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    Building Wealth While You Have Debt by Gven Sariol and Billy Carson

    enJune 07, 2024

    Podcast Summary

    • Building wealth in debtBuilding wealth while in debt requires financial literacy, calculated risks, and a strong mindset. Seek knowledge and understanding debt to climb out of financial difficulties.

      Building wealth while in debt is possible, but it requires a strong mindset, financial literacy, and a willingness to learn and take calculated risks. The speaker, Billy Caution, who grew up in poverty and experienced homelessness, emphasizes the importance of seeking knowledge and understanding debt to climb out of financial difficulties. He encourages listeners to click the like button and share the link to spread the knowledge and potentially inspire others. The speaker's book, "Woke Doesn't Mean Broke," is a bestseller in four countries due to its practical financial literacy advice.

    • Past experiencesOur past experiences do not define our future success. With the right knowledge and mindset, anyone can build a successful business and create a better future.

      Everyone has a story, and our past experiences, no matter how difficult, do not define our future success. The speaker shared his personal experiences of growing up with limited resources and the challenges that came with it, including broken pipes and worn-out shoes. He emphasized that many people are stuck in a victim mindset due to past traumas, which hinders their ability to succeed. However, he also emphasized that there is only one recipe for running a successful business and that anyone can learn it and apply it, no matter the industry. The speaker's father, who struggled with addiction and trauma, recognized the speaker's aptitude for learning and pushed him to read and study from a young age. Despite his father's shortcomings, this early education laid the foundation for the speaker's future success. Overall, the takeaway is that our past does not determine our future, and with the right knowledge and mindset, anyone can build a successful business and create a better future for themselves and their family.

    • Overcoming AdversityDeveloping a strong work ethic and tapping into higher self can help overcome adversity. Saving money and taking calculated risks are key actions in building a better future.

      Despite facing adversity and hardship, including poverty and a volatile home environment, Billy Carson turned his life around by developing a strong work ethic instilled by his father, and by tapping into his higher self to overcome challenges and manifest his own opportunities. This transformation from a victim mindset to one of growth and self-reliance allowed him to build wealth and succeed against the odds. A key action in this process was saving money and taking calculated risks, such as going door-to-door to sell newspapers and starting an emergency fund. By focusing on needs rather than wants, and understanding the importance of building a financial safety net, Billy was able to create a better future for himself.

    • Money managementBeing financially literate and proactive can lead to unexpected opportunities and financial success, while poor investment choices can cost more in the long run. Create a budget, have an emergency fund, and make informed decisions to build wealth.

      Being financially literate and proactive about money can lead to unexpected opportunities and financial success. The speaker shares his experience of investing in digital car radios during their early days, which turned into a profitable business. He also emphasizes the importance of having an emergency fund and creating a budget to manage income and expenses effectively. The speaker also warns against making poor investment choices, such as term life insurance instead of whole life insurance, which can cost more in the long run. By being informed and intentional with money, individuals can build wealth and create opportunities for themselves.

    • DeFi investments, financial growthSmart DeFi investments can lead to financial growth even when in debt, but it's crucial to find trustworthy resources and take control of assets through blockchain technology.

      It's possible to build wealth even while in debt by making smart, intuitive investments, particularly in decentralized finance (DeFi). The speaker, who has personally experienced significant returns through DeFi investments, emphasizes the importance of finding trustworthy resources and taking control of one's financial assets through blockchain technology. This approach allows for greater flexibility and independence, and can lead to life-changing opportunities. The speaker encourages listeners to pay close attention to such opportunities when they arise, as they may not come around often. He also shares his own background, emphasizing the importance of hard work and determination, even if one comes from a privileged background. Overall, the message is one of empowerment and the potential for financial growth through informed and strategic investments.

    • Determination and hard workDetermination and hard work, despite financial struggles and setbacks, can lead to entrepreneurial success and wealth creation. Education, understanding personal finances, and taking calculated risks are essential to building wealth, even with debt.

      Determination and hard work, even when faced with financial struggles and setbacks, can lead to entrepreneurial success and wealth creation. The speaker, who started a Christmas lighting business from scratch and later became a millionaire before accumulating debt, emphasizes the importance of education, understanding personal finances, and taking calculated risks to build wealth despite debt. He also introduces a retirement calculator app and discusses the potential of DeFi and crypto investments for financial freedom. Ultimately, the goal is to help individuals take control of their financial futures and live their lives by design, not by default.

    • Retirement freedomsAchieving location, financial, and time freedom in retirement allows for a fulfilling and flexible lifestyle, including traveling, living abroad, and pursuing passions.

      Retirement means different things to different people, but for this speaker, it means achieving the three freedoms: location, financial, and time freedom. He shares his personal journey from a cancer diagnosis to traveling the world, living in various countries, and building a successful business, all while prioritizing health, family, and investments. By leveraging tax incentives and cost of living differences in different countries, he was able to save money and invest in his future. Financial freedom allowed him to live comfortably and pursue his passions, while time freedom gave him the flexibility to enjoy life and focus on what truly matters.

    • Social Security and Ponzi SchemeSocial security, while not a fraudulent Ponzi scheme, faces long-term sustainability issues due to an aging population and borrowing against the trust fund, potentially leading to benefit reductions for retirees by 2030.

      Social security, a significant source of income for many retirees, is structurally similar to a Ponzi scheme, as it relies on current workers funding the retirement of previous generations. However, unlike a Ponzi scheme, social security does not involve fraudulent intent. The challenges posed by an aging population and borrowing against the social security trust fund have raised concerns about its long-term sustainability. By 2030, it is projected that social security may lapse, leading to potential reductions in benefits for a large portion of retirees. To avoid this, it's crucial to explore alternative strategies for retirement savings and financial security.

    • Investing in crypto for retirementTo retire early, invest in crypto despite market downturns with patience, education, and a solid strategy for substantial passive income and generational wealth

      Achieving financial freedom and retirement through investing in the right things, such as crypto, requires patience, education, and time, not relying on government or selling courses. The cost of living has significantly increased, making it harder for many to afford the basics. To retire early, one would need substantial passive income, which can be achieved through investing in innovative markets like crypto, even during market downturns. With the right education and investment strategy, one can build generational wealth and secure a comfortable retirement.

    • Institutional Investment in CryptoInstitutional investors like BlackRock are buying Bitcoin at an accelerated rate due to the availability of Bitcoin ETFs, potentially making them major Bitcoin holders. Ethereum's ETF launch and Bitcoin halving are also expected to cause price squeezes, making it a profitable time for individuals to invest in cryptocurrencies.

      Several large institutional investors, including BlackRock, have recently started buying Bitcoin at an accelerated rate due to the availability of Bitcoin ETFs. This trend could potentially make these institutions major Bitcoin holders. Additionally, Ethereum, the second largest cryptocurrency, is also experiencing significant growth, with Ethereum's ETF launch expected to be a major catalyst for the cryptocurrency market. The upcoming Bitcoin halving, which reduces the production of new Bitcoin, is also expected to cause a price squeeze. These developments make it a potentially profitable time for individuals to invest in cryptocurrencies and learn how to manage their own finances. The speaker's personal story of turning a small crypto investment into a substantial profit serves as an inspiring example. Despite past challenges, including cancer and a difficult divorce, the speaker was able to transform a $15,000 investment into a few million dollars within two years. The speaker emphasizes the importance of dollar-cost averaging and staying informed about market trends. The long-term potential of crypto, as demonstrated by its consistent upward trend, contrasts with the declining value of traditional currencies like the US dollar.

    • Bitcoin and Cryptocurrencies as Alternative AssetsConsider Bitcoin and cryptocurrencies as alternative assets for potential protection against government-devalued currencies. Focus on financial health, debt structuring, and acquiring valuable assets before paying off debts and investing.

      Bitcoin and cryptocurrencies offer an alternative to traditional financial systems, potentially providing protection against government-devalued currencies. The speaker emphasizes the importance of taking control of one's finances, structuring debt, and focusing on acquiring assets that grow in value. He shares his personal story of going from debt to becoming a multimillionaire through crypto investments and location freedom. He also warns against trusting central bank digital currencies, as governments often spend more than they take in and may print more money, leading to potential inflation. The speaker encourages individuals to prioritize their financial health and stability before paying off debts and investing in growing markets. Ultimately, the speaker emphasizes that individuals hold the power in financial systems and can make conscious decisions to improve their financial situations.

    • Decentralized FinanceDeFi enables individuals to earn fees as liquidity providers, bypassing traditional financial intermediaries and their fees, and potentially earning significant profits

      Decentralized finance (DeFi) allows individuals to bypass traditional financial intermediaries like banks and exchanges, which charge fees for every trade, by providing liquidity and earning fees themselves. The speaker shared his personal experience of earning significant profits through DeFi by creating liquidity pairs and making fees on trades. He contrasted this with centralized exchanges like NASDAQ, New York Stock Exchange, Coinbase, and Robinhood, which also charge fees for providing liquidity but keep all the profits for themselves. The speaker emphasized that DeFi removes intermediaries and empowers individuals to become their own banks, earning fees and building wealth. He encouraged listeners to develop skills as cryptocurrency investors and learn about DeFi to make the most of the decentralized finance era.

    • DeFi Liquidity Providing ReturnsInvesting in DeFi as a liquidity provider can lead to substantial returns, surpassing traditional investment gains, but the crypto market's volatility requires careful navigation and potential risk minimization strategies

      Participating in Decentralized Finance (DeFi) as a liquidity provider can lead to significant returns, even surpassing traditional investment gains. For instance, an initial $1,000 investment in SNX could have grown to $26,300, but by becoming a liquidity provider, an additional 321% could be earned, resulting in a total gain of $110,723. Similarly, an investment in FXS could have yielded $165,510, but providing liquidity resulted in an extra 149% gain, totaling $412,119. These numbers are not just theoretical; they represent real-life experiences. However, it's important to note that while the potential rewards are substantial, the crypto market is volatile and ever-changing. Having a mentor or following a proven roadmap can help navigate the complexities and minimize potential risks.

    • Cryptocurrency community trialJoin a 7-day free trial of a cryptocurrency community, learn skills, potentially earn passive income, get a 50% discount after trial, and be eligible for a $2,000 Ethereum raffle.

      This is an opportunity to join a community offering a free seven-day trial to learn about cryptocurrencies and potentially earn passive income. The subscription price is usually $194 per month, but with the offer, new members will get the first seven days for free and a 50% discount, bringing the monthly cost down to $97. The speaker encourages people to quit their nine-to-five jobs and invest the savings into this opportunity, emphasizing that it's not a get-rich-quick scheme but a get-rich-medium-plan. The community provides valuable skills and resources to help individuals become financially independent. The speaker also mentioned a raffle with a $2,000 Ethereum prize for someone who signs up and stays till the end. The offer is not for those who are skeptical, already broke, or not serious about creating a six-figure passive income. The speaker encourages action-takers to sign up and start learning.

    • Community supportThe importance of being part of a supportive community cannot be overstated. It provides personal and professional growth, fosters connections, and offers a source of inspiration and motivation during challenges.

      Importance of being part of a supportive community. The speaker expresses excitement about being surrounded by good people and students who care for each other. Even when the speaker is traveling, they will continue to provide content and engage with their community. Despite the challenges of long travels and time differences, the commitment to staying connected remains strong. This emphasis on community and support is a powerful reminder of the value of connection in personal and professional growth. The speaker's upcoming travels to two of the biggest events in the world promise to bring new knowledge and insights, which will be shared with the community. Overall, the message is one of positivity, excitement, and the enduring power of community.

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