This week we are going back to basics, and in this video, I will tell you the two ways to solve any money problem. This is an idea I talk about in my book “The Young Person’s Guide To Money.” You can buy this on Amazon. You can find the link on my website WolvesAndFinance.com. I made it super cheap. It is short easy to read. And I wrote this because I wanted to get basic money ideas out to young people today, because this is stuff they are not teaching you in schools and can change your life. WATCH NOW
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VIDEO SUMMARY
What we are talking about today is one of the central concepts about money. If you understand this idea, it will help you so much in life and in business. The idea is this: Money problems are simple.
You will run into money problems throughout your whole life. It is easy to think that money problems are complicated, difficult, overwhelming. You are not going to want to deal with it. But, if you tackle your money problems head on, figure them out, and break them down, they are actually very simple.
I look at money problems from a business perspective. You guys know I have studied business for a long time. When you talk about business, there are only two ways to solve a money problem.
- Make more money
- Cut costs
That is it. These are the only two ways. So whatever situation you are dealing with, you can simplify it down to these two simple options.
Now this does not mean solving your problems will be easy. In fact, these are two very difficult things to do. If you want to make more money, maybe that means you have to get a second job. If you want to cut costs, maybe that means you need to move to a smaller apartment. You may not want to do those things, but if you do not do something you are going to stay stuck in your money problem. You have to do something to get out of your money problem.
There is an even greater theoretical concept going on here. All money problems are solvable. It is not like other types of problems you will encounter in your life.
For instance, everyone experiences medical problems in their life. Sometimes there is no solution to a medical problem. Everyone experiences political problems in their life, where maybe they do not like things in their community. Sometimes there is no solution to a political problem, because sometimes people just do not agree. There are even problems in science that we just do not know the answer to. There are somethings we just do not know how they work. There are problems in religion that we just do not know the answer to. What happens after we die? We do not know. That is a problem we will never solve.
But money problems are different. All money problems are solveable. Even big money problems like inflation or the national debt are solvable. You may not like the solution, but we do know how to fix the problem. The reason we have not fixed those issues is because of politics, and sometimes political issues are not solvable because people do not agree. But the money issue itself is solvable.
The reason money problems are solvable, is that they are inherently linked to your personal wants and desires. For example, maybe you want to take a trip to Disneyland, but you cannot because you do not have enough money. You are experiencing a money problem. But if you just change your mindset to not want to go to Disneyland, you suddenly do not have any more money problems. It happens as quick as you can snap your fingers. The money problem is gone. What is happening is you are changing your wants and desires to match with your financial reality. That is what it means to live in a fiscally responsible way.
Getting back to the main point. All money problems are simple. Do not overcomplicate things. If you ever feel yourself in a money problem, you can be comforted that there is a simple solution. Just ask yourself, how do you make more money? Or cut costs? It becomes all about making your plan. What are you going to do next? You make your plan and suddenly you are on the pathway towards your dream life.
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Neither Zach De Gregorio or Wolves and Finance shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.