10 Commandments of Creating Wealth!
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- เผยแพร่เมื่อ 18 พ.ย. 2021
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The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW!
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"Comparison is the thief of joy"... yep, you said a mouth full with that one Brian!
1:43 - 1st commandment
2:35 - 2nd commandment
4:47 - 3rd commandment
7:07 - 4th commandment
13:06 - 5th commandment
17:57 - 6th commandment
25:59 - 7th commandment
28:08 - 8th commandment
34:14 - 9th commandment
39:03 - 10th commandment
You're the man!
If you're born poor that's not your fault, but if you die poor that's on you.
Soooo true. I spent years of my youth in section 8 housing and grew up on free/reduced lunch etc. Now I have a 6 digit net worth at 32 and building it as fast as I can, anyone can do it!
I have a similar back ground. Congrats to all of who choose differently.
Congrats Paul!
Good job working hard. But please keep in mind that the vast majority of people who are born into poverty won't be able to get out of poverty. People that are born into poverty have a lack of resources to help them get out of poverty. Are there anomalies? Absolutely. You sound like one of them. But people born into poverty typically have a lower reading literacy level, experience alcoholism at a higher rate, are more likely to have family members go to jail/prison, are more likely to experience stress from money fights, etc. All of these things place stress on people and when people are stressed it makes it very hard for them to perform high level cognitive tasks like reading, writing, and mathematics. You know, the things that people learn in school that will take them to college and help them get a better job and climb out of poverty. As a teacher, I see this every day. I tell my kids to work hard. But it is very hard for students to focus and learn about the Bill of Rights on the causes and effects of a historical event when they are worried about where their next meal is coming from, if they have a place to sleep that night, or if their parents are going to be raging drunks when they get home from school.
@@josephburton3232 Right, I'm not saying it isn't a detriment because it definitely is, I'm only saying that with enough hard work anyone can dig themselves out of it. I remember seeing the others I went to school with that had stable homes and wealthy families and being mad about how unfair it all was. In the end though I knew only I would care enough to fix my situation and I put in all of the effort to fix it. The system 100% needs to be fixed but don't ever let a bad situation be a reason you give up.
This video and the FOO sheet should be in every 16+ year olds Christmas stocking.
Wish I had discovered this show when I was 25 with almost no expenses, instead of 35 with lifestyle inflation and less time to grow my army! Great content as always!
Same. I'm discovering it at 40, but hoping I can course-correct fast enough to at least get a battalion, if not the whole army , lol
I’m 45 & been listening to them about 7 years. It’s not too late & it can turn around with diligence. I’ve got 3 kids & it felt very slow to change trajectory. Compounding made it take off the past couple years. Keep cranking away; you can do it!
I started at 21 and I feel bad for not starting at 18. Lol
Brian really is from my generation. He said, “broke as a joke”. 🤣
2021: I'm 49 and drive a 2006. It my 2nd car as an adult. Today, took it for 2nd opinion for repairs....its time for another used car. It was a good run!
I am 53 and driving a 2006 Ford Focus because it is reliable and fairly good on gas. It is still going strong for now. This is my 5th vehicle as I gave my last one to my son.
@@klouise2800 Nice for your son! If it wasn't for pot holes and road salt I might have been able to squeeze more time from it. The exterior looks great. The undercarriage and support are tragic. Good luck to ya.
Always so informative & eye opening! I think the show should be called The Money GuyS Show because Bo is an important necessity and asset to the show! Thank you as always for sharing the … wealth=knowledge!
#9 is not just a commandment of money but a commandment of life and career. You have to reinvent yourself every 5 - 10 years to continue to be successful. I hear so many people say "I went to college and when I graduated my skills were obsolete." Which means they missed the point of college.
I think this should be a money rule for the reason massive amount of people learn and focus on education but not on money. Is like to say "We are told to invest in education but let's focus on education on investments"
I heard this show title in Notorious BIG voice "1,2,3,4,5,6,7,8,9........It's the 10 Wealth Commandments!" Bo & Brian are always dropping gems. I don't about others, but I'm collecting them and putting the free wisdom to use.
I had a thought of putting together a “financial” club; similar to a book club, where we would be able to talk and encourage one another on our journeys after hearing this episode. Thank you guys for all your perspective and help. Cheers!
I’ve thought of the same thing in the past. It would be a great place to pick up knowledge, and be cheerleaders for each other.
@Robert Chapman - I would sign up for something that the Money Guys would put together!
@Robert Chapman that would be a really great idea, and if it went over well, you could do a conference once a year possibly. Steel sharpens steel. When good people with good ideas get together, the possibilities are endless. It would be outstanding for general networking as well. 👍🏻👍🏻
That’s the great thing about the comments section. It’s very difficult to find people in daily life who have the interest.
@@genxx2724 - agreed!
I loved this episode if only my employees would watch this instead of silly videos on Tik Tok. Thanks for the great content.
We make great catered lunch content 😉👍
@@MoneyGuyShow It doesn’t even have to be catered. They can brown bag it and watch the videos - when it’s safe to eat together again.
How do you know they aren't?? At work on my breaks I take a BREAK and watch mindless tik toks. But at home I'm watching this every minute i can, while i get ready, eat my meals, do my laundry, clean the house, etc. I don't want my bosses knowing im trying to leave them for better 😂
I’m glad that you spend time on your education because it’s important the financial decisions they make are suspect and they are all hyper consumers, it’s not my rodeo or my money so it is what it is.
@@keithdan6833 ah well that's just most Americans... In tons of debt without a care in the world.
Absolutely enjoy all of your videos, very eye opening and easy to digest.
As a federal employee, I’ll actually have a pension to take into consideration and was wondering if you all have ever done a show dealing with that, or if there are any hosts of other shows you’d recommend to get a pension flavor to the retirement consideration.
Thanks and keep up the great shows!
Great Show!!! Thanks So Much for the Abundance Cycle Learning Opportunity!!! 🙏 It is not easy climbing out of "born into, low income situations" but it is totally possible to climb out and Education truly is the key! Thanks for being part of this Educational Process, We Genuinly Appreciate ALL the Knowledge you Graciously share with US!
One thing that is very strange to me is that after I paid off my student loans, I still have thoughts go through my head of wishing they were gone. It is so strange to me that I have to remind myself that they are paid for. It must be so etched into the circuitry of my brain that I still haven’t been able to erase it, even though it has been several years already.
What an enlightened pair!!!! I have learned so much from you two. Thanks for these contents.
" Comparison is a thief of joy " President Theodore Roosevelt.
Thanks for the great information. I find that there's very few financial videos that stay so real from start to end. Love the whole channel!!
Another good video to save for my kids (now young adults). TY !
Y'all are changing a lot of lives! Thank you!
One of your best episode so far. Thank you. You guys are great.
15 years is really long time YOU GUYS ARE GREAT!!!
Anyone can be wealthy with the right mindset, even if you start with nothing. When you have a lot of time, sell it for money, when you have a lot of money, buy time.
Been waiting for this episode!
Investing is absolutely a mental game! Thanks for the valuable content Money guys!
I look into my 401 k and shake my head sometimes just from 2006.
Been looking forward to this one!
This was powerful!! Thanks for sharing
The irony that’s these are on your channel and not Dave Ramsay’s 😂
Thank you!
I love your guys’ channel. Everything about it
Can you all provide some content on Employee Stock Ownership Plans (S-Corp ESOPs). Love your channel. Thanks.
Love these guys
13:05 Once you pass that storm, you are flying high like Maverick!
This is an extremely cool video..clear,concise and well explained information 💪
I am waiting for the show in which Bo fails to declare he isn't excited about. I haven't heard the duo talk about the power of re-investing dividends. I am sure it has been discussed in at least one of their shows.
Great content as always! FYI timestamps would be helpful especially on these longer videos, thanks!
Our government/politicians should listen to this video!
I wish I’d discovered this channel 15 years ago. Darn it!
great video, I enoyed listening to these 10 commandments, 28 yr old trying to not be dumb with my income
Thanks 🧠
I think the proper way to use comparison is against the you of the past. Am I a better version of myself than 5 years ago, 10 years ago etc.
I have watched 10 of your videos and have not seen one that gave specific ways to invest. Am I missing something. What do you recommend I watch?
It sure feels great when the market falls 5% in week or two, 'better' because you have more $$$ as a cushion
Hi guys. Could you tell me where you get the 10% figure for the $1 becoming $88 by the time is age 65?
World Book 1980 !!!
Thou shalt not covet thy neighbour's assets...
I'd love The Money Guy's perspective on under-earning segments. How does a retail employee or service worker (for example) save when they're paycheck to paycheck and needing to decide between food and a doctor's visit? Most millennials make $35k/annually on average, which barely meets everyday expenses.
I feel you. The upside is that starting young requires very little input. I think their number for a 20 year old to get to a million requires $95/month. Taking anything out of $35k sucks but $1-2k is enough.
Wonderful show but small correction. You misused the term Epicurean & was really referring to hedonism. I don’t expect everyone to know this but I happen to be a big philosophy nerd. Epicureans stressed living a balanced life and avoiding over-indulgence. Hedonism is the prioritization of pleasure. I highly recommend some Epicurus, as it offers a certain wisdom about what makes the most enjoyable life, which includes self-discipline. Very similar to your advice
Can you include asceticism in your definitions. I’ve been described this way. Lol
@@genxx2724 asceticism is essentially the opposite of hedonism. Epicureanism is the middle way of balance. The confusion comes because the philosophy focuses on enjoying life, but they warn against pleasure that creates wanting. Wanting diminishes enjoyment and they stress enjoying intellectual & athletic pursuits for example, that uplift without taking away.
Just want To be able to retire early and have enough money to tour the worlds race tracks no expenses spared and buy a property to really retire on after
"in early stages savings rate is exponentially more important than investment returns" - can someone explain why that is the case? Unless he's talking about the emergency fund I really don't see why that would be the case
2 reasons : Savings rate represents commitment to investing as a part of your own personal finance which will only help you as life goes on. Also, best to save as much as you can early on so that you planted the seeds which can compound exponentially over time. It takes a couple decades for the compound interest with reinvested interest to really kick into high gear.
Just a suggestion. If you can use your children in videos you can pay the them a reasonably amount. Take the money and put it into a Roth IRA. That is a lot of extra years for the money to compound.
Shame on FTE Daniel for not pausing to appreciate those Brown RECluse spiders. The capitals reflect where the emphasis should be in the word.
So how late is too late to build wealth. Meaning what age is it not really worth trying anymore?
Death
90.
Comparison is the thief of joy.
This is assuming u live that long. You don't known how long you get the best investment is yourself and making a skill or business that can get you too at least 6 figures then invest heavily
Let me ask this one thing. So, I have money to buy a thing, say a MacBook pro, why is it wrong to pay it over a year with 0% interest, and invest the money to grow?
My personal hot take? basic math: the (consequences of failure) X (probability of failure) doesn't compare favorably with the (consequences of success) X (probability of success).
Investment principles are statistically beneficial over time - and that timeframe measured in years or decades. The principles that work in that time frame doesn't necessary scale down to less than a few years and depreciating assets, where the law of small numbers (ie, "you can get statistical spikes") start taking hold. That's why the (conservative) recommendation is to save in cash if you need to use that money within 5 years.
With that in mind, the main issue is that there are psychological elements in play (ie, letting yourself take out out a loan for a depreciating asset) that I would argue is a bad habit to get into. Even if the math works (on a 0% loan - for a car, for example), there's always going to be the temptation to take out another loan for a better computer, or a newer car, or whatever, before you've actually paid off the previous one. And even if you say to yourself "Oh, I'd never do that!" - yeah. That's what most people say when confronted with that deal. And most people suck at it.
That being said - if you kept the money in cash or bonds, and used the loan as an opportunity to improve your credit rating? That would arguably be an OK thing to do, as the "value" of an improved credit rating can lead to longer-term benefit. (This is the main justification for taking a 0% car loan, if you have the money to pay it off.) Or if you were able to purchase last year's laptop (which arguably won't be as expensive, or depreciate as much), then that would also be a mitigating factor.
Also, the consequences of success on (say) a 2k laptop loan over the course of a year is (let's say) a $200 increase on the index fund you put the money in. However, there's actually 4k total in play: the 2k you invested, and the 2k you pay off over the year. If you flip it around, you pay off the 2k immediately and then over the course of the next year invest your money in the same index fund. Let's say you get a total of 5% appreciation on your 2k, by the end of the year. (so your investments appreciate $100, instead).
The point here is that for all the risk you take on, your benefit, even in success, is at best $100 (or whatever that marginal difference is) - is that risk worth it, from a raw numbers and psychological perspective? I would argue no.
EDIT - recall that a 0% loan is not for your benefit - it's for the company's benefit. They will, statistically speaking, make money on that - and it will be on people like you who think that a 0% intro rate is a great deal and that they totally won't fall behind or otherwise screw it up. And statistically speaking, you're betting against the house - and the house always wins. Sure, it may be that you have the discipline (and luck) to make this work for you - but if you're someone that needs a loan to buy a laptop, then you're already in the target audience for them making money on it.
EDIT II - there's a Financial Diet video on a variation of this: about how people who can't use credit are paying for all the perks of those who can use it. Your scenario is a variation of that: yeah, if you have the discipline, then you can reap the benefits of credit loans. But if you don't, then it's going to be a stone around your neck, and you'll be the one paying for everyone else's perks.
They did a video on how 0% is manipulative and not as good of a deal as you think.
@@kevinschultz6091 You just wrote midterm final.
You also want to get ahead of life. Saving & investing on an ongoing basis independent of any particular purchase will get you to a point where you’ll have the cash for what you need & never consider financing. Ignore the things you want until you get where you can buy it outright upfront. That’s the goal & there’s no choice about investing a difference because you’re already investing.
How much Net Worth do I need to have to be a Mutant?
Age x Annual pretax income / 10 = Expected or Average Net Worth. To be a mutant, multiply this number by 2.
@@gerryshoshensky8767 54*145,000/10 =$783,000!
X2=1,566,000 = Mutant! (For a 54yo making $145,000!)
Yo I got a question I live in Florida, I am 20 I have a Lawncare business I am starting well I’ve been mowing lawns for like 5 years but I’m ready to have multiple crews. How tf do I pay taxes. I know it’s like 27% I have to pay but how tf do I pay it. I’m learning everything I need to know slowly and I need to know the paper work side of mowing. Please help no one gives me a concrete answer. There like you got to get a letter and some numbers form like a w2 but it’s not that. I have no clue and would love some help. Please and thank you
Edit: I do not have enough lawns for multiple crews I want to have multiple crews.
Idk, I'd rather have roommates than spiders...
I will never be content. I think you all are wrong on that one.