How can you bolster your savings? Will cryptocurrency replace fiat currency? Is developing real estate in Canada the same as in other countries? Our viewers slid into Philip Michael‘s DMs, and he responded. Check out this Q & A. For the full responses, check out the video above.
Q. What’s the best way to bolster your savings?
A. Just think about other areas of your life. What gets tracked gets done; therefore, what doesn’t get tracked does not get done. If you’re not tracking where your money’s going, you are losing it. For a lot of you out there, if you just stop and see how much money you spent on Uber, you’re probably surprised or scared by the actual number, right? So, number one, start with a budget. Figure out your expenses and how you allocate them in terms of how you spend your money. There are two ways in life and business to generate profits. One is to increase income. Two is to reduce expenses.
Q. Do you think that crypto will replace fiat currency?
A. No, I don’t. Whenever you see a change coming, you start to see it in its early infant stages. Very few things come out of left field. Even if they do, they take time to settle and then mature into what they can become. So, what we’ve seen with crypto when it first came in is like, “Oh, my God, this is going to replace money.” Really? There’s still an entity; it’s opaque, and let’s call it a banking system that controls the money. And in addition to that, they control the people who then spend the money. Until crypto starts to show that 10% (I’m just throwing out numbers) of people’s daily money activities have been replaced by crypto, you cannot say that it’s trending in the direction of replacing a currency. That could have 100 years from now or maybe even 50 years from now; who knows? But with the information that we have right now, it doesn’t appear that way.
Q. I’m currently living in Canada and would like to become a real estate investor and developer? How do you start out?
Now is one of those questions that I get typically surrounded by this notion that everything I say only works in the United States of America. These principles and tips are universally applicable. The same process that it would take for you to become a real estate developer in Denmark, Germany and America is the same in Canada.
Obviously, there are different little legalities and nuances in terms of how commerce and transactions are done. But overall, it’s the same thing. You must find a place to develop real estate. Then, figure out what you want to build and who can build it. Then you’ve got to have the money actually to build it. Then, you either sell it or rent it out. It’s a very simple supply chain from that standpoint.
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