Do you want more money? Well, who doesn't? But did you know that making money isn't as hard or complicated as you think? Hey everyone, I'm Neil Patel and today I'm gonna share with
you the seven rules of money. (bright music) Before we get started, make sure you subscribe to the channel. That way when I release more
advice, you'll get notified. The first rule is you don't make money because you want to make it. You make it by solving problems. People like Elon Musk aren't rich because they're like, I want to be rich! Elon Musk is like, I want to send people into space because that's the future. I want to figure out a
better way of transportation 'cause traffic sucks. That's The Boring Company. You see how he's solving problems? He made money because
he's solving problems. He didn't make money because
he's trying to make money. Your solution when you solve a problem needs to be more efficient and cheaper than the other solutions
out there as well.
The second rule of money is
you don't make it over night. Unless you win the lotto, you're not gonna be rich
tomorrow and that's okay. You look at all the people out there, all the YouTube stars, or
Facebook people or celebrities, none of 'em have made it over night. They put in their dues and
you too are gonna have to put in your dues and if
you're not willing to put in the energy and the time, money just doesn't
miraculously come to you.
The third rule is you need to
have your money work for you. You need to put it to work. You don't need fancy homes
and cars and Ferrari's. If you put your money to work
and put it in investments, you'll become much more wealthy over time versus if you buy all these fancy objects that you see people with on Instagram. The fourth rule I have for you
is it's easier to save money than it is to make it. Yes, you want to make money
and that's fine, everyone does. You need to work hard to make it but once you have some of
it, don't just blow it. It's not just about
blowing it on Ferrari's or even investments.
Keep in mind, it's
easier to save the money than it is to make it. So, when you're at the grocery store and you're thinking
about buying that food, whatever you're trying
to buy, use a coupon. Those little things add up and it'll help increase
your net worth over time. The fifth rule I have for you is learn from other successful investors. Other people have been in your
shoes, they've made mistakes. They've tried to figure
out how to make money. There's people like the CEO
of IBM who will break down in their book how they made these big 50 million dollar mistakes. Learning from these
people will help you avoid make the mistakes that
other people have made which requites to be more
successful and more over time. The sixth rule of money is it's okay to miss out on opportunities. I missed out on the Air BNB investment and I missed out on a lot of other ones that would've made me a ton of money. That's okay, you're not gonna get 'em all. Just be more careful with what you pick.
Do your due diligence. If something doesn't
look right, don't do it. When you have that mentality,
yeah you're gonna miss out on some but you're less
likely to lose money and when you do pick investments their more likely to work out because you do you're diligence, you spend your time really
thinking it through. And the seventh rule is
it's all about timing.
As Warren Buffet says, when
people are greedy, be fearful and when people are fearful, be greedy. I'll give you an example of this. Good example of greed is
when cryptocurrencies are all skyrocketing in prices
everyone's greedy being like, they're gonna be the next billionaire. That's when you should
consider being fearful because there's a good chance that you could lose a ton of money. On the flip side when
everyone's fearful and let's say the real estate
market crashes 40%, that's when you should be greedy. Because even though housing prices can still keep going down, you know that, hey they've already gone down a lot, no one wants to buy, this is a good time to start picking up because I know over the
next five, 10, 15, 20 years, either way I'm gonna make
money on the real estate because I bought it low enough. So those are the rules of money. If you follow 'em, you're gonna
be much better off in life and increase your net worth.
If you enjoyed this video,
make sure you like it, comment and subscribe. Leave a comment below
and I will answer it. If you want help growing your business, make sure you check out my ad
agency, Neil Patel Digital. Thank you for watching..