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Speaker 1: The United States of America is facing a retirement crisis.

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Speaker 1: And no, it's not because the Social Security Trust Fund

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Speaker 1: will be completely empty in less than nine years. And no,

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Speaker 1: it's not because pension funds have been gorging themselves on

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Speaker 1: high risk investments. And no, it's not because people have

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Speaker 1: been under investing in their own retirement accounts for decades.

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Speaker 1: And it's not even because people have been choosing terrible

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Speaker 1: investments inside of their own retirement accounts. It's because all

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Speaker 1: of those things are happening at the exact same time,

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Speaker 1: which means most Americans alive today will never be able

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Speaker 1: to retire. But the good news is that as long

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Speaker 1: as you know what it takes to get there, and

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Speaker 1: then you actually do what it takes to get there,

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Speaker 1: you can And if you follow the very straightforward path

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Speaker 1: that I'm going to lay out for you at the

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Speaker 1: end of this video, you'll be able to avoid this

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Speaker 1: retirement crisis and set yourself up and your family to

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Speaker 1: be financially secure. When I graduated college, I was completely

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Speaker 1: flat broke. Like most people, I had about two hundred

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Speaker 1: dollars in my checking account. My job at the time

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Speaker 1: I was getting paid about four dollars per hour, and

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Speaker 1: I had about thirty thousand dollars in debt, so negative

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Speaker 1: net worth, no money, no income, and I had this

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Speaker 1: lofty goal to someday become financially free. I just didn't

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Speaker 1: know how I was going to get there, and so

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Speaker 1: I thought the best way to do that was to

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Speaker 1: get inside the finance industry and learn from the people

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Speaker 1: who were actually doing it. So I became a stockbroker. Now,

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Speaker 1: throughout my time as a broker, I learned a lot.

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Speaker 1: I made a ton of mistakes and lost a lot

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Speaker 1: of money, but I also learned how to make a

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Speaker 1: lot more money as well. During my first couple of years,

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Speaker 1: I worked primarily with low net worth clients, and then

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Speaker 1: during my final couple of years, I worked primarily with

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Speaker 1: higher net worth clients and specifically regarding clients who were

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Speaker 1: retirement age. There were basically two groups of people. One

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Speaker 1: group of retirees was poor and dependent, and the other

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Speaker 1: group of retirees was rich and dependable. Now, the main

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Speaker 1: difference between these two groups of retirees, through my interactions

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Speaker 1: with hundreds, if not thousands of them, and looking at

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Speaker 1: their income and their financial habits and their plans and

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Speaker 1: their needs and hearing their stories, I noticed really one

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Speaker 1: main difference between these two groups. Those who had a

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Speaker 1: large nest egg and who are prepared for retirement. They

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Speaker 1: had consistently for decades planned and acted as if someday

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Speaker 1: they would be responsible for taking care of themselves and

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Speaker 1: for taking care of others, whereas the group that was

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Speaker 1: poor and completely dependent on others or on the system

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Speaker 1: had spent their entire lives consuming everything they produced, and

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Speaker 1: they just hoped that someday somebody else would be there

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Speaker 1: to take care of them. Now, I never wanted to

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Speaker 1: be in that group, and I don't think most people

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Speaker 1: ever see themselves someday being in that group. But the

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Speaker 1: reality is it is difficult to choose to sacrifice what

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Speaker 1: you want right now for something that you want most

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Speaker 1: later on. And that's actually why we have a retirement

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Speaker 1: crisis today, starting with social security, because the very promise

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Speaker 1: of social security is that you can live your entire

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Speaker 1: life in bliss, full of ignorance, live in the moment,

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Speaker 1: never plan for the future, and someday when you're old

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Speaker 1: and you have nothing left and you're not producing anything anymore,

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Speaker 1: and you have nothing saved because you've consumed everything, and

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Speaker 1: then some somebody else will bear the cost of supporting you.

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Speaker 1: And unfortunately for everybody who has believed that lie, that's

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Speaker 1: about to come to an end, because the Social Security

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Speaker 1: Trust Fund will be completely depleted by the year twenty

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Speaker 1: thirty three. That's in less than nine years. Now. With

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Speaker 1: many economic predictions of doom and gloom and projections into

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Speaker 1: the future, it seems like they just keep on getting

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Speaker 1: farther away into the future and they never actually arrive.

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Speaker 1: But specifically with Social Security, this trend has actually been accelerating.

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Speaker 1: That drop dead date of when the Social Security Trust

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Speaker 1: Fund will be empty has been getting nearer and nearer.

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Speaker 1: In fact, take a look at this report from the

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Speaker 1: Social Security Administration themselves that was published back in twenty ten.

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Speaker 1: At that time, they knew the Social Security Trust Fund

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Speaker 1: was going to run out, and they thought that it

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Speaker 1: wouldn't run out in till twenty thirty seven. But every

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Speaker 1: year that date at which the Trust Fund would be

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Speaker 1: empty has been getting closer and closer, because the amount

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Speaker 1: of money leaving the fund has been greater than what

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Speaker 1: has been going into the fund. One of the driving

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Speaker 1: factors of this is that the number of workers who

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Speaker 1: are contributing to the Social Security trust Fund is declining

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Speaker 1: as a percent of the number of people who are

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Speaker 1: getting paid out from it. Now, when this trust fund

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Speaker 1: hits zero, that doesn't mean that social Security paychecks immediately

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Speaker 1: hit zero. What it means is that we have two

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Speaker 1: options on how to move forward. The first option is

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Speaker 1: the default, in which the paychecks to Social Security recipients

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Speaker 1: would be reduced by twenty five percent. Essentially, the amount

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Speaker 1: of money getting paid out in Social Security would have

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Speaker 1: to exactly equal the amount of money coming in, which

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Speaker 1: means that beneficiaries would receive a twenty five percent cut. Obviously,

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Speaker 1: that would be extremely politically unpopular, and so they may

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Speaker 1: have to change some laws or jump through some legal

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Speaker 1: loopholes in order to get to option number two, which

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Speaker 1: is the government would borrow extra money to spend the difference. Now,

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Speaker 1: if they do go with option number two, this means

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Speaker 1: that the amount of money in circulation will be increasing

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Speaker 1: as a result of keeping the Social Security paychecks the same.

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Speaker 1: And as we know, when you print money in order

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Speaker 1: to pay out to individuals, that drives up prices, which

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Speaker 1: means that no matter which option we're looking at, option

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Speaker 1: number one or option number two, social security beneficiaries are

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Speaker 1: going to receive a pay cut. Either way, they're either

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Speaker 1: going to be receiving fewer total dollars or they'll get

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Speaker 1: the same number of dollars, but those dollars would just

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Speaker 1: have less total purchasing power. But either way, it's a cut.

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Speaker 1: Now for younger people today, there's a widespread belief that

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Speaker 1: social security is something that we should not even think about,

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Speaker 1: not even something that we should remotely imagine we could

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Speaker 1: depend on. But unfortunately that hasn't translated into people taking

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Speaker 1: more responsibility and using their four one ks or their

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Speaker 1: own retirement accounts to make up the difference. If we

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Speaker 1: take a look at data buy Empower, which is a

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Speaker 1: four to one K provider, we can see the average

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Speaker 1: four to one K balances range from seventy four thousand

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Speaker 1: the age range of twenties up to a high of

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Speaker 1: five hundred and fifty five thousand in the age range

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Speaker 1: of the sixties. Now, for those of you who are

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Speaker 1: not aware, averages can be skewed when you have somebody

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Speaker 1: with a large amount in the group. For instance, let's

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Speaker 1: say we have one hundred people in a room and

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Speaker 1: ninety nine of them have one dollar, but the last

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Speaker 1: person has a million dollars. To get the average, you

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Speaker 1: would take the total number of dollars in that room,

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Speaker 1: which is one million, ninety nine dollars, and divide that

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Speaker 1: by one hundred people, and you would see that the

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Speaker 1: average wealth in that room was ten thousand, ninety nine dollars,

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Speaker 1: which is obviously very different than the vast majority of

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Speaker 1: people who only have one dollars, just being skewed by

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Speaker 1: the one person with a million. And so these average

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Speaker 1: numbers of the four one k bounces are going to

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Speaker 1: be skewed to the top side by some individuals who

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Speaker 1: have exponentially more. It means that the media numbers are

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Speaker 1: going to be far more accurate because the median just

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Speaker 1: lines everybody up and take the middle person and sees

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Speaker 1: what they have, which is going to give you a

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Speaker 1: more accurate representation of what the average person actually has.

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Speaker 1: We can see that these numbers are even worse with

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Speaker 1: the median balance for people in their twenties at twenty

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Speaker 1: nine thousand, topping out at a median balance of two

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Speaker 1: hundred and forty seven thousand for people in their fifties.

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Speaker 1: And we have this data from more for one k

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Speaker 1: providers than just in Power. If we take a look

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Speaker 1: at Vanguard's data, we can see that under twenty five

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Speaker 1: has a measly median balance of one nine hundred and

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Speaker 1: forty eight dollars in their four to one k and

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Speaker 1: even the top balance is a median of only seventy

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Speaker 1: one thousand dollars for the age range of fifty five

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Speaker 1: to sixty four, for those that are literally about to

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Speaker 1: enter into retirement age, they don't even have enough in

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Speaker 1: their retirement accounts to last one year in retirement. And

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Speaker 1: the data from Fidelity is very similar, with the twenties

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Speaker 1: age range having an average balance of ten thousand, five

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Speaker 1: hundred and the top age range of sixty to sixty

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Speaker 1: nine having one hundred eighty two thousand dollars. That's average.

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Speaker 1: I couldn't find the median, and we know that the

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Speaker 1: me will be a little bit lower. At least now,

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Speaker 1: this situation is not unsalvagable for most of these age ranges,

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Speaker 1: most of the demographics. If they contribute enough, we've got

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Speaker 1: enough time to let that compounding interest work to have

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Speaker 1: enough in retirement. Unfortunately, that's not what's happening with Americans

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Speaker 1: actually pulling money out of their four to one ks.

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Speaker 1: At Bank of America, who has more than four million

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Speaker 1: planned participants, they saw a thirty six percent increase in

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Speaker 1: hardship withdrawals during the second quarter of twenty twenty two,

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Speaker 1: and in the last five years, these hardship withdrawals have

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Speaker 1: actually tripled. At Fidelity and Vanguard reported that theirs have

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Speaker 1: doubled in the last four years. Essentially, instead of Americans

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Speaker 1: continuing to load up their future with saved money that

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Speaker 1: can grow for them to take care of them when

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Speaker 1: they're older, they're taking from it right now, interrupting that

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Speaker 1: compounding interest so they can consume it right now. And

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Speaker 1: as if that wasn't bad enough, in order to do this,

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Speaker 1: you have to pay taxes on that money and penalties

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Speaker 1: for taking it out early. This means that if you

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Speaker 1: need ten grand to cover an emergency expense today, you

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Speaker 1: might actually have to take up to sixteen thousand dollars

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Speaker 1: out of your four to one K just to end

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Speaker 1: up with a net ten thousand dollars. And that money

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Speaker 1: never goes back in. It doesn't keep on growing for you.

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Speaker 1: It's done growing for you forever. Now, all that sounds

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Speaker 1: pretty bad, but the icing on the ke for four

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Speaker 1: to one ks is the way that people are investing

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Speaker 1: these accounts more and more recently, over the decade from

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Speaker 1: twenty thirteen to twenty twenty three, planned participants at Vanguard

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Speaker 1: moved out of equity funds into target date funds. Equity

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Speaker 1: funds moved from an allocation of thirty four percent down

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Speaker 1: to a recent twenty six percent, whereas the target date

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Speaker 1: funds moved from thirty four percent up to sixty three percent.

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Speaker 1: Over the years of twenty thirteen through twenty twenty two,

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Speaker 1: we saw a decrease in investors allocating to equity funds

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Speaker 1: from forty four percent inequity funds down to thirty eight

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Speaker 1: percent inequity funds. Over that same time period, target date

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Speaker 1: funds moved from an allocation of nineteen percent up to

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Speaker 1: forty percent. Now you'll probably notice that if you look

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Speaker 1: at the totals on the top of that chart, that

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Speaker 1: equities totaled seventy one percent in twenty thirteen and we're

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Speaker 1: still around seventy two percent in twenty twenty two. They

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Speaker 1: really didn't change, and that's because target date funds are

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Speaker 1: funds that are specifically designed to change as you age,

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Speaker 1: which means when you're still younger, they have more of

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Speaker 1: an exposure to stocks, and then as you grow older,

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Speaker 1: they sell the stocks portion and go more into bonds.

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Speaker 1: And so while the current allocation is still about seventy

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Speaker 1: two percent equities, which hasn't really changed since twenty thirteen,

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Speaker 1: as each of those planned participants continue to get older,

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Speaker 1: those allocations go more and more into fixed income. And

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Speaker 1: if you think that's not a problem, just hang on

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Speaker 1: until we get to the next section when we talk

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Speaker 1: about why fixed income investments are such a problem going

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Speaker 1: into the next few decades. Now, just in case you're

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Speaker 1: thinking it'd be better if people had retirement accounts where

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Speaker 1: they couldn't control the investments, in other words, pension funds,

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Speaker 1: well you'd be wrong, because pension funds are actually doing

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Speaker 1: the exact same thing. And while pension funds are currently overfunded,

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Speaker 1: they have been doing the exact same thing with the

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Speaker 1: investments moving out of equities into fixed income. Now, the

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Speaker 1: first reason why over exposure fixed income in retirement accounts

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Speaker 1: as a problem is because of leverage. Because as long

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Speaker 1: as you can hold a bond until maturity, you are

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Speaker 1: very likely to get paid back your principle plus interest.

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Speaker 1: But if you have to liquidate ahead of time, chances

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Speaker 1: are you'll actually have to sell it at a loss.

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Speaker 1: That's exactly what happened to pension funds across the pond

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Speaker 1: when the guilt market almost collapped in twenty twenty two.

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Speaker 1: They were forced to sell their portfolio at far below

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Speaker 1: face value, and this was triggered by rising yields. We'll

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Speaker 1: come back to that in a moment. For over one

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Speaker 1: hundred years, we've seen a long term debt cycle play

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Speaker 1: out in the United States of America that takes about

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Speaker 1: forty years for each phase of the cycle to complete.

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Speaker 1: The last complete phase of the cycle lasted from nineteen

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Speaker 1: eighty through twenty twenty, which saw a period of time

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Speaker 1: in which bond yields continued to drop while inflation also

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Speaker 1: continued to drop. The phase before that lasted another forty years,

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Speaker 1: from about nineteen forty through nineteen eighty, when the opposite happened,

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Speaker 1: with inflation and interest rates both moving higher. So we

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Speaker 1: see this trend where inflation and interest rates will move

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Speaker 1: lower and then higher, and then lower and then higher,

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Speaker 1: and each of these phases lasts at least a couple

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Speaker 1: of decades. There's nothing magical about forty years. It could

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Speaker 1: be more, could be less, but these are long term cycles.

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Speaker 1: One of the main drivers of this is the debt

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Speaker 1: to GDP ratio. We can see in about nineteen forty five,

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Speaker 1: the US debt to GDP ratio peaked at around one

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Speaker 1: hundred and twenty percent, and then the United States government

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Speaker 1: started to deleverage from there. It was an inflationary deleveraging,

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Speaker 1: and for the next couple of decades the debt to

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Speaker 1: GDP ratio decreased, which was the same period of time

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Speaker 1: in which interest rates and inflation were moving higher. The

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Speaker 1: debt to GDP ratio bottomed at around thirty percent in

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Speaker 1: nineteen eighty and then spent the next forty years moving

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Speaker 1: higher until it peaked around one hundred and twenty percent

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Speaker 1: again at the same time as the next phase of

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Speaker 1: the cycle bottomed in twenty twenty, which means we are

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Speaker 1: moving into a new phase of this long term debt

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Speaker 1: cycle in which inflation and interest rates both move higher

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Speaker 1: for a long period of time. As the United States

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Speaker 1: government deleverages through inflation, they have too much debt to

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Speaker 1: pay the debt off directly, and so they have to

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Speaker 1: print money to cover their expenses. This means inflation and

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Speaker 1: interest rates move higher for everybody else, but at least

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Speaker 1: for the government, it makes their funding easier because they're

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Speaker 1: printing money to spend. You get a deleveraging through inflation

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Speaker 1: for the government with a rising inflation and interest rate cycle.

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Speaker 1: For the rest of us, this means that long term

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Speaker 1: fixed income investments are going to be terrible for investors

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Speaker 1: for a while. Long term fixed rate debt is not

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Speaker 1: the place you want to be when interest rates and

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Speaker 1: inflation are moving up. Number One, the value of your

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Speaker 1: bonds will go down as the interest rates of new

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Speaker 1: bonds go higher. Number Two, the interest rate you're getting

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Speaker 1: paid will not keep up with the rate of inflation,

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Speaker 1: which means you are losing purchasing power. In a rising

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Speaker 1: interest rate environment, the only debt you want to have

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Speaker 1: is short term debt, and in a falling interest rate environment,

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Speaker 1: the only debt you want to have is long term debt. Now,

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Speaker 1: I know the demographics on my channel, and most of

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Speaker 1: you are not at the age yet where it's too

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Speaker 1: late to start saving for retirement, which is good because

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Speaker 1: most of you are still in that demographics where you

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Speaker 1: have enough time to prepare, but you've also had enough

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Speaker 1: experience under your belt where you're in a high income

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Speaker 1: earning mode now. So here's the plan exactly what you're

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Speaker 1: going to do so you can make sure for certain

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Speaker 1: that you will have enough someday to not only take

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Speaker 1: care of yourself, but to also take care of others.

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Speaker 1: The first thing you're going to do is you're going

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Speaker 1: to figure out what is the amount of money you

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Speaker 1: need to live on every single year. Consider a couple

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Speaker 1: things first, before I come up with the number of

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Speaker 1: you know, one hundred thousand, consider that number one in

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Speaker 1: ten or twenty years, thirty years from now, prices will

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Speaker 1: be higher, so you're probably gonna have to overestimate a

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Speaker 1: little bit. So if you're thinking one hundred thousand dollars,

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Speaker 1: maybe bump that up to one hundred and fifty thousand dollars. Also,

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Speaker 1: consider that when you stop working, most people actually end

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Speaker 1: up spending more money in retirement because you have more

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Speaker 1: free time, more leisure time. You're going to visit family,

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Speaker 1: you're traveling, you're doing things, and also your medical expenses

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Speaker 1: go up. So for those reasons for this number, your

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Speaker 1: annual retirement number, you should probably overestimate a tad bus

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Speaker 1: step number two, you're going to divide that number by

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Speaker 1: four percent. So if you need one hundred fifty thousand

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Speaker 1: dollars a year to retire, you're going to divide that

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Speaker 1: by point zero four and you're going to come up

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Speaker 1: with three point seventy five million dollars. The reason why

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Speaker 1: we're dividing by four percent is because that's a good

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Speaker 1: rule of thumb for how much money you can take

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Speaker 1: out of your nest egg without it affecting the overall

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Speaker 1: balance for the long term. Theoretically, you can draw four

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Speaker 1: percent out of it forever without ever depleting your nest egg. Essentially,

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Speaker 1: you're taking a little bit less than the annual growth rate. Okay,

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Speaker 1: so if you need one hundred fifty thousand dollars every year,

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Speaker 1: that that means you need roughly three point seventy five

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Speaker 1: million dollars in order to retire. So how do we

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Speaker 1: plan on what we need to do to actually get there?

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Speaker 1: If you're not there yet, you're going to go to

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Speaker 1: a compounding interest calculator. You can find these online. This

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Speaker 1: one is money chimp dot com, but you can use

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Speaker 1: any of them. First, you're going to plug in the

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Speaker 1: amount of money that you currently have. So we'll start

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Speaker 1: off with a hypothetical one hundred and fifty thousand, and

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Speaker 1: then you're going to have to play around with the numbers. Here,

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Speaker 1: we're going to assume an eight percent growth rate and

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Speaker 1: say that you have twenty five years left to let

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Speaker 1: your money compound. For you, if you put in one

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Speaker 1: thousand dollars a month into your total investment portfolio, that's

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Speaker 1: twelve thousand dollars a year. That will net you one

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Speaker 1: point nine million dollars in twenty five years. Now that's

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Speaker 1: not enough. It's good, but as we've seen, if you

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Speaker 1: want to be able to pull one hundred and fifty

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Speaker 1: grand a year at the safe four percent, you're gonna

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Speaker 1: need about three point seven million. So how do we

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Speaker 1: get this number to three point seven million? Well, we

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Speaker 1: either have to just wait longer, change the number of

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Speaker 1: years that we're going to let it grow. We don't

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Speaker 1: want to mess with the expected growth rate because then

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Speaker 1: we are banking on something to happen that historically is

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Speaker 1: less common, and so we have to change the annual addition.

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Speaker 1: So what if we do two thousand dollars every month,

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Speaker 1: which would be twenty four thousand dollars a year. We're

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Speaker 1: closer at two point nine million dollars. That's up this

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Speaker 1: to thirty six thousand dollars a year, which is three

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Speaker 1: grand a month. And finally we got there three point

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Speaker 1: eight million dollars. Now, if you're sitting there thinking, well,

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Speaker 1: that just made me even more depressed, because there's no

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Speaker 1: way I can come up with an extra three grand

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Speaker 1: every month just to be able to invest for the future.

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Speaker 1: Oh worry, I've got you there too. In my final

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Speaker 1: year as a stockbroker, I was making about two hundred

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Speaker 1: fifty thousand dollars a year, and I had a plan

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Speaker 1: to stick with that job and take my extra money

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Speaker 1: and invest it in order to be able to become

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Speaker 1: completely financially free and retire someday. And I did not

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Speaker 1: like how long that plan is going to take. To

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Speaker 1: be honest, it's because I was miserable and I hated

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Speaker 1: that job, and I couldn't see myself sitting in that

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Speaker 1: job for another year, let alone another fifteen to twenty years.

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Speaker 1: At the time, I had a few skills I had

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Speaker 1: learned from being a stockbroker. Number One, I knew how

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Speaker 1: to invest. Number two, I knew how the financial system worked.

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Speaker 1: Number three, I knew how to communicate with people, and

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Speaker 1: number four, I knew how to sell. I thought those

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Speaker 1: skills packaged up were enough to start a successful business,

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Speaker 1: and so I quit my job as a stockbroker and

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Speaker 1: I started Harecy Financial. That was June of twenty nineteen.

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Speaker 1: I quickly learned that those skills by themselves were not

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Speaker 1: enough to make any money, and I spent the next

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Speaker 1: six months making zero dollars. And it took me a

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Speaker 1: total of a year and a half before I made

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Speaker 1: enough money to even cover all of my bills. And

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Speaker 1: I was only able to start making money because I

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Speaker 1: had to pair those original four skills with additional skills.

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Speaker 1: In my case, it was videography, video editing, graphic design,

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Speaker 1: and marketing. Those eight skills, packaged up together were the

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Speaker 1: skill stack that I needed in order to start making

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Speaker 1: way more money than I had ever made in the past.

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Speaker 1: Which is your step one. You need a skill stack

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Speaker 1: that can make you money outside of your job. Your

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Speaker 1: job may have given you some skills that you need.

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Speaker 1: What you're likely to find is when you employ those

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Speaker 1: to start a side hustle or to quit your job

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Speaker 1: and start something else that you can make a lot

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Speaker 1: more money. You're going to realize there are some other

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Speaker 1: skills that you need to learn to stack on top

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Speaker 1: of that so that you can explode your income pretty

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Speaker 1: much universally, some of those skills are going to be marketing, communication, sales,

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Speaker 1: and media. And it's almost a certainty that you are

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Speaker 1: going to have to start a side hustle or a

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Speaker 1: business that you'll be able to quit your job and

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Speaker 1: go all in on if you want to make enough

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Speaker 1: money to be able to invest enough to produce a

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Speaker 1: large nest egg for yourself in the future. The reason

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Speaker 1: why we have a retirement crisis today is because most

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Speaker 1: people ignored the fact that they were making just enough

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Speaker 1: to survive and we're not putting enough away for the future,

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Speaker 1: which means if you want to get a result that

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Speaker 1: is different than what most people have gotten, you have

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Speaker 1: to do something different than what most people have done.

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Speaker 1: So learn your money making skills stack, which is going

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Speaker 1: to be some skills from your trade, and you pair

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Speaker 1: that with sales, marketing, communication, media, hiring content that's going

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Speaker 1: to scale your income from your side hustle. You can

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Speaker 1: either take all that income and invest it, or you

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00:20:05,480 --> 00:20:07,680
Speaker 1: can go all in on your side hustle and make

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Speaker 1: that your main hustle and scale that income even more.

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Speaker 1: And then once you have sufficient income to do the

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Speaker 1: three grand a month or five grand a month or

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Speaker 1: ten grand a month, whatever it is that you need

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Speaker 1: to get to where you want to go, then you're

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Speaker 1: going to invest it, and you need to invest it properly.

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Speaker 1: In my opinion, the sixty forty portfolio is dead. Modern

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Speaker 1: portfolio theory is not the way to go. That is

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Speaker 1: data that has been pulled from the last phase of

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Speaker 1: the debt cycle, and what worked in the last phase

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Speaker 1: is different than what works in the next phase, which

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Speaker 1: will be more similar to the phase that lasted from

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Speaker 1: the forties through the eighties. A much older, more time

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Speaker 1: tested portfolio approach is about a third in stocks for

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Speaker 1: that capital appreciation, about a third in real estate for

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Speaker 1: that cash flow and the tax benefits, and then about

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Speaker 1: a third in reserves, which is not just cash, it's

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Speaker 1: you know, savings instruments like gold, bitcoin, t bills, money

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Speaker 1: market funds, some cash so that you have some dry

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Speaker 1: powder to buy assets when they're on sale and to

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Speaker 1: last through the tough times. Making sure your portfolio is uncorrelated, hedged,

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Speaker 1: and you're making small asymmetric bets and most of all,

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Speaker 1: you are investing a large amount of income consistently for

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Speaker 1: a long period of time. You're going to be able

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Speaker 1: to produce enough to not only take care of yourself,

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Speaker 1: but to take care of others who you are responsible for.

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00:21:18,600 --> 00:21:20,880
Speaker 1: And in my opinion, this is the end goal. This

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00:21:20,960 --> 00:21:23,040
Speaker 1: is the reason why we do what we do. It

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00:21:23,080 --> 00:21:25,240
Speaker 1: is to give and to take care of others. The

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00:21:25,240 --> 00:21:27,920
Speaker 1: antidote to greed is not to despise wealth. It is generosit.

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00:21:28,000 --> 00:21:31,280
Speaker 1: A person who said money cannot buy happiness just hasn't

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00:21:31,320 --> 00:21:33,280
Speaker 1: given away enough yet. And by the way, if you

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00:21:33,359 --> 00:21:36,199
Speaker 1: want more of everything that we just discussed and you

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00:21:36,280 --> 00:21:40,280
Speaker 1: want exact detailed steps, training material and how to do

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00:21:40,320 --> 00:21:43,160
Speaker 1: and how to understand literally everything we've discussed in this video,

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00:21:43,600 --> 00:21:46,120
Speaker 1: I have all that plus a lot more in Heresy

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00:21:46,160 --> 00:21:49,520
Speaker 1: Financial University. It's a membership program, coaching program where you

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Speaker 1: go through and you learn how to do all this stuff.

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00:21:51,600 --> 00:21:53,879
Speaker 1: We've got group coaching calls where you have access to

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00:21:53,920 --> 00:21:56,320
Speaker 1: ask me questions literally every single month. We've got a

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00:21:56,320 --> 00:21:59,720
Speaker 1: community where you can discuss strategies and investments with other

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Speaker 1: members of Heresey Financial University, and many more features and

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Speaker 1: benefits coming along soon. If you're not already, remember sign

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Speaker 1: up with the link in the description below. As always,

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00:22:07,600 --> 00:22:09,320
Speaker 1: thanks so much for watching, Have a great day.