Rich People Don't Do This... (And It Breaks My Heart)
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- เผยแพร่เมื่อ 8 พ.ค. 2024
- Rich People Don't Do This... (And It Breaks My Heart)
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I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners? .
As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken .
Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life
Retirement took a toll on my finances, but with my involvement in the digital market, 27thousand weekly returns has been life changing.
Investing has proven to be an incredibly beneficial decision. My cryptocurrency profits continue to play a substantial role in growing my overall wealth, reducing my reliance on my salary
One of the greatest indicators of financial success is delayed gratification. This is something you can teach your kids when they are toddlers.
Any tips on teaching toddlers &/or younger children?
@@stephanielcowart6867 Once they reach 1-2 years old you can start reinforcing that impulsive behavior is not rewarded. Never give in to a tantrum.
When they start understanding words, you can practice "first this, then this".
The most important thing is to keep your word. If you make a deal with the kid, live up to it.
If you are familiar with the marshmallow study out of Stanford, the kids who sat there for 15 minutes with a marshmallow got an extra marshmallow. Those kids were more likely to succeed in life in many areas. The also did a version of the test where they didn't give the kid the marshmallow as promised. The next time the test was administered, those kids all ate the marshmallow without waiting.
I think delayed gratification is also just an important piece of self control. If you act with self control around your kids, they will absorb that. Teach them to think through what they want and how they can achieve it.
@@Joenzinator thanks for the info. Most of these things we do already. I would with children and am always looking for ways to help them improve.
I'd say it's being frugal. Every wealthy person is frugal because that's what makes them wealthy and keeps them wealthy. The problem is that people don't realize that frugal is relative. Being frugal with $10K looks different than being frugal with $10 million. When you have a lot of money you can still afford a lot while spending very little of what you have. A billionaire spending $10 million (1%) on a house is frugal. A millionaire spending $400K (40%) on a house is not frugal.
Remember, the ratio of your spending is more important than the dollar amount. That's why keeping up with the Joneses can get you in trouble. The Joneses might have way more money than you realize.
@stephanielcowart6867 as an Asian. We teach our kids in a pretty tough-love manner. I grew up not being coddled, I'm passing it on. Self discipline is the key why Asian American save 30-50% of our paychecks when the average Americans saving rate is low single digit.
Its simple. If it comes easy, it goes easy. Try to get everything you want for as little money as possible. For example, I was looking to buy something that cost $100 new. I found a used copy in good enough condition for $25. Apply that to a house, car, etc. You get all or most of what you want for less. I do buy some name branded clothing, but I shop at TJ Maxx, Ross and Marshall's.
I think there is an inherent need in human beings to struggle to survive in some way. If you never had that experience, then there is no appreciation for what you have, no concept of the value of things, and no understanding of delayed gratification. Also, without that struggle, your life can be empty. Look at how many lottery winners end up having it ruin their mental health, and ultimately their lives.
This is so true!!
My parents are the ones who give me birthday money or Christmas money and then tell me to spend it on something I want. I understand the sentiment and it's more like a "reward yourself" stance that they're trying to say to me, but I end up saving it anyway.
Part of the reason is because I'm stubborn and sometimes I don't want to do what other people tell me to do if i think there's a smarter way of doing things. I know that's not the best attitude to have, I've worked on it, but I recognize I'm stubborn.
Another reason is just because I know I'll need it in the future more than I do in this instance. I don't typically want things in the now. I typically plan my wants ahead of time. I can sometimes be a bit impulsive, but I have control over it. I didn't have as much impulse control 7-10 years ago, but when I ended up in a car accident and needed a new car, I buckled down and worked/saved my but off.
I don't necessarily remember my parents teaching me how to use money. But I understood what scarcity meant. And I understood I had to work for anything I wanted, so I did just that. Didn't learn budgetting. I tend to budget in my own mind, which can sometimes get me into tight spaces, but it's how I operate.
My parents have said that I have more money saved than they did at my age. It's also kinda strange because my brother doesn't have a very good grasp of saving money like I do, yet my parents drill it into him, whereas I never needed that and picked up on it fairly naturally.
I guess one thing my parents did was keep an eye on my bank account because they had secondary rights or something to it when I first created my account. So that held me accountable, but it was frustrating after awhile because my parents don't know how to trust and let go very well.
My parents were upper middle class but they raised us kids like we were dirt poor.
I thought mine was, until I realised we just was upper middle class in a suburb on the way down. Their divorce didn’t help either. Anyhow both had good middle class jobs and so I followed in those foot steps, but also followed the habits learned to live on less from my childhood. Doing really good nowerdays I must say. But my vision of ”middle class” has changed a lot.
What are the statistics when you wash out the millionaires worth less than 5 million. Let's look at people worth 5 million plus. Are the stats the same? Being a millionaire and having 600k in a mutual fund and having a 500k house is not rich. It's average. Yet people consider that a millionaire
These finance channels have definitely been lowering their standards through the years, especially with all the recent inflation. Just wait another 10-15 years, I can guarantee you will STILL almost entirely see through finance channels like this one people talking about how to become a millionaire, as if it’s still the one and only powerful number.
I said something similar. If a million dollars is wealthy, but my spouse and I leave a million dollars to be split equally among our children upon our deaths, then they won't have a million dollars (especially after taxes). They didn't squander it. That's just how equally distributing inheritance would work. This isn't several hundred years ago when only the first born gets inheritance, and in that case, everything
600k in a mutual fund and a paid for 500k house isn’t really common, unfortunately. Would that it were. Median networth for 70 year olds is closer to 250k.
And getting to a million dollars may not mean what it used to mean but it’s still a great milestone. Putting things in context of what you can do to get there will help people develop the tools to do even more.
@justusbryce3392 the question isn't about whether this is common or not. They are talking about how many generations keep the money when they are millionaires and die. I'm saying wash out from the stats of people worth less than 5 million. I bet you the stats they shared will drastically change with people with a net worth of a minimum of 5 million or 10 million. And the truth is, getting to 1 million net worth is a big deal for a lot of people, but it ain't that much money. You are an average Joe living an average life.
@@justusbryce3392 it’s not common but can be very common from the average person, meaning it’s an average income earners feat instead of truly taking things to that next level which is really where we need to be these days with the increase on inflation
My wife and I will be multi-millionaires by 50 if things keep going OK.
My challenge is to teach my daughter how to save and invest. Help her develop the skills to save and invest. I plan to set her (13) up a Roth IRA this year when she gets her first job. I'll teach her about investing, show her where that money can go abd how to make it grow. Then I'll do a dollar for dollar match for her investing in her Roth IRA.
I'll teach her how to budget this year as she is saving for her first car. SHE is working for her first car. She wants a 67 impala. I'll probably get her a cheap AWD sedan for the winter when she turns 16.
I think the give, save, spend exercise is critical.
My (60yo) father own commercial real estate. I'm (38yo) a (responsible/mature) only child and he refuses to to mentor me on the processes. It is just very frustrating.
You should have gone and gotten someone else to mentor you. I hear you and it suck but it’s life man. Head up 💪🏼
@@CharlyCD93 I'm doing alright. I've almost paid off my first mortgage and have 100k in 401k. If my father passed away, I would have a VERY steep learning curve.
@@codegame027 yeah you’re doing great! Good on you.
Watched this with my 15 year old, spawned some good discussions. :)
Anything my daughter gets we make sure she understands that if she breaks it, IT WILL NOT BE REPLACED, I will even make sure the grandparents enforce this. She has had moments where she got close to breaking something and decided she better not and take care of it. In the few times she does break something it is completely by accident and out of her control, and we then proceed to teacher how it FIX it if it can be or find alternatives to her problem with it.
Kids learn by watching parents. Money didn't change my parents. Their home was paid off and they had retirement but continued to live normal. Money was spent on assets. More cows, more tools, etc.
I was mortgage free at age 24, plus had a rental property. I continued to live normal and buy more rental property. I see people who still have a mortgage pay for lawn service, house cleaning, monthly car wash service, dine out everyday, take MULTIPLE vacations every year, plus have gym membership because they don't get exercise by paying someone else to do everything for them. Most of their wealth is in 401k. Their kids learn to splurge from them. They can't expect a child to grow up and be frugal when they've lived a life of abundance.
Memories don't have to be expensive. That's an excuse to spend money. I told my son i wanted us to get together for Cinco De Mayo. He talked to everyone but my youngest had to work. She is a chef. So instead of tacos and margaritas, it was smash burgers and fish and beer.. My food was free....and I'm that mom taking pics in the kitchen!! Because the chef is so pretty. Time with my family cost me $53 and half of thats was tips.
My dad taught me a lot about money. Sometimes I think the only thing he could have done better was teach me at a time in my life when I was at a point in my life when I was in a better place to learn, but then I realize that had he not started when he did I might not have ever reached such a place at all.
Prov 13.22 "A good person leaves an inheritance for their children’s children, but a sinner’s wealth is stored up for the righteous."
Don't give your kids the wealth, give your grandkids the wealth. It will force the children to make better decisions.
In this scenario how will the grandchild be forced to make better decisions?
@@CharlyCD93 Theoretically, their parents would feel an even great sense of responsibility to educate them on how to manage the wealth they inherit.
Figure out how to achieve happiness with less. That has always been my motto.
I am Dutch and retired at 34 with only 100k in savings, but I moved to India because that money would last longer there. 16 years later, my father died. I never spent much money on expensive things, I even sold my Rolex. I more than doubled the inheritance in 8 years by investing smartly and devide risks. However, my rich parents never taught me to live smartly. I had to figure it out all by myself.
Okay so I'm a goober but I my first thought from the thumbnail was.. Rich people don't chase people with bombs 😅 😂
😂😂😂 Well it is hard to get rich if that is how you spend your time.
When I gave my son a house, I also gave him a used lawnmower. He isn't paying for lawn service like a spoiled brat. He spends his day off working around his home and feeling pride.
If I had given him several hundred thousand dollars, he would probably be living like he is rich.....like my friends who look at their 401k balance and feel entitled. There is a different mentality when wealth is in real estate than when it's in dollars.
I wonder how this is confounded by equal distribution of assets in modern inheritance. If my spouse and I die with a million dollar net worth and equally spread it out amongst, let's say, 4 children for easy math, then each child only receives a maximum of 250k (less with tax). In this scenario, they didn't blow the money. Each one just got an equal amount. This isn't 500 years ago when only the oldest son inherited the father's wealth. How are we defining wealth - 1 million dollars?
My grandparents were millionaires, my parents are millionaires, I will be a millionaire, but all of us became millionaires on our own without any inheritance or gifts from parents outside of some money for college savings. Will I be a third generation millionaire or will I be a first generation since I built my own wealth?
Close family and friends tell us we should spend our wealth and not be frugal. It's hard for them to understand owning stuff doesn't do anything for me anymore....back then yeah, but I've changed as I've gotten older. Especially as a major introvert who works from home.
Not entirely correct. I'm doing really well myself. For so many years I hate traveling home half a world away visiting family. It's a brutal 24 hour flight no matter what you do. I gradually started upgrading my bare bone economy flights as i started reaching my financial freedom status. Don't need more stuff to clutter up your home? Then buy your experience. Ever since I tried business class due to outrageous economy class price hike, I must admit I'm starting to enjoy going on planes. This is just 1 example. There are plenty more than mere material possessions can provide.
@@richlandzee8686 True and totally agree. Though I once heard a good analogy that relates to me mentally for airfare:
1) Pay me $100 to sit in this basic chair for 1 hours....SURE!
2) Pay me $1,200 for 12 hours....HELL YA!
I would suspect a lot of this is due to the number of kids and grandkids. 3 kids with 3 kids that makes the 2 million a lot less.
Also just because I made money and qualify as “self made” doesn’t mean my parents weren’t. It means I made my money during their life.
Exactly!
I am in a religious community. It appears within our community, it’s much better. Wealthy but happy, in tact, families having kids that make good decisions second and third generation. I think faith and Christian service in my ways are guardrails against greed and bad financial decisions (not always)
They don’t listen and go out of there way to set their own path
Unearned money is quickly lost.
I feel like you're possibily not seeing the forest from the trees. Now granted some I'm sure have squandered it but two things:
1. If there are several children then that wealth is divided
2. Wealth building maybe was not a priority and not a factor into their overall happiness.
I'm sure they were given a head start like you said but that could be just enough to live comfortably and prioritize other things in life
: )
Why is this a problem? Father's talent does not translate to children, that's it.
What? What’s the purpose of having kids then? If you can’t teach them how to succeed? Kids dont need to have same career paths, but you need to help build their behavior/character that will translate to their talents. At the end, a talented father or mother wont take anything with them when they die. Leaving without having your kids set for success is failure.