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@@Lolatyou332 At least in my area it's more that all the really high-paying jobs are in the same area, so everyone has to move here. Retirees have more flexibility (which I'll definitely take advantage of to retire earlier!)
Every wealthy person is frugal. Remember that being frugal is relative. Spending 1% of your assets will look different if you have $100K vs $100 million in assets. When you see your neighbor buy that new luxury car, ask yourself what percentage of your net worth would that have to be, to be considered wealthy. I find that a lot of times people can find ways to buy things. It just depends on their priorities and how much debt they are comfortable carrying.
The math here is pretty weak. Having 5M today will put you in the top 2%. But having 10k today and investing 1k per month is way worse than having 5M now. The 5M will grow exponentially too, which means you won't be in the top 2% if you continued doing this.
You're right! But the people who have $5M now have $5M because they've earned, saved, and invested for decades.... which means they won't be around forever. So many people feel behind now, but they don't realize they're on track to be where they want to be. In 30 years, they'll be the people with $5M, and the people with $5M now won't be around anymore
Make this video in context of children 10+ age and explain hard work/income, compounding, spending/saving/investing, living up to others standards and other concepts in this video… it should be helpful and do well also… 👍
If you found value in this video, I think you'll love the F.I.R.E. Friday newsletter I write every week (it's free). You can check it out here: running-on-fire.com
and here I am watching this video trying to feel better after a medical emergency used my rent money
Dang, sorry to hear that
Every road has bumps, but I'm sure you'll be okay in the long run!
Hope you're healthy and well
That stock footage of the "million dollar house" 😂. My home is worth almost a million and is basic AF.
Yeah it REALLY depends on where you live. Really small houses go for a million where I live too
Yeah just location, rich retirees all want to live in certain areas so it just inflates the price even of basic dwellings..
@@Lolatyou332 At least in my area it's more that all the really high-paying jobs are in the same area, so everyone has to move here.
Retirees have more flexibility (which I'll definitely take advantage of to retire earlier!)
Every wealthy person is frugal. Remember that being frugal is relative. Spending 1% of your assets will look different if you have $100K vs $100 million in assets. When you see your neighbor buy that new luxury car, ask yourself what percentage of your net worth would that have to be, to be considered wealthy.
I find that a lot of times people can find ways to buy things. It just depends on their priorities and how much debt they are comfortable carrying.
Absolutely!
But yes, often times they aren't any wealthier... they decided to "look wealthy" instead
Being wealthy doesn't look wealthy
1:55 step 1
find a job that allows me to invest $1000 a month
Yes that is a good first step, but I think there's a lot of those! Most of them, actually. But I'm BIG on frugality
The math here is pretty weak. Having 5M today will put you in the top 2%. But having 10k today and investing 1k per month is way worse than having 5M now. The 5M will grow exponentially too, which means you won't be in the top 2% if you continued doing this.
You're right! But the people who have $5M now have $5M because they've earned, saved, and invested for decades.... which means they won't be around forever.
So many people feel behind now, but they don't realize they're on track to be where they want to be.
In 30 years, they'll be the people with $5M, and the people with $5M now won't be around anymore
Comment for the algorithm
I hope the algorithm appreciates you as much as I do
Make this video in context of children 10+ age and explain hard work/income, compounding, spending/saving/investing, living up to others standards and other concepts in this video… it should be helpful and do well also… 👍
I do wish I'd learned so many of these lessons even earlier, thanks for the suggestion!