How I Prepare To Survive and Thrive | Get Ready To Move!

TOPICS AND TIMESTAMPS:
Why Prepare? 0:00
My Story 2:16
Why Is My Story Important? 5:12
Making It Big 8:00
Skills 9:55
Inflation Hammering Us 11:00

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💵 HOW TO MAKE MONEY ON AMAZON: 💵

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How I Prepare

First I’ll tell you why you must prepare immediately.
Then I’ll tell you my story.
And I’ll tell you what you need to do.

Why Prepare?

If we rely on one source of income, we will be in big trouble.
If the economy does poorly in our area.
If jobs become more scarce.
We need to have skills to not only withstand a downturn, but to end up better off on the other side.

We need to create a secondary source of income, not to improve our lifestyle but as a survival mechanism. Inflation is going wild and even if incomes rise, they generally don’t catch up to the inflation rate.

My (Quick) Story

I became an entrepreneur in 2011, and had side jobs years before that. I knew I had to create more income if I wanted to be able to live a decent standard of living, as costs were rising.

I had absolutely nobody around me that was successful, nobody to be mentored by.

I read as many books as I could find, and listened to audiobooks every free second I had on various subjects. I asked anybody I could questions about everything. A voracious appetite for knowledge on all subjects.

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The income I produced was saved, and invested into assets. I saved almost the entirety of my income being frugal, and working 3 jobs/businesses.

After a failed attempt at a business (And many more stumbles along the way) I wrote my first book and started my YouTube channel in 2011.

In 2017 I began learning about selling on Amazon and launched my first successful product in 2018. That Amazon business runs quite passively and as a result gave me more time to spend on other things.

Why This Is Important

What’s important about my personal story and the factors here is that these businesses run independent of my location. Independent of my customers location. They operate 24 hours a day.

No matter how good your skills are, there’s a ceiling on your income. You can get a great raise every year and it can even beat inflation. But there’s a limit to every profession.
If you invest your earnings into traditional assets, and those assets perform well, you can increase your net worth.
If you invest your time, energy, and income into scalable businesses, you do not have a cap on what you can make. And you can be location independent.

To give you an idea of the difference between traditional assets and scalable businesses and the accumulation of capital, take this. If the stock market were to increase 7% per year, every year (Not factoring in any down years) it would take a few years to double your money.
In a scalable business like Amazon, Shopify, or others, a typical ROI (Return on Investment) would be 100% in 45 days.

The reason this is possible is that you as an individual can only sell so many products in one day. How many calls, emails, door knocks can you do in a single day, and how much profit per sale?
This is why you need a scalable system that enables you to sell your product globally, 24 hours a day. It’s infinitely more efficient.

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Skills

You need to have self sufficiency skills. Preferably ones that can be monetized. People will pay for the skills they don’t have. If you are an electrician, this is a skill that can be useful in any city or country.

This allows you to potentially earn income as a 9-5 job or your own business. The limiting factor is that it isn’t scalable.

Handy skills are important but need to be doubled up with a business model that works when you don’t.

With inflation being so high and likely to be an issue for the foreseeable future, we need to earn much more money not to live a lavish life, but just to live comfortably. Those who do not will be highly reliant on social assistance programs.

If you can get your situation in order, do your best to learn new skills, improve existing skills, you can thrive in this brave new world.

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Sources Used in This Video:

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The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It's simply data that is generally not found through conventional means.
#money #inflation #investing

Music Provided by Skip Fearless

[TheMoneyGPS]

Summary: 1. Inflation is is high, normal income can't catch up. 2. Normal jobs have a cap on income while inflation has no cap. 3. Need scalable business on the side so while you aren't working, income continues to come in. 4. Continue to reinvest profits back in to multiply, rather than add.
Another aspect I didn't cover which I will in another video is that where you currently live might be too expensive and simply moving to a cheaper environment could make a huge difference.
Let me know what you think of this video. This is the first time I ever discussed personal aspects so I hope you appreciate it.

[davehendricks]

I’m retired and can’t work. I’ve purchased some silver and gold. I’ve raised chickens this year from chicks. I’ve got a rooster so I can continue to increase the flock for meat and eggs. I’ve got nut and fruit trees. Apples, peaches, apricots and figs. Kiwi vines. Purple, red and green grapes. Currants, gooseberries, and black raspberries. Sunchokes and an 800 square foot garden. Backup solar. I can’t do much more.

[RadicallyFRUGAL]

I'm about to turn 60 years old I've been doing doordash for 4 years and I work 70 to 90 hours a week I listen to YouTube during that period of time and I listen to channels like yours to educate me I wish I had had these resources and perspectives 40 years ago I would be a multi-multimillionaire but I'm grateful to have them now to be able to adapt to these difficult times thank you so much for your Channel

[yellowbird]

Reading first hand accounts of investing in real estate helped me understand that I could do that, too. I didn't end up with as many rentals as I initially wanted, but I was able to convert one to a double unit, ending up with five rentals. As a single person, that is all I really needed, as my goal was not to become wealthy, it was to have a comfortable retirement. I didn't start investing until I was in my 50's, so it's never too late. I just sold the second of my houses, and paid off all the mortgages. Hitting the market right is the key, and knowing your neighborhood's potential. If you are someone who doesn't mind painting, mowing grass, fixing minor pipe leaks, etc., you can save a ton by doing it yourself. But real estate in general for the small investor is not for sissies. I made every mistake in the book and took a beating. But in the end, I got what I wanted, which was no mortgages, no car payments, no credit card bills, etc. I worked during all that, too, as the investments were a sideline. There is no easy path to financial freedom from ground zero. It takes work, motivation, interest and a passion for success.

[TornadoFlame]

So many of your peers have been compromised. It's refreshing to still see that you are bringing facts and awareness to everything that is going. You're a good dude. Don't let them buy you out and don't make them force you to put those stupid ass flames in your thumbnails as psyops. Thanks again.

[jamespaul]

How to survive and thrive during a recession. Today your insights were both practical and inspiring. Thanks

[tomtucker]

I've got a job, also a little side business. I'm also building a 2 home inside my house. Making 2 homes under the one roof. So I'll be a landlord soon. Also signing up for Uber also just to net a few hours extra work a week. Can't recommend diversifying your income enough. Feels great to never be relying on one.

[caroledoerr]

Your greatest gifts was your love of learning and good judgment!

[gasaxe]

I bought tools with my earning.
Honing my skills to provide the best services available in my area.
I'm teaching my teenage son to use these tools and skills for his future.

[parrense]

Becoming a good handyman, can open a lot of opportunities, a make you more frugal, thank you Dave.

[jdoi]

Dave is right, we need at least a secondary source of income. Remember this rule: 3 is two, 2 is one, 1 is none.
Luckily if you have a partner and you are both employed you are already at the 2 is one stage!

[sparkythims]

You have truly inspired me today. I’ll be working on leveling up. Thank you so much. 🙏🌸💕

[bobconder]

You’re spot on...
You got to want it.
That’s the main thing .
Then in a weird way it’s Not a chore at all.

[lucasmackay]

I admire your dedication and drive to learn and do better. I am guilty of falling for cheap thrills day after day, burying my head in the sand, but I am trying to change by building new habits. You are a positive role model to me, and I am thankful to have found you and your work.

[ryanendoh]

This is the most inspirational video you've posted to date. I think this style of video is good. You should post more of these from time to time as the "doom and gloom" although informative and entertaining, can render viewers exhaused and bewildered.

[angieherron]

Great video David! Thank you for sharing your story! I used to have side gigs and no longer do. I know how important this is. Learning new skills and starting a new career, one that will enable me to utilize my knowledge and skills to have a side hustle again. Thankful! We appreciate you David! Have a blessed day!

[KingJames-nelk]

i remember when i walked out of my factory job loading trucks in august of 2019. I had just got a raise to 26$ an hour... when i started there 2 years prier i was making 15$ an hour. After 11$ in raises my life was honestly no better. I read Rich Dad, Poor Dad! Boom...! my mind started changing. i was talking to my co works about it... they would laugh... but ever since i quit my job i was forced to make changes.. SO i took the money i made on selling my home and got an Amazon store! I traded all the money i had for just an Amazon store.. Now i make more money then all my friends.. and i spend more on products in a month them any of them will make in 2 years. I love waking up and seeing the sales! Scared money don't make money! No one is coming to save you!

[arizonanative]

One of your best videos. Thank you for your steadfastness in making these videos.

[kesiagonzalez]

Thank you David for the great advice! 👍

[rey_nemaattori]

Better than just doom & gloom, this is far more interesting!