so recently I shot a video called 20
rules of money and one of the rules in
that video was learning how to double
your money and people said Pat we need
to stand alone video for that so that’s
why we shot this video titled how to
double your money so before I actually
get into talking about different ways of
investments and how they double and what
doubles this and what rate of return all
this other stuff let me first talk to
you about the biggest problem most
people are facing when it comes on to
try to double their money you know what
it is they don’t have enough money
that’s the problem here’s a stat for you
52 percent of Millennials ages 18 to 37
years old have less than $1,000 in
savings and by the way only 16 and a
half percent of Millennials have over 20
thousand dollars in savings only 16 and
a half so what’s the problem
saving we need more savings we need you
to have more money in your pocket so why
don’t people have more money in their
pocket because of five different
challenges income expense taxes
investments identity let’s start off
with the first two listen when you think
about your income a lot of times people
say man I wanna have a very big income
well you may have a big expense problem
because what’s left is what matters to
you right the net that’s left this
matters to you and then there’s taxes
but that’s a whole different discussion
we’ll have here in a minute so think
about two examples your example number
one we have somebody that makes 250 per
year that’s a quarter million dollar
annual income many will say but I wish I
made a quarter million dollar income
many make a quarter million dollar
income but he spends 280 a year that
means he’s losing $30,000 per year you
know how many people I know like this
hundreds of people that overspend what
they make example number two somebody
makes eighty thousand dollars per year
but they only spend sixty thousand
dollars per year
they keep twenty thousand dollars per
year the guy making eighty is saving
more than a guy making a quarter million
dollar your income so one has an income
problem because this guy would love to
make a quarter million the other guy has
an expense from discover which wishes
you only spend sixty thousand dollars
per year so you may say well Pat okay I
want to make more money well let’s talk
about your income and expense expense
problem first let’s first start off with
income what do you do to increase your
income if you have a job – then you’re
watching this and
you don’t have something you do on the
side but you know every single talk show
at at neither you watch Netflix all this
other stuff you’re wasting your time you
don’t really care about I have a lot of
money and same you’re just hoping to get
lucky if you got a job and you’re broke
there’s no reason you should be coming
home at night to watch TV you should be
selling something creating something
learning your skill having a side house
all working overtime getting another job
on the side you need to be selling
something and the highest paid money
high speed skill that you can learn
about making more money as sales so
that’s the income problem number two
let’s talk about expenses the one thing
about expenses that I’ll talk about I
have a few points y’all start off with
the first one here you need to fire your
consultants if you’re a business owner
running a business and you’re paying
somebody to do your website for you just
today we fired somebody literally just
today we fired somebody you may have
somebody doing the website for you you
may have somebody doing something else
for you designing a logo for you doing
all this other stuff for you guess who
they use they to act like they’re the
consultant where they go behind closed
doors and they use a company called
fiber which by the way this video is
sponsored by fiber you just saw recently
we teamed up with fiber and everyone
knows you could go back to watch many
videos in the past I love fiber I spend
hundreds of thousands of dollars before
I realize of this consultant on the
slide let’s develop a website for you
fiber they develop a website for you let
me do a logo for you for $4.99 they do
it for you for 49 bucks or 99 bucks let
me figure out a way how to you know
clean up this contracting and this
verbage that you have here there’s
people that editor let me do a voice
over for you for $200 there’s people
that the voice-over is here for 20 bucks
Lennox fiber fiber go back and fire your
consultant and start using five in a
matter of fact one of the things we
discuss with fibers of following the
first 100 people that go on fiber comm
is two hours that go on fiber calm and
use theirs you make a purchase the first
100 people that use the code path bet
the first 100 Pat bet will
get 20 20 percent savings on your total
sale you spent $300 it’d be 240 $60 up
just because your value Taner fiver has
an agreement with us to give you 20%
discount so fire your consultant start
using fiber what else can you do to
minimize your expenses renegotiate all
your contract go through your monthly
expense on what you’re spending on a
monthly basis renegotiate your phone
bill renegotiate your cable bill
renegotiate your cell phone bill
renegotiate your you know internet bill
renegotiate your everything we negotiate
you drycleaners Reena go go to your dry
cleaners and say man I’ve been a
customer here for 10 years why do you
rip me off give me a discount your man
renegotiate your tailor renegotiate
every single thing I pull my Director of
Finance aside and I say who do we spend
money on time to go renegotiate within
the customer with them for five years
how much money have we spent
renegotiating time renegotiating time
renegotiating time renegotiate all your
contract live below your means listen
for a long time for myself the reason
why a lot of people don’t have money and
savings to be able to double that money
is because they overspend why do you go
to Starbucks who cares about Starbucks
yeah I even own Starbucks stock I should
be telling to go buy Starbucks but why
are you going to Starbucks why five
bucks go Dunkin Donuts a buck fifty
bucks 75 go 7-eleven 75 cents what is it
99 cents how much is a dollar 20
something right you go to 7-eleven stop
going to these in named places right
stop going to all these places you’re
spending all this money on live below
your means by the way I had a quarter
million dollars in the bank and I was
driving a Ford Focus
I was bored nearly ten million dollars
and I was renting I was renting a small
place and I was worth 10 million nearly
10 million and nobody knew it I’m a
renting everybody would say I can’t
believe you’re a millionaire and you
would live in a place like this and you
would rent a Denver Post came up to me
they wrote an article saying this CEO
and entrepreneur believes that real
estate isn’t the American dream I said
absolutely it’s not because I was
renting and everybody was criticizing me
live below your means rent everything
you can for a long time rent everything
you can use technology on minimizing
payroll if you’re running a company
have your employees pay higher so don’t
try to hire way way way too many
employees have fewer employees pay
higher you’ll keep on royalty you don’t
have to constantly going through a new
employees new employees new employees
pay higher higher fewer and then
obviously fire your consultants Nexis
taxes you know sometimes I mean think
about this this quarter-million dollar
income guy or girl if he or she lives in
New York or LA versus Texas this
person’s paying an additional nine to
thirteen percent most likely thirteen
percent just for living in New York and
for living in California so watch if
it’s ten percent on a quarter million
that’s an additional twenty five
thousand dollars that went to the state
that you wouldn’t be paying if you’re
living in the state of Texas Nevada I
think Tennessee is one of them Florida
there’s five or six states they don’t
pay any state taxes in so by the way
taxes is another issue you may be heaven
so you need to sit down and figure out
long term planning on what kind of money
you want to really make and have you
position yourself in the right place I
was in Florida last week I was in Miami
and I was in Orlando and I said this the
state of Florida’s governor must be the
worst recruiter in the world because if
I was the governor of Florida I would
have more fortune-500 headquarters there
than any other state including Texas
although Texas is tied with New York
right now I think they’re competing for
a number-one spot I’d have everybody
there weather is amazing and you can pay
no taxes in the state of Florida taxes
is another issue that you may be facing
next one is now investment so now let’s
talk about investments here on different
types of investments on the bottom here
I put four different boxes that’s all
all investments fall under all
investments fall under these four
different boxes okay you have high risk
low return you have low risk low return
this is like your money market account
your savings your cash you have a low
risk high return you have high risk high
return which you wouldn’t mind being
here you don’t want to take a lot of
risk but you’re having a lot out you
want to have a lot of high return right
high risk high return could be
penny stocks okay and then the bigger
the company of the stock could be lower
here right for instance let’s just say
low-risk Walmart may be a lower risk and
I don’t know how to hide the return is
going to be they may be here high risk
low return there’s a lot of investments
that you go out and you buy company
saying man you know a fight this company
really takes off it could do this but
there’s not really a high return on it
so lord ziun so what’s your money to be
here so again how to double your money
this is the rule you’ve got to be
thinking about Rolla 72 and rule of 105
okay basic math rule of 72 is how long
it takes for your money to double okay
so what happens is whatever interest you
get per year you’re divided by 72
meaning if I’m going to get 72 percent
every year on my money that means it’s
going to take one year for my money to
double if I make 36 percent return on my
money it’ll take my money two years to
double if I make twenty four percent
three years 18 percent four years twelve
percent six years nine percent eight
years six percent twelve years the same
math applies on the 105 except this is
how long it takes for your money to
triple so you would take if I get fifty
percent that means it will take my money
two years to triple same exact thing you
divide the 105 by the interest you’re
getting on how long would take your
money to double or triple so now you may
say well Pat I would love to have 72
percent is there something like that out
there I will up them nine percent is
there something like that out there the
decision you got to make is you got to
answer two things what’s your risk
tolerance and what’s your time horizon
let’s talk a little bit about going back
to this on the investment side okay a
few things you got to keep in mind about
investments people send me emails and
they’ll say do you think I need to
invest in uber do you think I need to
invest in snapchat you know do you think
I need to invest on Facebook do you
think I need to invest in this stock
what do you think about this ticker and
they’ll send it to me all the time all
the time and they just want me to go
through the tickers and I’m not doing
that I’m a series 7 broker series 6
31:26 life and health securities all
this other stuff but I’m not doing that
on all of them I am more concerned about
you getting the right
is it then trying to pick the next stock
I was at the flower shop the other day
and the successful Iranians who owned
this flower shop and it come to me and
say look everyone knows who you are and
have successful as a business
give us one tip on where we should
invest I said I don’t give those tips my
goal is to make you think right if you
think like you learn how to double your
money if you can learn how to think
right you’ll double your money not one
stock and not one single real estate
investment or certain property how to
think right so let’s talk about the
thoughts number one specialized
specialized specialize let me explain
what I mean by specializing I met an art
dealer she knows everything about art
out there let me tell you ever and I’m
talking like three million dollar art
and two million dollar art and six
million dollar art and $600,000 art she
knew everything about it you know how
much you know about stocks this much
guess what her specialty is art
I know people who specialize in real
estate commercial real estate they know
everything about commercial real estate
you know how much they know about
residential this much because their
specialty is commercial real estate
specialty is art specialized specialize
yes you want to know a little bit about
everything to be dangerous so you know
the language but go out there and
specialize in one thing specialize on
one thing next don’t buy emotional let
me explain to what I mean by don’t buy
emotion I hear a lot of people say
invest in what you buy really if I
invest on what I buy admitting to slurpy
you know you’re invested in what you buy
that’s like a kid I go invest into ice
cream but you can’t invest in what you
buy
I love skittles no it’s not about
investing what you buy this is not an
emotional game this is a logical game
investments is not an emotional game you
got to decide logically you work your
butt off did you just hear the stats I
gave you 52 percent of Millennials have
less than $1,000 in savings you know how
hard you gotta work to make a quarter
million dollars and make your millions
or have $100,000 of you know investable
cash do you really want to just throw it
away no you don’t want to do that so the
point is don’t buy emotionally
biologically
do your research find out does it make
sense does it not make sense why should
i why should I not do your part
logically three invest what you know
invest in what you know don’t invest in
what you don’t know okay I mean for me I
was sitting down the other day and I’m
talking about baseball cards I’m talking
about a little bit different things
you’re about baseball cards and this got
one guy was saying Pat I heard you talk
about baseball cards I think baseball
cards are waste of time I said what do
you know about baseball cards he says
nothing I don’t need to know nothing who
in a right mind would go out there and
buy a stupid piece of cardboard for
seventy thousand dollars
I said who I said my gosh you must not
know nothing about baseball cards which
makes sense you’re not educated about it
I said do you know there’s a card out
there called Honus Wagner T TOS 206
it’s a Honus Wagner card APSA eight was
bought in 96 for six hundred and forty
thousand dollars I said do you want to
know what that card is worth today if
you wanted to buy he said what some
would pay upwards of ten to fifteen
million dollars for that card what if
you bought that card in ninety six for
six forty for ten or fifteen million
dollars today a PSA five was sold for
3.2 million dollars just seven years ago
some may say twenty million dollars a
Mickey Mantle card 1952 Topps for
instance you can put the image of our
own on one of them myself a PSA a PSA
nine in ninety six Marty you gotta hear
this a PSA nine Mickey Mantle 1952 Topps
sold for seventy six thousand dollars a
PSA eight and a half sold in November of
2016 by heritage auctions a lot of
credibility for 1.1 1.3 million dollars
from seventy six thousand to one point
three million dollars that PSA nine card
is worth two three million dollars today
but the point is this invest in what you
know if you know nothing about baseball
cards don’t even listen to anything I
just said nothing let it go through here
don’t waste your time with it
if you do study Michael Jordan bgs 1015
yell one study Ted Williams 1939 play
ball study a Willie Mays rookie car 1952
Topps he’s 85 86 years old he’s still
around but who knows what’s going to
happen there’s a lot of value upside on
that study what it is to go out there
and get a Jerry West rookie card study
what it is to go out there and getting
1952 you know I can go on I don’t want
to go there the point is this invest in
what you know when it comes down to
investments number four stock ownership
there’s business ownership just so you
know that don’t look at it any smaller
than that if I want a stock of Microsoft
I’m a business owner
I want a piece of it I own a piece of
Microsoft that is a very very big deal
to have ownership Buffett says this all
the time stock ownership of a company
means your business owner you own a
piece of that company don’t take it
lightly it’s just about how many more
pieces of that company can you own this
is how all of a sudden Buffett went from
owning a few shares to a lot of shares
to the majority holder guess what now
this is my company because I want the
most shares you can do that as well it
all starts with owning one share and so
I remember the first time I bought an I
teach I was so excited about it for 40
1.27 dollars the first time the first
time I bought an IQ shift I was 20 years
old I got at the army I could I own a
part of Nike I’m an owner man I was so
excited and proud of myself to buy the
first Nike share buy and hold very
simple people look at my body and they
say man you must work out you know six
seven days a week all this other stuff
this is a bit
I am six-four six-five 230 pounds
because I’ve been working out three
times two four times a week since I was
14 years old that’s a long time that
I’ve been working out investments are
the same way buy and hold so quickly
when I talk about risk tolerance and
time horizon what is your time horizon I
want to be a billionaire tomorrow or
next year buy and hold that person with
patience going to beat you because you
don’t have patience you’re trying to
become get-rich-quick all this other
stuff so that kind of messages appeals
to you a person that watches today’s
message is not seeking a get-rich-quick
they want to think the right way next
taxes already talked about that last
finales cheap goes back to me top
about firing your consultants and hiring
fiber right and last one identity we
were in the Orlando Scott comes up and
David good guy David comes up to and he
says hey Pat let me ask you a question
he says so you talk identity a lot how
do i improve my identity and what do i
do with identity all this I said listen
your identity pulls your income if your
identity is a half a million dollar
identity it’s mathematically impossible
to be below half a million dollars for
very long time some of you guys are
saying Pat what the hell do you mean by
that will you work for $20,000 here you
won’t will you
why will you work for $40,000 here
$60,000 here $100,000 here $200,000 you
know million dollars you you’ve said yes
to one of them whatever they’re paying
you right now do you know why because
that’s your identity that is your
identity you may not like to hear that
but it’s your identity it’s impossible
for half-a-million-dollar your identity
to be accepted in $60,000 your salary
it’s impossible unless if the potential
is a 2 3 4 5 million-dollar your income
because they got to go more than that so
if you have $5,000 in savings that may
be a lot of money to you and you have an
identity issue if you have $28,000 and
savings that may be a lot of money to
you if you have 48 thousand dollars in
savings that may be a lot of money to
you because you have an identity issue
you’ve got to fix this identity and how
you think on what you think you deserve
and all of a sudden you start pulling
all of that in your life I don’t know
what it is it’s just that’s how it works
so now having said all of this by the
way identity there’s a video on how to
recreate yourself it’s a good video for
you to watch and if you haven’t watched
a video on 20 rules of money I highly
recommend you watching that video but
I’m not done because I want to talk to
you about a few different investments
okay so let’s go through options you
have stocks you know there’s different
types of stocks that you can own you can
own a stock of a small camp it’s a
smaller company that’s going up mid-cap
large cap you know you can you can buy
stocks and companies that I’ve been on
for a long time they’re very established
can buy stocks and newer companies can
buy stocks like technologies and by the
way Warren Buffett’s philosophy isn’t to
diversify
but warren buffett’s investments were
actually very concentrated to industries
it wasn’t about spreading you too much
he he specialized in industry and he
concentrated on owning companies in that
industry is a very big fan of insurance
by the way warren buffett so he
concentrated write stocks are the same
exact way first start studying what
industry want to concentrate on then
start picking your stock and slowly but
surely start watching them one by one by
one if that’s the route you want to go
to bonds are another one bonds are your
returns on bonds are going to be lower
then we’re going to be higher on us if
you’re getting junk bonds which junk
bonds are companies that are risky
companies that are coming to you for
long because bond is really an IOU I
come to you I’m a company I say we’re
trying to raise fifty million dollars
and the way we get it is by giving you
bonds you give me a hundred thousand
dollars and every year I give you six
percent on that bond which one hundred
thousand out of six percent six thousand
dollars to you and then ten years later
the bond matures five years later bond
matures and it gets $100,000 back at a
higher or lower eighty thousand or 120
thousand depends on where you’re at but
that’s bond you’re not really going to
get the highest return on bonds
depending on what age you are and your
risk tolerance bonds are great
investments if your boomer hire again
you’re looking for lower return for more
guarantees wine is something a lot of
people look into messing into wine I
know a friend of mine that has a half a
million dollars of wine collected for
himself and he knows it but why does he
do it and I don’t even touch it do you
know how much I touch one this much you
know why so I don’t know nothing about
the investment side of wine I have a
good glass of wine with my friends but
asked me to go specialize I have this
much interest and wanting to specialize
in wine but he does so wine is a tricky
business it’s almost like some of my
friends that are trying to get into a
horse races and go to Kentucky Derby and
start you know breeding horses all this
stuff there is money in it but it’s
risky
if you know the right trainers and the
right people great but it’s not
something I’d be encouraging you to
start a messenger right now if you got
ten million dollars to throw away and
your billion are watching this and it’s
on your bucket list to say I had a horse
that race in Kentucky there we go dude I
may do that one day honestly don’t be
surprised at 10 20 years from now have a
horse in Kentucky Derby just to secret
into my bucket list
I love the Derby I love horses
I just don’t know if that’s going to be
the way I want to make my money currency
a lot of people said can you talk about
currency if you want to specialize in it
there are people making money but it’s a
very small percentage of people that are
making money in currency options very
risky those who know it they make money
flipping real estate I got friends that
flip real estate they do it very well it
generally is about flipping real estate
I would say the most important thing in
flipping real estate is about you know
the team you put together painting same
thing collectibles already told you
about collectibles rental income real
estate and last but not least is
becoming an investor in businesses which
is what I prefer to do that’s what I
like listen in here you’ll notice the
four ba categories this is from Robert
Kiyosaki
cashflow quadrant right you got the left
side the right side employee top left
then self-employed 1099 then you have
business owners who are 1099 and they
have employees that work for them and
then you have the investor I’m going to
tell you here right now
the fastest way for you to double your
money or me at least this is how I am
fully bought into this and increase your
income and minimize this and have taxes
be on your side and increase your
identity investments all this stuff look
I will debate anybody over and over and
over again when they get up and they
tell me real estate investment is the
way to go look go through Forbes 400
fortune you know go through Forbes 500
the richest people in the world go
through them and see how many them made
their money off real estate now watch
before you debate it people say hi you
can say that they all own real estate
how did they make their money how do
they make their money entrepreneurship
starting a business owning a piece of
the business equity private equity
investing I want to own a piece of this
a start-up a risk what a business has
the highest x-factor highest upside
that’s a business that’s what you get
into not on the other side of saying I’m
going to go out themselvess Tate and
then when these guys become you know
you’re worth 10 million 20 million 50
million 100 million a half a billion of
billion dollars then
you have to buy real estate then they go
buy real estate of course then they
start making some money on real estate
and they have these rental income on all
this other stuff but I’m going to tell
you the number one way for you to double
your money and have more money to help
you with income is you’ve got to go out
there and start a business you’ve got to
go out and be an entrepreneur there’s
nothing above it I’m telling you right
now I’m going to keep preaching this
until God takes away my ability to speak
to you or until I say I’m done producing
videos on value tainment
one of those two is going to happen I
could stop saying I’m going to stop
making videos 90 days from now we finish
this whole thing or somebody may say Pat
it’s time for you to leave but I’m going
to make sure to the done till the day
I’m done I’m going to be preaching
entrepreneurship to you so above
everything I just talked about here
fixing your income from learn how to
sell become an entrepreneur and then
specialize in what fits with you and it
starts slowly but surely investing into
that part of the business so if you
haven’t subscribed to this channel yet
click on the button to subscribe if
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you may have a lot of questions and
thoughts about this video comment your
questions your thoughts post them on the
bottom and we will get back to you I’m
sure there’s a lot of good questions I
want to hear your good questions that
you have about today’s videos take
everybody’s provide [Music]
rules of money and one of the rules in
that video was learning how to double
your money and people said Pat we need
to stand alone video for that so that’s
why we shot this video titled how to
double your money so before I actually
get into talking about different ways of
investments and how they double and what
doubles this and what rate of return all
this other stuff let me first talk to
you about the biggest problem most
people are facing when it comes on to
try to double their money you know what
it is they don’t have enough money
that’s the problem here’s a stat for you
52 percent of Millennials ages 18 to 37
years old have less than $1,000 in
savings and by the way only 16 and a
half percent of Millennials have over 20
thousand dollars in savings only 16 and
a half so what’s the problem
saving we need more savings we need you
to have more money in your pocket so why
don’t people have more money in their
pocket because of five different
challenges income expense taxes
investments identity let’s start off
with the first two listen when you think
about your income a lot of times people
say man I wanna have a very big income
well you may have a big expense problem
because what’s left is what matters to
you right the net that’s left this
matters to you and then there’s taxes
but that’s a whole different discussion
we’ll have here in a minute so think
about two examples your example number
one we have somebody that makes 250 per
year that’s a quarter million dollar
annual income many will say but I wish I
made a quarter million dollar income
many make a quarter million dollar
income but he spends 280 a year that
means he’s losing $30,000 per year you
know how many people I know like this
hundreds of people that overspend what
they make example number two somebody
makes eighty thousand dollars per year
but they only spend sixty thousand
dollars per year
they keep twenty thousand dollars per
year the guy making eighty is saving
more than a guy making a quarter million
dollar your income so one has an income
problem because this guy would love to
make a quarter million the other guy has
an expense from discover which wishes
you only spend sixty thousand dollars
per year so you may say well Pat okay I
want to make more money well let’s talk
about your income and expense expense
problem first let’s first start off with
income what do you do to increase your
income if you have a job – then you’re
watching this and
you don’t have something you do on the
side but you know every single talk show
at at neither you watch Netflix all this
other stuff you’re wasting your time you
don’t really care about I have a lot of
money and same you’re just hoping to get
lucky if you got a job and you’re broke
there’s no reason you should be coming
home at night to watch TV you should be
selling something creating something
learning your skill having a side house
all working overtime getting another job
on the side you need to be selling
something and the highest paid money
high speed skill that you can learn
about making more money as sales so
that’s the income problem number two
let’s talk about expenses the one thing
about expenses that I’ll talk about I
have a few points y’all start off with
the first one here you need to fire your
consultants if you’re a business owner
running a business and you’re paying
somebody to do your website for you just
today we fired somebody literally just
today we fired somebody you may have
somebody doing the website for you you
may have somebody doing something else
for you designing a logo for you doing
all this other stuff for you guess who
they use they to act like they’re the
consultant where they go behind closed
doors and they use a company called
fiber which by the way this video is
sponsored by fiber you just saw recently
we teamed up with fiber and everyone
knows you could go back to watch many
videos in the past I love fiber I spend
hundreds of thousands of dollars before
I realize of this consultant on the
slide let’s develop a website for you
fiber they develop a website for you let
me do a logo for you for $4.99 they do
it for you for 49 bucks or 99 bucks let
me figure out a way how to you know
clean up this contracting and this
verbage that you have here there’s
people that editor let me do a voice
over for you for $200 there’s people
that the voice-over is here for 20 bucks
Lennox fiber fiber go back and fire your
consultant and start using five in a
matter of fact one of the things we
discuss with fibers of following the
first 100 people that go on fiber comm
is two hours that go on fiber calm and
use theirs you make a purchase the first
100 people that use the code path bet
the first 100 Pat bet will
get 20 20 percent savings on your total
sale you spent $300 it’d be 240 $60 up
just because your value Taner fiver has
an agreement with us to give you 20%
discount so fire your consultant start
using fiber what else can you do to
minimize your expenses renegotiate all
your contract go through your monthly
expense on what you’re spending on a
monthly basis renegotiate your phone
bill renegotiate your cable bill
renegotiate your cell phone bill
renegotiate your you know internet bill
renegotiate your everything we negotiate
you drycleaners Reena go go to your dry
cleaners and say man I’ve been a
customer here for 10 years why do you
rip me off give me a discount your man
renegotiate your tailor renegotiate
every single thing I pull my Director of
Finance aside and I say who do we spend
money on time to go renegotiate within
the customer with them for five years
how much money have we spent
renegotiating time renegotiating time
renegotiating time renegotiate all your
contract live below your means listen
for a long time for myself the reason
why a lot of people don’t have money and
savings to be able to double that money
is because they overspend why do you go
to Starbucks who cares about Starbucks
yeah I even own Starbucks stock I should
be telling to go buy Starbucks but why
are you going to Starbucks why five
bucks go Dunkin Donuts a buck fifty
bucks 75 go 7-eleven 75 cents what is it
99 cents how much is a dollar 20
something right you go to 7-eleven stop
going to these in named places right
stop going to all these places you’re
spending all this money on live below
your means by the way I had a quarter
million dollars in the bank and I was
driving a Ford Focus
I was bored nearly ten million dollars
and I was renting I was renting a small
place and I was worth 10 million nearly
10 million and nobody knew it I’m a
renting everybody would say I can’t
believe you’re a millionaire and you
would live in a place like this and you
would rent a Denver Post came up to me
they wrote an article saying this CEO
and entrepreneur believes that real
estate isn’t the American dream I said
absolutely it’s not because I was
renting and everybody was criticizing me
live below your means rent everything
you can for a long time rent everything
you can use technology on minimizing
payroll if you’re running a company
have your employees pay higher so don’t
try to hire way way way too many
employees have fewer employees pay
higher you’ll keep on royalty you don’t
have to constantly going through a new
employees new employees new employees
pay higher higher fewer and then
obviously fire your consultants Nexis
taxes you know sometimes I mean think
about this this quarter-million dollar
income guy or girl if he or she lives in
New York or LA versus Texas this
person’s paying an additional nine to
thirteen percent most likely thirteen
percent just for living in New York and
for living in California so watch if
it’s ten percent on a quarter million
that’s an additional twenty five
thousand dollars that went to the state
that you wouldn’t be paying if you’re
living in the state of Texas Nevada I
think Tennessee is one of them Florida
there’s five or six states they don’t
pay any state taxes in so by the way
taxes is another issue you may be heaven
so you need to sit down and figure out
long term planning on what kind of money
you want to really make and have you
position yourself in the right place I
was in Florida last week I was in Miami
and I was in Orlando and I said this the
state of Florida’s governor must be the
worst recruiter in the world because if
I was the governor of Florida I would
have more fortune-500 headquarters there
than any other state including Texas
although Texas is tied with New York
right now I think they’re competing for
a number-one spot I’d have everybody
there weather is amazing and you can pay
no taxes in the state of Florida taxes
is another issue that you may be facing
next one is now investment so now let’s
talk about investments here on different
types of investments on the bottom here
I put four different boxes that’s all
all investments fall under all
investments fall under these four
different boxes okay you have high risk
low return you have low risk low return
this is like your money market account
your savings your cash you have a low
risk high return you have high risk high
return which you wouldn’t mind being
here you don’t want to take a lot of
risk but you’re having a lot out you
want to have a lot of high return right
high risk high return could be
penny stocks okay and then the bigger
the company of the stock could be lower
here right for instance let’s just say
low-risk Walmart may be a lower risk and
I don’t know how to hide the return is
going to be they may be here high risk
low return there’s a lot of investments
that you go out and you buy company
saying man you know a fight this company
really takes off it could do this but
there’s not really a high return on it
so lord ziun so what’s your money to be
here so again how to double your money
this is the rule you’ve got to be
thinking about Rolla 72 and rule of 105
okay basic math rule of 72 is how long
it takes for your money to double okay
so what happens is whatever interest you
get per year you’re divided by 72
meaning if I’m going to get 72 percent
every year on my money that means it’s
going to take one year for my money to
double if I make 36 percent return on my
money it’ll take my money two years to
double if I make twenty four percent
three years 18 percent four years twelve
percent six years nine percent eight
years six percent twelve years the same
math applies on the 105 except this is
how long it takes for your money to
triple so you would take if I get fifty
percent that means it will take my money
two years to triple same exact thing you
divide the 105 by the interest you’re
getting on how long would take your
money to double or triple so now you may
say well Pat I would love to have 72
percent is there something like that out
there I will up them nine percent is
there something like that out there the
decision you got to make is you got to
answer two things what’s your risk
tolerance and what’s your time horizon
let’s talk a little bit about going back
to this on the investment side okay a
few things you got to keep in mind about
investments people send me emails and
they’ll say do you think I need to
invest in uber do you think I need to
invest in snapchat you know do you think
I need to invest on Facebook do you
think I need to invest in this stock
what do you think about this ticker and
they’ll send it to me all the time all
the time and they just want me to go
through the tickers and I’m not doing
that I’m a series 7 broker series 6
31:26 life and health securities all
this other stuff but I’m not doing that
on all of them I am more concerned about
you getting the right
is it then trying to pick the next stock
I was at the flower shop the other day
and the successful Iranians who owned
this flower shop and it come to me and
say look everyone knows who you are and
have successful as a business
give us one tip on where we should
invest I said I don’t give those tips my
goal is to make you think right if you
think like you learn how to double your
money if you can learn how to think
right you’ll double your money not one
stock and not one single real estate
investment or certain property how to
think right so let’s talk about the
thoughts number one specialized
specialized specialize let me explain
what I mean by specializing I met an art
dealer she knows everything about art
out there let me tell you ever and I’m
talking like three million dollar art
and two million dollar art and six
million dollar art and $600,000 art she
knew everything about it you know how
much you know about stocks this much
guess what her specialty is art
I know people who specialize in real
estate commercial real estate they know
everything about commercial real estate
you know how much they know about
residential this much because their
specialty is commercial real estate
specialty is art specialized specialize
yes you want to know a little bit about
everything to be dangerous so you know
the language but go out there and
specialize in one thing specialize on
one thing next don’t buy emotional let
me explain to what I mean by don’t buy
emotion I hear a lot of people say
invest in what you buy really if I
invest on what I buy admitting to slurpy
you know you’re invested in what you buy
that’s like a kid I go invest into ice
cream but you can’t invest in what you
buy
I love skittles no it’s not about
investing what you buy this is not an
emotional game this is a logical game
investments is not an emotional game you
got to decide logically you work your
butt off did you just hear the stats I
gave you 52 percent of Millennials have
less than $1,000 in savings you know how
hard you gotta work to make a quarter
million dollars and make your millions
or have $100,000 of you know investable
cash do you really want to just throw it
away no you don’t want to do that so the
point is don’t buy emotionally
biologically
do your research find out does it make
sense does it not make sense why should
i why should I not do your part
logically three invest what you know
invest in what you know don’t invest in
what you don’t know okay I mean for me I
was sitting down the other day and I’m
talking about baseball cards I’m talking
about a little bit different things
you’re about baseball cards and this got
one guy was saying Pat I heard you talk
about baseball cards I think baseball
cards are waste of time I said what do
you know about baseball cards he says
nothing I don’t need to know nothing who
in a right mind would go out there and
buy a stupid piece of cardboard for
seventy thousand dollars
I said who I said my gosh you must not
know nothing about baseball cards which
makes sense you’re not educated about it
I said do you know there’s a card out
there called Honus Wagner T TOS 206
it’s a Honus Wagner card APSA eight was
bought in 96 for six hundred and forty
thousand dollars I said do you want to
know what that card is worth today if
you wanted to buy he said what some
would pay upwards of ten to fifteen
million dollars for that card what if
you bought that card in ninety six for
six forty for ten or fifteen million
dollars today a PSA five was sold for
3.2 million dollars just seven years ago
some may say twenty million dollars a
Mickey Mantle card 1952 Topps for
instance you can put the image of our
own on one of them myself a PSA a PSA
nine in ninety six Marty you gotta hear
this a PSA nine Mickey Mantle 1952 Topps
sold for seventy six thousand dollars a
PSA eight and a half sold in November of
2016 by heritage auctions a lot of
credibility for 1.1 1.3 million dollars
from seventy six thousand to one point
three million dollars that PSA nine card
is worth two three million dollars today
but the point is this invest in what you
know if you know nothing about baseball
cards don’t even listen to anything I
just said nothing let it go through here
don’t waste your time with it
if you do study Michael Jordan bgs 1015
yell one study Ted Williams 1939 play
ball study a Willie Mays rookie car 1952
Topps he’s 85 86 years old he’s still
around but who knows what’s going to
happen there’s a lot of value upside on
that study what it is to go out there
and get a Jerry West rookie card study
what it is to go out there and getting
1952 you know I can go on I don’t want
to go there the point is this invest in
what you know when it comes down to
investments number four stock ownership
there’s business ownership just so you
know that don’t look at it any smaller
than that if I want a stock of Microsoft
I’m a business owner
I want a piece of it I own a piece of
Microsoft that is a very very big deal
to have ownership Buffett says this all
the time stock ownership of a company
means your business owner you own a
piece of that company don’t take it
lightly it’s just about how many more
pieces of that company can you own this
is how all of a sudden Buffett went from
owning a few shares to a lot of shares
to the majority holder guess what now
this is my company because I want the
most shares you can do that as well it
all starts with owning one share and so
I remember the first time I bought an I
teach I was so excited about it for 40
1.27 dollars the first time the first
time I bought an IQ shift I was 20 years
old I got at the army I could I own a
part of Nike I’m an owner man I was so
excited and proud of myself to buy the
first Nike share buy and hold very
simple people look at my body and they
say man you must work out you know six
seven days a week all this other stuff
this is a bit
I am six-four six-five 230 pounds
because I’ve been working out three
times two four times a week since I was
14 years old that’s a long time that
I’ve been working out investments are
the same way buy and hold so quickly
when I talk about risk tolerance and
time horizon what is your time horizon I
want to be a billionaire tomorrow or
next year buy and hold that person with
patience going to beat you because you
don’t have patience you’re trying to
become get-rich-quick all this other
stuff so that kind of messages appeals
to you a person that watches today’s
message is not seeking a get-rich-quick
they want to think the right way next
taxes already talked about that last
finales cheap goes back to me top
about firing your consultants and hiring
fiber right and last one identity we
were in the Orlando Scott comes up and
David good guy David comes up to and he
says hey Pat let me ask you a question
he says so you talk identity a lot how
do i improve my identity and what do i
do with identity all this I said listen
your identity pulls your income if your
identity is a half a million dollar
identity it’s mathematically impossible
to be below half a million dollars for
very long time some of you guys are
saying Pat what the hell do you mean by
that will you work for $20,000 here you
won’t will you
why will you work for $40,000 here
$60,000 here $100,000 here $200,000 you
know million dollars you you’ve said yes
to one of them whatever they’re paying
you right now do you know why because
that’s your identity that is your
identity you may not like to hear that
but it’s your identity it’s impossible
for half-a-million-dollar your identity
to be accepted in $60,000 your salary
it’s impossible unless if the potential
is a 2 3 4 5 million-dollar your income
because they got to go more than that so
if you have $5,000 in savings that may
be a lot of money to you and you have an
identity issue if you have $28,000 and
savings that may be a lot of money to
you if you have 48 thousand dollars in
savings that may be a lot of money to
you because you have an identity issue
you’ve got to fix this identity and how
you think on what you think you deserve
and all of a sudden you start pulling
all of that in your life I don’t know
what it is it’s just that’s how it works
so now having said all of this by the
way identity there’s a video on how to
recreate yourself it’s a good video for
you to watch and if you haven’t watched
a video on 20 rules of money I highly
recommend you watching that video but
I’m not done because I want to talk to
you about a few different investments
okay so let’s go through options you
have stocks you know there’s different
types of stocks that you can own you can
own a stock of a small camp it’s a
smaller company that’s going up mid-cap
large cap you know you can you can buy
stocks and companies that I’ve been on
for a long time they’re very established
can buy stocks and newer companies can
buy stocks like technologies and by the
way Warren Buffett’s philosophy isn’t to
diversify
but warren buffett’s investments were
actually very concentrated to industries
it wasn’t about spreading you too much
he he specialized in industry and he
concentrated on owning companies in that
industry is a very big fan of insurance
by the way warren buffett so he
concentrated write stocks are the same
exact way first start studying what
industry want to concentrate on then
start picking your stock and slowly but
surely start watching them one by one by
one if that’s the route you want to go
to bonds are another one bonds are your
returns on bonds are going to be lower
then we’re going to be higher on us if
you’re getting junk bonds which junk
bonds are companies that are risky
companies that are coming to you for
long because bond is really an IOU I
come to you I’m a company I say we’re
trying to raise fifty million dollars
and the way we get it is by giving you
bonds you give me a hundred thousand
dollars and every year I give you six
percent on that bond which one hundred
thousand out of six percent six thousand
dollars to you and then ten years later
the bond matures five years later bond
matures and it gets $100,000 back at a
higher or lower eighty thousand or 120
thousand depends on where you’re at but
that’s bond you’re not really going to
get the highest return on bonds
depending on what age you are and your
risk tolerance bonds are great
investments if your boomer hire again
you’re looking for lower return for more
guarantees wine is something a lot of
people look into messing into wine I
know a friend of mine that has a half a
million dollars of wine collected for
himself and he knows it but why does he
do it and I don’t even touch it do you
know how much I touch one this much you
know why so I don’t know nothing about
the investment side of wine I have a
good glass of wine with my friends but
asked me to go specialize I have this
much interest and wanting to specialize
in wine but he does so wine is a tricky
business it’s almost like some of my
friends that are trying to get into a
horse races and go to Kentucky Derby and
start you know breeding horses all this
stuff there is money in it but it’s
risky
if you know the right trainers and the
right people great but it’s not
something I’d be encouraging you to
start a messenger right now if you got
ten million dollars to throw away and
your billion are watching this and it’s
on your bucket list to say I had a horse
that race in Kentucky there we go dude I
may do that one day honestly don’t be
surprised at 10 20 years from now have a
horse in Kentucky Derby just to secret
into my bucket list
I love the Derby I love horses
I just don’t know if that’s going to be
the way I want to make my money currency
a lot of people said can you talk about
currency if you want to specialize in it
there are people making money but it’s a
very small percentage of people that are
making money in currency options very
risky those who know it they make money
flipping real estate I got friends that
flip real estate they do it very well it
generally is about flipping real estate
I would say the most important thing in
flipping real estate is about you know
the team you put together painting same
thing collectibles already told you
about collectibles rental income real
estate and last but not least is
becoming an investor in businesses which
is what I prefer to do that’s what I
like listen in here you’ll notice the
four ba categories this is from Robert
Kiyosaki
cashflow quadrant right you got the left
side the right side employee top left
then self-employed 1099 then you have
business owners who are 1099 and they
have employees that work for them and
then you have the investor I’m going to
tell you here right now
the fastest way for you to double your
money or me at least this is how I am
fully bought into this and increase your
income and minimize this and have taxes
be on your side and increase your
identity investments all this stuff look
I will debate anybody over and over and
over again when they get up and they
tell me real estate investment is the
way to go look go through Forbes 400
fortune you know go through Forbes 500
the richest people in the world go
through them and see how many them made
their money off real estate now watch
before you debate it people say hi you
can say that they all own real estate
how did they make their money how do
they make their money entrepreneurship
starting a business owning a piece of
the business equity private equity
investing I want to own a piece of this
a start-up a risk what a business has
the highest x-factor highest upside
that’s a business that’s what you get
into not on the other side of saying I’m
going to go out themselvess Tate and
then when these guys become you know
you’re worth 10 million 20 million 50
million 100 million a half a billion of
billion dollars then
you have to buy real estate then they go
buy real estate of course then they
start making some money on real estate
and they have these rental income on all
this other stuff but I’m going to tell
you the number one way for you to double
your money and have more money to help
you with income is you’ve got to go out
there and start a business you’ve got to
go out and be an entrepreneur there’s
nothing above it I’m telling you right
now I’m going to keep preaching this
until God takes away my ability to speak
to you or until I say I’m done producing
videos on value tainment
one of those two is going to happen I
could stop saying I’m going to stop
making videos 90 days from now we finish
this whole thing or somebody may say Pat
it’s time for you to leave but I’m going
to make sure to the done till the day
I’m done I’m going to be preaching
entrepreneurship to you so above
everything I just talked about here
fixing your income from learn how to
sell become an entrepreneur and then
specialize in what fits with you and it
starts slowly but surely investing into
that part of the business so if you
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you may have a lot of questions and
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