A study found that players in Monopoly, who were given way more money to start, thought they won because they were smarter, not because they had been given an unfair advantage. That's why sayings like, "Some people are born on third base and go through life thinking they hit a triple"
And a lot of other people accept having to round all the bases as an excuse for quitting the game and cursing the name of people who win the world series, regardless of where that champion started. Their luck doesn't justify your excuses.
@@williamburton757 there are people full of excuses, but there are plenty of people who do the hard work and have the same talent as the best, or the one born in third base, that does not make the majority billionaires. In fact, I bet most people in this chat aren't billionaires, which is what is the point of this vid: probabilities and reality. People have different motivations, billions of money is not the necessary element for happiness, if it were, we would be all fxscked.
@@LucianoCantabruel it's not about hard work either. You can work every minute of every day, but if you're susceptible to the instant gratification trap or you're simply afraid of the risk of investing, then you're not going to make it. Long term wealth/success is a combination of inherent and learned traits. Intelligence (common sense mostly), self discipline, responsibility, risk-acceptance, foresight, personality, etc. You could be born wealthy, but if you're entirely absent one of those, you won't stay that way. Flip side, if you're born poor but develop the right character traits, you can become wealthy regardless of your "luck." The video is flawed because they say "born with talent" like the word "talent" is characterized by a single ability or proficiency, when it's not. The "talent to build wealth" is a lot of individual skills and attitudes that play off each other in balance to make a person successful. You miss one brick and the wall crumbles. So, simply put, the premise of the video is still dogshit.
@@KevinBaumanI think they have the right to complain, but not the right to give up if they want success. And since complaining only demotivates and infuriates, best to just focus on the prize and at least 'try' to smile along the way. I bet if you try, that smile just might widen and widen. Maybe not though, doesn't matter. Giving up is the sole guarantee of failure. I think accepting bad circumstances and focusing on success still, has great grace. Easier said than done though, there's a reason most are average.
What I find most interesting is how incredibly far away a billion actually is. To visualise what this actually means, it helps to compare it with time. One million seconds is 11.57 days. And one billion seconds is 31.71 years.
The time analogy is great. A millionaire spending $100,000 a day, would be broke in less than 2 weeks. It would take a Billionaire over 27 years spending at the same rate. Elon would still be a multi-billionaire after 5,000 years.
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Amber Dawn Brummit turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
Yeah, it's pretty impressive. But you know what's even more interesting? Most of these wealthy Asians have someone like Desiree Ruth Hoffman managing their portfolios.
@@ChloeCarter-kd7gz DESIREE RUTH HOFFMAN she’s known for her assortment manager and holistic approach to financial planning of high-net-worth individuals , considering factors like income, expenses, and long-term goals. she's been making some serious waves in the industry
Oh, I know Desiree! She's incredible. I've seen testimonials from people she's helped, and the figures are mind-blowing. Some of her clients have seen their portfolios grow by over 50% in just a year.
Big Think: if an academic paper is referenced in a video, as it is in this video, it's polite to link to it in the description. (Btw, almost every UA-cam channel does, from my experience.)
I have a 3 fund portfolio consisting of 33% S&P, 33% Total stock, and 33% international. I feel a need to focus on complete growth so I went 100% stocks, but does the SP500 and TSM overlap too much to make sense holding both? However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait but watching my portfolio dwindle away is such an eye -sore.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
don't sell, just keep buying the total stock market ETF and continue with some INTL and you're good. Don't listen to those people who suggest a financial advisor, they charge a fortune and they've no idea what they're talking about
*Appreciate your videos! I’m 54 and younger generations should know there’s no shortcut to acquiring wealth, but there are ways to go about it. Fellow millionaires don’t tell the poor/middle class they need the knowledge of finance coaches to help build their wealth. If anyone here needs a good coach, here’s it..*
Vonnegut said: “America is the wealthiest nation on Earth, but its people are mainly poor, and poor Americans are urged to hate themselves. To quote the American humorist Kin Hubbard, 'It ain’t no disgrace to be poor, but it might as well be.' It is in fact a crime for an American to be poor, even though America is a nation of poor. Every other nation has folk traditions of men who were poor but extremely wise and virtuous, and therefore more estimable than anyone with power and gold. No such tales are told by the American poor. They mock themselves and glorify their betters. The meanest eating or drinking establishment, owned by a man who is himself poor, is very likely to have a sign on its wall asking this cruel question: 'if you’re so smart, why ain’t you rich?' There will also be an American flag no larger than a child’s hand - glued to a lollipop stick and flying from the cash register. Americans, like human beings everywhere, believe many things that are obviously untrue. Their most destructive untruth is that it is very easy for any American to make money. They will not acknowledge how in fact hard money is to come by, and, therefore, those who have no money blame and blame and blame themselves. This inward blame has been a treasure for the rich and powerful, who have had to do less for their poor, publicly and privately, than any other ruling class since, say Napoleonic times. Many novelties have come from America. The most startling of these, a thing without precedent, is a mass of undignified poor. They do not love one another because they do not love themselves.” Steinbeck said: "The poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.”
@@bernardoluz3381 In America, you can attain a level of wealth that basically no other country in the world can replicate. The thing is, your odds of doing that are less than 1%. Hence why the richest people are in the top 1% of the 1%. America used to be a country where anyone could become rich. While that is somewhat true, as time goes on and generational wealth persists. It is much more about being born in to wealth than “working hard” or being the smartest. Being smart and working hard increase your chances of becoming rich. But there are many dumb wealthy people who are wealthy by virtue of birth.
I was never more disillusioned when I read C. Write Mills' The Power Elite. Apparently, "The American Dream" or intergenerational social mobility became an illusion sometime around the Civil War. I'd like to see if money was traceable to any social attributes or any allusion could be made at all to a set of values with as much objective data and analysis as possible - maybe this is as close to such a thing as I'll find.
“Fooled by randomness” Nassim Taleb Nicholas touches on the same topic. Most successful people tend to minimize the role played by luck in their success
@@IamPapasyea this speaker is an idiot fs. Thinks this finding is profound. Obviously luck is a factor but hard working ppl are more likely to get lucky. Why did Edison have so many parents? He got *lucky*? So dumb
I'm pretty sure being a genius doesn't mean that you believe your talent will pull you through. I think it's the opposite. Being a genius means you'll doubt yourself endlessly. Question even the way you formulate your questions. And be furthermore endlessly surprised at the sheer audaciousness of other people's self confidence. I think it takes a long while before even a genius realises: these people are confident because bravery and stupidity are closely related. Just my two eurocents.
That's not being a genius, though. That's being self-aware and wise. History is full of geniuses who sometimes had flawed overconfidence in their own talent - sometimes leading to their undoing. Yes, there are geniuses who are aware of their own limitations, but growing up a genius is extremely isolating and being the smartest in the room most of the time can instill a sense of distrust in the capabilities of the people around you. It was always frustrating when people couldn't see what I saw and would stumble toward a goal that seemed clear enough to me or when I would get into fights with teachers who thought they knew better. Even being proven right was extremely unfulfilling because it happened way too often. It became normal to be so overly reliant on my own talent that I often completed group projects on my own in college and actively chose people to be in my group who I knew wouldn't volunteer to do anything. It worked well for me until it didn't and I realized I had isolated myself from everyone - including some of the friends who had selflessly stuck around and helped me in the past. The disconnect between genius and wisdom gets even more obvious when you start to account for the neurodivergent geniuses out there - autistic geniuses, idiot savants, reclusive geniuses, etc.
When you see self-confident person, it means the person has built a coherent story in her mind. But it does'nt necessarily mean the story is true ;-) -- Daniel Kahneman (not his exact quote. Original's wording is different)
Ironically. When it comes to survival and quality of life. The wise man would float somewhere in the middle quietly. You don’t put a target on your back and everything you do doesn’t carry enormous scales of impact. It might not feel that way with how society pushes hyper wealth and hyper success and hyper fame as the goals, but in reality the real winners are those who are comfortably in the middle quartile and not killing themselves with stress.
Just to add, if you’re in the middle and don’t chase an unsustainable lifestyle, but one that liberates you from debt and enables you to save effectively for the future and provide a helping hand to your children is the real cracked approach.
This whole video is based on a false premise, and feeds too badly into what many people want to believe about the world and why they aren’t more successful. There’s a simpler reason for geniuses to have more self doubt… For all that they have thought, they usually haven’t done enough of it to give them a grounded sense of self confidence. In the absence of life experience, there are too many unknowns, too many ideas that may or may not work, and very little surety on just how much you’ll have to overcome to achieve a goal. What defines Musk more for example, is his willingness to give it his all. Both personally and in terms of all the resources he can muster. It’s his repeatedly going all in and fighting as hard as possible that made him succeed where everyone thought that he would fail. His self confidence to learn “difficult” subjects on his own and not just bowing to “common sense” that said that his ideas were impossible also made a difference. The Twitter complaint is also barely valid. He did manage to make it live and actually improve in some ways. The outcome in terms of riches is yet to be determined. Although, the goal there was never profit in the first place. And maybe he will end up ruined some day… But his contributions will still have been great and worthy.
The interesting part is that what he calls greed, I call "drive". He claims that a billionaire asks how they can get more money, but do they really? Is that their motivation? Do we know or is that an assumption? Perhaps even a myth revolving rich people?
@@MikaelJSanderssonOne way to tell greed and drive apart might be the willingness to countenance giving money away. Doing so goes against greed whereas someone who is driven shouldn’t care as much.
@@tcookoye Not necessarily. Musk has claimed that buying twitter was not to make money. So this video claiming that he failed with twitter because the company has lost value is missing the whole point and wildly oversimplifying what success means to people.
As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.
I believe the safest approach is to diversify investments especially under professional; guide. You can mitigate the effects of a market meltdown by diversifying their investments across different asset classes such as stocks, etfs etc It is important to seek the advice of an expert.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
My CFA ’’ Sharon Ann Meny , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..!
Remember that the most intelligent people tend to congregate into the academic space. They become professors and researchers. The CEO's who run companies are not usually the most intelligent people in that field.
"Remember that the most intelligent people tend to congregate into the academic space." A fallacy perpetrated by academia. It takes great faith and little intelligence to be a Marxist, as is the bent of the majority of academia. Except for STEM, most of academia are puppets who repeat the same tropes taught them by other Marxists.
True but most CEO's have charisma, crazy work ethic & can manage other people/delegate. Those are really important soft skills in the business world that most professors & researchers don't have.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
Its not about luck playing a small or a significant part. The fact that luck exists and nothing can escape it, is what he's trying to say. If you try something and with complete accuracy, still there's a minute amount of risk of things going wrong, if things do go right, then that risk is called as luck. So to put it plainly, everything depends on chance, the more chances you take, the more your odds of getting lucky increases. Taking calculated risks again and again is what increases your chances of success. Lastly, you only have to get lucky once, so make sure you take mighty risks but in a way that you can still be in the game if luck isn't in your favour.
correct, "risk" is inherently part of any project or business or activity one will do. Always and forever, there is never a RISK FREE endevor. Risk can only be managed so far...past a certain point it is a very large reality. Ask any investor or banker.
Poor Example Elon Musk might not be John von neuman or Einstein, but by standards of Billionaires he IS pretty intelligent, in a sense genius at organizing talent . Myu father (Mechanical Engineer, Stanford Educated) worked for three decades as Lead Engineer of Rolls Royce Jet Engines, and watched multiple dozens of his videos giving multi hour talk on Astrodynamics, orbital mechanics, Engine design, Aerospace engineering and he has thorough grasp of these topics. Unless you work in these domains or industries you cannot even understand the magnitude of his contributions . He has direct input on design decision, and sits in every design review. For example electric motor actuated grid fin in Starship as well as stainless steel construction was his input. He also asks detailed technical questions in interview. He also got lucky yes. In case of Elon Musk it is a combination of Talent, AND luck (but greed plays no part, otherwise he would not consciously burn billions of dollars of Twitter, he said He knew VERY well his decisions could bankrupt the company).
a factor that tends to be ignored is whether a person was lucky enough to grow up learning that they need to try again and again to increase their chances of success. none of us got to choose our parents or the environment that we grew up in, yet those two factors have the biggest impact on our lives. Luck is a major factor.
I see a very strong correlation between what is being said here about the private sector and what is observable in the political sphere. Like this man, I am a trained political scientist - in my field, I work with local governments and elected representatives daily. Over time, I have noticed what is commonly known as the "Dunning Kruger Effect" be expressed frequently in the elected officials, most of which are wealthy and have an unshakable belief in their abilities and _inspired insights._ In truth, more often than not their talents pale to those of their expert staff and agency supports, whom are trained and educated to be more effective at navigating the warrens of political life (with some notable exceptions on both sides of the equation, it should be said). I suppose a difference in individual nature, IE: being self serving/success oriented or public service oriented is likely what maintains this rather backwards dynamic - the professional staff, analysts, and executive leaders should be calling the shots by right of experience, expertise, and proper disposition.
The misconception that equates billionaire status with genius. This topic not only intersects with societal perceptions of wealth and intelligence but also touches on broader implications for global issues such as conflict resolution and peace.
Elon Musk is not John von neuman or Einstein, but by standards of Billionaires he IS pretty intelligent, in a sense genius at organizing talent . Myu father (Mechanical Engineer, Stanford Educated) worked for three decades as Lead Engineer of Rolls Royce Jet Engines, and watched multiple dozens of his videos giving multi hour talk on Astrodynamics, orbital mechanics, Engine design, Aerospace engineering and he has thorough grasp of these topics. Unless you work in these domains or industries you cannot even understand the magnitude of his contributions He also got lucky yes. In case of Elon Musk it is a combination of Talent, AND luck (but greed plays no part, otherwise he would not consciously burn billions of dollars of Twitter, he said He knew VERY well his decisions could bankrupt the company).
I think the one thing not mentioned here is that even IF you have all the opportunities and advantages, you STILL need to put in a relentless amount of effort and tenacity. That's why I will never reduce the efforts of billionaires to just luck (or predominantly luck) because a lot of them MADE their luck by pushing past limits and failures where most people quit. And side note: I don't think it's JUST greed that can motivate you to be a billionaire. Some people are just extremely driven and competitive.
Also important: giant wealth often has its root in the family. Like the grandpa was very poor and became average, his son got wealthy, and his son became a billionaire. Also the more often you roll a dice that has little loss but high potential gain, the more likely you will succeed and business is often like that. A failure is just a bit of wasted time and some money and a success is a lot of money.
I agree that there's a self selection happening that usually makes greedy people more common at the top, the same happens with narcisist in positions of power (both corporation and politics). But I also find it unfair to assume that they are all like that. When you get 1 billion and thinking "how can I get 2?" does happen and is mostly motivated by greediness, but I can definitely see how it can also not be the case. We must be really careful when doing such generalizations, they commonly come back to bite us in the ass.
Im guessing you’re a socialist Woke type. Let’s see what happens when entrepreneurs start using robots so your entire labour exploitation argument won’t stand.
I agree in part with this video, namely the super rich aren’t the most talented or most intelligent. But they are definitely above average in those areas and more importantly, they are doers who take action and look for opportunities. Most people are too afraid to take risks or too lazy to put in the work to start something big that won’t see a return for months or years.
As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns
Proper research, good analysis and luck is what you need to make profit in this constant market decline. It's all about finding the right moment to take advantage of and generate colossal profit, which is why you need to do your research
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
@@mariaguerrero08How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
This applies to people born in both wealthy and poor countries. They have no control over their birthplace, and because of where they are born, they may or may not receive what they want. This also applies to their parents, whether rich or poor. Luck plays a major role.
Very high levels of wealth can certainly be attributed to being born wealthy. After that, there’s a form of genius (if we can call it that) involved- it’s the ability and willingness to game the system, usually in violation of common ethics and often in violation of the law.
Poor Example Elon Musk might not be John von neuman or Einstein, but by standards of Billionaires he IS pretty intelligent, in a sense genius at organizing talent . Myu father (Mechanical Engineer, Stanford Educated) worked for three decades as Lead Engineer of Rolls Royce Jet Engines, and watched multiple dozens of his videos giving multi hour talk on Astrodynamics, orbital mechanics, Engine design, Aerospace engineering and he has thorough grasp of these topics. Unless you work in these domains or industries you cannot even understand the magnitude of his contributions . He has direct input on design decision, and sits in every design review. For example electric motor actuated grid fin in Starship as well as stainless steel construction was his input. He also asks detailed technical questions in interview. He also got lucky yes. In case of Elon Musk it is a combination of Talent, AND luck (but greed plays no part, otherwise he would not consciously burn billions of dollars of Twitter, he said He knew VERY well his decisions could bankrupt the company).
@@lewisburton1852 Common ethics refers to straightforward behaviors like honesty, integrity, respect, accountability, compassion, trustworthiness, etc. This is differentiated from professional ethics which can include advocacy, loyalty, and adherence to policy. Many so-called geniuses in the private sector make big money by violating common ethics. That’s my point. I don’t work for anybody. I’m thankfully retired.
I understood your point initially, but I appreciate the detailed explanation. My perspective is that those in leadership positions often set the tone for the organization, affecting your ability to earn a comfortable salary, regardless of whether you agree with their methods. This raises questions about who you work for or have worked for in the past. Take Tesla, for instance. The company may have faced challenges with older partners who adhered to traditional, gentle, and ethical practices. However, progress and success often require a more assertive approach. It's frustrating because I naturally tend to be considerate and accommodating, but I've observed that those who surpass me often exhibit a more ruthless demeanor.
Understanding how to build and use your “network” is way more important than most people think…many rich people have figured out how to leverage other rich people’s networks, while the poor and middle class have, for the most part, not. I went from poor to upper middle class through an understanding of networks, but billionaire status is a leap probably not happening to most because of who you know. Challenge accepted!
@@dan23563 No it's not off topic because part of what constitutes the social hierarchy is indeed networking. This is the reason why the social hierarchy does not look like the bell curve in the video. Luck, like mentioned, plays a role, but so does networking, so does competence (talent), so does your starting point. That's why the social hierarchy is a pyramid and not a bell curve.
However the lightning does not uniformly strikes anyone on the talent spectrum "Luck is what happens when preparation meets opportunity" however both preparation and being surrounded by opportunities are somewhat dependent on talent
Two big factors sort of covered, but not explicitly, in this is 1) the common personality traits of billionaires (typically risk takers, which creates a luck component), and 2) the nature of being an entrepreneur, which covers a narrow band of the population, where the spoils are wildly different to typical jobs. The general premise in this video makes sense, but Musk is not the best example. Most billionaires would be quite intelligent, albeit not geniuses. A better example is Trump; a risk-taker with a greedy mindset, born into wealth, who had luck to borrow more wealth to leverage investing in a growth industry, lucky in region and period.
If everyone thought like him, no one would dare to do anything since it's all based on luck, then the world would fall silent. Success is more a character trait than intelligence. And anyone who has studied inventions and knows creative people knows that there is no such thing as a flash of inspiration that comes with an idea. Most of what society considers success lies at the heart of ambition.
Actually, using a financial advisor can be incredibly beneficial. They can help you create a personalized financial plan tailored to your goals and risk tolerance and also provide valuable insights and advice on investment strategies, retirement planning, and tax optimization.
I'm not yet a billionaire but I have about $450k distributed across various investment portfolios. By my estimate i should make my first billion Q3 2025. Following the strategic plan of Melisa Aurora Benadivez.
3/4 of the very wealthiest people inherited their wealth - the ultimate lucky break. But that knowledge doesn't stop them from thinking they're geniuses. The Ford, Rockefeller, Kennedy, Walmart Waltons, Romney, Amway heirs... don't do anything. Their investment companies look after their wealth and when they do meddle in business or politics, they're just as likely to screw it up as you or I would.
Not talked about enough is how hard work equates to more dice rolls (for the lucky lightning strike) and the talent equates increases the odds per dice roll. However being born wealthy means you roll the dice, declare the outcome, and pay people to accept your word for it. Why would they leave it to chance?
And being rich from birth doesn’t help you launch rockets to space, bore tunnels under cities, build electric car empires, create a satellite network of thousands of nodes to give global internet connectivity and revolutionize solar power / battery power.
Another fact why rich people stay rich is that in our current economic system, if you already have a lot of money, that money accumulates into more money, without any real effort on the rich persons part. Riches to rags only happens when they screw up really bad.
Can I put forward a counter argument, lottery winners who a few years later are broke. If you have low talent with money and or IQ but get lucky, surely the odds of you keeping or building up more money will be dependent on your talent/IQ. Or there must be some talent/IQ correlation which will help the lucky grow their money or at least maintain it.
In the lottery it's different, because the winner often doesn't feel like he deserves all this wealth, so he's encouraged to spend it all. Furthermore, he knows that he can survive without all this money and having a high net worth is generally something absolutely unexpected for him. On the other hand, the billionaire who benefited from better conditions firmly believes that his billion came from merit, which makes the money more valuable to him. Added to this, he knows that this first billion is the best tool to get the second. And it is clear that the lack of financial education plays a fundamental role in cases where a lottery winner loses everything.
who set the systems, and teams, and who entrepreneured his businesses, he took a risk on his ventures and revolutionized the world in almost every way. he is the step father of cybernetics. sometimes when people cant understand something, they fear it or claim its not real and hook into random faith to cope with it. stop coping for being broke and create your own luck.
Something extremely crucial that this video is missing is that. Luck=persistence x talent. And Elon didn’t just “get lucky” he increased his odds of luck by working harder than anyone on earth in his respective area of industry.
The luck part for sure makes sense; that’s true: but successful people take calculated risks based on extrapolating the future, and that is fun for some people hence they win big or lose big. That’s it.
Brian is spot on with most of his analysis. Initially I though you had to excel at school and research to become rich. But as it turned out, valedictorian rarely become 'wealthy' although they have a higher chance of leading a 'good' life. The reason? Customers. Customers don't care about your degrees or academic achievement. They care about themselves. They care about what you can do for them.
The words “discipline” and “focus” were not mentioned once. I literally searched the transcript. It’s also very easy to say that you would give most of the $2B away until the money is actually in your account.
@@jfverboom7973 Self-interest is what makes capitalism work according to Adam Smith. We all should be self-interested enough to look after ourselves. But greed is when you want more than your fair share and push wages down or close an operation when you're making lots of profit. Greed is corruption and is killer of companies, societies. and countries. Russia is rampant with it and will become a North Korea because of it.
@@ambition4195 that’s not true. Capitalism of any kind relies on making profits. Profit is meant to represent the perceived value added to society. A business cannot sustain / grow itself without profits. The higher the profits, the higher the potential growth of the business and the impact, assuming the profits get put back into the business. We’d all collectively be much poorer if all businesses went bankrupt.
@@jfverboom7973 It's only self-interest if there is profit that is extracted from the business for the individual. A business that reinvests 100% is purely philanthropic.
I agree with everything said, but he left out the most important thing: you can't separate greed from competition. The most competitive are also the most greedy. Do you think Usain Bolt thinks of giving away his gold medal after getting one? No, he'll want another one again next year. And should we shame him? After all, why does he need another one? Now apply the same principles to billionaires. Give every racer a gold medal after every race, and you'll eliminate greed alongside any competitive spirit. But would you rather live in a world like that? I know I will garner a lot of hate by saying this because it sounds like I'm on the side of the billionaires, but what I'm really advocating for is a better system. You cannot eliminate greed and competition entirely, scapegoating the billionaires won't get you far either. But you can create a system that better distributes wealth according to talent. All I know is that giving everyone a gold medal is NOT the right way.
Im a "genius" but im broke as all hell. I turned down 2 invitations to join Mensa because the very concept of genius is worthless and being a snob about it is gross. Sure I can solve puzzles and incorporate ideas faster than most people but as with most people with high IQs it comes at the cost of a low emotional IQ and other mental/social roadblocks. Most people in the genius category have too many other issues to generate wealth from scratch. Rich people, especially billionaires, are rarely genius, they're usually narcissists, sociopaths or psychopaths and almost all of them inherited some form of wealth which they simply expanded. It's easy to reach the top when you start half way there and don't care about who you step on or hurt on the way. Be very cautious if you have a rich person that claims they're a genius, that person is a liar and will abuse you any way they can.
You don't need a genius-level IQ to join Mensa. Perhaps you should include more humble pie in your diet. Why don't you use your exceptional brain to improve your English grammar skills? Your comment includes at least a dozen mistakes, two of which are very basic.
Some people are extremely talented. So much so, that others can never reach their level, such as Tesla, Hendrix, Lennon-McCartney, Leonardo da Vinci etc. It takes more than talent to become rich and the people I listed are not billionaires (except McCartney). In many most circumstance getting wealthy has a lot to do with luck and is as described in this video (I agree).
I’ve heard this stance is often taken by academics as a means to justify why they haven’t capitalized on their intelligence. This equation doesn’t factor in risk tolerance, drive, ambition, leadership, or the functions that money, “wealth” and ownership play in the human species. Luck is definitely involved. The only thing to consider is luck coming to those who work to make their own luck. 🍀
A true genius would have little interest in becoming a billionaire. They're educators, philosophers, scientists or researchers. They're putting their genius to work.
@@yuzzi9190i prefer to be poor and contribute to society rather than acquiring meaningless wealth that doesn't serve me or anyone. after all, the digits are arbitary, what is real is your contribution to peoples lives. thus, rather than counting worthless money, i would give it to students and researchers that can transform it to something tangible.
Nassim Taleb has pointed this out regarding both Musk and Buffet: Solid financial success is largely the result of skills, hard work, and wisdom. But wild success (in the far tail) is more likely to be the result of reckless betting, extreme luck, & the opposite of wisdom: folly. There plenty of people who are as smart and hardworking as Musk and Buffett but no one knows about them because they didn't get lucky.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Carla Koren.
I can confirm this. I am a very talented electronics- and software-engineer. Currently unemployed and effectively homeless at age 51. There are a number of reasons for this state of affairs, i recently realized, but the main two, which i've been aware of all my life, are: I'm not at all greedy. And i actaully detest greed, and modern-day capitalism, which is, after all, nothing other than institutionalized greed.
In the United States, wealth is not correlated with talent or intelligence or any other metric related to "smarts". It is correlated with ambition to generate wealth.
Would be interesting to explore the link between talent, luck and tax in terms of retaining wealth. It's one thing to earn wealth through luck but greed and the tax system helps the super wealthy retain their wealth rather than redistribute (some of) it more equitably and for the benefit of all society.
Richness is the evaluation of how much value you brought to society. The more people you made happy, the richer you get. It doesn't matter how you achieved it, by being smart of by being lucky. And Twitter is a good example of your fallacy, first because Elon said clearly that that acquisition wasn't about money and second because you can't evaluate a business decision on such a short time.
From a society perspective yes it is more probable to find a medium talented person being lucky. However, for each individual, more talent means that you probably get more “lucky”.
I disagree with the analogy using Twitter, if you look at all Elon Musk companies, it took a decade for them to be successful and they did struggle a lot before. Twitter just seems to be going through the same cycle.
I agree... Too early to tell. Plus we don't know how the synergies of Twitter/X it fits into his grand plan. Plus it's privately held now so we don't actually know it's true financial performance
Most of these tech tycoons were already rich or upper middle class before they got their millions, steve jobs was one of the few who was not but he had full access to one of the first big computers when he went to college. It all boils down to resources and the amount of access you have to them.
All I can say is that something needs to be done about people accumulating 203.7 billion (guess who that is) on the basis of the minimum wages of his workers in his warehouses.
And use their wealth to convince that they know it better or to buy some wasteful status symbols like yachts or very big houses... So much wasted opportunity!
That's not real money. It's the value of his shares. He can only sell small part of them at current valuations, then the price drops and he's getting less and less money. It's not his warehouse workers who made him a billionaire, it's the investors in his company, it's the government that's not splitting a monopoly and giving them tax reliefs. The money he gets from his workers is probably just a couple million per year. Still unfair and I'm not arguing against that. It's just his wealth is a function of multiple factors. The government backing played a huge role to not let the company go bankrupt during the first ~10 years it was running on a loss. Some politicians who bought shares became quite rich too. You can kinda see how the government doesn't serve all people, but a bunch of rich investors who pay politicians so they can give tax cuts to them in order to make even more money. The warehouse workers are still on timed bathroom breaks by the way.
@@bernardoluz3381 Why is everyone being poor the alternative? Also when everyone is poor then no one would be poor. It is a relative concept. There are only rich people if also poor people exist ;)
@@bernardoluz3381 it is unfair, because someone is getting rich on the back of someone else. It's bad because this leads to productivity losses. Why put effort when you know you're only making your boss rich? The economic system is not merit based. That's the problem. There is some income mobility based on merit, but most of the wealth in the economy is inherited. So a predictor of how well you'll live, is not how much work you do, or how intelligent and knowledgeable you are, or how much risk you're taking. A predictor of how well you'll do is how rich is your father.
Rather than looking at IQ and Genius, are there correlations among known 'billionaires' - Edison, Ford, Carnegie, Buffett, Charlie Munger, Bill Gates, Steve Jobs, Bezos, Peter Lynch, Mark Zuckerberg, et al. I think Zuck was lucky, Steve Wozniak was lucky, but think a common characteristic of many of the others was their persistence, ability to learn, and relentless pursuit of their goals. Geniuses may be persistent , but they are not necessarily relentless or flexible and adaptable to situations. A genius may "over analyze", but these 'billionaires' may have in common that characteristic to fail quickly: trying something, failing, learning, and trying something else... wash, rinse, repeat. A genius may try to 'solve the problem' and make the 'perfect plan', before taking action.
schools play a major role especially in countries that aren´t well known for their education system. Promote those who have deep interest and "talent" in music, science, programming, math, arts or sports and focus on those who are left behind either because they don´t care about school or because they develop at different paces. Kids spend the vast majority of their 18 years in school, even more if they study and way too many people are failing this system not because they´re stupid but because those who should pay attention to the children aren´t. Later as an adult you get gratification through commitment and through sycophancy especially in large companies during work hours which again misses this idea because it doesn´t put the person itself in the spotlight but rather just his or her performance
It’s not “luck”, it’s inheritance. A million dollar head start. The Forbes list is either self made (smart people) and inherited. Elon and Trump are inherited, dumb luck.
A perfect example of a hater. If you were given a million dollars right now, I'd be willing to bet you'd spend half of it in scratch off's and the other half on Pizza Hut and and Cherry Coke.
You still have to be in the right place to get lucky. If you're not out in the thunderstorm you cannot get hit by lightning. So you have to give them that
Getting rich is just like getting hit by lightning.... if you're only method is playing the Lottery. Can't believe he picked Elon Musk as an example of a mediocre mind. FFS, the Dunning-Kreuger is insane.
But still the argument was: people infer he’s a genius because he became rich but he was lucky - which is truly laughable….Really picked the wrong example there!
I think elon is an actual genius if you follow his podcasts or talks where he discusses his ideas and perspective. But its definitely a good point to acknowledge luck plays a significant role in the majority of cases
Beg to differ, who's to say all talent is distributed on a normal scale? For example for intellect, is "talent" based on raw power of your brain or is it based on the number of puzzles you can solve in a given time frame? Like how is talent supposed to be measured quantitatively?? The link here is that because a proportion of human attributes are normally distributed this must imply all traits are normally distributed, which I believe must be false. After all, for an example, there is a pretty vast difference between the population when it comes to taking a math test, or say, in musical ability between individuals in the 50th and 95th "talent", percentile, so how was this conclusion drawn?
Why would a trait, any trait, not follow a normal distribution? Or give me an example of a natural human trait that categorically does not follow a natural distribution. I understand your point that it’s impossible to quantitatively measure talent, but assuming it was measurable, it’s completely intuitive that it would follow a normal distribution. Just imagine if it wasn’t - that would imply that the vast vast majority of people have 0 talent, and a very minuscule fraction of people would have 9999999999 talent. Does that make any sense at all?
he is just showing some random "talent" graph to conclude "since talent is normally distributed wealth should be too" which is just some commies talking point let's say we take skill and talent of running; olympic runners may only fractionally differ in speed between each other, but the winner can be only one; communists would say since they only differ fractionally there should either be no race or prize should be distributed to all participants; communists will always conveniently ignore that if they distribue prize equally or according to some stupid metric then people wouldnt be motivated to train to run and show their best selved; stupid metric can be eg like "how fast can you run? top1 runs only 5% faster than top20 so top20 runner will get 5% lower price" - but this way basically everone's prize is the same and its very low; so a lot of communist propaganda will go around similar metaphors like with running becaues this is zero sum game - winner can be only one; they hate that and will want to eliminate the race despite people wanna see players racing; so they will pretend like everything else like economy is also zero sum game because its convincing argument for many people; while economy is not zero zum because it leads to innovaction and increases in efficiency and new producs for everyone
@@johngreen2468 wtf video did you watch? He never said anything “should” be a certain way. He just said that talent does not correlate with wealth. There are super talented people that are not crazy rich AND there are crazy rich people that aren’t super talented. He never said something should or shouldn’t be a certain way.
It's certainly hard to argue that success doesn't tend to inflate a person's ego and sense of worth. I think one thing you may be discounting is that people who are lucky tend to put themselves into positions where luck is able to find them. Taking risks can provide wealth and/or poverty, but without taking risks, a person tremendously reduces the probability that luck will "find" them. People like Elon (love him or hate him) take big risks and sometimes those pay off in spades; sometimes they don't.
It’s true that the very successful aren’t usually geniuses. But that’s more to do with the definition and perception of genius. Habits, domain expertise, willingness to learn, ability to handle discomfort, Independence and faith in self, ability to get along with others and lead, not being overly conforming, being able to stay the course for a long time… There are a lot of traits that help with achieving success and maximizing the return from opportunities. Ultimately, having the right mix (for a market and opportunity) will give you an edge more than luck will. Almost everyone gets tons of opportunities. Very few have the ability to really take advantage of them.
@@jeffreystarits2783 thats what the motivational speakers tell you you´ve been listenting to in the past few years as you wanted to learn what all these successfull people do to drive porsches and sailing coast to coast on big yachts with beautiful women on board. But guess what? It´s empty gibberish and as meaningful as saying "i´ve found the ultimate way to satisfaction in life" - which then again is not possible as there would only be one guidance and not 10.000 different ones. Stop faking yourself buddy, it s not worth it...
One more thing I would like to add is doesn't matter what amount of talent you are born with, it's your actions that matter the most. Sure luck will still play a decent role, it if you keep at a problem for years and years then it's definitely your actions which have moved you further towards your goal with luck dropping in as a helping hand at random intervals.
@@basvoer-qp7qw Average people too try hard to get tax reductions it’s not just the rich, but what I’m taking about is that in this video he just talks about luck. But what Luck says is - I’m always there but I must find you working
Thomas Sowell's book "Intelllectuals & Society' perfectly expounds on this "...just because someone is a genius on one sector doesn't necessarily mean they're the same on another"
The lack of understanding of this person on why Elon Musk bought Twitter and did what he did is impressive. His lack of understanding of Elon’s ability to learn new things deeply at a superhuman rate is also impressive. I highly suggest this person do more research and consider reading Walter Isaacson’s book on Elon and the documented ways that proves Elon is indeed a genius.
What Brian is not taking into consideration is that success relies on three parts, not just talent. Being talented will do nothing for you if you are lazy. Desire and tenacity can overcome low talent. The third part is that you have to be interested in something that can make you successful. Being talented will do nothing for you if you are talented at something that others do not value. You can be very good at something like playing the Theremin and it can be the thing that you desire to do more than anything else but unless people find it valuable you will not be successful at it. In addition, Brian goes on to talk about greed. He hypes his altruism by saying that if he were given 2 billion dollars he would give it away rather than try to make 3 billion. He considers this altruistic over someone who uses the money to provide a service that people find valuable. The fact is that altruism is not something as easy as giving away money. Helping people is hard. You can feed a homeless person by buying them a meal but that doesn't help them become self sufficient. You help people become self sufficient by doing things like teaching them a skill that will allow them to find a job. Brian could do that without having 2 billion dollars but he doesn't. Furthermore, Elon did not buy Twitter to make more money. He bought it to prevent the erosion of free speech. The intrusion of government agents into our current "courthouse steps" (Twitter) is evidence that we were loosing the battle for freedom of speech. Elon's intent was to shake the bushes and expose how the US government intrudes on our ability to speak out on current issues. Elon has dedicated not only money but a great deal of his time to this cause and that is the definition of altruism.
Elon’s free speech absolutism is a lie. And your comment shows you failed to truly understand what is being said in the video. People like Musk, who are “Ideas People” are mid talent and yet succeeded because they have the benefit of wealth. They can take extreme risks because they have cushions in place that many folks do not. The billionaire class is a class that is noted for its exploitation of people, not their tenacity. Even business textbooks for college students goes into that.
you forgot one important key factor: effort. from the individuals with average talent very few will put in the effort, and only few of them will get some sort of luck to get rich. so you need average talent or more, effort and last some luck. those who will not put the effort and sacrifices will not be in the pool of people in which luck can help.
this thinking is why you're broke and will stay broke. Value drives money. If you're valuable you'll have money come to you AND if you're smart with that money you'll get rich.
@@MrAngelIsland to get to a billionaire level you need EVERYTHING... talent, hard work, luck, and greed. "Rich" to me just means you have enough money for anything you could want.
This seems to leave out the fact that people can pick a task/path with more leverage. You can be the smartest person but if you become a researcher you likely won’t make all the money in the world
@@ThunderLips730 Do you think Elon was in there designing the rockets himself? His talent was puttinng a team of capable experts together, not rocket scince
Something the vast majority of people, including this Brian guy, miss about Elon is the fact that he UNDERSTANDS he is not genius enough to do everything by himself. Musk’s stroke of genius, and what got him to the top, is his ability to create a vision of the future and then go find the people necessary to help him get there. He is a visionary. Hate all you want Brian-when humans become an interplanetary species we’re going have Musk to thank for that.
A study found that players in Monopoly, who were given way more money to start, thought they won because they were smarter, not because they had been given an unfair advantage. That's why sayings like, "Some people are born on third base and go through life thinking they hit a triple"
And a lot of other people accept having to round all the bases as an excuse for quitting the game and cursing the name of people who win the world series, regardless of where that champion started.
Their luck doesn't justify your excuses.
@@williamburton757 the guy born on third would definitely complain if required to run all the bases like everyone else.
@@williamburton757 there are people full of excuses, but there are plenty of people who do the hard work and have the same talent as the best, or the one born in third base, that does not make the majority billionaires. In fact, I bet most people in this chat aren't billionaires, which is what is the point of this vid: probabilities and reality. People have different motivations, billions of money is not the necessary element for happiness, if it were, we would be all fxscked.
@@LucianoCantabruel it's not about hard work either. You can work every minute of every day, but if you're susceptible to the instant gratification trap or you're simply afraid of the risk of investing, then you're not going to make it.
Long term wealth/success is a combination of inherent and learned traits. Intelligence (common sense mostly), self discipline, responsibility, risk-acceptance, foresight, personality, etc.
You could be born wealthy, but if you're entirely absent one of those, you won't stay that way. Flip side, if you're born poor but develop the right character traits, you can become wealthy regardless of your "luck."
The video is flawed because they say "born with talent" like the word "talent" is characterized by a single ability or proficiency, when it's not. The "talent to build wealth" is a lot of individual skills and attitudes that play off each other in balance to make a person successful. You miss one brick and the wall crumbles.
So, simply put, the premise of the video is still dogshit.
@@KevinBaumanI think they have the right to complain, but not the right to give up if they want success. And since complaining only demotivates and infuriates, best to just focus on the prize and at least 'try' to smile along the way. I bet if you try, that smile just might widen and widen. Maybe not though, doesn't matter. Giving up is the sole guarantee of failure. I think accepting bad circumstances and focusing on success still, has great grace. Easier said than done though, there's a reason most are average.
What I find most interesting is how incredibly far away a billion actually is. To visualise what this actually means, it helps to compare it with time. One million seconds is 11.57 days. And one billion seconds is 31.71 years.
Damn that's a huge difference
Whoa 😯
The time analogy is great. A millionaire spending $100,000 a day, would be broke in less than 2 weeks. It would take a Billionaire over 27 years spending at the same rate. Elon would still be a multi-billionaire after 5,000 years.
@@normlang1994 no
The money had compounding feature, time is linear .
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Amber Dawn Brummit turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
The Asian bling or display of wealth seems to be the most elaborate of all races. It's mind-blowing sometimes the extent they get to.
Yeah, it's pretty impressive. But you know what's even more interesting? Most of these wealthy Asians have someone like Desiree Ruth Hoffman managing their portfolios.
@@AshleyKeith-vw7ws Desiree Ruth Hoffman? Who's that?
@@ChloeCarter-kd7gz DESIREE RUTH HOFFMAN she’s known for her assortment manager and holistic approach to financial planning of high-net-worth individuals , considering factors like income, expenses, and long-term goals. she's been making some serious waves in the industry
Oh, I know Desiree! She's incredible. I've seen testimonials from people she's helped, and the figures are mind-blowing. Some of her clients have seen their portfolios grow by over 50% in just a year.
That's impressive! Maybe I should reach out to her and see if she can help me grow my investments too.
Big Think: if an academic paper is referenced in a video, as it is in this video, it's polite to link to it in the description. (Btw, almost every UA-cam channel does, from my experience.)
Or you could just find the study yourself and not all youtube "videos" link studies in the description
@@sateIIitepilot one could but its always optimal to chose the path of least resistance
@@Heldimar4633 Well "always'" is an absolute so your sentence is inherently flawed
@@sateIIitepilot get a life
@@spoopyscaryskelebones3846 Why do you think I don't have a life? Because I'm obviously smarter than you? Lol
I have a 3 fund portfolio consisting of 33% S&P, 33% Total stock, and 33% international. I feel a need to focus on complete growth so I went 100% stocks, but does the SP500 and TSM overlap too much to make sense holding both? However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait but watching my portfolio dwindle away is such an eye -sore.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
don't sell, just keep buying the total stock market ETF and continue with some INTL and you're good. Don't listen to those people who suggest a financial advisor, they charge a fortune and they've no idea what they're talking about
*Appreciate your videos! I’m 54 and younger generations should know there’s no shortcut to acquiring wealth, but there are ways to go about it. Fellow millionaires don’t tell the poor/middle class they need the knowledge of finance coaches to help build their wealth. If anyone here needs a good coach, here’s it..*
Elizabeth Greenhunts
get to her with the name
Good I got here. Big Thanks
Vonnegut said:
“America is the wealthiest nation on Earth, but its people are mainly poor, and poor Americans are urged to hate themselves. To quote the American humorist Kin Hubbard, 'It ain’t no disgrace to be poor, but it might as well be.' It is in fact a crime for an American to be poor, even though America is a nation of poor. Every other nation has folk traditions of men who were poor but extremely wise and virtuous, and therefore more estimable than anyone with power and gold. No such tales are told by the American poor. They mock themselves and glorify their betters. The meanest eating or drinking establishment, owned by a man who is himself poor, is very likely to have a sign on its wall asking this cruel question: 'if you’re so smart, why ain’t you rich?' There will also be an American flag no larger than a child’s hand - glued to a lollipop stick and flying from the cash register.
Americans, like human beings everywhere, believe many things that are obviously untrue. Their most destructive untruth is that it is very easy for any American to make money. They will not acknowledge how in fact hard money is to come by, and, therefore, those who have no money blame and blame and blame themselves. This inward blame has been a treasure for the rich and powerful, who have had to do less for their poor, publicly and privately, than any other ruling class since, say Napoleonic times. Many novelties have come from America. The most startling of these, a thing without precedent, is a mass of undignified poor. They do not love one another because they do not love themselves.”
Steinbeck said:
"The poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.”
Или такие дела 😉
America is the easiest country to become rich, if you have this thought about america imagine how hard should be to become rich in other countries
@@bernardoluz3381 In America, you can attain a level of wealth that basically no other country in the world can replicate. The thing is, your odds of doing that are less than 1%. Hence why the richest people are in the top 1% of the 1%. America used to be a country where anyone could become rich. While that is somewhat true, as time goes on and generational wealth persists. It is much more about being born in to wealth than “working hard” or being the smartest. Being smart and working hard increase your chances of becoming rich. But there are many dumb wealthy people who are wealthy by virtue of birth.
I was never more disillusioned when I read C. Write Mills' The Power Elite. Apparently, "The American Dream" or intergenerational social mobility became an illusion sometime around the Civil War.
I'd like to see if money was traceable to any social attributes or any allusion could be made at all to a set of values with as much objective data and analysis as possible - maybe this is as close to such a thing as I'll find.
All of this was exported by the British.
“Fooled by randomness” Nassim Taleb Nicholas touches on the same topic. Most successful people tend to minimize the role played by luck in their success
The guy in the video is what taleb calls an IYI
@@IamPapasyea this speaker is an idiot fs. Thinks this finding is profound. Obviously luck is a factor but hard working ppl are more likely to get lucky. Why did Edison have so many parents? He got *lucky*? So dumb
Doesn't that result in nepotism, lobbying and bribery?
@@Heldimar4633 even nepotism, lobbying and bribery need LUCK
@@IamPapas 😂😂😂
I'm pretty sure being a genius doesn't mean that you believe your talent will pull you through.
I think it's the opposite.
Being a genius means you'll doubt yourself endlessly. Question even the way you formulate your questions.
And be furthermore endlessly surprised at the sheer audaciousness of other people's self confidence.
I think it takes a long while before even a genius realises: these people are confident because bravery and stupidity are closely related.
Just my two eurocents.
That's not being a genius, though. That's being self-aware and wise.
History is full of geniuses who sometimes had flawed overconfidence in their own talent - sometimes leading to their undoing.
Yes, there are geniuses who are aware of their own limitations, but growing up a genius is extremely isolating and being the smartest in the room most of the time can instill a sense of distrust in the capabilities of the people around you.
It was always frustrating when people couldn't see what I saw and would stumble toward a goal that seemed clear enough to me or when I would get into fights with teachers who thought they knew better. Even being proven right was extremely unfulfilling because it happened way too often. It became normal to be so overly reliant on my own talent that I often completed group projects on my own in college and actively chose people to be in my group who I knew wouldn't volunteer to do anything. It worked well for me until it didn't and I realized I had isolated myself from everyone - including some of the friends who had selflessly stuck around and helped me in the past.
The disconnect between genius and wisdom gets even more obvious when you start to account for the neurodivergent geniuses out there - autistic geniuses, idiot savants, reclusive geniuses, etc.
When you see self-confident person, it means the person has built a coherent story in her mind. But it does'nt necessarily mean the story is true ;-) -- Daniel Kahneman (not his exact quote. Original's wording is different)
Ironically. When it comes to survival and quality of life. The wise man would float somewhere in the middle quietly. You don’t put a target on your back and everything you do doesn’t carry enormous scales of impact. It might not feel that way with how society pushes hyper wealth and hyper success and hyper fame as the goals, but in reality the real winners are those who are comfortably in the middle quartile and not killing themselves with stress.
Just to add, if you’re in the middle and don’t chase an unsustainable lifestyle, but one that liberates you from debt and enables you to save effectively for the future and provide a helping hand to your children is the real cracked approach.
This whole video is based on a false premise, and feeds too badly into what many people want to believe about the world and why they aren’t more successful.
There’s a simpler reason for geniuses to have more self doubt… For all that they have thought, they usually haven’t done enough of it to give them a grounded sense of self confidence.
In the absence of life experience, there are too many unknowns, too many ideas that may or may not work, and very little surety on just how much you’ll have to overcome to achieve a goal.
What defines Musk more for example, is his willingness to give it his all. Both personally and in terms of all the resources he can muster.
It’s his repeatedly going all in and fighting as hard as possible that made him succeed where everyone thought that he would fail.
His self confidence to learn “difficult” subjects on his own and not just bowing to “common sense” that said that his ideas were impossible also made a difference.
The Twitter complaint is also barely valid. He did manage to make it live and actually improve in some ways.
The outcome in terms of riches is yet to be determined. Although, the goal there was never profit in the first place.
And maybe he will end up ruined some day… But his contributions will still have been great and worthy.
So glad he included the GREED part, that's just as important as being lucky.
The interesting part is that what he calls greed, I call "drive". He claims that a billionaire asks how they can get more money, but do they really? Is that their motivation? Do we know or is that an assumption? Perhaps even a myth revolving rich people?
@@MikaelJSanderssonOne way to tell greed and drive apart might be the willingness to countenance giving money away. Doing so goes against greed whereas someone who is driven shouldn’t care as much.
The money is a way of keeping score of the outcome of their drive for success in whatever endeavour they pursue.
@@tcookoye Then it’s just the number that’s important, not the money itself.
@@tcookoye Not necessarily. Musk has claimed that buying twitter was not to make money. So this video claiming that he failed with twitter because the company has lost value is missing the whole point and wildly oversimplifying what success means to people.
As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.
I believe the safest approach is to diversify investments especially under professional; guide. You can mitigate the effects of a market meltdown by diversifying their investments across different asset classes such as stocks, etfs etc It is important to seek the advice of an expert.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
My CFA ’’ Sharon Ann Meny , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..!
Remember that the most intelligent people tend to congregate into the academic space. They become professors and researchers. The CEO's who run companies are not usually the most intelligent people in that field.
"Remember that the most intelligent people tend to congregate into the academic space." A fallacy perpetrated by academia. It takes great faith and little intelligence to be a Marxist, as is the bent of the majority of academia. Except for STEM, most of academia are puppets who repeat the same tropes taught them by other Marxists.
True but most CEO's have charisma, crazy work ethic & can manage other people/delegate. Those are really important soft skills in the business world that most professors & researchers don't have.
They don't need to be; talent is readily available for a wage.
@@snowflakemelter7171a crazy work ethic is not unique to CEOs... And what use is charisma actually...
as if all type of intelligence were academic and mesurable one, completly dumb assumption
Hey guys I'm looking to invest. But I don't know anything about the market, any help? As well who can I reach out to?
It is wise to seek professional assistance when looking to create a strong financial portfolio due to it's complexity
Making touch with financial advisors like Marie Showan who can assist you restructure your portfolio would be a very creative option.
I agree with you! With her help, I diversified my 25k portfolio among different markets during this bearish market period.
Almost gave up trading due to constant losses, but Marie turned it all around
Certainly!!! I diversified my $30,000 portfolio across different markets.
Generational wealth is integral to the British class system still.
...and most of the world.
You can probably draw a line from wealthy whites on the east coast straight back to slave holding land owners.
Lord Cameron
What was the law they passed around the world wars (in the UK) that almost eliminated most of the “generational wealth.” Was it an inheritance tax?
@Flyweight.8 do you mean people not born there or people “above the law.” Or both? Lol
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
Credits to 'Carol Vivian Constable' she has a web presence, so you can simply
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
BOT
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
The present market conditions could offer chances to enhance earnings quickly, yet to implement such a plan, expertise is essential.
Please who is this consultant ?
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing
Its not about luck playing a small or a significant part. The fact that luck exists and nothing can escape it, is what he's trying to say. If you try something and with complete accuracy, still there's a minute amount of risk of things going wrong, if things do go right, then that risk is called as luck. So to put it plainly, everything depends on chance, the more chances you take, the more your odds of getting lucky increases. Taking calculated risks again and again is what increases your chances of success. Lastly, you only have to get lucky once, so make sure you take mighty risks but in a way that you can still be in the game if luck isn't in your favour.
correct, "risk" is inherently part of any project or business or activity one will do. Always and forever, there is never a RISK FREE endevor. Risk can only be managed so far...past a certain point it is a very large reality. Ask any investor or banker.
Poor Example Elon Musk might not be John von neuman or Einstein, but by standards of Billionaires he IS pretty intelligent, in a sense genius at organizing talent . Myu father (Mechanical Engineer, Stanford Educated) worked for three decades as Lead Engineer of Rolls Royce Jet Engines, and watched multiple dozens of his videos giving multi hour talk on Astrodynamics, orbital mechanics, Engine design, Aerospace engineering and he has thorough grasp of these topics. Unless you work in these domains or industries you cannot even understand the magnitude of his contributions . He has direct input on design decision, and sits in every design review. For example electric motor actuated grid fin in Starship as well as stainless steel construction was his input. He also asks detailed technical questions in interview.
He also got lucky yes. In case of Elon Musk it is a combination of Talent, AND luck (but greed plays no part, otherwise he would not consciously burn billions of dollars of Twitter, he said He knew VERY well his decisions could bankrupt the company).
This is one of the best comment.
I wonder why it has so less likes and comments.
(Seems somewhat inspired by the book "The psychology of money")
a factor that tends to be ignored is whether a person was lucky enough to grow up learning that they need to try again and again to increase their chances of success.
none of us got to choose our parents or the environment that we grew up in, yet those two factors have the biggest impact on our lives.
Luck is a major factor.
@@just_a_curious_thinkerYes you're right, I did read the book and I quite firmly believe in it.
Old joke:
"If you're so smart, how come you aren't rich?"
New joke:
"I you're so rich, how come you aren't smart?"
I see a very strong correlation between what is being said here about the private sector and what is observable in the political sphere. Like this man, I am a trained political scientist - in my field, I work with local governments and elected representatives daily. Over time, I have noticed what is commonly known as the "Dunning Kruger Effect" be expressed frequently in the elected officials, most of which are wealthy and have an unshakable belief in their abilities and _inspired insights._ In truth, more often than not their talents pale to those of their expert staff and agency supports, whom are trained and educated to be more effective at navigating the warrens of political life (with some notable exceptions on both sides of the equation, it should be said). I suppose a difference in individual nature, IE: being self serving/success oriented or public service oriented is likely what maintains this rather backwards dynamic - the professional staff, analysts, and executive leaders should be calling the shots by right of experience, expertise, and proper disposition.
especially when you factor in inherited &/or generational-wealth
yeah, that's in the video. you should watch it.
Yeah, today I saw an article saying that NO billionaire in the world under 30 are self-starters
@@WiwatChangI read the same article. As a 99%er I say it’s about goddamned time for a wealth tax increase.
86% of millionaires are Self Made but ok.
Even more skewed data for Billionaires against your point.
@@blueandgreenslacksthey'll all leave and you be far poorer and worse off than before
The misconception that equates billionaire status with genius. This topic not only intersects with societal perceptions of wealth and intelligence but also touches on broader implications for global issues such as conflict resolution and peace.
Elon Musk is not John von neuman or Einstein, but by standards of Billionaires he IS pretty intelligent, in a sense genius at organizing talent . Myu father (Mechanical Engineer, Stanford Educated) worked for three decades as Lead Engineer of Rolls Royce Jet Engines, and watched multiple dozens of his videos giving multi hour talk on Astrodynamics, orbital mechanics, Engine design, Aerospace engineering and he has thorough grasp of these topics. Unless you work in these domains or industries you cannot even understand the magnitude of his contributions He also got lucky yes. In case of Elon Musk it is a combination of Talent, AND luck (but greed plays no part, otherwise he would not consciously burn billions of dollars of Twitter, he said He knew VERY well his decisions could bankrupt the company).
3:00 *MAKING money is action; KEEPING money is behavior; GROWING money is knowledge.*
I think the one thing not mentioned here is that even IF you have all the opportunities and advantages, you STILL need to put in a relentless amount of effort and tenacity. That's why I will never reduce the efforts of billionaires to just luck (or predominantly luck) because a lot of them MADE their luck by pushing past limits and failures where most people quit. And side note: I don't think it's JUST greed that can motivate you to be a billionaire. Some people are just extremely driven and competitive.
Also important: giant wealth often has its root in the family. Like the grandpa was very poor and became average, his son got wealthy, and his son became a billionaire.
Also the more often you roll a dice that has little loss but high potential gain, the more likely you will succeed and business is often like that. A failure is just a bit of wasted time and some money and a success is a lot of money.
Ambition and persistence matter as well.
He said that, like every third sentence (he used the word “talent” as a catch all for someone’s inherent traits).
Not just luck, lack of scruples. Not everyone is willing to sell out others for self gains.
Yeah but the others are willing to be lazy and leach on a big company not carring the load because they think they are entitled to it
Yep. The luck of being born into generational wealth is one huge factor, and having 'dark triad' personality traits is another.
@@mrdeanvincent so true
I agree that there's a self selection happening that usually makes greedy people more common at the top, the same happens with narcisist in positions of power (both corporation and politics). But I also find it unfair to assume that they are all like that. When you get 1 billion and thinking "how can I get 2?" does happen and is mostly motivated by greediness, but I can definitely see how it can also not be the case. We must be really careful when doing such generalizations, they commonly come back to bite us in the ass.
A lot of billionaires and wanna be billionaires seem to think greed is a talent.
Talent to save costs on useIess employee like you. Utilizing you as a tooI.
Im guessing you’re a socialist Woke type. Let’s see what happens when entrepreneurs start using robots so your entire labour exploitation argument won’t stand.
@@maemilev I think they were just attempting to be joyful with the joke, and you got salty about it. Grow up, or not. Still a kid in my eyes.
Did you actually watch the video ?
Oh geez
I agree in part with this video, namely the super rich aren’t the most talented or most intelligent. But they are definitely above average in those areas and more importantly, they are doers who take action and look for opportunities. Most people are too afraid to take risks or too lazy to put in the work to start something big that won’t see a return for months or years.
As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns
Proper research, good analysis and luck is what you need to make profit in this constant market decline. It's all about finding the right moment to take advantage of and generate colossal profit, which is why you need to do your research
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
@@mariaguerrero08How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Her website appeared right away, You've saved me several hours of research, I appreciate it.
This applies to people born in both wealthy and poor countries. They have no control over their birthplace, and because of where they are born, they may or may not receive what they want. This also applies to their parents, whether rich or poor. Luck plays a major role.
Very high levels of wealth can certainly be attributed to being born wealthy. After that, there’s a form of genius (if we can call it that) involved- it’s the ability and willingness to game the system, usually in violation of common ethics and often in violation of the law.
Poor Example Elon Musk might not be John von neuman or Einstein, but by standards of Billionaires he IS pretty intelligent, in a sense genius at organizing talent . Myu father (Mechanical Engineer, Stanford Educated) worked for three decades as Lead Engineer of Rolls Royce Jet Engines, and watched multiple dozens of his videos giving multi hour talk on Astrodynamics, orbital mechanics, Engine design, Aerospace engineering and he has thorough grasp of these topics. Unless you work in these domains or industries you cannot even understand the magnitude of his contributions . He has direct input on design decision, and sits in every design review. For example electric motor actuated grid fin in Starship as well as stainless steel construction was his input. He also asks detailed technical questions in interview.
He also got lucky yes. In case of Elon Musk it is a combination of Talent, AND luck (but greed plays no part, otherwise he would not consciously burn billions of dollars of Twitter, he said He knew VERY well his decisions could bankrupt the company).
🙄 what common ethics? Full of excuses. Who do you work for?
@@lewisburton1852 Common ethics refers to straightforward behaviors like honesty, integrity, respect, accountability, compassion, trustworthiness, etc. This is differentiated from professional ethics which can include advocacy, loyalty, and adherence to policy.
Many so-called geniuses in the private sector make big money by violating common ethics. That’s my point.
I don’t work for anybody. I’m thankfully retired.
I understood your point initially, but I appreciate the detailed explanation. My perspective is that those in leadership positions often set the tone for the organization, affecting your ability to earn a comfortable salary, regardless of whether you agree with their methods. This raises questions about who you work for or have worked for in the past.
Take Tesla, for instance. The company may have faced challenges with older partners who adhered to traditional, gentle, and ethical practices. However, progress and success often require a more assertive approach. It's frustrating because I naturally tend to be considerate and accommodating, but I've observed that those who surpass me often exhibit a more ruthless demeanor.
Understanding how to build and use your “network” is way more important than most people think…many rich people have figured out how to leverage other rich people’s networks, while the poor and middle class have, for the most part, not. I went from poor to upper middle class through an understanding of networks, but billionaire status is a leap probably not happening to most because of who you know. Challenge accepted!
ah yes, completely off topic to what was discussed in this video. >:D
@@dan23563 did you miss at 2:55, he mentions “whether you had a network that supported you”
@@dan23563 at 2:55 he discusses networks as an advantage
@@dan23563 No it's not off topic because part of what constitutes the social hierarchy is indeed networking. This is the reason why the social hierarchy does not look like the bell curve in the video. Luck, like mentioned, plays a role, but so does networking, so does competence (talent), so does your starting point. That's why the social hierarchy is a pyramid and not a bell curve.
@@VestaRoleplay thanks, and at 2:55 he mentions “networks” as a factor.
I gave this a 👍🏾 because that was the most academic presentation of envy I've heard to date. I'm fascinated!
However the lightning does not uniformly strikes anyone on the talent spectrum
"Luck is what happens when preparation meets opportunity" however both preparation and being surrounded by opportunities are somewhat dependent on talent
Two big factors sort of covered, but not explicitly, in this is 1) the common personality traits of billionaires (typically risk takers, which creates a luck component), and 2) the nature of being an entrepreneur, which covers a narrow band of the population, where the spoils are wildly different to typical jobs.
The general premise in this video makes sense, but Musk is not the best example. Most billionaires would be quite intelligent, albeit not geniuses. A better example is Trump; a risk-taker with a greedy mindset, born into wealth, who had luck to borrow more wealth to leverage investing in a growth industry, lucky in region and period.
If everyone thought like him, no one would dare to do anything since it's all based on luck, then the world would fall silent. Success is more a character trait than intelligence. And anyone who has studied inventions and knows creative people knows that there is no such thing as a flash of inspiration that comes with an idea. Most of what society considers success lies at the heart of ambition.
But that doesn't make losers feel better about themselves.
@@JasonLayton Unfortunately, you are right.
I've been thinking about whether I should hire a financial advisor. Are there any real benefits to it, or is it just an added expense?
Actually, using a financial advisor can be incredibly beneficial. They can help you create a personalized financial plan tailored to your goals and risk tolerance and also provide valuable insights and advice on investment strategies, retirement planning, and tax optimization.
I want to be a billionaire, top 1%
How can I double or triple my $300k investment portfolio to become a billionaire?
Melisa Aurora Benadivez background in finance is extensive, look her up online. it should be easy to find her
I'm not yet a billionaire but I have about $450k distributed across various investment portfolios. By my estimate i should make my first billion Q3 2025. Following the strategic plan of Melisa Aurora Benadivez.
3/4 of the very wealthiest people inherited their wealth - the ultimate lucky break. But that knowledge doesn't stop them from thinking they're geniuses. The Ford, Rockefeller, Kennedy, Walmart Waltons, Romney, Amway heirs... don't do anything. Their investment companies look after their wealth and when they do meddle in business or politics, they're just as likely to screw it up as you or I would.
My tax attorney once said, :if I were a little dumber in this world, I could have been very wealthy".
I agreed.
I don't understand why? So he is not going to be attorney and be something else ?
No he’s saying he would be acting more blindly and take more risk hence roll the dice much more than being risk adverse and logical all the time
@@MrCizzie123thats gambling😂
Not talked about enough is how hard work equates to more dice rolls (for the lucky lightning strike) and the talent equates increases the odds per dice roll. However being born wealthy means you roll the dice, declare the outcome, and pay people to accept your word for it. Why would they leave it to chance?
Elon might be the worst possible example here. He’s proved his genius at 4 different companies
I agree, and his work capacity is insane. This man puts his sweat and blood into his companies, so a lot of his riches is deserved I would say.
He was rich from birth😂😂😂
And being rich from birth doesn’t help you launch rockets to space, bore tunnels under cities, build electric car empires, create a satellite network of thousands of nodes to give global internet connectivity and revolutionize solar power / battery power.
Hmm, sure about that, maybe you should do some research on CNN and almost every news source about Elon!!! hate! *and ret dation!!!
Fell for that one did you?
Another fact why rich people stay rich is that in our current economic system, if you already have a lot of money, that money accumulates into more money, without any real effort on the rich persons part. Riches to rags only happens when they screw up really bad.
Can I put forward a counter argument, lottery winners who a few years later are broke.
If you have low talent with money and or IQ but get lucky, surely the odds of you keeping or building up more money will be dependent on your talent/IQ.
Or there must be some talent/IQ correlation which will help the lucky grow their money or at least maintain it.
Good point
In the lottery it's different, because the winner often doesn't feel like he deserves all this wealth, so he's encouraged to spend it all. Furthermore, he knows that he can survive without all this money and having a high net worth is generally something absolutely unexpected for him.
On the other hand, the billionaire who benefited from better conditions firmly believes that his billion came from merit, which makes the money more valuable to him. Added to this, he knows that this first billion is the best tool to get the second.
And it is clear that the lack of financial education plays a fundamental role in cases where a lottery winner loses everything.
If you buy lottery tickets (emphasis on plural), you already a low IQ.
Thank you! One really has to stretch his argumentative muscles to say that wealth is acquired (let alone maintained) through luck…
who set the systems, and teams, and who entrepreneured his businesses, he took a risk on his ventures and revolutionized the world in almost every way. he is the step father of cybernetics. sometimes when people cant understand something, they fear it or claim its not real and hook into random faith to cope with it. stop coping for being broke and create your own luck.
Something extremely crucial that this video is missing is that. Luck=persistence x talent.
And Elon didn’t just “get lucky” he increased his odds of luck by working harder than anyone on earth in his respective area of industry.
Pleasure to see you are a clearer thinker.
You mean the people who got him where he is today?
He increased his odds of luck by being born into a rich family. 😂
I never watch information videos twice, but with this one, I did. It's an eye-opener. Thank you!
Gather Ye not treasures of the Earth, which a thief can steal in the night, but treasures of the spirit, which are yours forever.
The luck part for sure makes sense; that’s true: but successful people take calculated risks based on extrapolating the future, and that is fun for some people hence they win big or lose big. That’s it.
Brian is spot on with most of his analysis. Initially I though you had to excel at school and research to become rich. But as it turned out, valedictorian rarely become 'wealthy' although they have a higher chance of leading a 'good' life. The reason? Customers. Customers don't care about your degrees or academic achievement. They care about themselves. They care about what you can do for them.
You don't need customers to become wealthy. Entrepreneurship isn't the only path to wealth.
@@tari8134 Okay, sir. Noted.
The words “discipline” and “focus” were not mentioned once. I literally searched the transcript. It’s also very easy to say that you would give most of the $2B away until the money is actually in your account.
Is it really greed if you deploy the money towards creating more valuable businesses?
That’s philanthropy more than it is greed.
That's not philanthropy, that's self-interest. Period.
@@jfverboom7973 Self-interest is what makes capitalism work according to Adam Smith. We all should be self-interested enough to look after ourselves. But greed is when you want more than your fair share and push wages down or close an operation when you're making lots of profit. Greed is corruption and is killer of companies, societies. and countries. Russia is rampant with it and will become a North Korea because of it.
Business means making profit and where word "Profit" comes in it becomes greed automatically
@@ambition4195 that’s not true. Capitalism of any kind relies on making profits.
Profit is meant to represent the perceived value added to society. A business cannot sustain / grow itself without profits.
The higher the profits, the higher the potential growth of the business and the impact, assuming the profits get put back into the business.
We’d all collectively be much poorer if all businesses went bankrupt.
@@jfverboom7973 It's only self-interest if there is profit that is extracted from the business for the individual. A business that reinvests 100% is purely philanthropic.
I agree with everything said, but he left out the most important thing: you can't separate greed from competition.
The most competitive are also the most greedy. Do you think Usain Bolt thinks of giving away his gold medal after getting one? No, he'll want another one again next year. And should we shame him? After all, why does he need another one? Now apply the same principles to billionaires.
Give every racer a gold medal after every race, and you'll eliminate greed alongside any competitive spirit. But would you rather live in a world like that?
I know I will garner a lot of hate by saying this because it sounds like I'm on the side of the billionaires, but what I'm really advocating for is a better system. You cannot eliminate greed and competition entirely, scapegoating the billionaires won't get you far either. But you can create a system that better distributes wealth according to talent. All I know is that giving everyone a gold medal is NOT the right way.
Im a "genius" but im broke as all hell. I turned down 2 invitations to join Mensa because the very concept of genius is worthless and being a snob about it is gross. Sure I can solve puzzles and incorporate ideas faster than most people but as with most people with high IQs it comes at the cost of a low emotional IQ and other mental/social roadblocks. Most people in the genius category have too many other issues to generate wealth from scratch. Rich people, especially billionaires, are rarely genius, they're usually narcissists, sociopaths or psychopaths and almost all of them inherited some form of wealth which they simply expanded. It's easy to reach the top when you start half way there and don't care about who you step on or hurt on the way. Be very cautious if you have a rich person that claims they're a genius, that person is a liar and will abuse you any way they can.
I'm cautious of anyone that calls themselves a genius
@@ThunderLips730 Exactly, bro probably scored a 100 on a test one time in high school, and that made him believe he was a genius.
@@tari8134I mean I think this person was just using the word bc the title did, there are a lot of people who fall into the smarter than avg category..
@@littlewillowlinda he did turn down two invitations to Mensa. So check out the big brains on Brad
You don't need a genius-level IQ to join Mensa. Perhaps you should include more humble pie in your diet. Why don't you use your exceptional brain to improve your English grammar skills? Your comment includes at least a dozen mistakes, two of which are very basic.
Some people are extremely talented. So much so, that others can never reach their level, such as Tesla, Hendrix, Lennon-McCartney, Leonardo da Vinci etc. It takes more than talent to become rich and the people I listed are not billionaires (except McCartney). In many most circumstance getting wealthy has a lot to do with luck and is as described in this video (I agree).
I’ve heard this stance is often taken by academics as a means to justify why they haven’t capitalized on their intelligence. This equation doesn’t factor in risk tolerance, drive, ambition, leadership, or the functions that money, “wealth” and ownership play in the human species. Luck is definitely involved. The only thing to consider is luck coming to those who work to make their own luck. 🍀
You are absolutely right. Luck is a huge factor.
A true genius would have little interest in becoming a billionaire. They're educators, philosophers, scientists or researchers. They're putting their genius to work.
a true genius wouldn’t work to be poor
True genius knows credential means nothing.
@@yuzzi9190i prefer to be poor and contribute to society rather than acquiring meaningless wealth that doesn't serve me or anyone. after all, the digits are arbitary, what is real is your contribution to peoples lives. thus, rather than counting worthless money, i would give it to students and researchers that can transform it to something tangible.
Geniuses know that wealth isn't everything. They work to make the world a better place and to reduce ignorance - like Albert Einstein.
True genius don't work to be poor and credential means nothing.
CredentialPaper≤ExceptionalWorks!
Nassim Taleb has pointed this out regarding both Musk and Buffet:
Solid financial success is largely the result of skills, hard work, and wisdom. But wild success (in the far tail) is more likely to be the result of reckless betting, extreme luck, & the opposite of wisdom: folly.
There plenty of people who are as smart and hardworking as Musk and Buffett but no one knows about them because they didn't get lucky.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Carla Koren.
The very first time we tried, we invested $1400 and after a week, we received $5230. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
Initially I was skeptical, until I decided to try. It’s huge returns is awesome! I can’t say much.
she's mostly on Telegrams, using the user name
Korenfx
i never made this connection before. The bell curve of intelligence is very different from the wealth distribution graph.
Wealth is not supposed to correlate with talent. We want it to correlate with drive, ambition and value added. It does better on these fronts
I can confirm this. I am a very talented electronics- and software-engineer. Currently unemployed and effectively homeless at age 51. There are a number of reasons for this state of affairs, i recently realized, but the main two, which i've been aware of all my life, are: I'm not at all greedy. And i actaully detest greed, and modern-day capitalism, which is, after all, nothing other than institutionalized greed.
In the United States, wealth is not correlated with talent or intelligence or any other metric related to "smarts". It is correlated with ambition to generate wealth.
Would be interesting to explore the link between talent, luck and tax in terms of retaining wealth. It's one thing to earn wealth through luck but greed and the tax system helps the super wealthy retain their wealth rather than redistribute (some of) it more equitably and for the benefit of all society.
Richness is the evaluation of how much value you brought to society. The more people you made happy, the richer you get. It doesn't matter how you achieved it, by being smart of by being lucky.
And Twitter is a good example of your fallacy, first because Elon said clearly that that acquisition wasn't about money and second because you can't evaluate a business decision on such a short time.
From a society perspective yes it is more probable to find a medium talented person being lucky. However, for each individual, more talent means that you probably get more “lucky”.
I disagree with the analogy using Twitter, if you look at all Elon Musk companies, it took a decade for them to be successful and they did struggle a lot before. Twitter just seems to be going through the same cycle.
I agree... Too early to tell. Plus we don't know how the synergies of Twitter/X it fits into his grand plan. Plus it's privately held now so we don't actually know it's true financial performance
Now everyone thinks that they know better than him and are making fun of him for how they think twitter is doing right now.
Most of these tech tycoons were already rich or upper middle class before they got their millions, steve jobs was one of the few who was not but he had full access to one of the first big computers when he went to college. It all boils down to resources and the amount of access you have to them.
All I can say is that something needs to be done about people accumulating 203.7 billion (guess who that is) on the basis of the minimum wages of his workers in his warehouses.
And use their wealth to convince that they know it better or to buy some wasteful status symbols like yachts or very big houses... So much wasted opportunity!
That's not real money. It's the value of his shares. He can only sell small part of them at current valuations, then the price drops and he's getting less and less money. It's not his warehouse workers who made him a billionaire, it's the investors in his company, it's the government that's not splitting a monopoly and giving them tax reliefs. The money he gets from his workers is probably just a couple million per year. Still unfair and I'm not arguing against that. It's just his wealth is a function of multiple factors. The government backing played a huge role to not let the company go bankrupt during the first ~10 years it was running on a loss. Some politicians who bought shares became quite rich too. You can kinda see how the government doesn't serve all people, but a bunch of rich investors who pay politicians so they can give tax cuts to them in order to make even more money. The warehouse workers are still on timed bathroom breaks by the way.
why this is unfair? Would be better if they were not rich and everyone be poor?
@@bernardoluz3381 Why is everyone being poor the alternative? Also when everyone is poor then no one would be poor. It is a relative concept. There are only rich people if also poor people exist ;)
@@bernardoluz3381 it is unfair, because someone is getting rich on the back of someone else. It's bad because this leads to productivity losses. Why put effort when you know you're only making your boss rich? The economic system is not merit based. That's the problem. There is some income mobility based on merit, but most of the wealth in the economy is inherited. So a predictor of how well you'll live, is not how much work you do, or how intelligent and knowledgeable you are, or how much risk you're taking. A predictor of how well you'll do is how rich is your father.
Rather than looking at IQ and Genius, are there correlations among known 'billionaires' - Edison, Ford, Carnegie, Buffett, Charlie Munger, Bill Gates, Steve Jobs, Bezos, Peter Lynch, Mark Zuckerberg, et al. I think Zuck was lucky, Steve Wozniak was lucky, but think a common characteristic of many of the others was their persistence, ability to learn, and relentless pursuit of their goals. Geniuses may be persistent , but they are not necessarily relentless or flexible and adaptable to situations. A genius may "over analyze", but these 'billionaires' may have in common that characteristic to fail quickly: trying something, failing, learning, and trying something else... wash, rinse, repeat. A genius may try to 'solve the problem' and make the 'perfect plan', before taking action.
This why we need social assistance! The hardest working, smartest people can have bad luck!
schools play a major role especially in countries that aren´t well known for their education system. Promote those who have deep interest and "talent" in music, science, programming, math, arts or sports and focus on those who are left behind either because they don´t care about school or because they develop at different paces. Kids spend the vast majority of their 18 years in school, even more if they study and way too many people are failing this system not because they´re stupid but because those who should pay attention to the children aren´t. Later as an adult you get gratification through commitment and through sycophancy especially in large companies during work hours which again misses this idea because it doesn´t put the person itself in the spotlight but rather just his or her performance
Parker luck
@@SlickSkuddy What is Parker luck? As in Peter Parker? :)
@@Crunch104 yes, exactly. 🤣
@@SlickSkuddy Parker sure does have sh*t luck. That's for sure. lol
I'm less depressed after watching this. Less blaming myself, more loving.❤
It’s not “luck”, it’s inheritance. A million dollar head start. The Forbes list is either self made (smart people) and inherited. Elon and Trump are inherited, dumb luck.
A perfect example of a hater. If you were given a million dollars right now, I'd be willing to bet you'd spend half of it in scratch off's and the other half on Pizza Hut and and Cherry Coke.
look how Jeff Bezos stepfather got his start. its an eye opener
That is luck bro.
You still have to be in the right place to get lucky. If you're not out in the thunderstorm you cannot get hit by lightning. So you have to give them that
Getting rich is just like getting hit by lightning.... if you're only method is playing the Lottery. Can't believe he picked Elon Musk as an example of a mediocre mind. FFS, the Dunning-Kreuger is insane.
When did he say he had a mediocre mind? That’s a strawman if I ever saw one.
But still the argument was: people infer he’s a genius because he became rich but he was lucky - which is truly laughable….Really picked the wrong example there!
Real people who won real lotteries spend everything and got broke very fast.
I think elon is an actual genius if you follow his podcasts or talks where he discusses his ideas and perspective. But its definitely a good point to acknowledge luck plays a significant role in the majority of cases
Beg to differ, who's to say all talent is distributed on a normal scale? For example for intellect, is "talent" based on raw power of your brain or is it based on the number of puzzles you can solve in a given time frame? Like how is talent supposed to be measured quantitatively?? The link here is that because a proportion of human attributes are normally distributed this must imply all traits are normally distributed, which I believe must be false. After all, for an example, there is a pretty vast difference between the population when it comes to taking a math test, or say, in musical ability between individuals in the 50th and 95th "talent", percentile, so how was this conclusion drawn?
Why would a trait, any trait, not follow a normal distribution? Or give me an example of a natural human trait that categorically does not follow a natural distribution. I understand your point that it’s impossible to quantitatively measure talent, but assuming it was measurable, it’s completely intuitive that it would follow a normal distribution.
Just imagine if it wasn’t - that would imply that the vast vast majority of people have 0 talent, and a very minuscule fraction of people would have 9999999999 talent. Does that make any sense at all?
he is just showing some random "talent" graph to conclude "since talent is normally distributed wealth should be too" which is just some commies talking point
let's say we take skill and talent of running; olympic runners may only fractionally differ in speed between each other, but the winner can be only one; communists would say since they only differ fractionally there should either be no race or prize should be distributed to all participants;
communists will always conveniently ignore that if they distribue prize equally or according to some stupid metric then people wouldnt be motivated to train to run and show their best selved; stupid metric can be eg like "how fast can you run? top1 runs only 5% faster than top20 so top20 runner will get 5% lower price" - but this way basically everone's prize is the same and its very low; so a lot of communist propaganda will go around similar metaphors like with running becaues this is zero sum game - winner can be only one; they hate that and will want to eliminate the race despite people wanna see players racing; so they will pretend like everything else like economy is also zero sum game because its convincing argument for many people; while economy is not zero zum because it leads to innovaction and increases in efficiency and new producs for everyone
@@johngreen2468 wtf video did you watch? He never said anything “should” be a certain way. He just said that talent does not correlate with wealth. There are super talented people that are not crazy rich AND there are crazy rich people that aren’t super talented. He never said something should or shouldn’t be a certain way.
"lucky" is just a few variables with complex interactions that we ignore, not only "chance".
Anyone who is truly smart would not have spent a moment on this issue.
It's certainly hard to argue that success doesn't tend to inflate a person's ego and sense of worth. I think one thing you may be discounting is that people who are lucky tend to put themselves into positions where luck is able to find them. Taking risks can provide wealth and/or poverty, but without taking risks, a person tremendously reduces the probability that luck will "find" them. People like Elon (love him or hate him) take big risks and sometimes those pay off in spades; sometimes they don't.
Elon has completely broken the myth of meritocracy...
The myth of meritocracy was broken _ages_ ago. Trump is a prime example of that because he's been failing upwards since the 80's.
Elon is a snake oil salesman. Not too bright.
It’s true that the very successful aren’t usually geniuses.
But that’s more to do with the definition and perception of genius.
Habits, domain expertise, willingness to learn, ability to handle discomfort, Independence and faith in self, ability to get along with others and lead, not being overly conforming, being able to stay the course for a long time…
There are a lot of traits that help with achieving success and maximizing the return from opportunities.
Ultimately, having the right mix (for a market and opportunity) will give you an edge more than luck will.
Almost everyone gets tons of opportunities. Very few have the ability to really take advantage of them.
great video!! I agree, a so-called genius is delusional and damaging to the individual to "believe" this myth
agread , motivation, hard work and willingness sacrifice is a MUCH bigger part . of it
@@jeffreystarits2783 Greed too, apparently.
@@jeffreystarits2783 thats what the motivational speakers tell you you´ve been listenting to in the past few years as you wanted to learn what all these successfull people do to drive porsches and sailing coast to coast on big yachts with beautiful women on board. But guess what? It´s empty gibberish and as meaningful as saying "i´ve found the ultimate way to satisfaction in life" - which then again is not possible as there would only be one guidance and not 10.000 different ones. Stop faking yourself buddy, it s not worth it...
One more thing I would like to add is doesn't matter what amount of talent you are born with, it's your actions that matter the most. Sure luck will still play a decent role, it if you keep at a problem for years and years then it's definitely your actions which have moved you further towards your goal with luck dropping in as a helping hand at random intervals.
he should also talk about all the hardwork the super rich do instead of just scrolling tik tok
Like playing golf? Attend donations dinners to get tax reductions?
@@basvoer-qp7qw Average people too try hard to get tax reductions it’s not just the rich, but what I’m taking about is that in this video he just talks about luck. But what Luck says is - I’m always there but I must find you working
Talent doesn't matter, because billionaires get their wealth from the work of others. No one can become a billionaire from just their own work.
Thomas Sowell's book "Intelllectuals & Society' perfectly expounds on this
"...just because someone is a genius on one sector doesn't necessarily mean they're the same on another"
The lack of understanding of this person on why Elon Musk bought Twitter and did what he did is impressive. His lack of understanding of Elon’s ability to learn new things deeply at a superhuman rate is also impressive. I highly suggest this person do more research and consider reading Walter Isaacson’s book on Elon and the documented ways that proves Elon is indeed a genius.
What Brian is not taking into consideration is that success relies on three parts, not just talent. Being talented will do nothing for you if you are lazy. Desire and tenacity can overcome low talent. The third part is that you have to be interested in something that can make you successful. Being talented will do nothing for you if you are talented at something that others do not value. You can be very good at something like playing the Theremin and it can be the thing that you desire to do more than anything else but unless people find it valuable you will not be successful at it.
In addition, Brian goes on to talk about greed. He hypes his altruism by saying that if he were given 2 billion dollars he would give it away rather than try to make 3 billion. He considers this altruistic over someone who uses the money to provide a service that people find valuable. The fact is that altruism is not something as easy as giving away money. Helping people is hard. You can feed a homeless person by buying them a meal but that doesn't help them become self sufficient. You help people become self sufficient by doing things like teaching them a skill that will allow them to find a job. Brian could do that without having 2 billion dollars but he doesn't.
Furthermore, Elon did not buy Twitter to make more money. He bought it to prevent the erosion of free speech. The intrusion of government agents into our current "courthouse steps" (Twitter) is evidence that we were loosing the battle for freedom of speech. Elon's intent was to shake the bushes and expose how the US government intrudes on our ability to speak out on current issues. Elon has dedicated not only money but a great deal of his time to this cause and that is the definition of altruism.
Elon’s free speech absolutism is a lie. And your comment shows you failed to truly understand what is being said in the video. People like Musk, who are “Ideas People” are mid talent and yet succeeded because they have the benefit of wealth. They can take extreme risks because they have cushions in place that many folks do not. The billionaire class is a class that is noted for its exploitation of people, not their tenacity. Even business textbooks for college students goes into that.
you forgot one important key factor: effort. from the individuals with average talent very few will put in the effort, and only few of them will get some sort of luck to get rich.
so you need average talent or more, effort and last some luck. those who will not put the effort and sacrifices will not be in the pool of people in which luck can help.
Getting rich without greed is like bathing without water.
this thinking is why you're broke and will stay broke. Value drives money. If you're valuable you'll have money come to you AND if you're smart with that money you'll get rich.
to say Musk does it for the money is brainless . Musk is a driven man . driven by ego maybe , but not money
Brokies will be perpetually crying about successful people while wallowing in their self pity while living in Squalor.
@@stachowi you’re right; there’s more to it.
@@MrAngelIsland to get to a billionaire level you need EVERYTHING... talent, hard work, luck, and greed. "Rich" to me just means you have enough money for anything you could want.
This seems to leave out the fact that people can pick a task/path with more leverage. You can be the smartest person but if you become a researcher you likely won’t make all the money in the world
I have heard Musk try to explain something about space travel (I forget what) and I thought that his "explanation" was shockingly muddled.
Do you think that's his fault or yours?
He was clueless about how rockets actually work in atmosphere, And how the air system works on Aircraft.
@@ThunderLips730 Completely Musks, He isn't an Engineer and know very little about manufacturing or computing. He is a fraud.
@@ThunderLips730 Do you think Elon was in there designing the rockets himself? His talent was puttinng a team of capable experts together, not rocket scince
@@gnocchidokie that's an interesting point. In that case, anyone should be able to do it. Even you. 😉
Alexandr wang is the perfect example of a young genius billionaire
Money and prestige, are kind of dumb goals to dedicate one´s life and mind. You certainly need some, but there is so much more in the world.
Admire Brian's research, I have been following his work for a while.
lol I knew Elon was going to be the example!!!!
Something the vast majority of people, including this Brian guy, miss about Elon is the fact that he UNDERSTANDS he is not genius enough to do everything by himself. Musk’s stroke of genius, and what got him to the top, is his ability to create a vision of the future and then go find the people necessary to help him get there. He is a visionary. Hate all you want Brian-when humans become an interplanetary species we’re going have Musk to thank for that.