Island in Fiji or Buy a Farm

In this episode of Sleep Millionaire Formula, the host emphasizes the importance of investing for yourself and for future generations. They discuss the difference between an IRA and a brokerage account, highlighting Fidelity and TD Ameritrade as top companies for investing. They mention the pros and cons of using Fidelity, such as low costs and thematic screening tools. The host encourages listeners to start investing even with small amounts of money and to set clear financial goals for the future. They stress the significance of building generational wealth and planning for retirement to avoid relying on pensions or social security. The host concludes by emphasizing the importance of taking action now to secure a financially stable future. Welcome back out to another episode of Sleep Millionaire Formula. What are we doing today? We've got some ground rules that we need to lay because I think that we just have some business we need to take care of and some things we need to establish because if we're going to be investing for ourselves and we're going to call ourselves creating generational wealth, then don't you believe that what you do for yourself you should do for your children? How many people believe that? Raise your hand. Raise your virtual hand. I can't see your hand, but just raise it. If you were like, yeah, I need to do whatever I'm doing for myself, I want to do for my children as well because we know that the earlier we start for our children with investing, the earlier they'll have the chance to have dividends, live off their dividends, have passive income. We know that one of the key forms to having generational wealth and being able to live a life of sanity, apart from our children falling victim to the system and things like that, is being able to provide for them financially. One of the things I wanted to talk about today that was super important to me that I didn't even don on me that I hadn't told my audience where my Sleep Millionaire Formula family was that when you open up a ... I believe that your IRA, your individual retirement account, is different from your brokerage account where you invest in your stocks, where you invest in your different entities that are going to generate wealth for you. I didn't even think ... Two of the top companies, Fidelity and TD Ameritrade, they are two of the top companies for investing. It says that we found Fidelity to be quite user-friendly overall. It offers three platforms, including a web version, a downloadable active trader pro, and Fidelity Mobile. Opening an account is straightforward, as with many brokers. You need to fill out additional paperwork to enable such features as margin and option trading. The company continues to invest in its systems and innovate within its online trading platform, such as adding an enhanced investor dashboard that remembers where you were when you closed the program, so that at that page on that next login, so you're at that page on your next login. Some of the pros of using Fidelity. Fidelity is one of the pros. It's the Colby. It's the Shacks. It's the pros in the investing industry that has been around for 100 plus years. Some of the newer companies, Webull, what else? Acorns. We have Cash App. Some of those are the newer investing apps. Those investing apps can get you started and can get you going with your investments, your $50 investments, your $100 investments, and however many shares you want to buy. The best in the game where you're able to have multiple portfolios and multiple, but depending on your investment goals, like some people may want to have $5,000 of dividends from four companies that they've invested in. Some people may want to live off their dividends. Some people may say, I want to make a million dollars for my children in the next 10 years from investments, passive income from investments. With those passive income investments, those dividends that are paid, you're able to build wealth for your child. These funds are the dividends that you're receiving from the companies that you invest in are going back into their account. For the course of 18 years, up until they're 18 years old, you have control over that account. If you want to be paid out with those dividends, if you want to continue to put on the drip method inside of your settings where whatever dividends they're paid goes right back to the investments and they will continue to build stocks that way. However it is that you want to set up those accounts for your children with Fidelity, I want to read to you guys some of the pros of being with Fidelity. Fidelity has low cost, twice as many, no fee funds. They have thematic screening tools. Some of the cons are no crypto trading, no bond trading on the mobile and higher brokered assisted trading fees. If you need assistance with trading on the app, it's going to cost you more with Fidelity than it would on TD Ameritrade. When you're investing and you're using apps like, like I said again, like Cash App or Webull or Acorns, those are fine. Robinhood, those are fine to start, but those are not made for children. Those are not made for ... The stocks that you want to use for children are Fidelity or Stockpile. I think that what I'm saying is if you're going to start investing into yourself and you're going to buy 10 shares. We know if one share is $140 and you want to buy 10 shares, you're going to need $1,400 to buy 10 shares of Target. If you're going to buy ... Let's see. Okay, now Target pays out dividends. The dividends can create passive income for you or you can allow that income to be poured back into your investment account. Instead of getting paid your dividends to have passive income, you can just let it compound interest and let that sit for 50 years so that you have 50 years of compounded interest passive income where you're looking at 40 or 50 or 60 years old, you can look into your brokerage account and see that you have enough money in one account for this to pay off your house or to send your child to college, whatever it is that you want to do with those funds. You need to make sure that you set aside what your goals are for your family so that when it comes time for the 20 years or when it comes time for them to go to college, when it comes time for them to buy a car, get married, they're not scrambling and going into hysteria about how they're going to pay for these things because you know that you started that account for them with fidelity. You know that they have stocks that you've bought for them already that have been compounded for the last 15, 20 years and those are the stocks and passive income that they can live off of and that they can spend and that they can use. Now, you can have another brokerage account for separate things like so if you want to have a retirement account, you want to have a TD Ameritrade for Charles Schwab for your retirement account and you want to invest into stocks that open up your portfolio and diversify your portfolio that way. Or you can have all of your investments in one brokerage but you can open up different types of brokerages. One can be for a real estate investment trust. One can be for your retirement account. One can be for your savings goals and what it is that you look forward to in the next 10 years, how you're going to pay for your house. Usually, you want to start investing into real estate investment trust and so that passive income from your real estate investment trust is money that you can save over a compounded interest of five to six years and then you have a down payment for your house. I just wanted to make sure that we're taking care of the logistics and first of the logistics was to open up your key as a custodial account and a fidelity or a stockpile account. The next thing that you want to do is plan out and write out your financial goals, your goals for 10 years, your goals for five years, your goals for 15, 20 and then of course your retirement years and what those goals look like. How much money do you want to have? How much money do you want to save? How much money do you want to have as passive income each month? How much money are you spending to pay your bills? Those are the things that prevent you from going homeless and you investing right now in your 20s, in your 30s, in your 40s is more than enough time for you to be able to have leverage in your retirement years about how you want to live your life instead of somebody telling you, oh, we don't have a pension for you. Oh, you have to live on Social Security. Oh, you have to go live with your children. Those things can be prevented if you take the action steps now and that's something that 3 Millionaire Formula has the benefit of showing you guys our community of wealth builders. We are showing you and we're going over steps monthly and weekly. We're having the calls to show you and to equip you and to be your cheerleaders and be your support system in you diversifying your portfolio, you having retirement goals and being specific down to if you want an island in Fiji or if you want an apartment complex in Illinois. If you want a farm, you need to plan for the things that you are planning to have. If you are looking to retire and you want to own a farm and you want to spend the last 20, 30, 50, 60 years of your life running a farm, putting your food in grocery stores, opening up a grocery store. Whatever your success looks like to you, you may think it's always going to take me $20 million to retire. No. If your retirement goals are to be able to travel at least once a month to different countries, be able to pay off your house and be able to have your car paid off and be able to send four to five to six of your great kids to college fully paid for, if that's what your goals look like when you break them down to monthly, yearly, quarterly goals now and you're shaping your financial spending towards being able to make these dreams a reality in 40, 50 years, 30 years, generational wealth is for you to be able to extend that financial freedom to the next generation now for yourself and also in the future for your lineage. Those are the things that's going to separate you from being a tragedy in the future or being a legacy in the future. I think that some of those small steps that you think that are seemingly, I could do it in five years. I'll do that in two years. I'll do that when I get enough time. No. Start with your $35. Start with the $25. Now, you may not have $25,000 to invest, but if you can have $25, you can work your way up to the $25,000 because we know that if you're starting now with the $25, in five or ten years when you're able, you're running a successful business, you have books that you've written, you're touring, you're speaking, you're using your gifts to create generational passive income for yourself and generational wealth for yourself, those are some of the things you're going to take your $25 and be able to invest $2,500 into your children's account, $2,500 into your account, $25,000 into your account. Those are the ways that you want to work your way up. You don't want to discount yourself or count yourself out from being able to generate the wealth for your legacy based on the decisions that you're not willing to take, the small decisions that you're not willing to take now. Yes, start small and work your way to big because you know that drips, even though you may look at the person next to you who has a fountain and they can turn the water and let their bucket fill up and they can just move it to the next generation, but you may come from a family that you have to put your bucket under the sink and let it just drip, but drip by drip by drip over a long period of time, your bucket is still going to be full. However fast it gets full depends on you and your strategy and your strategic goals that you have for your financial freedom, right? All right, guys, so that's some homework for you to do today. Open up a custodial account, plan out your financial goals and what it looks like you for 40 years, 50 years from now, and then diversify your portfolio and your brokerage account based on the needs you have. If Fidelity has something that Ameritrade doesn't have, okay, you want to open up an account with Ameritrade. If Charles Schwab has something that Ameritrade doesn't have, open up your account with Charles Schwab. There's nothing wrong for you to expand your options and live and diversify your portfolio. The only thing you don't want to do is take a loss with your portfolio. You don't want to invest the assets and not do the financial checking. You want to have and make sure that's what the thing about the difference between Fidelity and Ameritrade and Charles Schwab is they were mentioning that some of the cons with investing into these brokerages would be that you would pay a higher fee if you need the assistance from a financial advisor. That's nothing that you should not be investing to the company. It's just a matter of are you willing to pay a .25% management fee when you need help diversifying, going over and seeing where your financial portfolio could you take more risk, where can you take more state passive and don't take any risk, and where is it that you can switch out and cancel out those stocks that's not making you the funds that you want to make and not reach those financial goals. You have a decision to, with that financial advisor with these different companies, you have a decision to be able to correct and modify your portfolio over the time. That's good that they even give you those options to have the financial assistance and financial advisor at all. You don't want to count yourself out again. Thank you guys for tuning in today. Leave your comments today about your experience so far. Do you have Fidelity, Ameritrade, Charles Schwab? What's your opinion on how those companies are handling your investment portfolio? Thank you guys. See you guys next week.