0:00
It does not matter the amount of money
0:02
that you make. If you do not know how to
0:04
manage money, you are never going to
0:06
become rich. The first stage [music] of
0:08
my life was when I did the loans
0:11
business. I took money from other people
0:13
and I gave it as loans to other people.
0:15
So that I [music] took them 10% interest
0:18
and I paid to my investors 5% interest.
0:21
That was the first time that I started
0:22
making money on my own. The only
0:24
management [music] skill that I have was
0:26
recording my expenses. You are either a
0:29
spender or you are a saver. I am a
0:31
spender. [music] The money that I had in
0:33
my hand, I would spend and I'll spend
0:35
more than that. So [music] that point in
0:37
my life, well of course coupled with
0:39
loans, very very bad loans that I give
0:41
and everything. That was [music] why my
0:43
business came down. Now when I started
0:45
the Airbnb business, started renting
0:47
apartment to people, I found that the
0:49
profit margin of that apartment business
0:51
[music] was more than my loans business.
0:54
We had a lot of debt from the old
0:56
business [music] and we started a new
0:57
business. So this new business the money
1:00
management skill that we had was that
1:03
every single time that money comes in it
1:06
goes back to to [music] those we are
1:07
owing. I got an awakening. There was a
1:10
lockdown that was when it dawn on me
1:11
that all this while we making a very big
1:14
mistake. And if the lockdown is going to
1:16
last a [music] certain period it means
1:17
that we might have to come out and be
1:19
even though I was doing business I was
1:21
paying investors. I was paying everybody
1:23
else except myself. [music] So I learned
1:25
that lesson. I was going to make sure
1:27
that there is a specific amount [music]
1:29
of money that goes into a different
1:31
account in my life. I started doing it
1:33
until it got to a year and I saw that
1:35
that [music] money was a lot of money.
1:37
At that point instead of giving
1:38
everything to investors, I took a piece
1:41
of paper divided into three. The first
1:43
part [music] invest that money was going
1:45
to be invested back into the business
1:47
that brought out the second part of the
1:50
money debt. the people that I was
1:51
growing [music] money. The third part I
1:53
called it for life and that was that
1:55
money that I was putting into a
1:57
different account for myself. I wasn't
1:59
growing [music] any more money at this
2:01
point. When you are in a hole, the best
2:02
thing you have to do is to stop
