How to Properly Manage Your Money Like the Rich | Tom Ferry


So how many of you How many of you were raised perhaps like me where in your family? So how many of you How many of you were raised perhaps like me where in your family? Maybe there was some split How many of you were raised perhaps like me where in your family? Maybe there was some split mentalities around money How many of you know what I’m talking about? You know like maybe mom had a certain way of thinking and dad had a certain way of thinking So how many of you guys know who my dad is? My mom and dad got married when they were like 22 years old, my dad flunked out of college Right as a speech and communication major which is pretty awesome considering he’s like one of the greatest motivational and real estate training speakers ever right and His mindset because his mentor this is what his mentor said to him you want to make a lot of money go buy a rolls-royce Go get a big fancy watch and go get a really expensive car and a real expensive house And you will be motivated like crazy And you will go do whatever it takes to be successful and guess what my dad did He went up a big fancy car big watch. You know rolls-royce the whole nine yards and every day He was like this. Holy shit. I gotta make money My mom on the other hand Grew up in an environment with a few more kids my grandfather. My mom’s mom passed away when she was very young and she Immediately had to go to work at like 14 years old by the time. She was 16 She was working at Disneyland as a Mouseketeer You know Orange County, California, and she’s doing great But all of her money went back into the family So she would work only to basically have no for herself benefit from it so in her mind Every cookie in the cookie jar mattered you should be very mindful with every single dollar Imagine growing up in that house This one is like it’s not how much money You just need to make sure there’s at least one cookie in the cookie jar we could divide it up six ways and my dad’s like we should start a cookie factory and finance the entire thing Well, no surprise that relationship did not last long right my dad actually ended up marrying somebody who was ridiculously financially savvy And I think she’s somewhere inside the room who are you inside the realm? My my other mom somewhere inside her maybe you’re running around the room The bottom line was this I grew up with a completely messed up psychology when it came to money And it wasn’t until in my mid-20s when I met one of my mentors who he showed me something which I’m gonna Show you, the bottom line is this guy’s money is a tool nothing more nothing less say that out loud Money is a tool nothing more nothing less, listen if you’re a jerk money makes you more of a jerk if You are mother Teresa money makes you more mother Teresa It is just a tool, but this is what I know how many of you know someone that doesn’t have enough money, I Don’t know about you guys. I don’t want to be that person and Not that I feel bad for them or less them all I think to myself is That person was never taught what I’m about to teach you They never understood that your money is a tool and just like an app on a phone if you don’t use it and play the game right and follow the steps. You don’t get the results. It’s not how much money you earn It is what you do with the money that matters, you guys with me on this So I want you to write in your notes the following There’s been a lot of research on this and you’ve probably seen something like this before Especially if you’ve ever met with a financial planner, or you know you’ve watched CNN financial. They all say the same thing write down 5, 15 and 80. 5, 15 and 80. 5 percent 15 percent and 80 percent Five percent 15 percent and 80 percent and as all the studies show it Says five percent of the planet are basically generational wealth They have created generational wealth It’s not the top one percent guys somebody who is worth five million dollars Who has paid off their home and when they pass on they Transfer all that wealth over. That’s generational wealth you with me on this Some of them are worth millions some of them ten some of them are hundreds some of them are now billions But that’s the 5% the 15% write this in your notes. You ready. They are the middle class They got a house They got a little savings. They go on a few vacations, and they’re comfortable and there’s nothing wrong with that 15% But where do you think the 80% sets? Darcy the 80% 80% 80% look around the room potentially 80 percent of this room I don’t think so, but potentially with the numbers 80 percent of this room when they are older either A have to work to make money or B are dependent upon the government or their family to subsidize their lifestyle 80% 80% 80% some of your think to yourself my kids better be successful 5% generational wealth and it starts at five million dollars and above fifteen percent comfortable my in-laws are 93 and 90 years old they have a million dollar net worth there in that 15 percent, house is paid for that they bought for $11 300 years ago right in Anaheim, California on Bruce Street Paid that sucker off Every time I talked to my father law you see my Ford stock Right he’s not he started buying Ford stock like in 1948 You with me like I had a dollar that I had two shares then three shares, but over time guess what he’s in that 15% How many of you know someone right now though? That based upon their money behaviors, and their money psychology They’re clearly going to end up in the 80% Don’t point out him if they’re in this room and don’t like you know make them wrong, but I’d like you to consider Maybe they just never heard what I’m about to share with you So I’m gonna show you guys a business strategy for your money you guys have for that a business strategy I’m not gonna tell you what to invest in that’s not my role I’m going to show you ideas of what the very best people do, I’m gonna put it up on the big screen Which means the team’s gonna keep it here the whole time? And you’re gonna take detailed copious notes, so here’s the first thing. I want to show you This is what 80% of real estate professionals do 80% of real estate professionals They get a commission check and that check goes into their personal account their personal account 80% they get a check and it goes into their personal account they go home And maybe they say here honey, or here on by myself, and I put it in my account But this personal account is not an LLC an S. Corp a limited light You know limited partnership. It’s not a corporation. It’s a personal thing now. I’m not gonna Ask you to raise your hands if that’s you But I am gonna say this to you I would like to thank you for paying lots in taxes Thank you very much. I really appreciate you overpaying what you should be paying keep up the good work So what’s rule number one? Should I have a corporation yes, or yes? Yes, or yes? so check this out guys if you answered this, don’t feel bad I will teach this stuff at conferences And I’m blown away by ten people in the room 10,000 people in the room the number of people that go Yeah, I thought about doing that but like I don’t know like which one do I pick I’m no expert Here’s what you do you call your Accountant and say I think I need to get incorporated, which you recommend based on where I live What country what state etc? But rule number one is no one leaves this conference in 30 days if you are not incorporated And you don’t own your business and now your checks come to blankety-blank LLC not you personally Cuz now you get all the tax advantages yes or no guys But I got to tell you, this is what the 80% does and this is clearly bad. Let me show you What the 15% do. I Want you to draw this out I Want you to imagine a world, where and by the way? Did you guys notice the subtle little difference? This one says check this one says checks Because people that get checks Understand the following, I get the check it goes directly into my business account Right I get it wired in from escrow. I don’t get physical checks anymore the money Just gets transferred over, you with me Oh my a escrow company my title coming up won’t do it great get the physical check But it goes into a business account, which means now as you can see I’m gonna have four different Accounts at my bank Four different accounts at my bank. I’m get out my business account I’m gonna have my tax account to me three accounts Tax account business account and my home account my personal account Here’s the reality my friends if I if I can encourage and inspire You know every single one of you to just do that and then Follow the rule you ready write this in your notes above the tax account I want you to write down let’s let’s do an imaginary check and I want you to show you how much money goes where so at the top, let’s say, that’s a $10,000 check, just for easy numbers $10,000 check so all of a sudden $10,000 hits my business account and the first thing that happens is instantaneously 3,300 of the 10,000 goes directly into my tax account 3300 automatically into my tax account because some of you think when you get a check for 10 grand that you actually have 10 grand How many of you are in the state of California or New York or in the country of Canada You get a check for 10 grand, and you’re lucky if you get 4,500 That’s the real deal now you’re an entrepreneur you own your own business you’re gonna start taking better write-offs You’re gonna pay more attention to your accountant You’re probably gonna have your uncle Larry who’s done your taxes forever stop and actually hire a CPA who’s gonna pay attention? But 3,300 bucks automatically goes there then 3,300 or less goes into your business account and This is where I run my business a check comes in I’ve got marketing a check comes in I’ve got expenses a check comes in I’ve got my MLS dues Everything that I need to run my business every check 3,300 3,300, and then what goes over here 3,400 bucks to my home Now it sounds like you might need a home budget. What do you guys think? Because many times what do we do we get a check and we just start spending the money? By the way if you look at this the very first one. This is the the cardinal sin this is what poor people do they get a check and They just start spending Who knows someone like that say I? matter of fact the bigger the check the more they start spending and they never think about Debt reduction because they’ll do that later Because I’ve worked so hard and this was such a challenging transaction And that’s why I’m going to overindulge and over and spend on myself, and we know the financial rollercoaster. You’re actually putting yourself through this my friends is What the people do that take care of their money they know Uncle Sam or Revenue, Canada or Mexico? They’re taking their money. No matter what so when I commit that Check comes in I don’t say to myself I get it all it automatically goes there I leave a piece here, and the balance goes here makes sense so tell your buddy. Are you gonna do this yes or no? Yes or no Now here’s what I know look up here guys The number of clients that have done this and then I see them a year later And they go I have $15,000 and my savings kind of never had that but more importantly I paid all my taxes Like I’m on time and I have money inside my business account and it’s the end of the year and my accountant said I need to take a Dividend so I’m getting a big chunk of change at the end of the year. This is awesome Now I don’t know about you guys, but I like is anybody like nice things You know family trips vacations memories, holidays, you know maybe a new outfit The challenge is if you keep that psychology without requiring or putting in the discipline You know what you end up with a bunch of nice things and a shit ton of debt So do me a favor tell your buddy. Do you know someone personally that has too much debt? Anybody’s anybody inside this room Now listen there’s smart Debt. There’s bad, debt, and I’m not gonna go too in depth with you on this But you know the difference you know credit card, debt at nineteen percent is dumb Debt buying a house and getting a mortgage with three-and-a-half percent is really good debt So we all know the difference, and I just want you to be mindful I want you to take care of your money, but now did you guys get a photo of this? Did you capture it are you sure? Are you promising to do this? Okay, do you want to know what the wealthy agents do? This is what the wealthy agents. Do it’s a little more complex It’s a little more complex I would get it up on the big screen over there guys and take a photo of it, but more importantly I want you to draw the whole thing out in your notes Draw the whole thing out on your notes, this is what the wealthy do This is the stuff that no one taught me so all until Bill Mitchell Pulled me aside and said what do you do with your money? and I’m like I don’t know I just get the check and I throw it inside my account and I spend it like crazy and I never have any cash, and I’m always in trouble Draw this out So play a game with me you get a $10,000 check The $10,000 check goes to what account? to what account and 33% of it goes automatically where To my tax account because I don’t really have 10,000. I really have like you know 6,000 and change that’s the real deal so 3300 automatically here then I take another 3300 over here or less because I don’t know your business expenses But by the way guys here Marketing costs should be no more than 10% of your expected gross revenue Your marketing cost should be no more than 10% of your expected gross revenue So a percentage that 3300 is gonna go for your direct mail and your Marketing and your email and your Zillow leads and your Facebook ads and the prints and the brochures and everything else But no more than 10% No more than 10% got it? Because you’re incorporated now your car and a piece of your house and all kinds of other things get written off into or from this account so we like that but you might also have inside there ready guys a Virtual assistant an assistant well, where is that person gonna be paid from you got a check for 10 grand You didn’t actually get 10 grand you got 6730 3300 goes inside here now I can pay my assistant it starts to work like clockwork you with me, but you can see This is where it gets interesting Some people call this other account your investment account. I like to think of it as my financial hub It’s where the money comes in and then it gets divided again Now I’m not a financial planner nor do. I you know even would even attempt to be, but I’m giving you just an example Of what that extra thirty four hundred dollars could go towards So maybe you need because you do two deals a month you’re like I need Four grand a month to come into the home expenses So I’m gonna take you know two grand of my thirty three hundred or the thirty four hundred. Where does the rest go? Do you have a retirement account? Do you put money in the stock market or in bonds or whatever you believe in 401 K Do you have an account where you just put cash? to buy real estate Why not on every check take five percent of every check put into an account called cash for real estate And you just watch that sucker grow like crazy over time I’n two years, and also you’re like I got 185 thousand bucks in cash sitting inside that account I should go buy a duplex. I should go buy a four-plex. I now have the money to go do these deals retirement account real estate cash account I use this because I did it you know with my kids a 529 B account which is a college fund Cash account since we did real estate cash. What do we call this the fun account? The fun account you know the I’m gonna go spend this money on stupid stuff and Throw it away later and not care or I’m gonna take this money, and I’m gonna use it for vacations and holidays What action are you going to take in the next 30 days around this conversation? There’s no more information. That’s it? Tell your buddy What actions are you gonna take in the next 30 days do it right now? Okay thanks so much for watching we have a number of events coming up and we’d love to have you there Visit tom ferry dot com forward slash events and reserve your spot today

100 comments on “How to Properly Manage Your Money Like the Rich | Tom Ferry”

  1. Nicholas Bucci says:

    Great video

  2. Adiel Stephenson says:

    My God, can you believe this crap?

  3. Tia Fayed says:

    Imagine thinking rich people knew how to manage their money LMFAOOOOO bye

  4. Christopher Garcia says:

    What if I’m not making 10k a month dude if your making 10k month that’s making it out of life already atleast in California! It would have been much better if he used realistic numbers like the middle class between 3k and 6k a month along with expenses

  5. This Sun Child says:

    Funny how these 'gurus' always talk about having mentors in their 20's. Where did they get these mentors from and where did they get the idea to acquire a mentor? I really think there's something fishy about their claims🤔

  6. Jesse Roy says:

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  7. KARUGO WILSON says:

    So…knowledge.. Thank you

  8. HighSkin says:

    Lol no one in the comments obviously got what he was saying. LLC

  9. Austin Carr says:

    incredible, and what a great teacher. This video should have millions of views and its sad people hesitate to click. This video helped me so much.

  10. zaan marben says:

    I bet this guy is broke

  11. Alsaif Sarah says:

    I love this man
    it's just the way he talks !

  12. Johan Navarrete says:

    "easy numbers, so you get a $10,000 check"

  13. Hour of power Missions international says:

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  15. alex learn to YouTube says:

    Im a normal human being , i watch YouTube videos sitting on my couch and play pubg … I dont understand anything you say

  16. ssmb says:

    Your Dad is a Poor Dad

  17. xybersurfer says:

    is everyone starting a company, really sustainable in the big picture?

  18. A.N.D.Y Gamer says:

    Tom Ferry, I really appreciate that video.
    Because I’m working at publix and every paycheck that comes in my account.
    The only thing I do is ‘ SPEND MONEY ‘.
    I’m going to practice everything you say in that video.
    Like stop buying luxury stuff, Stop taking Uber and stop doing high budgets.
    Sometimes I got the paycheck today and tomorrow I’m broke.
    I really really need your help

  19. Kevin Clarke Focus says:

    Thanks. Much value added.

  20. William Thrower says:

    Smart folks will always buy gold, silver etc. and pay cash for them.  When you do this, you have an asset that no one knows about that cannot be traced to you though either your SSN or a credit card statement.  Hoarding cash is also good.  It reduces your rate of return, but gives you lawsuit protection and peace of mind.  If you have gold and silver buried underground in a remote piece of land that no one ever goes to and you paid cash for them, you have something that no one can ever take from you.  If you can't see the value in that – then that just falls under the category of 'you can't teach stupid.'  I'm never impressed with people who make rate of return their #1 priority in business.  Priority #1 should always be privacy.  Never, ever let anyone know what you own.  Priority #2 should be lawsuit protection.  If you're smart, you'll have your finances structured in such a way that even if you lose big in a lawsuit, divorce, or go bankrupt, you'll still be rich.  This includes hoards of physical cash as well as physical gold and silver.  Priority #3 should be rate of return.  Priority #4 should be charitable giving.  If you get rich and never bother to help anyone, you're more of a loser than a homeless man by far.  I say this because the homeless man never had the resources to make a positive impact on the world.  The rich man who never gave to charity did have those resources, but wasted that opportunity; something only a true loser would do.    

    Look at it this way, if you're building a house, you can use crappy materials and throw it together as quickly as possible – or, you can build it slowly using only the choicest materials and put it in a place where it is highly unlikely to ever be affected by a natural disaster.  I don't know about you, but if I'm going to build a house I'm going to build it the right way.  Well…if I'm going to build a fortune, I'm going to build it to last. 

    It's your life, son.  If things ever go badly for you, don't say I didn't warn you up front.  You need to put privacy and lawsuit protection first and make rate of return your third priority.

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    Tom Ferry the biggest lie

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  23. Chico Christe Pace says:

    content worth a like and subscription click 🙂 thanks Tom 🙂 will do 🙂

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    ok so where does the checks come from? dont skip that part

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  26. Super Basic News says:

    fuck taxes. dont pay them

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  31. Japhy Ryder says:

    These con-artists stole all their snake-oil from Anthony Robbins lolz….

  32. et de stellis says:

    So taxes get taken from you automatically as a working class citizen right? Because I get income tax returns. So as a working class citizen, how do I know what I'm supposed to pay for taxes?

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  34. M O T601 says:

    Ok asswhole, but how did the rich get rich to be able to do all these investments? Last time I checked 70+ percent of Americans are in debt or receiving social assistance.

  35. J R says:

    The most stupid video I’ve ever watched!.

  36. Prince Alex Yonwuren says:

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  42. Betrayal says:

    talks like these are so vague and slow-paced… its like u barely learn anything. seems to me its true they say there's no such thing as free lunch in this world

  43. Rachel Ka says:

    I am a tax accountant, he says deposit the checks to personal account vs business account, tells people to incorporate is BS. You can still deposit into your personal account because you are self-employed, and you can still deduct expenses even if you dont form a corporation. This is done under schedule C in your form 1040. Don't listen to this guy, he knows nothing about taxes. Forming a LLC or Corporation requires extra expenses & unavoidable minimum state tax in some states than just a regular sole-proprietorship. Especially the new tax law, there is no benefits of forming a corporation if you are the sole owner. Because there is double taxation in a corporation.

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  57. Heres Johnny says:

    How about a video for people who have a job and live on 50k a year. Info like that in a video would sure be useful. Assholes.

  58. puneet Kapoor says:

    Who is getting 10k cheques…lol

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  61. Paris Savoy says:

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  64. lauren joe says:

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  65. Levi Athan says:

    This guys great

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  66. Vanilla Ski says:

    yeah so im a single black woman no kids holding down all my bills and investments and the ghetto birds are moving in ten to a house ready to kill all the comfortable people on the block so low wage people hating on independent people for existing is not going to change

  67. Jean Falco says:

    THIS IS REALLY EXCELLENT BUT IF YOU ARE RETIRED IT DOESNT WORK!!

  68. Spoken Perspectives says:

    Good morning Tom. Thank you so much for the videos.. about the business.. should my check go in my business Savings or checking?

  69. The Teen Engineer says:

    ok cool

  70. Rúpìgo .K says:

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  71. Joy Michele Timmons says:

    Excellent video. I stop using banks because they take your money. From now on I will keep the money and look for ways to put my money in safe place that are not banks.

  72. R Jackson says:

    I live in Canada. When I get a $10k cheque (not check) I net maybe $7k of it, not $4500 like he claims. The usual "evils of socialism" bullshit.

  73. Αλέξανδρος says:

    guess what bro, your solution works fine for a period of time where everything is quite stable (your income and your expenses). life isnt like that though. the checks aren't always coming and the needs (expenses) required for your life can change any time.

  74. SIFU SAYS says:

    Do people actually pay for this information?

  75. Yul Strokheet Al-Wauch says:

    Fucking useless video

  76. Yul Strokheet Al-Wauch says:

    This guy is a fucking tool.

  77. Luaxon says:

    I have SOO many questions! If anyone can answer a few of these for me, I'd be really grateful! 😅
    1.) I notice, in order types (brokerages), that Limit and Stop Limit are separate categories. Are we able to set a minimum AND maximum price of which we're willing to sell a stock?
    2.) A stupid question, but who comes up with the price of shares: the market or the company? I just find it interesting how much Amazon shares are worth (~$1,800) compared to stocks like Apple (~$200) and Snapchat (~$17).
    3.) When earning capital gain from investing in stocks, do we need to fill out tax documents on our own? How do we send the money to the IRS? I've never filed a tax before lol.
    4.) Are tax expenses only viable to individuals that own businesses? How difficult and costly is it to start our own business and can we make ourselves the only member of the business? Can I use my home address and if I don't have a set location for the LLC?
    I can't think of anymore questions at the moment, but I will edit this post in the future!

  78. Pearly Gates says:

    All so called Black people skip to 13:16 you need to hear that part !!!!!

  79. Manos Papadopoulos says:

    You cant manage,something you dont have…

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  81. Brooks Fleming says:

    U wanna make money. Just go buy a rolls Royce. 🤔😂

  82. Ameya Marathe says:

    Just starting out on a money earning road. How do these things apply to a person doing a job, if they do ?

  83. Andreas Bringemeier says:

    More of a salesman than financial aid. But what do i know…

  84. Demigod Fuhrer says:

    Who's this guy..?? Is he millionaire, rich ???

  85. Jesus Gonzalez says:

    So I’m 16 rn I got my first job not to long ago and I got a bit of money I really only spent 120 of all the money I made but I’m dying to spend it what should I do man I just wanna save it but it’s so tempting to spend it

  86. The WokeUp Call says:

    Hey bro like you said. I opened a company .

    Now Kindly upload next video how to file bankruptcy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  87. rafael diaz says:

    aaaahhh fuck you !!

  88. jayceon Raeshetia says:

    [email protected] is the best hacking team .

  89. RNetwork TV says:

    Good point Tom. This is what the rich do. Manage your money, repair your credit, save more than you spend, earn extra income, pay less taxes because you now have a business. Use tools like http://myeconomy.net

  90. alex Cooper says:

    That's sad old pple rely on goverment and family but that's what happens u work ur life away till ur 65 and then look back and say where did my life go welcome to america u work to die

  91. swapnil ingle says:

    Great sir 👍👌💐💐

  92. educational123ABC says:

    All of the people in the audience is just as poor today as they were at the presentation !

  93. Marie F says:

    @t
    Thank you for supporting entrepreneurship, any donations will be welcome.

  94. SarazBeach Beautyz says:

    if you are interested in making money use my link to get started https://start.apiaryfund.com/referral-program-share/?a29219

  95. Trevor says:

    I'll save you 20 minutes
    50% Home
    25% Savings
    25% Invest

  96. Robert Wilson says:

    https://www.inboxdollars.com/r/1628188646/76 $5 when you sign up even more when you do it through a referal

  97. Charles Morrell says:

    I think it's crazy how the average person doesn't know this. Glad there's a video that explains the basics pretty well.

  98. Miguel Jacobs says:

    Thank you opened my mind

  99. Doug Clark says:

    Jim Rohns plan:

    Save 30% of every dollar…

    Tithe 10%
    Save 10%
    Invest 10%

    You are welcome.

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