13 Money Lessons in 18 Minutes
Learn valuable money lessons in 18 minutes, including the importance of horizontal income and understanding the language of finance.
00:00:00 Learn 13 valuable lessons on making money, including the importance of horizontal income and understanding the language of finance, in this insightful video.
This video offers 13 lessons on making money, derived from the speaker's personal experience.
One of the key lessons is that there is no such thing as passive income; instead, the speaker advocates for the concept of horizontal income, which involves diversifying income streams.
Learning the language of finance is crucial for building wealth, as understanding financial terms and concepts can lead to higher earnings.
00:02:42 Learn the language of money, build relationships, and prioritize protecting your family's future to achieve financial success.
💼 Learning financial terms is crucial for success in the business world.
🤝 Building strong relationships is more valuable than money when it comes to making wealth.
💰 Once you start making money, it's important to consider protecting your assets and securing the future.
00:05:24 Learn valuable money lessons in 18 minutes. Discover the levels of wealth, the importance of leveraging expertise, and the mindset of looking rich vs. being rich.
Many people try to portray wealth by wearing expensive logos and brands, but it may be a cover-up for their actual financial situation.
It's important to focus on building real wealth instead of just looking rich, as there is a significant difference between the two.
To make money, one can leverage either expertise, money, or time, and each has its advantages in wealth creation.
00:08:06 The video discusses the importance of selling based on needs rather than desires and the difference between painkillers and vitamins in terms of profitability.
💰 It's important to sell products that fulfill a need rather than a desire as people are willing to pay more for immediate pain relief than future prevention.
💼 Selling to solve needs rather than wants is more effective, as pain is a stronger motivator than greed.
🔒 Financial freedom can be achieved by either earning a high income and saving aggressively or by earning enough to fulfill one's needs.
00:10:50 Choose between saving or earning your way to financial freedom. Job safety is a misconception. Small businesses are safer during economic downturns. Grit is key to success.
💰 The video discusses the different approaches to building wealth, highlighting the importance of saving and investing.
🔒 It challenges the notion that having a job is safer than starting a business, emphasizing the volatility of big corporations and the stability of small businesses.
🚀 The key to success is determined by grit and perseverance, with a focus on continuously confronting challenges.
00:13:34 Entrepreneurship is all about handling pain and persevering through tough moments. Consistency, focus, and time are key to success. Money requires attention and tracking to avoid losing it.
Entrepreneurship and making money require the ability to handle pain and maintain consistency.
The key to success is time, focus, and consistency.
Paying attention to your finances is crucial for financial success.
00:16:17 Learn the importance of surrounding yourself with successful people, mastering negotiation, and asking for what you want to achieve financial success.
💰 Surround yourself with people who have achieved what you want to achieve.
🤝 Master negotiation as a key aspect of getting money.
🗣️ Break the taboo and have open conversations about money.
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