Escaping the Rat Race (Ep. 539)
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- เผยแพร่เมื่อ 12 ก.พ. 2022
- I shares my thoughts on the vision and reason to invest, what they don't teach you in school about investing, and the mind-boggling power of assets to work and grow on your behalf.
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Curious to hear, what’s your reason/motivation to invest?
An even better quality of life when I quit working; not necessarily more "things" but more travel and the knowledge that I am absolutely financially secure.
same as you laid out actually. First secure my family so we can live off the assets while they are still growing at the same time, then figuring out a way to do good with it and investing my time into that as well. Win-Win-Win. TSLA will make it possible
The obvious one for me. The goal is to not be obligated to do my day to day job. To do what I actually want to do. Like creating value, giving back, putting smiles on people‘s faces. To have more time to share with my family.
1) First get more freedom (esp. over my time which is the ultimate scarce resource) 2) Then, use my resources to help others effectively.
Super early retirement.
This is the first video I’ve seen from anyone that discusses the importance of compassion for those less fortunate. Great job
Really? First video ever you’ve seen with virtue signaling.
@@cyumadbrosummit3534 Dave Lee only invests in proprietary software. Definitely just a case of virtue signaling.
Options
1. Employee
2. Self-employed (make your own job)
3. Business owner
4. Investor
I’ve spent my life doing first (1), then (2), while in parallel doing (4). With time, the assets/resources that I’ve generated from investing have dwarfed the other two. Using the excess resources generated - mostly by Tesla stock gains - I bought a beautiful wooded farm (with a river running through it) to preserve it, and am converting it to a solar-powered hobby farm. Longer term, I’m planning to build a solar garden for the neighbors and nearby community. I thought all of this seemed an appropriate “ripple-effect” use of assets from Tesla gains, and also fits with your thinking. Thank you for your calm, thoughtful, non-clickbait insights. Nicely done.
May I ask what was the price (range) of the Tesla stock when you first bought it and what year if you remember?
My Homosapien….. I love this ❤️ Payin’ it forward.
Ha, well, first buy was split-adjusted $6 in 2012. A few more buys after that, too. That first buy was after I read an interview that Wired magazine had done with Elon Musk - I think about when the Model S came out. I was so blown away by his vision and genius that I thought, “ I wanna be part of this.” I couldn’t afford a Model S, so I bought some stock with 401(k) funds, instead. I just hung onto it as it bounced around doing nothing for years, but then it ultimately worked out pretty well. So now I call myself an investor, but really I’m just lucky.
What does the wooded farm look like? Would love to see it. Any chance to put some pics on your channel?
@@samtree99
Hmm, well, I don’t really have a channel, but I’ll describe it for you.
It’s a 185 acre farm in the rolling hills of western Wisconsin - just east of the Mississippi River. It has one mile of shoreline along a trout stream that flows west through my farm and then a state park and then into the Mississippi. The 85 acres of river banks and hills along the river are all hardwood forest. The remaining 100 acres are the farm building site and tillable land. I am converting the farm to solar power. This installation will be my first phase, and I’ll take what I learn from Phase 1 to install a bigger solar system that I hope will be a solar garden. I also intend to install battery storage.
To go along with my Tesla Modrl Y, I also bought an electric tractor (Solectrac) and an electric snow bike (Moonbike) and have an electric dirt bike on order (Volcon Grunt). My idea is to spread the word by creating an all-electric solar powered hobby farm.
This is actually one of the best videos this year as a lot of misunderstandings about money; overall money could be evil. But wealth could bring freedom to self and others; good reasoning and why we should not avoid investing. Blessings and may more blessings upon those could pair with greater responsibility and bring hope, and love among us.
Money isn't evil.
Dave, really appreciate you bringing up the pitfalls associated with growing personal assets and the imperative for greater sense of responsibility that scaled up access to resources demands. This is often an overlooked challenge.
My reasons: I hate working, and I want more time for myself.
Thank you, Dave! You are a great teacher. Your videos have improved my life over the last 2 years. I will be watching this video many times over to make sure absorb all the info.
Thank you for this Dave. I deeply appreciate your character and your use of voice to foster a vision for meaning and wholistic development of life.
I would love for Dave to do an episode on investing late in life. I just started and I'm 50 so I don't have decades to recover if I make big errors.
He is pretty much all in Tesla. What else you want him to show you?
One route you could take... downsize & cut spend as much as possible. Then invest a % of earnings into pension (especially if an employer match scheme is available? Multiplies your money immediately), a % in low risk shares (index funds, S&P500 say), and a % in higher risk stock. The percentages depends on your appetite for risk. If there's a % that would make for a decent minimum pension for you when you retire, could start there, with remaining % apportioned to the higher risk latter 2 options. The pension is thus the safety net, the index is a baseline, and the high risk stock is the moonshot.
50 isn't that late in life, people still going for role of US president after age 70 👍
Hey Dave, this is great advice. I love that you deliver it in such a clear and structured manner, making it all the easier to understand.
Excellent video Dave. I enjoy your measured presentation an your calm insights. You have improved so much and your channel has become a must. Thank you
Whether this episode is popular or not, this is easily one of the most significant ideas you have shared yet.
Thank you for the influence your thoughts, speech, and actions, Dave.
Dave you have really helped me to achieve financial independence . Got into Tesla in 2017 and have been buying ever since. Great job you made an impact on my conviction.. a big thankyou
Great video.:) I started investing in the early 90's and it me about ten years of learning before I found the right mix of assets. I invested into tech stocks and property, I made a lot of mistakes along the way but stuck with it. Took about 15 years to reach my first million, then two years for the next million. At 10 million net worth I decided to quit my day job at 50 and retired.:) Along the way I sold my stocks and focused on my properties. I've since started investing in stocks again after seeing opportunities after Covid came, so I now have a small asset mix of $250,000 in Testla and a handful of other favorites. I really enjoy your channel and thanks for the video's. The future is certainly going to be exciting.:) Thanks.
Congratulations on your hard earned success.
I have been questioning the $10M threshold for retirement. You talk about focusing on real estate investment over stocks, but I want to know about what you focused on after retirement for your life fulfillment?
@@trent_carter Thanks, my wife works and I take care of our two boys. I have a small mechanics shop that I spend a few hours a day working on a few projects. My plan after retirement was to take a couple years off and think of a new business venture, but I'm having too much fun on my hobbies to consider a business.:) I could turn the hobby into a business, but that would be working again.:) I'm now more busy now than when I worked.:)
@@detroitgarage9430 sounds like you have a solid plan to stay fulfilled, and it is working. I retired, have young boys, and hobbies, turned one into a business, and as you said was working again. But as long as I have a purpose in life. For me it has to be outside of the kids as they will grow and move out with time.
Thank you for sharing. It’s a delicate subject, especially with my less fortunate friends. So tough to find an audience.
Dave this is one of your best videos I’ve seen yet. It helped really open up my spectrum of thinking. Would love for you to dive even deeper in these topics in longer form soon!
Beautifully said Dave. Love the message. Changing my focus to how I can help others and causes through investing has helped with being a more focused and serious investor!!
You NAILED this discussion, Dave! Awesome job!!
Thank you 🙏 We need to be reminded and reminded.
I’m thinking of you when you called for action and effective mobilization of 100’s of people incredibly in need, all the way across the world. Heroic and humble, you lead by example and it’s Appreciated!
Hey Dave it would be great to have a video where you’re sharing your thoughts about the “4% rule” in regards to withdrawal rate for early retirees. For example, someone wholly invested in tesla may feel comfortable drawing more than that given expectations for their growth over the next decade or two.Hearing how you value current lifestyle versus future lifestyle. Valuing and Discounting future quality of life back is hard to do.
Solid video Dave! Important stuff that needs to be taught in school
Man you are such a lovely person! Love listing you ! Wish you all the best! Ps. you got such a positive vibes and energy ! I would recommend your channel to my subscribers , cause you are really making the difference ( also cause of you majority of my portfolio is now in TESLA , much love ! )
Dave, fantastic video. I respect you even more for the impetus you place on empathy. My hope is that when I reach escape velocity is to help my community/humanity with my free time, as I find that much more rewarding than simply earning the food on the table.
Hi Dave, great points that definitely speak to my investment thesis. I am a teacher and would like to fire my day job when I turn 62 in about 10 years. Hopefully, my aggressive turn to all in on Tesla will make that a reality. One reason that I love Tesla is from the perspective of sustainable investing, I would like to hear your thoughts on this subject. For instance, I can't wait for Redwood Materials to IPO. If I am going to add new investments to my portfolio, there would have to be great financial upside plus a mission to improving the planet, which Tesla has a strangle hold on. I appreciate the content, take care and be well.
I'm 4 years older and want to quit working now. Redwood materials is one of many Tesla or Elon related companies I would like to invest in, but I know so little about them. I'm a guru on Tesla and the math of the growth potential is mind boggling. I walked away from an opportunity to invest in pre-IPO SpaceX because I would be selling some of the most amazing investment of all time (TSLA), to buy stock in a space company that I love but know relatively little about. I'm very conflicted by this.
Love this format with the written slides on the right, Dave!!!
thank you Dave... it was really helpful to think about "the why" of investing. 🙂
Another great educational vice Dave. Shared. Thank you for all you do!!!
I have children who will share my estate, but I will add another "child", which will receive an equal share of my estate. That "child" will be charitable giving and community involvement and support. There are lots of people in my position who could easily do the same thing. Dave, you're a great example of how to do the right thing. Kudos.
This is a great episode. Thank you Dave! You are greatly appreciated.
This is one of the best videos on You Tube! So informative and clear. Thank you so much
Schools need to do more to add some "life skills" classes that progress each year in school.
Young children can learn about saving accounts, credit cards and interest expense.
As they get older they can learn about investing, 401Ks, Social Security and health insurance.
Every senior in high school should be taught how to prepare a resume and a video mock job interview should be done.
Seeing themselves on a mock job interview might be an eye opener.
Understanding rent or home expenses would also be helpful. Doing a budget comparing a standard low wage job income and explaining all the expenses such as food, rent or mortgage, utilities, insurance, clothes, car payment and repairs makes people think. I see too many people that graduate from college that still don't have good life skills. This should be a required class to graduate.
I invest to help myself to help others.
Big fan of Dave's videos and this was one of my favorites. Sage advice and wise words!
Great FI talk Dave. Please produce more content like this. My personal motivation to invest is similar yours; To meet all the bare necessities in life and to then figure out what the next step in life is. I just became FI and I am struggling to figure out what to do next. Do you have any suggestions? I would love to hear your thoughts.
So agree with investing beyond self!!! My wife and I retired at 56 over 8 years ago and have tried to help our family (4 young grandsons) and give more to charitable organizations......that gives us the most joy-even though it can limit some expenditures for us. I still try to 'save' and invest as that has just become part of my personality now, since I have been doing it for decades. Interestingly, when I try to help others, they just don't seem interested, even though I present to them some of the same points you mentioned....that saddens me..but I have recently concluded that I can't force folks to save/invest etc..and everyone's financial life is different.
Thanks Dave for being impartial, keeping it real and highlighting what's important at the end of the day. Chasing assets/resources is and always will be a never-ending endeavour. Always looking forward to your new content with excitement, and thankful to be able to learn from your insights each time!
Great vid Dave! Sometimes it’s good to stop and think about these things. Thank you.
Thanks for keeping level-headed
Very well said! Thanks Dave.
I realised that I'd never hit my true goals in terms of owning how I spend the time of my life without accelerating my wealth growth i.e. not solely relying on work. My goal is to accumulate around 2.5m - 3m USD, move 500k into housing. If I can leverage that to have a 1m portfolio, that gives me around 5% annual net profit then I could retire with a salary not too far from what I have now. I'm 33, a little under 20% of the way there, around 80% or so in Tesla but hoping to never really have to sell 💪 Once I'm free, I hope to give back by volunteering my time for different social initiatives for people and animals 🐕
Great goals dude. Glad to see some other people here with similar reasons for investing!
Well done Dave. You have a way of breaking this down so anyone could understand.
in dave we trust
Great video Dave! I started investing to not be poor, I was before (cheque to cheque). I love the idea of growing more responsible as my assets grow. I've been fortunate enough to ride this $Tsla wave over the last few years. Now I'm in a position to share and help others around me. Thank you Dave!
Soll insightful! Thanks Dave!
Great conversation Dave! What changed my life was discovering MoneyMoustache and the 4% rule. I realized there was a way to retire / financial independence early. Later I found Peter Lynch's book - and started to teach myself stock picking. I later layered on Options selling for additional income. I'll be leaving my job this Friday to be FI! "Escape velocity" - love that! :)
I've always wanted to be more entrepreneurial. I look forward to my new autonomy and control over my life. Being able to self direct your day is priceless. I'll explore passion project ideas like podcast, YT channel for my dogs, something fun and creative.. So far, managing my stock portfolio is truly liberating and satisfies the entrepreneur in me :)
one of the fundamental reason to invest is to create value. it creates values for the company and the investor. so I do invest on companies where their values and missions meet mine- like tesla.
Dave, I believe I hear (justifiably so), a sense of your own new found situation in your comments and advice. As we find ourselves in a state where we can devote more time and money to help others and other causes, we begin to see the chasm between what we once struggled for everyday versus our sense of freedom from worry, more clearly. Your comments are very helpful in reminding us all that, should we become more successful in our investing, we can devote more time to help those still trying to escape the rat race. I like to think that most of us will do that naturally, while others may need encouragement to see that new found option. Anyway, my goal is to invest to be able to support my family as I age plus animal welfare projects that are always struggling, by providing funds to support the animals directly but also to the people who give so much in caring for them. Dave, you are a voice of moderation and sense.
Thanks for covering the cons of reaching escape velocity, so many investment commentors ignore that aspect.
Wow, another awsome video Dave. Thank you.
Should make this a required course (or presentation) from High School to MBA. Thanks for the great insights!!
Moral investing. Many thanks for that Dave.
Love you Dave. We built an entire company around growing assets and helping the larger community at the same time. It can be done and should be the norm/foundation.
Hi Dave thank you for the insightful view on money. I’ve been trying to comvince my wife to think like this for the longest
Love you man!
Actually very good. Simple and true. Your takes on the cons of financial freedom are also refreshing and true(own experience). Fully agree we should aim to invest beyond self and I am convinced it will also result in more happiness and satisfaction. Well done
Thanks for the interesting perspectives.
Nice work Dave , 1000% improvement ;-) , was nice to listen to.
I really like the term "escape velocity" in this context. It aptly likens Earth's gravity well to the retirement gravity well.
Great inspiration - thanks, Dave! :)
Thank you so much for this great video!
OMFG, This is every reason I ever thought to invest in the first place. Well said!
Congratulations, Dave! You’re a certified financial guru. 👏 😉
Beautiful thoughts Dave. Loved the video.
Dave I want to say out of nine sibling I’m
The only one who learned about investments in term of stocks -- last year I got in on March discounts - it has been such a blessing to be in this community -- I have gotten back all my returns I originally place plus now it’s all compound money. Such a blessing
Dave, what you’re discussing is similar to “self actualization”, from Maslow’s Hierarchy of Needs. It’s the highest level we can achieve. Do a search on this concept. Investing can ensure we satisfy each level of needs in order to reach the next. Good to think about.
Reaching escape velocity is easier, when you can reduce gravity. 😊 In this case, reducing your monthly/yearly bills. For most, the biggest are the energy bills (heating, cooling & transport... and mortgage/rent. Anything you can do there to reduce them will have a big effect elsewhere.
Wish I had this video when I was younger. Oh, and when you were talking about job and schooling issues all I could think about starts with a v ends with an s, accine in the middle 😉. My employer told me and my wife we have three options, inject something into us, get fired, or be placed on an unpaid leave of absence for 12 months and if we don’t get injected by then we will be fired. Needless to say, I’m all about gaining my financial independence and you have very much helped me in that direction.
What is a responsible level of growth to expect in order to do the calc on declining level of assets? 3% a bit more maybe? If invested in a generational company like TSLA, could I calc based on a much higher rate of growth? What is conservative?
We are a high income family who will reach escape velocity in the next few years, if we have not already. We see many around us with high incomes who are clearly spending everything they earn, and living lavishly. We feel a disconnect with them and don't identify with their ostentatious consumerism. It gets uncomfortable...
Theyre living in the race.
So, any fresh ideas on how to decide when and how to start sharing built wealth, other than a fixed percentage? Maybe the percentage grows as you get above escape velocity? Do you start with your social circle’s needs, and move outward from there?
Thank you, keep up the good content
I can attest to changes in my physical health decreasing my assets. Several years ago, I had a debilitating stroke that left me wheelchair bound and unable to work. Fortunately, I had selected optional long-term disability while I was working, which pays me a half of my old salary, tax free. As a result of my disability, I can’t drive my Tesla Model X, my paid caregivers drive me to appointments. Caregivers are expensive, so my assets have been decreasing. I had other plans for my retirement.
This is an absolutely critical video for some of us right now- Really right on the money... 😛
I am listening to a lot of long term investing advice on the internet right now. I think maybe you understand that if you long term invest until you die... what were you saving for?
There needs to be some point at which we realize we have hit escape velocity, and start planning how to steer the rocket at that juncture. Continuing to work "for the man" past that point goes against the important goals you mention here. So my more recent question has been "when do I stop"? Maybe some math around that would be great for a future video 🙂
Another thought provoking episode. I'm a 74 yr old who has managed not to deplete nor grow my assets over the last decade. Three months ago I asked myself: am I a successful swing trader or am I merely running in place? Unfortunately this turned out to be a bad time to buy and hold TSLA - at least for the short term.
For a comfortable, healthy and safe retirement
Great video! Thank u
“magical” “grow”… yes … well said Dave
Your videos are always useful, Dave. Thank you for the great service you provide. This is a great way to think about investment and passive income. But the other piece of the puzzle is how not to be destroyed by taxes and inflation, especially as retirement nears. Could you address that?
Not everyone in society can have a growing asset pool, otherwise society would collapse. Inflation corrects this by force shrinking people's asset pools in order to get people back to work.
The compounding effect should frame your expectations based on the track record of history!
watching again.,great break down.. Peace-
great video Dave. meets my core value on why I invest. I added another child sponsorship for the less privileged through 'Compassion International' this year. My hope is to add sponsorship each ear as my investment grows. There are so many who are living with so much less and how small help can change so much of their lives.
Excellent thoughts!
incredible content bro
You should consider making a video on just that last slide and how you would Envision such an action. I was recently watching CCP criticism of the USA which indicated that capital allocation is governing politics, and therefore corrupt. It has some truth to it
I grew up in a poor uneducated family. I’ve spent my life wondering how so many have so much and others have nothing. I’ve taught myself over the years everything I know about money. I guess my main goal in investing is to be responsible and take care of myself. Secondary reason is I’d love to be able to care for my family members as well. I also dream about living a more comfortable life with less worries and having more choices.
Another great video, thank you.
My reason for investing is, I always wanted to own my own business. So I feel when I invest in a company, I’m proud to be a part owner of that company through the stock I own. I have voting privileges to who, and how the company is run. It’s exciting for me, and this also gives me the satisfaction to know with my investment, I’m giving them my capital to help the company grow. It’s all a risk, but that is also the gambling side to investing. Being a gambler, I love the excitement of this part of investing. So the wealth I’ve made will be used to help my friends and their children not have to worry about financial issues in their lives.
Hi Dave
Lots of investing guru's advise against having a single stock comprise 90-100percent of one's portfolio. I would really like to hear your opinion on this? I get where they come from, but my conviction in tsla is just so huge I can't help myself!
Regards from South Africa!
Just watched a Dutch television show from a son of a wealthy family who live in a beautiful castle in Holland and confronts his parents of the growing wealth gap in the Netherlands and he, like you, sees a growing anger of the less fortunate towards the families who keep on passing their wealth towards the next generation. His parents call themselves fortunates. He, as an heir, sees his responsibilities, like you.
Just viewed two good people in one weekend!
As a Dutch immigrant to this country, never had a penny to my name. Invested in a 401K and in 2020 invested all in Tesla. Thanks to you and Rob Maurer now have over 1M. and can send my kids to College. Now I am fortunate and you showed me my future responsibilities.
Sufficient resources removes unnecessary obstacles in the pursuit of self-growing. If one day I'm lucky enough to heal and achieve. I'd like to help other people who is still struggling to heal and achieve.
Dave, I began investing as a means to supplement retirement, and if skilled and lucky - an early end to traditional employment. As time has evolved my brothers have taught me the importance of investing in areas of conviction, companies that I believe in, both financially and missionally. I’m not sure that it’s the best concept for achieving the best returns, but it’s been pretty good so far.
Hello Dave. I agree we should all have awareness of others, but what I see right now is this: I am working my ass off and putting every dime into investing, 80% TSLA, in the hope for a better future. Everybody I know says I'm nuts for doing so. They spend all their money on dinners out, gifts, toys, big gas guzzling trucks and SUVs, etc. I have about 5 years of working left, and I am full throttle investing. If I retire with good finances, and they are broke, how do I owe them anything? They refuse to sacrifice now... Decisions have consequences.
Dave.
This is good.
Some Folk don’t get this.
I think we need a video of your stock holding to get an idea on what types of stocks in portfolio. It may help other people join similar. I think $TSLA should go on major rollercoaster. When it falls down keep adding, until it reach $10000.
Great video Dave! May be one of the best I have heard on investing. Passive income, allows more freedom and time to do the things you love like art, music , sports. I like to invest in companies that I pay out to monthly like banks, utilities, communications (phone, internet). Just to get some back in dividends/equity growth. Resposibe investing also allows one to support self, family and community. More investing videos please...
Initially I bought stock so as to afford a Tesla, but now realise I will never sell. My equity will fund my entire lifestyle in a year or two (including the car) and my portfolio will be inherited by my son.
Well done 👍
Funny. I call it escape velocity too. My wife worries because I have 93% invested in TSLA. I could cash-out now and have a comfortable early retirement. If we let it ride, we should already be at escape velocity as long as we don't go hog-wild on margin. I use an 80% crash for my worst case TSLA scenario, so every new high makes me want to quit work more and more.
Great content. Helps put things in perspective. 2020 and 2021 made people even more impatient. Wanting the "Moon" the next day. Investment should be seen as a long term and ongoing to maintain wealth. My co-workers ask me if 1 or 2 million dollars today is enough to retire. The answer no. Not because it isn't enough, it's a number of factors. The biggest one is inflation, you can't run away from it. The second and most what most young investor can't fully grasp yet is health. A young person who made 5 million on Tesla stock under the age of 40 retired in Mexico and bought a mansion cash. If that person gets sick without any medical coverage can drain you're money faster than you think. Retirement or the so called Financial Freedom is nice. But you can't buy health and you can't stop time.
Dave, can you talk about how 4680 will impact Model Y in the near future? If it increases the range dramatically, would they increase the model Y price but keep a lower price model Y with existing cell?