the best financial advice for young...

The Best Financial Advice for Young

Professionals Experts Share the Best Advice They’ve

Ever Received

YoPro Wealth Take control. Make Money. Live wealthy.

Welcome to YoPro Wealth!

YoPro Wealth is a podcast and blog dedicated to helping you take control of your personal finances and build true long-term wealth!

We interview today’s most successful millionaires and subject matter experts to motivate and teach you how best to earn, invest and manage your money now and in the future.

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Hi, I’m Austin!

My bio in a nutshell:

– From small town, U.S.A., now living the city life

– Engineer, entrepreneur & investor

– Former collegiate football player

– Founder of ONE Pursuit Investments, LLC

Please reach out to me and say hi! I would love to hear

from you.

@YoProWealth facebook.com/austin.netzley

YoPro: young professional

Wealth: money, freedom, and much more!

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“Make your money work for you, not against you. Debt works against you, investing works for you.” Compound Interest: The wealthy understand the power of compound interest. Albert Einstein called compound interest “The most powerful force in the universe," and "The greatest mathematical discovery of all time." Debt uses compound interest against you (for example, if you buy a house for $150,000 and pay 7% interest and minimum payments for 30 years, you actually pay $360,000 for the house!). Alternatively, investing the right way works for you. $10,000 invested every year at a continual 10% growth rate will be $1,000,000 in under 25 years! If you start at 22 years old, this is $1 Million from a mere $10,000 investment each year by the age of 47. Of course, the plan is to increase the amount you save/invest and achieve this milestone much, much earlier. Learn the power of compound interest, and utilize it.

YoPro Wealth Take control. Make Money. Live wealthy. The Best Financial Advice

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John Lee Dumas Host of Entrepreneur

On Fire Podcast @JohnLeeDumas

“Simplification is one of the great things. Get to a point in life where you don't need to make too much, because most people are trapped. The other great thing is multiple streams of passive income. Passive income is taking your income and putting that money to work for you. So while you sleep, that money is working harder than you work.” Passive & Residual Income: Multiple streams of income is a huge part of becoming wealthy, and will be a big focus for YoPro Wealth. With working income, you only get paid once for the work that you do. With residual and passive income, you get paid over and over again for your efforts - even while you sleep! These other income types are very similar. Passive income is derived from investments in which the individual is not actively involved (doesn't require effort from you). Residual income is recurring payments after an initial effort. Examples of each include:

- Passive income: online advertisements, affiliates, rental property, royalties from invention, dividends and interest from stocks/bonds

- Residual income: books, songs, network marketing, online training video It is easy for young professionals to create financial freedom - all that you have to do is create passive income that exceeds your expenses. If you keep expenses low, then this is relatively easy to achieve.

The Best Financial Advice

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David Wood Trainer’s Trainer & Host of

The Kickass Life w/ David Wood Podcast

@TheKickassLife


“The thing my mother taught me is not to define yourself in terms of inanimate objects. For young professionals, building an identity around the things you own can be an easy trap to fall into--but the bottom line is a leased BMW won't make you any happier or cooler, and it will make it harder to take care of the more important and fulfilling things in your financial life.” Happiness: We think, "As soon as I get (insert item) , I'll be happy." That is not true. Happiness is not a goal, it is a byproduct of living a meaningful life. It is fighting a struggle worth fighting for. Success and happiness are found in the realization of a worthy ideal. Notice that these three definitions have nothing about buying a BMW, fancy house, or any item at all. Wealth is not just money, and happiness cannot be solved by dollars alone. We've all heard it, but few actually listen to it: money doesn't buy happiness.


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Zac Bissonnette Author of How to Be Richer,

Smarter & Better Looking Than Your Parents

@ZacBissonnette


“Stay out of debt, no matter what.”

Debt: The ultimate goal, as I see it, is freedom. Freedom to do the things that you want, when you want, with whom you want. If you have debt, you do not have this freedom. You are tied to, and obligated to owe, someone else. Debt is a quickly growing concern among young professionals. 54% of millenials say that debt is their biggest problem, with the average student loan debt over $28,000. 39% of Americans have credit card debt, and 53% of 20-somethings are un-employed or under-employed. Let me repeat that you cannot have freedom with debt. Per these numbers, a large portion of millenials are not “free”. The first step towards true wealth after working to develop the proper mindset is to get completely out of debt. Michael's advice is spot on. Set, go!

Michael Hyatt Author, Host of This Is

Your Life Podcast @MichaelHyatt


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“Don't spend more than you earn, and pay yourself first.” Budgeting: The same is true in handling your finances as with investing your money: you need to have a plan. Budgeting, and monitoring expenses, is a basic first step towards becoming financially free. Most people will use up whatever they have. So, you have to take certain steps to put your money to work before you spend it on something that is unnecessary. A great tool to define your current financial situation and to set goals and budgets is Mint.com. Sign up, evaluate and improve your personal finances. And don’t forget to pay yourself, but do it wisely. It is easy to grow your wealth: don't spend more than you earn. Simple enough? Well said by Pat.


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Pat Flynn Author, Host of The Smart

Passive Income Blog @PatFlynn

“As a newlywed dual-income family, we were told to live off only one income and save the other. Best advice I ever got.”

Saving: There are two ways to increase the amount of money in your bank account: 1) reduce expenses or 2) increase revenues. The easiest and quickest way is to reduce expenses and save money! Joshua preaches the power of minimalism and simplicity, previously discussed, and is able to live off of a portion of the income. Most people can live off of much less than they do. Joshua and his wife made saving an automatic. A good way to save more is to set up a direct deposit into a savings account for a percentage of your income. If you don’t see it, you don’t spend it. Also, any person or family should have an emergency fund readily available. The wealthy young professional should have $10,000 in liquid assets, and at least 6 months of living expenses saved for you and your family in case of the unexpected.

Joshua Becker Author, Host of

BecomingMinimalist.com @Joshua_Becker


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“Decide where you will get out before you get in.”

Investing Plan: Investing is scary, challenging, and difficult… if you don't have a plan. The stock market is a measure of human psychology, including fear, greed and everything in between. We are not built to be good investors. We get anxious and sell at the bottom, or impatient and buy at the top. However, if you have a plan, investing can be simple, efficient, low stress and much more profitable. Having a specific plan for each investment is an essential part to any wealth strategy. .


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Jack Schwager Best-Selling Author:

Market Wizards Series @JackSchwager


“Remember that money's only real value is the good you can do with it.” Purpose: Money is just a byproduct of the work that we do. It gives us the opportunity to be free. And freedom usually leads to fulfillment, meaning, purpose, and lots of other cool things. The truly wealthy, either in the process of creating financial or once they achieve financial freedom, give back and make a positive impact on the world. Zig Ziglar said, “You will get all you want in life if you help enough other people get what they want.” For young professionals, we often chase the money, or the latest craze. When in fact, the best way to build wealth long-term is to find out what your purpose in life is, and what value you can provide to society, and go do that. You’ll then achieve more wealth than you’ve ever dreamed of.

Devin Thorpe Author of Your Mark

On The World @DevinDThorpe


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Summary • Wealth is more than money

• You have to take control now!

o Starting early dramatically increases your wealth

due to the power of compound interest

• 1) Build the mindset, 2) pay off any debt

• Don’t chase the money; find your purpose, and

provide value… then the money will show up in

abundance!

• Diversify your revenues; build passive income streams

• You must have a plan, then take massive action

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Action Steps to Start NOW 1) Work to develop the mindset of the wealthy

o Read Think & Grow Rich, and send me your thoughts/questions

2) Define your current financial situation

o Sign up for Mint.com

o Create financial goals, and look to reduce unnecessary expenses

3) Pay off any debt

o Pay down as much as possible on your highest interest rate loan

o Pay minimums on all other loans

4) Work towards taking your finances to the next level

o Create multiple streams of passive income

o Develop an investing plan based on your goals

5) Connect with me on Twitter & Facebook! Send me your questions

and concerns ([email protected]). We’ll talk about how to take

your wealth to the next level!

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