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  • Writer's pictureKris Krohn

10 Things You Should Buy

What things SHOULD you buy? I've dodged this topic for a few months just because I don't want to tell you what to buy but here it is, the ten things that you should buy to produce wealth and to be wealthy and to think wealthy:


1. House

2. Rental property

3. Life insurance policy

4. Term insurance

5. Peace of mind

6. Business

7. Other investments

8. Mentor

9. Experiences

10. Purpose


Take a step into living Limitless. This is your masterpiece life and only you can make it such.




Nate did it! He finally got me to do the video on 10 things that you should buy and so today, I'm going to bring all 10 of those your way. 


I have been avoiding making this video for like six months. Nate keeps getting questions and comments from people. He said, "Kris, people want to know, what are the 10 things that they should buy?" And I'm like, "Oh, we'll do it next month. Oh, we'll do it next month." Finally, Nate, my production manager, says "Kris, just do it." I'm like, "Fine, we'll do it." 


I want to be honest. The reason why I don't want to shoot this video is because people want me to tell them what they should buy and I thought, you know what, I don't want to tell you to buy selfie sticks or what car you should buy you know, like there's plenty of videos out there for that but listen, this is our wealth channel so you know what I'm going to do is? I'm going to give you the 10 things that you should buy to produce wealth to think wealthy and to be wealthy and ultimately, the 10 things that will give you a very fulfilling life, alright. 


1. House


So here's thing number one. First thing that you should buy is you should buy a house. Don't rent. Stop throwing rent money away, get yourself into a property. You know, for the average person that never becomes an investor, their house is going to be their best asset, it forces you to put money away into something, it's like a forced savings plan and people don't look at it that way but all of a sudden, the 20 years goes by and you got a hundred and fifty thousand dollars of equity and for the average person, that's more than their 401k's or their IRA's, their house ends up being their most important asset so number one, buy a house. 


2. Rental Property


Number two, you're never going to guess this one. Rental property, right? Buy real estate. I love my short term buy and hold strategy buying, homes up everywhere all the time and the reality is when I buy a house, I'm putting someone else's money to work but my money works for me day and night.


I'm making money while I sleep and as cliche as that sounds, that's the truth, that's the reality, that's what got me retired at 26 so the first thing is all about just being smart and intelligent, right buying a house. The second one is, do something that will produce wealth for yourself, buy real estate. Now if you haven't owned real estate, have a goal to buy real estate and make it happen this year. If you don't know how to do that, then get a mentor, get a program, do something that's going to help facilitate and make that happen. 


3. Life Insurance Policy


Okay, number three might surprise you a little bit. Get a whole life insurance policy. Now I just going to, I'm going to talk about this for just a second. I'm not talking about insurance to invest in your death or for your loved ones to get some money when you die. I just do term insurance for that but I'm talking about whole life and what whole life means is, I can take every month, my leftover money and I can put it into an insurance policy that I can access, it's a high value early cash out policy.


Write that down, it's a special type of policy that your average insurance broker will not pitch you to, they don't make a whole lot of commission pushing this product but it's very intelligent for you so every month, I roll and write a massive check, automatically debits out of my account and it will go into my whole life policy. I can borrow this money, I can use it, I can bank it, but in the meantime, it's growing at 6% or 7%, it's also untouchable.


Government, lawsuits, nobody, nothing, no, how can actually touch that money so your bank account at wherever you bank at has given you a quarter percent interest for the year. This bank account gives me 6% 7% and ultimate protection that I can borrow and access it and I use it to fund my investments and actually multiply and produce velocity on my money. I'm not talking about that today, it's just smart. That's number three. A whole life policy, not just whole life, it is a high value, early cash out policy intended to borrow and leverage. 


4. Term Insurance


Thing number four, term insurance, right? You're not going to get a whole life policy big enough for what you really need, you could die, you could kick the bucket so could your spouse, leave your family better off, take care of them and think ahead. It costs for most of us if you're young, a tiny amount of money for a whole lot of payout if you were to have some type of untimely death and so right now, I just know that that is something that the average person needs to be thinking of.


It didn't hit me until one of my friends actually own an insurance brokerage and one of my had policy writers was trying to get one of my business partners to do a policy and he didn't push hard, he let him push it off, push it off, push it off until I get a fateful call one night that my partner died in a tragic plane crash. His Cessna with four other people, four people in it, he was one of the four, three of the people where people I had invested into their businesses, it was kind of a tragic day.


Business, personal, family loss and as the plane was touching down, a big gust of wind threw it back up in the air, flipped it on its back and they were instantaneously crushed if not killed by the just by blacking out so whole life, listen, the whole life is so that you can use it while you're alive. Number four, the term policy is to use it in the event that there's an untimely death, we're all going to die so do something smart about that, cost very little money and you're taking care of your loved ones.


5. Peace of Mind

 

Number five, buy peace of mind. Peace of mind is this idea that you're going to set money aside every month and think about this, you always have money for certain things, no matter what. Your phone bill might get paid or if you prioritize your house payment, your rent, those things get paid but we're not paying ourselves first and you got to pay yourself off of the top, not off of what's left over and so you get to learn how to religiously remove money every month and put it in savings, not for investing.


This is your peace of mind, right? Peace of mind is something that you can buy for most of us when you get two three six months worth of money in the bank for living expenses than if you lose your job and investment goes sideways or something happens, cancer, just something crazy, you did something about it. So many people, if you're always like, oh, I'm always behind the 8-ball.


Oh, I think I'm getting ahead and then I get behind the 8-ball. That's for people that haven't figured it out that something financially opposing is going to come at you. There's going to be something unexpected. It could be something as simple as a premium that's not charged monthly for your life, it's charged annually so one time here, it's going to hit you up and there'll be this bill and be like, oh man, I how am I going to pay for this?


Dude, you could have foresaw that. You got to start anticipating the unanticipated ball and how do you do that? By having peace of mind by actually stockpiling and getting ahead. 


Now if you're not making a lot of money and you're like, "Dude, Kris. I'll do that when I'm making good money or when I finish college, I'll have a better job or when I get my raise, when I get promotion." You will never get there. You will never do it. You have got to invest in that stuff now so by the way, if you're check to check, here's my challenge.


Come up with an amount of money that you'll take off first out of every paycheck and you put it in an untouchable place that can grow and it might be $10, it might be $100, it might be $200 and this is what I'm going to promise you, if you're check to check and you pull two hundred out and put it in that account, next month, you won't be $200 behind, you'll still be check to check. It's amazing. When you make the decision to set a certain amount aside and you pull it out off the top, your wealth is going to increase and you're not going to know where it went but you're not going to be missing it if it's the appropriate amount. 


6. Business


Number six, business. Invest in business, be an entrepreneur. People that don't invest in business that are just investing in their job, you can do the math on your job and if you love your job and you love what it's doing for you then you know what? Plan your financial future according to that job and let it do what it's going to do. Otherwise, business.


Now you got to understand something about businesses. 50% of them fail in their first year. By year five, 96% of them have failed, right? And so, a lot of businesses don't work out but you know what? Why are we taking that risk with our money? Because there's a chance that it can do way more for you than a job ever could. The reality is, is that we're going to run out of working years and you can calculate the money, a job's going to pay you and if it's not enough, it's guaranteed broken and you know that now so you need to do something different and for a lot of us, that's entrepreneurship. So just be thinking, how do I set money aside for the right business when it comes along that I can act on it. 


7. Other Investments


Number seven, what should you spend your money on? Other investments. This is really really big, I got this from Tony Robbins as it is ten-thousand-dollar business event and Tony was teaching this principal. He's like, investing in business is investing in you. Investing in whole life is investing in you. Investing in real estate, that's investing in properties outside of you. Investments that are outside of you can have a way higher likelihood of working out than investing in yourself. You may not be the best bet.


Right now, I met a kid who in the world has taken a hundred- and twenty-thousand-dollar prosthetic and figured out how to take it to market for $5,000 through 3D printers. That's taking amputees and giving them something. Just for a moment, think of that incredible innovation, think of the value it's creating. I could have never come up with that so investing in other people, that's one of the wealth principles of where I put money is, I don't put it all on me. I'm not the smartest person, there are smart people that are out there. Some people are incredibly smarter and I'm going to take a bet on him, I'm going to invest in them and I'm not going to put all my eggs in one basket. 


8. Mentor


Here's number eight, invest in a mentor, educate yourself. Wisdom, learning, knowledge, you got to grow. If you are operating today off at yesterday's operating system, last year's operating system then you're going to get this year the same results as last year, right? Like for example, some people during the holidays put on weight and then during spring they take it off and then they maintain through the year and then they do the same crap over and over again. Listen, it's a pattern.


You're not changing the operating system. You might be changing the strategy or the diet but let's be honest, you're not going to get permanent real lasting change unless you're really introducing some very different elements and mentor that has lived a vastly different life has already created what you want is a good person to look towards for hey, help me break my patterns, dissolve them, annihilate them and then move on with something more productive. Invest in yourself.


The real estate between your ears is always going to be the best investment you can make, which is why some people will actually say, "Hey, Kris. Can I hire you to teach me how to do lease options? Will you show me how to partner? Will you give me access to your nationwide deals?" I do all of those things when people click on the corner, they go to my website, these are tools that I give them but that's the only way that I know how to help you and there's other people that know how to help you in their ways so invest in yourself. 


9. Experiences


Number nine, it's going to surprise you a little bit. Invest in experiences, right? Buy experiences. Maybe it's doing hell of snowboarding, hell of skiing or maybe it's going off and traveling to the other side of the world, maybe it's having some some crazy, you know, and by the way, you don't have to pay lots of money for crazy experience but you got experience life novel and new and fresh and keep it hip and happening and you do that by investing experiences.


My wife and I first got married. I come from a line where my parents would argue about money and my mom would always tell my dad, you never took me anywhere. I'll tell you something, you have the ability to break whatever patterns you don't want to be seeing happening if you take action on them right now and my wife and I we decided back in 2003, we first got married, we're going to start off this marriage and we're going to blow our entire tax refund and we're going to go to Cancun and we did.


Since then, we've been able to visit dozens of other countries around the world and see the world. We've made it a priority. Traveling has expanded my views of the world, has taught me so much. I've learned so much and I've experienced so much. Don't just be the hoarder that's putting it all away that isn't actually getting the experience of life and there's a way to get a little bit of that every single day so for me, that's what I love to invest in.


I love to invest in experience. I want to see what I haven't seen; I want to smell what I haven't smelled; I want to experience what I haven't experienced. That's number nine.


10. Purpose


Okay, and number 10 goes along with it. Purpose. What should you buy by your purpose? Now I'm not saying going to amazon.com and look up what's my purpose and then check out, I'm talking about getting clear everyday a little bit more on who you are, what lights you up inside and pour money into that. By the way, whether that's consuming money or whether that's investing money.


Again, that's about fulfillment. What are the 10 things for you to have a fulfilling life, not just a smart investment life or you know, I'm a building wealth life. I'm talking about a good life, a happy life, a rockstar life, an amazing one. Invest in your purpose. So, every day, as you just ask those questions, who am I? What am I learning? What are the breadcrumbs? Don't wait till it's all revealed because I don't know if that'll ever happen, it's not going to come out on on tablets but today, you know everything that you need to know to take action with your purpose.  


When? Today. So invest in your purpose, your purpose might ask for money here or travel here or go here or do this or buy this and you know what? At the end of the day, I don't want to take a pile of money to my grave. I want to take a full life to my grave so friends, those are my top 10 things that you should buy.


Conclusion


This is a wealth channel so it's money-centric, it's wealth-centric but ultimately, it's about taking this one amazing life and living limitless, this is your masterpiece life. Only you can make it a masterpiece and I believe that these 10 musts will help make that happen and those my friends are the 10 things that you should buy. I hope you enjoyed watching today's video, we got a lot more coming your way.


Make sure that you do subscribe, ring the bell so that we can keep notifying you about all of that and remember, if you're interested in how you can implement some of the options you've heard about today and you're wondering where do I start or where can I learn about that, then make sure you click the link, come on to our website, we got all sorts of goodies and gifts on how we can help you get launched with your next level with successful investing. 

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