Don't Make These Mistakes | Brutally Honest Money Advice from One of the World's Wealthiest Jews

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  • Опубліковано 28 чер 2024
  • If you started from $0 today and wanted to get wealthy, what would you do?
    What money mistakes prevent people from making money?
    What is a smart approach to investing?
    What should you do if three people approach you in a dark alley?
    Who's gonna win the presidency in 2024?
    Meet Dr. Rich Roberts, an entrepreneur and philanthropist from Lakewood, NJ who sold his pharmaceutical business in 2012 for $800 million.
    We asked him those questions and more at a sit-down in his home.
    You can find Dr. Rich Roberts' UA-cam channel here: / @drrichardroberts
    ✬ SPONSORS OF EPISODE 70 ✬
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    __________________________________
    CHAPTERS:
    0:00 Introduction
    1:21 Meet Mr. Rich
    1:52 #1 Mistake: Working With Unregulated Resources
    3:46 #1 Advice: Diversify Your Investments
    6:15 Invest with Caution
    7:59 Choosing Index Funds
    14:49 Managing Investments
    18:24 Twillory - Sponsor
    20:28 Starting Out in Finance
    22:06 Starting Your Own Business
    24:43 Capitalizing on AI
    26:10 The Future of Technology
    32:20 The Donors fund
    34:24 Levels of Wealth
    37:50 Maintaining Wealth
    43:00 Motivations for Advancing Wealth Levels
    46:12 The Negative Effects of Power
    50:49 Managing and Balancing Charitable Contributions
    56:14 Colel Chabad - Sponsor
    58:44 Self-Defense
    1:03:41 Protect Your Health
    1:05:11 What To Do in a Dangerous Situation
    1:07:03 Better Than Books
    1:09:38 2024 Election Predictions
    1:13:34 Thank You, Mr. Rich
    1:13:45 Outro
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    ____________________________________
    Free Call-In-To-Listen Hotline:
    USA: (605) 477-2100
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    Need financial guidance? Get help from our friends at LivingSmarterJewish.org/
    WhatsApp us at 1-914-222-5513 - we love feedback, legit!
    Subscribe to our UA-cam channel for more great content! :)
    Oh, and all investment strategies and investments involve risk of loss. Nothing contained in this episode or any of our episodes, ads and videos should be construed as investment or actual life advice.
    #KosherMoney #KosherMoneyPod #Money #JewishMoney #LakewoodNJ
    [If you listened to the end of the outro, here's my new favorite song from the Thank You Hashem team » • Back of the Wagon | Ma... ]

КОМЕНТАРІ • 300

  • @CastleHassall
    @CastleHassall Місяць тому +1

    i wish you would be my honorary Uncle and Cousin! my family fragmented so much over the generations.. you seem like really good hearted folks and it would be great to have you here for dinner sometime and be my guests if you are ever in Scotland.. thanks for doing this video
    Best wishes to you all
    from Rolland at Castle of Hassall
    on the edge of The Atlantic

  • @kwilliams1958
    @kwilliams1958 3 місяці тому +25

    Young Man, your wisdom in allowing a wise man to discuss life and wealth is appreciated and wise. Thanks for not interrupting in every sentence as many do in this realm of advice.

  • @camels9654
    @camels9654 3 місяці тому +68

    I work 16 hour days, running my business, and every word this man spoke I felt in my heart. You will seldom hear truth like this anywhere, hands down one of the finest interviews I have ever listened to! Thank you for this!

    • @eleanormaitha5698
      @eleanormaitha5698 3 місяці тому

    • @EricBoston1992
      @EricBoston1992 2 місяці тому +1

      Wow, Working your butt off! Keep working hard, learning, & adapting strategically, and your success will compound & accelerate over time.
      - I’ve been working 7-days a week, 60-80 hours a week, so I can allocate the extra money to assets like tech equities, a little to index funds, but since Summer ‘23 I mostly buy crypto (VERY selectively though, bc most are scams) while the prices are still quite cheap for many of the actual high-quality new alt-coins.
      - Thanks to my hard work, relentless research, & patience, I’ve been able to triple my net worth in 9 months.
      Never give up! It’s a lifelong journey, to ever-expanding fulfillment & financial freedom
      💰😇🛩️🏝️🛥️🎶

    • @EricBoston1992
      @EricBoston1992 2 місяці тому +1

      Wow, you’re working your butt off! Keep working hard, learning, & adapting strategically, and your success should continue to compound & accelerate over time.
      - I’ve been working 7-days a week, 60-80 hours a week, so I can allocate the extra money to assets I’m personally confident in. For example, tech equities, a little to index funds, but since Summer ‘23 I mostly buy crypto (VERY selectively though, bc most are scams).
      - Life keeps getting better, thanks to my decision to get MUCH more serious about my future (after wasting most my 20’s on hedonism), & thanks to my hard work, relentless research, & patience.
      Never give up! It’s a lifelong journey, to ever-expanding fulfillment & financial freedom

  • @mattsarac9920
    @mattsarac9920 2 місяці тому +31

    Better than any book I bought in business. Listen this 2-3 times, will change your life for sure. Incredible interview congrats. Worth thousands of dollars for free.

  • @user-wo8bh7dh5c
    @user-wo8bh7dh5c 3 місяці тому +92

    Dr. Rich Roberts is one of the most generous and humble person I have ever had the privilege to know! He is a true inspiration to all of Klal Yisroel!

  • @gcohn
    @gcohn 3 місяці тому +22

    Dr. Roberts may not remember me, but his pharmaceutical company was one of our insurance clients! Incredible man.

  • @molo8657
    @molo8657 3 місяці тому +18

    Please bring your Uncle back as a regular guest. Fascinating!

  • @georgeleles3710
    @georgeleles3710 2 місяці тому +7

    What an outstanding interview. I really enjoy listening to wonderfully intelligent people speaking logically.

  • @katereznikov8792
    @katereznikov8792 3 місяці тому +51

    I am 65. Never late to learn ❤

    • @davidc4408
      @davidc4408 2 місяці тому

      ​@@rarecase3666 2% rule and do not trust none regulated

  • @anomanderrake8693
    @anomanderrake8693 2 місяці тому +7

    Im not jewish, but I have to tell you thank you for your channel, and this great interview with Dr. Rich. Keep up the good work friends! :)

  • @tone0757
    @tone0757 3 місяці тому +30

    I followed this concept since 2018. I started with $100 as mentioned here and invested in companies I knew and trusted. To this day I still don’t do much in chart analysis. I just invest no matter what an amount I’m willing to burn. If it goes up I invest if it goes down I invest why because I trust in those companies to move in the right direction. Since then I was able to grow my overall investments to over $100,000 close to $200k. It works I just wish I did this in my 20s rather than my 30s. I take more risk and invest more on the side of individual stocks however still invest in ETFs.

    • @jay_stack1270
      @jay_stack1270 3 місяці тому +5

      Smart! I am also just starting out late 30's ....also investing heavily in individual stocks especially: Air Taxis, Quantum computers and Battery lithium companies for electric cars

    • @nathanielamakye3933
      @nathanielamakye3933 2 місяці тому +1

      What companies did you invest in?

    • @Zensci18
      @Zensci18 2 місяці тому

      Impressive, but 200k will get you 3 maybe 4 years of private day school tuition at most schools in observant areas located in high cost of living areas. So, what you’ve done is super impressive but unfortunately a drop in the bucket for living an upper middle class frum life in most major USA cities like New York, Teaneck, Boston, or LA.

    • @tone0757
      @tone0757 2 місяці тому +1

      @@Zensci18I’m actually from
      NY. Degree in Computer Science with a yearly income over 200k. I will be ok 😊

    • @zensci
      @zensci 2 місяці тому

      @@tone0757 I make over 200k a year and live in a high cost of living area as well but it is not so much us I'm concerned about. It's the next generation. If you got rich parents or trust fund -Kol HaKovod. I didn't but managed (though my retirement 401k etc is nowhere near where it should be) but will my kids? I frankly will advise my kids to move to a lower cost of living area, so they don't have to put 300-400k on a down payment for a decent home that isn't a "fixer upper". Living in Manhattan, Pico or DC just isn't worth it anymore.

  • @benz500r
    @benz500r 3 місяці тому +5

    That's what being a true Jew is all about, a great and smart man. It was a pleasure to listen to him.

  • @susanjaneleitner7670
    @susanjaneleitner7670 3 місяці тому +17

    I’m a fan and almost 77 years old! Loved your Uncle Rich! Thank you again for a meaningful and enjoyable conversation! See you soon!

  • @stessassss2695
    @stessassss2695 3 місяці тому +7

    Billionaire is what i see myself being and most of that will go to helping people in need ..
    😊

  • @ricardofigueroa2086
    @ricardofigueroa2086 3 місяці тому +11

    So much great information, this podcast is better than an MBA!

  • @SriJ007
    @SriJ007 3 місяці тому +16

    Excellent podcast as always! Priceless! Thank you guys and keep up the great work. Love from India!

  • @zacharyarmenti2833
    @zacharyarmenti2833 2 місяці тому +5

    Thank you! One of best podcast interview on UA-cam

  • @hasdrubalsosamarquez5430
    @hasdrubalsosamarquez5430 12 днів тому

    As a Goy I have had the privilege of delivering groceries to Dr. Roberts home seeing the same Fish tank in the background 😅 To this day he throws the best Chol'moed events for the neighborhood. Blessings to you Doc 🙏

  • @jamesmsalilwa8733
    @jamesmsalilwa8733 3 місяці тому +6

    I liked the 2% rule. God bless you!

  • @plannerqueen
    @plannerqueen 2 місяці тому +5

    I adore your fish tank.. 🐠🙏 and the interview is excellent too.. thankyou for sharing

  • @teddmented
    @teddmented 3 місяці тому +6

    That aquarium is amazing

  • @richardamiss192
    @richardamiss192 Місяць тому

    I'm 60. No one taught me about money. Learning as much as I can now. I love it!

  • @OHR36
    @OHR36 3 місяці тому +6

    The best interview..so far..being rich and knowledge amd humble and smart..wow..I liked what he said..even i say that..Need money for family and Tzedkah..BH!
    Excercise and eat healthy...its a Mitzvah from Torah

  • @ronellsmoothlewis
    @ronellsmoothlewis 3 місяці тому +6

    Someone thats is black and voting he is 100% correct. More and more of the community understands financially benefits now. And understand policy now

    • @righteousdivine
      @righteousdivine Місяць тому

      Same boat, and I absolutely agree. I've personally been saying this for over 20 yrs.
      I believe this is why there is such a focus on an open border policy. Democrats know that we are 🤔, and are setting up for a new voting base.

  • @bigghouse101
    @bigghouse101 2 дні тому

    I liked this guy, but when he started talking self-defense, I liked him alot more! He's right IMHO. He seems like a wonderful man.

  • @nocheastral8219
    @nocheastral8219 3 місяці тому +9

    I love your channel , So glad The Eternal blessed you with a Great Uncle , Humble and wise , I admire and Respect, I would also recommend to watch your words , don't say you are bad at your finance , don't say you would probably shoot your leg if you had a Gun...Because you're attracting that! and also It shows you don't have self esteem because you Don't value your capacity and capabilities instead you make yourself less and not enough...Wich is not true , "we become what we think" , so start thinking your capable of having good finances and capable of caring and handling a Gun correctly and efficient ly. Start aproving yourself instead of desaproving and feeling not enough or capable. God Bless🇲🇽🇮🇱✡️💯👍🥂

  • @victokirabo2409
    @victokirabo2409 3 місяці тому +19

    Listening from uganda. Thanks for the podcast.

  • @stoneone4838
    @stoneone4838 3 місяці тому +6

    I love my employees, i dont talk to them. But i love them

    • @marksoberay2318
      @marksoberay2318 2 місяці тому +1

      did he say that? I missed...hilarious

  • @user-md4dh7nb1j
    @user-md4dh7nb1j 3 місяці тому +9

    Thank you so much ❤❤❤

  • @brook9303
    @brook9303 3 місяці тому +2

    Incredible episode! Best episode on this channel!!!

  • @EliCohen1
    @EliCohen1 2 місяці тому +3

    WOOOW! This is your best interviewee by far! He’s so good and on the money!

  • @kamilstrygner3994
    @kamilstrygner3994 3 місяці тому +6

    No shortcut to greatness. Interviews with very rich people are not spectacular. No magic recipes, only prudence, work and patience.

  • @shareecundall1403
    @shareecundall1403 2 місяці тому +3

    Wonderful information! Thank you for interviewing such incredible people! I also want to thank these folks for sharing their wisdom ❤

  • @private464
    @private464 3 місяці тому +5

    41:36-42:00 and 1:03:46-1:04:15 are GOLDEN pieces of advice! Thanks for this great interview. Common sense is just not that common!

  • @MonsieurCashow
    @MonsieurCashow 3 місяці тому +10

    Wow Dr. Roberts really is a gem and a Mensch. Great talk!

  • @kiranwingelaar7009
    @kiranwingelaar7009 3 місяці тому +4

    Many advisers recommend index funds. During Covid I made money buying individual stocks. My IRA soared then. I’ve had poor returns with mutual funds. I remember investing in the much touted Magellan fund with Fidelity. Those returns were not as good. It was predicted that it would double. It did not.

  • @user-uu4rq8rz9l
    @user-uu4rq8rz9l 3 місяці тому +5

    Thank you 😊😊😊😊

  • @user-bm6be8lx7c
    @user-bm6be8lx7c 2 місяці тому +1

    Not sure how I found your channel.... but your guest is spot on!!

  • @Rrg29
    @Rrg29 3 місяці тому +5

    Fantastic video! Great advice! Thank you

  • @behappy528
    @behappy528 3 місяці тому +5

    Fascinating as always!!

  • @realdeal139
    @realdeal139 3 місяці тому +1

    Great episode! Dr. Robert’s is. Gem!

  • @apophisxo4480
    @apophisxo4480 3 місяці тому +4

    Great interview!!! Thank you!

  • @jgonzalez372
    @jgonzalez372 3 місяці тому +7

    Wow so much knowledge, so much wisdom, please need a second interview with your uncle Dr. Roberts.
    Thank this is one of the best interview so far in your channel.
    Muchisimas Gracias ✡️🇮🇱❤

  • @efulton9
    @efulton9 2 місяці тому +1

    I love that you guys translated the Yiddish and Hebrew being used. Thank you!

  • @chrisrizzo627
    @chrisrizzo627 2 місяці тому +4

    I’m not sure how this video came up in my feed but I’m very glad it did. Excellent interview. You’ve earned a new subscriber. Well done!

  • @PascalPascual-rn6fx
    @PascalPascual-rn6fx 3 місяці тому +8

    Listening from Tanzania.

  • @adams2385
    @adams2385 3 місяці тому +1

    Thank you! Great show!

  • @rb1384
    @rb1384 2 місяці тому +1

    I’ve learned so much from your podcasts, thank you! I hope Dr. Roberts would be the next ambassador to Israel. God bless you both !

  • @mojo08701
    @mojo08701 3 місяці тому +1

    Great stuff.... smart advice build wealth is the term

  • @tim46387
    @tim46387 3 місяці тому +1

    So good. Such wisdom. Thanks so much. God bless.

  • @patrickbrady4729
    @patrickbrady4729 3 місяці тому +3

    Fantastic, Ty

  • @marcel440
    @marcel440 3 місяці тому +1

    Amazing podcast Thank You

  • @BeNNzuFG
    @BeNNzuFG 2 місяці тому +2

    Diversification coupled with monthly investing coupled with buy and hold is the gold standard for the average joe investor. It is so easy with stocks nowadays. Buy a FTSE All World ETF every month, some physical gold, some fractional real estate assets and there you go. Funny that he says exactly the same stuff that the German ETF goods I know have been saying for years (Gerd Kommer, Andreas Beck). What he says holds truth. Not only in the US, but worldwide.

  • @lifehacksandlessons920
    @lifehacksandlessons920 2 місяці тому +1

    Thank you for the interview, humility goes a long way. Well done.

  • @higiniomorales459
    @higiniomorales459 2 місяці тому +3

    Darn good investing advice, he's up there with Jack Bogle and Warren Buffet.

  • @AniBAretz
    @AniBAretz 3 місяці тому +1

    Impressively educational. Very appreciated!

  • @USetareh
    @USetareh 2 місяці тому +1

    One of the best podcasts you have made !

  • @cathypaz3555
    @cathypaz3555 3 місяці тому +1

    Excellent information! ❤

  • @vooch
    @vooch 3 місяці тому +1

    Great video! Thank you so much for sharing.

  • @abhi-ft7sk
    @abhi-ft7sk Місяць тому

    Both of them are greatly sharp smart and intelligent mind of scope.... amazing podcast love u from India 😍🇮🇳🇮🇱

  • @davidwollenberg1758
    @davidwollenberg1758 3 місяці тому +3

    Pretty good advice never thought about how giving to charities could backfire. Very interesting

  • @jgonzalez372
    @jgonzalez372 2 місяці тому +1

    I listened for the second time!, please with demanding a second podcast 🙏🏽 with your uncle.

  • @nickguillaume4250
    @nickguillaume4250 3 місяці тому +1

    Thank you for this information

  • @imohjackson6191
    @imohjackson6191 3 місяці тому +2

    Thank you so much

  • @coincollectingfun
    @coincollectingfun 2 місяці тому

    Crushed the like and subscribe buttons! EXCELLENT information and thank you so much for sharing!

  • @randomobserver683
    @randomobserver683 3 місяці тому +1

    Thank you🙏

  • @sionjajate
    @sionjajate 2 місяці тому +1

    Really enjoyed your financial perspective and enjoyed this podcast.
    Sion Jajate, CPA.

  • @dagreatstoney.5869
    @dagreatstoney.5869 3 місяці тому +1

    This man is wisdom, thank you 👍

  • @A91367
    @A91367 3 місяці тому +3

    Correction:
    Small error about gains from money market accounts. They generate interest income, not capital gains (which come from selling assets). Interest income is taxable as ordinary income at the federal and state (depending on your state) level.
    It’s an important distinction because it’s taxed annually and it’s higher tax than long term capital gains (assets held for over a year such as home, equities, businesses …
    Beautiful comments on mental health, peace and happiness in relation to wealth.

  • @Meirele
    @Meirele 3 місяці тому

    His name says it all! RICH!

  • @user-iu4kn4en8p
    @user-iu4kn4en8p 2 місяці тому +1

    I am 77 years old and still interested in investing in the stock market.

  • @Mmlip358
    @Mmlip358 3 місяці тому +1

    loved this interview

  • @NecTeezay
    @NecTeezay 3 місяці тому +1

    Nice show and subject. Keep up the good work

  • @tornike8593
    @tornike8593 2 місяці тому

    I love this channel im from Georgia,tbilisi my early 20s watching and listen wise Jewish people about money my school doesn't teach me anythi g about this or my family my friends doesnt talkabout this but this thi g is so important thank u so much!!

  • @KravMaster
    @KravMaster 3 місяці тому +3

    Fantastic video Rich ,great information as always from you , thanks ,Much Love and Nachas Bratha ,
    Zalman Wid.

  • @luisrojas7987
    @luisrojas7987 3 місяці тому +2

    Thank you so much for this great interview. Interesting to notice that a veey wealhty man can be risk averse and with a down to earth approach instead of being a risk lover.

  • @ibrahim_sultan101
    @ibrahim_sultan101 3 місяці тому +6

    Most Jewish people have good business sense, this is a phenomenon.

  • @easternhair
    @easternhair 3 місяці тому +1

    great talk thanks lot!

  • @user-zh6lg6uf4j
    @user-zh6lg6uf4j 2 місяці тому +2

    I found you by accident. I'm glad I did. Time to practice what I heard. Gotta see what else you have to digest. Thank you !!! 9/10/2024

    • @LivingLchaim
      @LivingLchaim  2 місяці тому

      Oh, you’re in for a treat! Welcome aboard!

  • @henrylewin7046
    @henrylewin7046 3 місяці тому +1

    fantastic interview!

  • @margottomasik2108
    @margottomasik2108 2 місяці тому

    I am not a Jew and really enjoy Dr. Rich Roberts. He worked so hard, said he was beaten to the pulp. He deserves where he is in life and everything he is saying is SO true. I have been and done that, maybe did not made as much but enough. Please follow his wisdom.

    • @jmc8076
      @jmc8076 2 місяці тому

      We’re all human and mote alike then different. Humans share ~99% DNA and some with rest of nature and life. : )

  • @jasonyitzie
    @jasonyitzie 3 місяці тому +1

    Beautiful advice

  • @jeffcokenour3459
    @jeffcokenour3459 3 місяці тому +1

    Wonderful insight, thank you. Something interesting related to the discussion of technology is that the people I know who are now the most financially successful have nothing to do with technology, but are in landscaping, construction and even animal husbandry. Has fewer and fewer people know and want to work with their hands I believe these fields will become even more successful

  • @fredrickkoech8396
    @fredrickkoech8396 2 місяці тому +1

    Always do due diligence. Put money in an escrow account until the property is already bought

  • @noni6656
    @noni6656 2 місяці тому +1

    Real wisdom of life not only money. grt job

  • @JoJo-ie8sl
    @JoJo-ie8sl 2 місяці тому +1

    Fantastic episode, really appreciated everything this gent had to say

  • @theonewhoknows9615
    @theonewhoknows9615 2 місяці тому +2

    Excellent Podcast!!!!😀

  • @bengeorge69
    @bengeorge69 2 місяці тому +1

    He addressed the great challenge we face obesity from sugar and carb.

  • @stessassss2695
    @stessassss2695 3 місяці тому +2

    For me it naturally happens to have my own business because of what I do ... I didnt plan to have a business it was just a natural process

  • @maxflight777
    @maxflight777 2 місяці тому +1

    super-compelling ! ❤

  • @PAULSEFAMILY
    @PAULSEFAMILY 2 місяці тому +1

    Love love loved it❤❤

  • @TheNimaldez
    @TheNimaldez 3 місяці тому +2

    Good stuff 👏

  • @DONALD1951
    @DONALD1951 3 місяці тому +2

    72 and listening.

  • @philipnguyen3107
    @philipnguyen3107 3 місяці тому +2

    This man have read the book called the richest man from babylon. But update to modern time.💯👍🙏

  • @hlathaung368
    @hlathaung368 2 місяці тому +1

    Thanks!

  • @seanalderson653
    @seanalderson653 2 місяці тому +1

    Shalom thank you guys so much🎉

  • @IIIIALBYIIII
    @IIIIALBYIIII Місяць тому

    amazing content, inspirational and great life lessons. thank you

  • @mrcmid9132
    @mrcmid9132 3 місяці тому +1

    👍 absolutely excellent advice. I know from my own experience.

  • @rarecase3666
    @rarecase3666 2 місяці тому +2

    "Behold, the fool saith, “Put not all thine eggs in the one basket” - which is a matter of saying, “Scatter your money and your attention”; but the wise man saith, “Put all your eggs in the one basket and... watch that basket.” -- Pudd’nhead Wilson (1894)

  • @EcomCarl
    @EcomCarl Місяць тому

    his emphasis on the principles of diversification and regular investment is a timeless reminder that patience and prudence are the bedrock of successful personal finance. Excellent points on maintaining discipline even when the market seems against you! 👍