Why Most People Will Never Get RICH 💰
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- Опубліковано 21 сер 2024
- How do you set yourself apart from everyone? How do you become rich?
Nobody is taught to prioritize wealth, and spending is glamorized. But not spending on income-producing assets. Society teaches a path that most people conform to. Get a job, buy a house, and have a family. They are not taught to build businesses or wealth.
Most people will never become rich:
It never occurs to them, so they don’t think it’s possible. It’s far easier to complain than learn how to make a plan and put it to work.
But what if it wasn't just the privileged that were able to build wealth, and average people could become financially independent too?
In the first half of this video we'll talk about money mindset and why most people won't even try, and then talk about what you actually need to do to become rich.
Happy Investing!
Tracey
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DISCLAIMER:
Investing carries risk.
The content in these videos is my opinion and is not intended to be substituted for your financial situation.
Please do your own due diligence and seek professional advice where necessary.
100% agree on your car story, A car is a tool...I recently 2022 bought a new Mazda, prior to this I bought a 2011 Mazda, fancy no, practical absolutely, I don't need to $150k car, what I am able to do is earn my wage and currently getting around $60k a year in dividend income. From small acorns our income tree is growing..
Seeking financial wealth is really not everyone's primary goal. Some may just want to create a suitable lifestyle and focus on other aspects connected with the human condition. Abundance and wealth can come in many forms and shapes while the happiest of this world are indeed the ones who have realized that.
yeah I will take money any day
Poverty will never be eliminated under capitalism because it's the punishment for not participating in capitalism. Love your vids Trace!
Depends how you define rich. I heard Buffet say that the average person today in the west is wealthier than the richest billionaire when he was born in the 30s. We can talk to anyone in the world in real time, and travel anywhere within a day.
This is so true
That old chap is brilliant. Not just about money but in few aspect of lifes
I started my investment journey 3 years ago after almost loosing my house. I was in financial crisis at the time, with a huge amount of debt & trying to keep up with the joneses attitude.
I’ve worked hard to get rid of my debt & only now have good debt making me money.
I’m now in a position where I own 3 properties & just about to buy my fourth property.
I’m building up a reserve amount of cash going into an offset account & now I’m just starting out investing into the stock market using 20% of my income.
I’ve committed to invest $1000 per month in the stocks & $500 extra going into my super.
Your videos have helped me a lot with setting up a good structure for my investments.
Thank you😊
Find the right balance and use the "Need vs Want" theory and everything will work out for you! But also remember, No one Lives forever!!!!!
I like "Debt is reverse compound interest" it's so simple but i never saw it like that. It is true most people won't become wealthy because they don't have financial discipline. Each of my family members live for the here and now and are to impatient to wait 10 - 20 years to see a result, I myself have my side business and share portfolio, but even I wish I started in my mid 20's instead of 35 (Like everyone else). I enjoyed this installment, did we hear you say s**t? I had to do a double take lol. Keep up the great work Tracey.
I blame the coffee :)
Thanks!
I’m with you, I wish I’d become money savvy much earlier in life! It’s no good blaming ‘the system’. If you look at the choices you’ve made in life, I think you’ll see it leads you to where you are.
You can only start in your 20s if you have rich parents. Pat yourself on the back. You did it yourself, and that deserves recognition.
@@vvjp5732 I remember my 20's, working two jobs and getting nowhere, even to this day I can't figure out where all my money went, Wish I could say partying or traveling, But the truth is I think it all went to bills, Wasn't till I had a partner (late 20's, Who is now my wife) did I find having two incomes made things so much easier. I 100% agree with your statement 20's are hard to get started when it's come to saving anything.
Most people will never get rich because the system is designed like that. Imagine a world where most people live of dividends and almost no one works. Impossible, because who would generate those dividens ? That’s the whole point. It doesn’t mean some people wont achieve this, but people should understand that the majority of them will not.
It is why there will always be rich people and there always be poor people.
@@home-space Yep. And it is in the interest of the rich so that the poor remain in the workforce and remain more or less poor. That they earn just enough not to revolt and/or just enough to continue hoping they will become rich, only rarely achieving this. The passive earners want as much active earners as possible.
I disagree with what you said. Being an active earner is not necessarily mutually exclusive with being a passive earner - you can be both at the same time. In any case, you need to be an active earner first in order to accumulate the capital to invest to generate passive earning.
@@uberboiz I never said it's mutually exclusive, so not sure what you disagree with. It's about the proportion. I can buy 1 share of something and get some passive income. So what ? Most people can't and will not become pure passive earners, because passive income is generated by active workers. If there is no majority active workers there is no passive income for nobody.
@@let0atreides I'm disagreeing with your statement that "it is in the interest of the rich so that the poor remain in the workforce and remain more or less poor", as if becoming wealthy or rich has to come at the expense of other people (particularly the so called active earner).
"Most people can't and will not become pure passive earners, because passive income is generated by active workers." Well, there's no such thing as 'pure passive earners' to begin with - as I said earlier, even those who are earning passive income has to work first in order to accumulate some funds to invest.
research > invest > patiance
Thanks Tracey for all you videos, I started investing following your strategies, so glad to see my portfolio thrive.
100%. we have poor attitude debt and finance in general. great vid Tracey.
Love that quote! Thank you Tracey for all the videos. Needs to be taught in schools 🌞
30k? I thought 5k was splashing out on a car! LOL :)
Lol 😂
Hi Tracey,
Waiting for your video to comfort me.
I really want sitdown and have a chat too when the shares market was down. Really scared me!! Lol
The market fall is temporary. Hang in there! 😊
@@TraceyEdwards Hi Tracey, great sound advice - is it a good time to buy or top up portfolio with this down or has it got further to fall ????????
I would be looking for a $35000 or lower. Not all Brits are like this lol. Love your channel. Newly retired and living on dividend and pension. I prefer experiences over liabilities.
I Don't have any dept, I have cut down my spending, and have saved up a decent amount of capital and chosen two ETF's to invest in.. Do I wait for a bigger drop in the market before investing or just slowly start buying 10-20k every month?
Do what feels comfortable but don’t wait too long x
Time in the market always beats timing the market.
The best investment I have done so far is investing my time and subscribing to this channel. ❤
awww. thats so sweet ☺️
Brilliant! I agree with everything you said. Most people in Australia will have a chance of being wealthy if they follow your philosophy. I wish I'd realised that when I was 20, not almost 50. I am now a few years into my work and invest journey and I'm sure I'll be able to retire comfortably, especially as I'm planning to live in a van going where the weather suits my clothes. (Although I'm not sure I want to stop working because I like the routine. But I might work less...)
Thanks for putting into words what I've been thinking.
I didn't wake up until I was 50 either. That was 8 years ago. The gains my partner and I have made through investing and living a minimalist life are incredible -- far more than I could have ever imagined. I track it monthly too which shows the results and keeps the wind in our sails.
yeah same here 50 when the penny dropped aswell.
Great video, as a high school teacher of 40 years, who did teach money management, you make perfect sense. Unfortunately most people are their own worst enemies and self control is in short supply. Thanks to your videos I started direct share investing 3 years ago. It’s fun and profitable. I made my money by long term property investment. My motto, “keep buying only sell if you have to” cheers and thanks. fyi my retirement motto is downsize and simplify.
I think it was Warren Buffet who despite being a multi-billionaire owned a Toyota Corolla and a modest house in the suburbs. And if live well below your means it's surprising what you can do - even with a modest income. David Gow from Strong Money Australia used to drive forklifts and retired at 28. I don't think I can push a 50% savings rate like he could though. As Dave Ramsey famously once said, 'if I could trust that man in the mirror, I'd be skinny and rich!'. But he also aptly said about getting rich, 'You've got to live like no-one else so later you can live like no-one else'.
Love the Dave Ramsey quote about getting rich!
depends
Cheers Tracey, I would love to see your opinions on home ownership again. Have your thoughts changed since the last video or are they still the same? I'm very much in the same camp as you but it only seems like there is Yourself and Peter Thornhill that this way, I often think I must be mad for not wanting a mortgage.
If it helps you feel less alone, I’m retired and planning on selling my unit, investing the money in quality dividend earning stocks and using the income to pay my rent. I’m doing this so I can live closer to family for awhile, but not wanting to buy in that area. Also, my annual outgoings on my unit are $7,000 +. That’s an extra $7,000 a year to contribute towards rent and lifestyle, or savings!
I live by Curtis Jackson's motto "Get Rich Die Tryin" :p
so true, good girl.
Can I ask you a question: I’m saving up, to load up on shares again soon, but I’m waiting for retail sector to drop over the next few months. Do you think with the current economic conditions, and outlook, the retail sector will drop down? I already have a tonne of mining and banks, looking to diversify. Thanks 😊 planning ahead!
No one can know. Do your own research
@@hman2912 yes I agree and do. Just wondering what others are thinking.
What’s the view on that book that was published not long ago about spending now and building wealth in terms of experiences?
They say to not to build long term wealth, only experiences? Hmm sounds risky to me. Why can't you do both?
@@TraceyEdwards I agree!
It could be ‘die with zero’. Haven’t read it, but listened to an interview with the author.
Nice video, thanks for the information. Have you got any information on the w.e.f or their agendas? Thanks
Tracey I wanted to ask what you think now with bank savings rates hitting 5 percent. I have decent money in vhy which is around 7 percent grossed but should we switch if rates keep rising ?
High interest savings rates are definately more attactive than the stock market if you can get yields 5% or more since there isn't risk. I haven't seen any that high yet here, (except for special rates for certain conditions/timeframes).
I'm not taking anything out of the market, but I'm happy to add funds to savings accounts on the side if I'm getting a great return :)
Nice video. Well done.
Great video!
Great video 😊😊
Did you say VHY pays a dividend 4 times a year? Does that mean you get 6% (or whatever their div yield is) 4 times a year? So if you had 10k of VHY, you get a $600 payment 4 times?
No, the 6% yield is annual. So you would only be getting $150 a quarter
@@congardiakos493 Ok thanks, thought that was too good to be true!
what is rich you can sacrifice 10 15 % to invest you end up better off but you probably won't end up a millionaire
Hmmm the analogy of the fancy car is so wrong. People have a value based system and want to enjoy life as well. If people spend 20,000/yr on a mode of transport and their hobby combined; whats wrong with that? It’s what they value. Some people value spending $50,000-$70,000 on a wedding…
You can’t take your wealth with you, no point dying a millionaire and you’ve never done anything with your life. Retail investing is mainly a scam. The big fundies manipulating the market with bots for their own game. Retail investors dont have access to the data that they do either.
You need income/cash flow to leverage debt to invest as you said in business’ and opportunities to gain more cash flow. The Australian tax legislation breaks has been geared towards real estate and land. Hence why boomers are considerably wealthy as they are the only ones with land. Along with 25+yrs of economic growth. Where are the tax incentives in equities?
IMHO. Not disagreeing, however just providing another pov. Albeit probably ignorant.
That Henry Ford quote is a paraphrased quote from Confucius.
There is nothing new under the sun.
Is it? 😂 makes sense
The quote at the end: If the Aussie stock market moves any slower, I'm going to be dead before I even reach middle class.
Come on ALL ORDS!! pick yourself up off the floor!!! Get up you mongrel!!!
I didn't invest in you, only to watch housing investors make money hand over fist!!
Who wants to be rich? You can't take it with you.
You can buy time with money, and spend your life more in line with how you want to.
Your title is pretty negative
Your comment has nothing to do with my comment spam!