Yesterday was the 2nd day of Ian Stanley’s “Almost Passive Income” event here in Boise.
So I want to share some of my takeaways…
1. If you’re making less than $100k you should only be investing your money in skills that increase your income
This is a piece of advice I gave during my talk yesterday.
And my advice runs contrary to everything you hear from Dave Ramsey, Suze Orman and the like.
Why?
Because I’ve seen over and over again that the #1 needle mover when it comes to building wealth is increasing your income.
If you make $50k a year, there’s only so much you can do to build wealth.
But if you’re able to get that to $100k, $200k or $500k (by sharpening your skills), then you can build large amounts of wealth.
And that’s very possible in our industry.
Amber Peoples (who I helped mentor) mentioned to me yesterday that she basically went from nothing to now being on pace to make $130k this year writing copy.
That only happened because Amber invested in sharpening her copy skills.
And whatever money she spent on that, it had a huge ROI.
Much more than she would have gotten putting that money in the stock market or real estate.
This is why I say investing in your own skills is the best investment you can make.
It’s where all your focus should be if you’re still not hitting 6-figures consistently.
2. Only invest in things you understand
This is advice Garret Gunderson gave on the investing panel, and it’s so true.
Right now there’s a lot of talk about NFT’s, crypto etc…
And nobody wants to miss out…
But here’s the thing…
You can get insanely wealthy without ever touching NFT’s or crypto or oil investing.
You can invest in meat and potatoes kinds of things like other businesses…
Real estate…
And index funds…
And still become wealthy.
Everyone always wants the new, shiny object…
But there’s nothing wrong with the proven things that have built wealth for hundreds of years.
3. Try to understand your significant other’s emotional relationship to money
It’s no secret that money leads to a lot of arguments in relationships.
Usually this happens because money is NOT talked about.
We don’t actually discuss how we’re going to spend our money or what we’re going to spend it on.
And on top of that…
We don’t usually discuss what money means to us.
For you, money might mean freedom…
But for your spouse, it might mean safety and security.
If that’s the case, then you’re gonna view money very differently.
Which will lead to arguments…
And you wondering why your spouse doesn’t understand you.
So the key here is to really understand what money means to your partner.
-What does it mean to them to have money?
-How would they feel if we lost half of it?
-How do they feel about buying expensive things?
-What are the things they value (i.e. a better education for your kids vs. a new watch)
– Are they ok with more risk with investing? Or do they want more security?
All of this stuff matters.
And it starts with talking about it.
I’d be willing to bet that less than 5% of people understand this kind of stuff about their partner.
Most people try to AVOID talking about money at all costs.
Cause it makes them uncomfortable…
Or they were told that talking about money “is wrong” when they were younger.
But not talking about it with your partner is a recipe for disaster.
So big thing to takeaway here is to try to understand your partner better when it comes to money.
Your life will be a whole lot easier because of it.
Alright, I’m gonna wrap this up.
Hopefully you got a nugget or two from this that will help you.
Enjoy your Sunday…
– Justin
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