💰 How is Wealth Created | Savings and Investments

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  • How is wealth created? Saving and investing is the key to personal wealth as well as the economic growth.
    Learn Austrian Economics in a fun way!
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  • @danedu4519
    @danedu4519 6 ปีที่แล้ว +1821

    One of the best videos I ever seen about money.

    • @EconClips
      @EconClips  6 ปีที่แล้ว +14

      +Deoc thank you :)

    • @arjunbhandari9544
      @arjunbhandari9544 6 ปีที่แล้ว +3

      interesting points ,if anyone else wants to learn about wealth affirmations try Hopandar Mental Attraction Helper (do a search on google ) ? Ive heard some interesting things about it and my mate got great results with it.

    • @wwtt9416
      @wwtt9416 6 ปีที่แล้ว +4

      Arun Bhandari nice concept in your dreams

    • @TheMarkofZio
      @TheMarkofZio 6 ปีที่แล้ว +14

      gespilk You have serious issues.

    • @Ninja-iq2xt
      @Ninja-iq2xt 5 ปีที่แล้ว

      Simplicity Wins!

  • @user-ev4yd5cf2t
    @user-ev4yd5cf2t 4 ปีที่แล้ว +175

    Very good informational video.. lessons like this would be so beneficial in schools to advise youngsters the way of money and stop so many falling into financial traps.

    • @Ranieri197
      @Ranieri197 ปีที่แล้ว

      I'm so happy i made productive decisions about my finances that changed my life forever. I'm a single mother, bought my second house in September and hoping to retire next year at 52 if things keep going smoothly for me.

    • @jkpellegrino378
      @jkpellegrino378 ปีที่แล้ว

      @@Ranieri197 Congratulation beautiful lady. You're really doing well for yourself, I'm at 55 and my financial life is in a mess. Any great tips would really go a long way in shaping my life. i want to buy my own house, that's really a big flex….

    • @Ranieri197
      @Ranieri197 ปีที่แล้ว

      @@jkpellegrino378 I used the FIRE movement to put my finances in order. Then invested in stocks, cryptocurencies and real estates through the assistance of an investment Pro who helped me make it this big...

    • @jkpellegrino378
      @jkpellegrino378 ปีที่แล้ว

      @@Ranieri197 Thanks for your kind response, i would love to connect with your financial consultant, I learned very late about the importance of a mentor.....

    • @Ranieri197
      @Ranieri197 ปีที่แล้ว

      @@jkpellegrino378 As the economic crisis keep rising, one needs to have different streams of income, a well detailed diversified investment portfolio in the financial markets is needed to survive, as well as secure a profitable investment future, Thanks so much to Mrs Brianna megan for helping and enlightening me.

  • @WealthbuilderzTV
    @WealthbuilderzTV 6 ปีที่แล้ว +181

    This is definitely a simple way to break down how wealth is built

    • @karolgajko
      @karolgajko 6 ปีที่แล้ว +8

      gespilk what the f are you talking about? Have you ever read any economics books?

    • @akaasbogaming4911
      @akaasbogaming4911 6 ปีที่แล้ว

      Wealthbuilderz TV I want to be watchman. How

    • @carlossilva7509
      @carlossilva7509 6 ปีที่แล้ว

      Wealthbuilderz TV it’s an uncredited copy of “How an economy grows and why it crashes” by Peter Schiff

    • @icedynamite1560
      @icedynamite1560 6 ปีที่แล้ว +1

      gespilk no lots of wealth is built on sacrifice and surplus. Did you not watch the video??

    • @henrybn14ar
      @henrybn14ar 5 ปีที่แล้ว +3

      The primitive man had the free run of an island with fish in the water around. That part was ignored. Without natural resources available, no wealth can be created.

  • @NazxXx1
    @NazxXx1 5 ปีที่แล้ว +1597

    Money speaks only one language: “If you save me today, I will save you tomorrow”

    • @renerangel3550
      @renerangel3550 5 ปีที่แล้ว +10

      True True True Love your message

    • @eniojaupaj5615
      @eniojaupaj5615 5 ปีที่แล้ว +7

      AMEN to that

    • @tamaka8364
      @tamaka8364 5 ปีที่แล้ว +4

      Amen to that

    • @omarfarique6304
      @omarfarique6304 5 ปีที่แล้ว +50

      A. Stark
      Money: If you save me today I will help you lesser day by day thanks to inflation

    • @margyiphillips4931
      @margyiphillips4931 5 ปีที่แล้ว

      Very well said.

  • @JohnnyFD
    @JohnnyFD 6 ปีที่แล้ว +1372

    "wealth is created through self sacrifice and taking risks." - This is great!

    • @filipebeat4430
      @filipebeat4430 5 ปีที่แล้ว +4

      only real shit bout this dumb biased manipulative video

    • @zzzdog321
      @zzzdog321 5 ปีที่แล้ว +9

      I know people who invested in the market and other projects and fail dramatically. They remain with some bad experience

    • @renlin6614
      @renlin6614 5 ปีที่แล้ว +15

      Some call it "self-sacrifice," I call it "hard work."

    • @MrOssyMoro
      @MrOssyMoro 5 ปีที่แล้ว +19

      99,99% rich people come from rich families 😑

    • @hinor2317
      @hinor2317 5 ปีที่แล้ว +20

      So wrong. Many people sacrifice, take risks, lose it all and end up with nothing. Wealth is created through using the resources you have, perhaps just time and effort, to create more resources. The fishermen used his resources, time and effort to create a spear which allowed him to get more resources. If you are not using your resources to create more resources then you are going to be poor forever. If you are using your resources to just live day to day instead of using at least some of those resources to generate more resources you are going to be poor forever.

  • @demisemedia
    @demisemedia 6 ปีที่แล้ว +437

    Wow, this video is absolutely amazing yet super simple! My son is 5 months old & I will teach him the "Thrifty Tom" way! I went from spending 80% of my paychecks on booze, cigarettes & meaningless stuff to NOW putting 70% of my paychecks into savings/investments & using 30% for food, bills & other necessities! It's not the amount of money, it's what you do with the money!

    • @EconClips
      @EconClips  6 ปีที่แล้ว +12

      +DemiseMusic&Entertainment thanks for your comment:) #thriftytomteam

    • @demisemedia
      @demisemedia 6 ปีที่แล้ว +5

      Thank you for this amazing video!!

    • @fabriziomarchetti4341
      @fabriziomarchetti4341 6 ปีที่แล้ว +2

      congratulations

    • @morarulucian8755
      @morarulucian8755 6 ปีที่แล้ว +8

      congratulations for chosing a healtheir life style and taking control of your money!

    • @Benjiffy
      @Benjiffy 6 ปีที่แล้ว +5

      Hahaha, they think you're being serious 😂

  • @KKKkiri
    @KKKkiri ปีที่แล้ว +7

    this is so true and accurately depicts a employee mentality vs investor mentality

  • @nev357
    @nev357 4 ปีที่แล้ว +1

    I multiplied my efforts in business by franchising my business 15yrs ago. Been good times since because low overheads, no staff, no suppliers, huge line of patented intellectual property. Product is legal requirement so no end to demand, recession proof. I am thankful for never giving up after falling many times. Failure is the best teacher in life and busines.

  • @keatonmorgan295
    @keatonmorgan295 4 ปีที่แล้ว +80

    Only a true investor understands the benefits surrounding the market. I had my doubts as a beginner but eventually it all became clear to me. Failure doesn’t defines you but only gives you an experience.

    • @lukehaswell3075
      @lukehaswell3075 4 ปีที่แล้ว

      You speak from the heart Keaton.

    • @ahmadrajpoot8797
      @ahmadrajpoot8797 4 ปีที่แล้ว +3

      With the right people of course Keaton, it may seem strange but I can tell you it is the most brightest decision to make when trying to attain extra cashflow in your business.

    • @victoriakokkaolsen6415
      @victoriakokkaolsen6415 4 ปีที่แล้ว

      Ahmad Rajpoot the outlier are so difficult to reach online.

    • @andrescastillo2043
      @andrescastillo2043 4 ปีที่แล้ว

      Well said Keaton.

    • @andrescastillo2043
      @andrescastillo2043 4 ปีที่แล้ว +1

      Ahmad you sound well experienced in this, how do I get linked up with someone good at trading?

  • @blackaryan7265
    @blackaryan7265 5 ปีที่แล้ว +25

    Whatever you have and which another "man" thinks is "valuable" for him , is your "wealth"

    • @DisruptiveWealthCreation
      @DisruptiveWealthCreation 3 ปีที่แล้ว

      So true. It is surprising what people will pay if they really want something.

  • @TheHannible
    @TheHannible 5 ปีที่แล้ว +10

    Well I am 57 and retired since 50 This is pretty obviouse stuff to me thats what I did lol. But for a young 20 year old this video is fantastic!

  • @TheDarkever
    @TheDarkever 6 ปีที่แล้ว +349

    You missed a key case about Tom: when some of his investments go wrong and he actually loses money on them. This an IMPORTANT case that *can* and *will* happen but can be overcome, so it's worth taking it into consideration!

    • @PracticalAI_
      @PracticalAI_ 5 ปีที่แล้ว +4

      I agree

    • @jackli8088
      @jackli8088 5 ปีที่แล้ว +28

      well it is true, but the money he invested is the EXTRA money he saved. even he did loose them, he wasnt hurt in anyway. worst than pete. over time most investment will have a good return unless you dont know what you are doing.

    • @carlosdevil666
      @carlosdevil666 5 ปีที่แล้ว +18

      For real, life does not always go the way we want.

    • @Mezzykins
      @Mezzykins 5 ปีที่แล้ว +18

      @@jackli8088 Key is balance in life. You shouldnt sacrifice so much that you miss out on the happiness of today but in turn you shouldnt completely take your eyes off the horizon. You could tell that story from another angle where Tom lost all his friends because he did nothing but work and when the financial crisis hit, the small businesses that Tom owned where the ones that crashed. Pete however stayed with the business and had a nice redudancy package and a stronger c.v. Additionally the bigger business did not need to get rid of someone who was long serving. Pete also had a house with insurance covering it so was in a safe position where he wouldnt lose it, plus had a car paid off. Tom however lost all his businesses and didnt have any equity to fall back on. You can tell that story from either side. The simply point is to find balance between both parts.

    • @RahulDahiya0303
      @RahulDahiya0303 4 ปีที่แล้ว +1

      @@MezzykinsI believe thats wht the risk is in the business

  • @samuelspencer5047
    @samuelspencer5047 6 ปีที่แล้ว +3

    For such a short video it is detailed, coherent, concise and enlightening.
    Thanks for the video.

  • @FitByTheLake
    @FitByTheLake 6 ปีที่แล้ว +366

    That's great how every business venture thrifty Tom started was a success, even after economy crash, just like real life ;-)

    • @vaibhav2k13
      @vaibhav2k13 6 ปีที่แล้ว +29

      He didn't build any business after the crash. And crashes in the economy disproportionately affect bigger companies.

    • @CarFreeSegnitz
      @CarFreeSegnitz 6 ปีที่แล้ว +7

      Tom just runs counter cyclical businesses. Debt collectors and pawn shops do better in bad economic times. Not quite as sympathetic though. I don't know many debt collectors who get a lot of love.

    • @valksie6827
      @valksie6827 6 ปีที่แล้ว +1

      for 7000$ per month don't you think those businesses were quite mediocre don't you think? sure its still harder in real life but they at least tried to make it with much sense, having 1k income from your 7k$ investment is a poor investment. but just makes you think and make more sense out of you.

    • @CarFreeSegnitz
      @CarFreeSegnitz 6 ปีที่แล้ว +32

      Valksie $1K per month on $7K investment is a 171% ROI per annum. If you find 30% ROI you're doing really well. 171% is mad money, but it won't last long because others are going to flood your niche and compete will you.

    • @valksie6827
      @valksie6827 6 ปีที่แล้ว +1

      +Lenard Segnitz I kinda messed up on my sentencing, I was suppose to say that he investment 7k$ per month in a few years to get that 1k income shop, so it is quite real tbh.

  • @TwahaHamisi
    @TwahaHamisi 6 ปีที่แล้ว +905

    For some reason, i expected Peter to buy again a luxury house and a car immediately after getting a job from Tom. Cuz thats what real life Peters do

    • @KTAC1
      @KTAC1 6 ปีที่แล้ว +10

      Twaha Hamisi they wanted to show the main important points. When your balling and getting an early retirement you can do whatever you want at that point

    • @hussainnassre994
      @hussainnassre994 6 ปีที่แล้ว +3

      Couldn't agree more

    • @danieldoyle6052
      @danieldoyle6052 6 ปีที่แล้ว +33

      Most people learn from hard lessons. It's likely pete wouldn't make the same mistake twice, but tom didn't make it in the first place.
      In life you either learn from your own mistakes or you learn from other peoples mistakes. The latter is always better for you.

    • @4kt3z94
      @4kt3z94 5 ปีที่แล้ว +2

      We can also learn from other people's mistake

    • @hamzasimba6488
      @hamzasimba6488 5 ปีที่แล้ว

      😝😝😝

  • @kobiesboxing4956
    @kobiesboxing4956 4 ปีที่แล้ว +33

    Saving money is good & all, but using that money toward the right investment is what completes the building of wealth.

    • @TheHumbuckerboy
      @TheHumbuckerboy 4 ปีที่แล้ว

      But the question is ... what is 'the right investment' ?

    • @user-dn6ht6bo7r
      @user-dn6ht6bo7r 3 ปีที่แล้ว +1

      @@TheHumbuckerboy there is no right investment. There is an investment that will pay back x in y amount of time and countless others, even in completely different fields, that will give back something completely different maybe. You have to take the risk and learn through your mistakes. Having high income will help a lot as the risk of failure will be almost insignificant.

  • @JK-gu3tl
    @JK-gu3tl 5 ปีที่แล้ว +5

    "How an economy grows and why it crashes" is a great book to read.

    • @jeffreyd.4878
      @jeffreyd.4878 3 ปีที่แล้ว

      Rich dad, poor dad also
      Richest man in Babylon too

  • @raichandrahaorongbam908
    @raichandrahaorongbam908 5 ปีที่แล้ว +4

    Excellent explanation
    Thank u for sharing

  • @suprafan246
    @suprafan246 6 ปีที่แล้ว +1

    I love this video. Simple and yet motivating. Makes a lot of sense.

  • @YoutubeBrand
    @YoutubeBrand 5 ปีที่แล้ว +1

    Thank you for sharing your knowledge. I too hope to give people something to think about when it comes to personal choices and wealth. I believe in taking risks!

  • @SamTheWebb
    @SamTheWebb 5 ปีที่แล้ว +19

    This is immediately my favorite video about money.

  • @bhiratkholi1617
    @bhiratkholi1617 2 ปีที่แล้ว +4

    Although I liked watching this video...it added almost nothing to my conclusion that you have to go through equal amount of pleasure and pain.It is upon you what you want to experience first. 😊

  • @Beckz876Ja
    @Beckz876Ja 5 ปีที่แล้ว

    I watch this video a few times each month.Even though the way to wealth isnt as straight forward as alluded,The principles are very sound and true...”Wealth is created through self sacrifice and taking risks”...

  • @itsmebxv
    @itsmebxv 3 ปีที่แล้ว +2

    First 3:20 minutes explained everything about economy. Excellent work!

  • @mk4968
    @mk4968 5 ปีที่แล้ว +105

    My dads greatest advice ever: Never ever take a loan. When I was 24 the bank issued me a credit card without me even asking, I didn't need it and thought of it as a cool gig that I wouldn't use, my dad kept on me until I returned it to the bank. I'm 32 now, married, two kids, no debt what so ever, never had actually. I'm very thankful.

    • @nelsonkiiru7252
      @nelsonkiiru7252 5 ปีที่แล้ว +15

      Then u will never grow!Yes even debt helps u to grow!Once in a while get out of debt but when trying to expand especially in business u do need the loans!

    • @ItsGordo2
      @ItsGordo2 4 ปีที่แล้ว +6

      Fadi Mar so you bought your house and cars all cash? Good for you 👍🏽👍🏽

    • @RomeTWguy
      @RomeTWguy 4 ปีที่แล้ว +4

      lmoa wealth is created primarily through debt, business and real estate loans

  • @kabirnayak9425
    @kabirnayak9425 ปีที่แล้ว +3

    This one video has changed my life

  • @marunio435
    @marunio435 2 ปีที่แล้ว +1

    This video should watch each Keynes' follower. This is how the wealth is created.

  • @hez3472
    @hez3472 4 ปีที่แล้ว +1

    I could watch this video a thousand times and each time the message touches deeply.

  • @VIKDR1
    @VIKDR1 4 ปีที่แล้ว +4

    This does give good advice on managing finances, and how to get ahead. Although when it comes to wealth, I was expecting something that stated that wealth is in fact created. Not transferred, not taken, but created.
    A lot of people are under the false impression that wealth is some fixed amount, but it's not. It is practically infinite.

    • @austinbyrd1703
      @austinbyrd1703 2 ปีที่แล้ว

      Resources available at any given time for utilization are fixed. How an economy grows is by finding new ways to reduce the use of resources (cost) for maximum supply of demanded goods & services.

    • @VIKDR1
      @VIKDR1 2 ปีที่แล้ว

      ​@@austinbyrd1703
      Sorry but that is not how an economy works. Sure making things more efficient and more cost-effective is important, but that is not the main purpose of an economy.
      You seem to be stuck in the limited belief of "finite resources". Finite is a meaningless term since practically everything real is finite. For example, the sun has a finite amount of fuel before it runs out. The current fuel will only last another 4 billion years, so you need to prepare... Or maybe not since it is doubtful that our species will even exist then.
      Resource management is supposed to be built into an economic system. But resource management is about not only utilizing resources in the best way but also creating more. To increase the number of resources while reducing the cost of creating those resources.
      The whole supply/demand really works because if there is too much of something, the price drops. The result is manufacturers quit wasting their time producing an overabundant item. But if it is in short supply, the cost increases, causing manufacturing to increase the supply, and for other people/companies to start creating that same item.
      Resources are not rare because there is so little of them, but because the ones producing them want at least a certain profit to make it worth their time and effort. At too low a price point it can even lose money.
      Diamonds are not barely as rare as people think they are, but was controlled by a cartel for decades. We can make better diamonds in a lab, and the only way anyone can tell a difference is that the lab-grown diamonds have fewer flaws in them. Debeers created the whole idea of giving a diamond ring to propose. It's part of our culture right now, and yet is the result of marketing, not tradition.
      With oil, people were worried that we were running out. I even tried debating with people who said we were "running out". Pushing the myth of "peak oil". Then Fracking was a thing, and suddenly we have over 200 years worth of oil. (And people just don't understand what Proved oil reserves are, assuming it's all the oil left on Earth when it's not.) We have increased proved oil reserves by over a trillion barrels from 1981 to 2013.

    • @austinbyrd1703
      @austinbyrd1703 2 ปีที่แล้ว

      @VIKDR I don't see how anything you said was an argument against what I said. I said that the amount of resources available at any given time is finite. In many places, they do in fact run low on these resources. Not really because we're actually running low, but just improper & wasteful use sparked by government intervention or downright control.
      I agree with everything you said about prices. Markets have the greatest incentive & capacity to innovate & most efficiently allocate the resources (land, labor, & capital) available to us at any given time. They're also incentivized to discover new natural resources (oil, nat gas, etc); whether it's a brand new resource (like when we shifted from whale oil to oil in the ground), or if they're just discovering more of existing resources.

    • @VIKDR1
      @VIKDR1 2 ปีที่แล้ว +1

      ​@@austinbyrd1703 Well let's break down what you said. "Resources available at any given time for utilization are fixed." Only true if time is frozen. If you are talking about a specific time, not a second before, not a second after, that is true. But available resources are constantly fluctuating. What is available to a person is constantly fluctuating. People are constantly mining, and creating resources. Food is constantly being grown and consumed. As a result, prices can fluctuate.
      A business might find a cheaper source for a resource resulting in the ability to acquire more at a lower price. On the opposite end, they may find they aren't getting the quality they want, and have to pay more for a higher quality resource.
      Then the comment, "How an economy grows is by finding new ways to reduce the use of resources (cost) for maximum supply of demanded goods & services." This is completely off. Again it is part of an economy, and important, but not always done, and not the main purpose of an economy. An economy grows because of the creation of... Well, stuff. Food, clothing, shelter, video games, movies, underarm deodorant... Often many items will come into existence, only to go out of existence. Food is a great example of that.
      But I am not disagreeing with the whole of the statements, mostly the simplicity. What resources are available to a person or company can be limited, but in the next comment you did bring up innovation, and that is extremely important, and sometimes more important than the resources available.
      In the 80s two idiot brothers decided to corner the market in silver. They single-handedly pushed up the value of silver. Kodak was the single largest user of silver at the time, so the price hike was very bad for them. They immediately went to work and created a new method for developing photos that didn't require silver. If I remember right the new method was even cheaper than before the price hike for silver.
      One of the first books on business I read mentioned that having a lot of money to start a business can actually be a bad thing. A lot of people who start businesses with money end up financing out their problems. But the people without money have to find creative ways around their problems and innovate new, and potentially better solutions, while the person with money just keeps burning through their money without ever actually fixing their problems.
      But all of this kind of ignores my main premise. From a practical standpoint, we live in a limitless world. I don't want to see the world with limits, the limitless potential. People keep putting roadblocks to their own success. They see the limit in front of them, only to be surprised by the person who completely demolishes those limits.
      Tesla was hit by the same chip shortage as the other car companies, and yet they kept on producing cars. They removed a redundant chip, found an alternative for the chips they were using, and used some programming to adjust for the changes. The other car companies were going, "We can't build cars." While Musk was saying, "How can we build cars?" Really even creating Tesla was against some rules, but he did it anyway.

    • @glowingpurpleeye1422
      @glowingpurpleeye1422 ปีที่แล้ว

      @@VIKDR1 Bro I read everything you said here you seems to know a lot of knowledge about economics, marketing and wealth. Bro what books did you read to obtain these knowledge ? I wanna know because im preparing myself in walking the road of success. I want to be as prepared as i can and knowledgeable as i can. Hope you read this and also one last question. Did you achieved success?

  • @suprafan246
    @suprafan246 5 ปีที่แล้ว +9

    I really really love this video. I tend to watch it over from time to time.

    • @EconClips
      @EconClips  5 ปีที่แล้ว +2

      Thank you :)

  • @mannygonzalez3877
    @mannygonzalez3877 5 ปีที่แล้ว

    This was truly an amazing video with clear explanation of wealth management and how to create wealth.

  • @kobiesboxing4956
    @kobiesboxing4956 4 ปีที่แล้ว +1

    The thing that struck me the hardest in this creating of wealth video is when the fisherman built a spear(the smoking gun). Because that spear(a product from innovation) was a means for him to gather more fish. And that fish represented finance, or money.

  • @lazarogomez2346
    @lazarogomez2346 5 ปีที่แล้ว +4

    Thank you for this video!

  • @emanuelrouse7076
    @emanuelrouse7076 6 ปีที่แล้ว +5

    Bravo, I assume Toms story is what happened to a lot of people back in 2008. A very sad time due to very poor choices. I want to make sure I’m ahead of the curve with new projects that produce income.

  • @ianbernardoful
    @ianbernardoful 6 ปีที่แล้ว +1

    I loved that book, excellent view on economics and explained quite simply as well.

  • @C2WORLD
    @C2WORLD 6 ปีที่แล้ว +1

    The way of teaching the theory was really great. I'm Thankful to you guys. 👍

  • @MsWater4life
    @MsWater4life 5 ปีที่แล้ว +4

    Wow... What an inspiring presentation. Keep up the good work

  • @xboxsolox
    @xboxsolox 5 ปีที่แล้ว +3

    Good video. Im glad im seeing this stuff now im 25 and need to get my life back in track.

  • @nguyenminhuc6884
    @nguyenminhuc6884 5 ปีที่แล้ว +2

    Thank you for this inspirational yet entertaining video.

  • @samking1930
    @samking1930 6 ปีที่แล้ว

    And because of this concise video, i subscribed...simple and yet easy to understand.

  • @edwardcortez6662
    @edwardcortez6662 6 ปีที่แล้ว +5

    That was perfect. Excellent video!

    • @EconClips
      @EconClips  6 ปีที่แล้ว +1

      Thank you:)

  • @boshiko3587
    @boshiko3587 4 ปีที่แล้ว +3

    _'To being wealthy , you need to sacrifice freetime and enjoyment.'_
    -Inspiration from video

  • @rishavjaiswal4725
    @rishavjaiswal4725 4 ปีที่แล้ว

    I dont know much about economics....this video was very simple and encouraging

  • @Charles-ve2yy
    @Charles-ve2yy 5 ปีที่แล้ว +2

    Amazing video. thanks!

  • @lox2k6
    @lox2k6 5 ปีที่แล้ว +4

    Kudos, that was very well done!

  • @chloeting8999
    @chloeting8999 3 ปีที่แล้ว +4

    I think with this pandemic it’s unlike a recession ,you know where you stand ,no business is full of proof at the moment because it’s all down to spending and how much money a person has available to them at this current time moving forward l feel online business is the way forward and that’s where you find most local businesses from now on .

  • @norbertfris6018
    @norbertfris6018 5 ปีที่แล้ว +1

    Omg Thank you very much! I am a 17 y-o student and I immediately realized what I learned about money after this video.
    Also, "The common sense took precedence over whims."

  • @famemobile5978
    @famemobile5978 4 ปีที่แล้ว

    This is the only video my 5 year old son needs to see. Humbled .. Thank you

  • @johnnyson7474
    @johnnyson7474 4 ปีที่แล้ว +6

    1,400k+ dislikes of people who never take risks and they wondered why they haven't gotten far.

  • @davidmaina3411
    @davidmaina3411 5 ปีที่แล้ว +4

    Simply explained. Excellent video.

  • @jenniferbrown7167
    @jenniferbrown7167 5 ปีที่แล้ว

    Great example of the difference of investing vs spending and not thinking ahead

  • @reegsgeer
    @reegsgeer 5 ปีที่แล้ว +2

    Yup! I was relaxed and enjoying my time during the recession 🤪

  • @godlyplatform2627
    @godlyplatform2627 4 ปีที่แล้ว +3

    The moral lesson of the story is to save and then invest.learn to say no to unnecessary stuff. Than u 🙏

  • @johnwerner6043
    @johnwerner6043 5 ปีที่แล้ว +5

    This was taken from the book called How and Economy Grows and Why it Crashes by Peter Schiff ... Oh I just noticed Schiff is credited at the end. Nice!

    • @thund3rstruck
      @thund3rstruck 4 ปีที่แล้ว

      Is this the same Peter Schiff that has successfully predicted 25 of the last 2 recessions?
      th-cam.com/users/SchiffReport

  • @visualdata793
    @visualdata793 4 ปีที่แล้ว +2

    Just discovered your channel, great content! Subbed

  • @greamegustave
    @greamegustave 4 ปีที่แล้ว +1

    My interest in economics led me here, today you have a new subscriber

  • @iecivil
    @iecivil 6 ปีที่แล้ว +3

    Best video on wealth creation, the analogy of the fisherman was the key towards this brainstorming explanation...
    I'm an engineer person and totally suck at monet matters but having such resources on TH-cam really helps me in managing my financial affairs..
    Keep up the good work..
    Thanks

    • @carlossilva7509
      @carlossilva7509 6 ปีที่แล้ว

      i.e. Civil it’s an uncredited copy of “How an economy grows and why it crashes” by Peter Schiff

  • @adg0913
    @adg0913 4 ปีที่แล้ว +5

    Thank you. Such a useful clip for my econ and finance classes.

  • @EnricoGarciaDrums
    @EnricoGarciaDrums 6 ปีที่แล้ว +2

    excellent video.. Thank you!

  • @MileyonDisney
    @MileyonDisney 6 ปีที่แล้ว +2

    Outstanding! Well-done!

  • @enigmathegrayman2953
    @enigmathegrayman2953 5 ปีที่แล้ว +3

    I love this video!! ❤️

  • @eyeofthetiger4214
    @eyeofthetiger4214 3 ปีที่แล้ว +4

    Great video I always come back to watch it once in a while to get inspired. I hope everyone has a good friend like Tom 🙂

  • @nawfalal-asadi5140
    @nawfalal-asadi5140 5 ปีที่แล้ว +2

    great video guys ! full of knowledge and what a beautiful story.
    thanks.

  • @kagisomaseng6347
    @kagisomaseng6347 4 ปีที่แล้ว +1

    thanks bro... This opened my mind

  • @georgievvladimir
    @georgievvladimir 6 ปีที่แล้ว +5

    very well explained!

    • @EconClips
      @EconClips  6 ปีที่แล้ว

      Thank you!

    • @carlossilva7509
      @carlossilva7509 6 ปีที่แล้ว

      Vladimir Georgiev it’s an uncredited copy of “How an economy grows and why it crashes” by Peter Schiff

    • @bartk1565
      @bartk1565 6 ปีที่แล้ว +1

      How is it uncredited he mentioned the book at the end of the video

    • @carlossilva7509
      @carlossilva7509 6 ปีที่แล้ว

      Bart Whydoyoucare oh no, I’ve missed that! And since there’s nothing in the description I didn’t give it another glance.

  • @vinx7151
    @vinx7151 4 ปีที่แล้ว +3

    Hi Econclips, I sent a request to subtitle your video in Portuguese I hope you accept, I am Brazilian and I participate in geopolitical communities in a plant called Amino, there we need to know about at least a little advanced knowledge about economics, politics and history to do good actions and to bring better gameplay and you are one of the best Economy channels we found, unfortunately almost no one is fluent in English there and so I asked to put subtitles in Portuguese and I will do that in most of your videos, Thanks for Attention

    • @vinx7151
      @vinx7151 4 ปีที่แล้ว

      Translator XD

  • @teensmoke3574
    @teensmoke3574 5 ปีที่แล้ว +1

    Great Piece Of Knowledge!

  • @Turgineer
    @Turgineer ปีที่แล้ว

    This video made me better understand the importance of saving and investing, thank you.

  • @mavissmith3
    @mavissmith3 6 ปีที่แล้ว +13

    Really good. 👍🏽

    • @EconClips
      @EconClips  6 ปีที่แล้ว +2

      +Mavis Smith Thank you 😉

    • @carlossilva7509
      @carlossilva7509 6 ปีที่แล้ว

      Mavis Smith it’s an uncredited copy of “How an economy grows and why it crashes” by Peter Schiff

    • @EconClips
      @EconClips  5 ปีที่แล้ว

      Why did not you watch the whole video? Go to 8:20

  • @lorraineshelby9314
    @lorraineshelby9314 5 ปีที่แล้ว +36

    Investment should be thought to all kids before the age of 13 my son works the signals I get from my trade investor better than I do.

    • @patrickswayvy5524
      @patrickswayvy5524 5 ปีที่แล้ว +2

      I feel the same way!

    • @oscarrodriguez-ym7ev
      @oscarrodriguez-ym7ev 5 ปีที่แล้ว

      same here! Keep learning and learning you can make something out of almost nothing

    • @patrickfinn7041
      @patrickfinn7041 5 ปีที่แล้ว

      hi! What trader or platform do you trade with? I know zero about algorithms but I'm really trying to better my life, do I stand a chance?

    • @lorraineshelby9314
      @lorraineshelby9314 5 ปีที่แล้ว

      I trade Forex. The competition here is quite fierce no doubt but a good system well developed with high tech algorithms do the trick. Hence I trade with Arthur Winchester, a financial analysis signals are second to none. All I had to do is open an account on his platform we trade the account if I choose to, profits earned from the days trade he gets 20% i deposit the rest It helps me identify profitable trades. You'd get the hang of it like I did anybody could get a shot at it really. Kudos to Arthur Winchester he's a Champ, my Champ. 💋💋

    • @patrickfinn7041
      @patrickfinn7041 5 ปีที่แล้ว

      so I make profits while learning sounds good to me, how do i connect with Winchester?
      What is the minimum account I can start up with?

  • @randomnumbers84269
    @randomnumbers84269 5 ปีที่แล้ว +2

    Very enjoyable economics and life lesson.

  • @abhinavitsmebellamy
    @abhinavitsmebellamy 4 ปีที่แล้ว

    Thank you. Really well explained!!

  • @RRatedT
    @RRatedT 6 ปีที่แล้ว +8

    One of the best videos i've seen in my life, actually funny how simple and educative this video is.
    Got my subscribe+ ring+ like- easily. :)

    • @henrybn14ar
      @henrybn14ar 5 ปีที่แล้ว

      It is misleading, right from the start. There was an island freely available to the primitive man. If the island was owned by someone, they would have wanted a big share of the fish as their rental payment.

  • @jakejones5736
    @jakejones5736 4 ปีที่แล้ว +9

    Wealth is created by watching your budget. When people call you names like "cheapskate" tightwad" etc., then you know you're doing the right thing.

  • @michaelredfearn9125
    @michaelredfearn9125 5 ปีที่แล้ว +1

    Was going to say it highly resembles the story written by Peter Schiff, although inspired by his father. Thanks to this book I read many years ago, I follow precisely this model

  • @naimul004
    @naimul004 2 ปีที่แล้ว

    After seeing this video I collected the mentioned book and read it. I enjoyed the book very much as recreational learning.

  • @tessymiller3519
    @tessymiller3519 5 ปีที่แล้ว +6

    Educative i must say, I've always been looking for what to invest into for some time now

    • @tessymiller3519
      @tessymiller3519 5 ปีที่แล้ว

      @Gift Berlin Heard much about the losses than wins from Forex trading for a long time, I'm not quite sure I'll want to go into it

    • @josephcote6543
      @josephcote6543 5 ปีที่แล้ว

      @Gift Berlin That's really a good catch, how did you go about it?

    • @tessymiller3519
      @tessymiller3519 5 ปีที่แล้ว

      @Gift Berlin really, that amount gets you that weekly? Not bad at all how do i contact Mr Donald earl

    • @janepecker9134
      @janepecker9134 5 ปีที่แล้ว

      @Gift Berlin Oh! Mr Donald is doing really great and also pulling some crowd

  • @bhargavzantye7688
    @bhargavzantye7688 6 ปีที่แล้ว +9

    Very nice video
    Btw which animation software u used?

    • @onlypants2191
      @onlypants2191 6 ปีที่แล้ว

      Yeah i also want to know

    • @electronica009
      @electronica009 6 ปีที่แล้ว +1

      i think its a combination of, adobe illustrator. flash and after effects.

    • @bhargavzantye7688
      @bhargavzantye7688 6 ปีที่แล้ว

      Ignacioh
      Thanks for letting us know
      Btw ur channel is really awesome
      Lots of knowledge in very less time
      I never miss a video

    • @carlossilva7509
      @carlossilva7509 6 ปีที่แล้ว

      Bhargav Zantye it’s an uncredited copy of “How an economy grows and why it crashes” by Peter Schiff

    • @padcrew5647
      @padcrew5647 6 ปีที่แล้ว

      Carlos Silva You Actually Should Have Watched The Entire Video Before Stating This. He Does Credit The Author.

  • @rollsroyce7385
    @rollsroyce7385 5 ปีที่แล้ว

    now that was awesome...👍👍 much needed and much appreciated..😊

  • @silvestrecontreras8078
    @silvestrecontreras8078 6 ปีที่แล้ว

    To all my TH-cam fellow friends who watch videos like this to get inspired on one day being wealthy I wish all of you luck and I hope you achieve your goals

  • @pedrocuviLEP
    @pedrocuviLEP 6 ปีที่แล้ว +4

    Your videos are great! Thank you! Keep it up!

    • @EconClips
      @EconClips  6 ปีที่แล้ว

      +Pedro Pablo Cuvi Santa Cruz Thank you 🙂

    • @carlossilva7509
      @carlossilva7509 6 ปีที่แล้ว

      Pedro Pablo Cuvi Santa Cruz it’s an uncredited copy of “How an economy grows and why it crashes” by Peter Schiff

    • @EconClips
      @EconClips  5 ปีที่แล้ว

      Why did not you watch the whole video? Go to 8:20

  • @samd6579
    @samd6579 6 ปีที่แล้ว +3

    Such a nice video #investments

    • @EconClips
      @EconClips  6 ปีที่แล้ว

      +Sam D we're glad you like it:)

  • @josephbiney7338
    @josephbiney7338 4 ปีที่แล้ว +3

    Thanks for this. I really needed it

  • @mmq5207
    @mmq5207 4 ปีที่แล้ว +2

    Great advice thanks.

  • @erascostudent2293
    @erascostudent2293 6 ปีที่แล้ว +57

    I feel like the point of this video is quite obvious. Save and invest in good projects...

    • @kaneknight4606
      @kaneknight4606 4 ปีที่แล้ว

      Tell that to the federal reserve.

    • @bharatnagalia5255
      @bharatnagalia5255 4 ปีที่แล้ว

      Sometimes doing the easiest is the most difficult

  • @DaveWard-xc7vd
    @DaveWard-xc7vd 5 ปีที่แล้ว +9

    Great job. But you should have emphasised the underlying reason that the fishermen was able to succeed.
    He was very intelligent.
    He was probable in the upper 1% of intelligence of the people on the island.

  • @pcmaximogames6428
    @pcmaximogames6428 5 ปีที่แล้ว +1

    I loved it !

  • @InvestingBookSummaries
    @InvestingBookSummaries 5 ปีที่แล้ว +1

    Keep it building on top of itself!

  • @PrezentareMachete64
    @PrezentareMachete64 4 ปีที่แล้ว +24

    yeah,with $ 10k you can sure start investing in things,but how about when you have only 500$/month?

    • @sten260
      @sten260 4 ปีที่แล้ว +5

      you buy stock and hold

    • @DuskAndHerEmbrace13
      @DuskAndHerEmbrace13 3 ปีที่แล้ว +7

      Invest in yourself. So that would be education or training that will give you a skill set that you can use to earn a higher income. Provided it’s a good skill set and you use it properly, that education is an income-generating investment.

    • @DisruptiveWealthCreation
      @DisruptiveWealthCreation 3 ปีที่แล้ว +1

      Robert Kiyokasi from Rich Dad Poor Dad said if you pay yourself first you can accumulate money and invest. You adapt and spend less by putting some away first because whatever you have you will always spend it irrespective of how much you get.

    • @LovingPrinceTamayuki
      @LovingPrinceTamayuki 3 ปีที่แล้ว +1

      It's ok, this video is non-sense anyway. 🤦🏻‍♂️

    • @sirellyn
      @sirellyn 3 ปีที่แล้ว +1

      @@LovingPrinceTamayuki No it's not. I and many MANY other people have started from debt or nothing and earned quite a lot. Most people are either impatient or they'll look everywhere else for the problem except how they behave and think.

  • @lybeats2749
    @lybeats2749 5 ปีที่แล้ว +4

    Wow the best video about wealth on youtube 📈💵

  • @ivymalapad5190
    @ivymalapad5190 6 ปีที่แล้ว +1

    Videos are great!Thank you! Keep it up!

  • @sayedmasihullahsaber8566
    @sayedmasihullahsaber8566 6 ปีที่แล้ว +2

    wow Awesome video loved it as soon as i saw it and immediately subscribed👍

  • @tongtran007
    @tongtran007 6 ปีที่แล้ว +4

    Great video! As one makes make money it becomes easy to spend more. Fight this urge and don't live above your means. If you can live below your means, save and invest in yourself :)

  • @wilsonanna4951
    @wilsonanna4951 3 ปีที่แล้ว +26

    You can really be so rich like these millionaires by working your ass out, most of them don't even work upto 3 hours everyday. They earn passively from their investments which most minimum wage earners don't do. Life is sweet when you have different sources of income. Invest in something to expand your earnings. We have a lot of investment opportunities now, I invested in cryptocurrency and its paying well, if you can't invest in crypto, buy stocks, invest in real estate, be a freelancer, blogger, or you can even be a youtuber if you can create Content.

    • @kelvinjones8440
      @kelvinjones8440 3 ปีที่แล้ว

      You are right! Do you invest?
      I'm very much interested in Cryptocurrencies, can I know your ideas?

    • @wilsonanna4951
      @wilsonanna4951 3 ปีที่แล้ว

      Yeah I do.
      Starting out an investment is really easy and anyone can indulge. I believe in the law of compound interest and leveraging. I reinvest consistently with Sir Robert Johnson a license body of a broker firm. I operate an exclusive package and so far I have compounded $99700 with $19200.

    • @kelvinjones8440
      @kelvinjones8440 3 ปีที่แล้ว

      @@wilsonanna4951 really impressive, I'm interacted in this.
      I already heard about Sir Robert Johnson sometimes ago, how will I get to reach him.🙏

    • @wilsonanna4951
      @wilsonanna4951 3 ปีที่แล้ว

      Connect with him on Whats@pp and chat me later 👍

    • @wilsonanna4951
      @wilsonanna4951 3 ปีที่แล้ว

      *+1. 3. 4. 7. 6. 7. 6. 2. 9. 6. 5.*

  • @jbm6202
    @jbm6202 4 ปีที่แล้ว +2

    This is a kind of story you should read to your kids before bedtime because they will never hear it in school.

  • @tgswealth6251
    @tgswealth6251 6 ปีที่แล้ว +1

    Great stories!!! Will read the book too.

  • @CobraCommander11
    @CobraCommander11 5 ปีที่แล้ว +4

    I think that this video just changed my life.

  • @begut41
    @begut41 4 ปีที่แล้ว +8

    the question is how can tom manage to have a great business while the economy is in the recession..

    • @luv4da80s
      @luv4da80s 4 ปีที่แล้ว +2

      Yes, that's something I observed too during the recession. People wanted to drink away their sorrows. A bar is definitely a good choice , recession proof!

  • @theordinarychampion7060
    @theordinarychampion7060 6 ปีที่แล้ว +1

    Love content like this. Something I'm looking to add on my channel. You and a lot of educators on youtube have some of the best content! Keep it up!

  • @paulmayaka3597
    @paulmayaka3597 6 ปีที่แล้ว +1

    I love this story!