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Welcome back to another week with Renaissance. The newsletter equivalent of all the opportunities far more interesting than your day job!

Each week we give you actionable pieces of intel and opportunity to assist you on the journey to financial independence. 🛣

And we say go for it. Start that business, make that investment; don’t just be any guy, be this guy! 👇

Today at a Glance:

How To Be A Basic Millionaire 101

SEC Sues Both Binance and Coinbase - What To Do

How To Profit Of Your Mortgage 

- And remember guys we don’t do this all for free…..well we do, but still. Honour our gentlemen’s agreement and refer a friend. 🤝 

- We’ll give you some free tailored advice to set you on your journey to financial independence. What are you waiting for!

You are: 1 referral away from a free personal financial consultation!

 Refer your friend using the link below ➡ Reply to this email, copying in your referred friend with the phrase “I want my free consultation” ➡ Your journey to financial independence starts

The Board

The Renaissance Over-Under

Business, Money Markets & Financial News

How To Be A Basic Millionaire 101 - Lessons, Strategies & Habits From A Study Of 10,000 Millionaires (‘Playing The Game On Easy Mode’) 💸

- Fade in………April 2023. The whimpers of a peasant Ramsey Solutions researcher ring out as they release their National Study of millionaires. Realising just how poor they are.

 - Here’s the breakdown (not the researcher’s though) of the report and how to be the average millionaire.

 - One who isn’t a business or financial wizard, just a normal safe guy who crossed the 7 figure mark……the chode of the millionaire world if you will! (you’re lucky I didn’t insert that image……you owe us a referral just for that👀🍆)

1.Investing - they don’t pick stocks or trade

- 8 out of 10 millionaires put their money in a 401K or index fund. Not one millionaire in the study said they picked single stocks as a big part of their investment strategy.

- This screams beta millionaire energy, but it is safe mode after all! The number one way they became millionaires……..low cost index funds.

- That was sarcastic obviously. If you’ve got 40 years of compounding in your favour then this is the equivalent of the participation trophy at the school sports day 🏆- you didn’t really win, but it’s enough to make you feel better.

- Vanguard S&P 500 UCITS ETF

- iShares Core S&P 500 UCITS ETF (Acc)

- Invesco S&P 500 UCITS ETF

- Interestingly, $200 every month for 30 years does pretty well. Even with the Dotcom crash you’d still be strongly in the money.

2.They make it on their own. Self-made with no inheritance made up 79% of the millionaires

- Key takeaway ⚡: If you’re defeatist, think it’s all family wealth and that’s why you can’t do it - you need to zip it and get started.

- This is really important because it actually shows the average millionaire is patient and much more conservative than you picture them (a gun-toting Dan Bilzerian with 30 cars exclusively serviced by female mechanics etc etc 🔧).

- They have no advantage in life, but they sacrifice the car, holiday, weekend spending, so they can play it safe and get rich long-term. That’s why the average age of a millionaire is 57.

3.This one is gonna blow your mind 🤯 31% of them make $100k a year

- Wtf. There’s something about this fact that just makes our brain hurt. So they’re not C-suite or in leadership, and they didn’t inherit it.

- It shows just how bad the human brain is at grasping time and compound interest when you can go from less than a 100K to millions like this!

- This is proven as the top careers among them are engineers, teachers, lawyers and accountants. Nothing crazy. You can be exceptional just by deciding it.

- At Renaissance we’re big believers in this and this study is basically a step by step guide to get there safely and guaranteed………but we want a few scars on us in the end 😉…….....and not be 57 when it happens.

4.How much smarter are they than you? 62% of millionaires went to public school 📚

- Even billionaires drop out of Harvard, like Gates, so why go Ivy League anyway? In most cases it doesn’t serve you in becoming wealthy.

- Universities/college is a debt instrument from the government and college endowment funds, not for your benefit. Only 8% of the millionaires went to a fancy school.

- Read Renaissance, work hard and you’ll outperform the majority of the Ivy Leaguers. How fast you do it is up to you. But this survey makes it a fact what the Renaissance team have been saying for a long time now!

5.Weirdly, 85% of millionaires have a written grocery list and 28% stick to it rigidly 📜

- Why do we give a fuck how regimentally these old goons buy their eggs? 🥚

- Because it speaks volumes to their focus on spending. There is no unaccounted excess. This is a plan, and the same would apply for their investing budget.

- They’re methodical about their cash outflows - and if they’re not making over $100K this is the only way they’re getting to millionaire status before their knees implode anyway!

⚡

- Advice : Make a spending plan. Stick to it. Take a little risk to spice it up and speed it up. Be safe but be younger than 50 when you get there!

LITTLE BITS 😎

Billionaire book club to becoming a better investor: The Top 3 from Charlie Munger 👇

- Influence: The Psychology of Persuasion

- TLDR: Tactics to tap into human nature that allows you to get what you want through persuasion, it’s excellent for anyone in business. Period.

- e.g. If you ask someone for a favour you are far more likely to be successful if you provide a reason for what they have to do. People love a good reason.

- Titan: The Life of John D. Rockefeller, Sr. (Book by Ron Chernow)

- This one is not so much about business itself, but his crazy life, never-ending ambition and strategic thinking. This is something that really resonates at Renaissance and we think you’d love it!

“The ability to deal with people is as purchasable a commodity as sugar or coffee,” he once said, “and I pay more for that ability than for any other under the sun.”

― Ron Chernow

- Getting to Yes by Roger Fisher, William Ury and Bruce Patton

- Negotiation tactics 101 with the goal of achieving win-win outcomes. The birthplace of the BANTA: establishing the best alternative to a negotiated agreement. A great book for sociopaths and business deal makers alike (hence why Renaissance’s copy is so worn out).

- “People listen better if they feel that you have understood them. They tend to think that those who understand them are intelligent and sympathetic people whose own opinions may be worth listening to. So if you want the other side to appreciate your interests, begin by demonstrating that you appreciate theirs.”

― Roger Fisher

Trader made a $7.5 million windfall on a suspiciously-timed investment ahead of a surprise debt limit deal concession…...legend!

https://www.businessinsider.com/trader-suspiciously-timed-trade-mountain-valley-pipeline-debt-limit-deal-2023-6?r=US&IR=T

8 Of Charlie Munger’s Smartest Frugal Living Habits You Need To Start Now

https://www.newtraderu.com/2023/06/04/8-of-charlie-mungers-smartest-frugal-living-habits-you-need-to-start-now/#google_vignette 

How to leave banking and get a $317k hedge fund job before 30…….another legend!

https://www.efinancialcareers.com/news/2023/06/bluecrest-portfolio-manager 

NOSTALGIA OF THE DAY

Crypto Market & NFT News

SEC Goes Straight For The Jugular Of Centralised Exchanges - Sues Both Binance And Coinbase (Down 12% And Counting) 📉

- Just some headlines to warm you up. Now let me explain exactly what it means and what to do. ⚡

- The SEC asked for an Emergency Order to Freeze Binance US Assets anywhere in the world. Binance users have withdrawn $3 billion since yesterday. The same is going to happen to Coinbase too as they’ve thrown broker charges at them.

- Firstly: Get your crypto off CEXs immediately. We have told you time and again, and we already had proof that Binance commingled user funds. Hot wallet that shit as fast as you can!

⚡

- TLDR: The US government targeting cryptocurrencies and ‘deciding’ if they’re securities is very very bearish for Bitcoin. We didn’t realise a security is as interchangeable as gender these days. How dare the government assume my wallet’s security status!

- Altcoin season is cancelled bois - without positive inflows into Bitcoin, later stage liquidity for rising alts, and mainstream institutional investment, prices won’t be moving up like before. The US will make centralised adoption a living nightmare.

- A reminder that Gensler / The SEC did not catch FTX and or sue them, and did not protect Greyscale investors ($8 billion), Voyager, Genesis, or BlockFi borrowers. Incompetent crooks.

- Centralised exchanges and the SEC weighing in is diametrically opposed to the true nature of Web3 - Decentralisation. Who gives a shit what the SEC thinks in their own mind, let them slap Brian Armstrong.

- If they let it become a public company after passing all the oversight only to sue the living shit out of them, they’re clearly the thugs here.

⚡

- Tips: In the meantime, use Uniswap and other DEXs. Trade and invest in projects that aren’t perpetuated by end users or mainstream adoption in the next 12 months (only projects deep in the space). Keep funds away from CEXs and use no KYC exchanges and trading platforms.

- Lastly, how’s that short doing we told you to take out on Coinbase, huh? 🔥 Pretty good isn’t it. Let it rollllllllll. Safe to say if your CEO posts this shit after being sued by the SEC it’s over………..

Wealth Building, Personal Finance Hacks & FAT FIRE

- Previously we’ve talked all about opportunities available for wealth building through property (if you haven’t seen these make sure to read the last few issues).

- Now we’re going to talk about one of the biggest decisions you’ll make when buying property. Your mortgage type. 🏡

- Unless you followed our advice on PEPE you’re going to be getting your first property with a mortgage. You’ll put some money down and borrow the rest from the bank.

- Naturally, the bank will want it back someday. And they like to make profit so they charge interest. You’ll repay this one of two ways 👇

- Repayment mortgage: This is the mortgage where your payment each month will first go towards covering the monthly interest payments, with the capital sum you borrowed being met with the remainder.

- This will mean very little of the actual mortgage is being repaid at the start, but the overall capital owed will decrease over time as the size of the interest reduces.

- Interest only mortgages: These are mortgages in which your monthly repayment is just the interest. That’s right just the interest! The bank then leaves it up to you to pay back the amount borrowed at the end of the term.

- This is obviously a riskier play but if you’ve got the steel this could be great.

- At Renaissance we’re always committed to making our money go further, and we’re obviously always fiscally responsible.👀 An interest only mortgage gives us two key benefits:

1. Flexibility

- These can be great for entrepreneurs like us or the self-employed. If your income isn’t steady the extra flexibility will come in handy. Besides you can always pay off more of the capital you owe when things are going good, and less when you want to spend it elsewhere.

- This added flexibility will give you greater control of your finances and you’ll have the extra capital to deploy each month when you need to take advantage of Renaissance opportunities. ⚡

- That brings us onto number 2.

2. Profit 🤑 

- You can take the money you would have been paying towards the mortgage and invest it. If your return is higher than your mortgage rate you’re in the money.

- With historically low interest rates the last few decades this was great. Pay only the 1% interest, invest the rest, make money. At the end of the term you pay off the total mortgage with plenty of profit.

- With higher rates at the moment this gets trickier. The return hurdle is larger, the profit margins thinner, but the opportunity is still there.

- Takeaway ⚡- If you’re sure you can save more than the total capital sum borrowed this could be for you. You can profit, plus it gives you extra flexibility and cash each month to take advantage of opportunities.

but…………….you are effectively borrowing money to invest. This is leverage and we all know that can never go wrong 🤷‍♂️

- Ultimately this is risky, but if it’s within your overall risk budget it’s definitely a play worth considering.

Meme of the Day

That’s a wrap for this week! Meet us on Twitter to talk all about it. Where we’ll send you jokes, tips, and all important news from the world of money, business and crypto and more! (@RenaissanceDly)