*Don’t just save all your money in the bank as they tax you so much keeping it. It’s better to invest your money for future expenses. Everyone needs to create a passive income stream to stay debt free and live comfortably*
This is just the right information towards financial freedom as well as wealth creation. For so many years I thought working for other people was the only way to live comfortably, but I came to think differently when I started working with *Donald Nathan Scott* (a registered financial adviser residing in United States). Now I earn monthly from my investment with him.
To be financially free with a passive income source which exceeds your expenses, you need to invest. It’s not just watching videos and reading investment books anymore but for positive results, work with an expert. I used to think that I can make more money investing on my own without any loss, but I had better luck working with a *financial advisor* . I’m glad I chose to work with *Donald Nathan Scott* and I have no regrets with my decision.
Donald Nathan Scott offers a very good service and has been influential in my financial journey. I'm surprised his name mentioned here and I’m happy as to read positive recommendations here. I met Donald in Florida two years ago and I have been working with him ever since and sincerely , choosing to work with him is one of my best decision in life.
Personally, I’m blessed and realizing I’m not the only one working with Donald Nathan Scott I will consider myself lucky. I’ve been able to feed and make a living through his advice and great work. For such a person as Donald Nathan Scott, we owe him gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn’t just wise but has all it takes to handle an investment and is good at what he does.
If you’re not getting more sources of income, to ensure you making profit even while you sleep you certainly going broke sooner or later, I’m a doctor making a fortune of real estate as well as the online trade market(stcks,fx and NFP)
Forgive me but I have to digress, I understand real estate, also into it but curious about the NFP, I’ve read it can be very lucrative when traders take advantage of the report, can you tell me how you do this, I know fro a fact its complex nature calls for skill and technical know how
I do have to say its not me. I recently came across Noud K Mikan a certified investor and IA, his system has ensured me really good sums on the NFP as well as stcks
You’re right, I just looked up his name, it’s quite remarkable what I see about him, 19 years of experience, now that’s definitely fetching you good sums. I had to write him for some tips. Thanks for this
Yeah I've. noticed that the. success. behind my profit in forex Investment is not solely on my skills but the help of Greg.T.martin, the best trader I've known so far............
I was born into a Poor Tamil family in South of India, since a very young age I had unconsciously practiced delayed gratification and today I have escaped the cycle of poverty. It's not easy and not for the weak of heart. No wonder the poor stay poor. To the poor kids reading this you have the power to create your life but it's always slow. 💝
Delayed gratification. Don't buy a cheap car now and pay loans and interest every month. The car has maintenance, tolls, petrol, parking fees everywhere you go including parking at your own place. There is a lot of unplanned and undetected spending that goes with it. You can save all the money for one year and invest it in something which will give you a profit every month for a year or two. Then use the profit from the investment to buy car. That way, you live more peacefully. Buy a car only if you plan to drive uber or if you plan to rent to someone who will pay your loans for You. This way you own it and you don't have to pay for it. And you can also rent out your car park and use that money to pay your Internet, water and electricity bills. The money you earn from your work will be your savings, which in turn you can use to increase your investment, thus, it will increase your profits annually. After that you can buy better car, maybe with lower loan tenure and pay lesser interest and you can pay it off from your investment profit instead of your monthly salaries.
@@tourmalinestone3988 Because car is not an asset. Car is a liability that decreases in value. It doesn't put money into Your account. It removes a lot of money from your account.
@@suzannejoshua9836 but how can some one keep a job if they can't get to it and transportation is expensive what if you need to pick things up at stores if it's about 80 dollars to and from it's not even worth keeping a job if it cost more to get there then what some people made
My father left home when I was about 4 years and my poor dressmaker mother programmed my brain to use education as a escape route from poverty. The only sacrifice I had to make was to study. What I realised later was that the discipline that I developed from studying was more useful than what I learned in college.
@@Lmao-ke9lq Unless you you do something like research, you will only apply a small percentage of what you learned in college during your working life.
True! I now work on something not even remotely close to what i studied in university but the way i trained my brain to learn new skills, to memorize information and to see thinhs from different perspectives is a lot more inportant than scientific facts and laws i've learnt. You can be poor because of low income but still provide your family with shelter, food and love if you are intelligent enough not to be trapped in debth, addictions and showing off to your neighbours
True when I was 14 I started drinking alcohol and drugs but now I am 18 and I don't even smoke cigarettes. The only thing that keeps me going is My motivation and determination towards my goal. If you don't have interest in what you are doing then it's meaningless to do it because at some point you will fail in life or career. Edit : Sometimes I drink beer only for my health. Someone said to me that "Alcohol is good in right amount"
I would like to know the car and how much you paid also. Because, I dont know if buying the 2015 Mustang 5.0 for $24,000 40k miles would be an ok move.
I have been watching some videos and I was thinking about investing in bitcoin or forex , but still don't know where to start from, any recommendation?
Same here ,It's strange how people talk about all the profits, they've been making through trading of bitcoin, while am here not making any profit at all. Please can Someone put me through on the right path.
That example literally had me shook. I’ve been saving up my money to invest in stocks but have been so tempted lately to buy the new iPhone 11 Pro since I still have the iPhone 7 with a cracked screen and broken mic. This video must have been a sign, I’ll keep saving!!
Still got iPhone 6 going strong! Been thinking lately I’ll save the 1k that I would have spent on a new iPhone and see how the virus plays out. That’s almost one month of living expenses for me!
That mashmello experiment is missing a key ingredient, Risk. It should be like this, if you don't eat the mashmello, when the teacher comes back can either give you nothing, a second mashmello or might take half of your initial mashmello. Now things will be more interesting. 😂
I think that's what he meant when he talked about poor families, it's that things are not guaranteed when you're poor so when get the chance you take it immediately
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time.
@@peterbedley2719 People come here with the aim of chasing money more than knowledge and that will damage your progress, trust me. Chase knowledge first and I promise! The money will follow you just like it's following some of us now.
@@kdnic1292 not even just racism either. Class warfare is a real thing in the US, and many systematic factors are DESIGNED to keep the poor people poor, and allow the rich to get richer. I mean just take a look at the Covid release aid. poor and middle class people get basically nothing while the rich and corporations got trillions upon trillions of dollars wealthier from aid.
I always hate comments like this because there are literally factual statistics that show that success is not always about who you are and what you do. Look at the college scandals with lori laughlin, do you think that is a brand new concept that just happened last year? Thats been going on for centuries. Do you think that a lot of black people just dont try, or are you choosing to ignore the fact that they've only had civil rights for about 50 years which only legally ended discrimination? Thats literally 1 lifetime that still has 30 or 40 years left to live. Acting like hard work pays off when ceo's are shuffled around or kept in the family. Success is a combination of who you know and luck. Maybe someone liked your name better tham the other guy who was just as qualified. We just hired an 18 year old kid who can only work 2 more months until school starts instead of someone with expirience and kids to feed. Why? Because his mother is friends with HR. In the last 4 years we have had 25 employees in my department. Only 10 of them were hired without knowing someone who works/worked her. Less than half. And of the ones who were hired who DID know someone, only 5 had previous expirience.
Very true! There is the reason why book called “ Think and grow rich” . Some people think poor , and that’s the problem .There is a lot of work to do for all of us to improve.
@@Shadesof Exactly some ppl dont have an income problem, they have a spending problem! I've seen so many around me that increase their expenses as soon as their income increases. You're right and we'll never make perfect investing decisions and that's okay as long as you always stay open minded and strive to keep learning.
You left out how poor kids who grow up supporting themselves with long hours and low wages dont have the mental or emotional currency to study, let along the litteral currency to afford student loans. Rich kids can focus 100% on school. Poor kids have to work exponentially harder. I know, I dropped out of college because I couldnt keep up with my studies and work 10 hour days to pay rent and buy food
Men keep themselves poor by being a man child that hungers female attention and affection instead of focusing on greater goals early on in life to build a strong foundation as a man. Generally, the earlier a family is started the poorer it is. Example, poor people have more kids earlier in life than intelligent people.
I have low confidence but I'm extremely disciplined with money and started saving $100 per week at 18. Also, in my early 20s I learned an easy way to get promoted and how to get good raises every year. Today I'm in my mid 30s and I'll probably retire at 55. It can we done but it takes discipline. Good luck!
Your car can either be an asset for you or a liability, it all depends on what you use em for. For those who put there cars on rental it's a good means of income while those who just want to show off make no money.
They say knowledge is power, you have to agree. I realised after six months of getting a new car that I would be stuck a few years paying for it so I decided to invest a bit of my saving into dividend stocks, now I generate good passive income which I use to settle few monthly bills.
in my opinion poor kids should learn more about themselves coz i am a poor kid and i am always trying my best to spend my free time to learn something about my behavior so i can escape the poor mentality first. coz i was always gets only 1 dollar a week from my parents and never more than 1 candy a month. believe me after i grow up i am total loser and had no life and other kids call me loser with banana sandwich coz i was bringing sandwich to school coz we do not have the money.. but after i started learning about myself in the last 5 years my life is changed to until now i had youtube channel and courses and investing and my wealth is passed my parents income 10 times! and i can speak 4 languages.. believe me guys learning is more important than your parents education level coz as soon you give up learning about yourself you say nah i am a loser and that is it.. never never stop
no , but i can see something , how did you get the internet? , that means you are not poor , i know poverty standards can vary from country to country but the fact you are paying for an internet service means you have the necessary money to pay your expenses, or in the case you are a minor , your parents have the money . and not only money but also time. now the questions are , what are you doing with your time? and how well are you using the internet? what are your parents doing with their time and how well they are using the internet?
@@ChrisDMReloaded dude i now have the money.. so paying the bills is easy.. for what you say how did i connect to the internet? easy the cafe lol with iPhone 4 the back is broken and the screen is crack I bought the phone with 20$ lol I was broke as hell.. and in Iraq our public schools is free even colleges so going to school in the moring while after the school is working.. if you ask about my dad is taxi driver and my mom is housewife with 5 brothers and enjoy lol
It's hard to do but not impossible to accomplish, I have adhd and I've tailored my environment, get my schedule and tasks together and space out breaks while doing work but always get back to the task until its finished for the day
I came from a poor family that ended in a divorce when I was 13. I'm now 30 and much much better off than my parents combined. I understand delayed gratification, and my future looks very bright. Guess I'm the exception.
Yeah poorer kids don't have money all the time. So, when the star earning money, they go crazy about money spend lavishly. Then they end up in debt and stuck in debt for a long time
Even though your reasoning for being stuck in the poverty cycle has some merits. There are other factors that are not mentioned. Rich kids with educated parents have first hand education on how to handle and manage finances. Usually the wealthy parents associate themselves with others on the same social status and economic status. Thus that type of environment give the rich kids a competitive edge over the poor kids. If just having just a decent meal on poor kids' table is an accomplishment, so what type of ambition they will have when they grow up.
Yep. Rich kids aren't necessarily smarter or more talented than poor kids either. I've seen first-hand that oftentimes rich kids don't even have to qualify to get hired by their parents or friends of their parents. They are given jobs right out of high school or college and are trained/groomed to move up the corporate ladder. By the time they are early 30's, they are making 6 figures, giving them a good leg up.
rich people backstab and fuck so many people over to get where they are im sure. its not as simple as be smart with your money and be rich. you gotta know people, screw people, and put your feelings aside to get filthy rich. thats what it seems like to me anyway
@@richyoung4051 that's at the high levels. You can make a honest couple million dollars, but you can't make an honest billion. You have to be worse than just someone who screws people over at that level.
I do all of these things. Sometimes poverty is simply a lack of cash. We do not all start out equal. If you are born wealthy, you have a giant head start.
Well obviously wealthy have a head start lol. They are basically born on finish line:) but many poor people do it anyway.. one of the reasons being their kids will have a head start.
@@SaraSara-kr6sp It’s not obvious to most people. They think we all have an equal chance of achieving the American dream and that has no basis in reality
That was EXTREMELY helpful video😊. Loved it. It's really hard to control ourselves from immediate gratification as it releases Dopamine in the reward system 😃.
I think yes to some extent your parents influence you into adulthood subconsciously but you can change and learn to develop self control. Both my parents were college educated but that doesn’t mean they were rich and there were times my dad especially growing up would tell me he’d buy me Jordan’s or a new toy I wanted if I got good grades in math. I’d study hard to get good grades on my report card and never got the reward I wanted 🤷🏿♂️ broken promises were a recurring theme growing up so now as an adult with a toddler now I will keep my word on promises 💯
You want to know why some people will never get rich ?! Because they're watching channels called "proactive thinker" and else.. and so they think they're proactive by just watching it, when in reality they're just lying in their sofas and procrastinating. But procrastinating in a smart and reassuring way, by convincing themselves they have done something uselefull today by watching this videos. And after that they can go to bed thinking "well, I've been proactive today ! It was a great day". And the next one they just do it again. So they never really go to action, when It's sooo much easier to have an effortless overdose of videos like this one which makes you feel better in your shoes and artificially improving.
If you want to be successful have the mindset of the rich, spend less and invest more,. Don't give up your dreams, I pray whoever likes and reads this will be successful!
Honestly iPhones are all pretty much the same, the only difference is the screen and camera quality. Apple prices their phones high cause they know people will pay it. Forget anyone who laughs at you for the kind of phone you have, says more about others than it does for you
My parents are typical example for work and spend that money right now. For lifetime they didnt create anything, they didnt bought a house or saved some money. Just taking loans for stupid things. And I'm ok with that, some people are happy living that life. But problem is when they teach kids that is the right way, program them. I spent a lot of time getting away from that mindset.
Ofcourse you can. You don't need to buy it twice. You need to buy it once and pay for maintenance and fuel. If car costs 15k$ you will not pay maintenance and fuel another 15k$.
@MaGicTOWer exactly, I sold my car actually and live close to my job. I save time too. 😊 Things might change when I have children but now I can save money
My wife and I have been practicing delayed gratification for the last three years. Boy, there had better be some kind of fantastic reward at the end or I’m going to be pissed.😂😂😂
It’s interesting. My mother had a college degree but a relatively low income. The same was true of my father. I learned the importance of saving because I assumed the future would bring more of the same - limited resources. A lot of kids I knew from wealthy backgrounds had low impulse control because they knew they could get whatever they wanted when they wanted it. Learning to delay gratification might be like a muscle. Mine has grown weaker, unfortunately, as my income has increased over the years. Yes, I still save, but I also spend more now. I used to be much more conservative financially when I had less and felt concerned about the future.
Yeah the video brings up time preference but then tells a story about how it isn't your fault if you make bad choices. It's just a story but it sounds smart and it allows a certain segment to act morally superior. Your experience contradicts that story, but it isn't what the larger audience wants to hear. I'm not a "capitalism solves all problems" guy but it is a good thing that we have a system that actually does generally reward delayed gratification. That should be the takeaway, not finding excuses for people who consistently make poor choices.
I was furious when you talked about the Marshmello test. But then you also talked about the debunking of that initial test. Whew, glad I finished the video before commenting haha Unfortunately, it is not as simple as "wtf just wait..." In real life, so many people can't afford to wait.
Branko Milanović, Serbo-American economics did many research in wealth inequality, and one of his most famous finding is that your wealth depends: 20% on your skills and efforts; 20% on your family background (if your parents are rich or not); and 60% on your place of living (country and even cities).
Kind of mind blowing. Didn’t think about how indulging children whenever there is something available could easily translate to adulthood and buying something expensive with your paycheck. Although not being actually wealthy. Great insight.
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Inability to delay gratification is what's keeping us in the pandemic. Here in the UK, people can't stop their little selves from illegal gatherings, house parties, piling into shops to panic buy, etc. And then when COVID rates go up and we're in lockdown again, they wonder why.
I bought a car few months ago. And now i am making money with the car. I have my freedom and i control 100% my time. I am my own boss 🤷🏽♂️. So buying a car is not a bad decision if u know how to exploit opportunities.
You said what differentiate successful people from the rest of "us". So including you, you're not successful so why make a video about success? Last time I check a blind man cannot lead those with sight. Just for the record. Change your thinking.
Another great video! This is even more relevant now in our current society filled with instant gratification. Btw where do you get your background music from love it!
it's hard to move around if you living in country where's public transportation are worst. When you have a good car, you can have confidence and opportunity to hang out with rich society. Surround yourself with smart and rich people so they can also make you rich.
This is all good stuff, but it says nothing of the people who do all this and are still poor. Rich people love to pretend poor people aren't working hard enough and lack discipline. They're very eager to forget the tremendous luck they've probably enjoyed. Success requires nothing less than hard work, talent, AND luck. And most of us are shit out of luck. Odds are you're doomed to struggle for NOTHING, and struggle FOREVER.
I'm a banker to one of the richest family in my country, they're worth north of $30b. The grandma (1st generation) always cook on weekends where the family will gather for dinner. She'd blow her top if anybody eats outside & taught her kids to live very frugal life. Her husband drives a Toyota (still). Me & the boys would crack jokes about the in-laws, that is surely not what they expected 😂
When I was a young kid, I always don't get what I asked from my parents. When I asked for a bicycle, I get a motorcycle. When wanted to have a car. I was given a sports car. Several decades after, I ended up 100 times richer than my parents. I guess when you're not getting things that you asked when you're growing up, will have great impact in your future
Bull shit its not there investment skills. Sometimes your poor because your born under crippling conditions. Or life throws a fast one you cant see or your born into the corruption of the world not just because you cant wait. This video was insulting to unfortunate people everywhere you should be ashamed.
There's nothing wrong with going on RU-vid, social media or any other entertainment medium as long as you don't let it control you. If you enjoy them use them as a reward for studying or paying off debt..
I know a significant number of people who would rather take advantage of their salary now than invest part for their future. And i had awalys asked myself - what's the difference, were they born with this subconscious. This explanation answered my question and it sounds really logical. Different people - different ideals!
Same here. I've got coworkers making 200-250k a year who just blow all their money and say "I'll just work until I die." I've got other coworkers with the same salary set up to retire in their 50s. I can't really say either is right or wrong, but the people who never save or accumulate anything really get annoying when they complain about rich people.
The rich focus on opportunities, not obstacles. It's all a matter of perspective. The poor often see obstacles and quickly give up, while the rich see the opportunities and enter arenas that many wouldn't dream of.
No necessary true. If a poor person gets into a project and fails due to illness, robbery, bad weather or happens to live any other unfortunate event that unsuccessful attempt can cost him/her a lot more than just a bad experience because life might only give them one chance and that's it while the rich even if having failures can much easily recover due to financial and/or personal support from different sources, and either go back and redo it or start a new one.
What a childish vision of life! Of course rich people focus on opportunities, they have no obstacles! I hope you'll be poor one day to understand what does it means.
giving kids candy as a treat is misguided. Offer something that's truely a treat: some blueberries or some fresh picked blackberries. Marshmellows are just sugar with no nutrients, no wonder those kids behaved poorly.
This video doesn’t make sense to me. Firstly, this is the definition of poverty Poverty is a state or condition in which a person or community lacks the financial resources and essentials for a minimum standard of living. Poverty means that the income level from employment is so low that basic human needs can't be met. You cannot break a poverty cycle when you cannot afford your basic needs aka Food, Shelter and education. If you CAN meet these basic needs, you are not in poverty. This video should be renamed, how to become rich via investing. This is common sense, every business person does this, it’s not science?????
Great advice and I love it. Indeed delayed gratification will be the key secret in order to achieve someone's goals in life like being a financial independent and wealthy 💖💯
That’s a lie you can’t tell if a kid is going to be successful at the age of four!!! My uncle grew up poor in Mexico and was undocumented in the U.S became documented. My uncle owns a roofing company and owns multiple real estate investment also funded for his daughter college and bought her a new car!!! So no that statement in the beginning is false !! Your past dose not define your future believe I got a past
Bootlickers in the comments: I was poor :( :( but I dewayed gwatification uwu if I can do it anyome can :)) Yeah you missed the point lmao. No one is saying its impossible for poor people to escape poverty we're saying that it is incredibly hard to considering they live in a system that makes upward mobility extremely hard and self sacrficing for the lower class. Thats the point. We live in a system where the odds are stacked against us
It's because poor people doesn't work to get rich they work to survive their daily needs unlike rich people who has business or something that even they doesn't work for a month they still gain much more money and they have stored a plenty of money that's reality And from poor to rich it's just joke for me if your born poor you will die poor because even if you work hard for your entire life as a office worker for example you will not even gain 1 million Dollars because you has to pay for your daily needs and your salary may not or may just fit with it unless you win a lottery that will make you rich forever if you know how to grow it
“Never buy a brand new car”. I agree! Save as if you will buy a new car. And buy a practically new car from an owner who rather have the cash. Yes, Never buy or sell to a dealer they will make a killing and worst if you borrow to buy from the dealership they are have ripoff maintenance too.
I bought my SUV new in 2008, paid it off early, kept up the maintenance, and it still looks new. I haven't had a car note since 2010. With my salary, frds think I'm crazy for not buying a fancy foreign car, but I couldn't care less. 😂
In a nutshell: 1) the part in the title that says "in 2022" is pure click-bait. 2) if you were born in a rich family you will probably be rich 3) if you were born in a poor family, you will probably be poor. Cya all
Everyone avoiding talking about the elephant in the room - genetics/IQ. If you don't have smart parents from whom you inherited a high IQ you will never figure out how to work smart instead just hard
Meanwhile spoiled brats from billionaires family just waste all their inherited wealth on stupid shit and are still unhappy... It's really a paradox. I'm also from below-average family, and I'm trying my best to get to a better position, still doing pretty good, and I'm ok :) There is no better motivation than fear of poverty, or seeing it, or even feeling it. Elites know that werry well, and it's working.
Yes, but at some point, they met someone rich who would become their mentor. This person gave them a chance and taught them how to succeed. Pulling yourself up by your own boot straps is a myth; if you can't even afford a boot, you're screwed. If you truly have nothing and no one will give you a chance or a hand, you're SOL.
@ faruk Hasan, but where did their millions come from? Most of those self made millionaires didn't earn their wealth through honest means, many of them had to do some real shady shit to get to that position.
It’s really sad that the majority of the comments here are missing the true point of the video and spinning this into that toxic hustle culture mentality which needs to disappear asap.
This was depressing. Not the whole video in general, it actually provides real information on the benefits of delayed gratification and discipline. But the part about children thinking that daily life holds no guarantees and that there might not be food tomorrow really struck a nerve. Reminding me of stuff from when I was a kid.
Let's be clear. I will give you a real life example that delay gradification is not the main reason. Uncertainty is the main reason. Let's think about investing. Character A. He invested during 2008 till today and made about 300%. Character B. He invested from 1952 till 1982 he made 0%. Character A waited 10years for 300%. Character B waited 30years for 0%. In real life the problem is that we are not sure if we are going to get the rewards we expect. A more realistic approach should have been. I can give you 10,000 dollars now or you can wait 5 years and you have 25% probability that I will give you 100,000 dollars. I bet you most successful people would choose the 1st option. Because the second has the odds turned against them. Try to make things simple. But not simpler than they should be. Waiting to get bigger rewards when odds are against you is a bad idea. That's why there is only 1 Amazon and 1 Apple.
Poor family got to achieve together things that richest people have too so if they get together they could become something you know has something you don't have to have being rich or wealthy to have anything you just got to have a brain and a mind positive to use
I thank God I changed, I can relate ALOT to the impatient kids, I got addicted to crack, and I'm clean for 2 years and started a whole new life. I've learnt to be patient, i even got a tattoo (patience is key) so I can remember to be patient. The key is patience, it always was and always will be! It's never too late people!
... then comes inflation. Compound interest of what, government bonds with yields of 1% per year? This logic only works when you have kind of a guaranteed way of having yields higher than inflation. The REAL yield (after inflation) will be much less than 1000%.
@@ark_crimsonThat will be index funds. The SPX500 makes an average of 10% a year. It’s quite low risk because you invest in 500 different companies but you are only really guaranteed to win in the long term if you don’t panic sell when the market drops. Just continue putting in a fixed amount every month without caring about the current price.
Is not about being disciplined is about being positive in your brain and use your brain to go around things even if you don't got it you could have it being positive is the positive word
