Why Billionaires Are Refusing To Retire
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- เผยแพร่เมื่อ 19 เม.ย. 2024
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Most people alive today will never be able to retire.
Almost half of all Americans report having no dedicated retirement accounts at all, and rising living costs means that millennials will need more than a million dollars saved to retire comfortably. It’s a bleak outlook for most people who will probably be working in some capacity until the day they die.
But there are people with enough money to live several lifetimes in extreme luxury without ever needing to work again… and yet they still chose to work, even at the expense of their health, their family life and worst of all… their own net worth…
So what is stopping so many billionaires from retiring? According to Bloomberg, the average age of a global billionaire is now 63 years old, and it’s slowly getting older every year, as wealthy people live longer and longer lives. Male billionaires are slightly older at 63.7 years and female billionaires are on average 62.4 years old.
Female billionaires have a longer life expectancy than male billionaires but they still trend younger because several have been the beneficiary of an inherited estate or divorce settlement at a younger age. Forbes has also now reported that there are NO billionaires under the age of 30 that are self made… all of them have inherited their wealth.
As billionaires are getting older and richer, an ever increasing number of them are also working well into their twilight years. You might think that they are just obsessed with accumulating more wealth. The mental state of billionaires who just need more is a factor that we will get to soon, but for some of them, they would actually be even richer if they took a step back and just enjoyed their wealth.
So it’s time to learn How Money Works to find out the three reasons why billionaires refuse to retire.
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Done
5:14 there is an ear pirsing buzz in the back
Great video and a hosting discount!
How do you animate you video,how to make those stock guys walking around
So much of the information you said is so off the mark its kind of insane. For starters its not even proven if there is a billionaire under the age of 40. The lie and yes blatant lie that women live longer is unknown why people keep spewing this blatant bullshit. It was never proven true and has been a blatant lie that was proven beyond false before it was even claimed. Also Trump is not a billionaire he in reality is a trillionaire. To start the company that claims he is now only worth $4 billion is lying their asses off to attempt to steal his buildings and wealth. Going off the land value not the buildings or anything else on the property just the land of Trump's main home in Florida is worth at least $3,204,000,000 because in 2023 there were 2 land sales with no property on them that sold right next next to his property and one connecting to his property and 1 was 1/3 of an acre that sold for $60,000,000 and the other was 1 acre and it sold for $180,000,000. Trump's land of just his home is 17.8 acres making it worth at least $3,204,000,000. Here is another fucking lie that Democrats keep lying about and that is his sky scrappers in New York City are each at least $100,000,000,000 to the main Trump Tower in New York City going off how much each sky scrapper in the world that is about as tall as it well its closer to $500 billion to $700 billion because that main tower is actually the 3rd to 2nd tallest building in New York City and within the top 25 tallest buildings in the entire world and one of the only 46 buildings out of the 83 built that are taller than The Great Pyramid of Giza and that is just the property and none of the wealth inside the property. Trump actually owns his own private military. North Star Security which is the single largest and most powerful private army in the world and it actually owns 5 of the 57 aircraft carriers that exist and it has a full Navy, full army, and full air force and even has satellites of its own. Trump also owns the company that deals with developing communication systems for military, ambulance, fire department, police, and all emergency systems around the world. To call Trump a billionaire is a blatant lie for to give a more closer ranking of how much he is worth its closer to $300 trillionaire. All the buildings, land, wealth items, big fucking boats, ships bigger than you can realize, air crafts, military bases, the fact that Trump's home has the only useable Imperial Palace Grade Ball Room and the only 2 others in the world that exist is the place that the Chinese government uses for its votes but does not get used for anything else and has no parties at all and is only used by the Chinese government only, the only other one is owned by the Prince of Saudi Arabia to store his vehicles and has not had any parties in it for about 700 years. The last Imperial Palace Grade Ball Room ever used burned to the ground over 300 years ago and was owned by the Royal family of England and was connected to Buckingham Palace. Yea having that item is a huge wealth increase because the only other 2 that exist are valued at $2 to $15 trillion and they are not even in use yet Trump's is. Having a usable one increases them insanely much especially because none has not had the ability to be in use for hundreds of years and its why its kind of nearly constantly in use and contracts of use have been well requested of Trump to allow it to be used for leaders become the leaders of their countries, mega corporation parties, hell the place has a contract with the Christian religion to have the pope has his inauguration party for the next 700 to 800 years at that ball room. Yea so if you want to rent that ball room there is a near solid wait of over 200 years. Having a ballroom like that is legit worth over $100 trillion. Yea Trump is not billionaire poor he is hundreds of trillionaires rich. There are more people that are trillionaires than you might ever realize. The wage disparity is even realer than people realize and screwed up reality its because of the old extreme rich who still control the world and keep making the lives of everyone else suffer because of their super greed. When the baby boomers die off then its when people can well begin to repair the unholy damage caused by the baby boomers rich and poor. The baby boomer generation has in fact destroyed the world economically. They stole the wealth of all other generations and in such amounts that no one can survive. When they die off the world will start to recover the problem is they make up over 6 billion of the 8 billion people on the planet. Less than 2 billion people alive of a all non baby boomer generations which includes the older than baby boomer generations and the younger than baby boomer generations.
I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks for sharing this, I just made a Research on google about the woman you mentioned and after going through her website, I can tell she's a pro. I wrote her and I'm waiting on her reply
It is an addiction. Some people choose Alcohol, some choose tobacco, some are addicted to making a dollar out of 15 cents.
You cant patholgize it as "addiction" anymore than you can say that about people that continue to work after winning the lottery. An important attribute of an addiction is that it causes damage to ones well being. And who wants to give up something they are good at? No one! Most people stop doing what they are good at do so because they cant do it anymore or they become bored
Is that a bad thing?
@@maniac50ae14Greed is corrosive.
@@the_expidition427yes, corporations provide nothing of value most of the time and we have bigger issues.
@@joeykeilholz925 Name a corporation that provides nothing of value
I guess it's partly because of the psychological reasons:
-They genuinely enjoy what they doing.
-They've built too much of their sense of self into what they do for a living.
-They need to feel alive somehow and their work helps them feel alive.
-They don't trust anyone else to run their 'baby'
Tl;Dr
Ego & hubris
I bet the last one is a big one if its something they built on their own. Like, if you just did good buying into restaurant franchises, its probably not that big of a deal, but i can see zuckerberg not wanting to give up facebook
-ego and the joy of having power over people.
-they ignored their children all their lives and now their kids want nothing to do with them.
-When they retire, they will realize they have no real friendships outside of work colleagues who only talk to them because of self-interest.
The Greatest and Silent Generations retired as soon as they hit 75. They put more into their families and communiities and were happy to enjoy life
Good point and good replies. 👍🏻👍🏻👍🏻
Exactly.
With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
that's quite impressive, you surely made a good bit of money. I myself invested in warren's BRK-A stock quite pricey but totally worth it.
I just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with ?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
My retirement account has gone down by 13.7% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.
If you want to rebuild your retirement by yourself, without the help of a partner, I will tell you it is near impossible. Even NewRetirement and co can’t do the job of an FA with expertise, a large following/client base and experience. Vet and hire one and begin to develop a rapport.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
How can one get to interview advisors? And what questions should you ask?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I cannot imagine the existential dilemma that hits many ultra-rich people of “now what.”
That is astonishingly pathetic if accurate
Which is why they should be taxed. Imagine the drain their runaway projections, egos and ambitions are on the middle class en masse on both sides
You dont have to be rich or a billionaire to feel that. Theres homeless people that feel like that, theres working and middle class people that already feel like that. The philosophical ideas like nihilism and existentialism came about because regular everyday people felt this way.
One of the most common things i get asked when a when religious or spiritual person finds out that im atheist is, "so what do you believe we are here for". See, most people never really think about this to begin with and or they gloss over it with "gods plan". But if someone gets introduced to these types of ideas, it often causes a depression
That's a dilemma everyone deals with
@@MrMeddyman Not quite
I'm a 52yrs Director in a Tech company and I consider myself a high income earner at $350,000 per annum, I have a retirement account account but i still want to explore opportunities for short term gains before i start working less in few years.
In my opinion, IRA is a valuable strategy for retirement planning, providing growth and tax advantages. While the market is promising, expert guidance is essential for portfolio management.
I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.
Fantastic! That sounds wonderful. How can I get in touch with your financial supervisor?
’vivian jean wilhelm’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
The day you retire is the day you start to lose importance, status and connections. If you lived your life with those benefits its hard to live without them. People stop answering your calls immediately etc.
But that is because they put all their self worth into money, work, power, and life instead of friends, family, and children
@@Justyouraverageguy172 Not true... Go look at most old folk.. their friends have passed away.. their families are busy raising their own children. They face a lot of loneliness.
On the contrary a working senior.. has work friends and people who HAVE to speak and interact with them. Which forces them to be busy and not lonely.
@@joshuadias2468loneliness isn’t just for seniors to experience. I have lived in loneliness from the last 7 years even with working.
They often work in spending 5% of their net worth as a charity to look good. As much as Gates is an asshole, his charity actually does a significant amount of good in the world. He screwed taking money from shady people (Epstein was also trying to whitewash his horribleness, though he was far worse than gates) but overall, it keeps them busy and they aim to look good in the long term.
Loneliness is a state of mind and emotion of feeling isolated. Just because you are surrounded by people means you won't feel lonely. The lack of personal deep connections is what causes loneliness. Only when you have something that gulfills you and makes you feel content is when you won't feel lonely even if you are physically alone. Of course finding what gives you such fulfillment is another thing you will have to do in your own way.
It is like that with so many older people. They wont leave so others can move up even when they are failing at work. Work is their life and it is all they have. Alot of cases they have no power or purpose in real life and work is a safe haven.
And seriously at this age how much tiring work or productive work are they doing? They just assign all the work to someone else and demand to be presented with the findings and then pretend to be the all-knowing boss that makes the best decisions than no one else in similar position would not be able to do.
They can retire and find hobbies and a part time job like the rest of us.
I think most older people keep working because they have to....
The percentage of people with almost nothing saved for retirement is really depressing...
@@desiv1170 we are talking about billionaires not a low income grandpa though.
@@ITZ_REEK_MEDIA_LLC The OP I was replying to was just talking about "so many older people," not billionaires...
Basically proves that the people that control our lives fundamentally don't think that life is worth living. From top to bottom, they want a society obsessed with work, where family and friends are a blip in our increasingly short lives.
They want us to feel the emptiness that they feel inside. 😢
This is a good point, although kinda inevitable. Those who think work is life are most likely to rise up the ladder and make laws which the living majority don't actually want from their lives.
Agreed. Even God himself tells us “What does a man profit to gain the whole world but lose his soul (himself and place his own worth on his money)
Wow you nailed it. I hadn't even thought of that because I always assumed that they were still spending money on a worthwhile life....but they're really just decorating a prison and expecting everyone else to want the same.
@@Justyouraverageguy172 That isn't just for money but for anything or anyone that stand in the way of God such that you reject Jesus in order to maintain approval among people. Jesus said those words after Peter scolded him for talking about his own death (Peter valued earthly life to the point of essentially telling Jesus not to save humanity...though he didn't know that's what he was asking for). If you look at the full context, Jesus concludes, "For whoever is ashamed of me and of my words in this adulterous and sinful generation, of him will the Son of Man also be ashamed when he comes in the glory of his Father with the holy angels." Rich or poor, Jesus asks that we shun the obsessions and honors of this life, even life itself in order to gain eternal life.
A billionaire "job" has no relation to a normal job that most people have.
Skill issue on low iq normies
"Let them eat cake."
-How Money Works
Its not a job, They dont do anything they dont even dress themselves
I personally know a billionaire as a friend. They like to keep busy because if they retire, their mental activity goes down and they become insanely bored. Maslow's hierarchy also plays a part. They feel like they can make a difference.
They also don't overwork as stated in the video. They are more relaxed than the bottom workers. Just as much time dedicated yet less intensive.
True, they don't work in the first place, they just exploit other's works.
Being a CEO seems like playing a 4X game like Stellaris. Make decisions and watch the numbers go up. I can see why some wont retire when they are already playing their favorite game, with lots of power as a bonus.
Except the year is 2500, the crisis is over, and you're spending hours micromanaging 50 planets down to the last species traits and job.
Yeah, for them money is like points in a game and they want to be on the top score list to show off.
@@kandaimai9944 I guess thats why many rich people start side businesses, to start a new run.
Maybe thats what Trump is doing, he got bored of playing megacorps and wanted to try a dictatorial playthrough.
Out of all places, I wasn't expectong to encounter other stellaris players here.
I guess we truly love seeing numbers.
@@2MeterLP no. He got fed up like the rest of us and decided to do something about it.
I knew people who would arrive early and stay late at their $80k/year jobs because they hated their spouses and children. Work was the place they could excrete the toxicity they cultivated and absorbed at home. Work from home would never work for them because their home is their prison. How F-ed up is that? We truly are the architects of our own misery.
I work for the federal government, and there was someone like that at one of our offices (not at mine, it was one of our offices in a different state). Minus the excreting toxicity at work thing you mentioned. Anyway, this guy was working until way past retirement age. It was because he couldn't stand his wife. Being at work was his was to escape from his spouse. He was forced to retire at age 75, because it got to the point where he wasn't actually doing any work anymore, he would just come in and sleep. Speaking as someone who is single, I do not understand why anyone would marry or stay married to someone they can't stand. The whole situation can be avoided in the first place by being extremely picky about your partner.
@@hamsterama Sounds like there would have been assets he would have lost/lost access to in the divorce if he left her. Had a guy like that at work. His *wife* was rich, but he wasn't. He liked the lifestyle she afforded him though. He hated her guts but would pretend to "love his job" while having affairs with women from other departments and using the money from the job to buy them expensive presents. Well, she found out and divorced him. He had to bum rides off his girlfriends for a while because he didn't even own his own car.
@@SkySong6161 I swear, every office everywhere has the same types of people. Wow! There is a guy in my office who is a little bit like your former co-worker, except for the having affairs thing. So, anyway, this guy's wife makes far more money than he does. This allows him a luxuries like BMW's that a typical federal employee could not afford. He can't stand his wife, but stays married because he doesn't want to give up the toys. He takes it out on people at work, though. Like he spreads gossip and fake rumors about me, and tattles to supervisors like he's a five year old. I avoid him as much as I can. Which in the past few years has become much easier, because our jobs switched to mostly work at home.
I feel bad for the wife and kids
I would rather take the risk and divorce than live like that. Also that’s another reason a lot of people avoid marriage nowadays.
Tom from MySpace is my hero. That guy got out at the perfect time and set himself up perfectly.
Yeah, I'm genuinely impressed with his ability to move onto a new phase in life. And his photography skills are top notch.
He achieved Hakuna Matata.
🌹I'm 55 years and I retired at 51. I was able to do this because I understand four pricinciples of financial planning success think long term with goals and investing, spend less than you earn maintain liquidity (an emergency savings) minimize the use of debt
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits, such as regularly setting aside money for sound investment...
Money invested is far better than money saved, when you invest it gives you an opportunity to increase your financial worth
It's remarkable how long term advantage people like us have gotten trying to be consistently not stupid, instead of trying to be very intelligent
The wisest thing that should be on everyone's mind currently should be to invest in different streams of income that doesn't depend on government paycheck. Especially with the current economic crisis around the world , this is still a time to invest in Stocks, Forex and Digital currencies
I keep seeing how lots of people testify about how they make money from stocks, Forex and crypto currencies (BTC) and i wonder why i keep losing.. Can anyone help me out or at least advise me on what to do 🙏.
This is why I say do not derive self identity with your job. It’s just something you do. It should not be who you are. I would prefer not to define myself with something tangible like an object or my job because those things are either temporary or they can be lost/taken from you.
That has to be an unfortunate family dynamic - when your younger relatives are just hoping you kick off soon, so they can fix their own financial lives with the inheritance.
Medieval kings had the same problem.
I mean if their fore fathers built an economy that is easy to climb up in- they wouldn't have the problem.
But these children have fathers who pull the ladders up for everyone- including them.
I heard someone refer to their kids as
" I'm not raising waiters" - waiting for me to die.
Isnt that more of an issue of how the rich persons children are raised ? Shaq O'Neal the basketball player told his kids "We're not rich, I'm rich".
@@phillipharris8159Wow. That's a really funny quote.
It's paradoxical how the billionaires won't retire despite having more than enough resources, choosing work over leisure. It seems however, that wealth, age, and retirement share a complex relationship than we might think initially.
Yupp it’s not about the money & it’s never been about the money.
Being the CEO of a company is leisure. Fly around the world anytime you want on a private plane, you have lackeys to do everything that's actually laborious because you're the "executive" and "idea guy," sit in the nicest offices eating the best catered food, aforementioned lackeys spend all day telling you how you're so clever and handsome and wouldn't you like some lipstick below the belt line.,..
Oh man, must be brutal.
Good point, a lot of billionaires are only billionaires because they didn't retire, wich creates a strong correlation between their age and not wanting to retire.
"It's a paradox"=I don't understand it. Those only exist in abstract word problems. Obviously they are working for reasons other than the only one you think there is to choice "acquiring resources". Maybe they just fucking like it?
They do not respond to a boss and aren't busy with house work. Of course, the only thing they have is the work.
They're not exactly doing back breaking work. They just tell people to move digital numbers for them.
And its kind of the problem with the whole "you'll never retire" thing. Sure working white collar jobs in your 60s, 70s or even 80s is feasable.
But you can't be a carpenter or ironworker or mechanic etc in your 70s. Certainly not full time. Its quite literally physically impossible.
Pretty sad to see the people who work the hardest doomed to poverty.
Thats manual workers' should keep a foot in the School. So they have a degree for credential against compétition become management in their field.
@@vonb2792 Except not everyone can be a manager. There's like 1 foreman for ~~20 workers usually.
Also not everyone wants to be one. Some of most skilled co-workers i ever had absolutely loved their job and had no desire of dealing with other people's crap or paperwork.
Not like i'm saying that for myself, i'm an electromechanic who always loved the more technological side of my job more than the mechanical one so if i ever can't do my job i'll quite happily just learn to code or to draw technical plans. I just don't care to atm cause sitting in front of a computer all day is boring and seem like a great way to become a blob.
It really depends man. Not every job is at the same level as working an oil rig. Working at Walmart sucks, but you'd be delusional to think it is harder than being the CEO of a large company.
The reason why CEOs or other ultra-rich don't quit is that they are pathologically driven to work. It's in their DNA. They are ultra competitive and highly disagreeable. They would never be billionaires without these traits. They literally can't do anything except work and compete until the day they die.
Yeah but on the plus side, our stock numbers go up.
true
62.5 hours a week is a joke. Everything that isn't sleep or time at home is considered work. Traveling to work? That's work. Lunch? That's work. Golfing with your failsons? You guess it, work. Fucking hell, I "work" like 80 hours a week if that is what counts.
62.5 hours a week is a part time job
@@ThunderLips730 alright bro calm down 😂 you’re telling me you either work 5 12 hour days or 6 ten hour days?! What second job do you pick up on Sunday? Bc if you work a part time job that pays for all of your expenses, woah! That’s a full-time job! You don’t need another one! Seriously please enlighten me on what you mean by this I’m concerned for your well-being.
@@ryanthoms 16 hours a day minimum. Texas oilfield, baby. There is no weekday, weekend, day shift, night shift. There is a fat check though. But most of you limp wrists can't comprehend.
@@ThunderLips730 Ok still concerned for your well being but, sincerely, thank you for doing the job others don’t want to do. Still wrong about 62.5 hours a week being a part time job but I understand your perspective and frustration on the topic 😅 you’re absolutely right about me not being able to do that job though haha fuck that
@@ThunderLips730 Good for you. But nobody should be expected to work like that. Ancient hunter-gatherers didn't work half that much, it's not healthy longterm. But doing it for a while to collect that paycheck definitely makes sense, especially if you don't have anything outside your work like friends, a relationship, hobbies, etc. If your life revolves around your work, you might as well get a fat paycheck in exchange.
I'm 55. I've noticed that when people older than me in family stopped working they went into a steep cognitive decline. Even working a part time job has the ability to keep older people focused and active in the world. My Mom retired at 65 and immediately entered the world of conspiracy theory emails circulated among retired women and endless telephone scams. My father, by contrast continued to work part time jobs until he was 89, then went into a decline and died 4 years later. Meanwhile Mom is still in a fog in an assisted living facility and completely broke from being the victim of so many scams. So I guess I'd rather stay active in the business world, whether I need the money or not.
I agree that a job is a good way to keep your mind active, but I don't think it's the ONLY way! I think what's most important is that someone doesn't go into retirement with no plan, because the sudden unlimited free time does have the potential to allow for some bad habits/hobbies. If you have a plan of what you're going to do though to fill your time, volunteer work, hobbies, clubs, lunch and dinner dates with friends/family, you will be just fine!
I would assume when wealthy people retire they would have the resources to pursue other interests and stay busy and healthy. Instead of laying around the house all day watching daytime TV.
honestly i have a theory that healthcare costs would plummet if retiring under 80 or even 85 wasnt just not subsidized but outright banned. The enemy of the worker isnt the rich but the retiree
Maybe you should spend more time with your mom.
There’s a saying in Turkish, ‘hayat arsızı’, referring to those who are selfish life clingers, imposing burdens on others even into old age.
Great video. I would like to add one reason why these people don't retire: Control. They love the control and influence they have. Some of them, like Gates, think they should be able to control worldwide resources and influence every individual on the planet. They thrist for absolute control.
dudes should play Stellaris or seek therapy instead smh my head
No greed and love of money and power drives billionaire to focus on money snd yet not focus on using all their wealth to start programs to help the dying middle class and poor.
Once you have more than enough money, it's always about control and power.
@@phillipharris8159 better than being broke and powerless.
@@handleyobusiness if you are not swayed by a number, you have more power than most
They've been retired their entire lives already
^ This, so much this.
There's working, and then there's telling other people what to do, check your phone, go out anytime you want "work".
@@Untilitpases endless meetings with cronies where you all make each other feel important
rentseeking, freeloading behaviors aren't work. that's why they project the lazy bum image onto everyone else
Money doesnt manage it self. They may workless but they do have to be ontop of everything that going on to an extent .
That's basically it. What they do isn't really work for them nor necessarily work at all.
Female billionaires are younger because usually billionaire men marry younger women.
He says that. Often they are made billionaires as a product of divorce settlements
@@blackberryjam6781new career unlocked
@@blackberryjam6781we need to increase economic equality for... checking notes... single young men
or turn more billionaires gay lol
@@TESkyrimizeror don't ruin your marriage by doing dumb shit.
@@canesugar911 Don't marry cold diggers, marry a man and use IVF, and don't get messy with Peter Thiel
“This is how wealth is made”
The first step to attaining wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon. Give this a try and attain good-returns.
researvh the name, if you care.
REBECCA MARTIN WATSON
l’m amazed to partake on this, lt has rekindled the fire to my goals.
With a minor tweak, Tylers monologue hits even harder nowadays, especially for my generation. (bolded part is the change)
Man, I see in fight club the strongest and smartest men who’ve ever lived. I see all this potential, and I see squandering. God damn it, an entire generation pumping gas, waiting tables; slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need.
We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day if we worked hard, we’d all be financial stable, with our own house and able to retire like our parents did.
But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off.
Christ is the only way
Nothing is bolded
@@Abdiel_BZshut it, hypocrite whitened grave
If a billionaire can't trust people that work for him to run his company without him, then he is the problem, not the people who work for him. Its the bosses responsibility to find competent people and cultivate them for position of leadership. Some business owners don't do this because they're too paranoid and pridefull to trust others and surround themselves with weak sycophants and get a thrill out controlling them.
This makes sense in environment where the stakes are low. Not when running big companies. They know a lot of people who run big companies. That is why they don't trust them.
@@jenHry-ng3pw That means it's a failure of leadership, they failed to cultivate people that can trust, and failed to create a proper environment that enables that to occur, which result in the company being toxic culture. If a company is too dependent on a singular individual in order to be successful, that is the debilitating weakness. A really good big business is one that has strong strong governing structures within the company's charter that manages to mitigate the effects of bad personalities. A lot of companies out there have issues with this stuff, especially within silicon valley and Hollywood, which is why there's such hot messes right now. For a while people thought that the days of the imperial CEO were over, but instead such people just took on a different form, they use the company's corporate structure as a means to hide the fact that they're exerting disproportionate and unhealthy control, all the while making appear that they're actually governing fairly within the company's legal structural, they do this by manipulating people's greed, ambition, and vanity to their advantage.
It is much harder to do a succession plan from the founder to the second generation, than it is to do a succession plan from the second generation to the third.
You can't trust people, if you would you'll be betrayed.
You underestimate how hard it is to find a truly good employee though. That’s what stresses them out. That’s why they always favor automation instead
"Almost old enough to run for president" Oof 😆
Hello HMW, I'm 49 and earn about £2M per year and save about 30% in HYSA's. I've been reading a lot of articles mentioning how worthless 'cash savings' are in this current unstable economy. Whats your take on investing in real estate, stocks or Gold? Here for ideas...
You need a financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but I'm comfortable in my financial environment.
Check out fidelity or some other investments if you want to. Otherwise, cd's from the bank are a reliable way to continuously earn interest. Just beware the different versions, retirement savings, like an ira, have specific requirements, and because of such, can and should be only accessed when: your around 50 years old and have had the account for over 6 years. Otherwise you get taxed in addition to a 10% penalty. Cd's roll over and can only be accessed at certain times, such as the end of the roll over unless your willing to pay severe penalties.
Finally, regular investment accounts in stuff like fidelity, if invested a certain amount of years without any withdrawals, will get you lower tax deductions when you actually need to take it out.
All in all, there are plenty of options available. The one thing people mention in relation to this is inflation. Inflation slowly kills the value of your money. Spending it somewhere along these lines helps stabilize it, if invested in a stable place like for me, the snp 500, or, the more risky spy which copies the snp over stocks.
Shut up.
Shut up this is a scam post
Please dont ask in a comments section, hire someone to help you with finances, a actual reputable accountant
The problem with the back-of-the-envelope calculation about Trump coming out ahead by passive investing is that it assumes no withdrawals. Trump has been living like a king for decades and never spending a penny of his fortune can't pay for those gold toilets.
Do you really think Trump has spent 6.5 billion on himself in 36 years? That’s 180.6 million a year. I don’t know his spending so I guess I wouldn’t be super surprised if he was. It’s just hard to imagine.
Good observation.
That would be like a trailer park person winning the lotto and blowing it all. Trump being bad with money got him into this mess in the first place. Politics was the only thing saving his ass.
Even if he invested half and lived off the other half he'd be richer than he is now.
@@megalodon1726 if you can do a back-of-the-envelope calculation showing this, that'd make a good Tick Tok vidro
Tom was my first friend and I am happy he is living his best life.
My uncle is worth about $200 million. He is 83 years old and still works 9-5 and sometimes even more. He is the type of guy that if you give him 2 weeks holiday, he will be bored out of his mind at day 10.
That is terrifying, he needs help mentally.
Bruh all I need is $10 Million then 100X it over 50 years.
@@jared1861it's only a mental disorder when the poors do it.
@@jared1861 To you he needs mental help. To me he provides thousands of jobs with his focus and hardwork.
@@nsebastI’m sure he has made thousands of bullshit jobs where people are clinging on financially.
All that compounding interest mesmerizes people with a lot of money.
It becomes their God. They worship those dollars rather than making their personal lives richer.
Another great video, thanks! I think the market is over-heated. And I am concerned that people are focusing less on fundamentals and just chanting the mantra of dollar cost averaging and driving the market higher without considering fundamentals. It is a catch-22 for me. I mean I like stock prices going higher but I also hate buying over-priced stocks and ETFs. Personally, I have stopped buying growth ETFs- they are ridiculously over-valued. Dividend stocks and ETFs are a little better but they are still over-valued. There is some hope with small and mid caps. I am not sure they are undervalued but at least they are less over-valued..This pattern offers a valuable insight for strategic planning. Despite these trends, i have delve deeply into active trading and managed to grow a nest egg of around 100k to a decent 432k in the space of a few months... I'm especially grateful to Kerrie Farrell, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
As a beginner, it's essential for you to have a mentor to keep you accountable..
I appreciate the professionalism and dedication of the team behind Kerrie’s trade signal service...
Kerrie Farrell program is widely available online..
I rather invest my money on crypto. Bitcoin trading is great unlike the stock market and other financial markets, bitcoin has no centralized location , since it operates 24hrs in different parts of the world...
The fact that i got to learn and earn from her program is everything to me think about it, it's a win win for both ways..
It's also marketing. Americans really bought into the Gospel Of Wealth. Which is to say, rich people did something right and deserve to be rich.
Emphasis on "did something."
They have to look like they're working (even when their "work" is actually insider trading conducted on a golf course that costs six figures to park at) or risk losing more of the popular support they already have. You just need to go onto a youtube video of Musk, Bezos, or any other rich a-hole, swing a dead squirrel, and hit a few hundred folks deepthroating the boot about how these guys deserve to be rich because of how "hard" they "work."
It's a lot easier to convince the working class that you're one of them and on their side when you look like you work, as opposed to what you actually do, which is mooch off their labor and ignore 10s of illegitimate children.
It was like this for many of the Great Depression generation. Many of them continued to live extremely frugally in their retirement, even though they had tons of money saved away. Many people didn’t realize how wealthy these people were until they died and left a sizable inheritance behind! Habits you learn when you are young often follow you into old age.
I assume the same reason other mob bosses don't tend to retire. It makes you vulnerable to every enemy you made while making your money.
So the high-priced lawyers and private security aren’t enough to protect you? Remaining the CEO keeps the target on your back. Once you retire, you’re basically untouchable unless you were really into some extralegal, shady juju.
well thats one of the perk of making your money legally, you can actually retire, much harder in organized crime
an interesting theory for the ones that did some dirty practices.
One of the worst years of my life was the year I did not work. My Grandmother, who died wealthy, chose to continue working despite retiring 3 times, several times at significantly lower pay. My Parents have retired, but still put in work in public speaking, teaching, and writing.
I have learned from my family that we need work... the problem is not work, but whether you work to the point it hurts you.
Every single dollar comes with a spirit. When you get too many of them it takes over you and you become a slave to the absolute unit of a demon you've collected at other's expense.
As J.K. Galbraith pointed out, there are many different kinds of 'work.' Yet, conversations about 'work' never seem to bother with this inconvenient fact. So the 'work' that is done by those on the top of the wealth rung is not nearly as demanding as that done at the bottom, where work is mostly debilitating, exhausting, or physically destructive. The 'work that billionaires do, in large part, consists in traveling (in private jets and boats), meeting (in luxury accommodations), watching a computer screens (in pleasant , luxurious surroundings, with mandatory supplicants and servants), etc.
This is the kind of 'work' that virtually ANYONE could do! You don't even have to be smart, just compulsive and ruthless.
I think you discount one potential option. Purpose. Some people believe they were destined to do that which they’re the best at. What would 90 year old Warren Buffett do with his time? He sees running Berkshire as his life’s work. His purpose for living. Not everyone wants to spend every day waking up at 11 am on a beach and drink Mai tais until after dinner for years on end. Some people find purpose in their work. You can disagree with that, you can think it’s dumb. But it’s a very plausible explanation for why successful people continue to do the things they love, long after they don’t need to anymore.
My parents are above retirement age and stay active in the businesses they own. Most of their friends and peers that retired at 60 died soon after retirement, especially the men. There's something about meaningful work that keeps people going.
I’m going to study economics at NYU next fall in large part due to this channel. Thanks for the great content!
Good for you best of luck 😊😊
Hope you do well
Good luck bro
Hope you’re not paying sticker price
You know, practically all this channel speaks of is Finance and not Economics?
Finance uses economical metrics to predict future cash flows from busniesses and investments, build lucrative deals, etc. While Economists track and report current or past economic performance.
Since you are "going to study" that means you still have the option to easily switch majors or be undecided till the second year so no worries!
Best of luck with your studies.
Most people on this earth aren’t billionaires. It fascinates me how easy it is to create videos about billionaires when there’s so few of them. But for the rest of us, it feels hopeless at times.
Are you 12?
@@Australiaisupsidedown ignorant comment for someone with 40+ years of professional experience…
I can understand why they don't want to retire; they enjoy what they do. I'm in academics right now, and it's very common to see professors work well into their 70s or even 80s before retiring (with a reduced workload of course). It's not because they need to keep working or don't know what else to do with their life, but because that IS their life. It's their passion. Why would you quit doing your favourite thing just because everyone else expects you to?
Honestly if they can contribute more to society please for the love of God do it. People should just stop retiring at least until their mid 80s if mental decline happens due to unemployment than retirement as a concept is a mistake
To become a self made billionaire you have to have a couple screws loose. Understandable that they can't let go
Ego will not let them, when people treat you like you are important you start to believe it
I think I rather retire as early as possible and slowly rot with billions of dollars to my name. This whole playing catch up with inflation thing ain't it. I've been at it for too long, I'm over it. Working an entire lifetime just to remain poor ain't it.
According to the 4% rule, $1 million dollars for retirement means you could only safely withdraw $25k per year. That's only 1/3 the median household income.
*40k per year
And you get social security.
Pay off your house first you dingus. Then 33% of your budget opens up.
@@LeviForWaifu Paying off your home is one of the worst moves you can make, as many safe passive income sources such as index funds can generally be expected to exceed the APR of a low interest mortgage in long term average returns. If your housing payments are too high, you should consider downsizing to a smaller home, possibly even (gasp) an apartment.
@@FullLengthInterstates No, it's definitely not one of the worst things you can make. Reliability is much more important for retirement, than just pure growth. Your own home is far more valuable (especially if you stopped working), than some index funds that will lose like 20% of it's value when next never-seen-before crisis hits. It's amazing how much faith people have into "safe" passive income sources just 3 years after covid
A naive question to which there is an obvious answer: they'd miss ordering people around all day. Power is a drug.
It's about remaining powerful & relevant.
Thank you for bringing up this video. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.....Thanks to Kristy Loreca the lady you recommended me to.....
That's awesome!!! I know nothing about investment and I'm thinking about getting started. What are the strategies?
That is true my dear, Investment is the best idea presently and without it, human struggles are worthless.
No doubt!! I never knew Kristy Loreca had gone viral. I decided to back up my assets and property with her when we met at a conference in New Jersey for the first time.
Wow. You know Kristy Loreca too? I thought I'm the only one she has helped work through the fears and falls of the forest. Her training last week was amazing and the strategy she applied were mind blown
*Please i'm new to this, how can i get her assistance?*
How this animate his video those stock images walking around ,what app do you use
All life feels exhausting at a pace like this, maddening to survive
Finally congrats on 1million subs!
Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $8,000 and got my payout of m $270,500 every months,God bless Chloe Linda Henderson 🇺🇸🇺🇸🇺🇸..
Hello how do you make such monthly ?? I'm a born Christian and sometimes I feel so down 🤦 of myself because of low finance but I still believe in God.
Thanks to my co-worker (Alex) who suggested Ms Chloe Linda Henderson.
After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.
Wow that's nice She makes you that much!! please is there a way to reach her services, I work 3 jobs and trying to pay off my debts for a while now!! Please help me.
May God bless Ms Chloe Linda Henderson services,she have changed thousands of lives globally.
The newsletter link doesn't work, it says server not found
People also overlook that people starting successful businesses company brand whatever usually for founder starts years earlier then ever recorded.
Great video! I became financially retired at 54 and now semi-retired from my aluminum manufacturing company.
.....writing this while i sit by my pool at my home in Florida.
As a newbie that wants to invest, you must have these three things in mind
1. Have a long term mindset.
2. Be willing to take risk.
3. Be careful on money usage, if you're not spending to earn back, then stop spending.
4. Never claim to know - Ask questions and it's best you work with a financial advisor.
I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.
How
..? Am a newbie in crypto investment, please can you guide me through on how you made profit?
Thanks to Mrs Maria Davis.
YES!!! That's exactly her name (Maria Davis) so many people have recommended highly about her and am just starting with her 😊 from Brisbane Australia🇦🇺
I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimony on CNBC news last week.
The point about passive investing is quite well made. It's one reason why I imagine those who inherit their wealth probably have quite a different mindset. Once a family has accumulated enough wealth, so long as members are financially responsible (which it is easier to be when you are raised that way, never have to rely on credit and have financial advisors) and the family doesn't have so many kids the wealth is diluted, then it's straightforward to stay rich and get richer. And the wealthier you get, the harder it is for spending to make a bent in yearly returns.
I would imagine declining fertility rates probably do encourage wealthy dynasties to maintain their wealth for that reason, although I'm not actually sure how fertility rates break down by socio-economic status within countries - I think there's some evidence the very wealthy have somewhat higher fertility than the middle classes.
I think also you build such a deep talent stack combined with experience through different market conditions, who can you really hand the reigns to?
Quiet part out loud is a majority of businesses fade off and die after a successor.
They’ve cracked the code they’ve won it’s fun why would you want to stop, people that want to quit , quit because they lost and are defeated, these guys are loving it
Bullshit
There’s some truth in that. I once had a dream job that I loved. It lasted only 4 years before some guy with a grudge set me up to get rid of me. I never found a good job again, so retired. I made a lot doing a fun job.
People who love what they do will likely keep going, and I doubt people make tens of millions or more while miserable.
@@nunyabidness3075 exactly, it a lot of people really find there thing and if they do it might not yield great wealth and power, these people in the post found there thing got really good at it and are making a killing it must be very fun and rewarding for them, that’s rare I don’t blame them for hanging on for dear life
Whoa whoa whoa.. we all know the REAL reason.. they sold their soul to the devil payable upon death or retirement.
😂
Intriguing video as always!
I'd like to add a 4th:
4. They are "unicorns" who understand the importance of becoming the ultimate humans who love their journey and wouldn't want to do anything else during their day to day...
It would be fun to run a company. Even much smaller companies I worked places where even if it stressed them out at times the people in charge loved it. It’s significant different from being a wage slave.
since i was a kid, i knew i was never going to retire. it completely changed the way i view my career, and the choices i have made. i recognize that i will, eventually, stop, but it will not be until i am literally unable to continue.
now - that does not mean that i will be calling the shots at my companies. i fully recognize that there are likely many people who are more capable of operating my firms than i am. my job is to find them, pay them handsomely, and make sure that they and their potential replacements are on my payroll. i know damn well that almost all of them will leave. some of them will leave, before i am ready for them to leave. some of them will leave because i will recognize that they are not the right person for the job.
Steve Ballmer was an absolute hero, he may not have made the company the most profitable for shareholders but Ballmer really cared about consumers and developers and always tried to make Microsoft the best company for us consumers. Ballmer was also a much better boss than Gates ever was, he earned his spot.
If what you say is true, then he might very been *fantastic* for shareholders in the long-term. Look at where GE was in the 90s, now look where it is now. The mindset it by the end of the century - contrary to the way it did business for decades - was quite profitable for shareholderswin the short-term but it nearly ran the company into the ground.
People know how to attach, but they forget to learn how to detach, thus creating chaos and loosing equilibrium...
Billionaire or multi millionaire keep going because they are money chasers thats their purpose in life, but if all your chasing after is money thats all youll ever be chasing.
I wonder if a billionaire could beat me in a fight? Probably not, I’m young and strong. I hereby challenge all billionaires to a fight; if I win I get 100 mil; if they win? I sue for assault and get 100 mil
You get nothing because the evidence shows you were looking for a fight and you were therefore not assaulted.
Everyone retires eventually. It's just a matter of time. Take for example Charlie Munger. Yet you don't get to take your money with you.
Australians get 12% of their Salary quarantined into a retirement fund called Superannuation, and it's been that way since 1992. Goes with every job you have, even teenage casual positions. Mostly you can't withdraw it, but it is your money, and you've a wide range of options in how it should be invested, and which company you choose to invest it with. When you apply for a job, they don't advertise the compulsory Super in the ad. So if it's a job for $100k, you'll actually receive $112k. It also means there's a large pool of money to invest in Australian projects. I think it's a good system, but you're screwed if you're not working, because no Taxpayers will be interested in supporting you once you're old if you haven't looked after it.
Uhm... what they do ain't actually considered work to most people.
I'm sorry, but you are not going to ever convince me that a billionaire who mostly attends meetings all day long is working as hard as the average fast food worker.
Not to mention, it's a big difference when you are the boss and everything is centered around you.
I swear these type of videos do more harm than good. They are propaganda to maintain the status quo. 😳
He did mention that in the video, there are also jobs you and I can get on the ground-level that are extremely low-stress without going straight to fast-food. Recreation and Fitness, Hosting, Elder Care etc
Elder care is NOT low stress.
I tell you this.. This system Legitimately hurts absolutely everybody :(
Billionaires have very specific mindset. Most people would slow down after several millions to enjoy life. Yet billionaires continued to x1000 their fortune. Now money makes money, but still making your fortune THOUSAND times higher is a lot of work and sacrifice even if you are rich. It is just naive to expect them to stop when they have billions. They didn't stop when they had millions. Or tens of millions... etc. Why would they stop when they have billions?
7:00
What if you lock in a low interest rate due to having insane collateral, and then just make minimum payments and then simply die with the debt?
A lot of people don't know what to do with themselves in retirement because we have been trained to work and shop.
life is not about money, its about life setup.
Yeah Dan Bilzerian was right all along. The only thing he's ever said that I agree with.
I agree with what your saying, i would add that a not too significant view is just tje desire to work and do something.
A business is also a project like an endless video game. Probabaly the samereason Athletes dont wanna retire but need to be forced out by GMs
Same reason kings of old never voluntarily retired. Power.
Willing to join your team as an writer
'a' not 'an', astonishingly embarrassing considering the context 😅
Don't quit your day job
@@TrueLife..I think thats the joke
@@RooiValk11possibly lol
@@TrueLife.. wosh
I wouldn't ever want to retire either if I was the head of a major business. Retiring is for people who are done.
When you are in your deathbed your not going to say, " I wished I would of worked even more"
Many factors drive the decision not to retire, including a desire to maintain a sense of purpose and pursue passions and new opportunities. By continuing to work, even in a reduced capacity, individuals can remain engaged, feel valued, and shape a lifestyle that suits their needs.
7:10 - okay, really did not expect Peter Molyneux there 🤔
There's no such thing as self-made, it is a misnomer. Everyone has support (e.g parents, teachers, neighbors, colleagues, mentors, and or even strangers, etc.) along the way which cumulatively leads to one's overall success. We are the sum of our experiences and should not overlook the support we receive along the way.
How about "Why are boomers refusing to retire"
They blew all their money and have no savings.
Greed, power, control, the love of being important and have people grovel. That's what keeps them from retiring.
There is a big difference between working for someone and working for yourself. If I were working for myself I think I would work until I cannot walk or my brain goes the way of the dodo. Working for people is not as satisfying as working for oneself.
Billionaires are operators of the system, so inclusive that they aren't replaceable by the next generation, there ego is bonded into how things are working right now, they aren't able to leave there ego behind, they wait until it will be taken.
Money huh
They can offer to volunteer at a homeless shelter or food bank
I think a lot of billionaires got there through greed and an enormous amount of luck and since they genuinely don’t know how it happened they think it’ll just evaporate if they stop doing exactly what they’ve been doing for the last 30 years. It’s sad and pathetic and hurts literally everyone involved, but have you worked with regular old people who are old enough to retire? They all hate their spouses and are terrified of just being home and enjoying being alive. The young silent generation/eldest boomers are really not OK since none of them ever considered therapy once in their lives.
Owning the means of production isn't work
Based
Booyah! 👍 👍
Dang, I didn’t realize there were so many impediments to cashing out.
if their work involves overseas travel in business class, being chauffeured everywhere, long lunches, playing golf and meeting interesting and important people with similar high status, then what attractions could retirement possibly offer. Having other people work for them is a form of retirement and they can take time off whenever they like - no need to punch the clock or sign in.
I suppose lazy days on the beach would not be fun retirement for some people. Lazy days may be pleasurable, but it lacks purpose.
Lol, reason #1 is so wrong.. they're not "just as stuck working their jobs" as I am, because if I had enough money to last me even one lifetime you'd NEVER catch me working again! I'd just retire to a low cost of living country and enjoy the rest of my life.. and so would everyone here! We'd be more like Tom than any of these money addicts
The Bali retirement strategy works for a lot of low income retirees. It is true you have a better shot at surviving on a fixed income by moving to a "low cost of living country", and there are pockets of good value especially if you can overcome language barriers. But broadly speaking, you get what you pay for. Cost of living really just determines how many servants you can afford (ie basic necessities).