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In case you missed it, here’s Big T’s Digital Asset Daily

The Three Rules of Acquiring Money

I owe much of my success to America.

If you’ve heard my accent, you know it’s a mishmash of a New York City and English accent. My friends describe it as “Brooklish” (as in Brooklyn and English).

I wasn’t born here. I grew up in Britain’s foster care system. I lived in a cramped, unheated room on top of a garage. At night, I watched my breath coil into a frigid mist.

The future looked as bleak as my tiny room.

Ever since I was 12 years old, I knew I would work in the stock market. I once told my school job counselor this. His response? He told me I should focus on manual labor.

“Be a telephone repairman,” he said. But I knew in my heart that my future was in the financial markets.

As a teenager trapped in the foster care system, I soon realized no one would rescue me. That meant I had to rescue myself. So when I turned 16, I left for America. With just $150 in my pocket, I set a course for New York City, the financial capital of the world.

What I found changed my life forever.

It was 1987, and New York City was full of enormous opportunity, obscene luxury, and bottomless wealth… All right beside crippling poverty.

I worked three jobs. I even offered to work for free on Wall Street, until this guy named Frank gave me a shot. I started as an assistant for the big-time brokers and eventually became a big-time broker myself.

In two years, I became the youngest vice president in Shearson Lehman’s history. And after 15 years on Wall Street, I left to run my own hedge fund for a decade before retiring.

It sounds like a fairy tale. But the truth was, I was never happy on Wall Street. Sure, the money was good, but something was missing. I couldn’t shake the feeling I was going through life as a taker, not a giver. And that just didn’t sit well with me.

I couldn’t enjoy my wealth because the higher I rose through the ranks, the more I felt that I was profiting based upon other people losing.

Long story short, I realized I wasn’t adding value. In fact, I was subtracting value, and I hated the way that felt.

I decided to make a change. I took a risk and quit my job… leaving millions of dollars on the table. And I became a partner in an independent research firm where I shared my insights with regular investors.

My goal ever since has been to help everyday investors bridge the widening wealth gap.

I was not born with the knowledge to bridge this gap. I had to learn it the hard way. So, in observance of tomorrow’s Independence Day, I’ll share three simple habits to help you achieve your own financial independence.

Here is what I want you to understand: Money does not have consciousness.

It doesn’t sit there and think, “Oh, this person is deserving. Let me flow to him,” or, “This person is undeserving. Let me not flow to him.” Always understand money is impersonal. The only meaning it has is the meaning you put upon it.

That’s important to understand because it means virtually anyone can amass money. This is a core belief I urge you to adopt.

Let me be clear: It doesn’t mean everyone will achieve their wealth-building goals... It just means they can if they follow the rules that govern the acquisition of money.

Too many people want to have large amounts of money, but they want to do it without paying attention to the rules that actually bring them money. That’s like the kid sitting in his bedroom daydreaming about being a movie star all day without ever going to an audition.

Many people want to be rich. But very few really study what you need to become rich. The three steps I outline below will put you on the right pathway to creating the wealth you want.

How long it takes is up to your individual effort and a little bit of luck. Generally speaking, if you follow the path below, you will be wealthy within seven years. If you’re lucky, you might do it in four years.

If that sounds too long for you, I suggest you readjust your expectations. Seven years will pass whether you follow the rules below or not. Why not follow them and give yourself the chance to transform your life along the way?

Rule No. 1: Live on (much) less than you earn.

If you consistently keep more than you spend, you’ll have a surplus of money. Simple, right? Aim to live on 40% or less of your income.

I know that sounds ludicrous given inflation. To make that work, you might need to work two or even three jobs. You might need roommates, a cheaper car, cook at home, no vacations, etc. It will be hard. But it won’t be forever.

The less you can live on now, the more money you’ll have available to fund the investments that will build your wealth.

Remember, it’s a seven-year plan. You can forgo seven years of pleasures for a lifetime of pleasures.

This is the step most folks refuse to do. And that’s OK. You just have to accept the fact that you’ll never get rich within a relatively short time frame if you can’t train yourself to live on far less than what you earn.

Rule No. 2: Maximize your ability to earn from your current job.

Your single-biggest source of income is your current job. Most jobs will pay you more money as your skills rise.

So the quickest way to make more money is to improve your skills. Put yourself on a skill development track that will have you becoming world-class at your job.

If you don’t know how to do this, no problem. Here’s what you do…

Offer to take the most successful person at your company out to lunch. You’ll ask this person about their work habits. Acknowledge their success and ask them, “What do you do that’s different from everyone else?”

Don’t interrupt them. Just listen and take notes. By the end of lunch, you’ll have the beginning of a blueprint.

If your current employer doesn’t recognize your improved performance, that’s OK… Find another that will. Be sure to negotiate for more money. And never leave a job without having another one lined up first.

If you’re in a type of job that doesn’t pay more as you develop more skills, then you must consider a career change. You want to pick a job where if you excel, you can make a lot of money.

That doesn’t have to be a Wall Street job or any type of office job. Some of my richest friends created their wealth from welding/metal work, construction, plumbing, HVAC, and earth-moving businesses.

The key is to be in a job or business that will pay you well for being great at it.

Rule No. 3: Create multiple streams of income.

If you’ve nailed the first two rules, congratulations. These first two behaviors put you among a tiny percentage of people.

My best guess is less than 3% of the people that live in the developed world live on less than they earn and are on a skill development track to become world-class at their job.

Following rules No. 1 and No. 2 of acquiring wealth is the only way to get to rule No. 3.

Rule No. 3 is how you build your wealth.

This is where you invest in low-risk, income-producing stocks, real estate, or private businesses. Additionally, this is where you can incorporate a “side hustle” for extra income.

Side hustles include Uber driving, Postmates/Grubhub deliveries, selling crafts on Etsy… buying and selling on eBay, freelance writing, etc.

Once the income from your “safe” low-risk investments starts accumulating, you can put about 5-10% of that income into well-researched high-risk, high-reward plays.

This approach magnified my wealth very quickly, and I was getting wealthier without putting my current lifestyle at risk.

It’s a strategy I call asymmetric risk investing. Think of it this way: Symmetrical risk is where you bet $1 to make as much as $1 – at most, a 100% return… Asymmetric risk is where you bet $1 to make $100, $1,000, or even more.

This type of investing allows you to take a small amount of money and greatly amplify it.

You simply reinvest all your surplus capital into low-risk, income-producing investments... then invest some of that “safe” income into high-reward asymmetric bets... and in about seven years, you’ll be rich.

Did you do anything wrong to get this wealth? Did you tread on anybody to create this wealth? No, and no.

So, you can see wealth creation isn’t complicated. But it is difficult. It’s difficult because we’re bombarded with ads to buy stuff every minute of the day. That makes rule No. 1 (live on less than you earn) the toughest to follow.

But without that habit, you can never create wealth that lasts.

Your Chance for Financial Independence

America gave me the opportunity to get everything I value: my family, my friends, and my business.

That’s why every Independence Day, when I see that flag swaying and hear the national anthem playing in the background… It still brings tears to my eyes.

More importantly, America gave me the opportunity to give back.

Now, I’m not the guy who’s going to ever go on a mission trip feeding kids in Africa… That’s just not my calling.

But I am the guy who will help everyday people change the way they think about money… And change how they go about acquiring wealth.

That’s my gift. And sharing that gift has become my life’s mission.

Let the Game Come to You!

Big T