How Rich People Get Rich in 2023 (Secrets Revealed!)
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- เผยแพร่เมื่อ 6 มิ.ย. 2024
- Which path to wealth will you take to abundance? There are several different paths to wealth, and your journey may lead you down several different paths. In this episode, we’ll discuss the different paths to wealth, how you can maximize each one, and the easiest path to wealth.
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Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.
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Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Exactly the reason why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
@@LionTowercoporation Do you mind sharing info on the adviser who assisted you? I'm 39 now and would love to grow my stock portfolio and plan my retirement
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "Colleen Janie Towe" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
I wish I grew up with financial knowledge. It’s unbelievable how decisions you can make in your teen years and early 20s can make such a dramatic difference
Same here. I was taught to pay my bills on time and save in my employer’s 401K, so I was taught some basics, but I wish I had learned more. Much more. I’m constantly talking finances with the kids, and they roll their eyes at most of the time 😆 But I’ve noticed they are penny pinchers and they asked me to open up Roth IRAs for them when they started working, so some of my advice is seeping in.
This was my biggest inheritance to date!
My Dad really taught me that if everyone wants to Sell, you want to buy!
Capitalize on these times!
My Dad is still living and I fully think he is enjoying watching my Sister and I buying Real Estate but, doing a great job of not spending our Money!
I hope I’ve done 1/2 the job he did to transfer that knowledge!
Read.
TOTALLY AGREE. This is the reason why the book 'WEALTH Before Your 30s', speaks to a younger audience! It can make a huge huge difference to start early!
@@MACantuGraham
And you can’t make up that time!
About every 7 years your money will double when invested in the S&P 500!
Rule of 72 says about every 7 years given a 10% Return!
If your money doubles every 7 years and you start investing at 32 years old not 25 years old that could be the difference of $2,000,000 vs $1,000,000 or $1,000,000 vs $500,000!
Bottom line, you can have double the Retirement by starting early!
Said another way, you’ll only have Half the money if you don’t start right away!
My father is a decamillionaire and had 4 children. Only one of us managed to not become a millionaire, the rest of us did it independent of inheritance by age 35 because of what our father drilled into us about finances. He lives in a modest 1400ft house and drives an average $30k car. I’ve always heard the 70% stat about second generation and it always surprised me. My father always prioritized child rearing over making money but the money came regardless. I think that is a large factor. The biggest contributor to wealth building is education and knowledge of personal finance. Mathematically almost anyone in the US can become a millionaire. Unfortunately many are simply never taught how or even worse told that the system is against them and they can never succeed so why even try.
Don't you think this is part of the equation, the cultural, connections, knowledi that he shared with you.
How did you guys do it by age 35? Did you open different businesses?
Can you share what your dad drilled into you and your siblings, I didn't even have dad growing up and my whole family are financially clueless, trying to learn
No. Almost “everyone” in America cannot become millionaires.
@@phoenixnmhesqhe said "anyone" not "everyone"
Brian is such a great guy. That salt shaker compliment he gave Bo was heartwarming, and accurate!
You’re a salty bunch at the Money Guy family. Thanks for everything!
I think they understate how important income is. You don't have to be a high end lawyer making $500k a year, but if you're earning $12 an hour becoming a millionaire is going to be very difficult. One of the best investments you can make is in gaining new skills to increase your income.
Yeah people saying making the legal minimum is enough as long as one is cheap will work is so crazy!!!! I just don't know what world they live in where everyone every year never needs past money to pay for current and future expenses.
What new skills do you recommend with A.I. literally starting to take jobs as I type this?
He talks about the advantages of having a large income in #4 business executives 24:28
@@henrythegreatamerican8136 plumbing
@@SamHenkels There are already more than enough plumbers, electricians, and A/C repairman where I live. Not sure that's as viable as it was 20 years ago.
I was really nervous that Bo wasn't going to be excited about this show. ......but man, did he come through in a big way and was *totally excited* about this show. Well done Sir! ;)
Bo is really excited about every video they do... hahahahaah nice guys...
I learnt most of these principles about seven years ago. A lot of people have been trapped strongly in the matrix-- Go to school, get a job, and then slave your whole life. Many miss out on life-changing information that could have great effect on their finances. I played with the stock market sometime in 2020, and I was surprised at how well it turned out. I want to put in $80k more into the market. I heard people are making really great returns despite the downturn. Any recommendations?
@Lloyd Bernard I completely agree. I have been consistent with my profit regardless of the market conditions. I got into the market early in 2019 and the constant downtrends and losses discouraged me, so I sold off. I got back in December 2020 and this time with guidance from an investment adviser who was recommended by a popular economist on a popular forum. Long story short, it's been years now and l've gained over $850k following guidance from my investment advisor.
@@lisaollie4594 The thing is that I really don't like making such recommendations. But there are many freelance wealth managers you could check out. I have been working with "LISA ELLEN SHAW" for about four years now, and she's made decent returns. If she meets your discretion, then you could go ahead.
Spam
@@glenbert1396 spammer
This installment is FIRE 🔥 🔥 Great job on this one y’all. 🤘
The discussion around talking to your kids is so helpful. I try to have this conversation with them on a weekly basis. Love the topic of deferred gratification and scarcity!
Great info. Thank you. I also appreciate that your videos are not littered with ads.
Excellent. Thanks… Love the Salt shaker - Mr JT
Going back to 1892 means the studies should be adjusted to include those with a net worth equivalent to what $1M today is worth.
I'd be interested in seeing the percentages of people in these categories for billionaires, rather than millionaires. I'd imagine most billionaires fall into one of the first 3 categories (inheritance, virtuoso, risk-taker). Most are likely entrepreneurs/founders of highly successful companies. You can't become a billionaire just by saving/investing a regular paycheck.
I came across this channel and have listened to this episode and info about annuity. I am really impressed with their honest perspective and real, practical advice. Quite refreshing
This is the best money management channel on youtube. Ive listened to A LOT of financial youtubers. These guys are the most down to earth and most realistic in their approach.
What a great episode! Really made me rethink some of my unhealthy choices i use as a crutch for the stress
Keep the great content coming!
Bryan, I am so excited...
Every episode 😅
Great show. ❤
I also think it's just as important for our kids/grandkids to understand economic downturns such as losses in a 401k/IRA, mutual funds, bonds, and stock market. Preparing as developing savings for times such as these times.
Absolutely love these guys and the content they provide. Thank you a million!
Great episode!! Just wondering why sometimes there are no time for questions?
I personally look forward to questions every episode
Love the show but y'all need time stamps for these longer videos.
Great work, everyone!
I needed this today. I’m pretty good with money, but that Tesla Model S has been tempting me all month. It can wait while my money gets put to work!
@Yocelyn Carrillo-Luna you got this!!!
I'm in the same boat, looking at a Ford superduty, I really want it, but is it better to drive my beat down car and save or purchase a truck and take a loss
Great insights! Excellent content
Thank you
I’m 28 started making good money at 22,. I saved but not as much as I do since I’ve been following this guys. My account has grown so much because of them. Thank ya!
So much wisdom!
What resource was used to determine the figure of 70% and 90% of wealth lost by second and third generation? Where can I find the source?
They should totally put their sources in the description
i love these guys and i love dave ramsey.
Love these guys......but what is Bo not "So excited about"?
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..
I want to play the long term game with well diversified funds
I did read about Susan Kay Mack on the web., quite a great resume she has
Truly Stocks, ETFs and Mutual funds are the best investment decision you can make both short term and long term for steady money flow. Kudos!!
Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply.
I liked this video when the ‘Saver/Investor’ section began…. Ties right into Stealth Wealth!
Agree with using scarcity mentality for kids to create motivation. The "salt shaker of talents" is a perfect expression for those who are gifted - and yes, very few know how to harness that well.
It be interesting to see, for the millionaire at 30 years old, 40 years old, 59 years old, etc.
How they got there? What did they do to collect that wealth?
For example at 60 years old, time & saving should be the differentiator.
But for younger, what steps can people take to develop wealth at a high amount.
I think the show really helps improve your financial situation regardless of where you start but some of these episodes are tone deaf. The four cited studies show the problem of growing inequality and concentration of power. 1892: 84%, 1996: 80%, 2019: 79%, 2022: 76%. Clearly there’s a trend being ignored.
Or it’s sample error.
How do you define millionaire? Net worth, or $ in the bank?
Net worth, of course. You can have a million dollars in your bank if you take a loan from the bank, but it still means your net worth is zero and you are just in debt. Only net worth tells what your real worth is, regardless of where the money came from.
Yesterday was the crash though and I’m 95
Do those millionaire studies also take into account marrying into wealth?
😂😅
I work with the ultra high net worth clients and I would say around 70% of clients got their money through an inheritance.
What's the possibility you guys can consider making a course for parents to help their children along the mutant/FOO path?
Can you tell us how to set up a self directed roth ira without getting taken advantage by lawyers, accountants or people that sets it up and charging too much money. Is it possible to transfer an existing roth ira and roth 401 k to self-directed ira? If so how?
Can someone summarize this? Thanks
Spammer
@@oliveradams5030spam
Can anyone provide us a time-stamped breakdown? This is a long video
You should watch the Chris Rock bit on wealthy vs rich. Having a $1 million does not make you wealthy. Wealthy would be when your interest earns more than a $1 million a year.
Wealthy would be when you are financially set for life without a shadow of a doubt. Depending on your age, that is when you have $5M to $10M.
Imagine having so much just to die in the end and barely enjoying it
@@xyz-pg3zd That's a lot better than having nothing at the end and not being able to enjoy what's left of your life because of it...
@@amireallythatgrumpy6508 I’m saying that there’s many who get caught up trying to reach riches, only to reach an old age and not being able to enjoy what you’ve accumulated. Greed does something huh?
Love the Taylor Swift reference!
Have liquid assets on hand that you can use to cash in on a downturn or crash and don't panic. Most of the "rich" people I know continued to buy in a down market, or were able to cash in on real estate when prices tanked and they were able to acquire lots/acreage and re-sell it to a developer when the markets came back. All the gurus love to dump on cash, but most of the rich/wealthy people I know love to have a nice chunk of cash on hand to capitalize on down markets that rebound. That's how the rich just continue to get richer.
Question for you guys. 33 years old. Small business owner. Higher income. I am currently putting the max allowed in sep and 2k a month into a brokerage.
Give it a try man if you have a good plan
Not sure why, but I know for a fact I did not unsubscribe from you guys.
Maybe you guys have already, but I'd recommend a community post and maybe a short to address it, so you get some of your lost subs back.
Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor. My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock
It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@@greekbarrios The advisor that guides me is "Jill Marie Carroll", most likely the internet is where to find her basic info, just search her name. She's established.
If yall are not selling credit card sized wealth multiplier cards you are missing out! New merch!!
My son is 5 and has 18K in his 529 👍
how do you define a millionaire? they have assets/cash worth more than a mil? or is it like their yearly income more than a mil? 🤔
Net worth is the meter that counts. Income may help become wealthy, but you can also have high Income and just be broke anyways, If you go into debt and waste all your money.
Wow. This is great. Pretty much what "The Millionaire Fast Lane" by MJ DeMarco teaches. It's hard to build great wealth from conventional advice.I had only $78k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor. It's been almost six years now, and I'm a couple thousands shy of a million.
God, I loved that book too. Changed my life. I started out on the stock market too, but went solo. It was even in 2020 a friend introduced me to a financial advisor, when my portfolio almost wiped out completely. Thank goodness for that.
I read that 70 percent of small businesses fail after the first 10 years. The rich, successful people we hear about are a rarity. The vast majority fail, but, of course, we never hear of them. And they live lives of anonymity.
😂😭😂 “do leg day” so true!
Brian, does your daughter watch your videos? 😂
😊
UConn Huskies 2023 National Champions!
does anyone know if Bryan's wife was still working when he started his business? just wondering if they still had some steady income or if they put all their eggs in one basket
It’s de ja vu all over again.
Yeah I remember watched this already
@@junliang7965 I thought so too, but then I looked at the subscriber’s ticker and it looks current.
The 1% Millionaires stay rich by staying off high interest debts and investing passively. Personally i made my first million from having investments that spreads across stocks, etfs, coins and bonds, looking into Nfts .What i can say to early investors is diversification and solid management..at this point I'm actually grateful for my advisor Susan Kay Mack.. it's been great.
Consistently investing in quality dividend paying companies over the long term is a relatively easy strategy to create generational wealth.
out of curiosity I did read about Susan Kay Mack on the web.,she has a great resume.
i'm happy there are lots of people doing so well...Love this channel for the transparency
Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply.
Scammer / shill says what?
I'm not rich. I am not interested in how the rich get rich.
I need to know how the poor get rich.
My public school teacher salary is gaining me very little ground.
Fortunately, teachers are among the top 5 professions to become millionaires. MoneyGuy and Dave Ramsey say (obviously they each have more nuance): Live within your means. Get out of non-mortgage debt. Save 15-25% of your income for retirement. Become a millionaire ~age 45-55, on average. You've got this!
@@arh1234 Unfortunately I had to practically start all over again shortly after the age of fifty. I'm already living on rice and spaghetti, putting away everything I can into my 403b. I wish I knew 30+ years ago what I learned over the past few years online.
@@ronaldslater7755 I'm so sorry to hear that. We're rooting for you.
Ah yes, I get it. All billionaire rich people obviously did something great for society. Absolutely no shenanigans or cheating. Nope, none at all. It was all done with super smarts and super hard work.
And no... I'm not saying all rich people are cheats. But once you reach the multi-billionaire category, there are often plenty of shenanigans going on behind the scenes. It's a lot more than just creating something great.
What’d you think Elon did to get this far?
Have you tried stealing things that should be in the public commons? That's one way!
Crap... today was leg day and I skipped it
I Reachex that in less than 20 yr but took a few 403b Loans which set me back? If I had not taken those I wud easily be Over $500k. I am single, o kids anx live In nice apartment so I do Not have a house. My networth is Only Investments. I didn't need a house and frankly most of the women I date have kids and a house? I if we got married, I wud prob move in her house so I didn't really need one? I will retire soon a d Travel, don't need to think about mowing lawn ect while I'm gone. I Do have 1 regret? I can't have a dog 🐶 here...
Greed and dishonesty
Not worried, for God is in control. Happy I moved to Queretaro in _2021 at79.
: )
If I have $500K in cash, what the best thing to do? Buy a property to rent out or invest in S&P 500? What are the PROS and CONS
Walk the financial order of operations! Then, if you decide to invest it all, S&P500 can be a default. If you're considering real estate, measure twice, cut once, as Brian would say. Big transation costs, and high learning curve.
@@arh1234 But a rental, quality, and newish, close to home in a great school zone put 25% down. Put the remainder in S & P 500 etf. We did this, built up to 4 rentals but have a ton invested too. Rental income nice passive income in retirement. Good to diversify
My great grandfather built the wealth but my grandfather didn't care for it. Unfortunately by the time my father could inherit it, one of my aunt's husband cheated and scammed and threatened it out of his inheritance 😭🤬🤬🤬. At the end I heard that crooked man died miserable death ☠️😂 Karma is a Bitch 🎉😂
The rich get rich by subjugating those less fortunate than themselves and by compounding lack of empathy with greed.
Cry
Nah, some maybe. But a lot are hard working normal people that make wise choices over and over.
Victim mentality very clearly articulated
🙄
Unfortunately, this attitude will keep you poor the rest of your life.