A highlight from Why Most Americans Will NEVER Be Millionaires (Don't Make This Mistake!)

The Money Guy Show
|

Automatic TRANSCRIPT

The money guy brian. I'm super excited about this show. Because i think this is one where we're gonna flip the dynamic. We feel like right now. Most americans from the trajectory were. They will not be millionaires. We want to change that. We want to flip it. We're most americans can and will become millionaires in the future. First of all. It's good that we're actually together. Mean look i'll take the first blow. I was traveling like a week and a half two weeks ago and then last week bow was on boat. I was indeed on. It was not this boat. This is a yacht. We weren't quite but me and a couple of the business owners did brainstorming session out on a house boat and it was awesome. I got done a houseboat before. He was unbelievable. So like you buy all your food you get in the houseboat and you just of sale because it has an engine engine around the lake and you pull up on. It was awesome. I highly recommend doing houseboat trip. It'd be fun of my kids because my kids are so little but for six grown men. It was fantastic. I didn't my houseboat. Because i heard how many guys you had with two bathrooms. Yeah melissa probably some areas for proven to be close. So let's talk about this. Because it is one of those things where i think about the tragedy of america is. There's so much opportunity. I mean it really is a you said this. You actually brought this to me in the fact that you said there's a saying where it's okay if you're born poor but if you die broke that's really unhappy in this country because there's so much opportunity to go out there and just start with a little and turn it into a lot just by understanding some basic components of wealth building. And that's kind of what we want to cover and we look. We've created content. We've got the financial order of operations. There's all kinds of free deliverables. If you just gotta money guy dot com slash resources. We're just giving it completely away. In financial operations known by the acronym of food from the problem is most americans are putting an illness right in the middle of food. Would that foam. Oh that's right. You're missing out the lack of patients the lack of waiting for something through deferred gratification. Too many americans want instant right now in the us debt and all kind of other things to to create problems for themselves. So i said okay if we could distill this down if we think about sort of what. What are the bullet points around. Why folks don't achieve that status. They live in a time and in a system where it seems like there's nothing but opportunity out there for us to be able to capitalize on. So what are the reasons why most americans never actually get there. Well the first one and you've heard us talk about this over and over and over again is that they don't have the discipline required to become a millionaire. Yeah this is look guys. It's amazing to me. Here's some stats. We we we're nurse. Sure in the fact that there a little over three hundred thirty million i think around three hundred thirty one million americans out there but you have to like eighty four million of those kids. They're under the age of eighteen. That brings the number down to two hundred and fifty seven million americans. Only twenty million of them will are currently millionaires and so in percentage terms. That's why i said it's a little under eight percent little under eight. So you've got ninety. Two percent of americans are just not there there and You know and and that's what we want to kind of bridge that i'd love to have at least ten. If not twelve percent of americans be millionaires. And i think we give the tools to make it possible but the first thing is you have to understand. If you don't have a thousand dollars to your name through discipline you run. The risk of your financial life will be in the ditch with any little hiccup that comes your way. Because life is not always going to be rainbows sunshine and unicorns. There will be bad things that come your way and you've got to have enough liquidity to make it through those type of moments and that people just don't do that said. The statistic is alarming. You said brian that ninety two percent of adult americans are not millionaires. But what you just said about having a thousand dollars. That's even more alarming because we know that according to bankrate dot com sixty one percent of americans right now have less than a thousand dollars in samson. not we're not talking about seven figure. Wealth sixty one percent of folks could not come up with a thousand dollars tomorrow if their car broke down if they had a major medical bill if they needed something at the house. That is a tragic and devotee devastating statistic. And i'm gonna operate under the assumption. I think this is true. You cannot get to a million. You cannot get a millionaire status unless get to that first thousand dollars i and that's the step one because deferred gratification. You've gotta have margin. This is like when we go to high school students of the first thing. If somebody said what's the secret to being successful i'll say deferred gratification. Yeah you've got to live on less than you make. That's the first thing. I don't care if you make twenty five thousand. Okay if you make fifty thousand. I don't care if you make a hundred thousand. If you're spending every dollar you make you'll never have the margin to start building assets to let your army of dollar bills start working for you. So that's the big part. You gotta have the discipline to create margin to deferred gratification. But living on less than you make. That's the first thing. I think people get wrong. Because they like. I said they fall for the mirage of will use credit cards. Look i know. I'm educated of learned owed this. I'll you know. I think in five years i'll be making what i think should be making so i'll creative bridge in the short term through credit card debt and other things instead of making the sacrifice right now do financial operations the foo. Don't do foam. Oh where you're trying to create a pretender lifestyle that actually works against you in the long term and so so the number one thing is that americans don't have the discipline required to be the millionaire but even those that do have at least some level of discipline leads to sort of our second reason why most americans will never millionaires. They just don't save enough while they are somewhat disciplined. I don't think they have a real view of what steps are necessary to actually get me from where i am now to where i wanna be. Twenty thirty forty fifty years from now. I love that we have a research crack research staff with with daniel because this law that that he put together it kinda i did. I had to do a double take to see if i understood what was going on because i knew

Coming up next