00:00:00
If you rent in your 20s and you rent in
00:00:02
your 30s, you're going to turn around in
00:00:04
your 40s and having not built any net
00:00:06
worth. And in fact, homeowners in
00:00:08
America are worth 40 times more than
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renters. And I'm talking about ordinary
00:00:13
Americans.
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>> But that doesn't mean that buying a home
00:00:16
made them rich, right?
00:00:17
>> It actually does. And I'm going to go
00:00:18
through that.
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>> But am I not better off renting and
00:00:21
investing in the stock market? I want to
00:00:23
bust this myth because I have spent the
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last 33 years of my life helping
00:00:28
millions of people with ordinary incomes
00:00:30
become financially free. And there's a
00:00:32
formula to getting rich, but there's
00:00:34
also a system to how you put your
00:00:36
financial life on autopilot in less than
00:00:39
10 minutes. And it doesn't require
00:00:41
discipline, budget, and you don't have
00:00:43
to make a lot of money to get started.
00:00:45
But unless your financial plan is
00:00:47
automatic, it will fail. But more
00:00:49
importantly, I believe the next 10 years
00:00:50
will be the greatest opportunity to
00:00:51
build wealth in our lifetime. And yet,
00:00:53
seven out of 10 people right now are
00:00:54
living paycheck to paycheck. More than
00:00:56
50% of Americans don't have savings. And
00:00:58
most people don't know where their money
00:00:59
goes. And in fact, when we ask people,
00:01:01
how much money would it take to totally
00:01:02
change your life? They say $10,000. Now,
00:01:05
how much money do you need to spend a
00:01:07
day to blow $10,000 a year? $27.40
00:01:11
a day. If you invested that a day for 40
00:01:13
years, you'd have over $4,424,000.
00:01:18
that would be life-changing.
00:01:19
>> But just before we get into all of the
00:01:20
specifics and the strategies, do you
00:01:22
have any specific advice to people that
00:01:23
are currently struggling with debt?
00:01:25
>> Absolutely. There's a very simple
00:01:26
formula to getting out of debt called
00:01:28
dole. I tell him to
