Episode 225： How To Double Your Income
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Summary
Whatever you're making today, what can we do to double that in a hurry? Yes, whatever you're currently making, you can more than double it. In this episode, we'll talk about how you can double your current income.
Transcript
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30 seconds. One time for the underdog. Ignition sequence start. Let me see you put them up. Reach the sky, turn the stars up above. Cause it's one time for the underdog. One time for the underdog.
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I'm Patrick Bedevi, your host of Valuetainment, and today we're going to talk about how you can double your current income. Yes, whatever you're making today, what can we do to double that income immediately? We're going to talk about it today in this episode.
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So let's look at the first item here, which is what is the average income people make based on their age? Here's what we have. 16 to 19 year olds. There's roughly 1.7 million full-time employees ages 16 to 19. The average income for them is $22,000 a year income. Interesting, 16 to 19.
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Then you have 20 to 24 year olds. There's 9.7 million full-time workers, those ages. The average income is $27,456. Slightly of an increase, maybe 25% increase, right?
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25 to 34 is our biggest workforce. 29 million people who work ages 25 to 34 full-time. The average income is $39,416.
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And then we have 35 to 44 year olds, that's $27 million, give or take. $49,400. 45 to 54, there's $25 million. Their income is roughly $50,000. Average, 55 to 64, we have $19.8 million, $20 million roughly.
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Their average income drops off, look at this, to $49,608. And then 65 and older, believe it or not, we actually have $4.1 million full-time employees in America above the age of 65.
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Which says a lot, by the way, people working full-time after 65, their average income drops off to $46,176.
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So now, why are we looking at this? What story does this tell us? It says a lot to me when I look at it. Here's what it looks like.
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Our income is growing from 16 to 19, to 20 to 24, 25 to 34, increases 35 to 44. After 35 to 44, your income is flat, matter of fact, decreasing afterwards.
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Think about that. Income doubles, more than doubles, up to 44 years old, then it stays flat.
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So why does most people's income stay flat after 44? That means whatever you make at 41 years old, you're pretty much going to be making at 64 years old.
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Does that make any sense to you? What happens there? We'll talk about that here in a minute to highlight why this takes place to most people.
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But this is average. If you want to be average, this is the market for you.
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I also want to talk about the 1%ers. On the 1% side, we're going to look at the 1% income and the 1% net worth by age.
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Here's what we found out. The average 25-year-old 1%er, you have to make $160 to be in the 1% of 25-year-olds.
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And to be in the 1% of net worth of 25-year-olds, you have to have $80,000 to your name, right?
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Some people may look at this and say, man, $80,000, that's it for 25-year-olds?
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$80,000 is a lot of money for a 25-year-old to have in savings. That's the net worth of a top 1% 25-year-old.
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$30,000, you make $200,000. At $30,000, you're in the top 1%. $400,000 of net worth.
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$35,000, you make $250,000. You're in the top 1% net worth, $1.25 million.
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$40,000, you've got to make $320,000. $3.2 million net worth to be in the top 1%.
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$45,000, $400,000 puts you in the top 1%. $5.2 million net worth.
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Everything else is $470,000 to be in the 1%. For the next 15 years, it's all $470,000.
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But at $57 million, puts you in the top 1%. At $55,000, it's $8.46.
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At $60,000, it's $9.4 million. And at $65,000, if you're worth $11.75 million,
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you're in the top 1% of net worth. So why is that?
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Why is it that they make what they make, and the average number is so much lower than what they're making here?
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What is the biggest difference? What takes place here?
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Well, I'm going to explain to you on what happens when our incomes double during these ages.
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Before I get into my points, I want you to look at this here. It's a basic chart.
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So think about what events take place to us from 12, 16, 24, 30, 35 years old.
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This is when our income has grown the fastest. What happens?
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We are in so many situations where we have to change.
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You're watching this. If you have a parent, you and I didn't have a choice to go to school
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when we were 8 years old, or 12 years old, or 10 years old.
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I'll never forget the first time I went to college.
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He didn't look like Van Damme, but his name was Van Damme, right?
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And me and my friend are sitting right next to each other.
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Kogan I worked with at Burger King years ago, and Armand owns Rafi's Place.
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Hey, freshmen, just so you know, this is no longer high school.
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I said, Armand, did you hear what he just said?
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Yeah, everybody, dude, let's test him tomorrow.
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Matter of fact, I didn't show up the entire semester.
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And most of us, when the choice is on us, we kind of go on coast mode.
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We don't longer put that kind of pressure on ourselves.
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I don't have to be in that kind of pressure type situation.
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You're constantly having to change yourself to get better.
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Then eventually we get to a point where we don't want pressure anymore.
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Our income doubles the most when we recreate ourselves the most.
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How many times did you go to school in high school?
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And there was a kid that was a nerd the year before.
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How many times you went to high school when the kid was a nerd the year before, and then
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Off season, maybe he decided to get a girlfriend.
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And then he comes back walking like this in the 11th grade.
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But that doesn't happen too often when we get here.
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Maybe you have a friend that you haven't seen for like a year.
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If you, your income earlier, when we said, what's your income this year versus five years,
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If that hasn't changed dramatically, and you're 45 watching this, 45, 35, it's about
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the same, you have not recreated yourself lately.
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You're pretty much the same person you were 10 years ago.
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And if you want new results, you've got to recreate yourself.
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It's almost got to be the measurement like this.
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Some of them got to say, I don't recognize you.
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Your family reunion you have, you go to once a year.
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There's got to be a part of recreation in order for your income to double.
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Most people hear the word peer pressure, and they go automatically negative.
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For me, when I hear peer pressure, I say you choose to create positive or negative peer
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When you have positive peer pressure, it's very difficult.
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You see, when that peer pressure is somebody doing better than you, you're in an environment
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that someone's doing better than you, you're like, oh my gosh, I'm so sick and tired
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So you're either going to rise up to the positive peer pressure, or you're going to run away.
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You're going to fight, or you're going to flight, or you're going to freeze.
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But one of those three is going to happen to you, right?
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So when you get older, that peer pressure gets less and less and less.
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You surround yourself around all the friends that are just warm and fuzzy, because you no
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If a friend makes more money than you, unknowingly, hear me out, if a friend is way more successful
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than you, and they put too much positive peer pressure, sometimes you push them away,
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and you don't even know you're pushing them away.
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Now, you, I'm speaking to you, you may have a friend that kicks your butt, but you're so
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sick and tired of losing to her, or to him, that only you know this.
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You don't even know you're doing it, and then all of a sudden your peer pressure goes lower
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and lower and lower, because everybody around you is at your level, and they're no longer
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putting that peer pressure before you increase yourself.
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That friend, who is competing and trying to improve, is not trying to make you feel inferior.
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He's just trying to recreate himself constantly, and you're done recreating yourself.
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If you are, that guy's going to go to a whole different level.
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If you also want to go there, go add some more positive peer pressure in your life.
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Matter of fact, ask yourself right now, who are the five friends that put a lot of peer
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And they'll tell you a lot about what's taking place.
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This is going to get a little confusing, but it's going to make sense to you by the time I'm
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It's going to sound like I'm on shrooms, or I'm smoking something, but it makes sense
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As you're here, not a lot of funerals you go to, right?
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When you're here, you go a lot of birthday parties, graduation, things like that, right?
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Maybe when you get here, you go to college graduations.
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Maybe when you get here, you go to some weddings.
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But when you get to here, you start attending some funerals.
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And let me tell you what kind of funerals throws people off.
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The kind of funerals that throws people off is the following.
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On the day he passed away, he took 50 Vicodins.
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I took this guy to a rehabilitation center all over the place.
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When I got that phone call, I remembered exactly I was in a black Lincoln town car with who was
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I cried for 30 minutes and I was supposed to speak that day at a session in Diamond Bar.
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When he died, so many of my friends stopped using drugs.
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What hurts a lot of people and messes with their mind is when someone dies that you were not
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A friend who works out and they're in shape, 37 years old.
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They go to sleep, they have a heart attack, they die.
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A friend who's 41 years old, in shape, they're fine, they're good.
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A cousin of yours that's younger that they die.
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Not the person that dies because everybody knew this was kind of going to happen because
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When someone dies unexpectedly and you were expecting them to live a long time, here's
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And then you sit with your wife or your husband and you're like, babe, maybe we don't need
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And you convince yourself that if you don't go after your dreams, you could die because
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somebody died in your life and that puts fear in you and it immobilizes you and you'll
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And you know who had more stress on their lives than them?
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Every magazine, every newspaper, every news station was bashing them morning till night.
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You have to constantly hear about all these other names.
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You can't go anywhere without somebody saying something to you.
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How about the football coaches that are coaching at 69 years old?
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Why are some of these guys putting that kind of pressure on themselves?
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Because when that event took place in their lives, they didn't pivot and get scared.
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I'm going to live my life and go to the doctor and get myself checked out.
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Hopefully I can live a long time, but I'm not going to stress out over dying overnight.
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He talked about the different kinds of fears, people.
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I want his public speaking and all this other stuff.
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He said, there are so many people that are afraid of dying.
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I had a very, very good friend of mine, and he would always ask me about the fear of dying.
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The subtle fear of death, that it went into the spirit, and the mom validated it.
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That kid went from being a top performer, to playing defense, to flat.
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Same income today as he had 20 years ago, 15 years ago.
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You know what else happens while people level out?
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You say, that's the reason why I don't want to start a business.
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We, you know, educated people, when we go to school, you know, we don't need to go out
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And you use that one example as your excuse to stay where you're at for the next 30 years.
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Because one person lost everything, that means that's going to be you.
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You do that with divorces, all these other things.
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By the way, when you're 20 years old, you can eat pizza, you don't gain weight.
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What changes from 20 to 30 is, I just had a conversation with a couple of my employees.
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So, as this is aging and you're building as an entrepreneur, yes, you do got to go get
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You do have to go pay $4,000 to have everything being checked out.
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They put the dye in my heart and they checked out my arteries.
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I'm under a lot of pressure as an entrepreneur.
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45 minutes I went into that machine with that whole sound you hear MRI.
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But if you sit there afraid of one day bad things happening to you because it's happening
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to everybody else, you're going to be sitting around 10, 20, 30, 40 years.
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The best earning years of your life will be gone just because of a couple of your friends
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went through some mess and that got you to stop recreating yourself and it stayed the
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Look, people ask me, Pat, what can I do because I really want to have this lifestyle
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and I really want to get to this point and I really want to get my dreams to become a
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I really want, whatever it is, I really want to, whatever, right?
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If the average person does 15 appointments in three days, if you do 15 appointments in
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one day, you're doing the average person's three days in one day.
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And if you do that at a three-year pace, five-year pace, then what an average person will do in
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Because you know, a lot of people think they work hard because they're at the office 80 hours
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Just this morning, I went from one meeting to the next meeting to the next meeting to
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Seeing what just took place with Amazon, Alibaba.
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Seeing what's going on with the market being 4% up for the year on the S&P.
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And then having a hardcore negotiation with a carrier that we have five of our people in
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I'm just trying to go back in for trying to take this partnership from just a regular business
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partnership to a real partnership where we can do big things together.
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If you can figure out a way to condense time frames, you work three days in one day.
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Instead of having to work 20 years to get what other people are getting, you'll be able
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But that means you've got to condense time frames.
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That means you've got to drop some of that stuff to double your income faster.
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And last but not least, you watch this and you say, Pat, I'm tired.
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What if you know in the next three years if you worked efficiently and you compressed
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What if right now you're making $55,000 of your income?
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What if three years from now you get equity in a company because you're working so hard,
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you become a leader and all of a sudden the buyout, you get a $1.1 million check.
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What if three years from now you're all of a sudden making $250,000 of your income?
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What if all of a sudden you're making seven figures?
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What if some of you that are running big businesses, your business goes from doing $10 million
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Look, at the end of the day, why an entrepreneur, why an athlete goes at the level they go?
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Some of these athletes are on the road eight months out of the year.
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Traveling, training, working out, flying, hotels, not their own house, not their own bed.
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You know when you sleep in somebody else's bed in a hotel, you don't sleep the same way
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you do in your because your mechanism is protective.
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At the end of the day, I have certain things I want to fight for.
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At the end of the day, I have memories that I relive in my mind with my mom, my dad, my
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sister, Iran, school, Germany, refugee camp, all these memories.
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At the end of the day, I remember being the kid afraid, concerned, filled with dreams.
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I don't know if I could do it, but what if one day?
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At the end of the day, you're not doing this stuff to say, look at the money I made.
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Because if that's the case, you die, you're replaced.
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Go back and look at who was at the top box 10 years ago.
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It's about, you're going to look back and say, one, my kids are going to realize that their daddy,
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their mommy, at one thing, they became a best at.
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My mommy and my daddy taught me about character because they took what they do very seriously.
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They became prolific at what they did in their business.
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They show the level of respect they have for other people on how they do business because
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She wasn't just somebody that was going out there doing all this other stuff.
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They're telling their peers, your kids' peers want to hang out with you.
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When the day comes when your kid is 35 years old, married, with kids, and as a grandpa,
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all you want to do is grandkids to be around you.
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I want my kids to want to bring their grandkids to me.
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And they're going to one day sit there and say, hey, this Christmas, whose house do you
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We did a video the other day of me looking like I'm 80 years old.
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Oh, do you know what I'm going to look like at 80?
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All this stuff you're doing, you're not doing it to say, I'm better than you, and all this
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You're doing it because with your time that you have here, 60, 70, 80, 100, 120, whatever
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your years is, you're going to be able to make the maximum impact you can so the blood,
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your people, your family, look at you and say, my dad, my mom is a man, a woman of character.
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And that way, you're making the future better than it was the past because of the example
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you set for the people in the future who are your kids, your grandkids.
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Your Ferrari, Lamborghini, all this stuff stays.
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But the legacy you left behind, that stays behind.
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And that's the real value of why you may want to consider yourself fighting to get into
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the one person and constantly recreating yourself because the future looks brighter.
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And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
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And if you have any questions for me that you may have, you can always find me on Snapchat,
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