The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.
" It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid , instead of trying to be very intelligent."
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
I also keep seeing lot's of people testifying about how they make money investing in Stock, Forex and Crypto Trade(Bitcoin) and I wonder why I keep loosing. Can anyone help me out or at least advice me on what to do.
Even with the right technique and assets some investors would still make more than others. As an investor, you should've known that by now that nothing beats experience and that's final. Personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to $35k, withdraw my profit right before the correction and now I'm buying again.
The marriage one was the most important one of the last 2 years of my life. We went from nothing to $250k in investments and savings by communicating with each other about money every week
Nothing equates investing, and when it's done properly, you don't need to get yourself all worked up about money anymore as it's creates a lot of extra income
Avg friends = Average life ❤ Absolutely true from personal experience. Not saying that we should be snobs, but rather we should either be growing together with our closest friends, or else we would just naturally not hang out much anymore.
@@vezerisNaaa, it's natural to progress in life when you are moving forward. People who stop and don't move forward will get left behind. Obviously you can still visit them once in a while but don't get caught up in their problems and choices :)
@@staarfajter922 This mentality of moving forward and leaving ppl "behind" implies you are more successful that them. It reinforced the idea that different fields and careers have more value than others. It's ok to leave ppl behind when you divert on a moral principle and development, but based on "success" - that's just sad and narcissistic. I still hang out with my friends regardless of their economic status.
@@vezeris Success encompasses more than just financial achievements; it also includes personal growth and development. Making the decision to distance oneself from individuals who negatively impact both their own and your well-being isn't a sign of narcissism but rather a prudent and self-caring act. This approach can lead to an overall enhancement in one's efficiency and mood, which invariably benefits those around them as well. The adage "Birds of a feather flock together" aptly highlights the importance of surrounding oneself with positive influences. Personally, by removing negative and parasitic individuals from my life and choosing to associate with those who are supportive and uplifting, I've noticed a significant improvement in not only my own life but also the lives of my family members. Far from being selfish or pathetic, this strategy represents a responsible and intelligent way to navigate social relationships and personal wellbeing.
One thing I would say about buying clothes is that it often doesn't make sense to by the cheapest option. Dave Ramsey talking about Walmart jeans for example. A better quality pair of jeans might last you 5x longer but not be 5x the price.
*Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.*
@@WeweAke *I won't recommend gold and coop although it's a good investment. I'II suggest digital assets as it's the best future investment. It's advisable to seek financial assistance based on your available capital and area of interest or preference.*
@@doriradden483 *Finding financial advisors like Patricia strain who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.*
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my money goals?
@maria_casey ambitious! mind if I vet the professional guiding you please? seeking best possible ways or areas to invest for extra income.. figured its best to discuss with a proper advisor
@maria_casey thanks for sharing, just inputted her full name on my computer and searched online, top-notch credentials. Ive seen commentaries about advisers, but not one looks this phenomenal
I love the 'marry for money'. I did this years ago and my partner and I have been able to make significant steps in our finances TOGETHER, so that we can 'pontificate about life'!
So far the best video on personal finance advices I've ever seen. And I've been watching videos on personal finance for years. Congratulations truly on this. Keep going.
Love "Marry for money." Yes, being on the same page is the most important thing when it comes to money and kids. You can survive almost anything with those two things done.
My gross household income in 2022 was $800,000.00 and my net worth is in 8 figures. I drive a nice 2011 Prius, buy MY clothes and other stuff at the Navy Exchange or the Army Air Force Exchange Service (no sales taxes). My wife and I buy our groceries at the US Military Commissary (no taxes and all items sold at cost and we still use coupons). My watch is a US Military issued combat field watch. No debt!! We live in an affluent town, but our home is the smallest model in the neighborhood. The only indicator we have money is we fly first class if the flight is more than 5 hours long on our vacations.
No nonsense content, unlike others who try to sell business models and 3rd rate motovational speeches. This video confirmed that I'm on the right path to slow and steady wealth.
Super high quality lessons! They sound simple, but it takes dedication to follow through and stick with them. Especially because people can try to gaslight you to believing otherwise.
I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made. Great video! Thanks for sharing! Very inspiring! I love this,,
Technologies are changing quickly, new jobs are being created all the time and schools just struggle to keep up... in 2023 everyone should learn personal finance and teach our kids!
Market timing: I read a book by Rick Edelman, The Rules of Money. He mentioned an experiment which involved looking at bundles of stocks over a more than 50 year period, starting at the great depression. This experiment consisted of bundles of 10 random stocks and holding them for 10 years. Turns out it did not matter which stocks were in the bundle, holding them for 10 years led to an increase in value every time. Some individual stocks lost money, of course, but the bundle gained value. Further examination showed that almost all of the increase in value occurred on 5 days in that 10 years. Reexamining the data showed that holding the bundles for 5 years also resulted in an increase in value most of the time. It did not matter which stocks or when the bundle was created. Hundreds of thousands of bundles were created and tracked. The lesson is to put some careful thought into the stocks you buy and then tuck them away once you buy them. In a way, it's like a scab, keep picking at it and it gets worse, leave it alone and it gets better. The greatest money book in history is The Richest Man in Babylon.
Love your unique take, Tae. I like point #9 about spending lavishly on what you value most. I share that philosophy and for me, currently, travel is where I focus my spending, and serves as a great motivator to save everywhere else I can. I really appreciate how you personalize things, by giving real life examples from your own life.
I’m still relatively new to investing, but when I started thinking of positions as a percentage of my total worth rather than its numerical value I could relax much more. Example, rather than having £10,000 and investing £500, I think of it as a small 5% position rather than a significant amount of money. Of course you should still only invest what you can afford to ‘lose’.
Tae, could you do a video on determining whether someone is financially ready to marry? If it's appropriate to have shared accounts, etc.? I appreciate the content. Since I started in the workforce, I've invested slowly and love the message you're sending through your channel.
True, I bought brand-new Hyundai Sonata 2022. Paying $522 CAD every month also paying Higher Insurance premium because car worth more. I regret for that foolish step but luckily I have made my mind to run that car for 10 years from purchase date. So I will convert that Current overpaying Liability into future Asset.😔😔
Good! But it will never be an asset. It's always a liability due to it costing money to own (even after being paid off). Unless you area truck driver or UBER driver our vehicles are all liabilities (taking money out of our pockets instead of making us money)
@@rippleforeskinxrp358 got your point buddy. But how we supposed to travel with our family! It is not possible to take public transport all the times. However, If you have car which already paid off, that means now you are only paying for Gas and Insurance. Oil services and other maintenance are once in few months. But thats okay, even our body needs regular checkups. In the end It is all about the convenience, efficiency and Time.
#11, investing shouldn’t be used to get rich, only value creation (aka starting a company, gaining more skills, gaining more education) can do that. Traditional investing should only be used to maintain a lifestyle, that’s what the average rates from top money managers would suggest.
@@zBMatt No, he made a valid argument. There will always be people who will give you their money if you manage it for them. It's like doing taxes. 99% of americans can file their own tax return correctly if they read the instructions a few times, but millions of people still pay for turbotax. Not saying those people are suckers though, just that if you're willing to learn to do something yourself, paying someone else is a bad idea.
Great content. Very soundly explained. However, I will add that it’s important to define your relationship with money. I.e. You can’t take it with you when you die. That doesn’t mean you blow it up either. What’s important is to decide, what will I do with the money I make / save. For me, I like flying business class, have a cook to make meals for me, personal trainer for my exercise goals and have time with my family. I am not into fancy cars or watches. So I will strive to make money to fund above life. Even if I make 150m dollars, I will not change anything from above.
Wow, I am new to this channel and we actually have very similar money philosophies. The only difference is that I just started to learn about investing over the past two years. I spend a lot on table top games but not much on anything else. I think financial independence is a great goal to have
Sadly, there are people who care and when it’s family members it makes it even harder to live frugally. My husband and I have been renting tidy 1960’s home in a safe, well maintained town. The home is nothing special, but it’s a fantastic rental. My husband’s dad and stepmom have not come to visit yet (they live two hours away) and we moved back to this state 5 months ago. However, if we were renting or owning a huge house with all the current updates that they could brag about to their friends and family, they would have visited in less than a month. I know this because they travel a lot for leisure… going to Israel in two months but can’t make the effort to come visit. They aren’t bad people but their currency is money and status. The funny thing though is that our lifestyle won’t change as our money grows. I have a dream of becoming a secret millionaire. I LOVE the idea of people feeling sorry for us because we drive 10+ year old cars and don’t live in a fancy neighborhood and wear the same clothes over and over again…. meanwhile we make more money than all of them. 😁 That’s got to be an incredible feeling. But you have to be confident enough to be okay with people not knowing you have a lot of money. ✨
Great points! Secret millionaire here(I’m a teacher almost ready to retire in 2 years at 57). My car is 12 years old, my husband’s about 10 and my daughter’s car is as old as she is, 21 years old. We live in a simple ranch house but in a great neighborhood. We own a duplex and have invested since our early 20’s. Oh, and I constantly watch videos on frugality!
Tae, Just discovered your video a few hours ago, liked and subscribed. Hope you will have ideas/videos for retirees, I’ll be 69 in 10 days! How did that happen!!!!! I’m learning finances after my husband of 42 years passed almost five years ago! It’s been quite the experience. I know things now, that I didn’t even imagine before. Looking forward to watching and learning from your vids! Thanks Victoria
I'm glad I was a child prodigy and saw how little people really cared about me. I did everything that I wanted to and was free from what people thought of me at 15.
Just recently your videos started to feature in my feed. I really enjoyed this one. I particularly appreciated your use of diverse quotes throughout to validate your points.
Great video. Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
Definitely! It all happened in less than a year after *Camille Alicia Garcia* told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
I love number 10 the best too. I worked 2 jobs for a year and stock piled some money...now I don't have to watch my mouth as much at work and as you say, lets me have other potential options.
Why did I just came across this now? You have incredible advice, definitely subscribing. I am essentially following exactly what you were saying, but it’s so good to see somebody else actually preaching this. Everyone seems to be focused on crypto and other nonsense. You were focused on the essentials, keep up the amazing work sir
In 2014 I bought a brand new ~$65,000 bmw. Short financing, very fun car. Still driving it. Was it a mistake? Initially, yes. I'll try to make it last as long as I can through proper care, and I'm planning on a severely-used next car. I think the lesson is that it's a spectrum. You don't need to undo a bad decision to make things better. I'm still hopeful on retiring in my 50's and doing things right now
Avoid debt. Cut costs. Building wealth is in your mindset, work on that and your financial potentials becomes exponential, develop good habits like regularly putting money away in intervals for investments .The financial market has plenty of opportunities to earn.. I made my first million from passive investing in diverse assets with the help of my adviser Susan Kay Mack..it's been a year of steady growth..
#4 Marry for money. Fantastic because you do want to marry somebody who's good with money or it can ruin the both of you. (Obviously marry for love) But that is a great point I think many miss. Great video!
We have similar net worth and background. Korean, etc. I married for love, spent money on yearly vacations, bought my 16 yr old a new BMW, etc. I'm not frugal like you but I respect your ways. Life live somewhere in the middle. I invest 80% of my income into real estate, and 20% I spend. Zero debt. Los Angeles Korean here. My road to success was my business/work ethics, paying off debt quickly to eventually being debt free, and buying my first house when I was 28. We go eat out frequently, like 3 to 4 times a week. Have nice cars, etc. Rental income buys the time I put into my business in the past 20 years. You are more of a traditional investor, while I am more of a real estate investor. I have my cake and I eat it too. My net worth could have been more but we all had fun along the way. Kids experienced Hawaii, Korea, Hong Kong, etc numerous times. My current system now allows me to buy a new house every 7 years in cash, while maintaining my lifestyle. My next strategy is going into a simple traditional strategy like yours, and then converting that into two homes for each of my kids. It will be there first homes when they are about 22 years old. My eldest is 16 and my youngest 13. My eldest will have finished 2 years of college by the time she finished high school (accelerated program). She's also ranked #1 in her class and wants to study law. Rather than paying off her college expenses, I'm buying her a house. I will defer her college expenses at zero percent interest and then pay it all off when she graduates. She can use the house to rent rooms out, while in college. I'm going to do the same for my youngest that wants to become a pediatrician. Then, they can build an adu on it and collect a 2nd to 3rd revenue stream from a Jr adu. Then, use that property for 2 to 3 revenue streams, while maintaining their future profession. Then, they can buy their own personal residence down the road and pay that off quickly. Rinse, wash, repeat. I'm have an unorthodox approach to investing but it works. My way of being successful was: 1. Make lots of money. 2. Invest into real estate. 3. Deleverage, into no debt. 4. Build adus and create more revenue streams. 5. Save and invest into low risk funds and etfs is my next strategy so that I can purchase my next 2 homes for my kids. In 10 years, I'm retiring. I'm just a real estate appraiser with not much education. But, having my own business really helped. I took the risk in my 20s and it really paid off. My plan is also to leave my entire real estate portfolio to my kids early. They will manage the rentals for me and my wife and we can spend time traveling. 3 months in Korea, 3 months in Hawaii, and 6 months back home in Los Angeles on a yearly basis. If my kids gets married, we will spend 3 months at each of their homes to help take care of their kids. That's my plan. Invest and spend the money along the way and have fun enjoying life. Life is short my friend. Create experiences. You can't take it with you when you die. I will continue on with my lifestyle cause it's fun. Take care of your health. I play tennis and go to the gym frequently. If health fails, then it's all over. My kids want to eventually have their own private residence along the beach, like Malibu. It's all possible now by time they are 30 years old. With their income and real estate investments, they will have numerous properties. A new house will eventually be generated quicker and quicker, 7 years to 6 years, to 5, etc. All purchased in cash or with a very little mortgage like a 10 year mtg. It all started with my parents. Now, I'm the 2nd generation investor. My kids will be the 3rd generation. 1st generation style is always frugal. 2nd generation is more like upper middle class. 3rd generation style is upper class. That's how it goes. My tell my kids, it's okay to be a doctor or lawyer but never over work. You don't need to. Don't marry for money. Find a guy that treats you well. I don't want a guy that over works or treats them bad. They don't need money. They have it. All the money in the world won't make them happy. So, be wise. It's all relative at the end. Once you have enough and your financially free, that's all it matters. We at that point are no longer slaves, but enslave others to the system. Lol.
I appreciate this video. I might contend tho that the millionaire who doesn't wear their wealth, but many do have expensive "toys"...ie yachts private jets .etc
Im the same with clothes lol, all black shirts and boring blue jeans. I only buy a pack of new socks once my current pack has indisintegrated pretty much
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.
I would be happy to hire someone with a good reputation. How can I locate and thoroughly check them? We started thinking about the concept because we have a family lawyer who has periodically mentioned fiduciaries and we know how valuable they are.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
