What To Do *After* You Become a Millionaire

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0:31aka neurolinguistic programming. Is it a self-help miracle, a shady hypnosis scam, or both? Listen to Mind Games on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. This episode is brought to you by PNC Bank. A lot of people think podcasts about work are boring. And sure, they definitely can be. But understanding a professional's routine shows us how they achieve their success little by little, day after day. It's like banking with PNC Bank It might seem boring to save, plan And make calculated decisions with your bank But keeping your money boring Is what helps you live a more happily Fulfilled life PNC Bank, brilliantly boring since 1865 Brilliantly boring since 1865 Is a service mark of the PNC Financial Service Group, Inc PNC Bank, National Association Member, FDIC So for people Okay on their financial journey and they finally become a millionaire.

1:37Okay. What should they do next? What's next after you become a millionaire? I'll give some advice. Don't make any large purchases. Hold on. Say it again. Don't make any large purchases. Stay in the same place you've been in. Rashad, they're going to say that you're an anti-homeless I'm not going to. No, no. But tell them why that's important. Yeah. Because your primary home, unless it's a multifamily home, it's not going to be a asset for you in the moment over the course of time. But it's going to be a liability for you in the moment. So you're still trying to collect as many assets as possible to grow your wealth.

2:25You don't want to take two steps back after you made three steps forward. So you make a million dollars and you have a million dollars. And then you spend$700 ,000 on a house that's going to cost you an additional$8 ,000 a month. That's going to cost you an additional$30 ,000 a year in taxes. You're going to get furniture and landscaping. right back the way you started a couple hundred thousand and like meek mill said that ain't real money that's bail money no disrespect but that one one bad situation and now you back to rock bottom so it's about it's about playing a long game real estate for sure is a good investment over the course of time it has always gone up in value but it can it can hurt you as well so if you're going to buy real estate, we talked about the multifamily play or about, you know, as far as having, you know, places that other people live in and now you're a landlord and you're collecting rent while your asset appreciates.

3:29And you might want to continue to actually rent a place because if you actually doing business out that place or a structure property with your CPA, you can write that off as a tax write off but you're still keeping large sums of money you have access to it you never want to tie your money up until you you can until you can properly afford it then when you get to a point it doesn't matter then it's like it doesn't even matter but until then when you first become a millionaire some of the trappings of success is the real estate large real estate play. It's luxury car. Yes. A luxury car done the wrong way, right?

4:08As far as putting$200 ,000 down or buying a car to$250 ,000 outright in cash because you feel like you have enough money when that's going to go down in value. And then by the time you sell it, you're going to get$50 ,000,$75 ,000 back out of there. You just lost$150 ,000 for no reason.

4:30avoiding lifestyle creep. Yeah. That's a little important. And just continue to invest. Continue to invest in smart investments and to really, really value and respect the money. You got to respect money. I tell this story. I told this story on M2N and they were telling us about Aliko Dengoti and Aliko Dengoti, the richest black person in the world, Nigerian tycoon. And they were saying like, you know, he was kind of like, he had a situation where he was like buying something that was pretty minuscule in the grand scheme of things, a bagel or something like that. But he was just, you know, kind of going over the bill with the waitress just to make sure that, you know, he was getting charged for the right thing.

5:08And some people might look at it like, well, if you're worth$30 billion, what's the extra$10 going to do? But it's a mindset. And it's a mindset of entertainers that, so in one hand, you got extremely rich people that'll look over every line item. Everything. Everything. thing then you have other people like some entertainers or some athletes that will just say I fuck it's an additional five thousand dollars here and there I I'm not too stressed about it I'm getting paid fifty thousand if I can't if I can't get the the fan to pick me up I'm not gonna go to the show that type of mindset will lead you broke because you're not valuing the money because you have money coming in so you're not looking at it from a standpoint of it It doesn't really mean anything to you until it does.

5:52Yeah, I think that's all spot on. I think living below your means is something I'm doing. I mean, I'm going to talk from a personal standpoint. Made a million. How do I make two? Right. Like, how do we double this? How can I double this? How much can I spend? How much? How do I double this? And what time frame can I double this in? The next thing was like, all right, we made a million. how much of it do we actually keep? Because that's the other part. Let me figure out how I can make these tax incentives to actually keep a majority if I can. And then it was, all right, let's live below your means.

6:30And so make the million, look at, especially in real estate, having a home. Like I had a home and I'm looking at, all right, my income. What if mind control is real? If you could control the behavior of anybody around you, what kind of life would you have? Can you hypnotically persuade someone to buy a car? When you look at your car, you're going to become overwhelmed with such good feelings. Can you hypnotize someone into sleeping with you? I gave her some suggestions to be sexually aroused. Can you get someone to join your cult? NLP was used on me to access my subconscious. NLP, a.k.a. Neuro Linguistic Programming, is a blend of hypnosis, linguistics, and psychology.

7:09Fans say it's like finally getting a user manual for your brain. It's about engineering consciousness. Mind Games is the story of NLP. its crazy cast of disciples, and the fake doctor who invented it at a New Age commune and sold it to guys in suits. He stood trial for murder and got acquitted. The biggest mind game of all? NLP might actually work. This is wild. Listen to Mind Games on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. This show contains information subject to, but not limited to personal takes, rumors, not so accurate stats, and plenty more. What's up, man?

7:48This your boy, Nav Green, from the Broken Play Podcast. Look, it's the end of the season. The playoffs are here. But guess what? It ain't the end of your season. You can always tune in with Broken Play Podcast with Nav Green on the Black Effect Podcast Network. Not a team who ain't going to the playoffs. They're Chiefs. Oh, it's a wrap. It's time to rebuild. Who your MVP right now then? Drake May up there. Josh Allen up there still. Oh, my boy, Matthew Stafford. Where the hell both nicks at? He ain't too far behind. He did all this talking. What Matthew Stafford is doing statistically, bro, is crazy.

8:22Bro, you know I ain't no Josh Allen fan, but Matthew Stafford got better weapon. Caleb Williams. Hey, he should be in that conversation. In what conversation? MVP. He should be in it. Listen to Broken Play with Nav Green from the Black Effect Podcast Network on the iHeart Radio app, Apple Podcasts, or whatever you get your podcast. Comments going up. Do I get the home right away? Like, no, man, like we waited five years before we bought the home. Right. I'm still living in a home that I started to show in. Right. And so when I started doing the calculations, I'm like, I remember watching somebody break down, like how much your monthly disposable income to go to go to your living.

8:59And it was like, oh, 30 percent. I'm like, no, I got to have that. You know what I mean? So made a million dollars and my mortgage was three thousand. I'm less than almost like one percent of that income. I'm like, OK, perfect. I don't need to have a home. how can we get cars but we can do it in a strategic way that makes sense that it can be a tax write-off so now we do that now it's just a clear road to saying all right i've knocked down all those barriers how do we get to two right do what do we have to invest in what moves do we have to make how can we strategically align ourselves in partnerships that can get us to and so once we get to the two it's like all right well how do we get to four it was the same idea that i had when i was working saying all right this is what I need to stop working.

9:41This is what I need to do to stop working. Let's have my wife stop working. And so always having that plan and being disciplined, like you said, respecting money, being disciplined with money, but also being super vigilant with money. Like you watch this, like in the world we live in, right? Especially in this world, definitely during that pandemic era, you're being mindful of how money's being respected, how it's being spent, how it's being abused and you're also watching people no longer have it and so like that becomes like the catalyst to say all right now we got to be even more stranger with it because like this that's a telltale sign that sign wasn't put into your life for you to just ignore it take heed to it learn from it and figure out how not to make those mistakes um great question from this brother and i appreciate you asking it uh number one what i was told no lifestyle creep until you get to your first 11.

10:37One is good. Your nose is above financial water. No lifestyle creep until you get. And that's the thing that I live by. And even after you get to 11, you can argue to minimize lifestyle creep in. Number two, invest in things that increase your happiness index. The thing that people don't tell you, like after you hit these monumental numbers, the high of hitting them goes away relatively fast. The person who you became on that journey is more important. And I used to hear that and be like, just give me the millionaire. But you'll hit this goal. And now there's a level of emptiness because now you realize I just got to the first level of the mountain.

11:15It's a lot more to climb up. Third, be debt free. I know a lot of people are going to tell you some debt is good and that about. There's no better feeling than owning nobody. No institutions, no banks, no people, nothing. Being free and clear is the way to go. And then lastly, you have to put your money into assets that have zero probability of going to zero. If 10 years ago I told you bonds were not a good investment, you would have thought I was an absolute psycho. Here we are half decade of bonds being underwater. So look for the investments that won't go to zero and that would give you a great return on investment that will allow you to sleep well.

11:54that's why when I tell you guys if you're asking me every week about a particular company is it over weighted that you are investing either at the wrong price or the stocks too volatile and if you do those five or six things in combination you'll be great um in the NBA okay but no lifestyle creep till you get to your first 11. yeah I mean just don't do anything stupid too but sometimes that's that is a golden rule invest your money you know in stocks long term like you at good companies, avoid large purchases, don't buy jewelry. That's another thing that you think you might be doing something that's intelligent, like a house, but watch it's not going up in value.

12:34Nine times out of 10, that's what they told you. Diamonds are in shambles. Right when these countries bought the beers at a moment when diamonds are about to be worthless. All-time low. Crazy you said that. I just looked at a chart of the value of diamonds that are all-time low. No, they're all-time low because lab diamonds. I was talking, we on Eric DeJuil. He said, and I'm asking him about it, and he's like, yeah, no lab diamonds. He's showing me lab diamonds. He's like, yeah, look at this lab. You know they do the diamond test? Diamond tester, yeah. Diamond test on a lab diamond comes back as a real diamond.

13:16So why would I pay for something that I could actually manufacture, and it's the real thing? It's not even, it doesn't even, it passed the test. Diamonds is dead. And like I said, it's crazy. It's an extremely unfortunate situation because like they just, one of my guys, shout out to Alvin. He actually sent me that yesterday. And it was like, man, this is dope. Like, you know what I'm saying? Like we finally, we got one as far as on Africa because Angola and Botswana teamed up and they formed a partnership to buy the beers. i think and i'm like yeah it's just interesting that that was the timing of it because diamonds at all time low and it's probably not gonna be worth the same thing so so it's the reason why they sold the company for sure there was that they were the liquidity to get out and i keep saying that when you get money every company on earth finds a way to rob you legally meaning every watch company, diamond company, luxury experience.

14:20Everyone has a 70 ,000, 80 ,000, 200 ,000. Like just every watch company, Jacob has his resurgence, right? There's some watches going for 900 ,000 that are worth 900 ,000. You have to be careful. And I know it may not look fun, but most of the people who are posting on the gram for the gram, they're not happy. They they are asset light, liquid light. Be careful. Ernest, what's up? You ever walk into a small business and everything just works? Like the checkout is fast, the receipts are digital, tipping is a breeze, and you're out the door before the line even builds. Odds are they're using Square.

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16:09Visit square.com backslash go backslash E-Y-L to learn more. That's square.com backslash go backslash E-Y-L. Don't wait. Don't hesitate. Let Square handle the back end so you can keep pushing your vision forward. What if mind control is real? If you could control the behavior of anybody around you, what kind of life would you have? Can you hypnotically persuade someone to buy a car? When you look at your car, you're going to become overwhelmed with such good feelings. Can you hypnotize someone into sleeping with you? I gave her some suggestions to be sexually aroused. Can you get someone to join your cult?

16:45NLP was used on me to access my subconscious. Mind Games, a new podcast exploring NLP, a.k.a. neurolinguistic programming. Is it a self-help miracle, a shady hypnosis scam, or both? Listen to Mind Games on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. This is an iHeart Podcast. Guaranteed human.