[September 2023]
1 minute speech
Title : HOW TO BECOME FINANCIALLY FREE IN YOUR 20s | money mindset, passive income & investing for beginners
Link : https://youtu.be/xAGyhkWoDX8?si=eg0aXF-NLAblEJsR
Time : 19:55~28:30
1. Summary
Today, I'd like to share some valuable insights on achieving financial freedom. Let's delve into three key principles for financial success:
1.Value Over Cost: Rather than focusing solely on immediate expenses, consider the long-term benefits of your investments. Invest in opportunities that enhance your skills, knowledge, and earning potential.
2. Continuous Learning: Embrace lifelong learning, even while holding your current job. This constant self-improvement can open doors to higher-paying opportunities and personal growth.
3. Positive Circles: Surround yourself with positive, ambitious individuals. Avoid negative influences that may hinder your financial progress. Your social network significantly impacts your mindset and ultimately, your success.
By embodying these principles, you'll set a course toward a more thriving financial future.
2. Script
Chapter number three, your new habits and your new mindset.
Step number one: Rewire your brain and get rid of all the false information and narratives you've been sold your entire life. For example, I know people whose parents have passed on to them their scarcity mindset because of the way they struggled financially in their life. But their child is in a better position because they did better at school, they have certain talents that their parents didn't have, they have so much more opportunity in their life, and they're not taking it because they're adopting the mindset their parents once had, even though their circumstances are different.
The best thing you can do for yourself is to stop listening to your parents' way of doing things because when they were your age, that was a very long time ago and things have changed. Okay, we now live in the age of the internet where anything is possible. Don't start limiting yourself before you've even begun because of the pressures that other people are putting on to you. Instead, start building your abundance mindset and believe you are going to be a millionaire one day; you are going to be financially abundant at a young age.
Step number two: Start exposing yourself to all of the possibilities out there. This is the easiest way to start building up your abundance mindset and rewiring your subconscious mind. This links into the podcasts you listen to, the books you read, the videos you watch, the people you listen to.
From the age of 16, I would regularly watch motivational speeches from extremely wealthy and successful people on YouTube, and when I was 17, I read my first financial literacy book, which was "Rich Dad Poor Dad." I highly recommend this, and instantly that got me out of the mindset that I had been taught for the last 17 years of my life in school. Which was that I had to work a nine to five because I had been exposing myself to books like that and listening to people who had made it. I was normalizing success to myself.
Normalize visualizing your dream life, book a viewing for your dream apartment, even if you're not gonna buy it, go window shopping in designer store outlets, go to networking events with people who have already made it, put yourself in those rooms. That is the epitome of the rich girl lifestyle and mindset.
Step number three: Outcome over cost. This is why we bring in the poor girl mindset versus rich girl mindset again. Poor girl mindset always looks at the price of things and thinks, "Oh, that pillowcase is 50 pounds," or, "That course is 100 pounds, not worth it, I'm not spending my money on that." Rich girl mindset looks at that cost and thinks, "A good night's sleep, more knowledge to be able to build up more skills, to offer more services to my clients, so I can have a better passive income business, worth it." It's like I said before, you have to spend money to make money, and some costs are just worth it based on the outcome they give you.
When I was 19 years old and I was a broke uni student, I spent 70 pounds on an ebook about social media marketing, and oh my God, it hurt to spend that money on that. I would not buy myself clothes at this point, I was not buying myself new makeup, I had very, very little money, and I was stressed financially all the time. I reread that book every single week for the next three years, and I learned how to build a community online, how to be a successful content creator, over and over and over again. And I made it.
Step number four: Credit cards make you richer. This is a poor girl mindset misconception. A lot of people look at credit cards and don't touch them because they assume that it's really bad debt and people get into trouble with them. And, you know, I don't need a loan. It's not about needing a loan; it's about being smarter with your money. Can you qualify for a credit card? You need to have one for the sole purpose of building up your credit score. And that is going to help when you are renting out your first apartment, buying your first home, setting up your real estate business, for example. All it takes is setting a reminder in your phone at the same day every single month, so you are paying off your debts right. So you are going to put every single one of your daily expenses on your credit card, your grocery bill, your transport, any food that you buy when you are with your friends, your cinema tickets, whatever. And you're going to keep paying everything on this credit card. And then simply transfer your debit card money over to your credit card to pay that all off. And as you do this over the month, your credit score will start building. Once you have a good credit score paired with good money that you're making, you will then be able to qualify for an American Express card. I currently have the gold one, and basically, once again, this is about being smarter with your money. I pay for everything on my AmEx before I pay it off every single month with the money I actually have. And what this does is all of the money that you're spending on your Amex then converts into points, and they give you money towards your grocery bill, towards things like ASOS, buying makeup, buying clothes. Essentially, you get free money, so you are saving in other areas of your life just by using this card.
Step number five: Close the knowledge gap. For example, to make it really easy for you, let's say you love your nine to five, you love the field that you're in, and you want to stay there. There's nothing wrong with that, right? So now what you're going to do is you're going to close the knowledge gap by consistently self-educating on the side of doing your job. Educating to be the best in your field. Let's say you're a marketing assistant; you want to be moving up the corporate ladder to get to marketing manager and move to big corporations like Coca-Cola or Disney, for example. You want to work at these big companies, so you constantly need to be doing courses and things on the side to add to your resume, so that you can interview at these bigger companies and keep increasing your salary. After that, if you don't want to do a business or passive income stream, that's fine. Make sure that your salary keeps increasing at your nine to five, and then invest big portions of that every single month. AKA invest in your self-education. Learning should never stop, whether you want to stay in your nine to five, whether you're looking at building up businesses, but before you do that, learning comes first.
Step number six: Stop buying to show off and start buying to tax write-off if you're a business owner and you want to start setting up these passive income streams you're going to set up yourself a limited company and then you're gonna have to start doing your taxes yourself basically or really you should be getting an accountant to sort this for you as a business owner before I buy anything I see everything is more expensive than it actually is because I think once I buy this I'm also going to have to pay tax on it at the end of the year whereas if I start investing in building a team and hiring an assistant hiring a video editor then I'm being smarter with my money and I'm growing my business while also saving money.
Step number seven: Avoid the unhappy and The Unlucky that is a law from the book The 49 Laws of Power if I'm remembering correctly and basically the author Robert Greene talks about avoiding avoiding these infectious types of people over the last few years of my life I've become so picky with who I surround myself with I don't talk or well I'm not friends with anybody who has a scarcity mindset constantly talks about how unlucky they are it might sound extreme it might sound rude or picky I'm okay with that every single person in my life even though I have a small circle is so ambitious and so positive that just being around them even if we're not having that particular conversation that energy spreads on to me just as it would if someone was constantly unhappy and unlucky they are like this infectious type that will bring you down with them.
Step number eight: Stop saying I can't afford this and start saying how can I afford this this is once again another example of moving towards an abundance mindset stop thinking that there isn't enough money to go around and your language and your thoughts are everything it literally creates your reality so if you want something stop thinking that you can't have it and start visualizing a future where you do get it and start formulating the plan of how can I now increase my monthly income to start be able to affording these luxuries.
Step number nine: Always live below your means I have always balanced my abundance mindset with acting like I don't have enough money to spend on myself so when I was in University all of my friends and I we had the same student loan they were using it to buy airpods the new iPhone nice clothes I think I bought myself airpods six years after they even came out because I just didn't see them as a worthy enough purchase and I was constantly putting money away putting money away and because I did that I was able to afford the electrical equipment the camera and everything I needed to set up the business I wanted to do which was YouTube and content creation by saving up that money to then put towards these things I invested my money in a smart way where now because I did that and I was able to start my passive income business faster now my business is generating the income and I've made up all of that money back if not more but of course I'm all about faking it to make it and embodying that rich girl mindset energy and depending on your circumstance if you're like me when I was in uni and I truly did not have much at all to spend you need to start emulating luxury once again to normalize it to yourself you know so some of us to amulet luxury we can get our nails done every single month if you're not in that situation and have a spa day at home start giving yourself a money pedi book a massage for yourself maybe two or three times a year to normalize that luxury and treatment for yourself to know that that's the direction you're headed in.
Step number 10: In your new habits and mindset is start using the right language stop speaking scarcely and describing yourself with weak words all words create your reality and now you need to change what you're saying to yourself on a daily basis and of course this goes hand in hand with daily affirmations which I'm going to be sharing with you guys right at the end of this video.