It's amazing you brought up that book cause just read it and somehow eventually ended up on your channel. The book is pretty eye opening and even though your vids are considered strictly common sense, it's what we need. Cause we've all gotten caught up in the hype and need to get back to basics. I find my life is getting better getting back to basic. So continue to do what you do. It's helpful..
@@@@ Mr Mohammedabshaun and others:. Can one still build up real wealth with low / terrible FICO score lets say in my case 510. This occured becuase I decided to be debt free by closing Macy,s and two other credit cards. The result , which burns me up, is the fact this action made my credit score go down . That plus two occasions where I reported a credit card lost >> that action too affected my credit score. I would love to hear the thoughts, comments form others.
Wealth through debt is not a smart way to go. Save back as much as you can and invest your savings into things that generate wealth, That way every dime you make from your investment is free and clear of debt, Other than the debt that the Govt. puts you in and you have to pay in taxes. It takes time to accumulate true wealth, Be desciplined and commited to a plan and you can make it happen. IMO
Your FICO score has nothing to do with wealth. A FICO score is basically an "I Love Debt" score. The only way you can raise your FICO score is to borrow money (i.e. go into debt) and pay it back on time.
75% of the Forbes 400 (the wealthiest people in North America) say the key to building wealth is getting out of debt and staying out of debt. That would mean they don't borrow money. If they don't borrow money, I would guess they have no FICO score at all.
Given those two pieces of knowledge (which are really important and very powerful, so don't miss them or just skim over them) - yes, you can become wealthy without a FICO score, or even a really low FICO score.
Google 'Calculating Net Worth'. You'll get an idea of where you are in regards to your wealth and it will motivate you to get in gear to create more income so you can invest.
Education is fine. But we're talking about practicality. Turn it into a magical world, with cash burning a hole in your pocket and expensive surroundings, cars, houses, restaurant dinners, etc., and you'll end up with bills. You can't dream your way, but have to put things to good use, time, resources, etc.
Creativity is fine, and ideas, but it's money in and out. Utilization.
I learned it long ago from my dad. They were gonna cut off his credit cards, for paying on time!
I can tell you are a Kiyasaki fan by your speech. Debt is never your friend, what if you were to become sick or unable to pay the debt due to job loss etc. A real estate rental property is much better when you own the home free and clear. My friend life is less stressful when you own something.
Hey nice way to pigeonhole me. Of course it always better own own things free and clear. You always talk about Buffet and other examples as such. I hate you break it to you but many companies today exists because they were started from debt. If anything you're the one that is quoting philosophy and ignoring the rest.
None now. I had to borrow to start off with business licenses, equipment and so on. Sold the business 2 years later that services convenience stores and gas stations with security equipment that goes online. It was leased out and charged for services. It was profitable and that's all you need to know. What about you? You always preaching ideology.
BTW, I think Kiyosaki is full of shit as he never showed any proof of the properties he claims he owns. He's no different than any other "guru".
Well I started my business with no debt and i am continuing that way today. I started from the bottom and worked my way up. I think dave ramsey is a good guide to follow. Debt = Lack of Power. The time when you where paying of your loan you could have been keeping your money and investing.
How much capital you start off with then? What type of business is it? I am extremely skeptical of your claims as you're just spurning vagueness. Debt actually allows you to expand your business. As long as your revenue can outpace your interest payments and cost, there's no reason that holding a debt is losing time or power. In fact, this is the method in which most businesses expand. You don't know what you're talking about. Worked from the bottom? Huh, you and everyone else on this planet?
Well first of all I started doing business in China. I have sold products from fish tanks to handbags. I buy them at low prices and sell them at high prices. I started off with $1000 dollars of my own money. I am opening a handbag manufacturing plant in Nicaragua in January. I have three kiosk in the mall now for Christmas. I am all over the map.
You're full of it. You could not possibly start a business with only 1k having to apply for licenses, storage and even residence as a business address. You can even think about it common sense wise how much margin it would take to double 1k and offsets to a point which you claim you're at? You have taxes to pay too corporation or sole proprietorship. You might trick people like these that never operated or owned a business, This is why you're being so vague and keep preaching philosophy.
My friend I make six figures each year and I started my business business with $1500.00 Your idea of business is entirely to big at the beginning. You don't need all that crap at the beginning. A business license cost really nothing, and storage is my house. So you are talking to a man who has done it, so you can't say no one can do it.
You can stop lying. A person can simply calculator that you're full of it. Just factor it cost, taxes, losses to double to six figures for how many odds years you claim you been doing it. Any idiot can see through that. It would even be hard to sell 6 figures in one year based on your starting capital. Even if you bought you products on receivable or note, that is a debt still. You already contradicted your earlier statement of the starting amount.
My friend I can tell you don't know much about business. I have been traveling to Guangzhou China for years. You say its hard to sell to sell six figures. I have a kiosk now in the mall where my product sell for $150.00 I have already made around $7,000 dollars in 5 days. I am expecting to make over $50,000 before Christmas. Back Friday should bring me in $8-10,000. My friend opened a Halloween store and made $300,000 plus just in October.
I don't make up numbers like you and brag about things that didn't happen. Even a fool can you're full of it. Still no proof of any sort. Since you claim to have an S corp, you can easily show the gains or losses from your own personal statements. Let's see that 1k into 6 figures.
All you have to do is show your tax receipts to the IRS since you claim you sold so much. Any business can give away their idea but not every business can replicate it.
Buy low and sell high? Really? Seriously? Damn I guess nobody else thought of that before. That's what every business apparently been doing wrong except you. Wow, maybe this might work for any other type of investment as well. Revolution.
Anyone that owns a business would know you're full of it.
My friend why do yo try to make me out for a lie. I have nothing to prove here on you tube. Just because you don't know how to be successful in business , you think someone else can't. Most people buy in the U.S. and buy from middle men. I buy from the manufacturer of a product. I don't have money tied up in business equipment, and plus My customer base is all over the world. My chances for success are much greater than other businesses.
Also by the way my business is a S-Corp and I have a great CPA , so we have a great strategy each year. it sounds like you where not a six-figure guy in your business.
Once again, no proof, all talk. Hell, I can claim I started a large company with 1000 employees then. We make six figures in one day starting with 2 pennies.
Don't show vague steps like you been doing. Saying yea buy low and sell high is not proof. I was to see that 1k turn return 100 times complete profit like you claim within a respectable amount of time frame.
@a012345 get a life man or woman. If you can't be positive then go watch someone else. The rest of us like what he has to say. Common Sense is NOT COMMON. Otherwise lot of people would be doing well. The economy wouldn't be shit. If you had common sense you wouldn't be whining and complain about his videos. You'd be too busy making money to care enough to put down his videos. Just hating because your not the one giving advice
@masscash4u Once again, I doubt what he's saying it's because I actually been through a successful business from scratch which I sold at the end of the dot com era with blue sky cost. Any jackass can go online and claim things. Anytime I ask for detail, he's full of it. If you buy into his bullshit more power to you. I care enough to point out bullshit when I see it.
My friend I sold at the largest rock tour in North America"The VansWarpedTour. I had over 20,000 kids and many more in some cities and Canada who are all my Demographic, in front of me 43 times a year. The tour had 43 dates and I averaged a lot during those days. So my friend I don't know idea of business but I am all over the place with mine. Its actually sad to have this conversation with you, because I can tell right away, you don't know much about business.
This is why most businesses fail, they don't allow themselves to make mistakes at the bottom and become knowledgeable business owners. They want to start at the top, with no knowledge and fail miserably.
Most business fail not because of debt but they had a faulty business model to begin with, didn't have a target audience willing to pay for the service, customer base requiring the service or product and didn't expand while other companies did. You claim most companies have debt, they also have retained earnings also and treasury stocks they never sold off during IPO or got during buybacks can offset if needed. There are debt to income ratios.
Funny, most people who don't think I they need to hear the right staff are broke and stupid. You're right! There is nothing overcomplicated about building wealth. But we'll sit on our asses and watch the news(no, that's not predictable) or some dry re-runs(not predictable, I don't think). I have to agree that your videos are very basic, that's why I watch your stuff. I learn from what you have to say, and I can tell you're very passionate about it. This is the real stuff.
Ture, but BoA could be a credit card debt, a personal loan, a mortgage, a HELOC, etc., etc. I'm sure that's what mohammedabshaun was referring to. ;-)
Generally speaking if you owe a debt (no matter how long) it's your responsibility to pay it. I can't think of any reason why a judge would allow you not to pay it. However, if it has been awhile since you've paid on it, you can offer then a reduced amount and settle with them so that you save money.
However, as there was probably an agreement of some kind in writing, I doubt that you'd be able to win the case. You'd probably just lose the money on lawyers, etc.
It's amazing you brought up that book cause just read it and somehow eventually ended up on your channel. The book is pretty eye opening and even though your vids are considered strictly common sense, it's what we need. Cause we've all gotten caught up in the hype and need to get back to basics. I find my life is getting better getting back to basic. So continue to do what you do. It's helpful..
rashb 3 days ago
LEARN THE INSIDER SECRETS OF THE SUPER WEALTHY !!
30billionaireschangingtheworld dot kom
Steventk26 6 months ago
where you the only black guy there
comebigarestayathome 10 months ago
I'd say increase your income through multiple streams of income
skeetmoses 1 year ago
good video. yeah i agree its all abt taking care of the little minor things that you talk abt but most people ignore that not knowing that's the key
ivy9857 2 years ago
Did this video get cut short... ?
:(
FamilyofAbbotts 2 years ago
Common Sense isnt so common these days, Good Video
bufforilla 2 years ago
@@@@ Mr Mohammedabshaun and others:. Can one still build up real wealth with low / terrible FICO score lets say in my case 510. This occured becuase I decided to be debt free by closing Macy,s and two other credit cards. The result , which burns me up, is the fact this action made my credit score go down . That plus two occasions where I reported a credit card lost >> that action too affected my credit score. I would love to hear the thoughts, comments form others.
albc1964 2 years ago
Wealth through debt is not a smart way to go. Save back as much as you can and invest your savings into things that generate wealth, That way every dime you make from your investment is free and clear of debt, Other than the debt that the Govt. puts you in and you have to pay in taxes. It takes time to accumulate true wealth, Be desciplined and commited to a plan and you can make it happen. IMO
bufforilla 2 years ago
Wow! Great plan, if most people practiced this philosophy, more and more people would be wealthy all over the world.
mohammedabshaun 2 years ago
Your FICO score has nothing to do with wealth. A FICO score is basically an "I Love Debt" score. The only way you can raise your FICO score is to borrow money (i.e. go into debt) and pay it back on time.
75% of the Forbes 400 (the wealthiest people in North America) say the key to building wealth is getting out of debt and staying out of debt. That would mean they don't borrow money. If they don't borrow money, I would guess they have no FICO score at all.
MorningDreamgirl 2 years ago
Given those two pieces of knowledge (which are really important and very powerful, so don't miss them or just skim over them) - yes, you can become wealthy without a FICO score, or even a really low FICO score.
Google 'Calculating Net Worth'. You'll get an idea of where you are in regards to your wealth and it will motivate you to get in gear to create more income so you can invest.
Hope it helps!
MorningDreamgirl 2 years ago
Wow good one, I like this statement.
mohammedabshaun 2 years ago
That's why I watch!
Education is fine. But we're talking about practicality. Turn it into a magical world, with cash burning a hole in your pocket and expensive surroundings, cars, houses, restaurant dinners, etc., and you'll end up with bills. You can't dream your way, but have to put things to good use, time, resources, etc.
Creativity is fine, and ideas, but it's money in and out. Utilization.
I learned it long ago from my dad. They were gonna cut off his credit cards, for paying on time!
MarkBH70 2 years ago
Don't pay attention to that fool brother!
"Any fool can criticize, condemn and complain and most fools do." Benjamin Franklin
fodoret 2 years ago
did your video get cut off? it stopped at 4 mins and it didn't seem like you were done talking?
nestealover2002 2 years ago
This is wrong. Debt is your friend if it gets you a constant cash flow while paying off your investment/asset.
a012345 2 years ago
What he meant is consumer debt.
func0il 2 years ago
I can tell you are a Kiyasaki fan by your speech. Debt is never your friend, what if you were to become sick or unable to pay the debt due to job loss etc. A real estate rental property is much better when you own the home free and clear. My friend life is less stressful when you own something.
mohammedabshaun 2 years ago
Hey nice way to pigeonhole me. Of course it always better own own things free and clear. You always talk about Buffet and other examples as such. I hate you break it to you but many companies today exists because they were started from debt. If anything you're the one that is quoting philosophy and ignoring the rest.
a012345 2 years ago
And most companies are failing because they are in too much debt.
mohammedabshaun 2 years ago
So by the way how much are you in debt, and how mush cash flow do you bring in per month?
mohammedabshaun 2 years ago
None now. I had to borrow to start off with business licenses, equipment and so on. Sold the business 2 years later that services convenience stores and gas stations with security equipment that goes online. It was leased out and charged for services. It was profitable and that's all you need to know. What about you? You always preaching ideology.
BTW, I think Kiyosaki is full of shit as he never showed any proof of the properties he claims he owns. He's no different than any other "guru".
a012345 2 years ago
Well I started my business with no debt and i am continuing that way today. I started from the bottom and worked my way up. I think dave ramsey is a good guide to follow. Debt = Lack of Power. The time when you where paying of your loan you could have been keeping your money and investing.
mohammedabshaun 2 years ago
How much capital you start off with then? What type of business is it? I am extremely skeptical of your claims as you're just spurning vagueness. Debt actually allows you to expand your business. As long as your revenue can outpace your interest payments and cost, there's no reason that holding a debt is losing time or power. In fact, this is the method in which most businesses expand. You don't know what you're talking about. Worked from the bottom? Huh, you and everyone else on this planet?
a012345 2 years ago
Well first of all I started doing business in China. I have sold products from fish tanks to handbags. I buy them at low prices and sell them at high prices. I started off with $1000 dollars of my own money. I am opening a handbag manufacturing plant in Nicaragua in January. I have three kiosk in the mall now for Christmas. I am all over the map.
mohammedabshaun 2 years ago
You're full of it. You could not possibly start a business with only 1k having to apply for licenses, storage and even residence as a business address. You can even think about it common sense wise how much margin it would take to double 1k and offsets to a point which you claim you're at? You have taxes to pay too corporation or sole proprietorship. You might trick people like these that never operated or owned a business, This is why you're being so vague and keep preaching philosophy.
a012345 2 years ago
My friend I make six figures each year and I started my business business with $1500.00 Your idea of business is entirely to big at the beginning. You don't need all that crap at the beginning. A business license cost really nothing, and storage is my house. So you are talking to a man who has done it, so you can't say no one can do it.
mohammedabshaun 2 years ago
You can stop lying. A person can simply calculator that you're full of it. Just factor it cost, taxes, losses to double to six figures for how many odds years you claim you been doing it. Any idiot can see through that. It would even be hard to sell 6 figures in one year based on your starting capital. Even if you bought you products on receivable or note, that is a debt still. You already contradicted your earlier statement of the starting amount.
a012345 2 years ago
My friend I can tell you don't know much about business. I have been traveling to Guangzhou China for years. You say its hard to sell to sell six figures. I have a kiosk now in the mall where my product sell for $150.00 I have already made around $7,000 dollars in 5 days. I am expecting to make over $50,000 before Christmas. Back Friday should bring me in $8-10,000. My friend opened a Halloween store and made $300,000 plus just in October.
mohammedabshaun 2 years ago
Really? I thought opening a Halloween store during Christmas would bring in more sales.
a012345 2 years ago
My friend I will make a video how to start a small business with $1500 dollars and build yourself up to a six figure income.
mohammedabshaun 2 years ago
Try not to be vague as hell. You can start a business with zero dollars too. Try to illustrate time frame too.
Wasn't it 1000 you were saying? Now it's 50% more starting? lol.
a012345 2 years ago
My friend we can start with any number and I can make it happen. You just don't know how to think out of the box.
mohammedabshaun 2 years ago
I don't make up numbers like you and brag about things that didn't happen. Even a fool can you're full of it. Still no proof of any sort. Since you claim to have an S corp, you can easily show the gains or losses from your own personal statements. Let's see that 1k into 6 figures.
a012345 2 years ago
im looking forward to it
champc59 2 years ago
So maybe you are not use to making money money because of your debt. Oh yeah by the way none of these concepts used borrowed money.
mohammedabshaun 2 years ago
Actually you're the one that doesn't understand how debt works.
a012345 2 years ago
My friend I am only vague because I am protecting my product. Any business want just give their idea away. I buy low and sell high thats my strategy.
mohammedabshaun 2 years ago
All you have to do is show your tax receipts to the IRS since you claim you sold so much. Any business can give away their idea but not every business can replicate it.
Buy low and sell high? Really? Seriously? Damn I guess nobody else thought of that before. That's what every business apparently been doing wrong except you. Wow, maybe this might work for any other type of investment as well. Revolution.
Anyone that owns a business would know you're full of it.
a012345 2 years ago
My friend why do yo try to make me out for a lie. I have nothing to prove here on you tube. Just because you don't know how to be successful in business , you think someone else can't. Most people buy in the U.S. and buy from middle men. I buy from the manufacturer of a product. I don't have money tied up in business equipment, and plus My customer base is all over the world. My chances for success are much greater than other businesses.
mohammedabshaun 2 years ago
Why? I don't like people spreading lies. Some people might get hurt from your bullshit.
a012345 2 years ago
Also by the way my business is a S-Corp and I have a great CPA , so we have a great strategy each year. it sounds like you where not a six-figure guy in your business.
mohammedabshaun 2 years ago
Once again, no proof, all talk. Hell, I can claim I started a large company with 1000 employees then. We make six figures in one day starting with 2 pennies.
a012345 2 years ago
Lol i will have to proof for you tomorrow. all I want, when I show you how you can do this is a apology,
mohammedabshaun 2 years ago
Don't show vague steps like you been doing. Saying yea buy low and sell high is not proof. I was to see that 1k turn return 100 times complete profit like you claim within a respectable amount of time frame.
a012345 2 years ago
I put the new video up I haven't seen a response yet.
mohammedabshaun 2 years ago
@a012345 get a life man or woman. If you can't be positive then go watch someone else. The rest of us like what he has to say. Common Sense is NOT COMMON. Otherwise lot of people would be doing well. The economy wouldn't be shit. If you had common sense you wouldn't be whining and complain about his videos. You'd be too busy making money to care enough to put down his videos. Just hating because your not the one giving advice
masscash4u 1 year ago
@masscash4u Once again, I doubt what he's saying it's because I actually been through a successful business from scratch which I sold at the end of the dot com era with blue sky cost. Any jackass can go online and claim things. Anytime I ask for detail, he's full of it. If you buy into his bullshit more power to you. I care enough to point out bullshit when I see it.
a012345 1 year ago
My friend I sold at the largest rock tour in North America"The VansWarpedTour. I had over 20,000 kids and many more in some cities and Canada who are all my Demographic, in front of me 43 times a year. The tour had 43 dates and I averaged a lot during those days. So my friend I don't know idea of business but I am all over the place with mine. Its actually sad to have this conversation with you, because I can tell right away, you don't know much about business.
mohammedabshaun 2 years ago
buy the way profit makes you expand your business. Debt is slavery.
mohammedabshaun 2 years ago
Debt is only slavery if you don't know how to utilize it.
a012345 2 years ago
This is why most businesses fail, they don't allow themselves to make mistakes at the bottom and become knowledgeable business owners. They want to start at the top, with no knowledge and fail miserably.
mohammedabshaun 2 years ago
Most business fail not because of debt but they had a faulty business model to begin with, didn't have a target audience willing to pay for the service, customer base requiring the service or product and didn't expand while other companies did. You claim most companies have debt, they also have retained earnings also and treasury stocks they never sold off during IPO or got during buybacks can offset if needed. There are debt to income ratios.
a012345 2 years ago
The world needs common sense,a lot of it.
Thanks for sharing
SpringboardShop 2 years ago 6
Funny, most people who don't think I they need to hear the right staff are broke and stupid. You're right! There is nothing overcomplicated about building wealth. But we'll sit on our asses and watch the news(no, that's not predictable) or some dry re-runs(not predictable, I don't think). I have to agree that your videos are very basic, that's why I watch your stuff. I learn from what you have to say, and I can tell you're very passionate about it. This is the real stuff.
clintonskakun 2 years ago 4
selling out isn't that hard, being the guy people sell out to is different.
VikingNinjitsu 2 years ago
one of your better videos.
i have a long out standing debt with boa, i think i could beat it in court, should i sue boa or the current owners of the debt to take this to court?
TheVikingNinja 2 years ago
What is boa? I need some more information. Can you tell me more about this debt?
mohammedabshaun 2 years ago
I am sure he means Bank of America.
a012345 2 years ago
Ture, but BoA could be a credit card debt, a personal loan, a mortgage, a HELOC, etc., etc. I'm sure that's what mohammedabshaun was referring to. ;-)
MorningDreamgirl 2 years ago
I am confused lol, every is saying bank of America, what part of the video or you referring to. Thanks Abdul
mohammedabshaun 2 years ago
Generally speaking if you owe a debt (no matter how long) it's your responsibility to pay it. I can't think of any reason why a judge would allow you not to pay it. However, if it has been awhile since you've paid on it, you can offer then a reduced amount and settle with them so that you save money.
However, as there was probably an agreement of some kind in writing, I doubt that you'd be able to win the case. You'd probably just lose the money on lawyers, etc.
Hope it helps!
MorningDreamgirl 2 years ago