Becoming Entrefied with Patrick Hughes

ENT 78: How I Doubled My Income in 6 Months

February 27, 2020 Episode 78
Becoming Entrefied with Patrick Hughes
ENT 78: How I Doubled My Income in 6 Months
Chapters
Becoming Entrefied with Patrick Hughes
ENT 78: How I Doubled My Income in 6 Months
Feb 27, 2020 Episode 78
Patrick Hughes

So many people today are complaining about the income gap. People live in fear and cling onto their money like it’s going out of style. Money is scarce for so many people. Hardly anyone has an abundance mentality.

I have had an abundance of mind for years. I spend money on investments and sometimes they go under, but I make my money back and then some on my next investment. 

There are so many ways to generate wealth in today's society. It’s easier than ever. The stock market is the highest its ever been, unemployment super low, and the abundance of opportunities in the world are unlike anything we’ve ever seen. 

 

ACTION STEPS – Change your mindset from scarce thinking to abundance. There are plenty of opportunities for you.

Show Notes Transcript

So many people today are complaining about the income gap. People live in fear and cling onto their money like it’s going out of style. Money is scarce for so many people. Hardly anyone has an abundance mentality.

I have had an abundance of mind for years. I spend money on investments and sometimes they go under, but I make my money back and then some on my next investment. 

There are so many ways to generate wealth in today's society. It’s easier than ever. The stock market is the highest its ever been, unemployment super low, and the abundance of opportunities in the world are unlike anything we’ve ever seen. 

 

ACTION STEPS – Change your mindset from scarce thinking to abundance. There are plenty of opportunities for you.

Support the show (https://podcast.entrefied.com/gift)

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Are you ready to be entre Vied? Let's break free of the life we're told to live, create freedom and well, by adding value to others live, challenge traditions, challenge authority and get on terrified. Hey, guys, welcome to the show. Hope you ready to get on terrified today, we're gonna be talking about abundance versus scarcity. Being abundant minded vs scarcity minded it. It's very, very common. I see the ladder and then is not a good thing. So I'm here to talk to you guys about that today before we get kicking. Thanks for all the subscribers off people to listen to the show. If you're not a subscriber, go ahead it that Dr Button, Leave us a rating so more people can find the show because really great stuff here It's all free thons, a great content. So so many people today are complaining about the income gap. You know, here all the time on social media and other places, people live in fear and cling onto their money like it's going out of style. Now let's kind of stop it. The living in fear. A lot of people live in fear. Now what I mean by that. Okay, let's say, for example, look at your TV commercials. Um, in America, at least this is what I see. I don't know about other countries, but you should definitely you pay attention. Um, so I see that a lot of commercials are built around fear. So talking about car insurance, they talk about Hey, if you get in an accident and and you may not be covered, you need car insurance. That's fear, um, medicine. There's a lot of Madison commercials because we don't have free health care in America. So they'll be like, Hey, you, you get injured. You're gonna need this medicine Call this number today to get this medicine or file a lawsuit against this company. So that's another kind of fear. I don't know. That wouldn't be fearful, but the negative one. And then look at home security systems. Hey, buy this doorbell with the camera on it, and then by these floodlights and then by these other five cameras to go around all points of your house and then get this I don't know detector that goes on your door knob and then get this motion sensor camera that goes in the house Those are all fear driven items. Um, and those are just a couple. There's just a couple. There's so many people driven by fear. They live here because they're so, you know, they want to be afraid. They want things to be bad, and they buy into it. They buy into it like crazy. You know, I have the I had the guys knock on my door and be like, Hey, you want this security systems that scary even. And, you know, I know I'm probably gonna get a lot of flak for this, but even religions are built around fear, you know? Hey, you don't believe in God. You gonna burn, you know, burn forever. And that's like, what? What? And I know that yesterday I was pretty negative, but today I'm definitely okay. I'm gonna get a positive, I swear. But first I gotta knock this out. So, you know, money specifically is what? I'm here to talk about it. I'm here to talk about anything else, but money is scarce for so many people. Hardly anyone has an abundance mind in that area. You know, money is something people think that you know. Oh my God. If I spin this, I'm gonna lose it. And you know, if you have a hand and somebody puts money in it, how tight is your grip? Is that a loose grip? Is the money gonna just slipped right out? If you turn your hand, is it a tight grip? Are you going to squeeze the money so tight you can't take the money out? Or is it kind of in the middle? Are you? Can you turn your hand? You'll lose a little, but you'll keeps up, you know, and and that is very important to know. Are you? Are you super tight handed or what? And nothing think about is it's not about how much you make is about how much you keep. There are many millionaires and people to make high and comes six figures that just have just as much debt. If somebody's making 20 grand 30 grand and the person with the 20 or $30,000 paycheck makes more money than the six figure guy, Why? Because the 66 figure you guys got a poor, she's got a five storey house. He's got a freaking swimming pool in his backyard, a tennis court. You know he's probably, you know, super overloaded with credit and got the 30,000 guy. He's just living a modest life, doing modest things, and he's just saving up money to buy a second property. So you look at their net worth, and it's funny because that 30 K guys got, you know, double the net worth of the six figure guy. He's actually in the negatives, and it's just like what? It's because the way people handle the money, and if you handle it like it's scarce, you're going to you're going to basically never have anything you're going to stash away in your 41 K and hope and pray that's enough to cover. And that's kind of scary. You know, you you live your whole life hoping and praying that at the end of it, you got enough to make it to the end of it, you know? Oh, well, if I live extra 10 years, that ain't good. I don't have enough. That's because you held on your money so tightly, you missed opportunities to grow your money. And so that way you're only stuck with what you got because people don't talk about inflation and it is an ugly bear. Inflation is terrible in America and other countries. Pretty bad, too. I wouldn't say it's terrible in America, but it's it's It's definitely a rough part of the equation. And that's why when people mention compound interest like, Hey, I'm gonna make you know 10% of my investment you're actually making, I don't know, maybe roughly six. If it's managed by somebody else, probably 45 It's not as good, Woody think, cause people love to draw the compound interest charts, but they never draw these compound inflation charts alongside of it. And so they think it's kind of like me drawing a picture of all the money you make in life. And I don't draw all the money that you spend in life. So you like. Here's all the money you made life $2 million. But then I don't draw that second line. That shows that you spent 950 k of it over your life. So you had to be You gotta watch out for these suede charts and that's all I see on the news These bullcrap charts. Oh, Johnny started saving. He was 20. I mean, sure, he did. But you know, you have to account for inflation. It's not. It's not as simple as I'll say 40 years and I got a $1,000,000. No, it's not that easy. And you know, people that take money and just throw it out the window, like the six figure guy was talking about who's probably knee deep in debt. Well, those guys obviously don't think money scarce, but at the same time they don't they don't valued enough to control it. They're letting it control them, and then it's just running them into the ground and that, you know, it's gonna be a matter of time before they lose everything. And so it's kind of like, you know what? Where's the media? Where's the media? And I described it earlier, You know, in the abundance versus scarcity, you should think Okay, money is abundant, it is abundant, it is plentiful and and what I what I get I should keep. But I should also try to grow it because there is the opportunity for abundance, so I should probably I should stash some of it behind, but I should grow some more of it. I'm not talking about some lame investment, like a stock or something. I'm gonna go pick some stocks or mutual fund. That's that's garbage. Those their garbage. I'm sorry. The trash. I could outperform those in my eyes closed. And, you know, people hate on stock picking all that, and that's fine. If you if you don't know what's really happening in the market, I wouldn't suggest that. But what I'm saying is, you see an opportunity pop up. I was starting this guy here in Nashville, and he opened Ah little restaurant called the Red Phone Booth. And he said to me, he said I started talking to him. I said, Hey, man, you the owner, He's like, Yeah, I'm the owner And he was on the opening night. I was I was in there, invited on the opening night. So we're sitting there and, um, we were talking and he was like, Yeah, uh, I started this company because this guy down in Atlanta, Georgia, he had told me that this was a great idea. It was a speakeasy. You know, basically, when you go, let's say you go out to this bar. You can't get in the front door. There's a phone booth to the left yet to go into the phone booth and doll in number. And the phone booth is actually the entrance to the to the place to speakeasy during the thirties twenties thirties. You know where the Prohibition Act was in America, where they actually banned alcohol. It was illegal that have alcohol. That's where the speakeasies came into place. So the guy he would, um, he gave his code. We go in there, I'm talking to him. He's like, Yeah, this guy told me, Hey, man, you should invest in this. He's a really good idea. And and he said he trusted him because he had been in the restaurant business for 40 years. His friend the investors friend been the restaurant business for 40 years. So he said, OK, I trust you. And he gave him, you know, a $1,000,000 because obviously he had made no net worth. Because you have to be the, um, investor Angel Vester. You gotta have ah, $1,000,000 at least to get on like fund rise and stuff. And so he gave him, you know, a considerable amount of money to invest. He said this one did so well that I'm what? Opening a 2nd 1 in Nashville. And so this guy was later in his years. He probably good, you know, 60 years old, 56 years old. He's like, This is my first big investment. And so this guy got it now. He got it when he was in his fifties and sixties, but he understood there was opportunities out there and he need to make her money grow if he wanted to live great for the rest of his life. And I mean, now he's just killing it. He's got two restaurants in two massive cities. Atlanta, Nashville. Let me tell you, man, his investment definitely paying off. Definitely paint. So be smart. Like that. Look for opportunities. Don't be reckless. Have something saved back. You know Dave Ramsey. He's a cool guy. He says, Save $1000 for emergency fund in cash and then pay off all your credit cards and then cut him up with some scissors. Man, you don't need A unless their business credit cards if their consumer items don't do it. And the reason why I like business credit cards, because you can write that stuff off. If I got by $100 in service is at the end of the year. I can just look at my credit card statement for my business and write off all the stuff that I bought and that's deducted from attacks. Payout. So yeah, kind of totally getting way off off topic here. Uh, I have had in abundance mind for years. I spend money on investments and sometimes they get wonder. But I always make my money back. And then so on my next investment, because I realized that it's not Ah, you know, you're gonna win 100 of the time and some people will try to equate it to gambling. And I'm like, if you buy stocks and you go in on margin and you said good stop losses. I mean, there's no it's just insurance, a stop loss insurance. So if I buy $10,000 worth and I said my stock price for $9000 all I'm losing that is $1000. But what I'm gaining is unlimited because the stock to go up in a perfect example of space about space Beck in around November December time, and it shut up 300% So I tripled my investment in two months and he was just like, Wow, that's that's nuts, man. That's not so we have to. I have to look at these things, these opportunities, and realize that there is an abundance of opportunities for you to succeed. You just have to be open minded to them. But at the same time, you have to maintain a specific amount of capital to make sure you're safe. You know, don't be reckless. There's so many ways to generate wealth In today's society, it's easier than ever. I hire people from India, Pakistan, Asia, all the time, toe work for me on my business, you know? Hey, I need some cover are done for my podcast. I've got a guy in India. He'll do it for 25 $30 and that's good because I'm paying him. I'm helping their economy and he's helping me to have, you know, a really nice design. And it's a win win for both parties. So there's there's there's so many opportunities out there because that guy, he's a freelancer, he's making money off. Making people pockets are in podcast is our podcasting is awesome. Ah, the stock market in the United States. Um is the highest it's ever been its record. And people well, if it's the highest. But it's close to the dot com bubble era, which was the highest. So it's like right there, it's right there with it and it's you. It's just blown up. The The economy is just amazing right now. In America, unemployment is the lowest it's been in like 50 years in the abundance of opportunities in the world are unlike anything we've ever seen because of the Internet. You know that some of the people that listens, podcast or in Europe and Australia it's amazing how I can have that sort of reach and be able to speak with you guys over there. Um, I absolutely love world history, European history, you know, I like my dream is to go. I need to go to Rome, Italy, especially the island of Malta. America took a A ah history class, and I wrote a report. It was like 10 20 pages on Malta. The great siege of Malta. I think it was in Ah, I don't know, 15 40 14 or 15 hundreds. The seizure Malta, Um and basically where The thing is, the Persians were assaulting Malta because they were trying to move west and like it was like 1000 guys held Malta against, AH, 100,000 plus Persian soldiers. They held this island. And you know, so much history there means absolutely crazy. Like that was a couple of years ago. I wrote. That book's not fresh, my mind, But Malta has been the number one destination want to travel to, and it is definitely my dream to go there because the amount of history there is astounding. So the fact that you know, you guys listen I mean, it's just so it's so awesome to be able to reach out to so many people. You know? Like I said, there's so many opportunities. You have the opportunity to speak to people and other countries. You know, people in South America, Brazil, places like that. I'm totally trying to learn Spanish. It's not very good. Ah, let me think of the Senate's uh um, hold on. I'm so it's like when you put somebody on the spot to speak a second language and they're kind of new to it. It's like, What do I say? I was a Joe Practical Espen Yo total sales deals. And that's not practice space fish every day. And it it's that no bueno as more edifice it's, you know, it's so it's so cool. You know, I love other cultures. I love other people, other countries, and I love the travel. I love to just see the world because you guys have different, different things I could learn from you, and I know I'm kind of getting off topic here, but this is coming into that abundance mindset. Some people may look a traveling out of countries that scary or dangerous, and no, no, it should be in abundance. You know, there's an abundance of culture, things I could learn from you guys, things that you guys could teach me I have no idea about. And it's time to change your mindset from scarce thinking to abundance. There. So many opportunities out there, guys. So many for you. Reach out and grab. So I want to throw out one here for you. Go to you on 25 dot com forward slash calendar to schedule a 30 minute call. I'll call you on your phone. Yes, it's me. I'll call you and we'll talk for 30 minutes about your story. What your what your life story is and what kind of business you want to start. You know I'll work with you on that one on one mano e mano So naturalism show guys entre five dot com forces calendar. Have a great day. Are you feeling entre fied yet? We hope so. For more information and news updates, check us out at www dot entre five dot com for contact Patrick directly on facebook dot com slash patrick Hughes 9000
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