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- How to invest, investing your first $1,000.
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Maybe you've just earned you first paycheck,
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or maybe you have been working for some time,
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now you've put aside a little bit of money,
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what is the best way to invest the first $1,000?
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Now, let me give you a few options.
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There are a few things that you could do.
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Number one, you could just blow it, right?
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You could spend that money on drinks, or on a little trip,
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or you can spend that money on buying some video games,
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and things like that.
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You could, could just blow that 1000 bucks
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and you won't get a return or anything like that, in fact,
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but you'll get some pleasure out of it.
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It's leisure money, you could do that,
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but that's not called investing.
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That is just spending money.
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Now, another thing that you could do
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is maybe you're thinking about, well,
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maybe you can buy a little bit of mutual fund,
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you can buy cryptocurrency, or you know,
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you use that money for something,
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and you could do that, too.
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The question is even if you put that money aside
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and you invest it for long term,
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how much of a difference does it actually make
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to your financial future, right?
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Another thing that you could do,
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which may be something you could do,
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maybe you have some credit card debt, right?
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Or maybe you have some debt
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that you want to pay off that has a high interest rate.
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Obviously if credit card,
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it's gonna be very difficult for you
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to put that $1,000 to work
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that will get a better return
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than the interest that you're paying for your credit card,
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so maybe use that money to pay off some debt.
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That may be a way to go as well.
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But, so I always say you don't really actually have
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a debt problem, you have an income problem, right?
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Think about the debt that you have right now, right?
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The amount of debt.
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Maybe you have a few thousand dollars in debt,
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maybe you have tens of thousands of dollars.
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In some cases, maybe even $100,000,
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your student loan, your credit card,
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your mortgage, whatever that you have,
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but I want you to think about with your current income,
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how much you're earning right now,
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how long would it take for you to pay off that debt?
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Comment below.
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How long would it take for you, with your current income,
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to pay off the debt, the money that you owe to other people?
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Chances are, a long, long time,
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so you don't have a debt problem,
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you have an income problem, and at the end of the day,
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your income problem really is your skill problem.
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You don't have an income problem,
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you actually have a skill problem.
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You don't have a valuable skill
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that you can offer to the marketplace
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in exchange for more money so you can earn more income,
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so that $1,000, I'll share with you what I did.
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Number one, I did not just go out there and just blow it
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and spend money on stupid things.
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I did not do that.
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Number two, I did not use that money to pay off the debt,
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because I was owing people so much money
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that that little bit of money, that didn't help,
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because all the businesses that I got into that I fail at,
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all the money I owe,
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that $1,000 didn't even make that much of a difference.
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I know that wouldn't make a difference.
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What I did is I invested money into myself.
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I believe the best investment
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that no one could compete is you invest that dollars
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into yourself, improving yourself.
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Now, for some, it maybe is taking
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a public speaking course, right?
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Going to Toastmasters,
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spending a couple hundred dollars
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to improve your communication skills
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so you could be more confident when you talk to people.
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For some, maybe it's going through
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a personal development course
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that would help you to develop that self-awareness,
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knowing yourself more.
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And for some, maybe it's learning how to sell,
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or for some, it's learning how to talk to people,
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for some, it's learning how to do copywriting.
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Whatever it is, or how to do digital marketing,
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but invest that money in yourself.
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Buying that book, $20, $1,000 you can buy a lot of books,
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and if you buy Kindle and eBooks, you can buy even more.
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Maybe it's going to a seminar, going to a workshop.
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Maybe it's take an online course.
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Whatever that is, invest in yourself.
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That's the best investment that you can make.
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Imagine this, you are, let's say, making $2,000 a month,
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$24,000 a year,
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but by using that $1,000 and you invest in yourself.
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Improving your skills, improving your confidence,
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improving different areas of your life
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so you can deliver more value to the marketplace.
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Now, let's say, hypothetically, you double your income.
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Instead of making 2,000, now you're making $4,000 a month.
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$4,000, that's $24,000 in addition to income to you.
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That kind of return from $1,000 to $24,000 a year,
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my question is,
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what kind of investments would give you that kind of return?
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None in the world, and that's just the first year.
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Once you get good, you can keep earning and earning,
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after year after year after year,
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you're still producing income
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from something that you learned,
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could be two, three, five, 10 years ago.
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I am still creating wealth,
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earning more from the skills sets that I developed
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many, many, many years ago.
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No one could take that away from you.
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The government cannot tax it,
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no one can steal that from you.
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It is yours.
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It is yours, so that $1,000, invest in yourself.
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It will never go wrong.
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Your first $10,000, invest in yourself.
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We invest in yourself.
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Believe in yourself.
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Bet on yourself.
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Don't bet on others, don't bet on a stock, right?
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Invest in yourself first.
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Once you earn more money, yes.
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Once you have developed the earning abilities,
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then yes, that extra,
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now, you don't just have $1,000 put aside.
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You have way more that you put aside.
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Then yes, you can look into other investments,
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and that's my suggestion for you.
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How to invest, investing your first $1,000.