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Damien Being So Clever....I Calculated it years ago. GOD has put them piggyback on you If you try to mke distance you ;ll have to drAD The Retards. It as gravity Law
I prefer a convex chair back to a concave chair back. I work about 50% faster, and have less back problems. They are hard to find, but worth it. May want to think about that before messing with your editor's flow.
Because the capitalist system is not made to reward intelligence, a football player is rewarded with 10 million euro and an intelligent professor with 50 thousands.
I read a similar thought in "thinking fast and slow" - my takeaway is, if something has a probability of 1% of happening, I need to do it 100 times (on average) until I get it. sure luck is a big part, but the more I try, the more likely it is that I'll strike gold
The wealthiest person I knew (who would have no doubt been on the right of your tape) used the word "luck" a lot. He knew he was lucky in business earlier in life, but more importantly, he recognised how lucky he was to have a wonderful life and beautiful family.
It's content like this that makes me so happy to be on TH-cam. It's the first I've come across your content. TH-cam algorithms is doing a great job. I'm a 61 year Old from London in a council house and even I at this age care about being rich. This video was inspirational and I was so inspired. Keep up the good work young man. It's not in vain I assure you.
Being rich is relative, to a homeless guy, a man with a home is rich. To a millionaire a billionaire is rich. I consider anyone earning over 100k a year rich but they probably wouldnt think so.
My old man used to always say "it's better to be lucky than good". Sometimes you just have to be in the right place at the right time. But to be successful you always have to put the work in. Luck is the multiplier of the work which will get you there.
And you can make your own luck. I always try to be nice. Bee's to Honey my wife says. Equally if you hit someone, they will hit you back. If your nice, usually someone is nice back. Luck is a great state of mine, equally being optimistic is. In most negative things in my life I can see a positive.
@@jasoncrandall Fair point. But preparation wasn't a decision it was a mind set and opportunties don't just present themselves I put myself in a situation that offers such things.
When I was 18 I was a trainee at IBM in the UK research labs, designing software engineering languages. I worked with a group of three others, one chap was called Zygmunt Lozinski. If you ever asked a question with any ambiguity they would not answer. It's actually quite a useful attribute but should be used in the appropriate situations. Jason, don't be a Zygmunt in life.
5:47 This is now my favorite segment of any TH-cam video ever! It takes a great amount of courage and intelligence to realize that, despite own hard work, the bulk of our success was carried by luck! When you think about it, its so obvious, yet you see so few people ever acknowledge this. Honestly I don't even know what your videos are about, I'm here on this channel for the first time, but you just earned a sub. Edit: Just watched the whole video, this is peak TH-cam! This is why I pay my internet bills.
I know two young people who inherited large amounts of money. It did not turn out well; the son of the wealthy businessman, died by crashing his high speed car into pole; the Grandson who inherited wealth, just had a grand time wasting the money.
@ Intelligence isn’t hereditary, but an environment that lets your offspring reach their potential does help. Environment also helps develop early attitudes about money. In my experience, growing up poor leads to bad money habits that perpetuates staying poor.
It takes money behind you to take risks. We all have to eat. People cannot risk their food and rent money just to start a new business when starting a new business has an 80% failure rate. Nobody wants to be homeless and unable to buy rent just because the were adventurous enough to take a risk.
THIS. There was a show where a billionaire talked about how easy it is for him to start a new business from scratch and if only everyone did that. But they never mention that if they failed everything was still perfectly fine cause they were already rich and had no survival concerns.
I showed ,y girlfriend how to start a business for free with the excess clothes her village has been giving to her family for the two years prior that they didn’t want and did t want to be rude and say no to. She started selling it at the local market and resupplied at the capital cities big market, proved viability for a shop house and five other market locals… but then we decided to go Vietnam cos it’s there…. Point is, you can bootstrap from nothing or near nothing and expand into more desirable assets/businesses
No, but they can put 10-20% of their income aside every year. They can work harder and getting raises and learning new skills to get better jobs. After years of doing that, you can have enough savings and investments that you can take more risks. Too many people look at it as if all business owners were born rich and immediately started a business at the age of 5. Everything takes time but if you sit around for decades going "I wasn't born with money so I'll never have a business", you're doing it wrong. You're putting zero effort in so you'll get zero results.
This is great. The missing piece, however, is contacts, some of which develop from being outgoing or organised. But others come from family, culture, school, and the fact that contacts often value/help other contacts because they see them as useful, which in turn stems from their existing wealth or position/contacts. Since you've become this successful, Damien, I bet you've noticed how much more helpful a lot of people are.
@fritzdeuces many thanks. I'd like to say it's surprising how little people talk about the benefits of connections, but it's not. Humans seem to be wired to minimise the impact of external factors in their success, so they can feel deserving of it
That’s included in luck in most studies although. I remember a long time reading a paper that reckoned over 50% of being a millionaire was luck and that included mommy and daddy’s money as well as who you met at school etc. The other properties needed were innate skill, resilience and dedicated time. Basically luck was the cornerstone of success with determination, putting the hours in and skill making up less than 50% of it but still crucial. Like winning the lottery and knowing how not to waste the win.
Most people think they are so smart because they live comfortably in their own bubble and never got into any competition so they can never see how vast this world is and how many infinitely smarter people out there.
3:00 As an Aerospace Engineer I can tell you that simulations are something you need to be very careful with. I haven't read the study, but at least in Aerospace you can still validate whether the solution at least satisfies the underlying physical principles, this still doesn't mean that the solution you get out is correct. In a situation where you can't even validate whether the simulation follows the real world rules, the uncertainty is even greater
Im 30 from the UK, I earn 3x the national average salary as an employee, bog standard gcses, 3x passed and failed A levels. I have said this for years, I am not at all special. I have just had an amazing run of 'right place right time' for the last 10 years. Its really unbelievable, and sometimes I sit back and genuinely worry that 'one day, my luck will run out!'
I’m sure there’s some luck in there, but also ask yourself. Are you an optimist? Confident? Do you take a step forward or hesitate? Do you like challenges? Chances are, your personality and attitude are getting you the opportunities. Give yourself credit.
I don't work at all and still have a decent family income thanks to my husband. You could say I was lucky to meet him and yes I was but I worked hard to increase my chances of meeting him and was on multiple dating sites both paid and unpaid and active every day. Luck is just part of it! You also did something right to earn that money!
I don't think it's luck at all but rather wisdom in the form of applied knowledge - Knowing when to say 'yes' and, importantly, knowing when to use caution have been huge factors in my mild but above average success. I'm never going to make millions or billions, I'm not smart enough - I just learnt to move through life quietly and safely
I started to suspect this in my thirties. Now, in my sixties, I've given up trying to get rich as I now know it doesn't matter. What matters is that you have enough. You articulate this very well in your videos Damien and make people, especially people starting out in this crazy world, feel better and more confident. Thanks.
Ecclesiastes 9:11 - “…the race is not to the swift, nor the battle to the strong, neither yet bread to the wise, nor yet riches to men of understanding, nor yet favour to men of skill; but time and chance happeneth to them all.”
Nice! Also!: "For the love of money is a root of all sorts of injurious things, and by reaching out for this love some have been led astray from the faith and have stabbed themselves all over with many pains.". - 1 Timothy 6:10 👍
All the world is vanity. Thank you for the Solomon reference, who had it ALL. Fear God, and remember, it's not too serious. Enjoy the ride and appreciate the lessons God sends. As Solomon mentioned, Wisdom excels Folly
@@chrisvanekelenburg8990 Sure, you got it right. Anyway, I will spend more time giving thanks to my God, when I have financial security, without worry of what to eat, where to live etc. Also, see this: Ecclesiastes 7:12 -> Wisdom is a shelter as money is a shelter, but the advantage of knowledge is this: Wisdom preserves those who have it.
Definitely! -Always play the long game. Provides space for the decisions you make. -Lower expectations. -Compound interest. -The risk you will take is spread over the long term, do not have short term expectations. Avoid -If you have achieved high returns in the short term, you are in a dangerous place. This will make you arrogant and egoistic, in fact you will lose the game. Check: - Monetary policy. Don't worry, when it is high, many people cannot make money or bankrupt. You are not the problem
IM 74, I know everything you say already. I watch because financial knowledge is basically simple, im impressed with your clarity, and I need reminding its simple - so I dont do something stupid one day.
Being rich is a goal i had when i was young. At 33, it's been at least a decade since that was even in my radar. Being comfortable enough to keep taking care of my family is my goal.
MASTERPIECE of a VIDEO! Impostor syndrome and Pecrfectionism kept me and still keeps me from doing a lot of thinks that when i took the leap on some it wasnt that scary and i felt "Oh ok this is amazing so lets now improve this and this" and it becomes an addiction that the improvemnt of that skill can be somewhat endless increasing the money we get by providing that service, talent x1000.
Someone asked Gary Player (top golfer) why he was was so lucky with his shots, he replied, “the more I practice the luckier I get”. Or words to that effect! Hope that helps a mindset somewhere!
Making money isn't the same as practicing a repeatable skill like hitting a golf ball. He also likely had a lot of luck somewhere down the line to be in a position to be a top golfer. Hard to practice your rounds when you need to work 40-50 hours a week to earn a living.
@ I think you miss the point. He practiced he became good, his luck increased. He wasn’t just lucky. Like the man says on the video, you have to be skilled then take your risks otherwise your just a lucky crypto kid!
@ you still miss the point! Luck and hard effort. But some people are just lucky. The billionaire is not lucky he is in a community that serves various interests if you know what I mean as with most millionaires. Not if is will ever get there ever!
Im glad Damien admits it, because I don't see many people admitting that the main factor to success is luck... Being at the right place at the right time. I feel like hard work would matter more if nobody else was working as hard as you, but in todays economy it seems like everyone tries the same as you and is in the same position as you. It's as if there is no differentiation apart from luck
Yeah not enough acknowledgement that there are a lot of other smart hard-working people out there. Which is odd considering we’re all competing against each other for jobs and luck! lol
If luck was the biggest factor, rich people would mostly be really smart people who are also lucky. But that isn't the case. A bigger factor is that smart people don't need to be lucky to get into the top 5% of earners. They don't have to take any risks. Just work hard in school and get a good job where you'll overperform most of your peers. You'll have an amazing life, but you'll almost never get rich. Maybe $5 - 10 million by retirement, but not rich. If you're not smart enough to make $200k+ working for someone else, you need to take more risks. Most of the time the risks don't pan out, but when they do, these average people are very likely to be much more wealthy than their smarter peers who are just climbing the corporate ladder.
@@kyleolson9636 ngl you are very delusional, yes higher iq does lead to higher earnings but it gets capped at some point like 40-50k, beyond that is just pure luck
Damien did a great job of identifying me…was in a PhD program “because I could be” and it was the SAFE path to moderate wealth, which coming from poverty (both me and my wife) was the “best plan”. Only when I realized I could bail out with a masters 3 years earlier and make significant income (equivalent today of 90k USD or so) did the journey begin. Layoff in 2001 with small children and wife at home led to lots of stress but also more risk-taking. In hindsight it was the non “engineer standard decision making” that paid off. Twice we got stuck with holding a 2nd home that we thought we’d be able to sell to move up, while our 401k got trashed twice. We’re going to be able to retire only because leveraged real estate forced risk.
Started investing in a stocks and shares ISA after watching your channel in 2021. Got my partner into it to, and also open Junior ISAs for my two kids. We now have savings that we absolutely wouldnt have had if it wasn't for you starting the channel mate. Just want to say thanks and keep up the epic work 🙏🏽
@@learnearn9322 personally, i would recomend you first to understand jus the basics of what stocks are, and then do simple long term trades on really *safe* wallets (nothing is 100% safe but you get me) ; something as 40% in key natural resources, 30% in stocks with great stability and great level of differentiation on their sector (companies with big market shares) and the other 30% can be for index. with these simple wallet you will probably start noticing the changes
I know you mentioned it a bit, but generational wealth has got to be a HUGEEE factor, it surely surely changes everything, from every business risk you can or can't take, to not having to get a second job , to getting on the property ladder etc
100% at the end of the day even middle class people have a massive advantage over real working class people in the form of help from their parents whatever that may be, living rent free, help with car, help with deposit for mortgage, just not being in debt by the age of 19 because they’ve been taught not to and because they don’t need to be. I couldn’t have afforded to go to uni even if I wanted to, which I didn’t but that’s another story. Those with generational wealth have life so easy they don’t even realise. Imagine being able to invest whatever in a business on a whim and knowing if it fails you’ll just….try something else. Having not to worry about clothing, food, bills, car, houses. Having the contacts to make things happen quickly and efficiently.
@@fritzdeuces don't try and make us feel sorry for rich people lol, the fact that they have a thousand more choices on what they can do in life is enough to say that generational wealth matters. Whether they choose to 'ruin their kids' or not, they have the choice and freedom to do so, which is an important distinction.
Being an 80s baby and early 2000s UK Garage raver with a deep interest in finance and general life advice, I found this video to be an absolute treat. Great job on this one, Damien. First time seeing your content and an instant sub from me.
Thank you for this fantastic video. It made me pause, absorb the words of wisdom I had forgotten, and stop beating myself up. Big, big thank you! I applaud your courage of being vulnerable and using own feelings & experience as exemples. Thanks again, best video I needed to reset, pause and think again
I do believe people who take more risk get more rewards not to the point where you gamble but to the point where you risk your money for more money. I see it like this if you never talk to girls how do you expect to pull and sleep with lots of girls you risk the no for the yes . While it can be luck most go gym looks max, learn how to talk to girls communication max. They try and max all there traits consciously or subconsciously Some with wealth you try and max things in your favour or try and use certain situations in your favour then risk your money for more
Agree with so many of the points you mentioned. The luck factor is real and have seen it many times but everyone that is lucky claims it as hard work or smart choices. Also on the other side of the scale have many times seen people that can’t be bothered say rich people just got lucky. Skills and hard work make people more lucky usually but also even with them we still need that bit of luck. This was one of your best videos I have seen. Thanks for sharing it.
Spot on. Also worth noting: Every decision we make must travel through the emotional centers of the brain, and so an emotional bias is present in all decisions.
Being ready to take the opportunity is a great thought. I think there’s a step that goes before which ties to the end of the video and is touched on in the perception of risk. You don’t win the lottery if you don’t by a ticket. Taking calculated risks is something that all of those in the top 0.1% of “self made” wealth owners will share in common. Starting the start-up, pivoting on the business model, buying the lottery ticket. Taking the action isn’t enough, but if you don’t take action to change your life you can guarantee yourself more of the same life. You’ve got to play the game to win it. Create chances, take them and then get lucky.🍀 Peace ✌🏻
I did well at school (and university). I received a letter from Mensa, after completing their test, in 2009 suggesting my IQ is 148 (although I think it's lower) but I have pretty poor social and emotional management skills. I'm also don't particularly value hard work. So there it is, that's why I'm not rich :)
Im glad you mentioned being ready when luck strikes. Qi Lu, who was vice president of microsoft for a time, has an amazing story of come-uppance and he said once that luck is like a bus stop. It arrives and arrives but if youre not there to get on or have the money for the fare it will leave and you have to be ready. But another will always come along. This has really resonated wuth me through my life.
Thank you so much for watching them honestly the fact people engaged with the content then allowed me to get to where I am now, I will keep pushing to improve and I hope in a few years I cringe at the stuff I make now
Very good talk! I think it boils down to knowledge, degree of self motivation, willingness to take risks and being receptive to seeing and seizing the right opportunities when they appear.
…because we don’t have a culture of personal betterment and upward mobility in this country. I recall a certain royal muttering something about ‘people knowing their place’ That perhaps encapsulates why the UK , despite its enormous pool of talent and drive, remains hamstrung by an ingrained orthodoxy that stifles a meritocratic culture.
There are also a system of regulations and rules that contributed to Europe being poorer than America. Strong labour laws and social security help people keep their jobs and from being dirt poor. But it also people from being hungry enough to start climbing to the top. Wealth is much more equally distributed in countries with high taxes and strong social security nets, but it will also push the smartest and richest away to less regulated countries The Americans dream of being rich because they are told they are special everyday and believed in themselves but rest of the world aren’t that way.
@@zurielsssyes but most Americans have been steadily losing wealth over the last 50 years. So we’re just getting others countries would be rich smart people at the expense of the rest of the population.
If you think you're smart and you want to start a business but dont know where and how just read book Untold Business masterclass. It changed my life..
@@Linkinpark4life333 You can even tell which replies are from the same entity. I imagine there are many other replies that didn’t make it through the net.
I really liked your video. It changed my mindset when looking at starting new things. I feel like I have gotten very comfortable and that part really hit hard. Thank you!
Lovely work Damien, I am 64 and in the beginning stage, have been a therapist for 30 years, trained people, written courses, trained with some of the top people in the arena. Recently started a channel and can I feel coherent speaking to a camera, get it focus or the sound right? No! LOL, it's ridiculous, but I have learned that all of this is OK and I will keep going and look for improvement as I learn and feel the discomfort. Thank you for sharing this stuff, it is really valuable.
One thing is broadly overlooked in this topic. The ethic. Many wealthy people simply operate on the fringe of the law taking advantage of its imperfection e.g. What was allowed in Rockefeller's time today is consider as a crime (no insurance for workers, hiring children in factories and mines etc.) Stilling intellectual property was not even consider when Facebook or Apple was born. Avoiding taxation in the countries the wealth is built in or by taking advantage to invest being fully aware of poor situation of sellers that rich buy assets from. Many time paying more time less then ethic would suggest. If you can suppress in yourself the doubts of being unethical at some point you can add something extra to the luck on your journey to the top 1%. of rich people.
that's a common cope that sad poor people use. What is considered ethical is a personal choice that is affected by cultural shifts and, from my anecdotal experience, the rich people I know who are "unethical" are very very few, while the poor people I know who are literally criminals are many. BTW: Avoiding taxation is highly moral and beneficial (governments are armed money grabbers who then use this money to bomb some poor people or just simply put in their own pocket)
@@toddheartsound5451Do you think unethical people boast about their unethical practices? If so, I have a very good investment opportunity for you. The comment about taxes really depends on where you live. There are countries that actually use taxes wisely, believe it or not.
@@petarvasilev27 I know what you are feeling, I used to live in Bulgaria too. That's why I left. I was tired seeing some 19-year old douches in brand new X6 while I am working my ass off in an IT outsourcing hub. My best friend was a waiter and he struggled to find a decent job until he waited on a GERB party member who just so happened to be looking for a puppet CEO of a car rental company and then my friend, who used to beg me for money, started with the "we can't plan vacations together anymore, you can't afford the places I am going to". But it's not like that in the USA. If you see a millionaire, it's just some retired dude who probably didn't even have an amazing job, he just saved and invested his money. Really rich people tend to be owners of building companies - and you can't enslave a plumber, they want +100k to join you...
Oh there is.. It's called the factory owner, e-commerce, logistics, and e-taxi (uber). Both often brags about giving job to many while forgetting the inhumane treatment of the labor in question. @@petarvasilev27
Hahahah there is! Logistics, online ride, and factory! They love to boast about giving a job to the poor and "contribute" while the treatment of the worker is crap @@petarvasilev27
Bro that's the definition of an uninformed opinion since you're considering only two variables. Also u didn't watch the whole video to inform yourself further in case..
@@MirnasCleaning Bro, notice the quotes! Also don't waste your time engaging in TH-cam comments. You can do far better things with your time. Give it a try.
This is the 2nd time I’ve taken the time to comment on TH-cam in 10 years. This is a brilliant video, well structured, authentic and with great actionable/s that can help people develop, grow, or even get themselves out of a rut. Plus, I don’t think this video is only for younger folks, but also can be helpful for people who maybe further on in their journey and have simply become more risk adverse. Great video, I hope more people get a chance to see this and also maybe there’ll be a part two
First video I’ve ever seen from this guy and this is an incredible video. I totally agree with everything he said especially the last point. You gotta care to be rich.
“Never confuse education with intelligence, you can have a PhD and still be an idiot.” This quote came to mind after watching this :) I am a prime example of the person you refer to in this video, I'm not academic in the slightest as studying bores me to tears but nor am I an idiot. Therefore without any formal qualifications I should be earning minimum wage as that is how society works. After leaving school I was earning an unbelievable low wage so I had nothing to lose by starting my own company, hell if it failed I could get a **** wage working anywhere. 24 years later and I am still running that same company and comfortably earning more than minimum wage. I've always said that had I worked somewhere that looked after my welfare and paid me a decent wage then my company would have never existed.
In the last few months I went for a job, that on paper that I am not qualified for, but I liked the look of the job and had the confidence to take the chance. Right place, right time. It wasn't the healthcare degree and two decades of experience that got me a job in finance; it was the three days of prep I did before the interview and the ability to demonstrate transfered skills.
I believe after a few years in employment we naturally know this. Weve all been or seen the super hard work, or incredibly intelligent, the amount of money they earn on average more is not that much more than who you might deem less enthusiastic or not as strong person. Early in your career you think people in positions of authority or management/leadership are super smart often there just more well spoken or confident. I hope people take from this not to punish themselves too much especially if your super hard working or talented. I think the best thing to do is to try and take as many opportunities as you can that life throws at you is a great mindset, and continue to work hard. And learn financial literacy will help you make the most of what you have and compound.
That might have been the case in the past. Most of them now have failed upwards or have the correct face that fits for certain reasons. When I started my career, my CEO had started as an apprentice at 16 and became CEO in late 50’s, so had the rest of the management. Now it seems none of them know the industry at all and some are younger than me (32)
You don’t have to be smart to be rich, I have friends that would destroy me academically, my maths is terrible and I can’t string words together very well when I try to explain. Yet, I could buy each of them and their properties 10 times over. What I do have is instinct and I can sniff out opportunity that others miss. I didn’t spend on frivolous things and I drive an old car and wear basic cheap clothes. Young people want to look rich by getting into debt to drive a Range Rover. That is your first error. Put your money towards an asset and take your time and don’t rush. You’ll get there.
It’s not as simple as all young people want to look rich with debt on a Range Rover though, at all. Driving an old car can be a false economy and especially if you’re in a position where appearances count for something. Can’t turn up for a potential client in a banger and break down outside their business or home, you have to look competent. Secondly there’s safety concerns with older vehicles too, don’t want to put a child in a poo box these days when others are driving 3 ton SUVs like idiots. I’m going to bet that on top of what you said, you also think that buying a coffee every now and again has young people in the black hole they are in. Nothing to do with the economy tanking over and over, housing market being astronomically inflated, inflation meaning their bills are 10x what yours were at their age, and limited opportunity in jobs and even business spaces considering how developed the market is. Add that news is always bad, the world is bleak and they have nothing to look forward to, why the f would they not spend a little on driving a decent car if they can afford it? Those who can’t afford it can’t get the credit to get one anyway..
Hahah What the hell.. That's quite relatable! I've also heard the story of my great grandfather who immigrated to my old country he went from some uneducated chinese farmer that went to a foreign land yet he can't even speak the language of. I think it's around the ww2 era and long story short, he is a millionaire in 50s. He doesn't do much of investment in order to become rich. But by owning a business that he expanded to other segment. But he did have plenty of pure gold bricks. And the other one is my grandmother siblings who dropped out of school at elementary because he is "unteachable" and "naughty kid" well well he did just find and he is a lot richer now than us. And that bastard still a multi-millionaire to this day 😂 He now have the lastest "dream house" half way done. That one is his 2nd mansion. It looks exactly like a bank or a tiny office/commercial building. 6 story of floors and obviously it's got the typical shiny slab of glass appearance from the outside too. This mega project of his is achieved at the age of 68. Too bad, his kids moved to overseas now. So I dunno what will happen to that majestic building at his short period of life. Y'now what? maybe I should be the one buy it at bargain since I liked the design also 😂
@@KeyBrosUKI mean looks do matters too but only if you know how to achieve those without breaking the Bank. I do have those abilities to analyze and get some authentic stuff for half of the normal price people bought them for with the online sales but massive patience is required though, but it's worth it! . As for vehicle, I own 2. A uniquely made kit car with a new engine and Chinese made car too. Nobody knew the actual price for both that looks admirable or fancy when I'm dealing biz they just complement it without me mentioned it 😂
The key to getting rich is understanding that almost all education we receive is conditioning. This is true with investing also. Most people are conditioned to follow the herd, to read the newspapers, to believe that BTC is a Ponzi scheme, that Microstrategy is a bubble. They invest in highly diversified piles of averagely performing rubbish and are content with a return that barely keeps up with inflation. Once you see through this you can get rich very quickly. My portfolio has quadrupled this year. It is an independent an open mind which gets you rich. Very simple. Don’t simply do what you are told to do.
Don't forget to risk manage, I've been burnt on previous cycles, de-risk btc past 110k (I use fib retracements, it should local top at around 114kish in my analysis), move to eth, then to alts, exit 90% on stables/paxos gold, leave 10% on memes and learn some TA / onchain analysis. Don't diamond hand it, we are probably approaching a rotational top -just look at how fucked the world is (also, whales are manipulating most of the market, that's verifible onchain by looking at the accumulation on bigger wallets and most retail selling). But yeah, we ARE lucky, 110%, with some smarts for sure.
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Damien Being So Clever....I Calculated it years ago. GOD has put them piggyback on you If you try to mke distance you ;ll have to drAD The Retards. It as gravity Law
I YOLO'd 238k on the last GOOG earnings and profited $302,114.14 USD.
Saving 238k takes discipline.
YOLOing 238k is insane.
I prefer a convex chair back to a concave chair back. I work about 50% faster, and have less back problems. They are hard to find, but worth it. May want to think about that before messing with your editor's flow.
Because the capitalist system is not made to reward intelligence, a football player is rewarded with 10 million euro and an intelligent professor with 50 thousands.
Where is my money, Damien!!!
“If you’re dumb, why are you rich?” Much better question.
It's because they are actually the smart ones pretending to be dumb :)
Real dumb is you
Some ceos
Screw intelligence. It's not the only metric required to make money
hence the bias that they're not really dumb, at best they playing dumb.
“Luck is what happens when preparation meets opportunity” - Seneca
This content reminds me of a brilliant book 'Fluke' Totally recommend
In a world of inequality, the only moral constant is luck.
I agree, you have to continue to cultivate opportunities then be prepared to act. Luck really is a numbers game.
brilliant insight
No it does not, Seneca was an idiot.
Pasta certain point was an excellent pun
I was pretty happy with it 😂
Punnery is funnery
@@DamienTalksMoney groan inducing. loved it
A fusilli jokes are always worthwhile.
I taught him everything he knows...
I read a similar thought in "thinking fast and slow" - my takeaway is, if something has a probability of 1% of happening, I need to do it 100 times (on average) until I get it. sure luck is a big part, but the more I try, the more likely it is that I'll strike gold
Makes sense ❤
Then go and reroll your luck on the wealth of your parents and the smal loan you start with.
But life gives only limited chances.
@@parulkumar8606I'd argue that as long as you're capable especially in mind, it gives you unlimited chances.
That is actually true
Keep taking action-luck will eventually follow you. Maybe not today, maybe not tomorrow, but someday, as long as you’re lucky enough to stay alive.
A teacher of mine once said, “Inspiration (luck) will come but it needs to find you working.”
The wealthiest person I knew (who would have no doubt been on the right of your tape) used the word "luck" a lot. He knew he was lucky in business earlier in life, but more importantly, he recognised how lucky he was to have a wonderful life and beautiful family.
One of the scientifically proven ways to be happy is being thankfull.
nah. excuse one uses ro not piss off jealous poors. its a motherfucking process not luck
Gratitude is key
Steve Jobs died in his 50s?.is that success. ?
@@LimHoochin yes is was lucky if not for the other steve, steve jobs would never make it. Steve Wozniak look him up.
“Surely pasta certain point…” 😂
I’m a sucker for a pun! Great video as always Damo.
You legend thank you!
This made my day !! Genius
It's simply one of the best TH-cam videos I've seen in YEARS
Mad props
It's content like this that makes me so happy to be on TH-cam. It's the first I've come across your content. TH-cam algorithms is doing a great job. I'm a 61 year Old from London in a council house and even I at this age care about being rich. This video was inspirational and I was so inspired. Keep up the good work young man. It's not in vain I assure you.
Hey man! I am 37 yo and to me your comment is very inspirational too, I hope to keep your mindset whit time
Being rich is relative, to a homeless guy, a man with a home is rich. To a millionaire a billionaire is rich. I consider anyone earning over 100k a year rich but they probably wouldnt think so.
I can confirm. Everything I earn between £100k to £125k is taxed at 60%. Sure doesn’t feel rich.
I class rich is when you’re comfortable (no finance issues) and not ‘Have’ to work but only because you want to work.
@@wl660go on then what do you do?
@@SMARVENReggie Photo has joined the convo. 😂
@@wl660keep you taxable income below £100,00 by paying more in to you pension. Nobody on £125,000 should be paying 60% tax
20% Finance | 80% Life advice
Excellent video 💪
Thank you
And a 100% to remember the name
My old man used to always say "it's better to be lucky than good". Sometimes you just have to be in the right place at the right time. But to be successful you always have to put the work in. Luck is the multiplier of the work which will get you there.
And you can make your own luck. I always try to be nice. Bee's to Honey my wife says. Equally if you hit someone, they will hit you back. If your nice, usually someone is nice back. Luck is a great state of mine, equally being optimistic is. In most negative things in my life I can see a positive.
Luck is when preparation meets opportunity. You can’t be lucky by accident
@@jasoncrandall Fair point. But preparation wasn't a decision it was a mind set and opportunties don't just present themselves I put myself in a situation that offers such things.
@ putting yourself into a position = Preparation
When I was 18 I was a trainee at IBM in the UK research labs, designing software engineering languages. I worked with a group of three others, one chap was called Zygmunt Lozinski. If you ever asked a question with any ambiguity they would not answer. It's actually quite a useful attribute but should be used in the appropriate situations. Jason, don't be a Zygmunt in life.
It is not the happiest who has the most, but the one who needs the least.
5:47
This is now my favorite segment of any TH-cam video ever!
It takes a great amount of courage and intelligence to realize that, despite own hard work, the bulk of our success was carried by luck! When you think about it, its so obvious, yet you see so few people ever acknowledge this.
Honestly I don't even know what your videos are about, I'm here on this channel for the first time, but you just earned a sub.
Edit: Just watched the whole video, this is peak TH-cam! This is why I pay my internet bills.
Being born to rich parents is the best way to become rich.
It’s the easiest, but based on multiple examples, not the best.
That very same attitude and mentality is the easiest way to stay poor
I know two young people who inherited large amounts of money. It did not turn out well; the son of the wealthy businessman, died by crashing his high speed car into pole; the Grandson who inherited wealth, just had a grand time wasting the money.
Rich people are often intelligent which they pass down to their kids, and have good spending habits that they teach to their kids
@ Intelligence isn’t hereditary, but an environment that lets your offspring reach their potential does help. Environment also helps develop early attitudes about money. In my experience, growing up poor leads to bad money habits that perpetuates staying poor.
It takes money behind you to take risks. We all have to eat. People cannot risk their food and rent money just to start a new business when starting a new business has an 80% failure rate. Nobody wants to be homeless and unable to buy rent just because the were adventurous enough to take a risk.
Pure hard advice
THIS. There was a show where a billionaire talked about how easy it is for him to start a new business from scratch and if only everyone did that. But they never mention that if they failed everything was still perfectly fine cause they were already rich and had no survival concerns.
Exactly. It's stupid that some people think that others are either lazy or don't have ambition. Those MFs don't know what's hunger.
I showed ,y girlfriend how to start a business for free with the excess clothes her village has been giving to her family for the two years prior that they didn’t want and did t want to be rude and say no to. She started selling it at the local market and resupplied at the capital cities big market, proved viability for a shop house and five other market locals… but then we decided to go Vietnam cos it’s there…. Point is, you can bootstrap from nothing or near nothing and expand into more desirable assets/businesses
No, but they can put 10-20% of their income aside every year. They can work harder and getting raises and learning new skills to get better jobs. After years of doing that, you can have enough savings and investments that you can take more risks. Too many people look at it as if all business owners were born rich and immediately started a business at the age of 5. Everything takes time but if you sit around for decades going "I wasn't born with money so I'll never have a business", you're doing it wrong. You're putting zero effort in so you'll get zero results.
This is great. The missing piece, however, is contacts, some of which develop from being outgoing or organised. But others come from family, culture, school, and the fact that contacts often value/help other contacts because they see them as useful, which in turn stems from their existing wealth or position/contacts. Since you've become this successful, Damien, I bet you've noticed how much more helpful a lot of people are.
This should be one of the top comments on this subject. 🎯
People help the people that they think have the potential to help them back.
Great comment - I think it also relates to the inherited aspect, so those with successful families will already have the best contact network
Yes. This is very very accurate!
@fritzdeuces many thanks. I'd like to say it's surprising how little people talk about the benefits of connections, but it's not. Humans seem to be wired to minimise the impact of external factors in their success, so they can feel deserving of it
That’s included in luck in most studies although. I remember a long time reading a paper that reckoned over 50% of being a millionaire was luck and that included mommy and daddy’s money as well as who you met at school etc. The other properties needed were innate skill, resilience and dedicated time. Basically luck was the cornerstone of success with determination, putting the hours in and skill making up less than 50% of it but still crucial. Like winning the lottery and knowing how not to waste the win.
Most people think they are so smart because they live comfortably in their own bubble and never got into any competition so they can never see how vast this world is and how many infinitely smarter people out there.
3:00 As an Aerospace Engineer I can tell you that simulations are something you need to be very careful with. I haven't read the study, but at least in Aerospace you can still validate whether the solution at least satisfies the underlying physical principles, this still doesn't mean that the solution you get out is correct. In a situation where you can't even validate whether the simulation follows the real world rules, the uncertainty is even greater
you must be very smart...
Im 30 from the UK, I earn 3x the national average salary as an employee, bog standard gcses, 3x passed and failed A levels. I have said this for years, I am not at all special. I have just had an amazing run of 'right place right time' for the last 10 years.
Its really unbelievable, and sometimes I sit back and genuinely worry that 'one day, my luck will run out!'
I’m sure there’s some luck in there, but also ask yourself. Are you an optimist? Confident? Do you take a step forward or hesitate? Do you like challenges? Chances are, your personality and attitude are getting you the opportunities. Give yourself credit.
@wl660 definitely not an optimist. But I'm confident, jump in to every opportunity and give it the best shot! That's the magic sauce
Mine ran out last month, just have a plan if it does
I don't work at all and still have a decent family income thanks to my husband. You could say I was lucky to meet him and yes I was but I worked hard to increase my chances of meeting him and was on multiple dating sites both paid and unpaid and active every day. Luck is just part of it! You also did something right to earn that money!
I don't think it's luck at all but rather wisdom in the form of applied knowledge - Knowing when to say 'yes' and, importantly, knowing when to use caution have been huge factors in my mild but above average success. I'm never going to make millions or billions, I'm not smart enough - I just learnt to move through life quietly and safely
I started to suspect this in my thirties. Now, in my sixties, I've given up trying to get rich as I now know it doesn't matter. What matters is that you have enough. You articulate this very well in your videos Damien and make people, especially people starting out in this crazy world, feel better and more confident. Thanks.
baaa
"What matters is that you have enough." Something billionaires and trillionaires don't ever seem to get.
👍 👍
Ecclesiastes 9:11 - “…the race is not to the swift, nor the battle to the strong, neither yet bread to the wise, nor yet riches to men of understanding, nor yet favour to men of skill; but time and chance happeneth to them all.”
Nice! Also!: "For the love of money is a root of all sorts of injurious things, and by reaching out for this love some have been led astray from the faith and have stabbed themselves all over with many pains.". - 1 Timothy 6:10 👍
All the world is vanity. Thank you for the Solomon reference, who had it ALL. Fear God, and remember, it's not too serious. Enjoy the ride and appreciate the lessons God sends. As Solomon mentioned, Wisdom excels Folly
@@chrisvanekelenburg8990 Sure, you got it right. Anyway, I will spend more time giving thanks to my God, when I have financial security, without worry of what to eat, where to live etc.
Also, see this: Ecclesiastes 7:12 ->
Wisdom is a shelter
as money is a shelter,
but the advantage of knowledge is this:
Wisdom preserves those who have it.
Using DJ Luck & Mc Neat for the "Luck" part was goooood 👌🏽
Your explanations are so clear you've opened my mind, thank you.
Definitely!
-Always play the long game. Provides space for the decisions you make.
-Lower expectations.
-Compound interest.
-The risk you will take is spread over the long term, do not have short term expectations.
Avoid
-If you have achieved high returns in the short term, you are in a dangerous place. This will make you arrogant and egoistic, in fact you will lose the game.
Check:
- Monetary policy. Don't worry, when it is high, many people cannot make money or bankrupt. You are not the problem
IM 74, I know everything you say already. I watch because financial knowledge is basically simple, im impressed with your clarity, and I need reminding its simple - so I dont do something stupid one day.
Love your humbleness. You got lucky with covid, but in fairness your content is definitely higher quality than most youtubers
Being rich is a goal i had when i was young. At 33, it's been at least a decade since that was even in my radar. Being comfortable enough to keep taking care of my family is my goal.
MASTERPIECE of a VIDEO! Impostor syndrome and Pecrfectionism kept me and still keeps me from doing a lot of thinks that when i took the leap on some it wasnt that scary and i felt "Oh ok this is amazing so lets now improve this and this" and it becomes an addiction that the improvemnt of that skill can be somewhat endless increasing the money we get by providing that service, talent x1000.
Someone asked Gary Player (top golfer) why he was was so lucky with his shots, he replied, “the more I practice the luckier I get”. Or words to that effect! Hope that helps a mindset somewhere!
Making money isn't the same as practicing a repeatable skill like hitting a golf ball. He also likely had a lot of luck somewhere down the line to be in a position to be a top golfer.
Hard to practice your rounds when you need to work 40-50 hours a week to earn a living.
@ I think you miss the point. He practiced he became good, his luck increased. He wasn’t just lucky. Like the man says on the video, you have to be skilled then take your risks otherwise your just a lucky crypto kid!
Wow even Paul Weller has a side hustle
@@garryallison4716 No the video actually says that most people will not become super wealthy no matter how much hard work they put in.
@ you still miss the point! Luck and hard effort. But some people are just lucky. The billionaire is not lucky he is in a community that serves various interests if you know what I mean as with most millionaires. Not if is will ever get there ever!
Pasta certain point. You know your audience well, and know Dad jokes always go down well with us. 😂
Im glad Damien admits it, because I don't see many people admitting that the main factor to success is luck... Being at the right place at the right time.
I feel like hard work would matter more if nobody else was working as hard as you, but in todays economy it seems like everyone tries the same as you and is in the same position as you. It's as if there is no differentiation apart from luck
Yeah not enough acknowledgement that there are a lot of other smart hard-working people out there. Which is odd considering we’re all competing against each other for jobs and luck! lol
If luck was the biggest factor, rich people would mostly be really smart people who are also lucky. But that isn't the case. A bigger factor is that smart people don't need to be lucky to get into the top 5% of earners. They don't have to take any risks. Just work hard in school and get a good job where you'll overperform most of your peers. You'll have an amazing life, but you'll almost never get rich. Maybe $5 - 10 million by retirement, but not rich.
If you're not smart enough to make $200k+ working for someone else, you need to take more risks. Most of the time the risks don't pan out, but when they do, these average people are very likely to be much more wealthy than their smarter peers who are just climbing the corporate ladder.
@@kyleolson9636 ngl you are very delusional, yes higher iq does lead to higher earnings but it gets capped at some point like 40-50k, beyond that is just pure luck
Damien did a great job of identifying me…was in a PhD program “because I could be” and it was the SAFE path to moderate wealth, which coming from poverty (both me and my wife) was the “best plan”. Only when I realized I could bail out with a masters 3 years earlier and make significant income (equivalent today of 90k USD or so) did the journey begin. Layoff in 2001 with small children and wife at home led to lots of stress but also more risk-taking. In hindsight it was the non “engineer standard decision making” that paid off.
Twice we got stuck with holding a 2nd home that we thought we’d be able to sell to move up, while our 401k got trashed twice. We’re going to be able to retire only because leveraged real estate forced risk.
@Maksimszz yep they say its capped @ around 60-70k in first world countries.
Good GENUINE job, mate !….love how you kept it real & authentic!
This video was perhaps one of the best car - content type videos in a while. Looking forward to seeing more of these garage\ house tours.
Started investing in a stocks and shares ISA after watching your channel in 2021. Got my partner into it to, and also open Junior ISAs for my two kids. We now have savings that we absolutely wouldnt have had if it wasn't for you starting the channel mate. Just want to say thanks and keep up the epic work 🙏🏽
same here mate. started on the back end of 2021 and kept investing 23/24 and now I have a lot more money than i ever would just working and saving.
Same with me. Not for the kid yet as she is still under 6 but I am saving with the intention of leaving this and the principles to her.
@Black-Circle Hi, can you guide me to how I can start investing? I don't know much about stocks and I can't trust the internet to guide me!
@@learnearn9322 watch some peter lynch speeches
@@learnearn9322 personally, i would recomend you first to understand jus the basics of what stocks are, and then do simple long term trades on really *safe* wallets (nothing is 100% safe but you get me) ; something as 40% in key natural resources, 30% in stocks with great stability and great level of differentiation on their sector (companies with big market shares) and the other 30% can be for index.
with these simple wallet you will probably start noticing the changes
I know you mentioned it a bit, but generational wealth has got to be a HUGEEE factor, it surely surely changes everything, from every business risk you can or can't take, to not having to get a second job , to getting on the property ladder etc
100% at the end of the day even middle class people have a massive advantage over real working class people in the form of help from their parents whatever that may be, living rent free, help with car, help with deposit for mortgage, just not being in debt by the age of 19 because they’ve been taught not to and because they don’t need to be. I couldn’t have afforded to go to uni even if I wanted to, which I didn’t but that’s another story. Those with generational wealth have life so easy they don’t even realise. Imagine being able to invest whatever in a business on a whim and knowing if it fails you’ll just….try something else. Having not to worry about clothing, food, bills, car, houses. Having the contacts to make things happen quickly and efficiently.
@@KeyBrosUK Generational wealth can also be a handicap.
Why do you think some rich people say "I got rich and ruined my kids"?
Generational wealth is overrated, it is generational knowledge that truly gets you wealthy.
@@CharlieVN If that was true, then there'd be a lot more millionaires by now
@@fritzdeuces don't try and make us feel sorry for rich people lol, the fact that they have a thousand more choices on what they can do in life is enough to say that generational wealth matters. Whether they choose to 'ruin their kids' or not, they have the choice and freedom to do so, which is an important distinction.
I'm a penne pincher myself.
Very good! I’m jealous I didn’t think of this
@@DamienTalksMoney Ha! you're welcome to use it next time the pasta comes out, thanks for your continued great content.
This gloriously terrible. Loved it.
"Gnocchi, gnocchi." "Who's there?" "It's a-me!"
😂
Being an 80s baby and early 2000s UK Garage raver with a deep interest in finance and general life advice, I found this video to be an absolute treat. Great job on this one, Damien. First time seeing your content and an instant sub from me.
Thank you for this fantastic video. It made me pause, absorb the words of wisdom I had forgotten, and stop beating myself up. Big, big thank you! I applaud your courage of being vulnerable and using own feelings & experience as exemples. Thanks again, best video I needed to reset, pause and think again
Glad it was helpful! Thank you for the lovely comment
‘Luck’ is when hard work and opportunity meet.
Opportunity is also just luck though
Sometimes you have to create your own luck
This is a cheesy line, but not really true if you think about it.
No. It’s just pure luck
Not true
Damian, I'm starting to think you are not only financially literate person , but also a philosopher :), i really like the video
Yes like this content
I do believe people who take more risk get more rewards not to the point where you gamble but to the point where you risk your money for more money.
I see it like this if you never talk to girls how do you expect to pull and sleep with lots of girls you risk the no for the yes . While it can be luck most go gym looks max, learn how to talk to girls communication max. They try and max all there traits consciously or subconsciously
Some with wealth you try and max things in your favour or try and use certain situations in your favour then risk your money for more
Thank you so much for the donation. Completely agree with the risk point
Yor are right
Agree with so many of the points you mentioned. The luck factor is real and have seen it many times but everyone that is lucky claims it as hard work or smart choices. Also on the other side of the scale have many times seen people that can’t be bothered say rich people just got lucky. Skills and hard work make people more lucky usually but also even with them we still need that bit of luck. This was one of your best videos I have seen. Thanks for sharing it.
Spot on. Also worth noting: Every decision we make must travel through the emotional centers of the brain, and so an emotional bias is present in all decisions.
Cracking video mate, finance with a touch of psychology. Keep em coming and drop us the link to your garage playlist haha
Glad you enjoyed this style! I really enjoy exploring this side of finance
One of your best videos
Didn't realise you started during covid, that's a lot of success in a short period of time, well done damo 🎉👍
Being ready to take the opportunity is a great thought.
I think there’s a step that goes before which ties to the end of the video and is touched on in the perception of risk.
You don’t win the lottery if you don’t by a ticket. Taking calculated risks is something that all of those in the top 0.1% of “self made” wealth owners will share in common. Starting the start-up, pivoting on the business model, buying the lottery ticket.
Taking the action isn’t enough, but if you don’t take action to change your life you can guarantee yourself more of the same life.
You’ve got to play the game to win it. Create chances, take them and then get lucky.🍀
Peace ✌🏻
You make so much sense this tickled my brain in so many ways
The editing of these videos has gotten so good. And always so informative whilst keeping it snappy.
1:34 I see what you did there
1:34 yea I noticed also "...surely PASTA certain point...". Classic.
I also was like 👀😂
17:51 I have a PhD in economics and I doubt I’ll ever get rich on crypto yet I’ll criticise other people’s strategies.
I love your username in the context of this comment and the general topic
Thank You 🙏
endless blessings to you and your family, but above all an abundance of Health
This type of honesty and statistical based analysis is refreshing 👍🏽
I did well at school (and university). I received a letter from Mensa, after completing their test, in 2009 suggesting my IQ is 148 (although I think it's lower) but I have pretty poor social and emotional management skills. I'm also don't particularly value hard work. So there it is, that's why I'm not rich :)
You are a brilliant presenter. Be proud young man.
Love this. Same mindset for your speciality in a career. 80/20 is fair better for completing something vs 100% or nothong
This was the best video I have ever watched!
Fantastic 20 minutes long lesson.
Damien, you got yourself a new fan!
The beat drop of DJ Luck was a glorious teaser
Dananee Dananee Dananee dananeenee oi
With a little bit of luck...!
Such a good tune
Im glad you mentioned being ready when luck strikes. Qi Lu, who was vice president of microsoft for a time, has an amazing story of come-uppance and he said once that luck is like a bus stop. It arrives and arrives but if youre not there to get on or have the money for the fare it will leave and you have to be ready. But another will always come along. This has really resonated wuth me through my life.
Damo, I loved all your first videos filmed in the loft! I’m so pleased to see you where you are now.
Thank you so much for watching them honestly the fact people engaged with the content then allowed me to get to where I am now, I will keep pushing to improve and I hope in a few years I cringe at the stuff I make now
@ I’m sure you’re aware of Matt D’Avella, the pressure for constant improvement can get to you.. you’re doing great as you are.
I will always be grateful to have find you in this crazy internet world. Very useful video. Thank you
Very good talk! I think it boils down to knowledge, degree of self motivation, willingness to take risks and being receptive to seeing and seizing the right opportunities when they appear.
Pasta certain point...
Love it
…because we don’t have a culture of personal betterment and upward mobility in this country. I recall a certain royal muttering something about ‘people knowing their place’ That perhaps encapsulates why the UK , despite its enormous pool of talent and drive, remains hamstrung by an ingrained orthodoxy that stifles a meritocratic culture.
There are also a system of regulations and rules that contributed to Europe being poorer than America.
Strong labour laws and social security help people keep their jobs and from being dirt poor. But it also people from being hungry enough to start climbing to the top. Wealth is much more equally distributed in countries with high taxes and strong social security nets, but it will also push the smartest and richest away to less regulated countries
The Americans dream of being rich because they are told they are special everyday and believed in themselves but rest of the world aren’t that way.
totally agree.
@@zurielsssyes but most Americans have been steadily losing wealth over the last 50 years. So we’re just getting others countries would be rich smart people at the expense of the rest of the population.
Everyone in usa is born lucky
Nope
And most of them r dumb
Wrong bro 😔
Everyone is a very big word
Actually yes
That background tune at the 3:00 mark is old school cool! Great video as always… thanks for the content.
The fact that I got all of the answers right makes me so happy❤
With a little bit of luck...🎵 tune 👌
Having rich parents
We can make it tru the night.
If you think you're smart and you want to start a business but dont know where and how just read book Untold Business masterclass. It changed my life..
Where can i find
Whats this website lol is this legit
Is this some spam? 🤦♂️
ahhh yea thats probly a bot judging by the huge amount of like in a few minutes, you see this often now
@@Linkinpark4life333 You can even tell which replies are from the same entity. I imagine there are many other replies that didn’t make it through the net.
DJ Luck & MC Neat 😂 Great touch!
I really liked your video. It changed my mindset when looking at starting new things. I feel like I have gotten very comfortable and that part really hit hard. Thank you!
Lovely work Damien, I am 64 and in the beginning stage, have been a therapist for 30 years, trained people, written courses, trained with some of the top people in the arena. Recently started a channel and can I feel coherent speaking to a camera, get it focus or the sound right? No! LOL, it's ridiculous, but I have learned that all of this is OK and I will keep going and look for improvement as I learn and feel the discomfort. Thank you for sharing this stuff, it is really valuable.
It's better to be lucky than good
One thing is broadly overlooked in this topic. The ethic. Many wealthy people simply operate on the fringe of the law taking advantage of its imperfection e.g. What was allowed in Rockefeller's time today is consider as a crime (no insurance for workers, hiring children in factories and mines etc.) Stilling intellectual property was not even consider when Facebook or Apple was born. Avoiding taxation in the countries the wealth is built in or by taking advantage to invest being fully aware of poor situation of sellers that rich buy assets from. Many time paying more time less then ethic would suggest. If you can suppress in yourself the doubts of being unethical at some point you can add something extra to the luck on your journey to the top 1%. of rich people.
that's a common cope that sad poor people use. What is considered ethical is a personal choice that is affected by cultural shifts and, from my anecdotal experience, the rich people I know who are "unethical" are very very few, while the poor people I know who are literally criminals are many.
BTW: Avoiding taxation is highly moral and beneficial (governments are armed money grabbers who then use this money to bomb some poor people or just simply put in their own pocket)
@@toddheartsound5451Do you think unethical people boast about their unethical practices? If so, I have a very good investment opportunity for you.
The comment about taxes really depends on where you live. There are countries that actually use taxes wisely, believe it or not.
@@petarvasilev27 I know what you are feeling, I used to live in Bulgaria too.
That's why I left. I was tired seeing some 19-year old douches in brand new X6 while I am working my ass off in an IT outsourcing hub.
My best friend was a waiter and he struggled to find a decent job until he waited on a GERB party member who just so happened to be looking for a puppet CEO of a car rental company and then my friend, who used to beg me for money, started with the "we can't plan vacations together anymore, you can't afford the places I am going to".
But it's not like that in the USA. If you see a millionaire, it's just some retired dude who probably didn't even have an amazing job, he just saved and invested his money.
Really rich people tend to be owners of building companies - and you can't enslave a plumber, they want +100k to join you...
Oh there is.. It's called the factory owner, e-commerce, logistics, and e-taxi (uber). Both often brags about giving job to many while forgetting the inhumane treatment of the labor in question. @@petarvasilev27
Hahahah there is! Logistics, online ride, and factory! They love to boast about giving a job to the poor and "contribute" while the treatment of the worker is crap @@petarvasilev27
I just listen to the intro up until 0:43 and want to give an "informed" opinion: "smart" is a spectrum and risk adversity correlates with that.
Bro that's the definition of an uninformed opinion since you're considering only two variables. Also u didn't watch the whole video to inform yourself further in case..
@@MirnasCleaning Bro, notice the quotes! Also don't waste your time engaging in TH-cam comments. You can do far better things with your time. Give it a try.
This is the 2nd time I’ve taken the time to comment on TH-cam in 10 years. This is a brilliant video, well structured, authentic and with great actionable/s that can help people develop, grow, or even get themselves out of a rut. Plus, I don’t think this video is only for younger folks, but also can be helpful for people who maybe further on in their journey and have simply become more risk adverse. Great video, I hope more people get a chance to see this and also maybe there’ll be a part two
First video I’ve ever seen from this guy and this is an incredible video. I totally agree with everything he said especially the last point. You gotta care to be rich.
Your new editor is much better than what you did. 😂
I wasn't sure who was doing what but I definitely noticed the last few videos have been really impressive editing wise.
Absolute tune.
“Never confuse education with intelligence, you can have a PhD and still be an idiot.”
This quote came to mind after watching this :)
I am a prime example of the person you refer to in this video, I'm not academic in the slightest as studying bores me to tears but nor am I an idiot. Therefore without any formal qualifications I should be earning minimum wage as that is how society works. After leaving school I was earning an unbelievable low wage so I had nothing to lose by starting my own company, hell if it failed I could get a **** wage working anywhere. 24 years later and I am still running that same company and comfortably earning more than minimum wage.
I've always said that had I worked somewhere that looked after my welfare and paid me a decent wage then my company would have never existed.
i wouldn't call someone with a PhD an idiot...they maybe just be smart in someways but not in others...
@@Eman-s3xIf you don’t have common sense you’re an idiot, PhD or not
The editing is sick. Who edits these?
This is the best video I have watched today.
Stacked up heavy on AWS35K$. This coin will leave doubters behind so fast. Next bull market is ours!
Been following you since 2022. Made 5x with Bitcoin, took profits, and now going heavy into AWS35K$. Let’s go!
Its about who you know not what you know
Exactly and the corresponding skeptism to extract
No, it really isn't. This is just the attitude losers adopt so they don't have to accept responsibility for their failings.
Súper vídeo. Thanks to you and your editor for the hard work on this one. 🙏
In the last few months I went for a job, that on paper that I am not qualified for, but I liked the look of the job and had the confidence to take the chance. Right place, right time. It wasn't the healthcare degree and two decades of experience that got me a job in finance; it was the three days of prep I did before the interview and the ability to demonstrate transfered skills.
I believe after a few years in employment we naturally know this. Weve all been or seen the super hard work, or incredibly intelligent, the amount of money they earn on average more is not that much more than who you might deem less enthusiastic or not as strong person. Early in your career you think people in positions of authority or management/leadership are super smart often there just more well spoken or confident. I hope people take from this not to punish themselves too much especially if your super hard working or talented. I think the best thing to do is to try and take as many opportunities as you can that life throws at you is a great mindset, and continue to work hard. And learn financial literacy will help you make the most of what you have and compound.
That might have been the case in the past. Most of them now have failed upwards or have the correct face that fits for certain reasons.
When I started my career, my CEO had started as an apprentice at 16 and became CEO in late 50’s, so had the rest of the management. Now it seems none of them know the industry at all and some are younger than me (32)
You don’t have to be smart to be rich, I have friends that would destroy me academically, my maths is terrible and I can’t string words together very well when I try to explain. Yet, I could buy each of them and their properties 10 times over. What I do have is instinct and I can sniff out opportunity that others miss. I didn’t spend on frivolous things and I drive an old car and wear basic cheap clothes. Young people want to look rich by getting into debt to drive a Range Rover. That is your first error. Put your money towards an asset and take your time and don’t rush. You’ll get there.
Bank of mum and dad
@ you wish pal 😉
It’s not as simple as all young people want to look rich with debt on a Range Rover though, at all. Driving an old car can be a false economy and especially if you’re in a position where appearances count for something. Can’t turn up for a potential client in a banger and break down outside their business or home, you have to look competent. Secondly there’s safety concerns with older vehicles too, don’t want to put a child in a poo box these days when others are driving 3 ton SUVs like idiots. I’m going to bet that on top of what you said, you also think that buying a coffee every now and again has young people in the black hole they are in. Nothing to do with the economy tanking over and over, housing market being astronomically inflated, inflation meaning their bills are 10x what yours were at their age, and limited opportunity in jobs and even business spaces considering how developed the market is. Add that news is always bad, the world is bleak and they have nothing to look forward to, why the f would they not spend a little on driving a decent car if they can afford it? Those who can’t afford it can’t get the credit to get one anyway..
Hahah What the hell.. That's quite relatable! I've also heard the story of my great grandfather who immigrated to my old country he went from some uneducated chinese farmer that went to a foreign land yet he can't even speak the language of. I think it's around the ww2 era and long story short, he is a millionaire in 50s.
He doesn't do much of investment in order to become rich. But by owning a business that he expanded to other segment. But he did have plenty of pure gold bricks. And the other one is my grandmother siblings who dropped out of school at elementary because he is "unteachable" and "naughty kid" well well he did just find and he is a lot richer now than us. And that bastard still a multi-millionaire to this day 😂 He now have the lastest "dream house" half way done. That one is his 2nd mansion.
It looks exactly like a bank or a tiny office/commercial building. 6 story of floors and obviously it's got the typical shiny slab of glass appearance from the outside too. This mega project of his is achieved at the age of 68. Too bad, his kids moved to overseas now.
So I dunno what will happen to that majestic building at his short period of life. Y'now what? maybe I should be the one buy it at bargain since I liked the design also 😂
@@KeyBrosUKI mean looks do matters too but only if you know how to achieve those without breaking the Bank. I do have those abilities to analyze and get some authentic stuff for half of the normal price people bought them for with the online sales but massive patience is required though, but it's worth it! . As for vehicle, I own 2. A uniquely made kit car with a new engine and Chinese made car too. Nobody knew the actual price for both that looks admirable or fancy when I'm dealing biz they just complement it without me mentioned it 😂
200k AWS35K$ in my bag rn. Don’t even talk to me about regrets 💎
So glad you decided to upload this! Thank you!!
Amazing video! Your insights have inspired me more than I can express. Thank you for sharing your knowledge and making such a positive impact!
it's kinda crazy how nobody is talking about the book Inside the money maze on borpedia
😂 because that book is scam and you are scammer.
The key to getting rich is understanding that almost all education we receive is conditioning. This is true with investing also. Most people are conditioned to follow the herd, to read the newspapers, to believe that BTC is a Ponzi scheme, that Microstrategy is a bubble. They invest in highly diversified piles of averagely performing rubbish and are content with a return that barely keeps up with inflation. Once you see through this you can get rich very quickly. My portfolio has quadrupled this year. It is an independent an open mind which gets you rich. Very simple. Don’t simply do what you are told to do.
Don't forget to risk manage, I've been burnt on previous cycles, de-risk btc past 110k (I use fib retracements, it should local top at around 114kish in my analysis), move to eth, then to alts, exit 90% on stables/paxos gold, leave 10% on memes and learn some TA / onchain analysis. Don't diamond hand it, we are probably approaching a rotational top -just look at how fucked the world is (also, whales are manipulating most of the market, that's verifible onchain by looking at the accumulation on bigger wallets and most retail selling).
But yeah, we ARE lucky, 110%, with some smarts for sure.
Holding AWS35K$ feels like early Bitcoin vibes. Everyone’s sleeping on it now, but not for long.
Thanks for this video it makes me feel a lot better about my current situation.
This is a great video. Really opened up my mind.