5 Myths of Becoming Financially Free and Baby Money Soldiers?! How To with Jake and Gino

Jake & Gino: Real Estate Investing & Multifamily

Jake & Gino

Smartinvesting, Buyingrealestate, Investing, Multifamilyrealestateinvesting, Business, Investingsmart, Apartmentinvesting, Management, Makingmoney, Realestateinvesting, Cashflow, Jakeandgino, Realestateinvestment, Commercialrealestateinvesting, Buyingapartmentbuildings, Entrepreneurship

4.9 • 842 Ratings

🗓️ 25 September 2023

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to another episode of Jake and Gino! In today's video, Gino Barbaro, co-founder of Jake and Gino, dives deep into the myths that hold you back from becoming financially free and creating wealth. Ever heard of "Baby Money Soldiers"? Well, you're about to get a crash course on how to make every dollar work for you! Timestamps: 00:04 - Introduction & What are Baby Money Soldiers? 02:30 - Is your money working for you? 04:56 - The difference between good debt and bad debt 07:20 - Why it's never too late to start investing 08:06 - The importance of an estate plan Key Takeaways: 1️⃣ Parkinson's Law: Making more money doesn't necessarily make you financially free. It's all about how you allocate your "Baby Money Soldiers." 2️⃣ Investment Risks: It's not too risky to invest; it's risky not to understand your investment vehicle. 3️⃣ Good Debt vs Bad Debt: Not all debt is bad. Learn how to leverage business debt for cash flow. 4️⃣ Starting Small: You don't need a ton of money to start investing. Even a small amount can grow into significant wealth. 5️⃣ Estate Planning: It's not just for the rich; it's essential for protecting your assets and your family. Recommended Reading: "The Psychology of Money" by Morgan Housel Contact Us: Email Gino at gino@jakeandgino.com for a free PDF copy of our book, "Wheelbarrow Profits." Upcoming Webinar: Join our monthly webinar on creating wealth and understanding the market. Sign up at jakeandgino.com/webinar Stay Connected: Don't forget to like, comment, and subscribe! Follow us on social media for daily tips and updates. Thank you for watching! We hope this video helps you understand how to make your money work for you and dispels some common myths about wealth creation. See you in the next episode! 🔔 Subscribe for more wealth-building tips: Jake and Gino Channel Disclaimer: The information provided in this video is for educational purposes only and should not be considered financial or investment advice. Always consult with a financial advisor before making any investment decisions.

Transcript

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0:00.0	Hello and welcome. My name is Gino Barbara, one of the co-founders of Jake and Gino, and in this how-to, we are going to be dissecting and we're going to be destroying myths on creating wealth and becoming financially free.
0:13.9	Now, if you're on YouTube, right behind me, you will see the baby money soldiers. We're going to be talked about those baby money soldiers myths.
0:20.2	And if you've never heard of what a baby money soldier is, let me dive in right now.
0:25.0	I've got one in front of me. If you're on YouTube, you'll see a dollar bill.
0:29.0	Every dollar that comes into your life is what we call a baby money soldier.
0:34.3	Now to create wealth, really determined by how you allocate and you use those
0:42.1	baby money soldiers. Those people who actually put money, baby money soldiers aside and invest them
0:48.5	to be able to procreate more baby money soldiers, they're just going to create wealth a lot
0:53.3	faster. But let's dive into
0:54.7	these myths. And this first one really bothers me because when I was growing up, I thought, hey,
1:01.6	the more money I make, the easier it is to become financially free. Little did I know about Parkinson's
1:09.1	law, which affects the vast majority of us living in America.
1:13.1	You're making $100,000 a year. Life's going well. You're paying your bills. All of a sudden,
1:18.5	you get a nice raise. You're making $200,000 a year. Hey, I'm going to become financially free a lot quicker.
1:24.5	I just add an additional $100,000. Well, what does the average
1:28.6	person do? Their lifestyle tends to bump up. Instead of saying to themselves, I've got an additional,
1:34.3	let's say $60,000 or $70,000 of baby money soldiers after tax. What do they do with that money?
1:40.1	They go out, they get a bigger home, they get a bigger car, they go on vacation, all of a sudden
1:46.1	the husband, Gino, buys some jewelry for my wife, Julia.
1:50.1	I'm killing my baby money soldiers.
1:52.6	I'm not letting them procreate.
1:54.7	So it doesn't matter how much money you make.
	...

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