Car Talk #17 — Making Your Money Work For You (transcript)

Tyler Douthitt
Jul 25, 2017 · 3 min read

Welcome to Car Talk.

This is not talking about cars. This is talking inside of a car. This talk is about you working for your money, and your money working for you. It’s one of those common things people say, that you need to make sure that your money works for you and that you work for your money. I think that’s wrong. I think that’s wrong. I think your money needs to work for you, but also you have to work for your money. One of the biggest barriers between people and earning the kind of money they want to have in their life is their lack of willingness, they lack the willingness to work hard. It’s rarely the ability to work hard, ’cause you can’t control how much level of skills that you have that much.

You can get better at things, but I’m never gonna be LeBron James. I’m never gonna be Babe Ruth swinging the baseball bat. So you have to remember the hard work is one of the few areas you can really control in your level of success, and with working hard and outworking those around you, money tends to come into play as well, because that’s just reality. Many people, just like supply and demand, the rarer a trade is, the more valuable it is. And the ability to work hard and work really hard and work harder than you think you could work before is gonna increase your ability to earn money, whether that’s at your current job, working at the system, whether that’s out on your own like I am, whatever the case may be, the ability and willingness to work really hard is gonna increase how much money you make. There’s no way around that. So, you have to work for your money. And, you also very much have to be willing to have your money work for you. That means you have to make smart investments.

You have to not throw money away, because money, in the stock market, is gonna double every seven years on average, long-term pictures. When you extrapolate that out to 10, 20, 30, 40 years, people that are fairly young, like myself, 34 years old, things that I might delay gratification on now, if I can just stock $1,000 in there, it’s gonna double every seven years. So then two, four, eight, by the time I’m gonna pull that out, that’s gonna be $16,000. So, spending $1,000 now is like spending $16,000 on something in 30 or 40 years. Yes, there’s inflation, but still, it’s gonna way outpace inflation. It has and it will. So it’s a symbiotic relationship. It’s not a one-way street.

You can’t just have your money work for you, and you can’t just work for your money. You have to work for your money, and your money has to work for you. That is the best way to have that money, that income, those investments, your overall network, which is by far the most important part. That is the best way to get those to grow the fastest.

Tyler Douthitt

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Top 2% Amazon seller .Entrepreneur, businessman, and investor.