1. Debt repayments 2. Costly formal education 3. Designer brands 4. Expensive real estate 5. TV entertainment and video games 6. Flashy cars and expensive flights 7. Fast food
Exactly you’ve hit the nail on the head. Treat yourself to a nice car and holidays etc. but still live underneath your means and find a balance between enjoying your money and investing for the future. I drive a $100k car because I can afford it, but it’s going back at 2 years old in exchange for a $75k car, as the cheaper one is perfectly adequate
@@simonworsley8631 Why would you trade in a $100K car for a $75K car after only two years. After two years, the $100K car has depreciated by at least 40% ($60K), putting it's value below the $75K car. Drive 75 off the lot and it becomes $60K. You've sunk the money. Enjoy it. Some would say that it's dumb to buy expensive/new cars. There are a lot of dumb things to do in this world. If it brings joy, so what if it's dumb. (Debt never brings joy). However, few are really going to get any long-term happiness from any car. Other than these quibbles, count me in.
Yeah it's kind of pointless to be a millionaire then not spend it on things you want though I'm sure they're not spending their money on things just "show off" like the average person does
I dated two millionaires in my twenties. The first millionaire let’s call him Paul owned a small apartment building, lived in one of the small apartments and worked full time as a architect. He took the bus, cut coupons and was worth under $5 million. The second millionaire let’s call him Matt was a Microsoft executive and had a condo, a $2 million house near Redmond and 3 range rovers. He spent money fast so much he eventually had to take a second job. My parents always told me to marry for money because love doesn’t pay the bills. I realized there is a happy medium. Be frugal but treat yourself once in a while. I am married to a nice man who didn’t have any money or a net worth and I’m better off for it.
Good for you! Your sincere self tells you better to be with a man with a little means rather than a lot whom you can love and communicate and have fun having a life with, while raising a family.
Even though most billionaires are not college grads, 2/3 of millionaires are college grads. The two largest studies on wealth ever done, both had the same conclusion. The most frequent and consistent way to produce a millionaire is to go to college, get a 9-5 boring job, buy a house, invest in a low cost stock index fund, and keep at that process for 20-30 years. That is how more than 55% of millionaires became rich. The problem with this method is it is not sexy and you cannot sell multiple courses on how to do this, so "wealth advisors" don't like to talk about this.
I agree with most of what you said until you got to the bit about “wealth advisors”. We don’t “avoid” talking about this. It’s not our job to. We simply advise on what to do with your money. Family, health and planning. It’s boring. Most of the “wealth advisors “ here havent finished a basic education. They are not professional advisors.
I follow all these rules (due to lower income constraints)😂. Never took student loans, no TV, no car, no designer goods, living in the cheapest possible area, no fancy vacations, all budget airlines travelling (if necessary), rarely eating out .. Still working on being a millionaire 😅
@@Bokgat Thank you for your concern and support, it’s very kind of you ! It’s actually easy to be frugal, it might sound meaningless or boring but it’s exactly the opposite. I can elaborate- in my case, I’m trading the potentially higher income for more free time to spend with my family and for working what I love. I don’t need extra stuff, extra privileges or to impress anyone with “rich” lifestyle. Not even the slightest 😊 My only concerns and aims are to have peace of mind that my lifestyle is sustainable and to prepare for old age the best way I can
@@AnaViolinViola it’s not boring at all. From what I took from the vid was just that. There is so much hype and get rich mentality around these days that it’s almost assumed that every one is like this. Many choose to be quiet, introspective and therefore are not visible. I suspect it’s the majority. I just like posting on UA-cam. Maybe you are the same ? All of us though regardless of personality or level of materialism are is search some level of comfort and financial independence in their retirement years. I’m a white guy living in Asia for 27 years and it’s the same also all over the world in my humble opinion. Good luck to you.
I got Adidas shoes I wear since 2011. Not every day but they are still fine. My winter jacket is from 2013 and looks almost new. I like it to wear clothes very long. I got t Shirts a wear for 30 years, now as sleeping t shirt but it’s still the same and it has no damage wear that force me to replace… Because of it i got more money to invest. 😊
I’m a millionaire and regularly get coupons for Subway sandwiches and Groupon vouchers for restaurants. It’s more of winning by way of great deals and super sale prices for everyday necessity items. Bargains are like getting constant wins.
I own a 30 something old car I bought from a showcase, and I live in a 1 and a half bedroom apartment. I can buy houses at anytime or anything I want. I am not impressed with owning a house or cars. I have multiple streams of income. As a college grad with advanced education, the knowledge of that education contributed significantly to my mindset of managing my resources and finances. I made good decisions and because of my skillsets I was able to get high income jobs.I am fortunate to have gotten opportunities leading to the comfortable lifestyle I enjoy now. Discipline and personal improvements worked for me.
@@hugoglenn9741 buy a house to live yourself, if you're buying a house and putting it on rent, it's a waste investment. Better to invest in share market/stock market and see it grow.
There is rich, and there is old money. Old money buys for value... I drive a VW Tiguan every day. But I have a 1962 Ferrari. I purchased it in 1995 for just under USD$1m... proved to be my best investment. On your journey to wealth you can still buy the nice things you love, just buy for value.
I’m not a millionaire but I’m comfortable. I know where the cheapest gas is. I go to a regular barber for haircuts. My weakness is fast food. I go 1-2 a week. I laugh when I see these teenagers wearing $200 sneakers around somewhere. I got my everyday shoes for $50.00 from Amazon. Remember: every penny counts but enjoy life. Money is nice but killing yourself isn’t a good thing.
@@jpdriver1967 There is if you have an odd shoe size. It wasn't until Amazon that I could find a pair of shoes that fit. I have deformed toes from cramming them into poorly fitting shoes. I do wear New Balance, at $150/pr. I have something like ten pair of the same model, in various colors on the back of the closet door. I wear the same shoe model for exercise and "dress". I've probably bought 40 pair over the last ten years. I go through at least three or four per year (walked 8.5M steps, ~3600 miles, last year). There is no need for fancy shoes but never cheap out on them. Walking is too important and no one here is getting younger.
I buy the last line of American made sneakers from New Balance for $100 on sale. They last 5 times longer than the Chi Comm and now Vietcong sneakers at $50. That’s why I’m a multi millionaire, I don’t buy any Chi Comm rubber dog doo no matter how cheap it is
Wealthy people who own business lease luxury cars because they can write off the expense. They tend to have a new lease when the previous lease ends rather than buy the car.
@@Thomas.Bolleiro Maybe I used the word "luxury" too loosely when I'm not referring to a Bentley, Maybach, Mercedes S class, etc. But all four of them told me that since they own their own business, they lease their cars because they can write off on taxes their monthly lease expense. It costs a lot less than owning the car, which depreciates a lot after three years, especially a Jag, which can lose 50%! That's why posers drive older Jags. One guy had a small wine importing company he operated out of his home garage and he leased a Jaguar F-type which is that small convertible. A coworker's family owned four Baskin Robbin's and he'd show up to work in the family's leased BMW 335 or Audi A4. A woman has her interior design consulting and she leases Lexus's largest sedan. And a realty agent leased a Range Rover (the model just called "Range Rover.) So a lot of wealthy people won't tell you that they don't own their nice car, but it is leased and they're writing it off on taxes. I believe they partially write off the insurance expense too for when the car is used for driving to clients, realty showings, worksights, etc.
@@riproar11 I see I, personally, don't own or lease anything on my company When it comes to cars, I only recommend to buy only new, since the previously owned will waste your money on repairs, and purchase only a japanese car, because you can drive those for 20 years straight and wouldn't cost you to maintain it as much as the german ones. That's it.
You're almost right. “Wealthy” people avoid these things. “Rich” ppl fall for these traps everyday. There's a difference. You used the word “wealthy” in this video. Separate rich from wealthy and you're spot on.
I think this video is talking about “paper” rich billionaires - individuals who’s billionaire status is only “on paper” and the only way to convert their stocks to real money is to sell their shares w/ will depreciate their value. Unlike oil & gold & land bank rich Saudi royal family , British royal family, Brunei royal families and other real rich super billionaires who’s children are educated in expensive schools in Europe and have expensive real estate in Europe even if they don’t live there and drive diamond studded cars and do not need to get a loan to buy a mansion. Those paper billionaires saying they’re taking out loans to buy their mansions & sports cars because they like to “leverage” on debt blah blah …c’m on! You probably just don’t have that much CASH up front.
OK. Who in their right mind would keep $10,000,000, $100 bills in their mattress? Of course it's paper money, but that doesn't mean it's not money! My assets are almost all "on paper", too. ❓❓ Hell, even the savings accounts are "on paper". It's no different than stocks. Cash is only worth what someone will trade for it. It has no inherent value, like food (or bullets).
As one successful investor once said: "I'd rather be lucky than smart." He's right. Most of this advice is the "smart way" but it's mentally costly, very time consuming and very depressing. Like being on a diet 24/7, it's gets old, real quick. I've met lucky people, they make a million, spend/loose it, make another spend/loose it, make another spend/loose it and the cycle continues their whole life. As soon as the one million runs out, it's replaced by two.
Never met the person who luckily made a million then spend it and made it again several times Sounds like are good at making a lot of money. If I were that good and would spend a lot more too! And since it’s efficient market theory. One ounce of thinking doesn’t improve you returns. So he’s just BSing you on the thinking part. Must be some stupid Broker. They blow all their money to give off appearances they are good. I don’t think about it much and outperform them all
He also has his favorite steakhouse, one of the most expensive one in town, in Omaha that he frequents. Don’t listen to what rich people say, see what they do. How much does Bill Gates’s mansion in Seattle cost? And their private jets?
Warren Buffett's Berkshire Hathaway owns Dairy Queen. Warren also recommended drinking coke, using Gillette products, purchasing GEICO Insurance, eating See's Candy....I wonder if there is a correlation? Warren is a keen marketer.
@@itk2493 you said buying a home is never a poor investment. There are enough examples when it can be. Never say never and all that. edit: also, is buying a home is never a poor investment, there wouldn't be a need for surveyors
Two weeks ago I visited a friend by car. He owns a clothing trade company. I told him I went to visit my mother. He wanted to come. Instead of taking his not new Mercedes, he took his mountain bike ( no mountains in my country) and went to her. I went by car because I have no bike in that country. I was there first. He arrived 8 minutes later So instead of driving his car, he went by bike saving money and is sportivly busy. He also reuses his food leftovers. He does not have to but he does not want to throw away money. He did not drive with me to my mother because he wanted to go another way after the visit.
@@himansusekharpanda5797 I'm certainly not lucky. If you live and work in the West and it takes 20 years to pay off 26 k. You are doing something wrong.
The creator of this content is definitely not a rich person. All the points mentioned here are just opinions. What is point of being rich when you are skimping on life. I know many rich people & they are enjoying life. Life is just too short to be living miserably.
Imagine the stupid ones who won more than 50 million dollars lottery and then consume extremely their money with useless things and become poor within few years.
It’s not about financial saving only, instead spending extra money on the poor peoples help will make the rich more happy & intact it an invincible investment which brings benefits form unknown sources.
No point in being the richest person in the cemetery, you are entitled to travel business class or drive a nice car if you can afford it but certainly stay out of debt for sure....
If you have to live poor and avoid all luxury, you don't need money.And if it's true who drives ferraris lambos, and live in multimillion dollar homes?This is all bullshit.To be reach you have to earn much and very fast, not to live like a hobo
Truly actually wealthy people do not ever take on debt for anything. Never on home(s), cars, etc., etc. The majority of people are up to and above their eyebrows in mortgage, auto debt, credit card debt, etc. And this is why they have only significant liabilities and no assets.
"Never on a home"? BS. A home is considered "good debt". It's a roof over your head. Historically, that roof has been cheaper than renting one (otherwise no one would be a landlord). Unlike renting that roof, an owned roof's costs are mostly fixed, for as long as you live there. In times of high inflation, it's one of the best safe-havens there are. Its cost is flat and its value increases. Your second sentence is a truism but that doesn't mean that debt is always bad. Most homes are assets, not liabilities. 40% of homes have no mortgage. They didn't get there by harvesting a money tree.
@@bruhhuh8622 I'm sure there are oddball places like NYC where the government has screwed up the whole market but it has to be. Landlords have to make a profit and if rentals are cheaper than purchases, it would be dumb to rent, and landlords couldn't afford to buy. They aren't independent.
Thank you very much for this wonderful video. To whoever is running this channel, I just want to say "keep going", you're inspiring someone and changing a life.
Number 6 is just plain wrong. I fly business and have a $100k (financed) car and virtually every other wealthy person I know wouldn’t dream of flying economy. It’s partly called business class as it allows people to work and make good use of their time while flying.
A $100K financed car will never make you money. If you're that rich, buy it outright. How many times to you actually work (be honest) when you're flying? Never sleep? Sure, executives justify private jets the same way, but mostly they're paid for by the stock holder. They're not saving the exec money. If Jim Farley stayed home and rolled in his money, Ford couldn't do worse.
@@kwilliams2239 it’s not all about making money though. I fly Business now because I can and it’s a much more comfortable and relaxing experience. A $100k is fast depreciating but still fun and I financed it at 3.8% APR, which is well below base rate and the return I could get on investing the money elsewhere instead of paying cash. As long as there’s plenty of money left over to invest after spending on some luxuries, all is good. Money should be enjoyed as well as invested, otherwise what’s the point of it
@@zhaw4821 exactly, why fly Economy when you can afford Business. I grew up without much money either (although we were not poor, I didn’t go on a plane until I was 18) and now make the most of it, whilst saving for the future as well
As a single Man and being MGTOW I avoid these 3 things to maximize my living; WOMEN, DEBT, and NEW LARGE ITEMS like cars, boats, and homes! Men get these to impress other folks, NO THANKS!
The "CLASS" and "TYPES" of so-called rich people they are talking about in this video are the "NEW MONEY" rich. Who are predominantly young. And so they don't care for the display of wealth. However, most of the "Modesty" spoken of here doesn't apply to "The OLD money" rich. They are lavish, and unabashedly gosh at times with their displays of wealth.
Also left out are those who donate 10% of their income to their church. Say you make $40K a year that’s $4K annually down the drain or $40K a decade. Example: Had you instead invested that $40K in the stock market it could easily double in a decade. Therefore $80K lost because you feel necessary to donate to a church?
I heard years ago on the Radio and in Magazines, The 3 Ways Most People Are $Rich is #1 Born Into It. #2. Marrying into Money. Or Number 3, Which is WIN IT- Yes, Winning a Lottery Or Powerball Lottery would make You Very Happy. Stop accepting being Lied to. You heard that Happy part from me 1st Because it's True! NOTHING'S CHANGED
I always wanted a convertible since I was 14. Well 30 years I got one, I wanted a Benz but I decided for a lower price I can get a Mustang for 20k and have a 7 year warranty on it, better than new car warranty. If I could afford the Benz, when I mean afford, I mean having the dealership service it and not complain about the prices.
When money is not an issue someone can live anywhere they like. So it's very good to have a nice real estate in a good place, and even more. As far other things better not be flashy and expensive.
Technically you can make money on investments while still watching tv and playing video games. I'm not rich, but I have been working on my networth 2 years now.
there's a book called whispers of manifestation on borlest , and it talks about how using some secret tehniques you can attract almost everything in life it's not some bullshit law of attraction, it's the real deal
right now your money should be in VMFXX3 months after the FED is DONE LOWERING rates Dolllar cost avge each month in SPLG (VOO SPY IVV), SCHD (JEPI VYMI SPHD), QQQM (QQQ). When teh FED says inflation is to high SELL and lock in profits and put it all into VMFXX paying 5% . Repeat. if you buy stock NVDIA juts spilt , on monday 6/10 it will open for $120 ish but will likely go down due to people taking profits for the next 3 months, thios one stock will make millionares, get out before sales stall like they did with TESLA
I think your point on real estate nails it. Most people in the comments missed it. Nothing wrong with an expensive piece of realestate as long as your purchase is commensurate with your normal living standard . Staying low or zero on debt is more important than the house. Build up over time and sell when it becomes over priced. My wife and I bought our house well over 15 years ago here in Singapore with some debt and some equity and paid it down. It’s now worth 3x what we paid. It’s in a good area but the people are low cost spenders just like us except for maybe one horrible person who drives a 300k car
Your return rate on the house is something like 7.5%, which is very good (same as mine purchased in 2012). Even better is that you earned 7.5%, while living "rent free". I disagree about selling after it appreciates to a certain point. You have to live somewhere and if your house appreciated, so did the one you're planning to buy. It's the law. 😆 We have a couple of newer vehicles ('19 and '21), but nothing outlandish. There are some nice cars in the area but nothing outrageous (nothing more than a beemer). What I see is about 10% of the people adding pools every year. I know one was over $200K. None can be less than $50K. Not everyone has that sort of cash to throw around. I certainly hope the economy has a soft landing or I fear there are going to be big problems when layoffs come around.
I think a lot of very wealthy people learned to be cheap by living through the Depression and WWII. My parents didn't have a Touch-Tone phone until 1982, FM radio in the car until 1987, and cable TV until 2007. They also got a microwave oven in 2007. The only credit cards they had, prior to the early 1980s, were gas cards. They only got a Citibank Visa, because writing checks at stores was becoming more trouble.
The person who has done the video has no idea what rich people do in their lives. Honestly stop watching it right now. Complete bs. Rich people do travel with private jets, they have the most expensive and beautiful cars in the world (check what happens in Monaco, Miami, Las Vegas), You can't take 2-3 examples as they did in the video and conclude that's the general rule when it's not. They have someone else cook for them and eat at the fanciest restaurants. There's no way they'd spend 1-3 hours cooking when they use those hours to make money or make deals. Also, their kids are educated in the most elite universities in the world (did you check where Trump's youngest son is enrolling this year?). Don't believe any youtube video that tells you what rich people presumably do and don't do.
I agree with all ur ideas but what about the spirituality behind success or being a billionaire... Knowledge can help one to reach there but hope there's a spiritual backing behind every successful person...
I fly pretty much weekly. The vast majority of the time in first class. My flight is more comfortable and I arrive at my destination rested and relaxed. I can afford to do this, so it's definitely worth it for me.
College teaches us formal education, it does not teaches financial education. College teaches us how to earn money, does not teaches us how to manages money. Earning money and managing money are two sides of a same coin.
I still wear a pair of Church’s shoes I bought in their (then) store they had in the Haymarket for£13.50 in 1971. Admitadlly have worn them as “best” shoes, but still a great deal over the years, and are still wonderful. Lesson: Look after what you have and whatever you do, do not follow fashion. It is designed (no pun intended) to keep you poor.
In Europe the wealthy drive Audi, Mercedes, BMW, Volvo, Porsche and Skoda. No matter the price, these vehicles last longer and can easily be sold at a good price even after years.😊 If you want a real statussymbol, that's accepted as such, you drive a VW Bully. That's the biggest, yet most space effective car and more appriciated than the general van. It's value lies in it's practability as you can take your 3 or more kids, your dog and all your luggage with you without having to worrie about space. If you travel with just two people, it's even better, as your biker, snowboards, skis, additonal blankets, cushions, winter clothes, ect. all go in there without any trouble.
This is just a teaser. To truly understand, read the forbidden book Whispers of Manifestation on Borlest and find out what's concealed from us.
1. Debt repayments
2. Costly formal education
3. Designer brands
4. Expensive real estate
5. TV entertainment and video games
6. Flashy cars and expensive flights
7. Fast food
Yeah....most "rich people" actually DO buy what they want. Thats what they have the money for! The KEY is having your wants UNDER CONTROL.
Exactly you’ve hit the nail on the head. Treat yourself to a nice car and holidays etc. but still live underneath your means and find a balance between enjoying your money and investing for the future. I drive a $100k car because I can afford it, but it’s going back at 2 years old in exchange for a $75k car, as the cheaper one is perfectly adequate
@@simonworsley8631and some are interested in that sort of thing and others aren’t. It’s not about the car at all.
@@simonworsley8631 Why would you trade in a $100K car for a $75K car after only two years. After two years, the $100K car has depreciated by at least 40% ($60K), putting it's value below the $75K car. Drive 75 off the lot and it becomes $60K. You've sunk the money. Enjoy it.
Some would say that it's dumb to buy expensive/new cars. There are a lot of dumb things to do in this world. If it brings joy, so what if it's dumb. (Debt never brings joy). However, few are really going to get any long-term happiness from any car.
Other than these quibbles, count me in.
Well Said! And thank you.
Yeah it's kind of pointless to be a millionaire then not spend it on things you want though I'm sure they're not spending their money on things just "show off" like the average person does
I dated two millionaires in my twenties. The first millionaire let’s call him Paul owned a small apartment building, lived in one of the small apartments and worked full time as a architect. He took the bus, cut coupons and was worth under $5 million.
The second millionaire let’s call him Matt was a Microsoft executive and had a condo, a $2 million house near Redmond and 3 range rovers. He spent money fast so much he eventually had to take a second job.
My parents always told me to marry for money because love doesn’t pay the bills.
I realized there is a happy medium. Be frugal but treat yourself once in a while.
I am married to a nice man who didn’t have any money or a net worth and I’m better off for it.
I am like Paul. I am worth under $5 million.
Good for you! Your sincere self tells you better to be with a man with a little means rather than a lot whom you can love and communicate and have fun having a life with, while raising a family.
And I bet you cheat on him. Scumbag
@@bartdoo5757 lol!! Me too. WELL UNDER 5m
You seem to have a thing for Rich guys?
Even though most billionaires are not college grads, 2/3 of millionaires are college grads. The two largest studies on wealth ever done, both had the same conclusion. The most frequent and consistent way to produce a millionaire is to go to college, get a 9-5 boring job, buy a house, invest in a low cost stock index fund, and keep at that process for 20-30 years. That is how more than 55% of millionaires became rich. The problem with this method is it is not sexy and you cannot sell multiple courses on how to do this, so "wealth advisors" don't like to talk about this.
Most jobs barely cover living expenses, and average 5 years before layoffs.
Yes and they are poor for the 20 to 30 years because all their extra money went into their stock index fund.
millionaire aint shit = buy 1 house, a fucking money can do that
I agree with most of what you said until you got to the bit about “wealth advisors”. We don’t “avoid” talking about this. It’s not our job to. We simply advise on what to do with your money. Family, health and planning. It’s boring. Most of the “wealth advisors “ here havent finished a basic education. They are not professional advisors.
Slow and steady
I follow all these rules (due to lower income constraints)😂. Never took student loans, no TV, no car, no designer goods, living in the cheapest possible area, no fancy vacations, all budget airlines travelling (if necessary), rarely eating out .. Still working on being a millionaire 😅
😂
Nothing wrong with this as long as you are not uncomfortable or suffering
@@Bokgat Thank you for your concern and support, it’s very kind of you ! It’s actually easy to be frugal, it might sound meaningless or boring but it’s exactly the opposite. I can elaborate- in my case, I’m trading the potentially higher income for more free time to spend with my family and for working what I love. I don’t need extra stuff, extra privileges or to impress anyone with “rich” lifestyle. Not even the slightest 😊 My only concerns and aims are to have peace of mind that my lifestyle is sustainable and to prepare for old age the best way I can
@@AnaViolinViola it’s not boring at all. From what I took from the vid was just that. There is so much hype and get rich mentality around these days that it’s almost assumed that every one is like this. Many choose to be quiet, introspective and therefore are not visible. I suspect it’s the majority. I just like posting on UA-cam. Maybe you are the same ? All of us though regardless of personality or level of materialism are is search some level of comfort and financial independence in their retirement years. I’m a white guy living in Asia for 27 years and it’s the same also all over the world in my humble opinion. Good luck to you.
@@AnaViolinViola “rich” is such a vulgar word isn’t it ? I don’t even know what that word means.
I got Adidas shoes I wear since 2011. Not every day but they are still fine.
My winter jacket is from 2013 and looks almost new.
I like it to wear clothes very long. I got t Shirts a wear for 30 years, now as sleeping t shirt but it’s still the same and it has no damage wear that force me to replace…
Because of it i got more money to invest.
😊
Not every day? Every year? 😂😂
Enjoy your investment and let the heirs enjoy your money !
P
I’m a millionaire and regularly get coupons for Subway sandwiches and Groupon vouchers for restaurants. It’s more of winning by way of great deals and super sale prices for everyday necessity items. Bargains are like getting constant wins.
I own a 30 something old car I bought from a showcase, and I live in a 1 and a half bedroom apartment. I can buy houses at anytime or anything I want. I am not impressed with owning a house or cars. I have multiple streams of income. As a college grad with advanced education, the knowledge of that education contributed significantly to my mindset of managing my resources and finances. I made good decisions and because of my skillsets I was able to get high income jobs.I am fortunate to have gotten opportunities leading to the comfortable lifestyle I enjoy now. Discipline and personal improvements worked for me.
it's a lifstyle....it transcends to all areas of your life
Only thing worth having/buying in life are the ones which compounds over the years.
If it compounds, it is worth having.
True
Rental houses compound but they take a crap of of work and expense on occasions. No Thanks
@@hugoglenn9741 buy a house to live yourself, if you're buying a house and putting it on rent, it's a waste investment.
Better to invest in share market/stock market and see it grow.
There is rich, and there is old money. Old money buys for value... I drive a VW Tiguan every day. But I have a 1962 Ferrari. I purchased it in 1995 for just under USD$1m... proved to be my best investment. On your journey to wealth you can still buy the nice things you love, just buy for value.
I’m not a millionaire but I’m comfortable. I know where the cheapest gas is. I go to a regular barber for haircuts. My weakness is fast food. I go 1-2 a week.
I laugh when I see these teenagers wearing $200 sneakers around somewhere. I got my everyday shoes for $50.00 from Amazon.
Remember: every penny counts but enjoy life. Money is nice but killing yourself isn’t a good thing.
I buy last year's style of name brand shoe at Shoe Carnival. No need to go to the New Balance Store and pay 3x the price...
@@jpdriver1967 There is if you have an odd shoe size. It wasn't until Amazon that I could find a pair of shoes that fit. I have deformed toes from cramming them into poorly fitting shoes.
I do wear New Balance, at $150/pr. I have something like ten pair of the same model, in various colors on the back of the closet door. I wear the same shoe model for exercise and "dress". I've probably bought 40 pair over the last ten years. I go through at least three or four per year (walked 8.5M steps, ~3600 miles, last year).
There is no need for fancy shoes but never cheap out on them. Walking is too important and no one here is getting younger.
People don't know about the quality no-name brands. Same quality and material as the designer brands, but much cheaper
@@vernonpaigejr.1517Nike shoes fall apart faster than cheap ones from my experience
I buy the last line of American made sneakers from New Balance for $100 on sale. They last 5 times longer than the Chi Comm and now Vietcong sneakers at $50. That’s why I’m a multi millionaire, I don’t buy any Chi Comm rubber dog doo no matter how cheap it is
No smoking
No alcohol
No luxury cars
No consumptive loans
The rich take business loans to invest though, when credit is cheap
Wealthy people who own business lease luxury cars because they can write off the expense. They tend to have a new lease when the previous lease ends rather than buy the car.
@@riproar11 How does that work in their favor? They're still paying huge money for the lease and its insurance
Or maybe I'm not getting your thought?
@@Thomas.Bolleiro Maybe I used the word "luxury" too loosely when I'm not referring to a Bentley, Maybach, Mercedes S class, etc. But all four of them told me that since they own their own business, they lease their cars because they can write off on taxes their monthly lease expense. It costs a lot less than owning the car, which depreciates a lot after three years, especially a Jag, which can lose 50%! That's why posers drive older Jags. One guy had a small wine importing company he operated out of his home garage and he leased a Jaguar F-type which is that small convertible. A coworker's family owned four Baskin Robbin's and he'd show up to work in the family's leased BMW 335 or Audi A4. A woman has her interior design consulting and she leases Lexus's largest sedan. And a realty agent leased a Range Rover (the model just called "Range Rover.) So a lot of wealthy people won't tell you that they don't own their nice car, but it is leased and they're writing it off on taxes. I believe they partially write off the insurance expense too for when the car is used for driving to clients, realty showings, worksights, etc.
@@riproar11 I see
I, personally, don't own or lease anything on my company
When it comes to cars, I only recommend to buy only new, since the previously owned will waste your money on repairs, and purchase only a japanese car, because you can drive those for 20 years straight and wouldn't cost you to maintain it as much as the german ones. That's it.
THANK YOU ALMIGHTY GOD AMEN 🙏♥️
AMEN 🙏❤ THANK YOU ALMIGHTY GOD UNIVERSE ANGEL'S I am grateful for everything 🥰
You're almost right. “Wealthy” people avoid these things. “Rich” ppl fall for these traps everyday. There's a difference. You used the word “wealthy” in this video. Separate rich from wealthy and you're spot on.
True
If u don't enjoy in ur money you don't need it.If ur gona live like a hobo what's the point of having money
😂😂😂😂😂😂😂😂😂😂😂
To have money and not need it, rather than need money and not have it.
I think this video is talking about “paper” rich billionaires - individuals who’s billionaire status is only “on paper” and the only way to convert their stocks to real money is to sell their shares w/ will depreciate their value. Unlike oil & gold & land bank rich Saudi royal family , British royal family, Brunei royal families and other real rich super billionaires who’s children are educated in expensive schools in Europe and have expensive real estate in Europe even if they don’t live there and drive diamond studded cars and do not need to get a loan to buy a mansion. Those paper billionaires saying they’re taking out loans to buy their mansions & sports cars because they like to “leverage” on debt blah blah …c’m on! You probably just don’t have that much CASH up front.
Paper? Financial assets are only one part of our recommended portfolio
OK. Who in their right mind would keep $10,000,000, $100 bills in their mattress? Of course it's paper money, but that doesn't mean it's not money! My assets are almost all "on paper", too. ❓❓ Hell, even the savings accounts are "on paper". It's no different than stocks. Cash is only worth what someone will trade for it. It has no inherent value, like food (or bullets).
@@kwilliams2239 Just store 1,000 CHF banknotes xD
Wise spending is why people are rich
What!? Not because of their OnlyFans account?
Everybody ain’t trying to get rich some just want to be comfortable ain’t no comfort in DEBT
Thank you
As one successful investor once said: "I'd rather be lucky than smart." He's right. Most of this advice is the "smart way" but it's mentally costly, very time consuming and very depressing. Like being on a diet 24/7, it's gets old, real quick. I've met lucky people, they make a million, spend/loose it, make another spend/loose it, make another spend/loose it and the cycle continues their whole life. As soon as the one million runs out, it's replaced by two.
Never met the person who luckily made a million then spend it and made it again several times
Sounds like are good at making a lot of money. If I were that good and would spend a lot more too!
And since it’s efficient market theory. One ounce of thinking doesn’t improve you returns. So he’s just BSing you on the thinking part. Must be some stupid Broker.
They blow all their money to give off appearances they are good. I don’t think about it much and outperform them all
Warren Buffett is on video saying how he eats McDonald’s,Burger King,and Dairy Queen. 🤷🏾♂️ come on now
He also has his favorite steakhouse, one of the most expensive one in town, in Omaha that he frequents. Don’t listen to what rich people say, see what they do. How much does Bill Gates’s mansion in Seattle cost? And their private jets?
@@morriselee People seem to always focus on outliers when they claim to wholesale 'debunk' the more common cases.
Warren Buffett's Berkshire Hathaway owns Dairy Queen. Warren also recommended drinking coke, using Gillette products, purchasing GEICO Insurance, eating See's Candy....I wonder if there is a correlation? Warren is a keen marketer.
I bet he asks for the senior citizen discount too 😄
none of this is entirely true
Hello brother, what you described are habits of paper billionaires. The truly rich people with real money do the exact opposite of what you said.
I'm happy now to learn about finances before I retire.
Glad you learn something new
Even when I get rich I will still spend like $200 a year on clothes.
Why make money if you can’t spend it life is to short enjoy the little you make
Buying a home is never a poor investment. Buy a rust bucket of a car is a poor investment.
What if the home has structural damage in a high crime area? Still a good investment?
@@kaptinbarfbeerd1317 FFS, never heard of a surveyor?
@@itk2493 you said buying a home is never a poor investment. There are enough examples when it can be. Never say never and all that.
edit: also, is buying a home is never a poor investment, there wouldn't be a need for surveyors
@@itk2493 @itk2493 that's why surveyors are a thing. There is such a thing as a poor home investment.
@@itk2493 right. We wouldn't need surveyors if buying a home was "never a poor investment"
Nice and knowledgeable information
Glad you enjoyed
Dude, talking of education loan of $26,900... That's not even real money? This is bollocks
Deep content!
Glad to hear
Steve Jobs ‘ black colored turtle necks were made by Japanese famous fashion designer Issey Miyaki. $175 each ( not from GAP or Walmart)
Don't study very expensive better do some business it's better
Dude, talking of education loan of $26,900... That's not even real money? This is bollocks
Two weeks ago I visited a friend by car. He owns a clothing trade company. I told him I went to visit my mother. He wanted to come. Instead of taking his not new Mercedes, he took his mountain bike ( no mountains in my country) and went to her. I went by car because I have no bike in that country. I was there first. He arrived 8 minutes later
So instead of driving his car, he went by bike saving money and is sportivly busy. He also reuses his food leftovers. He does not have to but he does not want to throw away money. He did not drive with me to my mother because he wanted to go another way after the visit.
I wish I would have listened to my parents. You ain't playing good video
20 years to pay off 26k? Really
All are not lucky as you are!
@@himansusekharpanda5797 I'm certainly not lucky. If you live and work in the West and it takes 20 years to pay off 26 k. You are doing something wrong.
Forget about millionaire, billionaire.
People misunderstanding with each other is a disease.
the rich look for deals . $180 Nike shoes down to $135 .
Or 4 - 5 pairs of knock offs at Wallmart and no need to buy shoes for a year and a half .
The creator of this content is definitely not a rich person. All the points mentioned here are just opinions. What is point of being rich when you are skimping on life. I know many rich people & they are enjoying life. Life is just too short to be living miserably.
Rich people
Spends millions on clothing, housing and cars
And millions on lust
Some random youtuber not gonna change that 😂😂
Imagine the stupid ones who won more than 50 million dollars lottery and then consume extremely their money with useless things and become poor within few years.
It’s not about financial saving only, instead spending extra money on the poor peoples help will make the rich more happy & intact it an invincible investment which brings benefits form unknown sources.
No point in being the richest person in the cemetery, you are entitled to travel business class or drive a nice car if you can afford it but certainly stay out of debt for sure....
If you have to live poor and avoid all luxury, you don't need money.And if it's true who drives ferraris lambos, and live in multimillion dollar homes?This is all bullshit.To be reach you have to earn much and very fast, not to live like a hobo
you have no clue and broke probably
No I have about 2 mill$ in real estates and drive only bmw audi and mecedes.If I could I'd drive brand new lambo.So I'm not broke, just not cheap
And I've never been broke, even during the war.I live in one of Balkan states.Who dares wins
@@ivanpetrovic8131 typical balkan menthality ...
Truly actually wealthy people do not ever take on debt for anything. Never on home(s), cars, etc., etc. The majority of people are up to and above their eyebrows in mortgage, auto debt, credit card debt, etc. And this is why they have only significant liabilities and no assets.
"Never on a home"? BS. A home is considered "good debt". It's a roof over your head. Historically, that roof has been cheaper than renting one (otherwise no one would be a landlord). Unlike renting that roof, an owned roof's costs are mostly fixed, for as long as you live there. In times of high inflation, it's one of the best safe-havens there are. Its cost is flat and its value increases. Your second sentence is a truism but that doesn't mean that debt is always bad. Most homes are assets, not liabilities. 40% of homes have no mortgage. They didn't get there by harvesting a money tree.
@@kwilliams2239it depends where the house is
@@bruhhuh8622 I'm sure there are oddball places like NYC where the government has screwed up the whole market but it has to be. Landlords have to make a profit and if rentals are cheaper than purchases, it would be dumb to rent, and landlords couldn't afford to buy. They aren't independent.
@@kwilliams2239 fair point
If I won the lottery I buy a bigger house a new car have a expensive holiday then give the rest to charity 😂
Thank you very much for this wonderful video. To whoever is running this channel, I just want to say "keep going", you're inspiring someone and changing a life.
Wow, thank you!
🤣🤣🤣 stop the BS for good will ya
Drop outs?! Yes from Ivy League colleges like Standard! 💁♂️
Number 6 is just plain wrong. I fly business and have a $100k (financed) car and virtually every other wealthy person I know wouldn’t dream of flying economy. It’s partly called business class as it allows people to work and make good use of their time while flying.
A $100K financed car will never make you money. If you're that rich, buy it outright.
How many times to you actually work (be honest) when you're flying? Never sleep? Sure, executives justify private jets the same way, but mostly they're paid for by the stock holder. They're not saving the exec money. If Jim Farley stayed home and rolled in his money, Ford couldn't do worse.
@@kwilliams2239 it’s not all about making money though. I fly Business now because I can and it’s a much more comfortable and relaxing experience. A $100k is fast depreciating but still fun and I financed it at 3.8% APR, which is well below base rate and the return I could get on investing the money elsewhere instead of paying cash. As long as there’s plenty of money left over to invest after spending on some luxuries, all is good. Money should be enjoyed as well as invested, otherwise what’s the point of it
Once a poor immigrant that is now a multi millionaire, flying business class is a sweet reward.
@@zhaw4821 exactly, why fly Economy when you can afford Business. I grew up without much money either (although we were not poor, I didn’t go on a plane until I was 18) and now make the most of it, whilst saving for the future as well
As a single Man and being MGTOW I avoid these 3 things to maximize my living; WOMEN, DEBT, and NEW LARGE ITEMS like cars, boats, and homes!
Men get these to impress other folks, NO THANKS!
The "CLASS" and "TYPES" of so-called rich people they are talking about in this video are the "NEW MONEY" rich. Who are predominantly young. And so they don't care for the display of wealth.
However, most of the "Modesty" spoken of here doesn't apply to "The OLD money" rich. They are lavish, and unabashedly gosh at times with their displays of wealth.
Also left out are those who donate 10% of their income to their church. Say you make $40K a year that’s $4K annually down the drain or $40K a decade. Example: Had you instead invested that $40K in the stock market it could easily double in a decade. Therefore $80K lost because you feel necessary to donate to a church?
B..b..but rappers, actors, pro athletes, and other celebrities always have the bling & things.
Trent Reznor, CEO of Apple Beats and musician drives a Prius
BS video.
Not all rich people are same.
Wealth is silent. Rich is loud. He gave a great example of how new money(i.e athletes, buy expensive homes and its not necessary)
I heard years ago on the Radio and in Magazines, The 3 Ways Most People Are $Rich is #1 Born Into It. #2. Marrying into Money. Or Number 3, Which is WIN IT- Yes, Winning a Lottery Or Powerball Lottery would make You Very Happy. Stop accepting being Lied to. You heard that Happy part from me 1st Because it's True! NOTHING'S CHANGED
I’ve known a few “rich people” who went broke late in life because they had multiple failed relationships.
I always wanted a convertible since I was 14. Well 30 years I got one, I wanted a Benz but I decided for a lower price I can get a Mustang for 20k and have a 7 year warranty on it, better than new car warranty. If I could afford the Benz, when I mean afford, I mean having the dealership service it and not complain about the prices.
When money is not an issue someone can live anywhere they like. So it's very good to have a nice real estate in a good place, and even more. As far other things better not be flashy and expensive.
Real Estate is not the end all to be all. Elon Musk got rid of real estate and stays at the nicest places on Earth or rents thems
If your rich TV and games will not drain your money. That's more of a time thing.
Technically you can make money on investments while still watching tv and playing video games. I'm not rich, but I have been working on my networth 2 years now.
I agree 💯 % thank you very much! ❤❤❤ ( 07-27-24 ) Saturday
there's a book called whispers of manifestation on borlest , and it talks about how using some secret tehniques you can attract almost everything in life it's not some bullshit law of attraction, it's the real deal
I'm into cryptocurrency and stocks buying a Mercedes every 5 to 6 years is not going to make you broke
The fact that nobody talks about the book whispers of manifestation on borlest speaks volumes about how people are stuck in a trance
If you have the money and want to enjoy it, go ahead. Dont let the less fortunate lay guilt trips on you becauae of their jealousy
watched , valuable lessons learnt, thank you much
Glad it was helpful!
Cost of living
Thank you everything is an investment from the good we eat to business. Life is an investment
right now your money should be in VMFXX3 months after the FED is DONE LOWERING rates Dolllar cost avge each month in SPLG (VOO SPY IVV), SCHD (JEPI VYMI SPHD), QQQM (QQQ). When teh FED says inflation is to high SELL and lock in profits and put it all into VMFXX paying 5% . Repeat. if you buy stock NVDIA juts spilt , on monday 6/10 it will open for $120 ish but will likely go down due to people taking profits for the next 3 months, thios one stock will make millionares, get out before sales stall like they did with TESLA
Question. What is rich? Where do people draw the line?
Good summary against fake values 😊
I think your point on real estate nails it. Most people in the comments missed it. Nothing wrong with an expensive piece of realestate as long as your purchase is commensurate with your normal living standard . Staying low or zero on debt is more important than the house. Build up over time and sell when it becomes over priced. My wife and I bought our house well over 15 years ago here in Singapore with some debt and some equity and paid it down. It’s now worth 3x what we paid. It’s in a good area but the people are low cost spenders just like us except for maybe one horrible person who drives a 300k car
Your return rate on the house is something like 7.5%, which is very good (same as mine purchased in 2012). Even better is that you earned 7.5%, while living "rent free".
I disagree about selling after it appreciates to a certain point. You have to live somewhere and if your house appreciated, so did the one you're planning to buy. It's the law. 😆
We have a couple of newer vehicles ('19 and '21), but nothing outlandish. There are some nice cars in the area but nothing outrageous (nothing more than a beemer). What I see is about 10% of the people adding pools every year. I know one was over $200K. None can be less than $50K. Not everyone has that sort of cash to throw around. I certainly hope the economy has a soft landing or I fear there are going to be big problems when layoffs come around.
Y the time you finished your paragraph that car is worth $270K
@@kwilliams2239 wrong. Traditionally Real Estate rises on Average 4% a year and falls apart at 3.5 percent a year.
@@hugoglenn9741 Read it again, this time with your eyes open. Your second sentence makes no sense.
If I live like that I don’t have to be a millionaire unless I want to leave my money to someone else
I think a lot of very wealthy people learned to be cheap by living through the Depression and WWII.
My parents didn't have a Touch-Tone phone until 1982, FM radio in the car until 1987, and cable TV until 2007. They also got a microwave oven in 2007.
The only credit cards they had, prior to the early 1980s, were gas cards. They only got a Citibank Visa, because writing checks at stores was becoming more trouble.
nicee moree pls
Simply Great statements, Thanks for the video, keep Going.
The person who has done the video has no idea what rich people do in their lives. Honestly stop watching it right now. Complete bs.
Rich people do travel with private jets, they have the most expensive and beautiful cars in the world (check what happens in Monaco, Miami, Las Vegas), You can't take 2-3 examples as they did in the video and conclude that's the general rule when it's not. They have someone else cook for them and eat at the fanciest restaurants. There's no way they'd spend 1-3 hours cooking when they use those hours to make money or make deals.
Also, their kids are educated in the most elite universities in the world (did you check where Trump's youngest son is enrolling this year?). Don't believe any youtube video that tells you what rich people presumably do and don't do.
I agree with all ur ideas but what about the spirituality behind success or being a billionaire...
Knowledge can help one to reach there but hope there's a spiritual backing behind every successful person...
True thanks for your inputs. I will try to make content on that.
When flying the back of the plane gets there a little slower than the front,it's the same flight. Start a small business, the key is START.
I fly pretty much weekly. The vast majority of the time in first class. My flight is more comfortable and I arrive at my destination rested and relaxed. I can afford to do this, so it's definitely worth it for me.
Have you ever wondered why the loaning institutes does or need to take so much interests?? The greedy banks is feeding the rich.
Great Video, good voice 😊👍
Thank you! Glad it was helpful
College teaches us formal education, it does not teaches financial education.
College teaches us how to earn money, does not teaches us how to manages money.
Earning money and managing money are two sides of a same coin.
True
One good pair of shoes can last a year? More like 10 years, possibly more. My shoes are now 14 years old. Buy good quality, and take care of them.
I still wear a pair of Church’s shoes I bought in their (then) store they had in the Haymarket for£13.50 in 1971.
Admitadlly have worn them as “best” shoes, but still a great deal over the years, and are still wonderful. Lesson: Look after what you have and whatever you do, do not follow fashion. It is designed (no pun intended) to keep you poor.
None of this is an absolute truth.
New to the channel, tell me more about it ?
In Europe the wealthy drive Audi, Mercedes, BMW, Volvo, Porsche and Skoda.
No matter the price, these vehicles last longer and can easily be sold at a good price even after years.😊
If you want a real statussymbol, that's accepted as such, you drive a VW Bully. That's the biggest, yet most space effective car and more appriciated than the general van.
It's value lies in it's practability as you can take your 3 or more kids, your dog and all your luggage with you without having to worrie about space.
If you travel with just two people, it's even better, as your biker, snowboards, skis, additonal blankets, cushions, winter clothes, ect. all go in there without any trouble.
I hate video games the only time I ever watch television is when I watch the news other than that I could care less
Wisdom to u sir appreciate your work I salute your
Appreciated
I think he may be an ai bot ?
This is a great advice to help save for retirement.
You have billions and you old and you still want to save Vs You have billions and you want splurge, choose one?
I have learned soo much. Thanks alot for the enlightenment.
I'm glad you learn something new 😊
Eat Healthy ?(haha) I guess Elon missed the memo
❤ Thanks ❤
What's 26,000 dollar's if somebody is a millionaire
Rich people and wealthy people are two different things !
Powerful 😂
Low pay high cost of living
MY Dream ❤❤❤
❤