*Don’t just save all your money in the bank as they tax you so much keeping it. It’s better to invest your money for future expenses. Everyone needs to create a passive income stream to stay debt free and live comfortably*
This is just the right information towards financial freedom as well as wealth creation. For so many years I thought working for other people was the only way to live comfortably, but I came to think differently when I started working with *Donald Nathan Scott* (a registered financial adviser residing in United States). Now I earn monthly from my investment with him.
To be financially free with a passive income source which exceeds your expenses, you need to invest. It’s not just watching videos and reading investment books anymore but for positive results, work with an expert. I used to think that I can make more money investing on my own without any loss, but I had better luck working with a *financial advisor* . I’m glad I chose to work with *Donald Nathan Scott* and I have no regrets with my decision.
Donald Nathan Scott offers a very good service and has been influential in my financial journey. I'm surprised his name mentioned here and I’m happy as to read positive recommendations here. I met Donald in Florida two years ago and I have been working with him ever since and sincerely , choosing to work with him is one of my best decision in life.
Personally, I’m blessed and realizing I’m not the only one working with Donald Nathan Scott I will consider myself lucky. I’ve been able to feed and make a living through his advice and great work. For such a person as Donald Nathan Scott, we owe him gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn’t just wise but has all it takes to handle an investment and is good at what he does.
I was born into a Poor Tamil family in South of India, since a very young age I had unconsciously practiced delayed gratification and today I have escaped the cycle of poverty. It's not easy and not for the weak of heart. No wonder the poor stay poor. To the poor kids reading this you have the power to create your life but it's always slow. 💝
My father left home when I was about 4 years and my poor dressmaker mother programmed my brain to use education as a escape route from poverty. The only sacrifice I had to make was to study. What I realised later was that the discipline that I developed from studying was more useful than what I learned in college.
@@Lmao-ke9lq Unless you you do something like research, you will only apply a small percentage of what you learned in college during your working life.
True! I now work on something not even remotely close to what i studied in university but the way i trained my brain to learn new skills, to memorize information and to see thinhs from different perspectives is a lot more inportant than scientific facts and laws i've learnt. You can be poor because of low income but still provide your family with shelter, food and love if you are intelligent enough not to be trapped in debth, addictions and showing off to your neighbours
True when I was 14 I started drinking alcohol and drugs but now I am 18 and I don't even smoke cigarettes. The only thing that keeps me going is My motivation and determination towards my goal. If you don't have interest in what you are doing then it's meaningless to do it because at some point you will fail in life or career. Edit : Sometimes I drink beer only for my health. Someone said to me that "Alcohol is good in right amount"
I would like to know the car and how much you paid also. Because, I dont know if buying the 2015 Mustang 5.0 for $24,000 40k miles would be an ok move.
@@kdnic1292 not even just racism either. Class warfare is a real thing in the US, and many systematic factors are DESIGNED to keep the poor people poor, and allow the rich to get richer. I mean just take a look at the Covid release aid. poor and middle class people get basically nothing while the rich and corporations got trillions upon trillions of dollars wealthier from aid.
I always hate comments like this because there are literally factual statistics that show that success is not always about who you are and what you do. Look at the college scandals with lori laughlin, do you think that is a brand new concept that just happened last year? Thats been going on for centuries. Do you think that a lot of black people just dont try, or are you choosing to ignore the fact that they've only had civil rights for about 50 years which only legally ended discrimination? Thats literally 1 lifetime that still has 30 or 40 years left to live. Acting like hard work pays off when ceo's are shuffled around or kept in the family. Success is a combination of who you know and luck. Maybe someone liked your name better tham the other guy who was just as qualified. We just hired an 18 year old kid who can only work 2 more months until school starts instead of someone with expirience and kids to feed. Why? Because his mother is friends with HR. In the last 4 years we have had 25 employees in my department. Only 10 of them were hired without knowing someone who works/worked her. Less than half. And of the ones who were hired who DID know someone, only 5 had previous expirience.
If you’re not getting more sources of income, to ensure you making profit even while you sleep you certainly going broke sooner or later, I’m a doctor making a fortune of real estate as well as the online trade market(stcks,fx and NFP)
Forgive me but I have to digress, I understand real estate, also into it but curious about the NFP, I’ve read it can be very lucrative when traders take advantage of the report, can you tell me how you do this, I know fro a fact its complex nature calls for skill and technical know how
I do have to say its not me. I recently came across Noud K Mikan a certified investor and IA, his system has ensured me really good sums on the NFP as well as stcks
You’re right, I just looked up his name, it’s quite remarkable what I see about him, 19 years of experience, now that’s definitely fetching you good sums. I had to write him for some tips. Thanks for this
in my opinion poor kids should learn more about themselves coz i am a poor kid and i am always trying my best to spend my free time to learn something about my behavior so i can escape the poor mentality first. coz i was always gets only 1 dollar a week from my parents and never more than 1 candy a month. believe me after i grow up i am total loser and had no life and other kids call me loser with banana sandwich coz i was bringing sandwich to school coz we do not have the money.. but after i started learning about myself in the last 5 years my life is changed to until now i had youtube channel and courses and investing and my wealth is passed my parents income 10 times! and i can speak 4 languages.. believe me guys learning is more important than your parents education level coz as soon you give up learning about yourself you say nah i am a loser and that is it.. never never stop
no , but i can see something , how did you get the internet? , that means you are not poor , i know poverty standards can vary from country to country but the fact you are paying for an internet service means you have the necessary money to pay your expenses, or in the case you are a minor , your parents have the money . and not only money but also time. now the questions are , what are you doing with your time? and how well are you using the internet? what are your parents doing with their time and how well they are using the internet?
@@ChrisDMReloaded dude i now have the money.. so paying the bills is easy.. for what you say how did i connect to the internet? easy the cafe lol with iPhone 4 the back is broken and the screen is crack I bought the phone with 20$ lol I was broke as hell.. and in Iraq our public schools is free even colleges so going to school in the moring while after the school is working.. if you ask about my dad is taxi driver and my mom is housewife with 5 brothers and enjoy lol
I do all of these things. Sometimes poverty is simply a lack of cash. We do not all start out equal. If you are born wealthy, you have a giant head start.
Well obviously wealthy have a head start lol. They are basically born on finish line:) but many poor people do it anyway.. one of the reasons being their kids will have a head start.
@@SaraSara-kr6sp It’s not obvious to most people. They think we all have an equal chance of achieving the American dream and that has no basis in reality
I have low confidence but I'm extremely disciplined with money and started saving $100 per week at 18. Also, in my early 20s I learned an easy way to get promoted and how to get good raises every year. Today I'm in my mid 30s and I'll probably retire at 55. It can we done but it takes discipline. Good luck!
Very true! There is the reason why book called “ Think and grow rich” . Some people think poor , and that’s the problem .There is a lot of work to do for all of us to improve.
@@Shadesof Exactly some ppl dont have an income problem, they have a spending problem! I've seen so many around me that increase their expenses as soon as their income increases. You're right and we'll never make perfect investing decisions and that's okay as long as you always stay open minded and strive to keep learning.
Your car can either be an asset for you or a liability, it all depends on what you use em for. For those who put there cars on rental it's a good means of income while those who just want to show off make no money.
They say knowledge is power, you have to agree. I realised after six months of getting a new car that I would be stuck a few years paying for it so I decided to invest a bit of my saving into dividend stocks, now I generate good passive income which I use to settle few monthly bills.
Generational wealth plays a huge part on people’s success. Not saying it’s impossible for someone Poor to be rich, but the majority of wealthy people come from wealthy families. So they have resources the a poor person wouldn’t
Delayed gratification. Don't buy a cheap car now and pay loans and interest every month. The car has maintenance, tolls, petrol, parking fees everywhere you go including parking at your own place. There is a lot of unplanned and undetected spending that goes with it. You can save all the money for one year and invest it in something which will give you a profit every month for a year or two. Then use the profit from the investment to buy car. That way, you live more peacefully. Buy a car only if you plan to drive uber or if you plan to rent to someone who will pay your loans for You. This way you own it and you don't have to pay for it. And you can also rent out your car park and use that money to pay your Internet, water and electricity bills. The money you earn from your work will be your savings, which in turn you can use to increase your investment, thus, it will increase your profits annually. After that you can buy better car, maybe with lower loan tenure and pay lesser interest and you can pay it off from your investment profit instead of your monthly salaries.
@@tourmalinestone3988 Because car is not an asset. Car is a liability that decreases in value. It doesn't put money into Your account. It removes a lot of money from your account.
@@suzannejoshua9836 but how can some one keep a job if they can't get to it and transportation is expensive what if you need to pick things up at stores if it's about 80 dollars to and from it's not even worth keeping a job if it cost more to get there then what some people made
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time.
@@peterbedley2719 People come here with the aim of chasing money more than knowledge and that will damage your progress, trust me. Chase knowledge first and I promise! The money will follow you just like it's following some of us now.
That example literally had me shook. I’ve been saving up my money to invest in stocks but have been so tempted lately to buy the new iPhone 11 Pro since I still have the iPhone 7 with a cracked screen and broken mic. This video must have been a sign, I’ll keep saving!!
Still got iPhone 6 going strong! Been thinking lately I’ll save the 1k that I would have spent on a new iPhone and see how the virus plays out. That’s almost one month of living expenses for me!
That mashmello experiment is missing a key ingredient, Risk. It should be like this, if you don't eat the mashmello, when the teacher comes back can either give you nothing, a second mashmello or might take half of your initial mashmello. Now things will be more interesting. 😂
I think that's what he meant when he talked about poor families, it's that things are not guaranteed when you're poor so when get the chance you take it immediately
You left out how poor kids who grow up supporting themselves with long hours and low wages dont have the mental or emotional currency to study, let along the litteral currency to afford student loans. Rich kids can focus 100% on school. Poor kids have to work exponentially harder. I know, I dropped out of college because I couldnt keep up with my studies and work 10 hour days to pay rent and buy food
I came from a poor family that ended in a divorce when I was 13. I'm now 30 and much much better off than my parents combined. I understand delayed gratification, and my future looks very bright. Guess I'm the exception.
Even though your reasoning for being stuck in the poverty cycle has some merits. There are other factors that are not mentioned. Rich kids with educated parents have first hand education on how to handle and manage finances. Usually the wealthy parents associate themselves with others on the same social status and economic status. Thus that type of environment give the rich kids a competitive edge over the poor kids. If just having just a decent meal on poor kids' table is an accomplishment, so what type of ambition they will have when they grow up.
Yep. Rich kids aren't necessarily smarter or more talented than poor kids either. I've seen first-hand that oftentimes rich kids don't even have to qualify to get hired by their parents or friends of their parents. They are given jobs right out of high school or college and are trained/groomed to move up the corporate ladder. By the time they are early 30's, they are making 6 figures, giving them a good leg up.
rich people backstab and fuck so many people over to get where they are im sure. its not as simple as be smart with your money and be rich. you gotta know people, screw people, and put your feelings aside to get filthy rich. thats what it seems like to me anyway
@@richyoung4051 that's at the high levels. You can make a honest couple million dollars, but you can't make an honest billion. You have to be worse than just someone who screws people over at that level.
It's hard to do but not impossible to accomplish, I have adhd and I've tailored my environment, get my schedule and tasks together and space out breaks while doing work but always get back to the task until its finished for the day
When I was a young kid, I always don't get what I asked from my parents. When I asked for a bicycle, I get a motorcycle. When wanted to have a car. I was given a sports car. Several decades after, I ended up 100 times richer than my parents. I guess when you're not getting things that you asked when you're growing up, will have great impact in your future
Inability to delay gratification is what's keeping us in the pandemic. Here in the UK, people can't stop their little selves from illegal gatherings, house parties, piling into shops to panic buy, etc. And then when COVID rates go up and we're in lockdown again, they wonder why.
You want to know why some people will never get rich ?! Because they're watching channels called "proactive thinker" and else.. and so they think they're proactive by just watching it, when in reality they're just lying in their sofas and procrastinating. But procrastinating in a smart and reassuring way, by convincing themselves they have done something uselefull today by watching this videos. And after that they can go to bed thinking "well, I've been proactive today ! It was a great day". And the next one they just do it again. So they never really go to action, when It's sooo much easier to have an effortless overdose of videos like this one which makes you feel better in your shoes and artificially improving.
Ofcourse you can. You don't need to buy it twice. You need to buy it once and pay for maintenance and fuel. If car costs 15k$ you will not pay maintenance and fuel another 15k$.
@MaGicTOWer exactly, I sold my car actually and live close to my job. I save time too. 😊 Things might change when I have children but now I can save money
Branko Milanović, Serbo-American economics did many research in wealth inequality, and one of his most famous finding is that your wealth depends: 20% on your skills and efforts; 20% on your family background (if your parents are rich or not); and 60% on your place of living (country and even cities).
Kind of mind blowing. Didn’t think about how indulging children whenever there is something available could easily translate to adulthood and buying something expensive with your paycheck. Although not being actually wealthy. Great insight.
What? I bought a Skoda from 2004 for 3000 US $, automatic. It works wonderful and it helped me so many times. I think the title should be don't buy a car that you normally can't afford. Luxury is stupid if you're poor.
It’s interesting. My mother had a college degree but a relatively low income. The same was true of my father. I learned the importance of saving because I assumed the future would bring more of the same - limited resources. A lot of kids I knew from wealthy backgrounds had low impulse control because they knew they could get whatever they wanted when they wanted it. Learning to delay gratification might be like a muscle. Mine has grown weaker, unfortunately, as my income has increased over the years. Yes, I still save, but I also spend more now. I used to be much more conservative financially when I had less and felt concerned about the future.
Yeah the video brings up time preference but then tells a story about how it isn't your fault if you make bad choices. It's just a story but it sounds smart and it allows a certain segment to act morally superior. Your experience contradicts that story, but it isn't what the larger audience wants to hear. I'm not a "capitalism solves all problems" guy but it is a good thing that we have a system that actually does generally reward delayed gratification. That should be the takeaway, not finding excuses for people who consistently make poor choices.
It’s really sad that the majority of the comments here are missing the true point of the video and spinning this into that toxic hustle culture mentality which needs to disappear asap.
Yeah I've. noticed that the. success. behind my profit in forex Investment is not solely on my skills but the help of Greg.T.martin, the best trader I've known so far............
The rich focus on opportunities, not obstacles. It's all a matter of perspective. The poor often see obstacles and quickly give up, while the rich see the opportunities and enter arenas that many wouldn't dream of.
No necessary true. If a poor person gets into a project and fails due to illness, robbery, bad weather or happens to live any other unfortunate event that unsuccessful attempt can cost him/her a lot more than just a bad experience because life might only give them one chance and that's it while the rich even if having failures can much easily recover due to financial and/or personal support from different sources, and either go back and redo it or start a new one.
What a childish vision of life! Of course rich people focus on opportunities, they have no obstacles! I hope you'll be poor one day to understand what does it means.
Yeah poorer kids don't have money all the time. So, when the star earning money, they go crazy about money spend lavishly. Then they end up in debt and stuck in debt for a long time
it's hard to move around if you living in country where's public transportation are worst. When you have a good car, you can have confidence and opportunity to hang out with rich society. Surround yourself with smart and rich people so they can also make you rich.
I have been watching some videos and I was thinking about investing in bitcoin or forex , but still don't know where to start from, any recommendation?
Same here ,It's strange how people talk about all the profits, they've been making through trading of bitcoin, while am here not making any profit at all. Please can Someone put me through on the right path.
Men keep themselves poor by being a man child that hungers female attention and affection instead of focusing on greater goals early on in life to build a strong foundation as a man. Generally, the earlier a family is started the poorer it is. Example, poor people have more kids earlier in life than intelligent people.
My wife and I have been practicing delayed gratification for the last three years. Boy, there had better be some kind of fantastic reward at the end or I’m going to be pissed.😂😂😂
Everyone avoiding talking about the elephant in the room - genetics/IQ. If you don't have smart parents from whom you inherited a high IQ you will never figure out how to work smart instead just hard
My parents are typical example for work and spend that money right now. For lifetime they didnt create anything, they didnt bought a house or saved some money. Just taking loans for stupid things. And I'm ok with that, some people are happy living that life. But problem is when they teach kids that is the right way, program them. I spent a lot of time getting away from that mindset.
Biggest lie people say . Get a credit card and don't buy a car in cash. Those 2 things put you in debt and debt is the biggest mistake you can make if your trying to get rich .
You can't not by a car in the United States. We have horrible public transportation and poorly designed city and towns. You pretty much need a car wherever you live to be productive.
Meanwhile spoiled brats from billionaires family just waste all their inherited wealth on stupid shit and are still unhappy... It's really a paradox. I'm also from below-average family, and I'm trying my best to get to a better position, still doing pretty good, and I'm ok :) There is no better motivation than fear of poverty, or seeing it, or even feeling it. Elites know that werry well, and it's working.
Yes, but at some point, they met someone rich who would become their mentor. This person gave them a chance and taught them how to succeed. Pulling yourself up by your own boot straps is a myth; if you can't even afford a boot, you're screwed. If you truly have nothing and no one will give you a chance or a hand, you're SOL.
@ faruk Hasan, but where did their millions come from? Most of those self made millionaires didn't earn their wealth through honest means, many of them had to do some real shady shit to get to that position.
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The book, “Think and Grow Rich” describes how people born into wealth are less likely to want to become rich due to the already given “treats” compared to those who were born into poverty and want to experience those treats by working smarter and harder
This was depressing. Not the whole video in general, it actually provides real information on the benefits of delayed gratification and discipline. But the part about children thinking that daily life holds no guarantees and that there might not be food tomorrow really struck a nerve. Reminding me of stuff from when I was a kid.
There's nothing wrong with going on TH-cam, social media or any other entertainment medium as long as you don't let it control you. If you enjoy them use them as a reward for studying or paying off debt..
I'm a banker to one of the richest family in my country, they're worth north of $30b. The grandma (1st generation) always cook on weekends where the family will gather for dinner. She'd blow her top if anybody eats outside & taught her kids to live very frugal life. Her husband drives a Toyota (still). Me & the boys would crack jokes about the in-laws, that is surely not what they expected 😂
I bought a car few months ago. And now i am making money with the car. I have my freedom and i control 100% my time. I am my own boss 🤷🏽♂️. So buying a car is not a bad decision if u know how to exploit opportunities.
He's also incorrect about a lot of things thinking that because you're parents are rich then their kids will be is idiotic and incorrect my parents are rich and I'm poor and it's like that across the board
I think yes to some extent your parents influence you into adulthood subconsciously but you can change and learn to develop self control. Both my parents were college educated but that doesn’t mean they were rich and there were times my dad especially growing up would tell me he’d buy me Jordan’s or a new toy I wanted if I got good grades in math. I’d study hard to get good grades on my report card and never got the reward I wanted 🤷🏿♂️ broken promises were a recurring theme growing up so now as an adult with a toddler now I will keep my word on promises 💯
Never buy a car but taxi. Because if bought taxi costed of $ 20650.73, you can use this as transpotation service vehicle and you will re earned you investment and dobled it. Unlike car, it will depreciated for long period.
“Never buy a brand new car”. I agree! Save as if you will buy a new car. And buy a practically new car from an owner who rather have the cash. Yes, Never buy or sell to a dealer they will make a killing and worst if you borrow to buy from the dealership they are have ripoff maintenance too.
... then comes inflation. Compound interest of what, government bonds with yields of 1% per year? This logic only works when you have kind of a guaranteed way of having yields higher than inflation. The REAL yield (after inflation) will be much less than 1000%.
@@ark_crimsonThat will be index funds. The SPX500 makes an average of 10% a year. It’s quite low risk because you invest in 500 different companies but you are only really guaranteed to win in the long term if you don’t panic sell when the market drops. Just continue putting in a fixed amount every month without caring about the current price.
I bought my SUV new in 2008, paid it off early, kept up the maintenance, and it still looks new. I haven't had a car note since 2010. With my salary, frds think I'm crazy for not buying a fancy foreign car, but I couldn't care less. 😂
One of my dreams is to be able to buy Lamborghini in cash, however the day if I’m ever able to do so, I would hesitant and remember that not buying these like that is what makes you rich.
From personal experience I've found that many kids from wealthier families don't have the drive or desire to be truly ambitious yet money flows their way...it's the openness of their minds not confined to think a certain way and the obvious advantages of networking that tend to give the head start
I bought a nine year old car in 2009 for 3150 Euro. In the years to come I spent around 2000 Euros in repairs like brakes, tyres, a new windshield, a new cooler. So I spend a total of 5150 Euro in 11 almost 12 years for my car. That is roughly 450 Euro per year. I think, that is fair.
I enjoyed your video and there is a lot of truth in it. I worked 70 and more hours a week for probably 15 years and lived very cheaply. I loaned quite a bit of money to my mother who was a millionaire at one time. She never paid me back and I have struggled ever since. A fool and their money is soon parted. In my opinion you should never loan more than you can afford to lose. If a person loses their money no body cares and just about everything goes to hell. Even family can screw you over.
I thank God I changed, I can relate ALOT to the impatient kids, I got addicted to crack, and I'm clean for 2 years and started a whole new life. I've learnt to be patient, i even got a tattoo (patience is key) so I can remember to be patient. The key is patience, it always was and always will be! It's never too late people!
The parents being rich part is bull shit. My parents are far from rich and what made me work harder and smarter was seeing how hard they worked to get by. I have delayed gratification my whole life cause I’ve always had a bigger picture. Friends bought nice gadgets, I would save money for sneakers that had resell value, friends started buying nice cars with debt, I saved 5k and bought one paid in full, friends started traveling and buying nice materialistic things after college and now I have a down payment for a house & currently looking for a home.
I was furious when you talked about the Marshmello test. But then you also talked about the debunking of that initial test. Whew, glad I finished the video before commenting haha Unfortunately, it is not as simple as "wtf just wait..." In real life, so many people can't afford to wait.
My 2002 car was bought in 2007 outright. I still have it. My phone is 3 years old. I have been debt free for years. Debt keeps a lot of people poor. I do have money.
Honestly iPhones are all pretty much the same, the only difference is the screen and camera quality. Apple prices their phones high cause they know people will pay it. Forget anyone who laughs at you for the kind of phone you have, says more about others than it does for you
giving kids candy as a treat is misguided. Offer something that's truely a treat: some blueberries or some fresh picked blackberries. Marshmellows are just sugar with no nutrients, no wonder those kids behaved poorly.
Let's be clear. I will give you a real life example that delay gradification is not the main reason. Uncertainty is the main reason. Let's think about investing. Character A. He invested during 2008 till today and made about 300%. Character B. He invested from 1952 till 1982 he made 0%. Character A waited 10years for 300%. Character B waited 30years for 0%. In real life the problem is that we are not sure if we are going to get the rewards we expect. A more realistic approach should have been. I can give you 10,000 dollars now or you can wait 5 years and you have 25% probability that I will give you 100,000 dollars. I bet you most successful people would choose the 1st option. Because the second has the odds turned against them. Try to make things simple. But not simpler than they should be. Waiting to get bigger rewards when odds are against you is a bad idea. That's why there is only 1 Amazon and 1 Apple.
The cycle of poverty is real. There are steps. Getting a job, Saving/Storing money away, building credit. Giving resources anyone can come out of poverty.
That was EXTREMELY helpful video😊. Loved it. It's really hard to control ourselves from immediate gratification as it releases Dopamine in the reward system 😃.
Americans are also so preoccupied with "investing and building nest eggs." That is a pure transfer of wealth from less wealthy to super wealthy. The most of the money you "gain" will be confiscated through taxation and inflation. I love this video as it validates some of my assumptions as it comes to delayed gratification. It mostly works if you are coming from better off families. Otherwise, it is just a variation of church's tactics to keep the poor obedient.
Don't forget interest...that's as big as inflation and taxation. Interest is 20% of the GDP, taxes are another 20% at least if you account for some overlap between the two, depreciation of assets and currency/goods/services inflation easily take another 5%-7% a year. Although depreciation is supposedly only a paper loss...
Self discipline is often disguised as short-term pain which often leads to long-term gains
totally agree with you
Really true
Yes
so let's go to talk .
Nope. To retire at 40 one must sacrifice more then you think. 20 years of penny pinching is not a fun life. Balance is the key.
*Don’t just save all your money in the bank as they tax you so much keeping it. It’s better to invest your money for future expenses. Everyone needs to create a passive income stream to stay debt free and live comfortably*
This is just the right information towards financial freedom as well as wealth creation. For so many years I thought working for other people was the only way to live comfortably, but I came to think differently when I started working with *Donald Nathan Scott* (a registered financial adviser residing in United States). Now I earn monthly from my investment with him.
To be financially free with a passive income source which exceeds your expenses, you need to invest. It’s not just watching videos and reading investment books anymore but for positive results, work with an expert. I used to think that I can make more money investing on my own without any loss, but I had better luck working with a *financial advisor* . I’m glad I chose to work with *Donald Nathan Scott* and I have no regrets with my decision.
Please, your coach you mentioned, how do get in touch with him?
Donald Nathan Scott offers a very good service and has been influential in my financial journey. I'm surprised his name mentioned here and I’m happy as to read positive recommendations here. I met Donald in Florida two years ago and I have been working
with him ever since and sincerely , choosing to work with him is one of my best decision in life.
Personally, I’m blessed and realizing I’m not the only one working with Donald Nathan Scott I will consider myself lucky. I’ve been able to feed and make a living through his advice and great work. For such a person as Donald Nathan Scott, we owe him gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn’t just wise but has all it takes to handle an investment and is good at what he does.
never buy a car? I bought a used car for 6K lasted me last 4 years still runs fine. Guess how many monthly payments I pay $0
Maintenance.. insurance..? Please tell me how you do that?
al agape santillan I pay $90 insurance a month and Walmart oil change with coupon $21
al agape santillan then do some uber so you can write off your phone bill, car insurance, and maintenance as a write off 😊
Ohh I see i got your point now. Thanks bro
That would make you a smart car buyer.
I was born into a Poor Tamil family in South of India, since a very young age I had unconsciously practiced delayed gratification and today I have escaped the cycle of poverty. It's not easy and not for the weak of heart. No wonder the poor stay poor. To the poor kids reading this you have the power to create your life but it's always slow. 💝
Do you have a business or something?
தமிழனா
@@prabhunet cool
@@seelanpunk7295 naan iruken bro
Arumeyanna seithi.
My father left home when I was about 4 years and my poor dressmaker mother programmed my brain to use education as a escape route from poverty. The only sacrifice I had to make was to study. What I realised later was that the discipline that I developed from studying was more useful than what I learned in college.
So college helped you more because of discipline then knowlidge?
@@Lmao-ke9lq
Unless you you do something like research, you will only apply a small percentage of what you learned in college during your working life.
@@bradclarke404 very true
Well done man, good done job.
True! I now work on something not even remotely close to what i studied in university but the way i trained my brain to learn new skills, to memorize information and to see thinhs from different perspectives is a lot more inportant than scientific facts and laws i've learnt. You can be poor because of low income but still provide your family with shelter, food and love if you are intelligent enough not to be trapped in debth, addictions and showing off to your neighbours
I hope whoever read this will become a millionaire
Very soon..
I read it
I definitely will!! Very soon!
Troll guy. Fuck you.
Troll guy. What does my color have to do with anything, Mr Troll?
@@rodya7773 You're an asshole, did your parents tell you that? If not, I'll do the needful! You're an asshole, asshole!
Actually, dont buy a new crap car. Just get an older Toyota for few thousands if you really need a car.
You sound like scoty kilmer
@@דניאלקלנד :)
Thank you, I got same opinion about that.
@@דניאלקלנד lol 😂😂😂 he must have bought a Celica
Yeah, those Japanese tech are built like tanks and they last a long time with little maintenance
@@aaronsempa5820 Camry 😂
Being and staying disciplined is the hard part, but the rewards are totally worth it :)
Yep
I am doing no fap discipline. And it's rewards are amazing.
Yes sir
I sense the Great Message,it's Profound:) See you Fella.
True when I was 14 I started drinking alcohol and drugs but now I am 18 and I don't even smoke cigarettes.
The only thing that keeps me going is My motivation and determination towards my goal.
If you don't have interest in what you are doing then it's meaningless to do it because at some point you will fail in life or career.
Edit : Sometimes I drink beer only for my health. Someone said to me that "Alcohol is good in right amount"
Got one year left to pay my car. Once I do I’ll NEVER buy an expensive car again.
How much was your car?
@@p.capes1 too damn much
@@volooooo may i know what did you buy?
I would like to know the car and how much you paid also. Because, I dont know if buying the 2015 Mustang 5.0 for $24,000 40k miles would be an ok move.
@@p.capes1 it's classified
You have to let the little fish go, to catch the big fish later.
I think fishing is cruel...
Blue streak?
Or you can listen when people who work for you say....
*I THINK WE'RE GONNA NEED A BIGGER BOAT*
No sir.Use the little fish as beat to catch bigger fish.
@@kosimncube2012 bait*
Rule #1: Stop blaming other people for your failures or lack of success.
th-cam.com/video/DDM5WWtQQX8/w-d-xo.html
Dismissive comment from the delusional benefactor.
@@kdnic1292 not even just racism either. Class warfare is a real thing in the US, and many systematic factors are DESIGNED to keep the poor people poor, and allow the rich to get richer.
I mean just take a look at the Covid release aid. poor and middle class people get basically nothing while the rich and corporations got trillions upon trillions of dollars wealthier from aid.
I always hate comments like this because there are literally factual statistics that show that success is not always about who you are and what you do.
Look at the college scandals with lori laughlin, do you think that is a brand new concept that just happened last year? Thats been going on for centuries. Do you think that a lot of black people just dont try, or are you choosing to ignore the fact that they've only had civil rights for about 50 years which only legally ended discrimination? Thats literally 1 lifetime that still has 30 or 40 years left to live.
Acting like hard work pays off when ceo's are shuffled around or kept in the family. Success is a combination of who you know and luck. Maybe someone liked your name better tham the other guy who was just as qualified.
We just hired an 18 year old kid who can only work 2 more months until school starts instead of someone with expirience and kids to feed. Why? Because his mother is friends with HR. In the last 4 years we have had 25 employees in my department. Only 10 of them were hired without knowing someone who works/worked her. Less than half. And of the ones who were hired who DID know someone, only 5 had previous expirience.
If you’re not getting more sources of income, to ensure you making profit even while you sleep you certainly going broke sooner or later, I’m a doctor making a fortune of real estate as well as the online trade market(stcks,fx and NFP)
this is just plain facts
Forgive me but I have to digress, I understand real estate, also into it but curious about the NFP, I’ve read it can be very lucrative when traders take advantage of the report, can you tell me how you do this, I know fro a fact its complex nature calls for skill and technical know how
I do have to say its not me. I recently came across Noud K Mikan a certified investor and IA, his system has ensured me really good sums on the NFP as well as stcks
You’re right, I just looked up his name, it’s quite remarkable what I see about him, 19 years of experience, now that’s definitely fetching you good sums. I had to write him for some tips.
Thanks for this
in my opinion poor kids should learn more about themselves coz i am a poor kid and i am always trying my best to spend my free time to learn something about my behavior so i can escape the poor mentality first. coz i was always gets only 1 dollar a week from my parents and never more than 1 candy a month. believe me after i grow up i am total loser and had no life and other kids call me loser with banana sandwich coz i was bringing sandwich to school coz we do not have the money.. but after i started learning about myself in the last 5 years my life is changed to until now i had youtube channel and courses and investing and my wealth is passed my parents income 10 times! and i can speak 4 languages.. believe me guys learning is more important than your parents education level coz as soon you give up learning about yourself you say nah i am a loser and that is it.. never never stop
Super bro
🥺❤❤
Thanks for those words💜
no , but i can see something , how did you get the internet? , that means you are not poor , i know poverty standards can vary from country to country but the fact you are paying for an internet service means you have the necessary money to pay your expenses, or in the case you are a minor , your parents have the money . and not only money but also time. now the questions are , what are you doing with your time? and how well are you using the internet? what are your parents doing with their time and how well they are using the internet?
@@ChrisDMReloaded dude i now have the money.. so paying the bills is easy.. for what you say how did i connect to the internet? easy the cafe lol with iPhone 4 the back is broken and the screen is crack I bought the phone with 20$ lol I was broke as hell.. and in Iraq our public schools is free even colleges so going to school in the moring while after the school is working.. if you ask about my dad is taxi driver and my mom is housewife with 5 brothers and enjoy lol
I do all of these things. Sometimes poverty is simply a lack of cash. We do not all start out equal. If you are born wealthy, you have a giant head start.
Just excuses
Well obviously wealthy have a head start lol. They are basically born on finish line:) but many poor people do it anyway.. one of the reasons being their kids will have a head start.
@@danared1848 excuses for what exactly?
A lack of cash = broke. A mindset of lack = poverty.
@@SaraSara-kr6sp It’s not obvious to most people. They think we all have an equal chance of achieving the American dream and that has no basis in reality
The verdict is:”with money comes confidence”
“With confidence, comes Money” actually...
I have low confidence but I'm extremely disciplined with money and started saving $100 per week at 18. Also, in my early 20s I learned an easy way to get promoted and how to get good raises every year. Today I'm in my mid 30s and I'll probably retire at 55. It can we done but it takes discipline. Good luck!
That is so accurate! Poverty is such a vicious cycle! Long-term rewards are the best!
True
Very true! There is the reason why book called “ Think and grow rich” . Some people think poor , and that’s the problem .There is a lot of work to do for all of us to improve.
@@Shadesof Exactly some ppl dont have an income problem, they have a spending problem! I've seen so many around me that increase their expenses as soon as their income increases. You're right and we'll never make perfect investing decisions and that's okay as long as you always stay open minded and strive to keep learning.
Your car can either be an asset for you or a liability, it all depends on what you use em for. For those who put there cars on rental it's a good means of income while those who just want to show off make no money.
That's true I use my car to transport myself to work, groceries, to pick up my kids and many other things so it's not a liability.
I still have a few months then I would be done with my car payment, I can't lie it's stressful.
Owing a car is not a bad idea, as long as you have the money saved up and a good paying job you good to go.
They say knowledge is power, you have to agree. I realised after six months of getting a new car that I would be stuck a few years paying for it so I decided to invest a bit of my saving into dividend stocks, now I generate good passive income which I use to settle few monthly bills.
@@michealvaughan8089 is it advisable to invest in dividend stocks, like your opinions?
Generational wealth plays a huge part on people’s success. Not saying it’s impossible for someone Poor to be rich, but the majority of wealthy people come from wealthy families. So they have resources the a poor person wouldn’t
.Thanks for the review
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Video was good, but as per thumbnail you should have included the point of why not to buy a car.
Delayed gratification. Don't buy a cheap car now and pay loans and interest every month. The car has maintenance, tolls, petrol, parking fees everywhere you go including parking at your own place. There is a lot of unplanned and undetected spending that goes with it. You can save all the money for one year and invest it in something which will give you a profit every month for a year or two. Then use the profit from the investment to buy car. That way, you live more peacefully.
Buy a car only if you plan to drive uber or if you plan to rent to someone who will pay your loans for You. This way you own it and you don't have to pay for it. And you can also rent out your car park and use that money to pay your Internet, water and electricity bills.
The money you earn from your work will be your savings, which in turn you can use to increase your investment, thus, it will increase your profits annually.
After that you can buy better car, maybe with lower loan tenure and pay lesser interest and you can pay it off from your investment profit instead of your monthly salaries.
they don't tell you why that's all i wanted to know
@@tourmalinestone3988 Because car is not an asset. Car is a liability that decreases in value. It doesn't put money into Your account. It removes a lot of money from your account.
@@suzannejoshua9836 but how can some one keep a job if they can't get to it and transportation is expensive what if you need to pick things up at stores if it's about 80 dollars to and from it's not even worth keeping a job if it cost more to get there then what some people made
That means we should always save and live our life.
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time.
Yeah! I agree with you sir.
If you want to be successful have the mindset of the rich, spend less and invest More. Don't give up your dreams.
@@peterbedley2719 People come here with the aim of chasing money more than knowledge and that will damage your progress, trust me. Chase knowledge first and I promise! The money will follow you just like it's following some of us now.
@@itoboreoghenevwegba4306 That's very correct sir!!
And that is why most of them end up losing they m o n e y to
s c a m m e r s.
Don't be in a haste to invest. Know what and who you are investing to and be sure that the person will deliver before investing.
That example literally had me shook. I’ve been saving up my money to invest in stocks but have been so tempted lately to buy the new iPhone 11 Pro since I still have the iPhone 7 with a cracked screen and broken mic. This video must have been a sign, I’ll keep saving!!
iPhone 6s with broken mic lol keep stackin bruh! 💯
Get a android for 100 and 40 a month
@@kmndr9377 liability
Iphones are stupid save your money you'll thank yourself later
Still got iPhone 6 going strong! Been thinking lately I’ll save the 1k that I would have spent on a new iPhone and see how the virus plays out. That’s almost one month of living expenses for me!
That mashmello experiment is missing a key ingredient, Risk. It should be like this, if you don't eat the mashmello, when the teacher comes back can either give you nothing, a second mashmello or might take half of your initial mashmello. Now things will be more interesting. 😂
May be too complicated for four year olds- but, that certainly plays into it
I think that's what he meant when he talked about poor families, it's that things are not guaranteed when you're poor so when get the chance you take it immediately
You left out how poor kids who grow up supporting themselves with long hours and low wages dont have the mental or emotional currency to study, let along the litteral currency to afford student loans. Rich kids can focus 100% on school. Poor kids have to work exponentially harder. I know, I dropped out of college because I couldnt keep up with my studies and work 10 hour days to pay rent and buy food
I came from a poor family that ended in a divorce when I was 13. I'm now 30 and
much much better off than my parents combined. I understand delayed gratification, and my future looks very bright. Guess I'm the exception.
Well done bro! Don’t forget to treat yourself sometimes!
A whole persons life and destiny is summed up by one single powerful quote:
"We become what we think about"
Bought my Camry in 2009, still running strong. Has been paid off since 2010.
There's hundreds of videos like this, but what we need is a video like: how to escape from the poverty circle
No one will understand the pain poor kids felt.
I mean think about it. How is a $15K car cost $425 for 72 months totalling $30,500?
Because a car worth $15,000 would only require around $225 a month not what you mentioned
Tax, title, license, interest
Don't get a Ford
@@supermanprime1281 If it wasn't made in Japan I'm not buying it.
Horrible interest rate.
Even though your reasoning for being stuck in the poverty cycle has some merits. There are other factors that are not mentioned. Rich kids with educated parents have first hand education on how to handle and manage finances. Usually the wealthy parents associate themselves with others on the same social status and economic status. Thus that type of environment give the rich kids a competitive edge over the poor kids. If just having just a decent meal on poor kids' table is an accomplishment, so what type of ambition they will have when they grow up.
Yep. Rich kids aren't necessarily smarter or more talented than poor kids either. I've seen first-hand that oftentimes rich kids don't even have to qualify to get hired by their parents or friends of their parents. They are given jobs right out of high school or college and are trained/groomed to move up the corporate ladder. By the time they are early 30's, they are making 6 figures, giving them a good leg up.
rich people backstab and fuck so many people over to get where they are im sure. its not as simple as be smart with your money and be rich. you gotta know people, screw people, and put your feelings aside to get filthy rich. thats what it seems like to me anyway
@@richyoung4051 that's at the high levels. You can make a honest couple million dollars, but you can't make an honest billion. You have to be worse than just someone who screws people over at that level.
Delayed gratification is the key sets your mind up for success and challenges sad to say most middle class people have the mentality of the poor
But there's hope and they escape it
Success full people simply know how to delay gratification but the unsuccessful people find it hard to do...
It's hard to do but not impossible to accomplish, I have adhd and I've tailored my environment, get my schedule and tasks together and space out breaks while doing work but always get back to the task until its finished for the day
When I was a young kid, I always don't get what I asked from my parents. When I asked for a bicycle, I get a motorcycle. When wanted to have a car. I was given a sports car. Several decades after, I ended up 100 times richer than my parents. I guess when you're not getting things that you asked when you're growing up, will have great impact in your future
That made no fucking sense
Nice joke. Very nice!!!
The title should be , never get into car payments.
There is nothing wrong with buying a car cash and own it free and clear!
Inability to delay gratification is what's keeping us in the pandemic. Here in the UK, people can't stop their little selves from illegal gatherings, house parties, piling into shops to panic buy, etc. And then when COVID rates go up and we're in lockdown again, they wonder why.
Yeah the prime minister :)
🤣
You want to know why some people will never get rich ?!
Because they're watching channels called "proactive thinker" and else.. and so they think they're proactive by just watching it, when in reality they're just lying in their sofas and procrastinating.
But procrastinating in a smart and reassuring way, by convincing themselves they have done something uselefull today by watching this videos. And after that they can go to bed thinking "well, I've been proactive today ! It was a great day".
And the next one they just do it again. So they never really go to action, when It's sooo much easier to have an effortless overdose of videos like this one which makes you feel better in your shoes and artificially improving.
about the “car” you mention on the thumbnail, the point is; “If you cant buy it twice, you can’t afford it.”
Ofcourse you can. You don't need to buy it twice. You need to buy it once and pay for maintenance and fuel. If car costs 15k$ you will not pay maintenance and fuel another 15k$.
@MaGicTOWer exactly, I sold my car actually and live close to my job. I save time too. 😊 Things might change when I have children but now I can save money
Branko Milanović, Serbo-American economics did many research in wealth inequality, and one of his most famous finding is that your wealth depends:
20% on your skills and efforts; 20% on your family background (if your parents are rich or not); and 60% on your place of living (country and even cities).
.Thanks for the review
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"Stop watching TH-cam???"😂😂😂
epic :))
as a entertaining thingy
😂
Thee_ Duet 🤗👌
"If a blind man leads a blind man, both will fall into a pit."
Kind of mind blowing. Didn’t think about how indulging children whenever there is something available could easily translate to adulthood and buying something expensive with your paycheck. Although not being actually wealthy. Great insight.
What? I bought a Skoda from 2004 for 3000 US $, automatic. It works wonderful and it helped me so many times. I think the title should be don't buy a car that you normally can't afford. Luxury is stupid if you're poor.
It’s interesting. My mother had a college degree but a relatively low income. The same was true of my father. I learned the importance of saving because I assumed the future would bring more of the same - limited resources. A lot of kids I knew from wealthy backgrounds had low impulse control because they knew they could get whatever they wanted when they wanted it. Learning to delay gratification might be like a muscle. Mine has grown weaker, unfortunately, as my income has increased over the years. Yes, I still save, but I also spend more now. I used to be much more conservative financially when I had less and felt concerned about the future.
Yeah the video brings up time preference but then tells a story about how it isn't your fault if you make bad choices. It's just a story but it sounds smart and it allows a certain segment to act morally superior. Your experience contradicts that story, but it isn't what the larger audience wants to hear. I'm not a "capitalism solves all problems" guy but it is a good thing that we have a system that actually does generally reward delayed gratification. That should be the takeaway, not finding excuses for people who consistently make poor choices.
It’s really sad that the majority of the comments here are missing the true point of the video and spinning this into that toxic hustle culture mentality which needs to disappear asap.
Making money is the plan and with forex your plans can be fulfilled. .
That's true Sir , never believed that there would be any occupation that can earn me such amount in a short time...
The only way to earn huge amounts in forex is when trading with an expert trader.......
Yeah I've. noticed that the. success. behind my profit in forex Investment is not solely on my skills but the help of Greg.T.martin, the best trader I've known so far............
....
I think I'm blessed if not I wouldn't have met someone who's as spectacular as expert Greg.T.Martin.
Wow......
. , I'm shocked someone mentioned and recommended Greg.T.martin I thought I'm the only one trading with him
I will be a success we will all be a success 🙏🏾☺️❤️
Speak for yourself 😆
Successful*
Is everyone is life would be worthless
🥰
The rich focus on opportunities, not obstacles. It's all a matter of perspective. The poor often see obstacles and quickly give up, while the rich see the opportunities and enter arenas that many wouldn't dream of.
No necessary true. If a poor person gets into a project and fails due to illness, robbery, bad weather or happens to live any other unfortunate event that unsuccessful attempt can cost him/her a lot more than just a bad experience because life might only give them one chance and that's it while the rich even if having failures can much easily recover due to financial and/or personal support from different sources, and either go back and redo it or start a new one.
What a childish vision of life! Of course rich people focus on opportunities, they have no obstacles! I hope you'll be poor one day to understand what does it means.
Yeah saving money is great.... but first you actually have to have something to save...
And something to save for America has no future
@@soioioioioioio34 again you have to have something to save to begin with with...
What if the poorer kids were just hungry and dont get marshmellows very often so they just go crazy.
Yeah poorer kids don't have money all the time. So, when the star earning money, they go crazy about money spend lavishly. Then they end up in debt and stuck in debt for a long time
it's hard to move around if you living in country where's public transportation are worst. When you have a good car, you can have confidence and opportunity to hang out with rich society. Surround yourself with smart and rich people so they can also make you rich.
I have been watching some videos and I was thinking about investing in bitcoin or forex , but still don't know where to start from, any recommendation?
Same here ,It's strange how people talk about all the profits, they've been making through trading of bitcoin, while am here not making any profit at all. Please can Someone put me through on the right path.
Men keep themselves poor by being a man child that hungers female attention and affection instead of focusing on greater goals early on in life to build a strong foundation as a man. Generally, the earlier a family is started the poorer it is. Example, poor people have more kids earlier in life than intelligent people.
My wife and I have been practicing delayed gratification for the last three years. Boy, there had better be some kind of fantastic reward at the end or I’m going to be pissed.😂😂😂
Everyone avoiding talking about the elephant in the room - genetics/IQ. If you don't have smart parents from whom you inherited a high IQ you will never figure out how to work smart instead just hard
I absolutely agree with the delayed gratification paradigm. I invest and let my money grow instead of blowing it as soon as I get it.
.Thanks for the review
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My parents are typical example for work and spend that money right now. For lifetime they didnt create anything, they didnt bought a house or saved some money. Just taking loans for stupid things.
And I'm ok with that, some people are happy living that life. But problem is when they teach kids that is the right way, program them.
I spent a lot of time getting away from that mindset.
.Thanks for the review
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This is why fasting helps soo much!
One of the lessons of fasting, is you are teaching yourself to resist temptations
Yes
Biggest lie people say . Get a credit card and don't buy a car in cash. Those 2 things put you in debt and debt is the biggest mistake you can make if your trying to get rich .
.Thanks for the review
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Mabye centuries of systemic issues have kept many people in the cycle of poverty and people ignoring those issues will continue the cycle.
You can't not by a car in the United States. We have horrible public transportation and poorly designed city and towns. You pretty much need a car wherever you live to be productive.
Interestingly lots of self made millionaire and even billionaires have come from poor families.
Meanwhile spoiled brats from billionaires family just waste all their inherited wealth on stupid shit and are still unhappy... It's really a paradox.
I'm also from below-average family, and I'm trying my best to get to a better position, still doing pretty good, and I'm ok :)
There is no better motivation than fear of poverty, or seeing it, or even feeling it. Elites know that werry well, and it's working.
Very little compared, who was born poor will die poor.
Yes, but at some point, they met someone rich who would become their mentor. This person gave them a chance and taught them how to succeed. Pulling yourself up by your own boot straps is a myth; if you can't even afford a boot, you're screwed. If you truly have nothing and no one will give you a chance or a hand, you're SOL.
@ faruk Hasan, but where did their millions come from? Most of those self made millionaires didn't earn their wealth through honest means, many of them had to do some real shady shit to get to that position.
This is a false statement...
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Remember if it's going to be, it's up to you. ~ Brian Tracy
Preach
The book, “Think and Grow Rich” describes how people born into wealth are less likely to want to become rich due to the already given “treats” compared to those who were born into poverty and want to experience those treats by working smarter and harder
This was depressing. Not the whole video in general, it actually provides real information on the benefits of delayed gratification and discipline. But the part about children thinking that daily life holds no guarantees and that there might not be food tomorrow really struck a nerve. Reminding me of stuff from when I was a kid.
Don't drink the kool-aid? More like don't eat the marshmallow!
Thanks for the review
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There's nothing wrong with going on TH-cam, social media or any other entertainment medium as long as you don't let it control you. If you enjoy them use them as a reward for studying or paying off debt..
I'm a banker to one of the richest family in my country, they're worth north of $30b. The grandma (1st generation) always cook on weekends where the family will gather for dinner. She'd blow her top if anybody eats outside & taught her kids to live very frugal life. Her husband drives a Toyota (still). Me & the boys would crack jokes about the in-laws, that is surely not what they expected 😂
I bought a car few months ago. And now i am making money with the car. I have my freedom and i control 100% my time. I am my own boss 🤷🏽♂️. So buying a car is not a bad decision if u know how to exploit opportunities.
Boom 👌🏽
Yep. Using my school money from the government and from VA to buy my next car.
i own the same Toyota 4Runner since 2002, it has almost 290k miles and still going strong, i'm going to drive it until doors fall apart
Then when the door falls off replace and repeat.
As a kid, I had a had time delaying gratification, especially for sweets. As an adult I made my wealth by long term investments.
The thumbnail was so off for this kind of video. Not clickbait but misleading
He's also incorrect about a lot of things thinking that because you're parents are rich then their kids will be is idiotic and incorrect my parents are rich and I'm poor and it's like that across the board
I think yes to some extent your parents influence you into adulthood subconsciously but you can change and learn to develop self control. Both my parents were college educated but that doesn’t mean they were rich and there were times my dad especially growing up would tell me he’d buy me Jordan’s or a new toy I wanted if I got good grades in math. I’d study hard to get good grades on my report card and never got the reward I wanted 🤷🏿♂️ broken promises were a recurring theme growing up so now as an adult with a toddler now I will keep my word on promises 💯
Never buy a car but taxi. Because if bought taxi costed of $ 20650.73, you can use this as transpotation service vehicle and you will re earned you investment and dobled it. Unlike car, it will depreciated for long period.
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“Never buy a brand new car”. I agree! Save as if you will buy a new car. And buy a practically new car from an owner who rather have the cash. Yes, Never buy or sell to a dealer they will make a killing and worst if you borrow to buy from the dealership they are have ripoff maintenance too.
"stop watching TH-cam and study for tomorrow's test" you were definitely talking to me 😅
Thanks for the review
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How the hell was thumbnail related to this video?
Cause you're hanging out with other people who are broke af. They aren't your real friends if they aren't helping to get together financially.
It’s understanding the power of compound interest. Every dollar you spend today could actually mean you are spending 10x that amount 30 years from now
... then comes inflation. Compound interest of what, government bonds with yields of 1% per year? This logic only works when you have kind of a guaranteed way of having yields higher than inflation. The REAL yield (after inflation) will be much less than 1000%.
@@ark_crimsonThat will be index funds. The SPX500 makes an average of 10% a year. It’s quite low risk because you invest in 500 different companies but you are only really guaranteed to win in the long term if you don’t panic sell when the market drops. Just continue putting in a fixed amount every month without caring about the current price.
I bought my SUV new in 2008, paid it off early, kept up the maintenance, and it still looks new. I haven't had a car note since 2010. With my salary, frds think I'm crazy for not buying a fancy foreign car, but I couldn't care less. 😂
Do people really like marshmallows? I think they taste weird
They only taste good roasted.
@@monica62888 i bet you taste good roasted 😏
I agree, I tasted them once, pure sugar and weird texture. Totally disappointed. Give me chocolate or cookies insetad!
Love ‘em!
Quickest way to go poor.
Have kids or buy a new car or marry into poor family.
legit.
By A used car the person in the 10 year old range rover doesn't have A car note and there house is paid off.
One of my dreams is to be able to buy Lamborghini in cash, however the day if I’m ever able to do so, I would hesitant and remember that not buying these like that is what makes you rich.
From personal experience I've found that many kids from wealthier families don't have the drive or desire to be truly ambitious yet money flows their way...it's the openness of their minds not confined to think a certain way and the obvious advantages of networking that tend to give the head start
I bought a nine year old car in 2009 for 3150 Euro. In the years to come I spent around 2000 Euros in repairs like brakes, tyres, a new windshield, a new cooler. So I spend a total of 5150 Euro in 11 almost 12 years for my car. That is roughly 450 Euro per year. I think, that is fair.
I enjoyed your video and there is a lot of truth in it. I worked 70 and more hours a week for probably 15 years and lived very cheaply. I loaned quite a bit of money to my mother who was a millionaire at one time. She never paid me back and I have struggled ever since. A fool and their money is soon parted. In my opinion you should never loan more than you can afford to lose. If a person loses their money no body cares and just about everything goes to hell. Even family can screw you over.
@K Jhnsn You are right. I appreciate the feedback.
Never buy anything and die rich. Great way to go.
+1( 7 3 1) (2 5 9 0) (5 7 0)
I thank God I changed, I can relate ALOT to the impatient kids, I got addicted to crack, and I'm clean for 2 years and started a whole new life. I've learnt to be patient, i even got a tattoo (patience is key) so I can remember to be patient. The key is patience, it always was and always will be! It's never too late people!
What a crappy tattoo
@@2121-x4x what a crappy person you are
The parents being rich part is bull shit. My parents are far from rich and what made me work harder and smarter was seeing how hard they worked to get by. I have delayed gratification my whole life cause I’ve always had a bigger picture. Friends bought nice gadgets, I would save money for sneakers that had resell value, friends started buying nice cars with debt, I saved 5k and bought one paid in full, friends started traveling and buying nice materialistic things after college and now I have a down payment for a house & currently looking for a home.
I was furious when you talked about the Marshmello test. But then you also talked about the debunking of that initial test.
Whew, glad I finished the video before commenting haha
Unfortunately, it is not as simple as "wtf just wait..."
In real life, so many people can't afford to wait.
My 2002 car was bought in 2007 outright. I still have it. My phone is 3 years old. I have been debt free for years. Debt keeps a lot of people poor. I do have money.
I was just thinking of upgrading my phone... but after watching this video I’m going to keep my iPhone 6!
Honestly iPhones are all pretty much the same, the only difference is the screen and camera quality. Apple prices their phones high cause they know people will pay it. Forget anyone who laughs at you for the kind of phone you have, says more about others than it does for you
I mean, Elon Musk was bullied when he was a kid. So I don’t really think it’s true that people who are successful had a lot of friends?
I was bullied too and now I am very successful 😃
*Thank you for taking the time to make a video about me* 😌
))
giving kids candy as a treat is misguided. Offer something that's truely a treat: some blueberries or some fresh picked blackberries. Marshmellows are just sugar with no nutrients, no wonder those kids behaved poorly.
Let's be clear.
I will give you a real life example that delay gradification is not the main reason. Uncertainty is the main reason.
Let's think about investing.
Character A.
He invested during 2008 till today and made about 300%.
Character B.
He invested from 1952 till 1982 he made 0%.
Character A waited 10years for 300%.
Character B waited 30years for 0%.
In real life the problem is that we are not sure if we are going to get the rewards we expect.
A more realistic approach should have been.
I can give you 10,000 dollars now or you can wait 5 years and you have 25% probability that I will give you 100,000 dollars.
I bet you most successful people would choose the 1st option.
Because the second has the odds turned against them.
Try to make things simple. But not simpler than they should be.
Waiting to get bigger rewards when odds are against you is a bad idea.
That's why there is only 1 Amazon and 1 Apple.
The second option has higher expected value than the first actually.
The cycle of poverty is real. There are steps. Getting a job, Saving/Storing money away, building credit. Giving resources anyone can come out of poverty.
That was EXTREMELY helpful video😊. Loved it. It's really hard to control ourselves from immediate gratification as it releases Dopamine in the reward system 😃.
Glad you enjoyed it )
Americans are also so preoccupied with "investing and building nest eggs." That is a pure transfer of wealth from less wealthy to super wealthy. The most of the money you "gain" will be confiscated through taxation and inflation. I love this video as it validates some of my assumptions as it comes to delayed gratification. It mostly works if you are coming from better off families. Otherwise, it is just a variation of church's tactics to keep the poor obedient.
Don't forget interest...that's as big as inflation and taxation. Interest is 20% of the GDP, taxes are another 20% at least if you account for some overlap between the two, depreciation of assets and currency/goods/services inflation easily take another 5%-7% a year. Although depreciation is supposedly only a paper loss...