accountant, who makes like 100 dollars an hour.  In that case, you need to save every penny you  

earn for five years in a row. Which is impossible  because you need food on the table and a roof over  

your head. But let's just say hypothetically, how  long do you need to make a billion dollars. If you  

earn 100 dollars for every hour, you are alive,  assuming you work 24/7 and don't sleep, eat or do  

anything else, you need 1141 years. And you still  won't make 1 percent of Jeff Bezos's net worth.  

Because to compete with Jeff Bezos, you  need to multiply that number by 200. 

That really shows you that there is no way  to build wealth if your plan to just make  

more money per hour. There are other ways, such  as making your money work for you, that we have  

discussed in previous videos or creating something  that brings value to a huge number of people  

like most of these entrepreneurs have done. I mean, when you create an operating  

system (Windows XP) that 95% of all computers  use. You instantly make billions of dollars  

since there are billions of computers worldwide.  Or a platform that delivers billions of packages  

annually to hundreds of millions of people. You  make billions of dollars as well. But you don't  

need that much money, to be honest. Every extra  dollar you earn after paying all of your bills  

is just another digit on your smartphone. On my way to financial freedom,  

I have realized that habits have played  a huge role in my personal success.  

If there is one piece of advice I will give  to anyone striving to become financially free,  

focus on acquiring the right habits. Because  if you do not, you will automatically develop  

bad habits since we humans are creatures of  habits which is why I want to talk in this  

video about some of the most important habits  that helped me achieve financial freedom. 

But before we move, make sure to give this  video a thumbs up for the youtube algorithm.

1. The number one habit that I would recommend  everyone to start with is tracking every dollar  

you spend. It sounds so simple, but it's by  far the most important and effective habit  

you can develop, and many people take it for  granted. They think they can do it in their head,  

but it doesn't work, you need to write it  somewhere, whether you write in a journal,  

use an app or do it through excel, you  should set up a system where you can easily  

find out where exactly do you spend your money. Some people have so many subscriptions that they  

don't use much but waste a fortune. A 10 dollar  subscription here, 15 dollar subscription there,  

a 12 dollar subscription here, in a single  month, they turn to 37 dollars or 444 dollars  

a year. Imagine investing that money instead  that will turn into a fortune. In 30 years,  

that will turn into over 92K dollars. It is a good  example to illustrate that that every dollar you  

save today will become far more valuable in  the future through the power of compounding. 

It's so easy to waste money that even if you make  ten times the amount you need, you can easily blow  

it up if you do not track your spending. I  can say that from my personal experience.

2. The second habit I would recommend is - build  systems. I try to automate everything in my life  

because as you get older, you start to understand  that the most valuable thing you ever have  

is time. Believe me, time doesn't equal money.  Time is far more important than money. The amount  

of free time you have is the ultimate sign of how  wealthy you are! Because the more free time you  

have, the more time you can spend on thinking,  studying, and finding more ways to make money. 

Take, for example, tracking your spendings. It  takes a lot of time to track your spendings,  

but for me, I don't spend more than 30 to  40 minutes a month on that because I have  

already created a system where I can do  that quickly. I use to use excel before,  

but now I use Notion. I have created  a table with all of my expenses,  

subscriptions, income, and everything else.  I have fixed expenses and variable expenses.  

The moment I get a new subscription or  another fixed expense, I immediately add it. 

I try to pay for everything with my credit  card, and at the end of every week, I just  

match my spendings through my banking app with my  budget. If it matches, I am doing great. If not,  

then I try to adjust my spendings. With minimum  effort and time, I keep my spendings in check. 

Or let's say I am analyzing a certain company.  There are a few metrics I look for in a company.  

If it meets my standards, I take an  in-depth look into it. If it doesn't,  

I just skip it so I don't waste time looking  at companies I would not invest anyways. 

So, look at your life, your job, your  responsibilities and figure out how  

you can automate them and thank me later when  you realise how much time its going to save you.

3. The third habit is - don't invest in what  you don't understand. If there is one piece of  

advice I would give to my younger self, then it  would be this. This is the mistake that I made  

multiple times, and I see people doing it over and  over. Investing is risky. It doesn't matter what  

you invest in! And when you invest in something  you don't understand, it's worst than gambling.  

You are almost guaranteed to lose money. Here is the lesson - there is no such  

thing called as investing in one  thing is better than the other.  

Overall the economy is moving forward, so whether  you invest in the stock market, real estate,  

startups, your own business, an ETF, it doesn't  matter! in the long run, they are all profitable! 

The challenge is to pick the right real estate,  the right stock, or the most promising business  

and the only way to do that is to have a deep  understanding of that industry. When they say  

that you should diversify your investment,  keep 40 percent of your portfolio in stocks,  

30 percent in real estate, and the  rest in different asset classes. 

That advice is for people who already  have tenths of millions of dollars,  

not for the average folk who  lives paycheck to paycheck.  

So forget all of that, and focus only  on one industry or one asset class.

4. Produce instead of consume Our society is divided into two are groups.  

The first ones are the producers and the second  ones are the consumers. We're all somewhere in  

the middle. No one is entirely a consumer or fully  a producer. But the question is, are you more of  

a producer, or are you more of a consumer? Take Youtube, for example. There are people  

who create content, and then there are people who  consume that content. the question is - which one  

are you? The ones who produce are probably much  better financially than the ones who consume. 

If you spend most of the time just consuming  and consuming, you shouldn't be surprised  

if you're doing horrible financially. Start  thinking about how you can become a producer.  

It's not just about YouTube it's  pretty much about everything else. 

But today it's really difficult. Because you are  constantly distracted by what others produce. The  

moment you pick up your phone, you get  bombarded by what others are producing,  

you end up wasting hours and hours of  your time watching YouTube when instead  

you planned just to check out what's going on. So start making that shift. If I am spending 4  

or 5 hours a day workings and the rest,  I spend consuming. How can I at least  

spend half of my time producing and what I  can produce? The moment you make that change,  

you will not just start making more money,  but you will start spending less money.

5. The final habit is - think  twice before making a decision. 

This habit might not seem so important, but  it's one of the most important habits I have  

ever developed. Often what happens with us  is that we take decisions without giving them  

much thought and then later down the road,  we realised that it was a terrible decision. 

You waste a grand to buy a gadget and then realize  that it was a waste of money. You take a loan and  

then find out that it was unnecessary, but it's  too late already. The damage has been done.  

I have made that mistake a million times, so  despite the importance of being able to make  

decisions fast and quickly. I give myself more  time. If I can postpone it to the next day and  

think about it in the morning with fresh ahead,  I would do it. Especially if its spending a lot  

of money or a long term commitment.  Try not to take instant decisions.  

In fact, the fewer decisions you take, the better.  That's why habit number 2 is so important, because  

the more you can automate, the more time you  will have to spend on more important decisions.

If you have enjoyed this video, you will most  definitely enjoy this custom playlist that I  

have created specifically for you that  has our most popular videos on business,  

investing, and the stock market that  can potentially change your life. 

And now give this video the thumbs  up that it deserves and make sure to  

subscribe if you haven't done that yet. Thanks for watching and until next.