How Do Millionaires Actually Make Their Money
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- Опубліковано 14 кві 2023
- What's the most reliable way to become a millionaire? Well, 3% of millionaires made their money through real estate. 3% in other ways, such as technology, health care, law and politics. 5% through entertainment, Sports and media. 10% via finance and investment. 14% through working executive positions like directors, board members and CEOs. The important people. And unsurprisingly, high 24% made their millions from inheritance.
But the most sure-fire way to earn the big bucks is to start your own business and become an entrepreneur. As 41% of millionaires are entrepreneurs. - Розваги
Showing Trevor Wallace for finance was the funniest shit
Ong was not expecting that at all
And Donald Trump for Politics 😂
😂
Yeah that about got me
Subed
The ironical things is that business can be one of the riskiest profession but can earn you millions if you do it right
It's not ironical, high risk = high reward...
@@joaoph9391 high risk does not = high rewards tho
High risk = the chance of a high reward
@@Beef_jerky_official Bruh the whole point of it being a risk is that it’s not guaranteed so what ur saying makes no sense cause high risk does mean high reward because the risk is the chance
What else you gonna spend your time on? Watching tv?
@@maddoxbunch1137if you take a knife and stab yourself in the neck, you put yourself in high risk of dying.
If you live, will you get a high reward?
High risk doesnt equal high reward, just as low risk doesnt equal low reward. You can see people just doing basic things and becoming successful vs other wage-slaving and still are struggling.
borlest forbidden money books (thank me later)
really great books if you want your business and your first money and not watching these clips where everyone is talking the same
It's a bot guys , don't buy such books , do your own research and then consider buying
@@AkshitGoyal-ki Of course with everything you need to do your own research. I just say my opinion because sometimes you also need to buy something to see, if you constantly listen to people, you will never be able to really listen to yourself, even if you make a mistake
I recommend everyone to find the forbidden book titled Money s Hidden Magic it goes deep into all of this, and it changed my life.
Are you a Millionaire?
It's a scam ebook
Bruh I laughed so hard🤣🤣🤣 How much you wanna bet he isnt a millionair 😂
It's great book if you want to know how to get your life better and get the money you always wanted, these people always talk shit and they didn't even buy it
Can you send me the ebook please, I can't find it
seeing Trevor there was a wild experience
Bro is my master
a true entrepreneur.
He helped me to make my 2k to 200M$!
Trevor the finance guy
Same i wonder how his business is going 😂
papi pegaste un comentario w serio
⁸⁸poppppppppoo@@gruesomebugbear9108
Seeing real estate at 3% really took the wind out of my sails. Ha.
Don't lose hope even if all goes wrong you can sell your real estate for big bucks but if business has failed you would be lucky to get 20 percent of your money
thats because most of real estate owners are in “virtual debt” while technically they are not millionaires because they still havent fully payed for most of their properties in a couple of years they eventually will own it “fully” which in the end is what qualifies for statistics like these on yt
Well real estate can be your business. Investing wise it has made the most millionaires.
Keep the good work up my friend!
I made my 1st mil. In Real Estate, you just need to be smart, take a good opportunity and have a bit of luck 😂
I don't know where you are at but in the US. 70% of self made millionaires did through real estate. I think these numbers he gave are a global stat
I like how these scam artists act like telling people to “just start a business” is actual advice.
how is it a scam? he's not trying to sell you anything or steal anything from you.
Well, rich people are never clean.
Rich people talk numbers, poor people talk morals.
@@kevinsedwards businesses have a 98 percent failure rate. Average salary of an entrepeneur is lower than a garbage man. Career in finance is infinitely superior.
@@kevinsedwards most people don’t have any unique, new, profitable ideas - therefore = impossible to start a business in “something they’re passionate about” if what they’re passionate about doesn’t generate income. 🤷♀️
@@USA_UNITED1776 I’m a garbage man making about 130k a year, I’m about to start a side business and try to grow it. My take home income as of now is about 8k a month I can see making another 7k with the business In mind.
Do it. VRITOKEN already in my bags. I had a VRITOKEN after ( your should I buy ) and I agreed and bought. I'm looking to stack more, too.
Just because +40% of millionaires are entrepreneurs doesn’t mean that +40% of entrepreneurs are millionaires. It’s not contrapositive. Most entrepreneurs fail because of the extreme level of risk.
I would rather risk it and fail 99 times and win once and never have to work again.
@@B1gBossMan lets see
@@B1gBossMan most people won't live long enough to try more than two or three times.
@@Carloskypp Thomas Eddison has 1000+ patents to his name, assuming he had a 10% success rate, he failed 9000+ times He refined the lightbulb after failing thousands if not hundreds of thousands of times over his lifetime.
Dont even get me started on Colonel Sanders.
@@B1gBossMan and?
But still realise the difference between 41% millionaires are entrepreneur and 41% of entrepreneurs are millionaires
Yes very insightful
Ehmm that's not how statistics work lol
@@Granamerica3650 he is saying to realise the difference, ie those numbers are not the same. He is right
@@Granamerica3650if you can read it is
Eh still a big number to me, not all ceo are millionaires too
I swear I used to watch this guy coach fortnite a few years ago😂
The irony showing trump for politics 😅he didn’t make his money in politics at all
Speaking about politics - showing a politician. Don’t complicate thinks
@@ansewe4207 it clearly said millionaires made money in politics then showed trump but it doesn’t matter you’ll find a way to argue your point even tho clearly trump didn’t make his money from politics Biden on the other hand did
🤓🤓
@@enoughexpert7860 my point is who tf cares
Yeah, he should've been in the daddy's money category.
The lesson: “most common” does NOT mean “most reliable”
Not necessary it really depends on the country you are in
We need to factor in also number of people who invest in each category to better decide best chances exists where
@@ko-Daegu this video is objectively misleading and mathematically wrong. By his logic, 100% of millionaires are people. So if you are a person you should have a 100% chance of becoming a millionaire.
@@MrTeen-ul7ycbest analogy I’ve ever seen
@@MrTeen-ul7ycIt's just breaking down how people are billionaires. So according to the video getting an inheritance or owning a business are the best ways to be a millionaire. The math isn't the point.
@@ko-Daegu10 percent of millionairs are involved in finances
not 10 percent of people who are involved in finances are millionaires
so its wrong and the dude who first replied to u explains why it is so
Bro does economics, Fortnite, and content creation ur living the life man 😎
Get a side hustle that pays you $2k a month (you'd have to already have a job that covers your expenses) put the total in an etf every yearly (any etf your FA recommends) the right etf would give you 10% of your capital each year, do this for 15-20 years (depending on how good the etf your FA picks is) if you do this in your 20's by the time you're in your late 30's you'd have well over a million dollars. It's easy but only few strong, motivated and committed people can achieve this
did you do any of this?
@@gagnecaron658 I did all of this, I’m glad to say I’m speaking from experience, cheers
@@stanleyfujiwara1394 Hi, I’m all for this but what etf do you suggest?
@@walter.dlawson2580 Personally I started with the s&p500 but right now I have a few spread out across different portfolios, some for me, some for my kids, some for my parents, it all depends on what your FA suggests
@@stanleyfujiwara1394 I don’t have an fa, and i guess i'm going to need one so can you refer me to yours please that would be really helpful
Went from a Fortnite coach to coaching people..
what's the percentage of millionaires that became millionaires through divorce?
"inheritance"
Almost all the top wealthy females are via divorce.
Idk, but 100% of the ones that have, are women... lmao
@@billymetheny2736women☕️
Zero.Because boys are smart now.They already are prepared for divorce
Amazing. “How I got rich”
did you just add a citation number to your youtube comment?
The first step to attaining wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon. Give this a try and attain good-returns.
*G. M. A. l. L*
*EIizabethgreenhunts*
Great video. Im a huge VRITOKEN fan and love your videos on it.
Are you a bot?
Bot, don’t fall for it
Ah! but the problem with this statistic chart is that it hides a key flaw. An individual can fit into multiple categories. Which seems to break the illusion of how people are ACTUALLY getting rich. Like where are all these Entrepreneurs getting their money? From my viewpoint, no rich person makes it without fitting into two of these categories at least. I guess the real issue with the data is defining what made them rich truly. But you could pin that landmark on many key points in someones life(unless they are born to a rich family)
Facts
I’m going to have to fact check this one
So?
What caught your eye exactly?
@@shiskeyoffles Most millionaires I know just worked fairly normal jobs and saved up over time.
@@shiskeyoffles the inheritance part is wrong
Self made millionaires are more common than not, inheritance was big back in the day- now very select families trickle down the wealth.
Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!
Wow, congratulations on your impressive investment success! Your discipline and focus on delayed gratification is truly inspiring. I'm curious, what are some of the key factors that you consider when making investment decisions? Do you have any tips for those of us who are just starting to dip our toes into the world of investing? Thanks for sharing your story!
As a beginner I would recommend you get started with a professional broker that will guide you through the process and trade for you while you get the daily profit and rewards.
Do you mind sharing info on the adviser who
assisted you? I'm 39 now and would love to
grow my portfolio and plan my retirement
Olivia Sullivan Financials is my portfolio-coach, I found her on CNBC where she was interviewed, I looked up her name on the internet. Fortunately I came across her and reached out to her, you can verify her yourself.
Thanks, I just googled her I'm really impressed with her credentials. I reached out to her since I need all the assistance I can.
Pretty sure "Daddys money" is still more surefire than doing one of the riskiest financial things ever, starting a business
Using Gary as an example for becoming an entrepreneur is just top tier piss taking
Nice to see that you support lgbt
Oh what a nice lgbt supporter!
@@elaleron2583 i know r8
@@nart7232 thanks for noticing
@@elaleron2583 I love LGBTQ too
Dave ramsey would disagree
He loves to ignore a lot of reality
I thought that 3% was gonna be cartel💀
Bro went from teaching us fortnite tips to teaching us finance tips
Lol only 24% getting through inheritance is really gonna hurt the losers who pretend it’s the ONLY way someone could be richer than them 😂
Only?😮
I mean not really? every other one involves risk, and if you're not completely out there or doing crimes or whatever its basically 100% locked in.
@@Emerald_Forge no, I’m saying that a lot of people firmly believe that the majority of rich people built their wealth through inheritance and that’s disproven
Only 3% of millionaires have inherited more than a million actually
@@OakQueso doesn’t surprise me!
I guess 24% have received an inheritance which they’ve used to become millionaires, though
Those 24% always acting like they did something 😂
What's your excuse for the 80% that worked and achieved more than you
@@stormblade1199simp
@@stormblade1199 relax it’s a jk why so serious also he talked about the 24%
You don't know a single person from that sector and you probably never will lol
it's far higher than 24% my boss used to tell me he created his own business from stratch at the young age of 24 and became a millionaire in just a few years. Then I found out his father owned factories and farms lmao and he got the money for his business through his dad. I'm p sure he woulnd't be in the 24% :) he would be in the entreprenur statistic.
WHERE BECOMING MILLIONAIRES WITH THIS ONE! 🔥🔥🔥🔥🔥🔥🗣️🗣️🗣️🗣️🗣️
Apparently stock market investment is the same as starting a business.
what?
Maybe 😂
A more important metric is Number of people participating in that endeavor that are millionaires/ Total participating in that endeavor.
Doesn't matter if 3% of millionaires are in entertainment if only .0001% of those in entertainment make it there
The problem is that you view yourself as an average person by default
@@biggibbs4678 the problem is that you and other average people don't
That’s some useful information. High risk, high reward
Being born wealthy or have access to intergenerational wealth. That’s it. That’s how you get rich.
a good thing to note is finance makes millionaires but in their 50-60s. Which leads to inheritance. So the best way to make money early enough to enjoy it is entrepreneurship.
The 3% in real estate had a 90% of becoming millionaires.
True
That 3% was probably slashed in half in 2008 honey... nothing about becoming a millionaire is likely if you're building yourself
The more people that think realestate is the most reliable way to become a millionaire the harder it is to become a millionaire in realestate due to market saturation
The Fastest Way To Become A Billionaire: *Inherit your daddy's Money* 😂😂😂
Real estate is at 3% because you usually need to have millions to make millions, so not a lot of people become millionaires in Real estate
Not true at all
Work 50yrs and put 15% into investments
I’ll be in the negatives if I got an inheritance
And then you realize that most of those other categories could be simply lumped into inheritance if you consider how they inherited their contacts and social status.
yep, the rich stay richer lol
Doeant mean they don't deserve it. If anyone tried to take away any advantage that I built for my children, it would be war. I don't care how much of a jealous, little b you are.
No. Lot of people make their money away from parents
78% of millionaires receive 0 inheritance
There’s really no way to know if that is true or not.
Yooo! Its the fortnite guy
No.1 Sales 🗿
Traders left the chat big example hard rock compony
Nd ur indian
@@TradingPsychologist_not really, most people talking about “trading” online refer to day trading, which is usually not very profitable, I actually don’t know any billionaire that made his money that way, it’s a scam for dummies that haven’t studied efficient market hypothesis at all
@@GerardC75 statistics say like almost all of not all retail traders make losses over the long time so it’s a waste of time.
@@abhirupTHEGAME exactly, I think it was around 97% of people, it's astonishing to think people online still follow fake gurus and shit like that
That's hilarious as most real estate people own is in a business lol
Bruh i thought this was a Trevor Wallace video, i feel hoodwinked, bamboozled, led astray and flat out DECEIVED!!
Went from fortnite to this, love it mate, do both for dem big bucks😤🙏🙏
The part about daddy’s money calls into question on how daddy made his money.
I guess daddy made his money also with inheritance at this point 😅
Hmmmm, let me think, how about the inhumane ammounts of property that they inherited from their grandpa, who totally wasnt a slave owner that made people work on the mines for proffit, of course that would never happen.
@@LazerdogIsReal of course he wasn’t a slave owner. Maybe a trader. Breeder. Asset manager. 🤷♂️
@@Geniusderelict yeah but then what about his daddy? Point being someone somewhere didn’t have an inheritance.
@@therealneal3034 I dunno about you but im referring to Elon Musk mostly, as an example, his dad used to own an emerald mine he exploited for money, and slave trade was and still is very common in Africa, and having into consideration Elon's views on slavery i think its very likely that some of his grandparents or maybe other older relatives used to own slaves.
Wow almost 1/4 are millionaires from inheritance. Didn’t expect it to be that high.
I heard your voice and i was like oh it's the guy that explains the fortnite clips lol
Now what percent of entrepreneurs are millionaires 😂
Surround yourself with positive and supportive people. They will lift you up and inspire you to be your best self.
Technically starting a real estate company is starting a business so it can be the same. I started mine on own and the business is on track to be worth $1M+ in 10 years.
Yeah sure you can combine it, i have a finance buisness, it also fits into 2 of those segments here
Property management
I didn't know you make this type of videos too Reisshub
90% percent of millionaires make there money by working a normal job and investing it. That’s the best long term way to
No need to be a millionaire at 60 😂. What will I do with that money when my stick dossnt work even
Can you site your source? Curious to use the data
Fr this dude is just trying to get clicks
Proctological extraction
Showing Trump as an example of someone making their millions through politics is probably they most dishonest thing I've seen in months
Showing Biden would’ve been most correct but then he would’ve been demonetized for it.
Imagine being this much of a sensitive ass crybaby about a fucking politician lmao
Sent from fortnite to economical videos
Bro, I didn’t know this channel existed until now and I didn’t expect something non-fortnite related
The 41% are not just entrepreneurs, they started their business with daddy’s money and got a good head start
Exactly. Which is hardly any different than inheritance.
Clearly not, otherwise real estate would be way higher than 3%, since that’s the only one that requires large capital investment
That whole "if I can't do it, they must have some advantage." But when you see the research and you see consistently, it's around 80 percent, 80 percent of millionaires are first generation.
My husband and I separately came out of poverty, we met each other once we had already come out of poverty, I married him at 20, I had made money legally as an entrepreneur before 20 and was also doing a RothIRA. I think he was around 22 when he bought his first condo, I think he was making $12 an hour and it’s not that long ago, I was making $12 an hour eight years ago, stop making excuses. But how does your over priced and unhealthy fast food taste? Better than beans, rice, and salsa while you accumulate assets, investments, and your own company through sacrifice? Chances are a good place for you to start coming out of the poverty mindset would be with the free videos you can watch on UA-cam from Financial Peace University, he is harsh. Most peoples money issues are emotional issues. Harsh truth is helpful “if” you want to change.
@@SRose-vp6ewI live in a third world country, don't give me false hope
Being born into it is the top. Over 9/10 entrepreneurs fail.
And what 80plus% of silver spoon baby’s make it big ? I think the idea is that out of the minimal that dream big the spoils will favor
Those really aren’t bad odds if you just chose to become elite and grind for years and have the right abilities.
I was always in the top 1% of test takers. If 1/100 is doable, 1/10 is very doable
@@robertwright4906 that's a different thing you see. test results are based on set standards and as long as you work hard you can reap your price
with entrepreneurship you have to take a risk that it might not work at all for there are no set standards. an idea may be interesting and useful to many, but if it can't generate cash-flow... it's useless.
thankfully we live in a time when market capitalisation (overall value as seen through value of stocks) can reach highs the book value (value based on assets owned by the corp) of a company could never cause way too many people are exposed to the business sector.
@@elusiveshadow5848 take a different perspective. The odds are set, the outcome is measurable. It’s just a game, like taking an exam. It’s really not so much about the idea, but everything else in execution
Hey, it’s the Fortnite guy
Yo the fortnite guy does finance now lol
Now look at the success rate for entrepreneurs 🤷♂️
Less than ur daddy returning back home
Most of these entrepreneurs start a business with daddy's money anyway so that percentage should be wayy higher
I totally forgot about that😂
*here is 200k for your book selling business* >.>
That is statistically not true. Please remove preconceived notions you have about entrepreneurs as they quite literally give America The Edge that it has over other more restrictive countries. Their failure rate is also astronomical at 80%.
I'm a millionaire. Just did it through hard work and investing. $1.5m net worth. Easy
This only proves that most millionaires are entrepreneurs, but it doesn't prove that most entrepreneurs are millionaires.
These statistics change drastically. If you go from 1 to 20 million there is going to be a lot less business owners. But if you then go to 80 or so million there are lot more business owners.
You’re forgetting business owners that inherited their businesses from their parents
@@kingtaco1725 That number in the US is too minimal to include.
90% of millionaires are made through real estate investing even if they are doing something else. It’s the most sure fire way to create a high net worth and wealth over time
You mean to say people invest in real estate after they make their millions not to make their millions. Making it fantastic for keeping millions but not making
It’s okay to be wrong kid
Showing trump there as politics is insane bro was rich asf way before💀
Most do it through 401k savings over time
Literally just save and invest right and you’ll have a million by 40-45
you need a good enough salary to do that as well.
so getting a good degree that can get you a well paying job is also a good idea. but US is a high income country and any kind of highly skilled work can get pretty good pay.
so if you are smart, you can try to get a degree in some high skilled field like Science, Engineering, or Finances.
but if you are not very smart, you can just go to trade school and learn to be a plumber or an electrician (plumbers in the US earn more than Doctors do in India)
after that just put that money in a stock index and just wait till you retire, and you'll be a Millionaire.
this kind of strategy is better than working some dead end office job as well. cause trades-men, Engineers and Doctors have to do plenty of different kinds of things that don't drain your soul out of you.
@@elusiveshadow5848 Being an Electrician requires alot of intelligence. Do not include that field.
@@stew-03 not as much as being an Engineer or a Doctor
You probably have like 20 years before you turn 40. The average cost of a home in my area sold for $807,000 last year. Average. So you're going to save and invest for a few decades just to end up middle class 😅
Sad thing is a lot of business is used to launder dirty money. So the actual number won't be that high.
source?
@@youdontknowwhoiam2449 trust me bro. You can’t start your own business. People doing better than me in life are laundering money not being overly productive members of society.
@@joedefraties3304 LOL, yeah fr
@@joedefraties3304 Maybe we just live in different part of the world. Where I'm from corruption is high so millionaires are mostly extremely corrupt. Most are even criminals.
@@joedefraties3304 also many Forbes millionaires has gone to prison for being "overly productive members of the society"
And that’s why they never let the debt based system disappear
the Fortnite guy became a businessman😊
70% of millionaires simply won the jackpot, source: Trust me bro
It's pretty annoying watching someone cover a controversial topic without so much as citing their source.
I’m 50 years old living in Canada Albert, I’m willing retired at 55 if things keep going the way I planned bought my first house last month and i can’t be more proud that I’m now I’m glad I made a very good productive decisions that has changed my financial status for forever*
Congratulations you are really doing well at your age ,I’m 45 my finances are in mess right now, any great tips would really go along well in shaping my life.
bros really a mf finance AND fortnite pro 💀
Ong, I heard the voice and was like wait a min
This is what is the most common way people have become millionaires, not the most reliable. Very big difference
You should really need to post your source because I absolutely refute that inheritance statistic. Just because someone who is also a millionaire received an inheritance does not mean that the inheritance made them a millionaire. Classic Conflation through statistical distortion.
This guy is the Micheal scott of finance
But now look at what proportion of entrepreneurs become millionaires.
When you failed statistics class:
it's not quite like that, because you need to think about the success rate of each of these alternatives.
Becoming a millionaire by inheritance is the surest way to achieve the expected result, you just need to be born into the right family. But it's only accessible to a few and it's completely out of your control.
There are 30 million "businesses" in the US, the number of people in this category who achieve wealth is small.
41% of millionaires are Entrepreneurs, but does that necessarily mean they became millionaires because they're Entrepreneurs?
Or
They are Entrepreneurs because they're millionaires so.... extra money...
Exactly, on the flip side 41% of millionaires are entrepreneurs but how many % of entrepreneurs are millionaires?
@@qrv123 OH no.... This rabbit hole is gonna do deep
Just because a lot of people did it one way it doesn’t mean that way is the best.
"entrepeneur" is a nice euphemism for "dad's money"
I’d like to see each of the graphs that show what percentage of people who go into this job become millionaires.
Apparently the job of being a CEO of a billion dollar public corporate conglomerate has a really high percentage of people who become millionaires...
I have seen a study that is much lower on inheritance. It was like 21% of millionaires received any inheritance at all, and only 3% received more than $1,000,000
i was not expecting to here mr fortnite breakdown talking about the best way to become a millionaire
What will happen to the world if everyone is staying at his penthouse and doing nothing?
This chart would stand different if they clocked the drug dealers
They are represented as entrepreneurs
Working towards a project ( rising capital) constant will likely to be a reality some day, taking advantage of investing is a great ideas to take a step in becoming a millionaire
It was a great day for me to remember as I made my first $10000 on Crypto invest at past I was thinking Crypto invest isnt real , but the day I made my mind to invest was my stepping limestone for live
I would rather said invest is volatile taken the right measure before invest funds is a good ideas a Wise individual should apply
Hello what measure will someone who wanted to invest on Forex apply , am no where closer to this but its my wish to invest on Forex
You made a wise idea to realised Fx is good invest to grow funds, I'm living happier daily watching my invest matures frequent . I Will likely to sort this out for you if preferred
@@mairo173 Mario I will tell you to write drelgoshedtee
Love how this guy is also a fortnite Analyst
Being an entrepreneur now is a lot harder than being an entrepreneur 20 or 30 years ago. Most industries are saturated and its nearly impossible for any small business to get their foot in.
Dumbest take ever btw
Necessity is the mother of invention. There are plenty of things that are not saturated yet, but you’ll never see them if all you do is stare at what’s already successful but over saturated. Think of the last time you said you wish you knew how to do something or that you would hire someone to do it because you didn’t know how to do it now learn how to do it and learn how to make money doing it.
You don’t calculate reliability as % of millionaires with that job. You need % of that job who become millionaires.
It's funny how a study of more than 10000 millionaires doesn't say that.
He's full of crap. He doesn't cite his source.
Dave Ramsey did the study. The most extensive study of millionaires ever done.
the fortnite guyy :D
Consistently investing is the best way! IN A ROTH! :)
most reliable way to be a millionare is to do the fucking work
Unless your born in africa
Or south america
Or india
Or china
Thats 70% of the world🎉
@@deadwolf3607 You have an unhealthy mindset, 50% of billionaires are from China and India. Also 45% of people are from those regions, not 70%. Stop making excuses
@@deadwolf3607you don't need a million in those countries to be rich because cost of living is significantly lower