In this video I explain what the Stamp Duty changes are in the UK. Rishi Sunak the chancellor announced a stamp duty holiday to boost property market in the UK, however what does that actually mean for you as a buyer?
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Money is something what we all must have a good healthy relationship with.
And that is such an important thing to realize, you have a relationship with money.
Now I am not saying you will go on a date with your money, but you need to see your money or money in general as your best friend.
Let me give you a personal example.
One of my mentors is a frugal and phenomenally successful investor, who is very wealthy.
He screams abundance and lives an incredibly happy and stress-free life as his money works primarily for him.
So, when I asked him what his relationship was like with money he replied with the following:
“My best friend is my wallet, aka my money!”
I was a bit confused I never heard that statement before, and I was desperate to ask him in a little more detail of what that meant.
Basically, by “money being his best friend,” it means he can pretty much do whatever ever he wants, and it is always there for him.
“People come and go,” he continued, “but I made sure I got into a position that money was always there for me.”
I found this philosophy fascinating and seeing him as one of my most important financial mentors, I was really impressed with how he viewed money in general.
Which begged the question, “what are money mistakes to avoid making money aka my wallet my best friend?”
And full disclosure I am not saying do not have any friends, but make sure your money works for you, not you work for money.
That is another problem most people have as well.
People are always chasing money, where as my mentor has found a way to make money chase HIM.
At the point of writing this, I did not realize that I was receiving money coming in from two of my several income sources.
And without realizing just like that “money is working for me.”
But what you do not realize is the years of hard work, and hours of blood, sweat and tears to get to the stage where money comes to me without really doing anything.
It is important to understand how big a factor your mind plays in this, and I have many videos on this channel discussing exactly how you can adjust your mentality so that you can attract money into your life effortlessly.
However, there are 8 mistakes you must avoid in the meantime when it comes to money.
If you eliminate these mistakes, I assure you, your life will change dramatically.
And full disclosure I am really annoyed this is not taught in schools, because this information can literally make or break a person.
And, most of your assumptions of money have either come from your parents, your boss, or friends you associate with.
It is time to wipe the chalkboard clean and go back to the drawing board.
#1 – Acting Beyond Your Means
This is a difficult one because it kind of contradicts what the law of attraction says, yet it doesn’t at the same time.
By acting like your rich, you become rich.
I genuinely believe it.
But by spending money like you are rich, when you are clearly not, is not a good idea.
Instead simply by walking, talking, and acting like you are, 100% works in adjusting your poor mentality to a rich mentality.
But spending all your money on an expensive car, house, or vacation is NOT the right way to do it initially when you cannot afford it.
If you are spending money to impress other people, then you are NOT living the right way either.
You should spend your money on what makes you happy, NOT what makes others impressed by you.
For instance, I bought an awfully expensive watch last year, yet I hardly wear it.
I wear the $50 one instead because, it makes me happy.
You must avoid social media too when it comes to money.
Every person is different with their money, and yes they may have fancy cars and luxurious lives but you do not know if that is funded by wealthy parents or they too have crippling credit card debt looming over them.
Never EVER spend beyond your means to flaunt a lifestyle you cannot afford.
That will set you up for crippling debt that will bring you to your knees financially.
#2 – Gambling, Cigarettes and Drugs
I have sadly to say spent and lost loads of money in my past on these vices.
There is a reason why they are called vices because they are destroying your health, and especially your wallet.
Gambling is literally like burning money, and I luckily have become free of this horrible addiction.
But cigarettes for example are burning a hole in your pocket daily!
If the average smoker decides to smoke a packet a day that is roughly $10 a day going on cigarettes.
That is $3305 a year on cigarettes!
Think about what you can do with that money!
You can clear credit card debt, go on a vacation, or even treat yourself to something luxurious.
Nothing good has ever come out on spending money on those three things.
Kick your habits in the butt as soon as possible!
I have said this before and I will say it again, but if you quit these vices you will become rich.
I am dead serious, please trust me on this.
#3 – Hoarding Cash
There is an old fable of a man who saved money for the whole of his life.
And he kept saying to himself “when I retire, I will be rich.”
So, he saved and never invested a penny.
And the moment he finally retired; he was sat upon a huge pile of money.
But sadly, when his income stopped that’s where his problems began.
He had huge house repairs, he was living a life beyond his means, and slowly but surely his money completely disappeared!
The man died poor, even though he played it safe and never took a risk.
Basically, what can we learn from this?
If you hoard and be a miser, you are inevitably going to lose your money.
I have not even factored inflation at this point, and in case you did not know the value of cash and money itself is falling every year.
By simply not doing the right thing which was making money work for him, he worked for money and life inevitably told him where to put his money.
Instead he could have invested his money and made his money work for him.
So by the time of his retirement he would still have savings in the bank, but also multiple sources of income coming to him every month to fund his new lifestyle.
Never think just saving for the rest of your life and hoarding your money is the right approach because you will get burnt badly and that money will run out eventually.
It’s like those who inherit money from wealthy family members and are useless with money.
Chances are they will blow all that money on fast cars and big houses only to find that they never invested and cannot afford their lavish lifestyles.
#4 – Bad Investing
Now I am not a financial advisor, you should always seek the advice of a trusted professional in where to put your money.
However, let me give you a personal story of somebody who invested badly.
Shortly after the 2008 financial crash, a guy I know inherited money from his dead grandfather.
It was a substantial amount.
Then he received a financial tip from a person he barely knew that “property in Eastern Europe is cheap and a sound investment, guaranteed to double in 10 years.”
Without hesitating, he took a flight over to that country he was advised to invest in and invested ALL of his inheritance without consulting anybody.
5 years later he lost 50% of his money, the market of that country collapsed, and the houses he bought were not structurally safe either.
FYI I am not saying Eastern Europe is a bad place to invest!
I am saying he just went on a hunch and invested his money with no research at all and got severely burnt.
He also paid over the odds because he knew NOTHING about what he was buying.
But guys, that’s why we have the internet, mentors, advisors who are experts.
Do NOT be like this guy and be so reckless with your money!
With the amount he lost he could have bought 2-3 homes in London and been well off financially!
Instead, he felt greedy, was rather foolish and lost a fortune.
#5 – Not Covering Expenses
When I was in my 20’s I was useless with money.
Let me emphasize that I was USELESS!
I had NO IDEA what I was earning, or what I was spending.
I just used to go around and think money will always be there working for me, and I spent way beyond my means.
However, when I had business problems a few years back, that was when I was truly on my knees confused about what I was doing.
It was that moment I spoke with my father, who was an accountant of all things by profession and I asked him how to handle my expenses.
He told me to get open an excel spreadsheet, sign up to internet banking (which I didn’t have), and total up my expenses.
Then after doing that he advised me to multiply my monthly expenses by 3.
His advice was simple, “have 90 days’ worth of expenses, at all times, as a safety net if things god forbid go wrong.”
Ever since doing that, I have managed my money so much better.
By those who are living pay check to pay check, and living for the moment is only good short term, because life is a marathon not a sprint.
Total your expenses and do the 90-day expenses fund and leave it somewhere that it CANNOT be touched too.
This is the epitome of the rainy-day fund, and it will save your backside if need be.
#6 – One Source of Income
A guy I know personally was really successful at his job, and earnt a really good salary.
However, by doing so, he lived the good lavish lifestyle, fast cars, huge apartment you name it.
But suddenly, the recession happened, and through no fault of his own he lost his job.
He worked in a real specialist field, and there were no jobs like what he had at all.
He also blew all his money on unnecessary expenses.
And by doing this his one source of income disappeared making him financially bankrupt.
The secret to financial success is to have multiple sources of income.
Just today I received two payments from two completely different sources.
It is time to diversify your portfolio or to have several jobs or hustles and to NEVER rely on just one thing.
Those who truly master this become multi-millionaires.
#7 – Afraid to Take Risks
Think back to the frugal man who saved all his life for his retirement.
Risk takers are successful.
However reckless risk takers are losers.
There is a huge difference in the two.
When I first invested in real estate, I never bothered checking how much the property went up or down, because I am in it for the long haul.
I do not like quick money scams, or fast money opportunities.
I like the long run.
Look at my brand SCG SHOW I have not earnt a penny from it, but I see the bigger picture.
By working hard and building up my brand, in the future it will generate me money.
The risk I have taken is time, and energy because I believe in the project.
If you have money sitting in the bank collecting dust and losing value due to inflation, why not TAKE it so you can get it to produce an income.
Speak to a financial advisor and do not be afraid to take calculated risks.
A calculated risk, is one where you have weighed everything up and said, “it looks viable lets go for it.”
Do not feel scared, trust yourself and do not put all eggs in one basket.
Nobody did not get successful in anything in life without taking a risk.
#8 – Living for Today
Here is a perfect example of someone I know.
He was living pay check to pay check and he had a pretty average job as a chef.
Suddenly he thought “I want a new car!”
So he went an put a deposit down on the best sports car he could afford.
This guy literally had only $500 in his bank account.
Suddenly the pandemic happened, and he was fired instantly.
Sadly the restaurant never reopened, he also couldn’t find another job.
And now last I heard he was eating a cup of beans for dinner every single day.
So, my point is amazingly simple do not live for today.
Yes you can treat yourself occasionally, but living for today only damages tomorrow.
Let me tell you something you can bargain with the future for making sacrifices today.
So by NOT overspending, especially on fast cars and expensive items, you can bargain with the future to have enough money to spend it on a bigger house, a nice watch, or a luxury vacation.
These are money mistakes that you must avoid to have a better financially independent lifestyle.
Etsy is an e-commerce website focused on handmade or vintage items and craft supplies. These items fall under a wide range of categories, including jewellery, bags, clothing, home décor and furniture, toys, art, as well as craft supplies and tools. All vintage items must be at least 20 years old.
As somebody who has a background in making money online, starting on Etsy still was no easy feat.
Yet I set myself a target of focusing in 2019 to build up my store and my brand on the platform.
What I did initially was research exactly what I could do to sell on there.
I had a tiny bit of experience previously with selling on eBay and Amazon, but Etsy seemed most intriguing to me.
My background was digital marketing and I considered myself a bit of an artist, so it looked like a lot of fun!
With that said, I decided to start selling art printables on Etsy.
Art printables are like pieces of artwork that I create on Photoshop or Canva and they are digital products that customers can download and print for themselves.
Take this for example:
So this delightful little fellow is a piece of art I created, and therefore, when somebody purchases this art printable through Etsy, they will immediately receive the PDF and PNG files.
That means, they will receive with no watermark the original print that they can get framed, enlarge, or place wherever they like!
That is why I worked hard to create over 1000 different types of prints, artwork, typography and similar digital products.
Here are the statistics for my first year:
So as you can see for the last 12 months or so I averaged over 29,000 visitors directly to my Etsy store!
I found that to be incredibly impressive, seeing that I was not established, and completely brand new with no reputation.
In that time frame I managed to make over 361 sales, but the actual figure is 375 sales!
This is because Etsy doesn’t factor in the stats people buying more than one product which a handful did.
My conversion rate was 1.2% which I believe again is excellent especially for a brand new store!
And finally my revenue was £2,982!
Not bad for year one, considering that art prints do not have any expenses!
That’s what I loved about creating them, is that they are pure profit.
Having said that, my biggest expense of course was the time and energy spent creating them all.
However, I was happy because I averaged a sale a day, and that was my target and the beautiful thing about Etsy is that it can be passive!
But remember you don’t have to just sell art printables, you can sell handmade jewellery, vintage clothing, bracelets, and stickers whatever you like!
Let’s have a look in a bit more detail my statistics!
So Etsy sent me 71% of my traffic over the past 12 months which is pretty awesome!
That means that through their search, their front page, and recommended, my products were ranking and getting a lot of traction!
In case you didn’t know as of December 2019, Etsy received almost 229 million visitors!
A large majority of Etsy’s users and customers are in fact female, with money to burn!
So if you create the right products for the right customers you will see some excellent returns indeed.
The remaining 29% of my traffic came from direct.
To this day I am not really too sure what direct traffic meant, seeing that I have only just created SCGSHOW.COM in early 2020, so who knows I am not complaining!
And the 1,384 came from social and that was mainly from my Pinterest.
I managed through hard work, patience and determination to build my Pinterest monthly impressions to over 50,000 per month in my first year!
That means 50,000 different people every month are seeing my pins, and products!
Pinterest is in fact the 3rd largest search engine on the web, after Google and YouTube.
And, Pinterest also has a large audience of female buyers who earn on average over $50,000 per year.
Shop owners and Etsy sellers have realized this and capitalized on this massively.
Do not worry it is not too late to start at all!
This is PlannerKate1 who sells sets of stickers on Etsy for around £4.80 per set.
She has been on Etsy for almost 6 years, and has made over a staggering 860,000 sales!
That means her turnover is easily over £4,000,000!
Just from selling stickers on Etsy!
Think about potentially what you can make if you work hard, market yourself and put out the best products you can!
Whilst my Etsy earnings are not massive right now, what I love about it the most is it purely passive.
So every time an art printable of mine is sold, the profit goes straight into my account.
I had sacrificed the blood, sweat and tears starting from absolutely zero to build a reputation.
But my goal doesn’t have to be the same as yours of course!
If you want, you can go full time on Etsy, but you got to be able to do the work.
You must network with the right people.
Be willing to advertise everywhere.
Become a master at SEO.
Understand that success takes a lot of time.
However as you can see from plannerkate or a complete beginner like me it IS possible to make money on Etsy!
What I love is having been able to create artwork and prints that I could be proud of, and I am happy to admit people were satisfied with the services I provided.
Yet there are people out there making over 1000 sales a day due to millions of visitors Etsy receives on a monthly basis!
Don’t wait until Etsy becomes the next Amazon, and it is beyond competitive to get your foot in the door!
Start now, and please feel free to share your stores below and good luck in your ecommerce journey!
This video and article is for educational and entertainment purposes only.
I am not an attorney, CPA, insurance, or financial adviser and the information in these videos/articles shall not be construed as tax, legal, insurance, safety or financial advice.
If stocks or companies are mentioned, SCG may have an ownership interest in them.
Don’t make buying or selling decisions based on SCG’s videos.
If you need such advice, please contact the qualified financial or legal professionals.
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”
“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!”
“Buy land, they’re not making it anymore.”
“Some people look for a beautiful place. Others make a place beautiful.”
“Landlords grow rich in their sleep without working, risking or economizing.”
“Don’t wait to buy real estate. Buy real estate and wait.”
“To be successful in real estate, you must always and consistently put your clients’ best interests first. When you do, your personal needs will be realized beyond your greatest expectations.”
“Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.”
“The best investment on Earth is earth.”
“Real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.”
Some of the wealthiest people on the planet and throughout history accumulated their vast fortunes from real estate investing.
As somebody who has over a decades personal experience in real estate investing, and have known and seen people become hugely successful in the same field, I wanted to offer my two cents on the subject.
We see a lot of online real estate guru’s highlight the following information:
Make money off real estate
Buy real estate with NO down payment
Become a millionaire by investing real estate etc.
Now everybody has an angle or a hook when it comes to real estate or any type of investments e.g. stocks, shares, Bitcoin or whatever.
But ultimately let me clear up a very important point:
YOU DO NOT GET SOMETHING FOR NOTHING!
God forbid a relative passes and you inherit a portfolio of real estate, without hard work, the right contacts and money, you will not be successful in this bracket.
And let me clear another thing up:
MOST GURUS ARE JUST TRYING TO SELL YOU THEIR PRODUCTS!
Yes, they are selling you the dream, promising you the world, if you just pay $500 for their expertise or Udemy courses.
I have no problem with people selling anything, business is business.
But if you honestly think you are going to become a millionaire because a real estate “guru” has all the answers, you are badly mistaken.
The truth is, you need to educate yourself on the subject.
Investing in real estate is putting your money into bricks and water.
You are buying a piece of land, or a piece of a building to profit off of.
It is as simple as that, but have you factored the following in:
Sadly the beloved gurus who are making a fortune off their courses may be giving you some wise advice, but at the same are leaving out the harsh reality.
Say you buy a property, and you rent it out, what are you going to do in the following scenarios:
Your tenant decides to stop paying
Your agents don’t pay you
Your property gets damaged by your tenant
Drugs are being dealt on your land
Your tenant is illegally subletting
I have had first-hand experience in all of the above – not pretty.
This is what is part and parcel with investing in real estate, and it is hardly ever discussed!
If you think that you are just going to kick back and get money in for doing nothing (there is SOME truth about that), but the reality is, you WILL get involved.
I have had both experiences:
I have spent the summer dealing with my real estate portfolio and sacrificing my vacations to get so many problems sorted.
I have laid on a beach and see passive income come in from all my investments.
Like all investments and my disclaimer at the top of this article there are NO guarantees in anything in life.
This is why you must properly educate yourself on every aspect of the idea of real estate.
Don’t get me wrong a GURU may have a large portfolio and be very wealthy, but how well do you REALLY know this person?
I was largely influenced by close friends and family who I saw first-hand built up their real estate portfolios themselves over the years.
I didn’t buy a $500 course from a stranger on the internet.
Start networking, find likeminded people, and talk to your accountant or financial advisor:
“I am thinking about investing in real estate, where should I start?”
The best place to start is networking and speaking to the professional people, it’s exactly what I did.
At the beginning I was a rabbit in the headlights, I am embarrassed to admit I didn’t even know how a mortgage worked back when I started.
Unfortunately you will get badly burnt like in any investment without the knowledge, the experience, or the understanding of what you are getting yourself in for.
Also, things take time, if you invest in real estate today you WON’T be a Millionaire tomorrow.
I am patient, I know to sit comfortably and wait for the acorns that are my investments to truly become the trees they are hopefully destined to become.
However this quote really rings true:
“Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.”
Regardless, I wish you all the best of luck in your endeavours.