Transcription
Shotty, what you think top mistakes uh that people can make in 2026?
>> Well, I I wanted to do something. I actually put together a list of things that people should do.
>> Okay, I love it.
>> So, yeah, cuz um I think that that's important to kind of have some level of a blueprint. Biggest mistake I think is not not having a plan. So, with that being said, I put together 10 things I think everybody should do in 2026. And that's the first thing is put together a budget.
>> And um few budgeting apps for you if you're interested. Y NAB you need a budget. Um Monarch Money, Rocket Money, Capital Money, Every Dollar, Pocket Guard, Good Budget, and Simplify by Quicken.
>> So I mean you could what I used to do is just pen and paper.
>> Yeah. Write it out.
>> I think that that's the best way. But if you actually want some level of like digital help in it, um those are all sites that you can use or apps that you can use for budgeting. That's the first thing. The second thing is to set up a systematic dollar cost averaging plan um to invest every single month, especially if you're first starting out. So whether that's the 15th, traditional, usually it should be around the time you get paid. So if you get paid on the 12th, then try to do it on the 15th.
Mhm.
>> Um, set up a retirement account if you don't have one. And if you do have one, try to contribute more so you can benefit from the tax savings from that. Review all your beneficiaries. That's important.
>> That's a good one.
>> But not just life insurance, but also even like your bank account >> and brokerage account and anything that you have that's going to get passed on to somebody. Review the beneficiaries. Keep the beneficiaries updated cuz you never know.
>> Um, commit to one commit to your education. I recommend one documentary a week and one book every 60 days.
>> That's >> so So that would be that. I don't think that that's too hard to accomplish. Especially you can listen to audio book, but the average person they said doesn't read any books a year. And I think the average CEO reads like two books a month.
>> Yeah. So if you if you start to really dedicate to one book every 60 days, that's six books a year, you're off to a good start. And like I said, the documentary, I think the documentaries, they just expands your horizon and and um have you think a little differently and it's so many great documentaries that you can just find on YouTube and Netflix. So one documentary a week, one book every 60 days. Map out your goal for the next 12 months, but do it in a I think everybody should read the book 12week year.
>> Yeah, that's a really good book.
>> You don't just map out your goal and just say, "I want to make $100,000. I want to make $500,000." That's not really a goal. That's a wish. There's actually a systematic way to actually go about it. We broke this down at EY University. But that book actually explains it how >> the purpose of the book is that you you break the the year into micro years.
>> Yeah. and you have like goals like weekly goals, bi-weekly goals that helps you get to the goal quicker and then you actually have to list the action steps of how you're actually going to accomplish the goal because like I said, you make I'm going to make $500,000 a year. What does that really mean?
>> That doesn't [clears throat] that that's not a goal. Like I said, that's a wish. You got to actually list out the actionable steps that you need to take to make $500,000 a year. And you got to hold yourself accountable on a short-term basis, preferably weekly >> to see if you're actually hitting those numbers or not. So, everybody should should commit to that >> or have accountability partners in there.
>> Yeah, for sure.
>> Commit to two travel trips this year for business and networking purposes solely. So, vacation I don't think should be a top priority. If you listen to a variety of different billionaires, a very common theme is that they said that they have not taken vacation a long time. They didn't take a vacation for the first 20 years. Even now, like I don't really take too many vacations. We travel a lot, but it's for business.
>> Work first. Yep.
>> Map out what I mean, of course, Investfest should definitely be on your list. But map out where you're going to go this year because you got to get out your comfort zone. You got to get inspired >> and you got to meet new people. And traveling really does help accelerate your growth. So, two two business trips this year.
>> Um, set a diet and workout plan. [clears throat]
>> Vitally important. I think you should be working out at least four times a week, one hour a day.
>> Yeah.
>> And um, work eating is just as important. Me myself, I just stopped eating after 8:00. You got to really be conscious of the food that you put in your body because it definitely plays a part in your productivity. Commit to 3 hours a day of earning more money. Now, this might be something that a lot of people might have some level of push back, but if you want to change your life, sometimes you got to do drastic changes. And I'm not saying anything that I personally didn't do myself, but I feel like everybody, most people need to find ways to make more money. So, it's only three ways. You either start a business, you get another job, or you invest in your education. You're actually picking up a new a new skill, or you have a higher level degree that's going to either one of those things is going to require extra time out of your day. So, like I said, I'm going to be honest with you. It's going to take at least three hours a day. To be completely honest, it probably going to take more, but we'll start with that. You're going to have to commit at least three hours of your day over and >> learn something >> to learn something to work on your business or actually just to get another job. But you got to make more money because if you don't have the money, then you're not going to be able to invest. So, that's a big one. And then the last thing is what you said before, try to limit your social media time to the one hour a day max because a lot of that is um hindering your ability to grow because you're spending too much time on social media. So those are my 10 things that I would advise people to do for 2026. If you want to change your life business-wise and um and make more money,
>> you have to run an efficient operation.
>> I love the list. And even for you high earners need a budget.
>> Mhm.
>> Even for you high earners, you need to learn something else cuz the way this economy is going, they're forcing everyone to be entrepreneurs. So whether you're in corporate or you're entrepreneur, you're going to have to evolve and learn new skill sets. Like you like this is a new era of entrepreneurship that we're in now. You can't take that 80s style of playing basketball and use it now into the era that we're in.
>> I don't think you can take the 2020 style. It's a it's like two lifetimes almost.
>> Yeah. I mean, you think about the people and and a lot of entrepreneurs that we saw step into the space, the game plan that they had in during that pandemic, it it doesn't exist anymore. So, how do you adjust? How do you figure out a new way?
>> A lot of people haven't figured out a new way or they're in the process of trying to figure out how to do it,
>> right? So, like, and I know people like will watch social media and like, oh, I'm aspiring to do that or look at them, they've done that. A lot of them don't have a plan. They don't they didn't have a budget, right? And so now it's like, how do I save myself from showing the people exactly I'm back to where I started,
>> which is tough. And I know they say you got to learn how to build a plane on the way down, but that's that they say to entrepreneurs, and I give you real advice. You have to have the plan to make sure that the plane flies for a long period of time before you launch it.