15 Financial Secrets Every Young Person Must Know

[00:01] in your bank account disappears from everything, how long would you actually survive? Have you ever like asked yourself that question? Let me actually know in the comment section below. Feel

[00:13] think you can actually survive if all the money you have in your account disappears right now. Now, based on statistics, the answer to this question 30 days. And that's not because they're broke. It's basically because nobody

[00:27] ever taught them the rules of money. I mean the real rules of money. I mean the actual secret that wealthy people are using every single day. And in this video, I'm going to be giving you 15 of those secrets for free. And by the end

[00:41] of this video, you will see money completely in a different way. And also, because number 15 of this list is actually what changes everything for know, my name is Femi Lanio, and I've spent years studying how money actually

[00:56] works, not from professors or just anybody, but from the people have the money. And I've packaged everything into these 15 secrets that anyone, no matter your income level, can start using from today. And what I'm teaching you in this

[01:10] this YouTube channel to actually teach you how to make money, how to multiply the right way. So, please, if you like this video, and please subscribe to the YouTube channel. Thank you. Now,

[01:23] let's get straight into the video. Now, secret number one is that your income is not your worth. Now, I want you to listen to that again. Your income, what something that will genuinely shock you. You see, there are so many people out

[01:37] there who are earning millions every single month, but they are dead broke. earning much less than that who are quietly building wealth. Now, the difference is what they actually do with the money they earn after it arrives in

[01:50] their bank account. So, like I said, wealth is not what you earn, wealth is what you actually keep. So, a high salary without financial knowledge or the right financial education is like pouring water into like a bucket full of

[02:02] holes, like pouring water into a basket. So, your first job is not to actually sure your money is going into the right places. So, with that being said, if yourself, or maybe when you start making money for yourself, secret number two is

[02:16] what you should do first anytime you make money. So, that takes us to secret number two, which is to always pay yourself first. Now, you see what a lot of people do is that they pay rent, they buy food, uh they settle bills, and then

[02:29] done all of these things. And by the time they do that, there's never trap a lot of people are setting for themselves without knowing. And wealthy people actually flip this completely. The moment money lands into their

[02:43] account, at least 10% goes straight into savings before any single bill is actually paid. This is non-negotiable. So, please always treat your savings like a bill you owe yourself because you actually do. So, please, anytime you

[02:56] make money, go ahead and put some money into your savings or your investment. Very, very important. Now, secret number three is to understand the difference between asset and liabilities. Now, an asset is basically something that puts

[03:08] money into your pocket, and a liability is something that takes money out of your pocket. That is it. That is the old secret. So, you see things like your phone, that's a liability. Uh your rent, that's a liability. Uh because they

[03:20] But, things like stocks that actually pay dividends, that's an asset. Uh things like your side hustle or your side business, that's another asset. These are things that actually bring money into your pocket. And the actual

[03:33] that the goal of every financial smart person is to always keep adding assets and keep reducing liabilities. That is very, very important. But, the thing exact opposite. Because whenever they get like a salary raise, or maybe they

[03:48] immediately they go ahead to buy more liabilities. That is very wrong. If you get an increase in salary, go ahead and put that additional money into some savings or some investment. You will thank yourself later in the future. Now,

[04:02] want to let you know that I have just launched my ebook on the Nigerian stock market guide for beginners. Now, this is not like every other ebook you have out there with bunch of loads that you don't learn anything at all. This one is

[04:15] you'll be learning from this new ebook of mine. Now, the first thing is that stock market works. A lot of people are just investing in stock. They don't even know how the stock market works at all. You'll be learning this in this ebook.

[04:28] how to actually analyze a stock before you even buy it. A lot of people don't even know how to analyze stocks at all. You'll be learning this in this ebook. The third thing is you'll be learning how to build a diversified stock

[04:40] portfolio that will make you consistent income. Number four, you'll also be stocks that can be giving you passive income consistently. And number five, in the stock market, which is very, very important. A lot of people are just

[04:55] They don't understand risk management in the stock market. So, you'll be learning six, you'll also be learning how to invest from the diaspora. So, for those of you that are in the US and the UK or anywhere outside Nigeria and you also

[05:09] want to invest in the stock market, this ebook is for you. And lastly, you'll also be learning a realistic road map to building your first 1 million naira portfolio in the stock market. No matter your income at all. So, no matter your

[05:21] salary or the amount of money you are making every month right now, I stated or I built a way for you to build your first 1 million naira portfolio in the are learning a whole lot from this ebook. Now, if you are getting this

[05:35] ebook right now, you can get this for 50% discount. Yes, if you are getting this right now, you can get it for 50% discount and it is only for the first if you are interested, click on the first link in the description of this

[05:48] video or you can check the pinned comment of this video for the link to get the ebook. Thank you and let's go on with the video. Now, secret number four is to understand the 50/30/20 rule. Now, you see this one is a simple

[06:01] Now, you see budgeting is something that confuses you a lot, this is all you need. You always need to split your money into three different parts. Now, the three different parts are your needs, your wants, and your savings and

[06:15] basically do it if you are finding it hard to understand this. Now, let 50% go into your needs. When I say needs, I mean things like your rent, your food, your transport, your bills, basically things that you need to actually spend

[06:29] money on. And then let 30% go into your wants. So, your wants are like maybe you go to a restaurant, your data subscription, your entertainment, all of yourself. Those are your wants. And then let 20% go into your savings and your

[06:43] investment. This is another important part. So, these are the three different parts you need to actually divide your money into every single month. So, you your money, just go ahead and use the 50/30/20

[06:56] any complicated spreadsheet, just master this one single rule and you'll be ahead of 80% of the world population. And if you need a very simple app to help you finances, you can use the Groovy app right here. It is a simple budgeting app

[07:11] that helps you get better with your finances. You'll see the link in the description below. Now, secret number five is to always have an emergency fund. Now, you see whether you like it or not or whether you believe it or not,

[07:23] life will always hit you one way or the other. Whether through job loss, whether through medical emergency, or maybe your car breaks down, whichever one, life will hit you one way or the other. It is not a question of if, it is a question

[07:35] survive these things without going into debt, they always have one thing, they always have an emergency fund. And when it comes to emergency fund, the goal is always to have 3 to 6 months of your expenses saved in a liquid account. That

[07:49] your money. And this is not your investment money. This is not like your holiday money. This is not your vacation money. This is money you save in case of emergency. So, please always build this before you go ahead and invest in

[08:02] anything else. That is one thing I always tell people. Have an emergency fund first before you actually think of putting your money into any form of investment. Now, secret number six is to understand compound interest. Now, you

[08:15] see compound interest means that you earn interest on your interest. Now, let me explain. Now, let's say for example, you invest let's say 100,000 naira today at maybe 15% interest annually. That's 100,000 naira to get 15% annually. Now,

[08:29] in 10 years without adding a single additional money to that, you have 404,000 naira. Now, in 20 years, that money naira. Now, in 20 years, that money turns to 1. 6 million naira. Just

[08:42] 100,000 naira. You didn't add anything. You didn't remove anything. Just 100,000 naira is turning to 1.something million naira after 20 years. Now, obviously, not just invest 100,000 naira once and just leave it. You have to actually

[08:55] invest it consistently. Now, imagine you now invest 100,000 naira every single week or maybe every single month for the next 20 years. That can turn into a very big amount of money for yourself. And also, the earlier you start this, the

[09:09] more powerful the compound interest can make more money for you. Because a 22-year-old who starts investing can beat a 35-year-old who invests twice as much every single time. So, please, time is not on your side. Always start

[09:23] investing very early. Now, secret number seven is that inflation is stealing from don't know. Now, if your money is sitting in a regular bank account where they are giving you 4% interest on your savings and inflation is running at

[09:37] let's say 20% to 22%, you are losing 80% of your purchasing power every single shrinking while you sleep. It is not making money for you. It is going down. And the solution to this is that your money must always grow faster than

[09:52] inflation. So, that means that you need to be investing your money in stocks, in real estate, treasury bills, dollar denominated assets, crypto, or whatever form of investment you can find. So, saving alone is not always enough. You

[10:05] you now can now go ahead to start investing. So, basically, from secret one to secret seven that I've said so far in this video, it goes like this. second is to make sure that you build an emergency fund. From there, you go into

[10:20] savings, and after saving enough money, you go into investment. That is the order, the right order to actually build wealth from nothing. So, now let's go to secret number eight. Now, secret number eight is to always build multiple income

[10:34] money, you already have emergency fund, The next thing is to now increase the number of places money is coming in from. Now, in case you don't know, the average millionaire actually has seven

[10:47] streams of income. Seven. Now, this is not because they are greedy. This is basically because they understand that one stream of income can actually dry up starting, you can start with just one stream of income. Whatever thing you are

[10:59] doing, just start with that one stream of income and build it until it starts you start making money consistently from that, then you can now add more streams of income to that. So, please don't always depend on one stream of income.

[11:14] always feel like once they're making money consistently from one thing, they don't need to bother themselves or go into another thing. Please, don't be already making money consistently from something, go ahead and start building

[11:28] another source of income. Now, secret number nine is to always understand the difference between good debt and bad debt. Now, you see not all debt is evil. You see bad debt is borrowing to actually buy things that lose value. It

[11:41] clothes, to buy gadgets, or to go on vacation. Those things are actually bad, really, really bad when you actually borrow money to do them. But, when it comes to good debt, it is actually you borrowing money to acquire something

[11:54] that generates more income for you than the interest you're paying back. I hope you get it. So, please, before you go ahead and take any loan right now, ask yourself, will this put money in my pocket or take money out of my pocket?

[12:07] pocket, it is a bad debt. Just walk away from it. Secret number 10 is that your network determines your net worth. I'm sure you've heard this so many times. You see, the opportunities you get, the referrals, the partnerships, and also

[12:21] the investment that can change your life always come from people. And not just random people, they mostly come from people around you, people you surround surround yourself with people who talk about building wealth, not just people

[12:34] who talk about spending money all the time. You can even join communities, you actually admire. Because your environment is either pushing you forward or pulling you backward. There is no neutral at all, there's no middle

[12:47] the people around you are making you go forward or they are pulling you backward. Think about that. Secret number 11 is to avoid lifestyle inflation. Now, you see a lot of people when they get a raise, like I said

[13:00] maybe their apartment, they get a bigger car, uh they go ahead and you start by the end of the month, they are still broke. Now, this is called lifestyle inflation, and it can affect almost

[13:13] everybody. Now, the secret here is that when your income grows, let your savings also grow at the same rate, or even faster, because the gap between what you earn and what you spend is where you actually build your wealth. Now, secret

[13:26] number 12 is to always invest in yourself first. Now, I always tell people this. I always say that the best investment you can ever make in your life is to invest in yourself. And a lot of you don't know that the highest ROI

[13:38] investment you will ever make is investing in your own skills, in your knowledge, and also in your mindset. For example, let's assume that maybe a 20,000 naira or maybe a $20 course that helps you to make an extra 200,000 naira

[13:51] a month or maybe an extra $200 a month. That is a 1,000% return on that investment. And no stock market in the world can actually give you that. So, please always invest in yourself like reading books, uh taking courses,

[14:04] learning skills that the market will actually pay you for. And please never stop learning because the moment you stop learning, you stop making money. That is one thing you need to actually learn for yourself. So, please again,

[14:16] always invest in yourself. Secret number 13 is that rich people always buy time. Now, you see when you work like a 9-5, it means that you are trading your most valuable asset, which is time. You are trading it for money. And that is fine

[14:31] at the start. It is fine. But the goal you should always be to build systems without requiring your constant that you should leave your 9-5. No. If you have a 9-5, always make sure that

[14:44] you always have an investment that is making more money for you. So, that investment is using your money to work for you. And it can come in as passive business. If you have any kind of business you can automate, you can do

[14:56] that. And then have different investments for yourself. Now, secret number 14 is to always protect your money. Let me tell you something. You ask a lot of young people about insurance, they will tell you that

[15:10] insurance is for old people. And you are actually wrong if you think like that. You see, one major illness, one major accident, one death in your family can actually wipe out your money. It can wipe out years of savings in just few

[15:23] days. So, things like health insurance, life insurance, and business insurance, afraid of. These are things that you should actually take serious because By the time you go into all of these different insurance or types of

[15:37] insurance, it means that you are now growing in your finances. So, please take that really, really serious. Now, secret number 15, which changes everything, is called delayed gratification. Now, what does this mean?

[15:50] this video that this is one rule or one secret that will change everything for you. Now, what I mean by this is that um every single secret in this video requires one single thing. And that thing is the ability to say no to what

[16:04] you want to right now for what you need later. Let me say that again. The ability for you to say no to what you want now for what you need later. So, it of spending, you are investing your money instead of buying unnecessary

[16:17] things, and also you are learning and instead of just scrolling on the building businesses or investment instead of just consuming and consuming every single day. And the rich are not

[16:29] not even luckier than you. They are simply better at waiting. And one thing you need to understand is that when you master delayed gratification, every door that money can open will eventually open for you. That is the real secret because

[16:44] everything actually depends on this one single secret. So, that is it for this video. That is the financial knowledge they never taught you in school. And now you have everything from this single video. Now, if this video added value to

[16:56] you or if you learned something valuable from this video, please like this video. channel ever, please go ahead and subscribe to the channel and hit the notification bell so that you don't miss any of our videos every single week. And

[17:09] please, I want you to do me a favor. Go ahead and share this video with one just explained to you in this video. maybe your sibling, your friend, or even your partner. Just go ahead and share them this video. And please don't forget

[17:22] to get the ebook for the Nigerian stock market guide for beginners. The link to get it will be in the description below. Again, we're on a 50% discount for the description below. Thank you for watching this video. I'll see you all in

[17:34] watching this video. I'll see you all in the next one. Bye.