Frugal living tips - The Money Saving Secrets of the Ultra Rich

Zippity-doo-dah, beautiful day, great to be alive

Hey, what's up everyone? This is Chris Brown here again. Now, as you can see behind me, I'm hanging out here at the Yacht and Beach Club Resort

here in Walt Disney World. Now, in today's free video, we're going to reveal the money-saving secrets of the ultra-rich

and how you can use these exact same secrets to save hundreds, if not thousands of dollars

each and every month. Now, getting out of debt or lowering your expenses is not about cutting back on those

things that we want and the things that we really enjoy. It's really about cutting back on those things that we hate to pay for but we have to buy

Take for instance, this is why so many people will spend more money on a cup of coffee at

Starbucks than they will on a gallon of gasoline because this really illustrates a very simple

principle of business and the way that we manage our money. And that is that people don't buy what they need, they buy what they want

So when people think about getting out of debt, lowering their expenses, they normally

only think about frugal living. Now, the rich not only make more money than the poor and middle class, but they also spend

as little money as they possibly can on those things that they have to pay for but they

don't enjoy paying for. That way, they can have more money to buy the things that they really do want, like

the vacations, the cars, the homes, all the toys. Now, you may not make as much money as the rich, but you can use the exact same tactics

Now, you spend more money on taxes, interest rate from debt, and financial loss than any

other expense out there. Now, Robert Kiyosaki, the author of the Rich Dad Poor Dad series, says that there are four

stages to financial growth. Now, the first stage is getting out of debt and understanding the differences between

good debt and a bad debt. And real quickly, let me explain what that is

Now, a good debt is a debt that you would receive an income from that you could pay

off your bad debts from. So an example of that would be a mortgage on a rental property

So you invest some money into the rental property and chances are you don't have the cash on

hand, right? So you got to go get a mortgage to pay for that

So let's just say in this example that you're paying $750 a month for your mortgage, right

But let's say that you're renting out the property and you're getting $1,000 a month

So you have a profit of $250 a month that will allow you to pay off some of your bad debts

And a bad debt would be like a car payment, credit card payments, things of that sort

Now, the next stage is security. And this is where you protect yourself from life's sum of biggest expenses

And so you protect yourself through different insurances such as auto insurance, health

insurance, and even life insurance. Now, life insurance is more of a lifestyle insurance as opposed to just a death benefit

Life insurance is more of an investment to give you more money and that way you can enjoy

more of your life. Now the next stage is comfort. And this is where you're finally getting ahead

One of the things many people say is, I don't need to be rich. I don't need to be wealthy

I just need to finally get ahead. And then finally the last stage is wealth

And this is where you're not spending so much of your time working, creating cash, you know

making a living. This is where you still might be doing that, but the cash that you're making from working

hard, you put that into different investments and that's where you're having your money

work hard for you instead of you working hard for your money

Now I hope this information was helpful. I had a blast filming this video for you here today, but take care everyone

Have a great day. Keep an eye out on your email and continue on to the next video