THE ED MYLETT SHOW - The Hard Truth About Becoming a Millionaire in Today’s World

Episode Date: December 5, 2024

So you want to be a millionaire—are you ready to do what it takes? Let’s face it: the odds aren’t in your favor. Less than 1% of people make $1 million a year, and fewer sustain it for five years or more. But here’s the good news—it’s possible. Whether you’re just starting out or looking to change your financial future, today’s episode is about what it really takes to build wealth in a system that isn’t set up for everyone to win. We’ll talk about the importance of living well below your means, creating smart habits, and avoiding the pitfalls that keep so many high-income earners from staying wealthy. Making more money doesn’t guarantee success; managing it does. Even if you’re working a minimum wage job, you can start small—saving $10 a month or cutting unnecessary expenses—to build the discipline that wealth requires. For those dreaming of entrepreneurship, I break down why focus is your greatest ally. Trying to juggle multiple streams of income before mastering one? That’s a recipe for failure. Mastery, not distraction, leads to real success. And for those in service-driven careers, remember this: prioritizing your financial health doesn’t mean abandoning your purpose. It ensures you can continue making an impact without sacrificing your future. The path to wealth isn’t just about numbers; it’s about mindset, discipline, and making tough decisions. Whether it’s cutting back, starting a side hustle, or finally creating a budget, the time to act is now. You’re one decision away from changing your life forever. Key Takeaways: Wealth starts with habits: save first, live below your means, and prioritize financial health. Entrepreneurship requires laser focus—master one lane before diversifying. Even in service-driven careers, financial planning is essential for long-term security. One decision, made today, can completely alter your financial trajectory. It’s never too late, and there’s always a way forward. I believe in you. Let’s make this the moment you take control of your financial future. God bless, and max out. Learn more about your ad choices. Visit podcastchoices.com/adchoices

So hey guys, listen, we're all trying to get more productive and the question is, how do you find a way to get an edge? I'm a big believer that if you're getting mentoring or you're in an environment that causes growth, a growth based environment, that you're much more likely to grow and you're going to grow faster. And that's why I love Growth Day. Growth Day is an app that my friend Brendan Burchard has created that I'm a big fan of. Write this down, growthday.com forward slash ed. So if you want to be more productive, by the way the way he's asked me I post videos in there every single Monday that gets your day off to the right start he's got about five thousand ten thousand dollars worth of courses that are in there that come with the app also some of the top influencers in the world are all posting content and they're

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So go to growthday.com forward slash ed. That's growthday.com forward slash ed. ["The Admirals Show Theme Song"] Welcome back to the show everybody. So you want to be a millionaire, huh? Well let's talk about that today. You know, one of the most popular topics on our show, and I only cover it three or four times a year, is money. And so we're going to talk about being a millionaire today and even making a million dollars a year and what that really looks like. What's really going

on in the world and in the United States specifically and whether or not it matters. And I know a lot of you as we start the show today say money isn't everything. Of course it's not, which is why I only cover it three or four times a year on the show. But we're going to cover it today and I want you to stay in there and I don't care whether you're a school teacher, a bus driver, a CEO, a professional athlete, a stay at home mom or dad, a wealth manager, stay in here with me today because we're going to talk about wealth specifically we're going to talk about becoming a millionaire. But so many of you asked me to look at making a million dollars a year. And so we're going to talk about that today and hang in there even if you don't make a lot of money or you do make a lot of money. So

let me give you some statistics first of all. Let's look at this millionaire thing which isn't what it used to be. And if you're not on track to do that right now and you're in your 30s or 40s, you're more than likely going to retire broke. Actually you're more than likely never going to stop working. You're never going to retire. If you are not at least on pace to stop working. You're never going to retire. If you are not at least on pace to be a multimillionaire in your retirement years, if you're 30 or 40 years old now. So there may be a necessity for you to begin to look

at a second income or a way to make more money or certainly at the way you spend and earn money. So let me give you some stats. Over the last five years, the population of millionaires in the United States has grown 35%. That's nearly twice as fast as China's. The US is now home to 30% of all of the world's millionaires, which is up from 35% back in 2018. The divergence though of top wealth in this country is getting wider and wider. The US by the way has about 10,000 9,850 centimillionaires. Those are people worth a hundred million or more,

which I'm honored to be one of. There's only 9,850 of them in the United States. China by the way only has 2,352. So the US has a giant chunk of the people in the world worth a hundred million dollars a year or more. Let me give you some stats here they're gonna blow your mind. Just hang in there because it's fascinating. The top 5% of all earners in the United States make at least $290,000 a year. So if you make $290,000 a year you out earn 95% of the people in the United States. Now I know the vast majority that means of people watching this today do not make $290,000 a year. It means

probably 5% of you do. So in 2021 annual wages rose fastest guess for who? The top 1%. In 2021 the top 1% wages went up 9.4%. The top 0.1% went up 18.5%. So that means successful people are becoming more and more successful. They must know something. Some would say, well, the system is rigged in their favor. Or they learned how to rig their own lives for success in this system. No matter how you see it, the bottom line is the top 1% income went up almost 10% last year and the top 0.1% went up almost 20%.

What's incredible by contrast though, well those in the bottom 90%, they actually saw their real earnings fall by 0.2% in 2020 and 2021. Let's just settle in on this. The top earners, top 1% are up 9%. Top 1% of 1%, 1 10th of 1% are up 20%. Everybody else, the bottom 90% saw their wages drop with inflation. Workers in the 90th to 99th percentile, so the bottom 10% earners, experienced real losses in 2021.

Here's some stats. The top 1% earned 14% of all wages earned in 2021. That's twice as much as they did in 1979 when they were earning 7% of all the money. So if all the money earned in the economy in the United States, the top 1% earned 14% of it. Double what it was in 1979. The bottom 90% the bottom 90 earned just 58% of it double what it was in 1979 the bottom 90% the bottom 90 earned just 58% of all wages so there's a disparity here between those that are flourishing in the system and those that are not the lowest share on record since 1979 for the bottom 90% see in 1979 to give you an example the bottom 90 percent earned about 70 percent of the money

So it was within range now. It's just a little more than half so the bottom line is this wages for the top 1% and the top 0.1 percent have skyrocketed 206 percent for the top 1 percent 465 percent for the top 0.1 percent while the wages of everybody else have grown just 28%. I'm throwing a lot of stats at you, let me just make it simple. The top 1% since 1979 are up 206%. The top 1 tenth of 1% are up 465%. Everybody else up just 28%.

That means the income gap's growing, I think I've illustrated the point. On an annual basis, the bottom 90% wages have grown only 0.6% a year, which is not even close to inflation. So we're falling behind, 90% of us are. There's no really such thing as the bottom 90%. It's just everybody. So here's what's really interesting. It's a great article in CNBC that I'll put up on the screen on YouTube, and it doesn't matter if you're on audio, I'll just tell you what the article says.

It says the average Americans thinks they have to make a million dollars a year in order to be wealthy. They think they have to make one million dollars a year. Well, that's interesting because less than 1% of all people make more than a million dollars a year. Now, and that'd be cool to do it once, wouldn't it? The odds are 99% you're not going to make a million dollars in a year. By the way, how many people do you believe make a million dollars five years in a row?

So it becomes their income. Do you know what percentage of people do that? 0.1%. 0.1% of all people, only 80,000 people in the United States have actually made a million dollars a year five years in a row. 80,000 people out of a country of 370 million. Now, of those that make the income five years in a row, you ready for this? If you take out hedge fund managers, fund managers, venture capitalists, you're now to less than a quarter of one percent of people. If you take out professional athletes, it's even lower.

So now you're talking about 24,000 people, somewhere between 24 and 50,000 people, under the age of 60, make a million dollars a year consistently in the United States. So you can't even fill up the average football stadium in the United States with people under 60 years old who aren't in those fields that make a million dollars a year. You're talking about 24,000 people. So now here's what's crazy.

So that's probably not going to happen, although it should be your ambition. I've been privileged and honored that I have made over a million dollars a year in my life for the last 25 straight years. Some years, you know, eight figures and above. And so I'm lucky, blessed, and I know some things that have put me in that group. Here's what's interesting about making that money. For people that make $500,000 a year and up, they're four times more likely to file bankruptcy than people that don't. For people that make a million dollars a year, they're eight times more likely to file bankruptcy

than someone who does not make a million dollars a year. So I don't know that income is correlated to wealth. In fact, a lot of people, by the way, and I know that more people make this money than it shows up on tax return because people don't claim all their income. These are people with net incomes. So, Hey guys, I've been talking about element for a long time. You gotta get hydrated. You've got to get your electrolytes.

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one of the things on social media that drives me crazy is so many people think so many people make millions of dollars so you hear well XYZ guy made three million dollars last year she made three million dollars they haven't paid you haven't taken account that was their gross you haven't taken account their rent their employees their insurance their legal all the overhead that comes with it their inventory in some cases also this big thing on social media so and so exited their company for 50 million or 500 million or a billion dollars that doesn't tell you anything you don't know number one what

percentage of the company they owned you don't know how much debt they had you don't know how many people they had to pay off that or other shareholders or investors? You don't know what they paid in taxes and so oftentimes I've had people that have been on my show to be the last person exited their company for a hundred million And I know this person doesn't even have two million dollars in cash So this whole money conversation online and anywhere right now is very bizarre and perverted and isn't always telling the truth. Turns out that most of the people don't make a million dollars a year, especially if they

don't run a hedge fund or they're a fund manager or they can throw 25 touchdowns a year or dunk a basketball. So who are these people that make $200,000 a year and more? Like what did they do when you break down the tax returns? So some of them are very successful executives at companies or even high-end executive assistants. Here's what they all are at that level, really great at what their job is.

If you're gonna be take the corporate route, you have to be great, okay? You have to be great. Many of them are in sales, they're in persuasion, they help people make decisions by buying things, real estate, life insurance, automobiles, things of that nature, pharmaceutical sales. So many of them are in sales, I'm talking about now by the way minus athletes and fund managers. Several are attorneys and doctors. For most of us we're not going to law school,

we're not going back to medical school, but they're in the group as well. And then the vast majority of the remaining people are entrepreneurs. They have found a way to solve people's problems. They've started businesses. None of them were born entrepreneurs. Most of them had jobs before they started the business. Most of those people have failed in multiple businesses before they became successful in the one they're now pretty successful in. I can tell you this, all of them have faced adversity. All of them had fears. All of them had people in their family telling them they were crazy. All of them

have had people tell them they're not going to win. All of them have had people root against them. All of them have had somebody hurt them. Most of them have had somebody steal from them, lie to them, take from them, and use them. And they won anyway. See, there has to be a point in your life where you go, I'm not gonna be a statistic. My family is not gonna be a statistic. And if you really love what you do, but you want to provide for your family, then get a career that can provide and do what you love as your hobby or your pastime or go get enough money saved that you can dedicate all your time to doing this other thing. I am NOT suggesting in any way shape or form that what you're doing doesn't work.

My middle sister is a Christian school teacher. I would be crushed if she ever did anything other than that for a living. I just would. But her husband, who has a nice corporate job, also has an entrepreneurial hustle as a podcast. Okay? And so somewhere in there they've got a game plan. They also started saving money in their early 20s because they were clients of mine in the financial business but they started a savings plan. They've got lots of equity in their home. They have found a way to live extremely below their means

and so there is a path for everybody. There's a path for working people. There's a path for entrepreneurs. There's a path for salespeople. There's a path. You have to find yours. You have to become committed to a plan. You have to get a strategy down. If you were going to be in a career that does not pay you a lot of money, then you've got to be great with your money. You're gonna have to be very disciplined. You're gonna have to save. You're gonna have to invest. You're gonna have to find a way to cut out excess and live below your means. Or you need to start a side hustle in addition to that career or

your spouse does. Or maybe one of you works on the weekends and earns supplementary income. Unfortunately the way the system works today is it's almost impossible for two people in a relationship that raise a family and have children with the way taxes work now with the lack of wage growth that I've told you to get ahead unless they are unbelievably diligent with their money. And so if you're going to have those careers that make a difference in other people's lives, but won't make a financial difference in years, I salute you. I admire you.

This show is really for you today. If you're one of these people who wants to get financial increase, well we've already talked about the different things you need to do and I will hear as we go down the list in a minute. So I want to honor those of you that do work every day that changes other people's lives and you don't get the appreciation verbally, emotionally that you deserve and you certainly don't get the financial remuneration and appreciation that you're worthy of. So it's going to be incumbent upon you to even be more disciplined, more focused with your family. The reason this matters so much is that people who choose

these careers in the service of other people that are not going to also pay a lot of money, they have chosen those careers because money doesn't mean anything to them. It's not a priority. Contribution is. Peace of mind is. Personal growth is. Making a difference is.

So these precious people who work in careers where there's not a lot of income, money is not a priority to them. And what I'm saying to those of you that are those people who I admire so much, it needs to still be a priority to you because someday you can't do this job. And when you're done with the ability to do this job you love so much, you have to have enough money saved so that you can live. There's also gonna be life happening to you. Mom or dad's gonna need some help.

Kids are gonna need some help. Cars are gonna break down. Emergencies are going to happen. And so precious, beautiful you who's dedicated your life to other people, you should continue to do that. But this idea that you could ignore money altogether, if I can say this as a friend, is irresponsible.

Because what you will do is you'll spend your entire life caring for other people. And when you most need to care for yourself and your family, the government's not going to be there. The government is not going to be there. That pension you have is probably not going to be there. The government is not going to be there. That pension you have is probably not going to be there or promised. And so you've got to take the steps right now to make money a priority outside of your career

so that someday you don't have to worry about it. If you just get a good budget, a good plan, a good savings program, a good person to help you that's trustworthy, then you can put all that stuff on autopilot and you can continue to do what you do for a living serving other people and living in the peace and harmony and contribution that comes with that. But what you can't do is just say, it's not a priority to me at all. I know too many people who spent their lives changing other people's lives, but never paid any attention to their own, get to a point in their life where they can't do that job anymore.

to a point in their life where they can't do that job anymore, and they're scared, and they're destitute, and you will have helped when you retire someday way too many people to have to live like that at that age. It's not fair. And unfortunately, other people aren't going to do this for you and the government's not going to do it for you. No matter what political party you vote for or believe in, neither one of them are going to care for your family like you need it cared for or you in retirement and you certainly can't wait around to trust that they will 10, 20, 30, 40 years from now. So you need to

get a game plan of saving some money now and reducing your expenses and I know you're saying Ed you don't know what it's like at my income level. I do. I lived on minimum wage for many years. Okay? I made less than six figures many years. Many years. I made less than $50,000 a year. Many years ago. And I know what that's like. And so, but I found a way to save money then just in case I never made a lot of money. And so please everyone listening and those either plan on making a lot of money Well, we got to get our act together because we know not that many people really make a million dollars a year

So let's look at who they are and what we need to do to be like them What does the future hold for business? Well, let me tell you right now. You can ask nine experts You're probably gonna get ten different answers bull market bear market rates are gonna get cut They're gonna cut it five times six times Inflation is gonna go up or down who who the heck knows? You don't really have a crystal ball and that's why I love NetSuite because you can get some measure of control in the most important areas possible in your business. So if somebody can get a crystal ball together that would be great but until then over

38,000 businesses have future proof their business with NetSuite by Oracle, the number one cloud ERP bringing accounting, financial management, inventory, HR into one fluid platform, easy to use. We've been using them now for over a decade. NetSuite helps you respond to immediate challenges and seize on your biggest opportunities. Speaking of opportunity, download the CFO's guide to AI and machine learning at netsuite.com slash Mylet. The guide is free to you at netsuite.com slash Mylet. netsuite.com slash Mylet. So is there room to do it? One million percent yes. I talk

about how to do that on the show all the time. I'm actually qualified to talk about it because I've been doing it for 25 years. I've made eight figures a year for the last 17 or 18 straight years, not seven, eight figures a year. And so do I know about this stuff? Yes. I also know a bunch of people who make a lot of money that are broke. So what are the things that matter then about what I'm talking about today?

These are the real stats and don't buy into this someone so exited, they exited, they exited. That doesn't tell you anything. That's like preying on people's ignorance going, oh my gosh, they sold their company for a hundred million dollars or three. You don't know anything beyond that. You don't know what was a staged buyout, how much of it was cash, how much of it was in stock, when they get it, how much went to shareholders, investors, debt. You don't know any of that stuff. Right. And a lot of times not all that money's upfront, then there's taxes.

So what am I saying? I'm saying get clear on what you want. And I could tell you some of the fundamentals. You have to live extremely below your means if you can. So I think one of the reasons I've been able to generate a pretty good income in my life, and I don't say that to brag to you, I say that to say that I'm qualified. I say this to you because, listen, when I was making minimum wage working at an orphanage, I still opened up a forced savings account in a mutual fund for $25 a month.

No matter what I've ever made, I have paid myself first. I have tithed and I've paid myself first then I paid the other things So if that meant I had to go without a cable TV back in the day, which would be equivalent to Netflix now I went without it if that meant I had to make my lunch to bring to work So I didn't blow ten or twenty dollars a day on lunch I would do that and save that money and And because I started those habits young, or at some point I started them, as my income went up, I stayed the same way. One year I made multiple six figures and I was living in a $700 a month apartment, just

saving the money. And so what I think most people underestimate is to the extent that you should live below your means. And I know it's very vogue on social media, spend all your money, invest all your money. These are typically people that have never been wealthy or are wealthy temporarily, like those people I just told you that are seven to 10 times more likely to file bankruptcy, even though they make a million dollars a year, even though they make a half a million dollars a year, because they have absolutely no money concepts.

They do not understand the truth. So this idea of get all of your money out of the bank, invest all of it, go into debt, that works for a while until it doesn't. So should you invest your money? Yes, I think you should have some that you save, some that you invest. I think some of it should be very conservative.

And I think for the vast majority of people, they're like, Ed, I'd just like to shave off two or three hundred bucks a month if I could And what I'm saying to you is if you could shave off $50 a month now if you're on minimum wage or $25 a month $10 a month Somehow start the habit of what a wealthy person does that as your income grows and you keep that same habit You cannot be one of these statistics and you keep that same habit you cannot be one of these statistics and you can actually get wealthy because the truth of the matter is go around your town okay go around town there are people retiring

with some dignity there are people retiring comfortably and I know one of your dreams of your life is to someday be able to travel someday be able to give more to your church someday start your foundation someday be able to travel, someday be able to give more to your church, someday start your foundation, someday be able to retire your parents. And by the way, many of you listening to this are at an age where someday, maybe now, but certainly in the future, you may be caring for your children and parents at the same time. And right now you're having a hard time just caring for yourself. So it's important that you begin to develop these habits. Some of them is extremely living below your means.

And as you make more money, do not change your lifestyle. Actually save some of your money in cash when you can. And if none of that's possible for you right now, then what are you going to do to start to generate new income? Are you going to be an Uber driver? Are you going to do door dash? Are you going to be an Uber driver? Are you going to do door dash? Are you going to start a second business? Are you going to start a side hustle?

Are you going to get a second or third job? You know, when I was a little boy, my dad worked three jobs and we were on welfare for a while and we got off of it. And the way that we got off of it is my dad worked two and three jobs at a time. And I just see, if I can be really candid with you, I just see a lot of people who say they're broke that seem to have a lot of free time on the weekends. I don't understand that unless it's just like you're hoping something's going to change. And so there's a season of life where we've got to sacrifice for our future, sacrifice

for our children, sacrifice for our parents. And I just believe in you, so I'm talking to you like a friend today. This economy that we're in, I don't know if it's rigged or not, but I just gave you the stats, right? So could you get to another $20,000 a year part-time doing something? $50,000 a year part-time, right? $50,000 a year part-time, right? Could you start something part-time that generates no income for three or four or five years

that turns into a full-time, beautiful career? If you're already an entrepreneur, maybe you should have a job to supplement your entrepreneurial journey. You know, it's not a secret that when I started out as an entrepreneur, I had so many ups and downs, I had to go back and get jobs at night.

I stock shelves in a grocery store three years after starting my business because we went backwards and I was going to go broke, but I wasn't going to give the business up. So I'd work in the day in my business and then I would get dressed and I would go to work and stock shelves in a grocery store at night. Did I have less sleep? Yeah, it was a season of my life. I was laying the foundation so that someday I could get on a podcast and go, hey, I've made a million dollars since 25 years and eight figures since then.

And so although that sounds a little maybe, I hope it doesn't, like I'm bragging, I also stock shelves. I also had two and three jobs at a time. I've also had businesses fail. I've also lost a house. I've had a car repossessed before. So I know what that's, I've had my power turned off multiple times.

I had my water turned off. Water. Imagine that, I'd lost my house, moved into an apartment with my new bride, and then our water got turned off. We couldn't cook, we couldn't brush our teeth, we had to get up every morning and go down to the apartment complex shower, the outdoor pool shower, every apartment complex usually has one, by the pool.

And I would hold a towel up while she would take a shower and brush her teeth, and then she'd hold the towel up while I'd take a shower and brush my teeth. And then we would walk back to our apartment as everybody else was going out to their job and everybody in our apartment complex knew I wasn't providing for my family and actually during that time she had two jobs to support me as an entrepreneur. These are the things we do in order to change our family's future, to have generational wealth, to never have the world had their thumb on your family again. So I just want to encourage you as a friend every week I'm very uplifting and encouraging on the show but every once about three or four times a year I like to do a show and go here's where we're really at. Where are you really at? Right now as you listen to today's show

how much money do you have saved? Could you go two or three years without working right now? If your parents needed you to float them forty or fifty thousand dollars in an emergency right now could you do it? What if you and your husband or your wife both cars got broken down right now? Right? Is college money safe for your children? And if they're not going to college, help them start a business? Are you on pace to have three million dollars saved for retirement so you can retire at the same level of life that you are at now? Not traveling, not something beautiful, not owning a jet or a ship, just sustain your current

lifestyle. Are you on page for that? And if none of that's true, what are we going to do about it? And let's just face it. And here's what I think. I think you know what you need to do about it. See, you're one decision away from completely changing your life. One decision.

And I have an inclination, a hallucination, that you might know what it is. Maybe it's that you need to stop spending the money in the places you spend it. Maybe it's that you need a second job. Maybe you're an entrepreneur who needs to get a job. Maybe someone in your family needs to get a secondary income. Maybe you need to just start a hustle and start a business that provides a future for your family.

One other thing too is there's this thing on social media about multiple streams of income. Here's what I believe about that. Most millionaires made their money in one lane first and then when they became millionaires, they diversified their income. So it's one of those facts that's not true. Now what I do believe in multiple streams is if you have a W-2 job, I believe in another stream of income that's 1099. Okay so in that case it's multiple streams. There's your job

employee W-2 money and I believe you should create another stream over here that's 1099 independent contractor type income. I do believe that. Or if your W-2 income is so low that you need to start driving Uber or doing something DoorDash or whatever it might be to supplement your income. What I don't believe in is entrepreneurs who are trying to generate four, five, six streams of income thinking that's the way to get wealthy. And here's why it doesn't work. Because to get wealthy you're dealing with killers. You're dealing with the best of the best. If you're gonna get to these stats where you make a half a million dollars a year Or you make over two hundred ninety thousand dollars a year or you want to go make over a million or ten million dollars a year

You are competing against the best in the world at whatever you do And if your income your focus is diversified to three or four other things and I'm full-time crushing in my industry I'm gonna beat your distracted focus. Right? Imagine this, we're at the top level of professional baseball, right? You and I both are, but you also play the piano six nights a week in a bar and you also deliver furniture. Who's going to be the better baseball player?

I am because I'm full time laser focused on baseball. And so if you're an entrepreneur, you got to get dialed in on that industry and dominate it, get to seven figures and then diversify. But this idea that I got 200 coming from here, 300 coming from there, 50 from it. That's not how it works. I don't know anybody where that's ever happened before. So it's a fact that's not true because to make seven figures, you got to be great. You got to be obsessed.

I don't care what the industry is. You got to be so dialed in, laser focused, outworking everybody in that business, out innovating, out thinking, out strategizing, out energizing, out everything. But if you're doing three or four things and I'm doing that one thing crushing, I'm going to kick your butt. I'm going to win at it. And so you have to get laser focused as an entrepreneur. The only other income stream you should have

other than your main business, if you're not at a million dollars a year at, is some part-time job to supplement this business you're trying to get off the ground. I have done that before. But I can tell you straight up, if you think you're gonna do mortgage over here, own a donut shop over there, own a doughnut shop over there and a

dentistry practice over there. Someone who's in donuts full time, someone who's in dentistry full time, someone's whose mortgage full time is going to take your candy. They're going to win because they're laser focused all the time and your focus is diverted, watered down. Once you get to seven figures, that's when you diversify if you're an entrepreneur. And again, I know money isn't everything. I'm proof of that, guys. I will tell you though, the lack of being able to provide for

your family can become debilitating, become a great worry. I have many friends that are my age and older that are now facing a time in their life where They're scared and They're in their late 50s mid 60s and they're starting to get scared Because their earning years are gonna run out at some point and by the way the cool thing about entrepreneurship is those earning years Colonel Sanders didn't start his business until he was in his 70s. Ray Kroc didn't become really successful until his 60s. Really successful.

Sam Walton, you know, there's all these new young entrepreneurs, which is great. You can become a new and young entrepreneur, but you can also do it older. And there's lots of stories of that. So I just wanted to do a wake up call today. The stats are the stats. Right? The gap is getting bigger and bigger between the haves and the have-nots. And you could say, well, it's the system. It might be the system, but it is the system. So what are you going to do to win? Right? What are you going to do to change this?

And I would only give you all these stats and say all these things to you because I know you're capable I know it's possible I know you can do it I think you know what the decision is maybe it's to stop spending so much damn money maybe it's to sell that car you've got and downsize a little bit maybe you don't need the house you're in and maybe it'd be better to downsize a little bit maybe it's starting a business maybe it's getting a job I don't know what it is for you I don't know maybe it's just finally getting a budget you know and maybe if you're a really young person listening to this it's like wow I'm 20 years old I'm gonna start saving $50 a month or $25 a month even though that

may not seem like a lot even if it's $10 a month Okay, I'm gonna start the habit of what a wealthy person does I'm gonna start the habit of what somebody provides for their family does I'm gonna do the right thing Some of you it's gonna decide to live dramatically below your means some of you It's gonna be you're gonna start to buy your first real estate property Outside of the one that you live in right now. You're gonna work on that and get some sort of passive income Or I don't know what it is for you. Some of you it's gonna go, I'm gonna pick up a book on money today and just start to learn about it.

Some of you it's gonna go back and listen to the beginning of this podcast again and just really get focused. You can do this. We can do this together. I promise you three, four, five, six times a year I'm gonna do things on this show that's gonna help you with your money. I help you with your emotions, your you with your emotions your body your spirituality your fitness your personal development your entrepreneurial journey your persuasion

skills communication skills you name it mindset we do all of that on this show we're also gonna make sure that everybody okay everyone here at least has information to be okay financially and so I know you can make this happen I know you can create a change. I know it's not too late. It's not. It's never too late. There's always a way out. There's always a solution. There's always an answer. And you can find that answer. All right, everybody. I'm here to support you and tell you the truth, give you the stats, give you the information, and then you make the decision. What's the decision? You're one decision away from changing your life. What's that decision today? God bless you.

Max Outt. This is the Ed Myron Show.