What Really Makes The Rich Get Richer And The Poor Get Poorer - The Five Laws Of Gold
ฝัง
- เผยแพร่เมื่อ 22 ก.ค. 2024
- This video shares principles for saving and investing money, from the book the Richest man in Babylon. If you have never read the book, you will be blown away by the tried and tested lessons it presents for accumulating wealth and riches.
The Richest Man In Babylon: amzn.to/2wJgJ19
Audible 30 Day Free Trial: amzn.to/2mO6ow0
Music:
Life of Riley by Kevin MacLeod is licensed under a Creative Commons Attribution license (creativecommons.org/licenses/...)
Source: incompetech.com/music/royalty-...
Artist: incompetech.com/
DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.
![[LIVE] : ONE ลุมพินี 71 วันนี้!! คู่เอก "ทรงชัยน้อย vs รักษ์"](http://i.ytimg.com/vi/_AGPnq2p6Js/mqdefault.jpg)
1.) Put aside some money
2.) Invest the money
3.) Ask people who know how to invest
4.) Understand your investment
5.) Do not gamble or fall for scams
Follow this ONE BIG THING and that is to:
AVOID MONEY TRAPS
1. Buying luxurious cars
2. Buying Too expensive house
3. Spending expensive significant things
4. Spending too much going out for leisure
5. Be a stuff collectors.
Gambling bro
Dont ask people in 2019 they're all fake
everything is a gamble when investing to a degree, because we must trust either the advice from the person we are taking OR we are trusting in the stock for which one has invested!
I have no one to ask how to invest?
How to be rich. 1) don't borrow money for things that loose money i.e. car payments. 2) don't spend money you don't have. 3) Be happy with yourself and quit spending money to try to impress others. All I can think of right now.
Save. Invest. Repeat.
Don’t spend money frivolously. Drinking at bars, dinners out. Overspending on clothes.
Very true! People get so caught up in cars and how they look to the world it's sad really. They are willing to live in debt and always be a slave to a dollar bill instead of have it work for them all to "Look Ritch". They should teach kids in school the importance of money managing in a real world sense. A class about common money mistakes, how to avoid them and how to spend differently would've been very beneficial to any student that took the class. Do you invest by the way?
DeadSeriousOfficial I'll add this. I'm not rich, nor have I ever been rich. But in life I've learned to stretch a dollar and set my priorities. Everytime I buy some high dollar item, with cash someone has to ask "Where do you get all your money?" If only they knew how little money I had. But here's the take away. The richest men I've ever known wore old clothes and drove old vehicles. Those in the designer names and brand new cars have sold their souls to the banker.
john doe true, I've seen people with 3 100k european cars living in a 1m house broke, and ive seen people with 20 year old cars living in an 8 mil house with lots of money. all that flash is unnecessary.
You get poor by paying interest...
You get rich by collecting interest.
Yes
Stated another way: Those who understand interest earn it; those who don't pay it.
mrsparex Oh wow that reminds me of a debt I owe I must get to it a.s.a.p.!
@@jas7869 I confess I've got some stupid bills... buying things I didn't need and aren't using. I've learned my lesson. No more stupidity! Life WILL be better without that foolishness. Dave Ramsey has convinced me. It's so easy to "justify" financing in our minds but it just makes slaves out of us. I hope you have a TREMENDOUS new year!
mrsparex Well this debt is a different type of debt not a standard shopping expense but a unique one that is owed to another state government but regardless I have no choice I MUST pay it, is it unfair? Absolutely because while I was under a medical crisis which led to a wrongful arrest which I was legally cleared but I still owe the D.m.v. in NY I used to say " I will never pay it, due to principals." Now I realize I must it isn't about what is fair or isn't fair, life is not fair and everyone has ups and downs and a sob story! I either choose to pay the fines and any surcharges or it will spill over into my member state of NJ and I won't have a license! I need my license. Losing a license over principals when it doesn't result in officially changing any legislation and when you are the only one that is missing out and literally paying higher in insurance rates in the meantime just isn't worth it. As soon as I have all the money I will pay it no matter what and I will never ever do this again I don't care how much interest has accumulated it is my duty to pay it and it will!
Happy new year to you as well!
My old boss drove a lemon and brought her own lunches to work. She owned her own home in Pasadena. I never forgot that. She was a great boss too.
She didn't drive a lemon, a lemon is a car that doesn't work after you bought it
, a lemon is a vehicle that turns out to have several manufacturing defects affecting its safety, value or utility. Any vehicle with such severe issues may be termed a lemon, and by extension, so may any product with flaws too great or severe to serve its purpose.
They forgot to say stop buying 1000$ iPhones
The iPhone's gotta be the biggest ripoff ever
@@donlucchese7280 What?
@@donlucchese7280 EXACTLY.
12M Views Most people aren’t buying them. Carriers are leasing them for a fraction of the retail price. Most people don’t buy new phones or cars every year, they lease them.
Lol this kills me, I make well into 6 figures a yr and bought a $300 phone last yr. No way am I going to finance a $1000+ phone.
One of the first rules of making money....
1/ DON'T TELL ANYONE
True
First rule of being good at anything.
Sadik Meah exactly don’t tell anyone about your goals unless they are were you want to be and are willing to give you honest advice 😉 don’t under you will try to bring you down because you are doing something “they cannot do”
Real rule #1) cut people out of your life who would make your #1 rule nesassary.
Sadik Meah Lol yeah :D
I grew up around a lot of wealthy people, and the wealthiest people lived like they make $50k a year. They drove old cars like toyota corollas and didn't go on fancy vacations. They invested through places like vanguard in index funds. The ones with boats and fancy cars and big houses were actually broke, even though they made deep into 6 figures, they spent it all keeping up with the Jones'
fordrac1ng81
That's in the book " The Millionaire Next Door".
I'm one of these types. Make $135k-$160k/yr, ,zero debt,homes paid off,used car,in upper middle class area ,living on $1k biweekly easily,retiring early,etc...
some people in this world are the money keeper and others money user , and when both die, happy that one used and enjoy his life time when the one kept the money , he can not take any of the money to his grave also did not enjoy any money he had
BlackWorldTraveler what do you do for a living
Sounds like Heath, TX
Who os that Jones. Sounds like a men with wealth and great taste.
Laws of gold:-
1) save 10% of ur income
2) Invest ur money
3) seek the right advice
4) Dont invest in unknown areas
5) No possible right way to become quick rich.
6) Don't invest in yourself
Save some of your money. And invest the rest..wait until it grow.
The problem is, when one is born into money, it's very easy to maintain or grow that money. When one is born into poverty, or even middle class these days, it's incredibly difficult to break through to the level of those born with money even with proper investing. Even the most simple opportunities that the wealthy have access to that the poor don't makes a dramatic difference in "success".
Then give you grandkids a head start. Isn't that Motivation to start building your wealth?
That’s what I thought, the reality is that 80% of millionaires today are self made. And they all had similar mentality this video is saying
1st world problems. "I wasn't born wealthy, just in the wealthiest nation in human history."
Every family that has wealth started with one person who made wise decisions and worked hard to grow that wealth...so stop wasting your time thinking like that...be the one who changed your family fortune.
EXACTLY
An older gentleman once told me, "the rich get richer, while the poor have babies."
That man is a genius!!!!
Hush up you saucy harlot.
@@TheRealAkaRai | thanks grandma!
That older gentleman also told you to give all your money to me.
Hot Stock Girl, I Totally Agree With You Whole Heartedly!!!!!!! MY BEAUTIFUL QUEEN😀😘
Eight years ago I inherited enough to retire and I now have a net worth that is 30% more than I inherited. My sister inherited as much as me and now she's looking for a job.
Oprahs FatAss what investments did you do?
I have a wealth management firm handling my investments for me so I have a very diversified portfolio. For a fee of 2500 a year it's well worth it.
Have you bought anything expensive with your inheritance, like within your means ?
It all comes down to priorities. Do you prioritize your material wants above your time? Time is the ultimate limited resource. Every purchase you make is essentially traded for time spent toiling away in your day job. Think about it.
The rich invest and the poor save.
Yeah, they sure do.
Not exactly true, poor people only save they never invest. Rich people invest as much as they can while learning to live below their means and find good investments and research to get the best returns. The difference is the rich invest what they don't mind losing while keeping enough saved to stay afloat, while living below there means to invest more. While poor people either don't invest period or live above their means and never have enough to invest or invest with out educating.
studies show that if you loose money your iq takes a dive
You need to save first in order to invest.
yup..simple
Rich dad poor dad the richest man in Babylon think and grow Rich those books change my financial life
Lack of self discipline, lack of emotional strength to over come discouragements, lack of ability to cope with stress. These are contributing factors.
if you let it
@@danielporter7773 It's not something you can control.
I suggest searching for Dr K's video on discipline.
It's true. I've seen my parents try the quick ways to get rich. I'm not rich, personally, but I feel more financially stable because I've been using the practices in the video.
I disagree with the third law. Financial advisors rarely are correct. The third law is read and research before buying or investing.
Only "financial adviser" I would possibly take advise from, is a wealthy person who isn't trying to sell me anything, and simply wants to give out knowledge to help people out.
I don't think that person exists.
"Financial Advisers" are crap. I doubt the book was referring to these snakes we have these days who have no fiduciary responsibility to actually look out for you. And instead make commissions selling garbage. The internet has made knowledge accessible though. No need for a middle man to siphon your savings and investments.
@Yussef Saber excellent comment Yussef your quite correct.
Read between the lines. A " wise " advisor. Warren Buffet or any wise advisor. how do you find a wise advisor is more of a question
@@himalayaterracotta7873 there aren't any their all crooks
The general concepts are sound.
However both Kiyosaki and Clayson ignore (conveniently) market competition, personal skills, and legitmate need of your speciality services.
If the advice were this easy to implement, no one would be poor.
Jakob Rosser it’s incredibly simple, not easy. fitness and eating right generally leads to good health, most people don’t do it. It’s a super simple concept, while for most it’s difficult because we lack discipline
@@ryandelsignorewell put! 😃👌
Good point, Ryan. I also notice there' s a correlation between overweight people and people who are broke.
mysticaltyger2009 I’m not sure on the data but it would make sense. People who care about one area of their life, say their finances, tend to care about other areas also. Success builds on success, just like failure can build on failure if not properly dealt with. As the saying goes “how you do anything, is how you do everything.”
@@ryandelsignore good points and I agree with all. Most people who pick up these books generally haven't had a lot of success, hence their reason for picking up the book. Failure often leads them to read these books. And sadly, most don't identify thwir failure points.
My take is the individual needs to take a market analysis and honest self-assessment before they read the book so their content is absorbed with proper context and expectations.
Edit: Concepts like buying assets and paying yourself first is absolutely rock solid for anyone though. I cannot take that away from Kiyosaki or Clayson. Those two ideas have done well for me.
The secret of your future is hidden in your daily routine. Successful people do daily what the unsuccessful only do occasionally.
you're right, thanks for introducing me to colinswilson of financial education
There are scammer but real brokers are out
there for investors
People are scared of invsting because of high rate of scam in the business
Please have been hearing about this exprt colinswilson from a colleague at work how do i easily get to him
Yes I'm a living testimony of
colinswilson of financial services
Chances are if you watch this video! you are poor 😂😂😂
Edwin Melgar but you won’t be for too long too...
Lol
ironic hahaha gotcha! Edwin Melgar, perfect example of what you say reflects what you are.
Nah homeboy, chances are if people watch this video then they are BROKE and not poor. People are being proactive with their finances by watching this video, which is the beginning of becoming rich & wealthy. Poor is the opposite, being inactive with their finances & poor is a mentality that keeps them poor.
Let the man who seeks knowledge grow in wealth. For wisdom is worth more than gold.
Be careful though: Just because someone is an expert doesn't mean they'll give you advice that's in your favor
I talked to an investment advisor. He said he would invest me in managed growth funds. That was a quick conversation.
Many people want to appear like they're in a higher wage/class bracket by having a 'prestige' car, for example. This is very common here in the UK. Even in low income neighbourhoods, you see Audi, Lexus, BMW, Mercedes outside modest homes that are rented. Pretty common in black communities but not exclusively.
You basically just summarised , rich dad poor dad and the richest man in Babylon.
True, but he gave credit to the book ‘The Richest Man In Babylon’ and I like the way he presents it
adjusted for inflation, save 20%, refuse to enjoy yourself, work your life away and and take a dirt nap. Sounds like a blast.
Lol!!! Forgot: eat Top Ramen, drink tap water and never put on the heater.
We all take the dirt nap even if we have fun lol
With that attitude.......
@kih You would be correct. I doooo be dumb.
I love how these kind of vids always assume poor people go out every weekend and have fine dinners all the time in order to justify being poor. Like, b*tch please, it's really hard to save up when you sometimes can't even make the ends meet by the end of the month...
Right, too many generalizations.
Of course not every poor person does that and also some poor people are able to transition from poor to middle class like what happened with my family. But yes those are not financially responsible or do not have a good work ethic end up being broke and struggling to get by, but like I said some might just be going through a phase and others are just doomed to be stuck there.
@Notre Aira immigrated from Mexico in the 90's and were able to become residents
@Notre Aira they moved to LA and were able to become residents, my dad was able to get experience and ended up becoming a truck driver and now my mom is no longer working and helps my dad by taking care of the home and dogs
Poor people make excuses, rich people make money
When a man with money meets a man with experience, the man with experience ends up with the money and the man with the money ends up with experience.
Get a poor man's mentality with a rich man's knowledge. That's literally it, no need to read books or anything. If you can survive off of top ramen a month and understand basic investment strategies, you're rich. That's it.
The problem is, we don't have good investment advice in the world. Even the financial advisors are fake and they are simply ordered to be fund sellers. You won't find out you don't have enough to retire until you are 65. Then it's too late.
Sounds like a personal problem
Financial advisors make money off of your money. If you lose money, they don't make any money. If you make a lot of money, they do as well. So it's in their best interest to make you the most money possible with what you choose to invest and where you choose to invest it.
Index funds.
nationwidebw I don't think you've ever actually talked to a financial advisor. You've just seen how they're portrayed in movies. Not trying to be an asshole by saying that. As an example, if you go into an Edward Jones and talk to an advisor they will walk you through every step, ask how you want to invest, the risks you're comfortable with, and tell you the percentage they take as a result of what you make. If they are making you negative dollars, they aren't earning anything more than their salary. They'll also usually tell you that good growth stock mutual funds are the way to invest, since most middle class families are only able to set aside 1 - 5,000 a year. A mutual fund is money safely spread over a bunch of different stocks meaning it's the safest way to invest. You can even pick the mutual funds you want to invest in and they will show you their market history, potential, and their rate of return over the course of its lifetime. If you max out your roth IRA from age 25 to 65, at a rate of return of 12%, you'll only have invested $220,000, but have over $5,000,000 when it's time to start dipping into it and it's tax free because roth taxes you in the front and not on the back end. It is also a tax write off so its money from your income the government doesn't tax you on. That's real investing that regular average people do who are just plumbers and electricians or teachers. They're called "the millionaires next door". Live modestly, save, take advantage of IRA's, 401K's, etc. And you will have a substantial amount of money to retire with. Don't fear what you don't know. The average person doesn't get rich because they don't save and invest. They get a house they can't afford, a car payment, get into student loan debt, run up a credit card bill, and soon lose power over their most powerful wealth building tool, their income. What good is $50,000 - $70,000 a year if you have to pay 80% of it at the end of the month to banks who've lent you money? Buy a $3,000 car cash. Rent a cheap place. Save your money. Pay off all debts ASAP. Wait till the market dips and buy a house you can afford. Pay 20% down to avoid PMI. Your mortgage should be less than 30% of your income. Start maxing out your retirement opportunities. If your company has a 401K, you should go with it. If not you have IRAs available. By 62 you'll be set to retire and live a very nice life. I'm 21 and have over $30,000 in my IRAs after investing under $10,000. And plan to start investing more when my income rises. If you can just set aside $100 a month to put into an IRA or 401K after 30 years you'll have a million dollars. People can do it, they choose not to.
NOPE! Financial advisors make a commission on stocks you buy and sell they get a commission profit with every transaction. They don't care if you lose money they make it regardless and most don't recommend stocks based upon your actual preference they do it based on helping the business or firm they represent. They are programmed to help the people they work for not the people that work for them.
How to be rich - Understand the power of compounding interest, early.
Just keep pushing, you can do it! 💯💯💯
Car repair. Shows an image of a BMW. Lol
need to see Scotty Kilmer's vids on how expensive BMWs are to fix and how fast they drop in value
One of the highest labor cost to get it fix. $800 brake job. No way. Where's my horse?
😂true
Cause BMWs are endless money pits , only the rich can truly afford , not for the fake rich , flexing people
True, neighbour owns an X5 and it’s cheaper driving it off a cliff and criticises me for owning a Honda. At the end of all that I’m the one with a self-maintained air cooled low mile 911 in the garage which increased in value over 200% whist his car needs specialist work replacing the power train control module, quoted as eye watering 🇬🇧 £1800 or 🇺🇸$2150! Mental.
"There is no quick way to become rich"... said no female contestant on The Bachelor ever
Do the best you can at work. Make sure when you find a better job your boss regrets losing you. Be frugal. Save no matter what.
One of the best books I've read. Very helpful.
Thanks for sharing bro. it's daily money habits and not let your emotions get the best of you.
I used to be broke and now I am well off (relatively speaking) Only advice I can give is to eliminate all debt from your life.
I’m rich. We’re wealthy in many ways. Thank you Lord. 💛
Join the 21st century. Monarchy has no place here.
Two years ago I opened my first savings account ever, worked my way up to about 10k savings on a 30k/yr payroll through ferocious savings and bought out one of my old boss’s restaurants for a small sum of money and a royalty, I am already cash flow positive and plan to spend that income to house hack a multi-unit home and live for virtually nothing. It’s all about strategy and discipline. Richest man in Babylon is my favorite book. Also I like to pick up small amounts of silver from my local dealer, they will give you decent prices if you know what you’re talking about. :)
Sounds like you're on the right path to building wealth 💰😀👍
Silver was $24/oz when I retired in ‘08, it’s $16 now. My financial guy said to stay away from it and invest in ETFs or mutuals. That worked out.
The reason most people are broke is that they want more than they can afford. It should be common sense that you don’t make money by spending it. I drive a crappy car, I have an old iPhone, I keep my expenses really low and I even remove the fuses from the fusebox of my apartment when I’m not home to safe electricity money. But my bank account is pretty damn full so I can sleep very well at night...
spend 35% of your gross income on a car , you wont be broke .
I turn everything off at night.
Twin is that you? Same here, I sleep like a baby just knowing I have a fat stash of $$$$$$ in the bank.
I actually once had some leftist guy I know berate a girl because he had just read about Keynesian economics, and that she was damaging the economy through her diligent saving and investing habits (she had a chunk of the family income going to rainy day funds and another chunk to retirement). Literally brainwashed into thinking blowing cash is “doing his part”. Hope he enjoys all the video games and puzzles and other assorted junk he was buying for the economy.
A lot of bragging on this comments section.
Your friends: I'm hungry, you want to visit this $60 hamburger restaurant with us tonight?....and that's why they never can save 10% of their income.
@MEK if you continue that uncessary spending of $60.00 it will break you and your bank.that 60.00 could of purchased a lot of groceries to last you 2weeks.
never heard of a $60 hamburger?
Jon H. This is the catch 22 with the American economy. 67% of economy is you and me spending which means they talk about saving yet know that huge parts of the economy will tank if people were more disciplined with finances! Hence why you always ads for spending and almost none for saving!
WRO at my job my co workers eat out for lunch every day the five days of the week and that’s a huge waste of money. In the mean while I bring my own money and save those $70 they waste 😉 and of course I don’t tell them anything because they get mad 😒
MEK if it was that easy to have high paying job lol. Besides why would I eat $60 burgers everyday?!! First super unhealthy and second a super waste of money that you could use to spend in life changing experiences
Quick and easy. So many books this is the message, without all the bs in between.
In my experience it's mostly about attitude towards money ... how you view money, starting from a young age ... Which is why I do what I do now
Inflation makes your savings shrink. It takes money to make money.
You can now invest in ZERO COST stock market index funds with NO MINIMUMS at Fidelity. No more excuses.
Best way to do it is put your money in a t bill, you can liquidate them somewhat easy and they're right on track with inflation
True
High consumpition taxes in Australia since 80s , kills your saving s
Not all the time. Apprenticeships pay you as you learn
I think this is one of the three best books on personal finance.
It doesn't tell you what to invest in but it gives you an insight into the mentality you will need to get to where you want to be.
The other two key books for me were Dave Ramsey's Financial Peace and Jason Kelly's Niftiest Little Guide to Personal Finance.
There you have it, I spent less than $50 on these books. Put the plan into action and you will reap a million dollars in benefits!
Don't get me wrong, the path will not always be easy. Others may mistake your frugality for cheapness. However, if the going gets tough, your savings will save you!
Better choices. No loans, credit cards and saving 10 % of your checks.
10% is too little nowadays. Need to put down 20-35%
Easy, just don't live your life to the fullest for about 20 years and BAM! You're a rich old person.
Logan that’s funny cause that’s exactly what the friends who doubted the richest man said in the book
Logan we all gonna die anyway might as well enjoy life
@Snow 123 We want take our money in the grave with us or if we do it will be worthless.
'Rich old person'
Stone Master simple. don’t marry and always use a condom.
The best way to get rich is to write a book about how to get rich.
Second best way to get rich is to form a megachurch and tell your congragation if they give money to you, god will give money to them.
Religion is the peoples opium
4 hours of tv every night is the opiate of the masses! takes too much energy for most people to learn about and meet God!
Agree about TV. Don't agree that religion is required to meet god, and usually it's an impediment.
that money belongs to GOD not to you
Well that money certainly doesn't belong to Joel Osteen. Who used BOTH methods above, btw.
Great lessons in personal finance and responsible wealth creation. I will tackle each of these lessons in detail in videos that agree with these timeless principles. Really good video. Thanks.
You nailed it when you said Responsible wealth creation.
I got that book as a gift a month ago and I need to read it after I’m done with my current books
Critical flaw in all these types of videos is assuming that the rich are that way because of habits or actions they took to accumulate wealth. The truth is that the majority of wealth in the U.S is inherited and not earned. And when you have enough, it earns more all by itself. If you start with 1 billion, it is virtually impossible to spend it down faster than your ROI, without any secrets at all.
Gloxxify Even if their wealth is inherited, didn't it start from somewhere/someone? And besides, do u know the intelligence/hard work it takes for these rich people to keep on increasing their "inherited" wealth?
And yes, it's all due to their habits and actions, maybe more than that.
@@knightingirl Yeah it's pretty clear that you're financially clueless, Deborah. Do you even invest at all? All it takes to keep increasing wealth is time. You can take 1 bil and put it into safer investments like CDs, index funds, etc like us normal people do with our retirement funds, and you can follow the same 4 percent safe withdrawal rule without touching the original 1 bil. Except instead of 40k/year like normal retirees, that's 40 million dollars a year. That is money they could set on fire if they wanted to, and it wouldn't affect the original one bil that keeps producing it. No work involved, no special skills or advanced financial planning at all.
And it's completely unaffected by what time of the day they wake up, how many cranberries put in their cereal or the direction you wipe your butt. 1 bil is generational money. It can take care of you and all your descendents down to eternity even if you decided your new hobby was to buy a million dollar house and burn it down for fun, even if you did that every other week, you wouldn't be able to spend enough money to affect the principle.
Not true. are first generation wealth. Read the and the latest millionaire next door book.
Gloxxify why is this comment so relieving to read 😂👌🏽
👍❤
Thanks 😘
"It is evident that under present systems and conditions of government the poor are subject to the greatest need and distress while others more fortunate live in luxury and plenty far beyond their actual necessities. This inequality of portion and privilege is one of the deep and vital problems of human society." ~ Abdu’l-Baha, Baha'i Faith
Controlling every expense isn't exactly what makes you rich. The whole point is that by this you reprogram your mindset. *That* makes the difference. That's why I say: luxury yes, waste no.
1. Invest in land and property
2. Invest in money market (bonds, treasury, fixed deposits) in developing economies-High return on interest
3. Buy shares from emerging technology companies
4. Don’t start a business you don’t have the capacity to understand
5. The capital required for the business or investment must be reasonable and affordable
6. Spend less on luxury or earn in abundance if there’s ever anything like that to not feel it when you purchase a luxury item.
7. Spend less on women of luxury and lifestyle, there’s a lady by the corner who give you better “returns” for less
8. Don’t ever buy or invest in something you had to be convinced on. Your gut feelings is rarely wrong.
9. Save for your family-shelter, health, education and start up money
10. Know when you enjoy your hard-work and wealth, you won’t live forever.......
LOL at no 7
I dont wanna be rich though i just wanna be debt free and own a small business and not have to work for anyone else, i dont have to have super fany things, i wanna buy land somewhere pretty and go off grid and have a homestead
I think this is one of several key books you will want to read if you want to become wealthy.
Yes I absolutely agree with you, get sound advice from someone who knows about money but that someone could be featured on TH-cam ironically this video sure is!
This is good advice for those that make over 6 figures (or by comparison about how much you made in 1960 a couple years out of high school).
For everyone else it's stupid today and completely ignores the fact that everything, from milk to housing has increased 10 to 20 times, while income remained flat.
We have a family of 4 total. Our income is currently about $50k/year. We've paid off all debt but our house, we're paying extra on our house to pay it off than less than 15 years and we've invested just under $20k in less than 2 years. We just upped our investing to 20% of our yearly income. Barring anything crazy happening I'll retire in my 50's easily(my wife stays home with the kids). And no, we're not on any government programs. Control the person in the mirror, and marry a wise person also who has similar goals(meaning, not stupid with money).
"Control the person in the mirror, and marry a wise person also who has similar goals" - totally agree with this!
droptozro oh master teach us your ways
I only make 30k a year living in nyc, and im still able to save a bit.
Well said. I agree 100% @@droptozro
NOTE TO ALL: IF you live in San Francisco or even in California these days, MAKE SURE YOU PAY YOU RENT 1ST! unless you have someone who will take you in when you get kicked out of your shelter😂 l was sure happy that l paid 3months of rent in advance before coming back from winter break and found out l had no job or income to go back to due to shutdown and layoffs.
Thanks for this practical wisdom- I have just subscribed!
-You can’t start saving without a goal and do it. Setting a percentage will help alot on specially on budgetting and saving money.
-You can’t save money if your expenditure is more than 90% of income.
-You can’t multiply money if you lack knowledge on how to (basics).
-You can’t make money with you own inexperience.
-You can’t multiply money on a gambling table. Because the percentage of lossing is much greater than to winning. 51/49.
The five laws of gold. 7 cures for a lean purse is also the best cure for those who want to save.
The rich stack the deck so that they don't lose, examples are: insider trading, creating crypto and then letting the fish buy it after you and your friends have pumped it up, being a banker, making polices and buying stock that will be affected before the information goes public.
you forget about stock market crashes, bank collapses
Poor people buy new cars rich people by new tires. I make 60k a year and save , invest 1/3 to 1/2 of it every year. Guess that's why I'm a millionaire at 54. Live below your means. Ignore the 'Jones" (they're probably broke anyway). Make saving / investing money a game by setting goals to save x amount of money each month and stick with it. Read books to learn more (knowledge is power). Work hard (I average 55-65 hrs a week). Start your own business like I did 26 years ago (construction). Had I kept working for someone else I would not be where I am now. I was scared to death to go out on my own but I worked my a$$ off and have always had work because I treated people right. Think for yourself and don't follow the crowd (be yourself). Lastly, be thankful for what you have and where you are because someone else is always worse off.
Jim Schuman how did you start investing? What did you invest in?
Brady Cremeans I had a IRA set up for retirement when I was working for an employer. Then when I started my own business I had a lot more money that I could invest. I opened an investment account through a bank and the money was invested into mutual funds. Then later on after my stock portfolio was worth a lot more I transferred my account to a higher end investment company where the portfolio is more diversified. Owning my business allows me to put a lot more money into retirement accounts and at the same time it lowers my income which means lower taxes. I was 29 when I started taking saving for retirement more serious. I don't know your age but my advice is start as early as possible. Compounding is an awesome tool. Go talk to a investment agent at a bank to set up an account. Even a 100 dollars a month will add up over many years. Good luck!
@@jimschuman9926 Gold prices 2008= £671. Gold prices 2019= £998. income generated over 10 years= £327 (£32 per year). LOL not even worth wasting the time investing in gold.
10% of £average UK income 2019 (£28,667) NET= £2489 saved per year= 16 years to save £40,000. Not a lot of money with todays house prices.
"Sound investment"= No such thing.
"Seek advice from the wise"= Who are considered wise?
"dont invest in things you dont understand"= As long as the future is not able to be predicted, we will NEVER understand ANYTHING.
MY CONCLUSION: ITS ALL BULLSHIT.
This just gave me .5/10 more confidence to start my aviation business, which add up to 5.5/10 confidence. I still think I can’t do it though :/
Some people don't understand the power of time and compound interest. If you invested a fixed amount only once and it grew 50% in 10 years without you lifting a finger, that's already decent ROI of about 4.7% per year. Remember, your principal is still intact plus the interest. This is not even counting for your other savings during the 9 years you've supposedly been investing as well.
Awesome book! One of my favorites!
Wow! Thank you for sharing this video! A great reminder to become money wise.
All the dislikes are from people who realized this takes effort and time, not a get quick rich path.
Actually I was about to give it a dislike because the video should have been named *summary of the richest man of babylon* I've read it 3x already and do well for myself financially.
The rest of the dislikes come from those who just cant be bothered to make the effort.
There are NOT "sure" ways to invest your money. If that's your approach you're bound to end up losing your mind or your money... or both, for the matter.
For the most part, I agree with this video. However, In my opinion, you will need to save 40 percent, not 10. people will say this is too much. yes for those with low income. which will reveal the true problem which is your income. you are not making enough.
My method:
Keep track of how much you spend each month and save 10% of that the following month.
In that sense you keep an eye on your expenses but don't feel bad when every once in a while give yourself and others a treat, after all the expenses drive your savings.
mortage 2:37
6:26 💩 stocks! I love it lol 😂
In my humble opinion anyone who wants to become wealthy should own a copy of this book
Compounding interest is a thing of the past. How long will it take for that quarter percent rate take to make a difference?
Hard to fix financial stupidity
Is set aside ~250% every month, so that's what I was doing wrong
Learn about low cost index fund investing in stocks and bonds. Most financial advisors are actually commissioned salesman pretending to be advisors in your best interest.
I'd start with JL Colin's stock series online for research
This is an interesting concept. The book sounds compelling and worth reading.
I read it about 25 years ago, it helped me establish my financial mindset which is the real key.
Read the book, The Simple Path to Wealth by J L Collins
My philosophy is that no-one has became rich with spending too much but with saving too much. So if you want stable and safe future you should save a lot and never spend money that you have not earned. :)
Oh Mehn this is Food for my Soul. Thank you.😍🥺
The truth is nobody wants to get rid of bad habits...and then sacrifice time to pursue financial freedom
I only have a $20k emergency fund but I feel filthy rich
He forgot one other way the rich get richer...... Go out and buy yourself a politician who will pass laws so you will never have to pay taxes like the middle class.
are you from China or Russia
SkidivingWalrus no they don’t . The rich are smart because they avoid paying taxes
paul Williams witch is ileagle the only difrence between ritch and pore ritch can afford the lawyer if they are caught
That's a tiny slice of the 1% who can do that. Everyday rich people do the boring stuff, like save / invest at least 10% of their incomes (usually more) over a long period of time.
Trump did, he steal, and kept the money bought Judge , Lawyer, and politician to keep him safe, as Greek philosopher Aesop quoted , We hang the petty thieves and appoint the great ones to public office. ...
Thank you.
Great practical video. My pleasure promoting your content.
I watch this video with zero money in my checking account and eating ramen.
Saving your money is no longer a guarantee of a life free from poverty...
Yes. One hospitalization could be all it takes to wipe out your savings
The truth about life is, it's magic. If you want money hard enough, you will get it... Wanting something and saying you want something are two different things.. Real desire comes from inherent need.
Thanks very much. I red the richest man in babylon and am on my way to greatness
A) That onl works for the first world. Otherwise you dont have that 10% to spend (weekly dinning out? the last time i buyed trousers was like two years ago). And if you can, the purchase power is too low to matter anyways
B) No matter how rich you become at the end of your life, if you cant manage to do it while having a sucessfull andenjoyable life in the meantime, then you are not rich, but loaning your son with your happiness. Is not good.
C) if you consider your credit important (or, you know...having electricity for example) bills come first, as you cant really say "oh, i will pay them later" because you wont have the money.
D) investment are usually long term (a long one, even not touching it, unless you are really good at economy, really risk-oriented, and have a lot of money and a lot of luck). So, een flipping can be better at first if you simply dont have enough.
Although what you say is true, you should aknowledge that to people, the "other side" (which you did on "be smart on how and where you invest)
I don't know. The pay yourself first and save 10% of your income is to me the first step. Even if it will just help you get some emergency money just in case life happens. 10% saved per months you have to try extra hard to find those 10% they do not come easy. Earn 100 save 10. It adds up.
@@victorialafrange5112 That's only if you assume expendable income. A lot of people can't afford just putting 10% of their salary anywhere. A lot of people aren't able to pay off debts, or even have emergency funds, so getting to the point of having that much extra, isn't exactly the "first step" a median person would need. That's especially true if you lack the privileges of living in places dense in opportunities, amongst other factors.
Don't even work for most in the first world anymore
Also if you want to put 5% of your income into knowledge like a mentor books etc
Just one 15-45$ book a month and you will be an expert a year
Thoughts on content aside, what's with the menorahs on the gold coins at 1:22?
At times i got so much Money at my disposal and not know what to do. i am Absolutely Challenged and inspired.
🙏🙏
Hmmm...
Think and Grow Rich -
Napoleon Hill
Thank me later..........
Best book
The richest man in Babylon is the best of them all.
read rich poor dad poor dad robert kawasaki thank me later
@@csgto7676 rich dad poor dad is trash. It's for mlm'ers
Abraham Robles I saw an MLMer on Facebook and Instagram bragging about reading that Napoleon Hill Book.
However both Kiyosaki and Clayson ignore (conveniently) market competition, personal skills, and legitmate need of your speciality services.
This is very help full
The richest man in Babylon was a politician.
The best decision I ever made in my life was investing in financial market. Trust me guys, it pays!😊
Life is so precious, when you know you own a property or an investment to always keep you on go...I have no regrets starting my journey in cryptocurrency.
@Harold Mason Excellent buddy how good are you earnings and do you have recommendations or suggestions?
After watching several videos on TH-cam tutorial about trade I'm still making losses
@@ralucaapostol4652 I've been trading with Mrs Joyce Albert for a long while now she's really amazing and trustworthy she has the skill level of trade always winning with her trading platform.
She's really amazing with her skills..she changed my 0.5btc to 2.1btc
Some people got rich because they fool other people -SCAMMING them. I bet you, it's better to live simply and be out of debt, free from too much stress thinking where you will hide your millions cuz it might suddenly be snatched away from you.. Mind you, living a happy and contented life is the most satisfying feeling in the world. Though i admit that it's not a bad idea to also get rich if - take note and mark my words well -IF you help the unfortunate and least people around you; then, i can say you are a good millionaire. Unfortunately, most people who got rich are so consumed with their self-centered desires that they do not feel sympathy towards the lesser individuals. Get rich and help people who are in dire need. Get rich so you can extend and share your blessings to others, that way you inspire others to follow your footsteps. I can't help but really get annoyed with people who buy expensive things just to impress people.. This was my mindset before but things happened and they happened (which i was glad) cuz it opened my eyes to reality.
Hey nice content! Just wondering what animator you use for your videos? Thanks