Let's go into |
| 146 | 00:25:43,770 --> 00:25:56,580 | the discussion of investment income first. So investment income, we have that in the form of immediate right now speculative accounts retail trading. Then we |
| 147 | 00:25:56,580 --> 00:26:06,390 | have long term tax deferred Ira income, which we're not trying to spend that income is wealth building as wealth generating income, that's not the same thing |
| 148 | 00:26:06,750 --> 00:26:15,960 | as getting my money right now, I made my money, I did a withdrawal this month, I'm wanting to spend it. Okay, that's not the same as that most of your heavy |
| 149 | 00:26:15,960 --> 00:26:26,310 | lifting in your work, and effort should be placed on the long term tax deferred Ira approach. Now, you're probably thinking, He's talking about putting more |
| 150 | 00:26:26,310 --> 00:26:37,560 | money each week from a paycheck into my company IRA that I don't invest in anyway? Well, you shouldn't, if you have one of those, roll that into a self |
| 151 | 00:26:37,560 --> 00:26:45,870 | directed IRA, something that you can control trading in, and then start maximizing your efforts in trying to grow that and doing the maximum |
| 152 | 00:26:45,870 --> 00:27:00,990 | contributions to that each year. Now, business income, once you learn how to do this, you don't have to actually trade a Live account. Think about that. I have |
| 153 | 00:27:00,990 --> 00:27:08,370 | a lot of folks all around the world, and some of them are in impoverished nations, and they don't have a lot of money. So how do they get to the point |
| 154 | 00:27:08,370 --> 00:27:18,930 | where they can afford to start trading? Well, I encourage my students, so I give them my blessing, that once they learn how to trade, they can do trade calls or |
| 155 | 00:27:18,930 --> 00:27:30,360 | trade analysis. And literally do that on a YouTube channel. And I'll share their opinion about what the markets are likely to do, and or do live streams with |
| 156 | 00:27:30,360 --> 00:27:42,030 | them. And that can grow an audience. And that audience could translate into ad revenue, which is income. And when you start talking about trading a Live |
| 157 | 00:27:42,030 --> 00:27:53,850 | account yet, see what just happened here, you may not have the means to trade with a lot of money right now to leave your job, you may not even be employed, |
| 158 | 00:27:55,230 --> 00:28:04,950 | you don't need that. ad revenue from YouTube could be a income stream for you that you've now created as a business income. And you incorporate yourself with |
| 159 | 00:28:04,950 --> 00:28:14,400 | an LLC in the United States or the equivalent in your country. And then you'll have the benefits I'll talk about in a few minutes. You can have a secondary |
| 160 | 00:28:14,400 --> 00:28:22,080 | income stream in the form of generating signals for people, there's a lot of folks out there. And frankly, I've had so many people come through my mentorship |
| 161 | 00:28:22,080 --> 00:28:31,590 | groups, and a lot of them didn't stay with it because they were frustrated. A lot of them couldn't afford it, they quit, and or they just couldn't make it |
| 162 | 00:28:31,590 --> 00:28:40,380 | work for themselves. And that's fine. Like I said, I'm a practical person, I know that what I teach isn't going to be ethical for everyone. It requires a lot |
| 163 | 00:28:40,380 --> 00:28:49,230 | of effort, concentration and work. And it's not gonna be easy. And I don't have any shame in that I know the week will not survive with me. But that's okay. |
| 164 | 00:28:49,290 --> 00:28:57,390 | There's other things that they can dabble in, once they taste all that other stuff. If the bulk of trading has bid them, the more or less come back to me in |
| 165 | 00:28:57,390 --> 00:28:57,750 | time. |
| 166 | 00:28:59,220 --> 00:29:07,500 | But you can generate signals and run signal services. That's why I don't do signal services. Because all of the folks that came through my mentorship group, |
| 167 | 00:29:07,770 --> 00:29:17,940 | there's a lot of them out there that have the interest in doing that, because it's really easy money. Really, really easy money. And I'm talking income |
| 168 | 00:29:17,940 --> 00:29:30,660 | streams that are way beyond what you would expect. Now what does it take to run a signal service? Consistency. And if you'd learn how to do what I teach in this |
| 169 | 00:29:30,660 --> 00:29:40,200 | channel, read the market, be able to decipher what it's likely to do next and be consistent about that. Call key levels where it should react create a signal |
| 170 | 00:29:40,230 --> 00:29:47,910 | where to draw to next. That's a skill set that largely the trading industry doesn't really have a whole lot of that is resources. There's a lot of people |
| 171 | 00:29:47,910 --> 00:29:57,180 | out there that do a heavy degree of marketing. In my opinion, this is something that's probably going to be sneered at by everyone. That has a hard opinion |
| 172 | 00:29:57,180 --> 00:30:12,630 | about me, but it's just logic folk Have you ever seen an inner circle trader ad? No. Have you ever seen coupon codes when I was selling mentorship? No. So the |
| 173 | 00:30:12,630 --> 00:30:24,900 | best rule to growing organically is be genuine. Talk about your limitations, show your weaknesses, don't hide from them, and be willing to be consistent and |
| 174 | 00:30:24,900 --> 00:30:34,890 | honest about everything. If you do those things, and you make the signals available for at least a month for free. Anybody that comes to you say, Okay, |
| 175 | 00:30:34,890 --> 00:30:43,260 | here's, here's my window of new membership, you can come in, but you only have one or two times a year where you'll let more people come in. Otherwise, people |
| 176 | 00:30:43,260 --> 00:30:53,460 | come in, they'll abuse that 30 day for free. Okay, do it for 30 days, let them test drive it, if you're good, you won't mind doing that. And if they see that |
| 177 | 00:30:53,460 --> 00:31:01,920 | you're good, they'll sign up with you. Because they know the calculator role. They know what they have in their account. They know what they're willing to |
| 178 | 00:31:01,920 --> 00:31:08,790 | invest in themselves. And they seen what you're able to do in terms of calling the market. So now you have income stream coming from that, to now look what |
| 179 | 00:31:08,790 --> 00:31:18,360 | you've done, you have a job that's paying you may not be meeting your ends as you want them to. But now you've turned off the fat if you've listened to me in |
| 180 | 00:31:18,360 --> 00:31:27,450 | the episode one. So you've reduced some of the things you don't really necessarily need. You've learned how to invest in yourself, and you're taking |
| 181 | 00:31:27,450 --> 00:31:38,430 | the investments, applying the money, instead of going into an IRA at your job, put it into a self directed IRA that you control the decisions in. So that way |
| 182 | 00:31:38,430 --> 00:31:45,060 | you're taking that money that you're investing in. Otherwise, if you've been doing an IRA, now you're controlling what vehicles you're investing in, what |
| 183 | 00:31:45,060 --> 00:31:57,960 | stocks you trading? What are you doing with that money. So it gives you control instead of just putting money out there. And I have a lot of people that I'm |
| 184 | 00:31:57,960 --> 00:32:06,720 | friends with, and they put money into money managers hands, and they complain to me all the time. Like Michael, you know, these guys don't know what to do. And I |
| 185 | 00:32:06,720 --> 00:32:12,630 | told you, they don't know what they're doing. They take all the credit when the market goes up. And when it goes down, they just tell you average in bye, bye |
| 186 | 00:32:12,630 --> 00:32:24,540 | bye. So they're in a position of what? No responsibility, but they get the credit for when the market just simply goes up. But they don't talk about the |
| 187 | 00:32:24,540 --> 00:32:34,140 | downside, don't if it happens, I'll just tell him to pour money into it. So you're taking the roll over from people that aren't going to care about your |
| 188 | 00:32:34,140 --> 00:32:42,480 | money, and you're assuming that control. And you're then going to be applying the most of your heavy lifting in your analysis, and doing all the effort with |
| 189 | 00:32:42,480 --> 00:32:51,270 | building up your long term tax deferred IRAs that you're going to set up with an LLC. Why are you going to do that, because when you start your business income |
| 190 | 00:32:51,270 --> 00:33:01,350 | through YouTube, it's going to be very small. You need like 1000 people subscribed to your channel, then you can start getting ad revenue. i There's a |
| 191 | 00:33:01,350 --> 00:33:12,000 | long time I didn't do ad revenue on my channel. Well, first of all, I didn't need it. And when my adult daughter entered the adult world, |
| 192 | 00:33:13,410 --> 00:33:25,560 | I said this many times I love her to death, but she sometimes needs assistance. So many times, I take the income I'm getting from this very YouTube channel. And |
| 193 | 00:33:25,560 --> 00:33:37,710 | I use that to buy their car, fix their car, you give them a high dollar furniture makeover for their home in one room or another. And I do things like |
| 194 | 00:33:37,710 --> 00:33:48,270 | that, or I'll use it for vacations. Something to that effect. And do I make a lot of money through YouTube? No, I have it around right now about $15,000 a |
| 195 | 00:33:48,270 --> 00:33:59,610 | month. Now, I'm sure over time that might increase if there's more viewership or whatever. But it didn't always have 15,000 hours a month. There was times when I |
| 196 | 00:33:59,610 --> 00:34:11,070 | was doing 1500 or less, because I wasn't putting videos up and just wanted to see how it worked. And my oldest son to hey, look, you Dad, you should put ad |
| 197 | 00:34:11,070 --> 00:34:18,810 | revenue. And you'll get money from that because I was already making plenty of money. I was like I'm not interested in that. But then I realized that, hey, |
| 198 | 00:34:19,320 --> 00:34:26,220 | this is something it's another stream of income and I don't have to tap into anything else. And it's really like a no brainer. I'm already doing this anyway, |
| 199 | 00:34:26,250 --> 00:34:35,550 | I love doing it. And YouTube's putting ads on videos anyway, folks. So those that complain about you got ads on your videos, all videos have ads, YouTube |
| 200 | 00:34:35,550 --> 00:34:44,040 | changed the rules, and they said, You know what, you monetize your videos, and we're exercising the right to put ads on your video. Well, if they're gonna get |
| 201 | 00:34:44,040 --> 00:34:52,350 | all the ad revenue, doesn't it make sense that you get the majority of the cut? And that's why I have ads on there folks. Okay, so anyway, that's an income |
| 202 | 00:34:52,350 --> 00:35:04,980 | stream. So, in an income stream of YouTube ad revenue, you're doing what you're growing Now you might do what I have never done, which is advertise on YouTube. |
| 203 | 00:35:06,990 --> 00:35:15,420 | Is there anything wrong with it? No, not if you are in a position where you have value that you bring to the community, if you have a service that is worthwhile, |
| 204 | 00:35:16,050 --> 00:35:30,750 | then hey, go after it. I just have always thought differently. And my overhead on my businesses, I like to keep them very, very thin. What does that mean? I |
| 205 | 00:35:30,750 --> 00:35:39,870 | have no advertising expenses. I don't pay salespeople, I don't have people going around repping me saying, Hey, this is the most amazing thing. I don't do that I |
| 206 | 00:35:39,870 --> 00:35:47,370 | don't pay anybody in other countries, I don't pay people anything to say anything about me. They either see the value, and they love it, they share it |
| 207 | 00:35:47,370 --> 00:35:53,850 | because they just are in love with it results for you have the handful people out there at this, this simply don't like me. And there's going to be a whole |
| 208 | 00:35:53,850 --> 00:36:02,760 | lot more that because I'm doing this for free, with a level of education that nobody else is doing. And I'm making things practical. I'm going down to the |
| 209 | 00:36:02,760 --> 00:36:11,250 | grassroots where the working man working woman can take this information and apply it to their own personal life. And there's no excuse for you not to be |
| 210 | 00:36:11,250 --> 00:36:21,390 | successful, then it's up to you at that moment. But that Youtube Income coupled with with 10, and you'll have to do signals, but that could be a potential |
| 211 | 00:36:21,390 --> 00:36:40,860 | income stream as well. Signals. If you're good. You can do six figures every single month. And still not do any live trading. So for the African folks that |
| 212 | 00:36:41,100 --> 00:36:48,480 | send me emails most of time say hey, look, I'm I'm really in a position where I'm in an impoverished nation, we don't have a whole lot of money here. Things |
| 213 | 00:36:48,480 --> 00:36:57,150 | are tough. You know, what would you advise someone like us? What would you do this. And here's the thing, folks, those of you in the states that are not |
| 214 | 00:36:57,180 --> 00:37:09,450 | burdened with debt that that nation has in trust upon its people. Those things, you don't have that you have advantages here. And if you apply the same |
| 215 | 00:37:09,450 --> 00:37:22,800 | strategy, guess what you've done? used those advantages, the most creative and most practical way anyone can, because you have more resources here. You don't |
| 216 | 00:37:22,800 --> 00:37:36,540 | need money. To start doing this. You need the skill set. Now. Additionally, you can have affiliate program revenue as well. What does that mean? I can't tell |
| 217 | 00:37:36,540 --> 00:37:43,470 | you how many times brokerage firms reach out to me all the time, say, Hey, you want to start a partnership with us? This is again, one of those times where I'm |
| 218 | 00:37:43,470 --> 00:37:54,150 | gonna tell you, please don't ask me, I'm not interested. Okay. I have had lots of money thrown at me. And I don't do it, I won't do it. It is what it is. Also, |
| 219 | 00:37:54,150 --> 00:38:04,800 | because I'm a YouTuber. When you join the partnership program with YouTube, they make you I don't know how they do it, but they make |
| 220 | 00:38:06,150 --> 00:38:19,710 | your channel available to companies that offer products or services that want to do ads or do a campaign with you. I have had $10,000 offers I've had $7,000 |
| 221 | 00:38:19,710 --> 00:38:31,980 | offers had 5000 offers lots of $3,000 offers, and I had a couple 1500 or $1,000 offers. I've had companies offer me full pics of clothing, watches, jewelry, all |
| 222 | 00:38:31,980 --> 00:38:42,480 | that stuff. I'm not going to do this things, folks, I understand that there's a market for that. I'm just not that person to do it. Okay. But that's something |
| 223 | 00:38:42,480 --> 00:38:51,930 | that if it's of interest to you, there's nothing wrong with it, folks. So if you're going to go that route, I'm never gonna thumb my nose at you and say, Oh, |
| 224 | 00:38:51,930 --> 00:39:01,860 | look at this person did this income, things are about to get rough. So if you have a means of getting income, then do it. The only thing I don't like is when |
| 225 | 00:39:01,860 --> 00:39:08,580 | people take my concepts, they rename them, they don't give me any credit for it. And they pretend they invented themselves. Okay, I've already told my own |
| 226 | 00:39:08,580 --> 00:39:18,090 | private group, you're welcome to use my logo, you're welcome to tell people that you were trained by me, I don't care. That's one way that you can become viral. |
| 227 | 00:39:18,660 --> 00:39:27,510 | And if you have the skill set, and you learn properly from me, they're going to know and they'll see it. And they will decide at that point. If you have a |
| 228 | 00:39:27,510 --> 00:39:34,110 | service that you're offering them, and you're trying to do signals or if you're doing analysis, or even if you're doing market reviews. There's nothing wrong |
| 229 | 00:39:34,110 --> 00:39:43,230 | with that. There's absolutely nothing wrong with that. But because I'm doing market reviews, that might be not the best approach because now that you've just |
| 230 | 00:39:43,230 --> 00:39:51,660 | heard that, but the bottom line is there's affiliate programs that you can actually make more money that way in addition to the ad revenue that comes by |
| 231 | 00:39:51,660 --> 00:40:00,510 | running ads on your YouTube channel. So now think about what trading has done already. If you learn how to trade, you know how to read the market caught |
| 232 | 00:40:00,510 --> 00:40:10,200 | before it happens and you've detailed, you're responsible about managing risk, theoretically. And you've trimmed down your own expenses, cut out all the things |
| 233 | 00:40:10,200 --> 00:40:19,740 | that don't really require you spending that much money each month, you have a little bit more cash. Because of that, then you're changing your mindset into an |
| 234 | 00:40:19,740 --> 00:40:28,320 | investor, because now you're going to be taking the money that you may not be doing the best with by giving it to a company, IRA, and you're subject to |
| 235 | 00:40:28,320 --> 00:40:37,170 | whatever the market does, you have no control what's going on, where to move the assets, what industry group, what sector to be investing in, all those things |
| 236 | 00:40:37,170 --> 00:40:45,660 | are beneficial. Because you know how to do that that's advantageous for you. But most people don't know how to do that most people don't know how to control |
| 237 | 00:40:45,660 --> 00:40:54,810 | their investments. That's what I'm trying to teach you. So that way, you're getting control over that. And you're changing your mindset to getting rich real |
| 238 | 00:40:54,810 --> 00:41:02,340 | quick, in my retail can't right now, versus I'm building wealth with long term tax deferred IRAs, and I'm letting all the type of trading I would be doing |
| 239 | 00:41:02,340 --> 00:41:11,760 | short term and trying to take the money outside and spend it look great on Instagram and floss. No, leave that in there. Because if you have the ability, |
| 240 | 00:41:12,210 --> 00:41:22,170 | this to say you make six to 10% a month. And folks, that's easy. That's ridiculously easy. But if you compound that over 20 years, and you're you're at |
| 241 | 00:41:22,170 --> 00:41:34,770 | 20, something, and when you're 4045, how much money do you think would be available to you to the calculator, stopping the viewing, see, if you sit here, |
| 242 | 00:41:35,100 --> 00:41:42,600 | oh, my goodness, I'm gonna have that much differ all that type of stuff for right now. build yourself up your skill sets the most important thing because if |
| 243 | 00:41:42,600 --> 00:41:57,150 | you have this skill set, there's not a list in this category that I'm going to type out on a set here. There are millions of people out there that want a |
| 244 | 00:41:57,150 --> 00:42:09,900 | partner, they want a partner that knows how to do this. And they have the cash. I have people approached me all the time, and I'm talking huge amounts of money. |
| 245 | 00:42:11,010 --> 00:42:27,420 | Hey, would you be willing to go into a partnership 6041 guy came out said 70 3070 Me 30% him. And these are big, big investments, eight figures, seven |
| 246 | 00:42:27,420 --> 00:42:37,170 | figures, that kind of money wants to know dangled in front of you, and are interested in that. That's not the approach, I'm gonna go in trading other |
| 247 | 00:42:37,170 --> 00:42:46,770 | people's money. That's a very, very, very stressful thing, in my opinion, but it may not be stressful for you. And I teach my students that if that's what they |
| 248 | 00:42:46,770 --> 00:42:57,240 | want to do, you know, if they're going to be managing other people's money, they got to get the proper accreditation, series three, series seven, go through the |
| 249 | 00:42:57,240 --> 00:43:03,240 | proper links that make you legally capable of doing that. |
| 250 | 00:43:04,590 --> 00:43:14,130 | Do all the limited partnerships. Certainly when you open the account up, you're legally allowed to do the trades. And you both agree, you sit down with a lawyer |
| 251 | 00:43:14,130 --> 00:43:24,000 | and have them draw up the the partnership limitations and agreement that you have the right to be able to trade an account. And these are the parameters, |
| 252 | 00:43:24,060 --> 00:43:35,070 | you're trying to do this. And if you do anything outside of that, that's outside the scope of the partnership. So it'll help provide the means for dissolving the |
| 253 | 00:43:35,130 --> 00:43:44,700 | partnership if it becomes impractical. But what I'm saying is, there's lots of people out there, that will literally throw money at you, even if you don't have |
| 254 | 00:43:44,700 --> 00:43:56,490 | the money right now, learn this skill. Because if you can prove that you can do this money literally will be made available to you. And more ways than you can |
| 255 | 00:43:56,490 --> 00:44:08,160 | imagine. Also, that's not mentioned here. And you've probably seen most of everyone talking about now in the trading industry is the funded account. So if |
| 256 | 00:44:08,160 --> 00:44:20,130 | you have an income stream like YouTube, your signal service, those ideas and your own retail trading account, may not have enough money in there to really |
| 257 | 00:44:20,130 --> 00:44:30,480 | make any difference in your trading. But that offering now go through the funded account approach, if that's something that you think is ethical for your |
| 258 | 00:44:30,480 --> 00:44:42,390 | personal life, and if you're willing to submit to the site that way, the capital expenditure that you would have in something like that is minuscule versus |
| 259 | 00:44:42,750 --> 00:44:50,940 | opening up account with 10,000 hours, okay, or 20,000 hours, you probably aren't going to do that. Okay, even if you think you've arrived at trading, and |
| 260 | 00:44:50,940 --> 00:44:57,810 | understand what you're doing here. You may not want to go in and put that much money in here because it's a totally different world. And you might do something |
| 261 | 00:44:57,810 --> 00:45:09,300 | wrong and the market could do something crazy. I like it, versus going after a funded account and try to get a 20,000 or 50,000 or $100,000 account where you |
| 262 | 00:45:09,300 --> 00:45:17,970 | have that leverage available to you. And you do the profit split, whatever that company offers, and I'm not going to rip anyone particular here. That's a better |
| 263 | 00:45:17,970 --> 00:45:28,710 | approach to funding and seeding your own retail account, take that money from a small investment that's limited. That way, you're not having all that tug of war |
| 264 | 00:45:28,710 --> 00:45:37,290 | feeling, oh, my goodness, I can't build my account. I can't I can't risk it, versus small capital expenditure on your part to secure a funded account through |
| 265 | 00:45:37,290 --> 00:45:50,160 | a prop firm. Use that to do your payouts and work with that to use that capital to seed your own retail account. That to me, if I would have that available to |
| 266 | 00:45:50,160 --> 00:45:59,550 | me when I was a young guy, I would have done that. I would have I would have done that. Okay. The approach that I would do all over again, is what I'm |
| 267 | 00:45:59,550 --> 00:46:09,870 | absolutely outlining here. I'm using this as you know, what would I simply do? And how would I approach dealing, this is what I'm doing. And this is this is |
| 268 | 00:46:09,870 --> 00:46:18,000 | the stuff that makes people really profitable. This is what keeps you in the business and creates longevity, thinking about it with a business mindset, not I |
| 269 | 00:46:18,000 --> 00:46:22,950 | want to go here into the maximum leverage, I'm not going to use a stop, but I'm going to use a mental stop, and I'm going to, I'm going to get out and you're |
| 270 | 00:46:22,950 --> 00:46:32,040 | going to get wrecked. You have to treat it like a business, all aspects. So there's all kinds of income streams is made available to you just by |
| 271 | 00:46:32,040 --> 00:46:44,130 | understanding what it is I'm teaching you here. And the last goal is to have your own retail account funded with the money that you've made from any one of |
| 272 | 00:46:44,130 --> 00:46:55,980 | these are all these income streams. You see what just happened there? You now have no excuse because you may not have money right now. Stop worrying about the |
| 273 | 00:46:55,980 --> 00:47:04,590 | money. If you worry about the money, you're not going to learn. You're not going to learn properly. You're not going to develop the right mindset because you're |
| 274 | 00:47:04,620 --> 00:47:16,470 | worrying about money in scared money makes no money. Always. But what happens when you have all these income streams? Are you going to be impulsive with your |
| 275 | 00:47:16,470 --> 00:47:31,080 | own retail account? Probably not. Why? Because it's already been met. You're not feeling impulsive because I had a mortgage payment coming up in two weeks man |
| 276 | 00:47:31,080 --> 00:47:39,330 | alive. I spent too much with the girl money last weekend I am broke. What I'm going to do. It's called an errand overlay with euro dollar. It's nonfarm, |
| 277 | 00:47:39,330 --> 00:47:54,780 | payroll Friday, wrecked. And you compound the problem. Versus I have plenty of income coming in. I don't need the trade. So now I can be more opinionated |
| 278 | 00:47:56,160 --> 00:48:07,440 | and objective about what it is I'm doing. Anytime I found these charts, and be more what discipline and that discipline will keep you rooted in sober thinking |
| 279 | 00:48:07,440 --> 00:48:14,490 | about when you're going to execute, engage in price action, then when you place a trade with a live account, you're not worrying about the end result. Because |
| 280 | 00:48:14,490 --> 00:48:22,110 | if you do take a loss, guess what? You have all these other income streams coming in, it doesn't change anything. You won't feel rushed to go back in and |
| 281 | 00:48:22,110 --> 00:48:33,810 | get that loss back either. How about that? You can think about that this year. Because you don't think right now. How to operate your life as a business. But |
| 282 | 00:48:33,810 --> 00:48:48,630 | thinking like this, this is how a entrepreneur things. When I look at something, I think, okay, I want this and how am I gonna pay for it. But just look at a |
| 283 | 00:48:48,630 --> 00:48:58,410 | piece of property. I really liked it. My wife loved it. I didn't want to pay the price they were offering. So I came in at 20,000 I was less. They didn't want to |
| 284 | 00:48:58,410 --> 00:49:07,860 | come down there it is the dreaded ask, they're gonna regret that. But the point is, I treat it as this is what I'm gonna spin. And if they don't want to meet |
| 285 | 00:49:07,860 --> 00:49:16,350 | that price, I'm not buying it. Now, a younger me would have been like, alright, they went back to ask, and they rejected the offer. Because I gave him a seven |
| 286 | 00:49:16,350 --> 00:49:26,760 | o'clock on Sunday that just passed. That's when the offer expired. And it was 120,000 I was less than their asking price. And I was flexible with the with the |
| 287 | 00:49:26,760 --> 00:49:36,600 | settlement date, because I'm not pressed. They waited till 640 20 minutes before the offer would expire just to come back with full asking price in a 60 day |
| 288 | 00:49:36,630 --> 00:49:47,910 | closing because I'm an entrepreneur and objective about what it is I'm trying to do and I'm also role based. This is all going to spend so no I pulled the offer |
| 289 | 00:49:47,940 --> 00:49:57,990 | expired in the market still has that house for sale. Lovely home. I'm not buying it for the price I'm not willing to pay. It's gotta make sense. Make sense |
| 290 | 00:49:58,020 --> 00:50:09,360 | monetarily. A young Hear me would have been possibly said, Oh, all right, you beat me, I'll pay asking price. Because I wasn't money management minded. I was |
| 291 | 00:50:09,510 --> 00:50:17,730 | new money. And as long as I had the money to pay for it, I didn't care if I was paying a premium for it I didn't cared about being taken advantage of. So I'm |
| 292 | 00:50:17,730 --> 00:50:26,370 | teaching you how to look at things objectively. And also bring that mindset into your trading. Because if you do that, you will have better control over your |
| 293 | 00:50:26,370 --> 00:50:36,060 | psychological and emotional tug of wars that you'll go through that everybody has. But I don't feel the impulsive nature that I did as a 20 year old because I |
| 294 | 00:50:36,510 --> 00:50:48,000 | have grown in wisdom and knowing that I don't need a trade to pan out for me. So I can be what more patient, I can wait for the trade that at fair value got, I |
| 295 | 00:50:48,000 --> 00:50:58,710 | can wait for it to go to my targets. And I don't feel like I gotta get out because it's been 12 days is ahead of profitable trade. Obviously, I'm being |
| 296 | 00:50:58,710 --> 00:51:08,940 | facetious, but you probably are snickering with me, even though it might be painful to hear that because you can relate to it. But those things are mastered |
| 297 | 00:51:09,630 --> 00:51:18,840 | when you master yourself. And when you master yourself. That means put all the effort into your skill. Hone that, once you have that skill. Trust me when I |
| 298 | 00:51:18,840 --> 00:51:27,690 | tell you, money will be presented to you in more ways than you can imagine right now and not just glossing over the obvious ones here. There's lots of others. |
| 299 | 00:51:30,870 --> 00:51:42,210 | And obviously, everyone has these debts, these ends that must be met. So some of you actually mentioned in the comment section. So one, I forgot credit card |
| 300 | 00:51:42,210 --> 00:51:49,740 | debt. No, I didn't forget credit card debt. You'd be surprised how many people use credit cards to pay these very things here. And I wanted to talk about |
| 301 | 00:51:49,740 --> 00:52:01,200 | credit card debt in this episode. So let's talk about that. Now. Imagine you've adopted this mindset or approach or model of thinking about how you're going to |
| 302 | 00:52:01,200 --> 00:52:08,250 | go into formulating this trading industry as a business for you. And using some of these ideas for income streams. |
| 303 | 00:52:09,690 --> 00:52:18,270 | When you do that, and you incorporate yourself, you want to try to secure yourself one credit card. And that credit card is for all of your business |
| 304 | 00:52:18,270 --> 00:52:26,940 | expenses. So when you have that credit card, all the expenses that you spend through business related expenses, there'll be in one central account. So that |
| 305 | 00:52:26,940 --> 00:52:34,830 | way, for accounting purposes, your accountant can do all the deductions that are applicable for your expenditures, if they are warranted. They're not |
| 306 | 00:52:34,830 --> 00:52:44,280 | everything's a tax write off. But I'll touch on a couple of things here. But when you are a business owner, and you incorporate yourself, you can use it tax |
| 307 | 00:52:44,280 --> 00:52:53,700 | benefits of tax deferment. Now, when you're at your job, they give you a maximum contribution amount that you can place into your IRA. But that's it, that's all |
| 308 | 00:52:53,700 --> 00:53:05,310 | you can do. And then your employer meets it to whatever they match up to. When you are an LLC owner, okay, you can put up to $52,000 or 25% of your salary |
| 309 | 00:53:06,120 --> 00:53:16,470 | every year. And you place that in there, that's tax deferred for your investments. So that's lowering your taxable income. That's a benefit of being |
| 310 | 00:53:16,470 --> 00:53:26,340 | an owner of a business. So when you incorporate yourself, you can do that. Also, if you are a trader, and you've been doing it for a while and you apply in if |
| 311 | 00:53:26,340 --> 00:53:34,440 | you get the trader status, tax treatment applied to you, you have a certain dollar amount. And I'm not going to cover that here, because I'm not going to |
| 312 | 00:53:34,440 --> 00:53:42,240 | act as a CPA, I'm not licensed to give tax advice, I'm just giving you information. So you can go to your CPA and ask them about this. But trader |
| 313 | 00:53:42,240 --> 00:53:53,190 | status allows you to have a specific number as a kind of like a standard deduction is applied to you as a trader. So that's also a advantage that regular |
| 314 | 00:53:53,190 --> 00:54:01,680 | retail traders don't have whatever you make, and most people don't make money as a retail trader. But if they are profitable, they don't have any kind of special |
| 315 | 00:54:01,680 --> 00:54:10,800 | tax treatment. And in the United States, we have that here. But you have rules that you have to meet to maintain that trader status. And I'll leave that for |
| 316 | 00:54:10,800 --> 00:54:24,030 | you to go talk to a licensed CPA. Green trader, tax preparation guy, he probably seen some of his videos in drawing through YouTube or whatever. I think he has |
| 317 | 00:54:24,030 --> 00:54:31,890 | the best. He's not my accountant, but I think he has the best in terms of resources. And there's a lot of free stuff and webinars and things that are very |
| 318 | 00:54:31,890 --> 00:54:41,820 | informational, informative to the average person. And if he doesn't answer himself, I'm sure he'll make it available for where you can get the information, |
| 319 | 00:54:41,940 --> 00:54:50,760 | but you'll probably have to pay for that as a service. But there's a lot of resources that are made available by him as well. But tax deferment, through |
| 320 | 00:54:51,360 --> 00:54:59,010 | long term Ira trading, you're building your wealth that way, not trying to build your wealth with retail accounts that are going to be taxed at which will be |
| 321 | 00:54:59,010 --> 00:55:08,880 | most of the time tax. Is that a short term capital gains tax, which is essentially basically close to what would be normal tax brackets, and then that |
| 322 | 00:55:08,880 --> 00:55:17,100 | same identical but just think of it like that versus a better tax rate. When you trade longer than a year and you hold a trade longer than a year, that long term |
| 323 | 00:55:17,100 --> 00:55:26,610 | capital gains tax is a little bit lower versus the short term capital gains tax. But all those things are for a CPA to answer. But you get better treatment as a |
| 324 | 00:55:26,610 --> 00:55:36,570 | business owner billing it. When you own a business, you have LLC, whether you're just doing YouTube, or any of the other things here, if you incorporate |
| 325 | 00:55:36,570 --> 00:55:51,810 | yourself, your company car, okay, I had lots of cars. And I got dragged a lot when I would talk about I had a Corvette in to 2019 Corvette, that was initially |
| 326 | 00:55:51,810 --> 00:56:00,360 | a company lease. Okay, so I was paying $1,270 a month, which some of you might think, oh, that's stupid, that's too much money, though. I'd rather spend that |
| 327 | 00:56:00,360 --> 00:56:09,690 | in drive a car that I enjoy, and not pay that in income tax. So I'm enjoying something I'm getting the tax benefit of doing as well writing off that expense. |
| 328 | 00:56:10,110 --> 00:56:21,030 | Whereas you in your car expense? Are you able to write that off? Go into your job? No. So I have physical costs. When I have an image like the YouTube |
| 329 | 00:56:21,030 --> 00:56:34,350 | channel, why don't I am on YouTube, because I'm a public figure now. And I'm somebody that people can go to and watch, okay. Because of that, there's a |
| 330 | 00:56:34,350 --> 00:56:44,010 | certain measure of image that I'm allowed to use, because of that very purpose. So when I buy these cars that would otherwise not be viewed as practical. |
| 331 | 00:56:45,390 --> 00:56:56,400 | I can write them off, because it's part of what the image, the YouTube on the act of flashing, but I have them, I make mention on them. So it's part of my |
| 332 | 00:56:56,400 --> 00:57:06,960 | what image. Now, I'm not on Instagram, because I don't think it's the right thing to do. So I do as least as I can to make sure I meet the minimum |
| 333 | 00:57:06,960 --> 00:57:16,350 | thresholds for tax purposes. But when I have that car payment in the form of a lease payment, which I don't know, because I paid the car off the lease expired, |
| 334 | 00:57:16,590 --> 00:57:28,260 | and then I outright purchased it. So a car purchase. That's still a company car, they can be depreciated. So I'm getting the maximum benefit as a lease holder, |
| 335 | 00:57:28,500 --> 00:57:39,120 | because a company lease car payment, that is 100% tax deductible, when you make your car payment working for wherever you're working at, let's say you work for |
| 336 | 00:57:39,120 --> 00:57:47,430 | Amazon. Okay? I'm not saying it's a good or bad company to work for. But let's just say you work for Amazon, and you have a car payment? Are you able to write |
| 337 | 00:57:47,430 --> 00:57:58,890 | off the expense for your car payment? No, I can. When you get your car oil change service? Do you have the benefit of writing that off? While you're |
| 338 | 00:57:58,890 --> 00:58:17,010 | working for Amazon? No, I do. If I replace my wheels on my tires, that's a write off for me. If I rent a car, say I don't want to use my vehicle, I'm gonna be |
| 339 | 00:58:17,010 --> 00:58:27,810 | traveling, which is how I do it. I don't take my cars very far. I'll rent the car. That rental car expense expenditure is a write off for me. If you rent a |
| 340 | 00:58:27,810 --> 00:58:41,910 | car working for Amazon, guess what that means? You're eating that entirely. I can write that off. Guess 100% right off for me. Look at gas costs right now. |
| 341 | 00:58:42,690 --> 00:58:50,760 | That's a loss for you. I don't that's why I say all the time and people think I'm bragging. I said this back in the late 90s. When I was teaching people one |
| 342 | 00:58:50,760 --> 00:59:02,610 | on one. I didn't care if crude oil went to $100. I saw it my last time. But I didn't care if it went to $100. And gas went to $10. Again, $20. Again, I don't |
| 343 | 00:59:02,610 --> 00:59:09,690 | care. I'm still gonna drive eight cylinder cars, I'm going to drive what I like because that's just going to be a write off for me. I don't care. That's not me |
| 344 | 00:59:09,690 --> 00:59:18,630 | bragging. I'm not affected by that. You wouldn't be and you probably are being affected by that. But that's a temporary problem. That's easily fixed if you |
| 345 | 00:59:18,630 --> 00:59:27,360 | listen. So all vehicle costs for me are right off. And that's why I don't I don't have a problem with having high dollar cars that have high dollar |
| 346 | 00:59:27,360 --> 00:59:35,310 | expensive behind them because that's a write off for me. Instead of Uncle Sam getting that money through taxation. I'm lowering my taxable income by having |
| 347 | 00:59:35,310 --> 00:59:46,530 | things I like and enjoy. So next category. I could go on and on about that, but utilities like cell phone, your cell phone bill comes out of your pocket, but |
| 348 | 00:59:46,530 --> 00:59:54,960 | when you incorporate yourself that's a wonderful write off for me. I don't care how many people talk to me all around the world in run up all kinds of costs. |
| 349 | 00:59:55,410 --> 01:00:05,280 | You know, I don't care the fuel. Like I mentioned before, nothing to me absolutely nothing. It's a write off, I have to spend the money. Yes. But that's |
| 350 | 01:00:05,280 --> 01:00:15,060 | a deduction in my taxable income. In health care, that's, that's a write off. For me, when you have a job, you can't write those expenses off like a business |
| 351 | 01:00:15,060 --> 01:00:22,920 | owner can see, that's also a fearful thing for people to they think to themselves, I would go into business for myself, but I just want to pay for my |
| 352 | 01:00:22,920 --> 01:00:31,320 | own health insurance. That's stupid. Because if you plan on being in business, you hopefully plan on being profitable and successful. So a profitable |
| 353 | 01:00:31,320 --> 01:00:45,690 | successful business can afford its own employee premiums. And if you're a sole proprietor, or a single owner of LLC, like there's no partner with me, like, |
| 354 | 01:00:45,720 --> 01:00:59,280 | I'm, like, inner circle trader, that LLC, that LLC is just employing me individually. In that salary that I pay myself just through that one LLC is |
| 355 | 01:00:59,280 --> 01:01:10,710 | 200,000 hours a year. So that 200,000 hours a year salary allows me to do up to $52,000 invested into an IRA, that's 1% tax deductible. So now my 200,000, our |
| 356 | 01:01:10,710 --> 01:01:21,750 | salary that will be taxed at 200,000 hours is what I mean 48,000. So I've already crushed it in terms of tax and the benefits of being a company owner. |
| 357 | 01:01:22,410 --> 01:01:29,760 | Now, the government didn't get all the taxes that they otherwise would have done, if I had a job somewhere else making $20,000 a year. And it's all legal, |
| 358 | 01:01:30,030 --> 01:01:41,730 | that part's legal. And that allows someone to think whether or not just doing retail count is the right way of doing this. Because it's not, you have to |
| 359 | 01:01:41,730 --> 01:01:44,460 | incorporate yourself. And when you have |
| 360 | 01:01:45,810 --> 01:01:53,760 | income streams like this, you have to sit down and figure out what you're gonna do with the income, not just how much can I spend, or how much I can afford to |
| 361 | 01:01:53,760 --> 01:02:04,590 | live lavishly. I can live a lot more fluent, publicly in front of other people and onlookers. But that's stupid. That's dumb. I want to make sure I have money |
| 362 | 01:02:04,590 --> 01:02:13,110 | forever. And my family members have money to draw on even when I'm gone. That's that's how I've designed my life. Now, I'm not here to be Instagram rich. I'm |
| 363 | 01:02:13,110 --> 01:02:19,740 | not here to try to say, Look what I'm still paying mortgage payments on. And I gotta pay payments on something that's being built in my backyard. I ain't |
| 364 | 01:02:19,770 --> 01:02:31,590 | paying car payments, because I'm broke. I paid and I don't have any company leases right now. But I'm about to probably pick up one. I pay vehicle leases, |
| 365 | 01:02:31,620 --> 01:02:39,390 | because I get the maximum tax benefit of that. And I'm still, I'm still driving the same car. If I don't like the car at the end of the lease, guess what, it |
| 366 | 01:02:39,390 --> 01:02:49,920 | goes back to the dealership, thank you very much, give me a new one. And I had 1% write off as an employee, you can't do that. You're eating that cost. And |
| 367 | 01:02:49,920 --> 01:02:59,220 | that's it. And you're still at that same taxable income rate based on your salary. So when your income is through investments, and through a business, |
| 368 | 01:02:59,610 --> 01:03:10,860 | everything changes. So I ended up paying less taxes than someone that has a job. And you can argue and get mad and say you're a jerk. The only thing I'm doing is |
| 369 | 01:03:10,860 --> 01:03:21,990 | what everybody's main focus should be is how to pay legally the least amount of taxes. I'm not avoiding paying taxes, believe me, I pay a lot of taxes |
| 370 | 01:03:21,990 --> 01:03:38,520 | monetarily. But on par, I pay less taxes than someone that has a high paying job. Jobs are not the answer. When I go out to restaurants, well in 2021, and at |
| 371 | 01:03:38,520 --> 01:03:52,350 | the end of this year, the department's recording it's August, and 2022. In December 31 2022, the temporary 100% write off for RESTAURANT MEALS expires. So |
| 372 | 01:03:52,350 --> 01:04:02,550 | for 2021 and 2022. Anytime I go out to a restaurant, it's 1% right off. Now contrast that with you take your family to McDonald's, which is poisoning your |
| 373 | 01:04:02,550 --> 01:04:10,710 | family by the way, but if you take them to the drive thru and get meals or whatever it is, I don't even know what the thoughts love anymore. That stuff |
| 374 | 01:04:10,800 --> 01:04:18,390 | that you're spending money on probably too much money really, that's just coming out of your pocket. And you can't deduct that from your taxable income at the |
| 375 | 01:04:18,390 --> 01:04:33,150 | end of the year. So when I take myself to Ruth's Chris, and I talked to someone that may be accompany me and my wife, and we're talking about team building, or |
| 376 | 01:04:35,850 --> 01:04:50,400 | production ideas, or lecture ideas, okay, as long as I'm talking about business and my business, that meal fits the minimum threshold for what 100% right off. |
| 377 | 01:04:50,760 --> 01:05:02,550 | So if I dropped $350 on that meal, and I enjoy the presence of a company associate that may be working with me as a As an agent, but not an employee, or |
| 378 | 01:05:02,580 --> 01:05:19,710 | I'm grooming them to do a service for me through a tenant relationship. Or I'm taking advice or counseling someone and I take them to dinner, I'm able to enjoy |
| 379 | 01:05:19,710 --> 01:05:31,500 | that experience with, you know, it goes without saying, but every bit of that receipt that I'm paying, and tip, that's a 100% write off to me. Now normally |
| 380 | 01:05:31,500 --> 01:05:42,600 | this should be going back to this in 2023 unless things get changed again. But right now, it said 100% right off prior to 2021. When he changed the rules, it |
| 381 | 01:05:42,600 --> 01:05:51,420 | was a 50% write off. So if I spent 300 hours, 150 hours of that could be a write off. Think about that. And how much you wasted you go out to restaurants. I |
| 382 | 01:05:51,420 --> 01:06:01,260 | don't do a lot of restaurants. Okay? My wife loves Chipotle. My wife loves this place called Kobe. Feel like a Japanese steakhouse type thing. I don't eat |
| 383 | 01:06:01,260 --> 01:06:14,460 | steak. I eat crab, chicken, and fish. But when we go to Ruth's Chris, they have the best crab cake down on watch, dude. So if you're thinking about it, that's |
| 384 | 01:06:14,640 --> 01:06:25,830 | if you're local, try that place. Because the the best, best best crabcake? No, they didn't pay me say that. So, but restaurants while you have an LLC, that's |
| 385 | 01:06:25,860 --> 01:06:33,330 | an advantage. It's not a out of pocket expense that you don't get anything for, and not afraid of spending a lot of money. So |
| 386 | 01:06:34,920 --> 01:06:46,380 | these things are different when you have the business mindset, clothing. Why do I have a YouTube channel? Because when I buy clothes, now I can rip my clothes |
| 387 | 01:06:46,380 --> 01:07:01,800 | off. So when I buy nicer threads than the average person, that is an expense. You don't see me parading around on YouTube every single day. But you started |
| 388 | 01:07:01,800 --> 01:07:11,400 | seeing me show myself, right. So that allows me to do what allows me to write off my clothes, if I don't have a reason to have those clothes, then I can't |
| 389 | 01:07:11,400 --> 01:07:21,330 | write them off. So the YouTube channel asked me that, why does ICT have to have a YouTube channel? If he makes all this money? Because I'm using the tax code |
| 390 | 01:07:21,330 --> 01:07:30,540 | legally. That's why you're financially illiterate. Okay, listen to me, I'm trying to help you. Okay, if you don't want to like me, it's fine. But I'm, I'm |
| 391 | 01:07:30,540 --> 01:07:44,520 | sharing stuff to help you live a better, more profitable life, operating like a business. And entertainment. If I happen to have, again, an associate in the |
| 392 | 01:07:44,520 --> 01:07:54,540 | industry, that either is counseling me, or I'm counseling them. And we happen to say, hey, look, let's go to a bowling alley tonight. And let's talk it over. |
| 393 | 01:07:55,170 --> 01:08:04,380 | While we're playing a game of bowling. So we're doing what a corporate event we're talking about business, the conversation may only last two or three frames |
| 394 | 01:08:04,380 --> 01:08:14,010 | of the game. But my niece that was spending a night that weekend, because they have to come with us because we don't have a babysitter. They are all engaging |
| 395 | 01:08:14,010 --> 01:08:29,730 | in that same event too. But it's 100% right off. So when you go into trading, you don't go into it with Instagram rich looking image. That's not the right way |
| 396 | 01:08:29,730 --> 01:08:40,980 | of doing it. You want to go into it with how can I turn this into a business? How many streams of income can I turn this into. So that way, it's not limited |
| 397 | 01:08:40,980 --> 01:08:50,760 | to just whatever I make in my own account. Because if you do that, when you're first starting out, you are putting so much unnecessary pressure on yourself. |
| 398 | 01:08:52,830 --> 01:09:04,290 | When you start to see these things build up, okay? And the income streams grow, it gives you more confidence. And that confidence does not translate into over |
| 399 | 01:09:04,290 --> 01:09:16,560 | active trading. over leveraged trading, it turns into a super minded, principle oriented investor that makes decisions when it's the best time to do so and not |
| 400 | 01:09:16,560 --> 01:09:27,660 | feel rushed or fear. They're missing the next big thing. I'm not impulsive about missing the next move. I don't care. I'm in this to make money. That's why I'm |
| 401 | 01:09:27,660 --> 01:09:38,040 | doing it. I'm not here to look smart in front of all of you. I did not get into trading to impress my in laws. I didn't get into trading to impress anybody. I |
| 402 | 01:09:38,040 --> 01:09:47,040 | got into this industry because I wanted to make money. And I didn't want to work the rest of my life. I wanted to be retired in my 40s And guess what? Hot Dog |
| 403 | 01:09:47,040 --> 01:09:58,530 | I've done it. You can do it too. And you don't have to wait that long. But you got to be realistic about how long it's going to take you because you don't know |
| 404 | 01:09:58,740 --> 01:10:10,260 | and I don't know And I'm being sincerely honest with you, I don't know how long it's gonna take for you to get this. And some of you listen, you might not be |
| 405 | 01:10:10,260 --> 01:10:19,080 | able to do it, it's not my fault. It's not the system's fault. It's not the markets fault. It's something that you're wrestling with. And you have to |
| 406 | 01:10:19,080 --> 01:10:26,790 | determine what that is, and beat that, overcome that, and then come back to trading. And that's the most honest thing you're going to ever hear from |
| 407 | 01:10:26,790 --> 01:10:40,050 | somebody that's done this for 30 years, and trained hundreds of 1000s of people. That common denominator with people that can't do this, is it's always them. |
| 408 | 01:10:41,010 --> 01:10:50,730 | There's something in them that they're wrestling with, they're impulsive, about, they are impatient about, or they're just trying to bring something they already |
| 409 | 01:10:50,730 --> 01:11:00,150 | think they know about the marketplace and ignoring the things I'm telling you. You can't, you can't blend, okay? You can't bring Elliott Wave and harmonic to |
| 410 | 01:11:00,150 --> 01:11:08,910 | this and think you're gonna get a new creation, you're gonna get something, but you're not going to get the blueprint and results that you're expecting. So |
| 411 | 01:11:08,910 --> 01:11:21,960 | hopefully, I've been able to open your eyes understanding and expectations about how to go into this and apply a better mindset to this not just thinking, give |
| 412 | 01:11:21,960 --> 01:11:29,760 | me a quarterback, Dubai helped me find the fair value gap, this is going to be the next move. Okay, it's much more to it than that. And obviously, when you get |
| 413 | 01:11:29,760 --> 01:11:34,800 | your taxes done, that tax preparation cost that you have to eat now, as an employee working at a company, |
| 414 | 01:11:36,060 --> 01:11:47,400 | that expense, you just pay it and there's no benefit to using as a deduction in your costs of living. That tax preparation cost that I pay, which is about 7000 |
| 415 | 01:11:47,400 --> 01:11:57,660 | hours a year. That is a write off for me. So that expense, while it may sting to hear that behind me, I wouldn't pay 7000, you paid 7000 hours when you have |
| 416 | 01:11:57,660 --> 01:12:07,590 | businesses to the way it is. But that 7000 hours, I don't even look at it like oh, you know, I really wish I did 7000 hours, because I have multiple streams of |
| 417 | 01:12:07,590 --> 01:12:16,050 | income coming in. And that's just the cost of doing business. But that cost of doing business is being deducted from my total taxable income. So my taxable |
| 418 | 01:12:16,050 --> 01:12:25,830 | income, every time I spend money, it's lowering my tax burden. So I want to spend money wisely. But I want to spend it in ways where it allows me to pay |
| 419 | 01:12:25,830 --> 01:12:38,010 | less in taxes, legally. So like I said, there's a way to do this, and do it with a business mindset versus going in there like a retail Rick, thinking, hey, go, |
| 420 | 01:12:38,880 --> 01:12:49,530 | I got enough money put in this account. Let's roll it's casino time. And let's see what happens. That's not a business mindset. That's a gambler. So there's |
| 421 | 01:12:49,530 --> 01:13:00,180 | much more to this, that requires a much more mature approach, going into it. And if you have not adopted this mindset going into your trading, this is how you |
| 422 | 01:13:00,180 --> 01:13:09,480 | should start doing it. That means you probably have to stop trading to develop this mindset. Put it to paper. Like I said in the first episode go through what |
| 423 | 01:13:09,480 --> 01:13:17,100 | do you have to pay each month? And what are those things you're paying right now that you really don't need? Get them off? Don't don't spend that money there |
| 424 | 01:13:17,100 --> 01:13:29,670 | anymore. Low your expenses and start preparing to do what? Think like a business owner. Credit card debt. uncertain. There's lots of that out there in this |
| 425 | 01:13:29,670 --> 01:13:41,010 | community. When I was younger die credit card debt 1998 I had to file bankruptcy. Not for reasons because I couldn't afford it. But I did it |
| 426 | 01:13:42,000 --> 01:13:52,470 | selfishly, to avoid a gold digger. Okay, and that's another discussion. But I talked about and I was doing that series, if I could go back and tell myself |
| 427 | 01:13:53,160 --> 01:14:03,930 | what I knew. Now, that's a YouTube series right on this channel. Credit card debt is a stranglehold. And you want to do the best you can to get out of that. |
| 428 | 01:14:03,990 --> 01:14:17,880 | So if you create one of these income streams to attack that debt. There you go. If you have a signal service, and have the YouTube generation of ad revenue, and |
| 429 | 01:14:17,880 --> 01:14:25,770 | or if you do an affiliate program, once your channel gets big enough and people start approaching you, maybe your channel will do those product placement things |
| 430 | 01:14:25,770 --> 01:14:33,690 | that other channels do. And I don't look down on any of them, folks. They have ends to me, who am I to say, Oh, look at them. Look what they're doing. They're |
| 431 | 01:14:33,690 --> 01:14:40,950 | talking about a generator in Arizona. So type of channel, who cares? You don't live in that person's life. You're not walking in their shoes. You don't know |
| 432 | 01:14:40,950 --> 01:14:52,050 | what it takes to make their life requirements be met. There's too many judgmental things in this YouTube community and on social media. Everyone wants |
| 433 | 01:14:52,050 --> 01:15:01,560 | to talk about everybody else. Say this and that about them. I guarantee you. If you had a closer look on how they're living, you'd be shocked. The only thing |
| 434 | 01:15:01,560 --> 01:15:11,760 | I'm trying to do is empower and lift you all up. Because this type of information isn't made available. It's always get rich all about image. And |
| 435 | 01:15:11,760 --> 01:15:21,900 | nobody talks about running it like a business, not one other mentor actors doing this. And all I'm trying to do is the the practical voice of reason. I've been |
| 436 | 01:15:21,900 --> 01:15:33,180 | here, folks, I've done this. And you already seen enough of just the YouTube community in on Twitter, that people have used what I've taught for free this |
| 437 | 01:15:33,180 --> 01:15:43,890 | year. And they're able to do what they're passing funded accounts. They're getting withdrawals, real money, folks, not demo dollars. So this lesson is |
| 438 | 01:15:43,890 --> 01:15:51,690 | going to be helpful to them too, because I'm certain that they didn't think about it like this either. Now you have it. So in the next episode, I'm going to |
| 439 | 01:15:51,690 --> 01:16:02,310 | sit down and give you a plan of what it is that I would personally go into doing, if I just started eking out the understanding of how to be a consistently |
| 440 | 01:16:02,940 --> 01:16:13,170 | good analyst and going in how would I go into attack the money making aspects of it with with real trading, what would be my my trading plan my model, and that's |
| 441 | 01:16:13,170 --> 01:16:21,660 | what the third episode is called the plan. And then on the fourth episode, we'll talk about live executions and the real money part of it. Hopefully you found |
| 442 | 01:16:21,660 --> 01:16:25,650 | something in this insightful, and I'll talk to you next time. Be safe |