 First time chat on Twitch. It's Yaman. Hey Chicho, I recently came across your channel and loving your work. I'm 24 from Canada, no degree, no specialised skill, and was on the rat-rat window for the past few years. Now I'm unemployed and living with family again. I'm job searching and hoping to work on a side business, providing simple property services. I've also considered going to school. I want to be able to provide financially for myself and future family. What advice would you give to someone like me? First advice, it's Yaman and welcome to our live stream by the way. First advice, don't get into debt. Don't get into debt. I don't even care if it's not any debt that you cannot, not just service but pay down. So servicing debt to a certain degree says, let's say you borrow $10,000 and you're paying let's say 10% interest, whatever, 10%. That's $1,000 a year. If you're servicing debt that you pay interest on it, let's say you can pay $1,000 a year, then you're not knocking anything off the principle and that's problematic. That means at the end of that year you stole all $10,000. Do not get into any type of debt like that at all, even for a business. If you're going to get into any type of debt like that, make sure you're taking off the principle and make sure you're doing it for a good reason because interest rates in my opinion are not going to go down anytime soon, not the way people want. People right now are paying like 9%, 10% of the mortgage, 9% of the mortgage, which is insane. Now, I might go higher. Now, you can generate a certain amount of income from doing many, many, many different things. If you're not 100% sure on what you really want to put all your eggs in and I don't recommend putting all your eggs in one basket, make sure you're going in heavy into something that is not dependent on licensing from the government because they may change their mind. For example, in BC, they just took away property rights. People had made these plans saying, oh, we're going to buy a house and it's going to have a suite and then we're going to rent that out to short-term renters, be Airbnb or whatever it was and then that's going to help pay the mortgage so we can afford this house. BC government just changed that law last year. So all those people that went into debt to buy this house, to buy this property, assuming that they could rent that out for short-term, immediate-term basis or now have to look at their spreadsheet and go, oh, that income is not coming in. Not only that, interest rates went up, taxes went up and government, more government regulation came in. So they went heavy in BC in Canada. You buy a house, you're going heavy because you're with the camp. Go any other way, you're going heavy in the house. It's a bubble. Remember, you're buying into a bubble. People bought into a bubble. So that was their business model. They got screwed. They got annihilated. There were people that borrowed money to open up a retail outlet, maybe restaurant, maybe services, maybe whatever. And they got screwed. How did they get screwed? They got screwed on multiple fronts. One of them was government said, shut down your business. Another one was their taxes going through the roof. Another one was their energy bills going through the roof. Another one was they needed to hire people and they can't find anyone to hire at a reasonable rate. So do you see where I'm going with this? So going all in and one thing is very dangerous. My recommendation is, especially if you're starting out decentralized, make sure you have two or three different revenue streams coming in. They don't have to be a lot on themselves. And make sure at least one of them is your own personal thing that's not linked up with any corporation. So don't work three jobs for three different corporations and hope that one of them is going to get you up the ladder through the door or whatever you want. Try to get one of them to be your own business because in Canada, the tax system, the way it's set up in Canada, is that everyone in Canada should have their own business, sole proprietorship, preferably if they're starting out. Because what that does is if you're generating money here, working for a corporation, getting a paycheck, every two weeks you get a paycheck, then you're in a certain tax bracket. But if you open up a sole proprietorship, you don't even have to do anything. You can just register a name or not even register a name for initiative. Forget the rules and regulations right now, but look into it. You don't need to incorporate. It costs you like 60 bucks to do a name search and 60 bucks to register the thing. What you can do and make sure is something you want to be in or something that you're okay with spending a little bit of money on to be able to generate a little bit of revenue. Because what you can do is take the money that you made from wherever you're working and take some of that and put it into your own business where you can write off some of your salary towards investing in your own business and hopefully you're building capital in that business. You don't have to show profit, but you can reinvest if you're making money, if you're making money. And what that does from the salary that you're making, that reduces your tax bracket. So all of a sudden if you're making $50,000 a year, if you can put $15,000 into your own private business a year, whatever that might be, I don't know what it might be. Maybe it's a food critic, you open up your own website, you make videos and you write off, you go out to eat on restaurants, you write off, I don't know if this is not tax advice, I don't know if you can write off the whole thing, I don't know if this is legit, talk to an accountant, talk to someone professional, this is just an example. Maybe you can write off your meals, that feeds you. It's expensive, but it feeds you. You can write reviews online, make videos of reviews. So you got revenue stream coming that way, you're reducing your expenses, your tax bracket from the money you're making in, and you're building a company, hopefully it'll go somewhere. So all of a sudden if you're, let's say, in a $50,000 tax bracket and you're paying 20% tax in a $50,000 tax bracket, that means $10,000 of your salary goes towards taxes. So really you're only bringing back $40,000 if you're lucky in Canada. The tax bracket in Canada is a lot higher than 20%, I think for $50,000. But if you're able to spend, let's say, $15,000, not spend, but take $15,000 of your income, that's after taxes, $15,000 of your income, let's ask you before taxes if you do your own taxes, $15,000 of your income, put it into your business, whatever it might be, all of a sudden you've gone from a $50,000 tax bracket down to a $35,000 tax bracket, and the $35,000 tax bracket may not be 20%, maybe it's 15%, it's a lot higher than that, maybe it's 15%. That means you only have to pay 15% tax on the money you're making. So not only do you get back, get back the taxes you paid on that $15,000 that you just invested in this company, so you get straight up $15,000 back in those taxes, on the rest of the $35,000, you get another 5% back because you overpaid because you're in a $50,000. Now this is all I'm going by memory, I'm not doing any numbers, I'm not looking anything up, this is just, I'm giving you a gist of it. An accountant may say she chose talking out of his ass, he doesn't know what he's talking about, he doesn't know what he's talking about, and maybe I don't. But Canada is set up for you to, if you're working salary, to write off a little bit of your salary on some kind of business so you can be in a lower tax bracket because that's the only way you'll be able to survive in Canada. Maybe if you're working for a company and they love you, what you can do is cut a deal with them and say, hey listen, take me on as part-time and the other half of it, I'll still work for you guys, but I'm forming my own company, consulting company, and paying my consulting company. A company that you might be working for full-time might actually like that deal because if you're only working part-time, they won't have to give you benefits so it's less expense for them, right? As long as you're healthy, if you need the dentals, you need the medical, you need the massage, you need the physiotherapy, you need all that stuff, then it's the ball and chain, right? But if they agree with that, then you're making part-time and your consulting company would be billing them, get money from the consulting company, this company starts making money, and now this company incorporated, maybe, most likely would have to be incorporated, right? Then this company is its own entity and the money in that entity, if it's you're spilling it up, let's say you're making $50,000, if you're splitting that up between two different entities, this you is only making $25,000, this company is only making $25,000, all of a sudden you're in a way tax bracket, right? You're not in a $50,000 tax bracket, you're in a $25,000 tax bracket and you can still do funny little things over here and over here, right? So what you need to do in Canada, really, what you need to do in Canada, it's not as important as what type of piece of paper you have is if you know what type of system you're functioning under, right? That's the most important thing and that goes true for every other place in the Western world, really. But in Canada, I'm speaking in Canada because I live in Canada, right? So that's really the game at play if you want to have financial independence in Canada. Understand the system that's in play right now, make sure you take advantage of all the options legal that the government has provided you. For example, in Canada, they have something called the TFSA, Tax-Free Savings Account where every year, every Canadian and it's cumulative, right? Every Canadian can take $5,000 of their income, it was $5,000 and then it kicked up to $10,000, but I'm not 100% sure what it is right now, right? You can take let's say $5,000 of your income and put it into this TFSA account and that's a tax-free savings account. So any money you make in that account, may it be trading, may it be GICs, may it be whatever, is tax-free, right? So for example, let's say you in your tax-free savings account, you went ahead six months ago, but Rumble Stock, which was trading at $3.50, right? You put $5,000 in there and Rumble Stock went up to eight something, but let's say you sold it at seven, which is sitting around right now, so you made 100% profit on your Rumble Stock, rock and roll, right? Now your $5,000 in that tax-free savings account now just became $10,000, right? Rock and roll. If you sell that Rumble Stock, now you have $10,000 in that Rumble Stock, but that's tax-free $5,000 you made, right? If you did that in a regular trading stock, the government will come along and say that's capital gains, from the $5,000 profit that you made, they'll take $2,500, right? So if you did the same thing in a normal trading account, that $10,000, the risk that you took to invest that money, now it's only $7,500, but in tax-free savings account, it's still $10,000, right? These are some of the loopholes, the regulations that centralized power has put into place, and every citizen of every country has to look at the system they live under. Ideally what you want to do is get rid of those fucking governments, right? Downsized them by 95%, so your money is your money, they're not robbing you. There's another word for it, right? Taking your families, your children's money to go wage war somewhere, right? All these regulations are in place to stop you from being able to conduct business out to be financially dependent, right? Because that's just for Joe Blum, me and you. It's not for corporations, mega corporations, they've got army of accountants and they're going, hey, hey, we found another loophole, let's go around it. That's why Amazon didn't pay any taxes for about 20 years, right? Not only that, they got taxes back, right? How often do people, Canadians get taxes back from the government after they've paid, you know, 30% of the salary to taxes, right? So people need to, that's one, one reason why I said that person that wanted to take the money, they heard this thing on the radio saying, give us your money, we'll make you more money. He want this person, she actually wanted to put her money in there. She was too lazy to look at the system available for her to make money, right? That's my advice. It's, I know it's a lot. I'm not talking about, you know, what feels you should go on or anything like this because that's irrelevant because I don't know what you like. The most important thing you need to understand is what type of system are you functioning under? In Canada, you should appreciate that we're in a fascist system right now and it's collapsing. Behavior accordingly, right? Behavior accordingly because there are places that there are profits to be made and there's a lot of places that are about to go down to toilet. Okay, I hope that helps. Apologies about going off on that. I didn't read the chat. Okay, I'm going to scroll down all the way to the bottom, just because I'm going to see if there's anything directed towards me.