What To Do With Extra Money In The Bank

What to do with extra money in the bank? Let's talk about that. Many of you sit on cash and it's doing nothing but letting the bank make money on your money while you do nothing with it. So, get a pen and paper and let's talk specifically about what you can do with your money that's sitting in the bank. The three things I want to talk about is putting your money somewhere else than the bank. What else could it do to make you more money? Number two, what are the contributions you could do? Every one of you, including your children, could have a Roth IRA. And then number three, if your money's going to sit in the bank, where could you go and actually get it compounding? So, what I would do if I had extra money in the bank is take it out immediately and I'd move it to some places with some liquidity and non-liquidity. So, get a pen and paper. We have a lot to talk about. So, number one, clearly if you have a savings account and a checking account, that's personal, that's great. Now, a lot of you, your paycheck goes into your personal bank account and then sometimes you put money into a savings account for that rainy day theory, which I don't really believe in any of that. What I want you to start thinking about, and if you're really listening to my channel, if you're not listening to my channel on a regular basis, I need you to subscribe right now. Hit the notification button and I want to really teach you financial literacy. So, our money, meaning wealthy people, millionaires, our money comes into the bank through corporate bank accounts, not personal bank accounts. So, we talk about having money sitting in the bank. Is it personal or is it corporate? And are you commingled at all? So, what I do with my extra company money is usually I'm making and spending through my company, but I take a percent of all the money that I make and I move it into what's called an iFlip account. At the end of the video, I'll give you a link to a free app where I put money. You can liquidate it in 48 hours, but at least it's making money. It's just not sitting doing nothing in a bank account. So, I constantly have the flow of money coming in. I make sure I have enough there to manage any of the expenses coming in and out of the account. Any extra money gets moved over to an iFlip account, whether it's a personal account or a corporate account. And you can have many accounts. You cannot have one iFlip account and commingle personal money and corporate money. Because I'm going to add another thing. You may want to start funding your Roth or your Solo 401k. Now that you have a company, your company can have a Solo 401k. And your Solo 401k, you put $56,000 away to put for later life and your retirement. So, the Roth is the king of the kingdom because all the money that you put inside of it, you can only put $6,000 a year if you're under $50,000, $7,000 if you're over $50,000. It grows tax-free, tax-deferred. So, what a perfect vehicle for cryptocurrencies, for real estate transactions that are going to have a huge spread. The guy who actually made the most ever inside of a Roth IRA was a guy who put all of his PayPal stock inside the Roth. And when he cashed it out, he made billions with a big B. So, what's interesting about this whole structure is what is your money rules? Again, got back to money rules. If you have money in a bank, why are you letting it sit there? There is no rainy day principle that doesn't exist. I don't want you living below your means. I want to blow this out. I want you thinking, I'm going to make it and invest it. So, if you make it personally or you make it corporately, I need to move it out to a flip account. It can make money there. I'm making anywhere between 15, 22. I have one account that's making 42%. Are you kidding? If I needed the cash back, I can liquidate in 48 hours, right? So, that's my go-to all the time. Now, if I want to actually stockpile up some money, I'll still stockpile it up over in the iFlip account. Maybe look for a piece of real estate and then when I take it out of my flip account, I go buy some real estate. Now, a few other strategies that you can do if you have money that you're just sitting on. You could be a hard money lender. You could borrow your money out professionally to other people. The only way that I do that is in first position. So, I have first position of the note. I'm basically the bank and someone's paying me. I have this going on right now with vehicles that I've sold, with land that I've sold, with other assets that I've sold. People are paying me between 10-17% interest. I get those interest checks on a regular basis. So, don't let your money just sit around. I want you to rethink your pattern of money. I want you to make it, invest it, make it, invest it. When you start doing that in a repetitive pattern, you're going to see the compounding power of money skyrocket. A few other things that I could think about that I would do if I had money in my bank account and I didn't know what to do with it. Have you gifted your children lately? You can gift each child up to $15,000 a year. You could start a gifting program and start moving money over to the kids. As you hear, my point is just sitting on cash to sit on cash. When you can move it into an iFlip account or a different kind of account, a real estate account, a cryptocurrency account, where it actually can start compounding, it makes no sense. I need you to learn about money. So again, put any comments that you have questions on. We are out here every day. We are going to be commenting. We'll be coming back to you. We're going to start doing some lives like hour-long lives. I want you out. I want you asking questions and I want you to start working with me. I want you to really start learning about money in a real way that millionaires and wealth builders do. Not what broke people do. There's too much information on the internet called the bathroom wall where anybody can write anything and it's wrong. Wrong. Here's what I want you to do right now. I want you to go take my financial personality quiz and once you take it, you're going to land in one of four buckets and that'll help us identify who you are and what you've done to yourself and then following that will come out an application. The application will then be sent over to one of our senior strategists so you'll have a one-on-one conversation about where you are, what you need, and how we could help. We have an enormous group team of financial experts, 28 of them, who are here to help you advocate for your success. We have a marketplace. We do it every three weeks. That's where a lot of people begin is they meet us out here. They end up in our marketplace. Maybe you come back three weeks later and you do it again and again for a while. Read some of the books. Really start consuming the content. Really commit that this is the way that you want to live and if it's for you, I'll make you a millionaire. My promise is three to five years. So, let's begin.