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THE ED MYLETT SHOW

Millionaire Money Habits

THE ED MYLETT SHOW

Ed Mylett

Education, Business, Self-improvement, Entrepreneurship

4.913.6K Ratings

🗓️ 14 September 2023

⏱️ 25 minutes

🧾️ Download transcript

Summary

This week I want to talk to you about something that’s near and dear to everyone’s heart. MONEY. I can’t give you specific advice or a great stock tip, but I can talk to you about some FINANCIAL SECURITY PRINCIPLES I’ve used over the years to build a significant amount of wealth. Let’s start with some basics… First, you must create a SAVER’S MINDSET. LOCK THIS IN. If you can’t save money when you don’t have much, you won’t save money when you have a lot of it. Saving money is a HABIT. So, the The very first thing you must decide is if you are A SAVER OR A SPENDER? Part of this includes AUDITING how you spend your money. Do you know how much you spend on Starbucks, Amazon, DoorDash, streaming services, and other discretionary things each month? Next, what is your attitude toward DEBT? The cost to borrow money on a depreciating asset is EXPENSIVE. It can make sense to LEVERAGE MONEY on an appreciating asset, but you’ve also got to pay really close attention to how much and how often you do that as well. Also ask yourself HOW LONG COULD YOU SURVIVE if all your income immediately stopped? Six months? Six years? At some point, you won’t work anymore, and NOW is when you make plans for when that happens, because at some point that will be a reality for all of us. The BOTTOM LINE on your bottom line is this. YOU DON’T BECOME WEALTHY BY MISTAKE. You become wealthy through the right habits COMPOUNDED over time. Become disciplined and zealous about how you handle your DOLLARS AND CENTS. It’s the only thing that makes SENSE if you want to become wealthy over time.

Transcript

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0:00.0

This is the Ed Milett Show.

0:07.7

All right, welcome back to the show, everybody.

0:08.9

So excited that you're here with me.

0:10.2

I love our solo episodes because it gives me a chance every single week to answer your

0:13.7

questions on the show.

0:15.9

And so by the way, if you do have a question, you can submit them at Ed Milett on Instagram,

0:20.4

ED, NYLETT.

0:21.4

And there's a really good chance that it will question them up on the show.

0:23.9

So this week we're going to talk a little bit about money and financial peace.

0:28.2

Now I'm licensed, so I can't give you any real specific investment advice or anything

0:32.0

like that, but I can talk to you a little bit today about just some basic principles that

0:36.6

will give you more financial peace in your life and some insights into some of the things

0:40.1

I see that are very commonly spread on social media by many influencers that I just don't

0:45.2

necessarily agree with.

0:46.4

And so one of the things that I've been very fortunate to do is to build a pretty significant

0:50.6

net worth.

0:52.4

And I believe part of that net worth was built because of some basic principles that

0:56.7

I've adhered to that I want to share with you.

0:59.3

And so let's start from the very beginning.

1:01.2

Number one, you have to decide that you want to save and accumulate money.

1:05.9

It has to become a priority for you.

1:08.4

And I'm going to say some things that sound a little bit contrary to what you hear on

...

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