$222,000 Income & Completely Broke
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I’m gonna share with you guys one of the most ridiculous money-related stories you will ever hear in your entire life and it’s in relation to something that I don’t think I’ve ever really talked about in the history of this channel.
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Okay, I think the lesson to be learned here is phenomenal the in relation of this guy’s story Okay, now first off this gentleman that story.
I’m about to tell you he gave me full permission to tell you guys about it. He’s actually a daily viewer of the channel. I received an email from him last week okay, I received an email to my private email address like the only the my private email address that you get my stock market investing mastery course I knew he like, you know.
I bought my products and things like that before I received this email from him. He says, Jeremy, I don’t have any money to invest. Can you help me out? Like I want to invest money and whatnot, I want to start getting into stocks, but I don’t have any money to invest.
So I’ve heard this type of thing many times before I hear it in the comment section all the time. People are like, how do I get money to invest? I don’t have any money to invest that want to invest things like that. Okay, so the what I emailed him back right away is I make an assumption that this guy like doesn’t have any money, his incomes very low.
So I started like, emailing them like passive income, like videos and whatnot, creating the path like how to make money online. I’m telling them well, you you should be focusing on getting your income up, you shouldn’t be focusing on investing right now, you obviously have an income related issue, you need to get your income up. So I’m sending them all these links.
He sends me back an email, all it says in this email is my income is $222,000. Guys. $222,000. Okay, a ridiculous sum of money. You know, for an income for most people, like 99% of people out there would say that is a ridiculously high income. So I’ve never ever been trolled in email before, especially to my private email. Like, if people email me to my private email, they always respect my time and whatnot.
No one’s ever told me. I really thought this guy was trolling me when I got that email back source thing, and I’m not even gonna send him an email back and I was like, Okay, I’ll just send an email back. I just sent back really with two question marks.
He sends me back an email tells me all about his story and all this and goes into you know, how he makes his money as an entrepreneur and whatnot. He asked me not to share the industry he works in, but he’s an entrepreneur, he’s making good money and whatnot.
He also shared with me like screenshots, which he didn’t have to share me screenshots of his bank statements, and all this stuff, like the money moving in. And now he shows me all of his expenses, and everything is like, what should I do? I’m in a real situation.
So what advice I gave this guy? Well, first off, we got to think about, like, how much is this after taxes after taxes? He’s making about $170,000 a year, right? So he’s got an income of somewhere around $14,000 a month. He’s got an income somewhere around $14,000 a month, and that’s after taxes.
Okay, that’s after taxes are taken out. Phenomenal. That’s a lot of money to be making a month. So what he tells me is he’s got a rent, he lives in Miami, he lives he sent me a couple screenshots of like his place and whatnot. It looks freaking epic. It’s a awesome penthouse. He pays $9,000 for this place.
Okay, I’m not even sure it’s a penthouse. It’s obviously like, super high. It’s got views, the ocean and whatnot, pays $9,000 rent for this place. Okay. He’s a single guy. It’s got four bedrooms, and it single guys pay $9,000. He’s also got some type of I think it was RDR eight or something like that.
He mentioned, he’s paying a $2,000 car payment a month on that car. And he also bought his mom a Land Rover and his payment on that is around $1,000 a month. Okay. So right off the bat here, this alone is what $12,000 $12,000 then he says that he’s spending at least 2000 plus dollars a month on the rest of his expenses, meaning he’s actually buying stuff on credit card, he actually said he bought my course on a credit card.
Which is like mind blowing to me. So he’s always other expenses combined, are 2000 plus dollars. And as you can imagine, just think about what the renter’s insurance in that place he is he’s probably paying. Just think about you know, what the car insurance on an RTR eight is just think about the car insurance on the Land Rover.
It’s very easy to understand that his other expenses are at least 2000 plus dollars a month, meaning he is actually draining more money putting money on credit cards and things like that, which is like mind blowing to me. So when I saw this, I was like, This is insane. Like how did you get in this situation?
You must just like, just think you you know, you can spend every dime you get or something. This doesn’t make any sense to me. He says Well, here’s the issue. Okay. What he had is going into January, he had what he thought was going to be 100k deal. And he thought he also had a $95,000 deal. pretty much almost done in the back.
Okay, so he had an $195,000 profit that he thought he was going to make almost for sure. He was like 95% sure on this okay. Meaning he thought his his income this year was going to be somewhere around a half million dollars. So if his income was somewhere around a half million dollars, then you know, $9,000 rent Yeah.
You afford that is still not the smartest thing in the world. And rtra you know payment. Yeah, you can afford that Land Rover for your mom. Yeah, you can afford that, you know if you got a half million there. So what we see with this situation is a situation where this gentleman he just got too caught up in what he could be making for money.
He thought these deals were probably going to go through. So he set his lifestyle based upon what he thought he might be making. Okay, guys, this is something I’ve never really talked about. I talked about the issue where let’s say somebody has makes 222,000 every single year, that’s a consistent income for them. And they set their expenses in a way where they just end up spending all their money.
This gentleman he thought he was just going to be making a lot more money. Okay, this is a big sin guys. You never want to count on that you’re gonna possibly make some money, okay? And he’s like, Well, I was like, 95% sure, I was gonna be making this and whatnot. You never ever want to get caught in that situation.
It’s a bad situation to be in. So he’s like, what should I do? So the three main things I was after is obviously his three main ways his money’s leaving him right that ridiculous rent is odd era and the Land Rover for his mom. So I said, um, those three which one means the most to you like which one of those is would be the hardest to get rid of? He said without question.
The Land Rover for his mommy always promises mommy’s gonna get her a nice car and whatnot. She always drove around and Junkers he said that meant a lot to her and into take that away from her would like would like be a dagger in him. So I said, Okay, keep that man, keep that. One, you need to get rid of this ridiculous rent $9,000 a month is absolutely absurd.
Okay, I know Miami is expensive, but you can still get a decent place to bedroom, which is all he needs. He’s one single guy, and he needs an office. Okay, so he needs a two bedroom, two to $3,000, you should still get a pretty decent place in Miami, okay, even up to 4000, you can still get a really nice place in Miami.
So I said you need to cut that down, that will save you between five and 6k a month. Okay. And then I also told them, You need to get rid of this ra he said he’s underwater on it by about $15,000 unfortunately, so he’s basically if he was to like sell it to somebody who would take about a $15,000 loss said take the loss, you know what I mean? Take the loss.
I that’s what I would do, you don’t want to ruin your credit because he says he has actually has really good credit, say take the loss, hey, for that just you know, save up for a few months, get this off your books did something that’s an affordable car, you can still get a pretty nice car for you know, a $500 payment $600 payment 2000 plus a month is ridiculous. Now it will save you around, let’s say 15 $100 a month, and bada boom,
Bada bing, all sudden, you’re in a situation where you no longer have to, you know, start using all these credit cards, you can start paying down this debt, and you’re going to have a lot of money left over to invest at that point. That’s the type of situation you want to be in where you’re not taking out these credit card loans.
And where you actually are have money around to invest also told him obviously you know, you’re in an industry that’s up and down, are you guaranteed to make 222,000 this guy’s got a very few customers is a type of industry where you have very few customers. But when those customers make orders, they’re huge orders.
So what I told him is you got to live like you’re making at least you know, 30% or 40% less money than what you think you’re going to make next year because it’s just such an up and down industries. And so that was my advice that I told him that I would do if I was in a shoes you kind of get rid of that $9,000 rent that’s just ridiculous.
You got to get rid of that already. All right, I know you’re underwater in it, but that that you the fact that you’re underwater $15,000 is not going to like magically fix itself like next year, you’re probably still going to be done underwater 15,000 if not more, because it will obviously depreciate more and more as time goes on.
So that was my advice to him. And, you know, it’s a story that I think needs to be told because a lot of times like I always preach on my channel, like don’t get too far ahead of yourself. But also if you run a business like don’t get too far ahead of yourself thinking you’re gonna make this much money live in a conservative way.
I remember I showed you guys my house tour. This was about a month ago right my new house I moved into a lot of people were like, you know, thought it was a really nice house. Some people were like, Oh, I thought you live in a nicer house like this.
I tried to keep my house payments at 10% or less of my income guys that way there’s never any stress around that and you’re not like you know in a situation like this guy where all sudden you know, a massive event that you have 14,000 income $9,000 is going toward that what’s that 60 70% of the money coming into the door is going toward your rent.
That’s just ridiculous guys, it’s absolutely ridiculous, especially for something you don’t even know and so remember this lesson for life because a lot of you guys are that watch my channel are under the age of 25 A lot of you guys will probably become entrepreneurs probably will become successful and will start making money and come into money in a very rapid amount of time.
Don’t get too caught up in that in investing too. If you’re investing in a hot stock or something and also you make a lot of money one year, just don’t count on making that same amount of money the next year and then also start basing your expenses off of that guys. It’s a cardinal sin you do not want to make that mistake. I hope you guys Enjoy this today remember the story for life. Thank you for watching and have a great day.