Manage episode 260296577 series 2134820
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This is going to sound a little harsh, but you cannot afford to be poor. Makes a lot of sense, no, I don't know. You cannot afford to be poor. Maybe it's a little bit controversial and I don't mean to offend you but I want to wake you up. This is what this episode is about. Wake up. If you are not wealthy, if you are not rich, it is time to get your butt in gear and by rich I don't mean you have a huge house and you drive a Ferrari. I don't care what you drive, I don't care where you live but I'm talking about being able to survive financially, especially if your income or your main source of income or your job is taken away for a couple of months at a time. Now as I record this, we are still in the midst of this corona pandemic.
Over 45,000 Americans have died, they've lost their lives and over 30 million people are unemployed. They think it might get up to 50 million or 60 million by the time this thing is all said and done. Craziest numbers in history, ever. People have been forced to stay home for a couple months now and things are getting bad economically, financially and it's starting at the bottom and it's trickling up, right? It's starting with the guy who was living paycheck to paycheck but now he doesn't have a paycheck. It's starting with the person who is working at a Dollar General for minimum wage and is now classified as an essential worker so the store can stay open but then gets sick and can't work anymore then goes home. It's for the person whose daycare has closed because of the pandemic. And so, she cannot go to work anymore because she has to stay home and take care of her kids or school is canceled, school is canceled everywhere.
So what are these parents doing? They can't work, right? Whether you're a minimum wage worker or whether you're a highly paid professional, everybody's in the same boat. People can't pay rent and the government says that they can't be evicted, right? And the courts are closed, so you couldn't even try to evict them if you wanted to but that's causing people to miss on their mortgage payments. Now mortgages are not being paid, so foreclosures are definitely going to go up. These big banks are not collecting their mortgages and they're stuck, so they're going to start defaulting on their loans. That means insurance companies are going to have issues because insurance companies are the ones that buy the loans from the mortgage companies. The government is going to have to bail those people out and it's just moving up and up and up the chain. Savings are being depleted.
People are sitting at home if they have any savings, it's going down, most people don't even have it. Less than half the people in this country have less than $1,000 in their bank account. It's ridiculous. It's crazy, it's scary. I mean, heaven forbid you get sick. Heaven forbid you have to go to the doctor or the emergency room right now for the virus or anything else. Meanwhile, the government is printing more money than ever before. They had people come on the TV and be like, "Oh, don't worry, we're just going to print money. That's our mandate. We're just going to print and print and print and print. We're not going to let anybody fail." I was like, "Holy cow, how can they have that type of mentality? How can they say that? That they're just going to keep printing and printing and printing more money. More than ever before in history."
But in the meantime, the Small Business Loan Program that they were talking about in Congress, oh, yeah, we're going to save all the small businesses and keep people from getting laid off. No, you didn't do anything. That money ran out in two weeks. People are still getting laid off left and right, everywhere I look. The impact is being felt everywhere. I mean my personal trainer, last time I saw him, he had tears in his eyes the last time I talked to him because the gym was closed where he works, people are canceling. He has no income, people are afraid to have him come to their house because he doesn't have any of the equipment anyway. He doesn't know what he's going to do. Contrast that to the wealthy, to the rich. They are enjoying this quarantine. They're spending time at home with their families.
Sure, they're going to suffer as well financially. Well, obviously, right? Stock market is down, oil is down, business is down, revenues are down everywhere but the rich have a strong enough foundation that they know they will survive this and the rich are not going around thinking, "Oh my God, what am I going to do? Oh my God, what am I going to do?" The rich are thinking, "Hm, how can I take advantage of this situation? What can I do right now to make more money when this is done? What stocks should I invest in right now that's going to turn around? What can I do to make myself stronger in the future? There are a lot of businesses going out of business, maybe I could buy one of them. Maybe I can loan them money. The government's not loaning any money, maybe I can loan them money," right?
If this pandemic is freaking you out and you feel that you have to get back to work then I need you to make a change in your life. Please stop continuing on the road that you were on before all this happened. Fix it. Have savings, have investments, have multiple fingers so that you are not dependent on just one source of income. Let this be a wake up call for you, okay? Now I hope this virus goes away soon and things get back to normal but as soon as it does, don't go back to the same thing, don't go back to the same grind. Use this time to do something else, to make yourself more educated or stronger or better skilled. Find another way to do what you need to do and no matter when you are listening to this, okay? It doesn't matter if the virus is done and you're listening to this like two, three years in the future, it doesn't matter.
If you were to be stuck at home or without your main income for two months, what would happen to you? Best question, could you survive with no income for two months? If no, then you're poor. Harsh but true. Living paycheck to paycheck is poor in my book, no matter how large the paycheck, right? If you're making $10,000 a month and you're spending $10,000 a month, you're still poor, so please make a change. And even before the virus, okay, this is super, super important because almost every week I get at least one email from somebody who was working a very good corporate job, making a lot of money, getting on in years and then laid off and now they're stuck and now they're trying to find a way after they get stuck. After you lose your income is not the time to find a new source of income.
You need to line them up before that happens, before the ball drops, before the door slams in your face, okay? Yes, I know. When God closes the door, he opens a window. I get that but you got to know where the window is before the door slams in your face, okay? It's not good enough to let the door slam and then go searching in the dark looking for the window. You got to know where the window is first, so that when it opens you can jump through it. If you need ideas, listen to the other episodes of this podcast or email us and we'll do our best to guide you but please make a change. Let this be a wake up call. Let this be a sign that, hey, you know what? If things are financially tough for you right now, then you need to make a change.
You need to do something different and you have the ability to do so. The knowledge is there, the ability is within you. It's up to you to take this first step. Now, luckily I've been working on my Passive Trading book and hoping we'll release it very soon or maybe by the time you hear this it'll already be out. If you don't have or know the first step, that's the first step, read that book. Passive Trading, that's what it's going to be called. If you don't know about it, email us and we'll get you a link to it, okay? But Passive Trading, that's where it starts, that's where it has changed for me. That's why I am not freaked out by this mess. Yes, I know business is down for me as well but I have other sources of income and so, even though all of them are down, we're still fine. We're still surviving.
I didn't worry about not getting a $1,200 stimulus check. I didn't even qualify. It's okay, no worries. I didn't go nuts that I didn't get this PPL loan for small businesses. We cut back on our expenses but we're fine. We're still going to survive and when this is done we're going to take off again. So if you plan ahead of time before the problem occurs, you can get through it smoothly. But again, if you're facing financial difficulties right now or if you could not survive, if you lose your income for a couple of months, you need to do something different, you need to make a change. And I hope this serves as a wake up call. I hope that you didn't get sick, I hope that nobody in your family suffered but I hope that this virus or pandemic or whatever is done soon but that it served its purpose in showing you how on thin ice you are.
And it showed me that although I'm not on thin ice, I could be a little stronger too. I could have things better off as well and so, I'm redoubling my efforts as well. So don't think that this is a wake up call just for the people who are working a minimum wage job, this is for everybody, this wake up call. So please wake up because the opportunities out there, it's not as hard as you think, all right? If you don't know anything about passive trading or options trading, get educated, start doing it and you'll see what I'm talking about, all right? Hope you're all well, trade with the odds in your favor. Talk to you soon.
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