It's still a spectrum of risk/return. The type of "investing" he's more so referring to is the meme stocks/crypto that have the ability to get people rich but also to drive them broke
@@MrHellothisiscool This is true. And I know he’d support aggressive regulation of speculative investment both on the retail and institutional side. But given the risk of the entire index not recovering it’s losses after the next crash for 10-20 years (not just due to speculation but slowed growth and climate change), I dunno what value investors want us to do. We could have a public pension scheme like some other western countries but fat chance of that passing until more boomers die off.
First rule really struck me. When I was a kid, I found 2 $20 bills on the streets (which is big in our country that time). I immediately tell my cousin this, which caused chaos to our whole family. Suddenly, my mother told me to give it to her saying she'll just "hide" it for later use. My uncle accused me of stealing it and threatened to call the police if I don't hand the bills over. I quickly understood my situation and immediately ran from my house. I spent the money on a hotel room for me to sleep that night. The rest of the money I spent on food for myself. Then I returned home with no money in hand, scolded, but I just didn't care.
Look after as if you have it in a suitcase in nyc 4 am be smart and protective of what's yours starting with your life just be smart if poor and smart stay smart if dumb and poor better smarten up real fast.
I always say when you strike it rich do nothing for a while. No investing, no buying stuff, no living large. Just chill and let the emotions and blood pressure calm down. After that time has passed maybe a few weeks to a few months then you have a clearer head. I don’t understand why people need to spend the money the second it hits their bank account like It will run away from them . 🤷♂️
First thing I'd do is get a full medical checkup, which I can't afford currently. Need to make sure I'd be alive by the time I intend to start doing anything with the money.
@@nunyabiznes33 Full medical checkup is good, but DON'T, I repeat, DON'T start treating every problem at once. Doing too much stuff at the same time 1)Basically removes your "zero" which drastically reduces your ability to say when something is wrong with your health. 2)Provides a lot of irritating side effects which drastically reduce your quality of life. 3)Increases the chance for bad medication mix that synthesizes something less beneficial in your body. 4)Can actually throw you into depression over feeling yourself the wrong way. It doesn't even have to be a big one. For example, I know a guy who fell in half-year long depression after removal of three wisdom teeth at the same time. His other molars, being compressed by wisdom teeth, started to rearrange themselves and this thing changed his intercuspation. This in turn removed his ability to not think about it, which systematically wore him out mentally.
@@burningsinner1132 I'm not in the best of health but yeah, I'm not doing anything drastic. I just want to clear my face and skin and then slim down a bit and build some muscle.
Getting Sued is the easiest one. If you place as much of your assets and wealth into businesses as possible, a personal lawsuit can only target you, and not the business's wealth, so your assets remain protected. And as an added benefit, you don't have to pay a 50% inheritance tax to give the company to someone else when you die.
Yeah but the risk is you can be legally removed from a trust under a lot of circumstances especially if it deemed a company has no purpose other than to shield assets from being seized in a lawsuit. Corporations and trusts were originally only supposed to be for a public good (charity or shared infrastructure) and many lawyers have been able to get around the protections by pointing out the company does nothing and therefore can be shutdown and the assets handed over to the state for sales to the highest bidder to settle the suit. When that happens the law goes from protecting to actually hurting as those auctions rarely fetch a good price for the assets which are removed from your control while being sold.
@@greyfox78569 Well then just make it so the Trust has more than one member, IE your wife, or other family member, and also make it so the Trust does invest money so that it has a purpose.
Oddly enough, my millionaire fantasy is actually to be as much of a mystery as possible. Live comfortably but modestly, look like just your average guy but secretly wealthy. Most high end sports cars I'm too tall to sit in, I don't care for sailing so no yachts, and I don't believe in giant houses for only one or two occupants. I'd just have a simple modern house with a nice view, a comfortable reliable car, host the occasional gathering of friends and family, and take a couple vacations a year. The rest of the time I'd have the right people invest my money in stable businesses and real estate, maybe even keep working but now I can choose a job based more on fulfillment and enjoyment rather than what it pays.
I watch way too many videos. Most videos, that have stock footage in them, keep my attention for about 10-20 seconds before I click away. The things that make me click away is the voice and the slow pace. Mr Money, this is the second video of yours that I have watched today. Your pace, content and even use of stock footage are well done and well placed. You are also talking about a topic I am exploring a lot in 2021, and doing things about it.
The get-rich-quick and financial guru ads that pop up before your videos are very entertaining. Edit: FYI, “the old fashioned” way of getting rich is inheritance, not the lotto
Yeah. But when you inherit a fortune, you almost always grew up in wealthy circumstances already. Hence you don't need such a video on how to handle your money, because daddy taught you how to. And if you didn't listen to daddy and preferred parties and hooters, well then you almost surely won't listen to that video either.
23% of UHNWI Are a combination of inherited wealth, itself pivoted and now the heirs created inflection point. All Global wealth reports validate this. The Primary Driver and source of Global wealth is self made.
This is pretty important, I had an uncle who won the lottery, he wasn't secretive about it and he helped a ton of people who never returned the money, a young woman enticed him for the money and that broke his 20 years of marriage, he died last year alone and in debt. People will call me bad but if I came into wealth the first thing I would do is ensure that money will last me till the day I die, everyone else can fuck off.
Or be like my aunt who married a millionaire, divorced him and get millions in settlement, then blow it in 4 years and have no skills so her and her kids go leech of my grandma to the point of elder abuse.. o ly lasted so long until my dad had to kick everyone out and stay with my grandma for a few months.
Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to my FA, my portolio is doing really great and im proud of the decisions i made last year.
Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks..
Monica Shawn Marti has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
Can you make a video on how to setup a TRUST? As a new homeowner getting into real estate I hear this is what I should do if I want to start getting into AirBNB stuff
Hire an attorney who specializes in wealth preservation trusts. There are too many state-specific laws that are changing for anyone on the Internet to make a one-size fits all Trust video. Expect to spend at least $2000...more if your Trust is at all complex. But if you're talking about setting up an entity to protect $1 million+, that's money well spent to get competent, professional advice. . This is not a DIY task.
It gets even sneakier. The really wealthy guys use their assets as collateral in order to take out loans. Because there's no income tax on loans, which pays off even considering the interest if the amounts are high enough. Thus the richest people are actually living off borrowed money.
The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. $52k dividends received in 2022.
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Omg. This is the best channel I’ve found. I was taking apart my sons crib listening to this in the background and almost had the thing fall on me when you got to the “don’t f*cking open your mouth and …. “ part. Lol I love this channel !
Ah, rule 1 reminds me of when 10 y/o me found $50 on the ground and my dad immediately told me I had to split it with him and my cousins. When I became financially stable as an adult I only told my fiancée and two best friends who are stable themselves. Lesson learned.
If I came into a huge fortune I don't have to worry about family or friends... 2019 - 2020 I was in need and homeless and they said go die in a ditch.... If I ever come into money I have no family nor friends and will get to live out the rest of my days on dividends as I live like a NEET....Lucky for me I am in my thirties.... LOL
As someone who did put his "net worth into a failing company" I found 2:30 hilarious, because that's the "failing company" I did buy! I did enjoy this video because I was not aware I could be a trustee AND a beneficiary, but I'm not currently rich... BTW, the day this video was released, AMC opened at $5.54. Today, it closed at $40.31. When my XX,XXX shares hit my price, I am definitely getting a lawyer to set my trust up and will NOT YOLO anymore of my money! 😁 Safe investments for me from now on, post-MotherOfAllShortSqueezes!! Great vid, and I will subscribe now. 🙂
I loved the humor.. "The money gets given to you, TO NOT GAMBLE WITH." A smart trustee would reinvest anything they didn't spend every year. If it built up significantly, they could set up another trust and designate it for their favorite charity into perpetuity. Many rich trustees live under the shadow of Dad's or Grandpa's wealth. This would ensure their name was held in high regard "forever".. Or, they could set up trusts for yet to be born children. It might benefit someone (consult with an attorney) to start a separate trust for the wife with or without her knowledge. It might be a way to save your wealth in the event of a divorce since "she would have her own money."
The last step he forgot: use your wealth in assets as collateral to take out loans that you then don’t have to pay taxes on. This is called the Buffet method.
@@rykehuss3435 Yea, people dont understand that Musk, Bezos, Buffet etc. cant just sell 10% of their shares. I dont know the amount of shares when this is triggerd in the US, but at some amount it needs to be announced that you sold XY for X each share, and if your shareholders hear this they will panic dump. This also means that they all are over valued.
I grew up fairly well off and one thing that took me a while to learn is don't make it obvious you're wealthy, it just attracts the wrong kinds of people and often causes more trouble than is necessary.
Some advice/warning/insight that I got from someone that actually makes over a million is that getting out of your comfort zone is probably one of the hardest things to do. What I mean is that when you start making massive amounts really quickly your entire life will change and that is really hard for a lot of people so they will try to get back to their comfortable life even if that life is significantly worse than being rich would be. *So what you should do if you start making this amount is take a few weeks to think about what you want to do with your life now that you don't need to work to survive like most people.*
Ppl just dont live within their means. Once ppl earn their first money in trade school or their first job they start spending like crazy. The same happens to ppl who suddenly become rich. Just live somewhat below what you earn then you’ll be able to not worry about becoming broke since you will always have some savings backing you up.
They don't think they're living beyond their means. In the US if one starts saving for retirement at the age of 30, planning to retire in their 60s, they need to invest 15% of their lifetime income AFTER TAX to not have to reduce their standard of living when they retire. This percent only goes up the later one starts investing, but goes down quite a bit in ones 20s. Eg, you're 30 years old, make 100k a year, if you're not putting at least 15k a year into your 401k you're living beyond your means. This statistic assumes you're investing in S&P 500.
5:48 *GOLD!* Liked, commented (obviously), and subscribed, just for that part alone! This one part (that had me bustin out in the middle of work) is worth this entire channel!
I remember being addicted to scratch tickets. It was terrible. The thing is when you are earning money you end up being introduced to this at some point. It's practically impossible to leave it unless you run out of disposable income or go completely cold turkey.
As a fellow capitalism-loving finance guy your videos are simply the best. Your snarky humor style makes me genuinely laugh out loud! (I laughed til I cried at Step 1!) Also you bet your butt I'm buying that book. I haven't won capitalism yet, but boy do I love books on personal finance!
Life pro tip. If you win the lottery, instead of hiring a lawyer to protect you from lawsuits, buy a lawfirm and make more money off your legal protection
As someone who made more than enough to life conforatably forever at a young age, i just put on a banking account, set up some charity anonimous fund and put some on a inheritance fund for when i die my inheritor have a good life. I rather work myself to get that kind of money again than live felling like i lucked out.
Hello, just wanted to pick your brain about gold diggers. How exactly would a gold digger take somebody’s wealth away? I’m always curious what people mean by that. I’m a relatively wealthy guy, physician making just over 500k a year in the USA and am single and dating. I’m sure most if not all girls I date are attracted to some degree by my money, but I just spend money on them occasionally, I don’t see any way for me to lose my fortune by these girls. It’s not like they can go into my bank account and take my money from me, they can only receive any gifts that I give them, and I can always stop it if my money in that month is a bit low.
@@David-fw4ly gold diggers are by definition a partner who wants to live a lifestyle that they cannot afford by leveraging the money of the person they choose to date. The real threat to your wealth comes later if the living status is common law or if a child is conceived. This allows the gold digger the legal tools to leave the relationship and have the state step in to enact financial penalties for support. The impact of common law or marriages that break down for spousal support range from the this is annoying to have to pay to this is ridiculous how much they got and I have to pay. When children are involved …. RIP to 14-16% of your gross income for just one kid and more of you have multiple kids. And that’s before irregular expenses are applied like child care. The hit you take for this is scaled towards the income difference between parents as well as proportion of time the kids spend with the higher income earner (the less time the gold maker spends with their kids the more they have to pay the other parent).
@@Davidjune1970 Got it, that’s what I thought. What kinda bothers me about that analysis is that all women regardless of if they are gold diggers or not are going to try to get as much money out of me in that situation. I know fellow physicians who married their high school sweetheart (well before they got rich so I wouldn’t call them gold diggers) and they got just as screwed with their divorce as any gold digger would do. So I don’t see any difference between a gold digger and a ‘regular’ girl. They will both screw you if they get the chance in family court. I have three rules for my dating life: 1) No marriage 2) No kids 3) No co-habitation I also had a vasectomy so I can’t accidentally get a girl pregnant. As long as I follow my rules I really don’t have to worry about what the motives are for the girls I date, since by following my rules I can’t get screwed in family court. But I do see how a lot of guys set themselves up for failure by getting married and having kids.
@@David-fw4ly my advice to you is to date a woman who makes as much as you. ie find another Dr to date. There a good looking women Dr’s. If you can find a business executive kudos. It sounds cold but the reality is when it comes to divorce and child support … if you both make about the same the financial impact is minimal. You will just be cutting out the 90% of the riff raffe who don’t have the brains or dedication to have a high paying career like you. I know MD’s who married each other and combined they make over a million a year. Finding one for yourself will mean you do not have to compromise your own lifestyle to subsidize someone else’s. That way if you do have kids (ie adoption or if she has kids from previous) you can both afford to do way more … including hiring a full time nanny.
I'd just want to have a little English cottage with some herbs and some sketchbooks, but just secretly fund things like someone's college fund or orphanages or schools .. , live away from the world and do some good , even if its just a little
My first step was always going to be "lock it away in a bond, GIC, or Savings account for one year." Let the adrenaline, and all the "good ideas" come and go, and take the whole time researching videos like this, shop around for advice, lawyers etc. I understand it would lose some value, but 1) if it was a surprise, it's money I wasn't planning on anyway and 2) like this video talks about, I run a big risk of losing a lot if I don't slow down and think it through.
This 2% inflation (or right now even more) really hurts more with big absolute sums. I wouldn't lock it away in a bank account to rot from inflation, I would invest it into an ETF, something safe like a MSCI World. This literally can't bankrupt you except in case of a global apocalypse like e.g. a nuclear exchange. And in that case you worry about a lot of other things, not your stock market investments. Or you die in the exchange, so you don't worry about it either. Otherwise this idea sounds nice.
Another thing I've heard is to avoid putting all your money in 1 bank. Should enough people withdraw money at the same time, the bank can become insolvent and not be able to cash you out. This also happens when a bank goes under. In the end, the bank might not even be able to pay you back, and if they do, it could potentially take years to pay you back 100%.
I would add to this to make sure your legal and financial team is reputable and above board. There were some lottery winners who went Jason Curland, who called himself "the lottery lawyer", and ended up with some of their winnings stolen by him and some thugs. Investigate before you commit.
This came at the right time. I need a lawyer to set up my trust for me and I am undecided: Singapore or the Bahamas. Now the big question: How do I become rich?
Opening an offshore account in Singapore is actually quite complicated. You need to be ‘referred’ by someone trusted by the bank for you to be able to open an account. Or be background checked af for possible risk (if you got dirty money then it’s a risk) .Tho after that meticulous process, your life would be divine 💯
Hey I make a new company need money will sell shares worst pitch ever xD. We do a social media on blockchain where the user gets all the revenue and investors premined toke s
I have 300 dollars to my name and I'm watching this like, "Yes, I will be doing all of this fairly soon." (All except becoming a nationless nomad to avoid taxes. I live in and benefit from the U.S.A., my tax dollars will go to the U.S.A.)
With inflation currently at about 10%, my primary concern is how to grow my reserve of $300k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy asap.
With the inflation what it is, the stock isn't going to be raking in huge gains. It wouldn't be a bad time to BUY it, just don't expect big gains from it for a while. I'll buy once things start looking up in all those trouble areas..until then, too much turbulence for me.
Buy 3, 3 bedroom houses with a 100k down payment on each of them. Then rent the house (or rooms) for around $5k depending on your area. If it's an $800k property at the current mortgage rates you'll pay $3.5k a month which gives you $1.5k × 3 for a total of $4.5k monthly passive income, then in the future you can also sell your property for a sweet profit.
Tipp Number 1: If you get suddenly rich DONT TELL ANYBODY THAT YOU DONT TRUST 100%. There are only 3 Humans on Earth i would tell, this would exlude some of my siblings and most of my Family and Friends Tipp Number 2: Dont stop working its ok to hard reduce your hours. Tipp number 3: No big Jumps. Buy the stuff you want but with baby steps. That way you have more fun and time with your new stuff and it dosnt looks like you suddenly got rich And to real estate if you really want or need to move dont go into a mansions and if somebody ask how you can afford to move just tell them you rent it or you inherited just the house/flat or a small amount of money no millions
1:20 I felt that just from watching my investments increase during the plague years. 2:45 I need to rewatch “Brewster’s Millions”. I’m kind of surprised it hasn’t been remade since the Richard Pryor version.
First thing I'd do is I'd buy real estate like apartments and rent them to secure passive income and be set for life even if I lose their rest of my cash for some reason. Oh and not get married :(
"if you only have 24 hours to spend 100M dollars, what do you do?" My immediate response was to dump it all into an S&P 500 index fund in one go. Shouldn't be a problem as long as it's a weekday, even if maybe you temporarily spike share prices in the process (thereby getting a worse deal than you could've otherwise with an iceberg trade).
The thing is that’s not spending. You’re transferring value from currency to equities. Just like the real estate analogy he made. When you buy a $50 million mansion, you just transferred the value into real estate.
@@MahirSadman12082002 soo is that considered good or not? i heard many stories of people losing their money.. damn.. people lack financial literacy right?
@@cautarepvp2079 ya. Like the video stated many of them gamble it away. But if you spend $100 million to by 2 $50 million mansions all cash, even though you have $0, you now have 2 paid off assets worth $100 million. Also, over the long term the value of those houses will go up also.
So i suppose by extension you havent spent the money unless its something that doesnt hold value? Id make my own index fund out of the top 20 crypto coins and the rest into a broad range of index funds and land/houses.
I was broke once and i can tell you for a fact that being broke is more expensive than being rich because it takes away your peace of mind. I worked as hard as I could and saved some money on the side. Being an avid reader, I came across a report by Northwestern Mutual on the same topic and found that if I choose to put a lump sum into solid investments, I am more likely to have a higher balance over time. Being a novice at the time, I saw that as a queue to get into the market. That was quite the turning point in my finance.
@@chrisanthony3560 Well, I've gotten into a plethora of assets with $30k spread across stocks index funds, and ETFs, for the long term. I've been investing with help from a pro fund manager, James.F.Brennnan who oversees my investments. Now I sit back and reap my dividends while I just reinvest from time to time.
@@stanleyfujiwara1394 Well, that's your view. In my experience, there is no such formula, It is nearly impossible to achieve success with the stock market.
@@donaldlocher2537 As a man who has done so much to get to whereshe is, personal finance is key to getting out of poverty for certain. I learnt to curtail my spending habits and took what I realized from what was left and invested in the stock market with Mr Brennan’s assistance after I came across this recommendation a month ago. I’m reaping the rewards of my patience as the roi keep coming in.
@@stanleyfujiwara1394 33-year-old high school teacher here. I don't make much but I want to make better financial decisions. I wouldn't mind hearing from a pro. Is there a means to get to him?
Sir this is just a suggestion and a request please do try to include the links of the sources from where one could further study and research about the topic, it would be more beneficial in educating the people, and for broader audiences like research scholar, entrepreneurs, people interested in knowing more, and students, it may even help you get a few more sponsors (like the website you will use for research) for your time and effort, it's a win-win for both you and your viewers, please do consider. Thank you.😊 Really need these contents.
Ill let my grandchildren know that if I passed on wealth to them it was because of this video and then, but only then should they smash the like button.
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>Isolation, anxiety and paranoia
Awesome, now I only need to get rich...
Yea it's better to have those in mansion than under bridge
Jajajajajaja xd jajajajajja owww men jajajjajaja
Yeah, but imagine how much more anxious you would be if you had to worry about losing your money and becoming as miserable as you are right now.
i have all three without money
Howard hughs for example.
'gambling in denial a.k.a investing'
is this a personal attack or something
they are leaking out of R/WSB
@@jkholtgreve well boomers had the advantage of owning the house. Every time they lost they'd bail out their positions on our credit.
It's still a spectrum of risk/return. The type of "investing" he's more so referring to is the meme stocks/crypto that have the ability to get people rich but also to drive them broke
@@MrHellothisiscool This is true. And I know he’d support aggressive regulation of speculative investment both on the retail and institutional side. But given the risk of the entire index not recovering it’s losses after the next crash for 10-20 years (not just due to speculation but slowed growth and climate change), I dunno what value investors want us to do. We could have a public pension scheme like some other western countries but fat chance of that passing until more boomers die off.
Considering I've only lost money gambling twice and would always take profits I'd say it's just knowing when to quit
First rule really struck me.
When I was a kid, I found 2 $20 bills on the streets (which is big in our country that time). I immediately tell my cousin this, which caused chaos to our whole family. Suddenly, my mother told me to give it to her saying she'll just "hide" it for later use. My uncle accused me of stealing it and threatened to call the police if I don't hand the bills over.
I quickly understood my situation and immediately ran from my house. I spent the money on a hotel room for me to sleep that night. The rest of the money I spent on food for myself. Then I returned home with no money in hand, scolded, but I just didn't care.
You can only choose friends, but not family.
That family is bad. Don't hang out with them
This totally happened
OMG, that is crazy but totally believable. I especially hated how your uncle acted but know people in my own family would be suspicious too.
I am so sorry to hear about your experience! They did you wrong, it was your money to do with as you please!
PLZ like and subscribe so I can get that UA-cam money and have all of these problems.
Already am
I don't know why but it doesn't feel good when you ask like that... Seems greedy, self serving. Maybe it's just me
1. don't tell anybody.
2. Keep it, try to hold it.
3. Stop thinking about nice things.
4. Avoid taxes
5. Enjoy.
Well, don't try to hard to avoid taxes. Don't fuck with IRS.
@@Lisekplhehe See joker. Also, number 3 is more like buy assets not experiences.
Invest into US treasury bonds etc
Usually a 5% yearly interest.
2 million would give you about a hundred grand a year salary.
Spend wisely
Don't blow it, keep it simple, count yo money
Look after as if you have it in a suitcase in nyc 4 am be smart and protective of what's yours starting with your life just be smart if poor and smart stay smart if dumb and poor better smarten up real fast.
Sorry about the thumbnail BTW, I couldn't help myself.
Dank AF
I always say when you strike it rich do nothing for a while. No investing, no buying stuff, no living large. Just chill and let the emotions and blood pressure calm down. After that time has passed maybe a few weeks to a few months then you have a clearer head. I don’t understand why people need to spend the money the second it hits their bank account like It will run away from them . 🤷♂️
this is actually GREAT freaking advice.
First thing I'd do is get a full medical checkup, which I can't afford currently. Need to make sure I'd be alive by the time I intend to start doing anything with the money.
@@nunyabiznes33 smart. Always health first.
@@nunyabiznes33 Full medical checkup is good, but DON'T, I repeat, DON'T start treating every problem at once.
Doing too much stuff at the same time
1)Basically removes your "zero" which drastically reduces your ability to say when something is wrong with your health.
2)Provides a lot of irritating side effects which drastically reduce your quality of life.
3)Increases the chance for bad medication mix that synthesizes something less beneficial in your body.
4)Can actually throw you into depression over feeling yourself the wrong way. It doesn't even have to be a big one. For example, I know a guy who fell in half-year long depression after removal of three wisdom teeth at the same time. His other molars, being compressed by wisdom teeth, started to rearrange themselves and this thing changed his intercuspation. This in turn removed his ability to not think about it, which systematically wore him out mentally.
@@burningsinner1132 I'm not in the best of health but yeah, I'm not doing anything drastic. I just want to clear my face and skin and then slim down a bit and build some muscle.
"The stock market is a device for transferring money from the impatient to the patient"
@a disappointed cat Thanks!
It's true.
No. Stocks are real assets, something u wanna take off of the market for yourself, money isn’t.
Or you can just, you know, VTI VXUS and chill
@@spamgwin4166 this clown 🤡🤡🤡
Getting Sued is the easiest one. If you place as much of your assets and wealth into businesses as possible, a personal lawsuit can only target you, and not the business's wealth, so your assets remain protected. And as an added benefit, you don't have to pay a 50% inheritance tax to give the company to someone else when you die.
Well said
Yeah but the risk is you can be legally removed from a trust under a lot of circumstances especially if it deemed a company has no purpose other than to shield assets from being seized in a lawsuit. Corporations and trusts were originally only supposed to be for a public good (charity or shared infrastructure) and many lawyers have been able to get around the protections by pointing out the company does nothing and therefore can be shutdown and the assets handed over to the state for sales to the highest bidder to settle the suit. When that happens the law goes from protecting to actually hurting as those auctions rarely fetch a good price for the assets which are removed from your control while being sold.
@@greyfox78569 Well then just make it so the Trust has more than one member, IE your wife, or other family member, and also make it so the Trust does invest money so that it has a purpose.
Your equity in the business is a personal asset that can be pursued by your creditors.
@@Gilamang Again, not if it has at least 2 members, so your wife, sibling, etc. Because then its not "your" assets.
Oddly enough, my millionaire fantasy is actually to be as much of a mystery as possible. Live comfortably but modestly, look like just your average guy but secretly wealthy. Most high end sports cars I'm too tall to sit in, I don't care for sailing so no yachts, and I don't believe in giant houses for only one or two occupants. I'd just have a simple modern house with a nice view, a comfortable reliable car, host the occasional gathering of friends and family, and take a couple vacations a year. The rest of the time I'd have the right people invest my money in stable businesses and real estate, maybe even keep working but now I can choose a job based more on fulfillment and enjoyment rather than what it pays.
Don't trust any personal advisor. They're expensive and underperform. Just buy a globally weighted ETF.
sounds like a great way to live
@@emptystuff1593 this. especially consider something that pays dividends, too. a safe 2-3% even, with millions, will be plenty annualized income.
I’ll brag anonymously since it’s safe. That’s my life now :) Best of luck!!!
Not that difficult to achieve. The FIRE movement is exactly that. You need to sacrifice and plan meticulously from the beginning, of course
I watch way too many videos. Most videos, that have stock footage in them, keep my attention for about 10-20 seconds before I click away. The things that make me click away is the voice and the slow pace. Mr Money, this is the second video of yours that I have watched today. Your pace, content and even use of stock footage are well done and well placed. You are also talking about a topic I am exploring a lot in 2021, and doing things about it.
Wow. Thanks Tony! This really means a lot to me!
Same here too
Phenomenal Work sir
The get-rich-quick and financial guru ads that pop up before your videos are very entertaining.
Edit: FYI, “the old fashioned” way of getting rich is inheritance, not the lotto
Or land
@@stratosphere2323 inherited winner lotto ticket
Yeah. But when you inherit a fortune, you almost always grew up in wealthy circumstances already. Hence you don't need such a video on how to handle your money, because daddy taught you how to.
And if you didn't listen to daddy and preferred parties and hooters, well then you almost surely won't listen to that video either.
85%+ of millionaires haven't inherited anything
23% of UHNWI Are a combination of inherited wealth, itself pivoted and now the heirs created inflection point. All Global wealth reports validate this. The Primary Driver and source of Global wealth is self made.
This is pretty important, I had an uncle who won the lottery, he wasn't secretive about it and he helped a ton of people who never returned the money, a young woman enticed him for the money and that broke his 20 years of marriage, he died last year alone and in debt. People will call me bad but if I came into wealth the first thing I would do is ensure that money will last me till the day I die, everyone else can fuck off.
Not bad, clever👍
Agree darling
"Don't blow it"
"Keep it simple"
"Count your money"
This guy gets it
Or be like my aunt who married a millionaire, divorced him and get millions in settlement, then blow it in 4 years and have no skills so her and her kids go leech of my grandma to the point of elder abuse.. o ly lasted so long until my dad had to kick everyone out and stay with my grandma for a few months.
@@Nobody-vr5nl it’s a bill burr joke my man
30 for 30 broke.
Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to my FA, my portolio is doing really great and im proud of the decisions i made last year.
Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks..
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
Monica Shawn Marti has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
The most valuable company to ever exist isn't Apple, it was the Dutch East India Company.its worth reached a staggering $8.28 trillion in 1637
No wonder, they own a whole country and the spice market lol
Honourable mention to the South Sea company, coming in somewhere around the 4 Trillion mark before the bubble popped
This is a myth. Economics explained made a video on it .
You have to make a lot of assumptions and extrapolations to come to any number, so it's far from a fact
Lol owned by a @@tomlxyz
Can you make a video on how to setup a TRUST? As a new homeowner getting into real estate I hear this is what I should do if I want to start getting into AirBNB stuff
lmao, focus on something important rather than spending lots of money on trusts
Hire an attorney who specializes in wealth preservation trusts. There are too many state-specific laws that are changing for anyone on the Internet to make a one-size fits all Trust video. Expect to spend at least $2000...more if your Trust is at all complex. But if you're talking about setting up an entity to protect $1 million+, that's money well spent to get competent, professional advice.
.
This is not a DIY task.
@@sidwhiting665 2k? lmao. stop focusing on tax shit and rather start earning money
@@multa7053 yeah just start earning money without legal help or failsafes and potentially lose more than you make.
@@shouryasanjeev9284 he‘s talking about trusts and I could swear he‘s broke. that‘s stupid
This channel is really underrated right now... I hope more people find it.
hopefully, but for now I am happy to hear that the people that do find it are enjoying it :)
The trust fund thing is like finding a sneaky rule in a board game or something. I guess I shouldn’t have expected anything less though
It gets even sneakier. The really wealthy guys use their assets as collateral in order to take out loans. Because there's no income tax on loans, which pays off even considering the interest if the amounts are high enough. Thus the richest people are actually living off borrowed money.
@@lonestarr1490 There is a reason companys like amazon, tesla etc. dont pay dividends :D
@@foty8679 Because of limited cashflow
Make it a revocable trust, so you can name other beneficiaries in your will, and pass it down when you die...(of course, just my opinion)...
The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. $52k dividends received in 2022.
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
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.
This channel is a hidden gem. Gonna share the link to all my friends. Keep up the great work man. Found you by accident and loved it all.
Omg. This is the best channel I’ve found. I was taking apart my sons crib listening to this in the background and almost had the thing fall on me when you got to the “don’t f*cking open your mouth and …. “ part. Lol I love this channel !
Got it. Now all there's left to do is actually get rich
No problem, buy some Crypto.
@Menopausal Axolotl I bet you're poor person sitting in your basement overdue on your rent, making that comment right now
Ah, rule 1 reminds me of when 10 y/o me found $50 on the ground and my dad immediately told me I had to split it with him and my cousins. When I became financially stable as an adult I only told my fiancée and two best friends who are stable themselves. Lesson learned.
How do you split $50 among a group of people? I'm assuming a minimum of 4, so you'd each only get $12 at best, which is basically nothing!
You got screwed as a kid talking to family, so when you grew up you blabbed to strangers?🤦♂️
@@salguodrolyat2594 You would consider your fiancé and best friend to be strangers? That's kinda sad.
My cousin found a bill while we where walking she splitted with me 😮
@@salguodrolyat2594, The family you choose is stronger than the family you were born into.
It's refreshing to hear someone tell the truth for a change.
If I came into a huge fortune I don't have to worry about family or friends... 2019 - 2020 I was in need and homeless and they said go die in a ditch.... If I ever come into money I have no family nor friends and will get to live out the rest of my days on dividends as I live like a NEET....Lucky for me I am in my thirties.... LOL
Better invest in a private security company cauz those filthy leeches are gonna come for you :D
yeah don't brag to them. it will be hard but resist it. they will turn around and try and take it all
Dicussing money really does bring out the worst in people. Best to keep such things as private as possible.
Never get married fam
If you have zero people you trust or care, maybe the problem isn't the others...
As someone who did put his "net worth into a failing company" I found 2:30 hilarious, because that's the "failing company" I did buy! I did enjoy this video because I was not aware I could be a trustee AND a beneficiary, but I'm not currently rich...
BTW, the day this video was released, AMC opened at $5.54. Today, it closed at $40.31. When my XX,XXX shares hit my price, I am definitely getting a lawyer to set my trust up and will NOT YOLO anymore of my money! 😁 Safe investments for me from now on, post-MotherOfAllShortSqueezes!! Great vid, and I will subscribe now. 🙂
You still parked on AMC like me? 🤣💎🙌
Congrats, I hope you stopped gambling
@thecrazycapmaster I never sold...💎 🙌!
I loved the humor.. "The money gets given to you, TO NOT GAMBLE WITH." A smart trustee would reinvest anything they didn't spend every year. If it built up significantly, they could set up another trust and designate it for their favorite charity into perpetuity. Many rich trustees live under the shadow of Dad's or Grandpa's wealth. This would ensure their name was held in high regard "forever".. Or, they could set up trusts for yet to be born children. It might benefit someone (consult with an attorney) to start a separate trust for the wife with or without her knowledge. It might be a way to save your wealth in the event of a divorce since "she would have her own money."
The last step he forgot: use your wealth in assets as collateral to take out loans that you then don’t have to pay taxes on. This is called the Buffet method.
Buy, borrow, die. It's amazing how it works...
@@RedLeader327 yeah but you can pay it back instantly at any moment, so its not borrowing in the same sense
Thats what billionaires do. If they want a new super yacht, they take a loan for it. Most super and mega yachts are owned by banks.
@@rykehuss3435 Yea, people dont understand that Musk, Bezos, Buffet etc. cant just sell 10% of their shares. I dont know the amount of shares when this is triggerd in the US, but at some amount it needs to be announced that you sold XY for X each share, and if your shareholders hear this they will panic dump.
This also means that they all are over valued.
@@foty8679 only if they own more than half, and only the other top investers
I grew up fairly well off and one thing that took me a while to learn is don't make it obvious you're wealthy, it just attracts the wrong kinds of people and often causes more trouble than is necessary.
Friends and family suddenly coming to you with a sob story lol , hits home.
I would just tell them tough luck. It doesn't bother me. In fact, a few people do approach me and that is what I respond with
Some advice/warning/insight that I got from someone that actually makes over a million is that getting out of your comfort zone is probably one of the hardest things to do. What I mean is that when you start making massive amounts really quickly your entire life will change and that is really hard for a lot of people so they will try to get back to their comfortable life even if that life is significantly worse than being rich would be. *So what you should do if you start making this amount is take a few weeks to think about what you want to do with your life now that you don't need to work to survive like most people.*
Ppl just dont live within their means. Once ppl earn their first money in trade school or their first job they start spending like crazy. The same happens to ppl who suddenly become rich. Just live somewhat below what you earn then you’ll be able to not worry about becoming broke since you will always have some savings backing you up.
They don't think they're living beyond their means. In the US if one starts saving for retirement at the age of 30, planning to retire in their 60s, they need to invest 15% of their lifetime income AFTER TAX to not have to reduce their standard of living when they retire. This percent only goes up the later one starts investing, but goes down quite a bit in ones 20s.
Eg, you're 30 years old, make 100k a year, if you're not putting at least 15k a year into your 401k you're living beyond your means. This statistic assumes you're investing in S&P 500.
5:48
*GOLD!*
Liked, commented (obviously), and subscribed, just for that part alone!
This one part (that had me bustin out in the middle of work) is worth this entire channel!
I concur...
lol yee
Opening my bank app to see enough money to easily support me for the rest of my life would really hit the spot right about now.
I remember being addicted to scratch tickets. It was terrible. The thing is when you are earning money you end up being introduced to this at some point. It's practically impossible to leave it unless you run out of disposable income or go completely cold turkey.
How Money Works is like your overly cynical grandpa who nonetheless has plenty of sage advice to ensure your well-being. Very cool!
I… I… I’ll take it
This is becoming one of my favorite channels by the minute
The best thing to do if you suddenly win the lottery is to not start living like you’re a millionaire, but to live frugally.
Millionaires make money by living lavishly
work at burger king part time as a front so nobody knows.
Thanks, i will keep this in mind when i win the next lottery
What's the point of being rich then?
You dont need millions to live frugally
As a fellow capitalism-loving finance guy your videos are simply the best.
Your snarky humor style makes me genuinely laugh out loud! (I laughed til I cried at Step 1!)
Also you bet your butt I'm buying that book. I haven't won capitalism yet, but boy do I love books on personal finance!
uhm excuse me, which book exactly are you referring to?millionaire next door?i think i missed that part
Life pro tip. If you win the lottery, instead of hiring a lawyer to protect you from lawsuits, buy a lawfirm and make more money off your legal protection
Genius
@@nolesy34 can you tell me in a simple language what is he trying to tell us ??
@@subliminaluser444better call Saul
LMAO to "Don't f**k*ng say any *u*ckin* thing to any f*c*ing one", but couldn't agree more.
ty! its better to be ready for richness, than not to
That's exactly right my friend :)
2-5%!? How am I possibly going to live off of a measly 2-5 million dollars per year!?
Sometimes a man have to make sacrifices.
maybe don't buy that cup of coffee at Starbucks 😂
@@jjt171 But I need $10,000 worth of Starbucks per day! How else will I stay awake!?
As someone who made more than enough to life conforatably forever at a young age, i just put on a banking account, set up some charity anonimous fund and put some on a inheritance fund for when i die my inheritor have a good life. I rather work myself to get that kind of money again than live felling like i lucked out.
You should consider taking a class on how to speak and write English. Then come back and leave a comment that people can understand lol
Cheers mate
So that’s how trust funds work! Just subscribed looking forward to catching up on your money insight
3:46 - that was smooth.
When the number one threat to your wealth wasn’t a gold digger, we knew your list was skewed
Yeah, skewed towards smart people
Hello, just wanted to pick your brain about gold diggers. How exactly would a gold digger take somebody’s wealth away? I’m always curious what people mean by that.
I’m a relatively wealthy guy, physician making just over 500k a year in the USA and am single and dating. I’m sure most if not all girls I date are attracted to some degree by my money, but I just spend money on them occasionally, I don’t see any way for me to lose my fortune by these girls. It’s not like they can go into my bank account and take my money from me, they can only receive any gifts that I give them, and I can always stop it if my money in that month is a bit low.
@@David-fw4ly gold diggers are by definition a partner who wants to live a lifestyle that they cannot afford by leveraging the money of the person they choose to date.
The real threat to your wealth comes later if the living status is common law or if a child is conceived. This allows the gold digger the legal tools to leave the relationship and have the state step in to enact financial penalties for support.
The impact of common law or marriages that break down for spousal support range from the this is annoying to have to pay to this is ridiculous how much they got and I have to pay.
When children are involved …. RIP to 14-16% of your gross income for just one kid and more of you have multiple kids. And that’s before irregular expenses are applied like child care. The hit you take for this is scaled towards the income difference between parents as well as proportion of time the kids spend with the higher income earner (the less time the gold maker spends with their kids the more they have to pay the other parent).
@@Davidjune1970 Got it, that’s what I thought.
What kinda bothers me about that analysis is that all women regardless of if they are gold diggers or not are going to try to get as much money out of me in that situation. I know fellow physicians who married their high school sweetheart (well before they got rich so I wouldn’t call them gold diggers) and they got just as screwed with their divorce as any gold digger would do.
So I don’t see any difference between a gold digger and a ‘regular’ girl. They will both screw you if they get the chance in family court.
I have three rules for my dating life:
1) No marriage
2) No kids
3) No co-habitation
I also had a vasectomy so I can’t accidentally get a girl pregnant. As long as I follow my rules I really don’t have to worry about what the motives are for the girls I date, since by following my rules I can’t get screwed in family court.
But I do see how a lot of guys set themselves up for failure by getting married and having kids.
@@David-fw4ly my advice to you is to date a woman who makes as much as you. ie find another Dr to date. There a good looking women Dr’s. If you can find a business executive kudos.
It sounds cold but the reality is when it comes to divorce and child support … if you both make about the same the financial impact is minimal.
You will just be cutting out the 90% of the riff raffe who don’t have the brains or dedication to have a high paying career like you.
I know MD’s who married each other and combined they make over a million a year.
Finding one for yourself will mean you do not have to compromise your own lifestyle to subsidize someone else’s. That way if you do have kids (ie adoption or if she has kids from previous) you can both afford to do way more … including hiring a full time nanny.
I'd just want to have a little English cottage with some herbs and some sketchbooks, but just secretly fund things like someone's college fund or orphanages or schools .. , live away from the world and do some good , even if its just a little
"Gambling in denial" - InVeStInG
Yeah, I know that guy.
My first step was always going to be "lock it away in a bond, GIC, or Savings account for one year." Let the adrenaline, and all the "good ideas" come and go, and take the whole time researching videos like this, shop around for advice, lawyers etc. I understand it would lose some value, but 1) if it was a surprise, it's money I wasn't planning on anyway and 2) like this video talks about, I run a big risk of losing a lot if I don't slow down and think it through.
This 2% inflation (or right now even more) really hurts more with big absolute sums.
I wouldn't lock it away in a bank account to rot from inflation, I would invest it into an ETF, something safe like a MSCI World. This literally can't bankrupt you except in case of a global apocalypse like e.g. a nuclear exchange. And in that case you worry about a lot of other things, not your stock market investments. Or you die in the exchange, so you don't worry about it either.
Otherwise this idea sounds nice.
Another thing I've heard is to avoid putting all your money in 1 bank. Should enough people withdraw money at the same time, the bank can become insolvent and not be able to cash you out. This also happens when a bank goes under. In the end, the bank might not even be able to pay you back, and if they do, it could potentially take years to pay you back 100%.
I would add to this to make sure your legal and financial team is reputable and above board. There were some lottery winners who went Jason Curland, who called himself "the lottery lawyer", and ended up with some of their winnings stolen by him and some thugs. Investigate before you commit.
This came at the right time. I need a lawyer to set up my trust for me and I am undecided: Singapore or the Bahamas. Now the big question: How do I become rich?
Opening an offshore account in Singapore is actually quite complicated. You need to be ‘referred’ by someone trusted by the bank for you to be able to open an account. Or be background checked af for possible risk (if you got dirty money then it’s a risk) .Tho after that meticulous process, your life would be divine 💯
spend 20 minutes making courses on how to become rich, then take some pictures of your self Infront of a lambo and charge 997.99 for the courses
Work hard and invest your savings
Step one about killed me. I made the mistake of taking a bite of food first and almost literally died of laughter
5:50 point is 🔥
Fun fact: if you're self made millionaire/billionaire, you're not watching this, because you know how to become rich.
As a professional game developer i sometimes watch newbie "tutorials" as entertainment, so i guess they can watch that for that reason.
@@neolynxer as entertainment, not for real education 🤞
Hey I make a new company need money will sell shares worst pitch ever xD.
We do a social media on blockchain where the user gets all the revenue and investors premined toke s
I have 300 dollars to my name and I'm watching this like, "Yes, I will be doing all of this fairly soon." (All except becoming a nationless nomad to avoid taxes. I live in and benefit from the U.S.A., my tax dollars will go to the U.S.A.)
@@ccriztoff WHaT If I BeCOmE OnE AnYWaY
"loading up your net worth into a failing company" pictured AMC, which is currently sitting up 500% since you posted this video
thanks needed this, i dont have millions but i did make some gains in crypto
Well I am glad to learn it was at least a little bit helpful to someone :)
If you own crypto in quantity... NEVER SELL IT. EVER. If you need money, borrow against the value.
With inflation currently at about 10%, my primary concern is how to grow my reserve of $300k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy asap.
there are loads of ways to make a killing right now, but such high-volume near impeccable tradess can only be carried out by real-time experts.
With the inflation what it is, the stock isn't going to be raking in huge gains. It wouldn't be a bad time to BUY it, just don't expect big gains from it for a while. I'll buy once things start looking up in all those trouble areas..until then, too much turbulence for me.
between China and America, I’d pick America but between every country I’d pick Canada.
Buy 3, 3 bedroom houses with a 100k down payment on each of them. Then rent the house (or rooms) for around $5k depending on your area. If it's an $800k property at the current mortgage rates you'll pay $3.5k a month which gives you $1.5k × 3 for a total of $4.5k monthly passive income, then in the future you can also sell your property for a sweet profit.
@@Robertgriffinne go away freaking scammerssss reee noone likes you!!! lolol
That 1st step for coming into millions was unexpectedly amazing
Tipp Number 1: If you get suddenly rich DONT TELL ANYBODY THAT YOU DONT TRUST 100%. There are only 3 Humans on Earth i would tell, this would exlude some of my siblings and most of my Family and Friends
Tipp Number 2: Dont stop working its ok to hard reduce your hours.
Tipp number 3: No big Jumps. Buy the stuff you want but with baby steps. That way you have more fun and time with your new stuff and it dosnt looks like you suddenly got rich
And to real estate if you really want or need to move dont go into a mansions and if somebody ask how you can afford to move just tell them you rent it or you inherited just the house/flat or a small amount of money no millions
1:20 I felt that just from watching my investments increase during the plague years.
2:45 I need to rewatch “Brewster’s Millions”. I’m kind of surprised it hasn’t been remade since the Richard Pryor version.
First thing I'd do is I'd buy real estate like apartments and rent them to secure passive income and be set for life even if I lose their rest of my cash for some reason. Oh and not get married :(
Get married but make them sign a contract 🤷♂️
@@niveshproag3761 you mean a pre-nup
@@wolfboy20 yep
@@niveshproag3761 Copy
@@wolfboy20 Wdym?
"if you only have 24 hours to spend 100M dollars, what do you do?"
My immediate response was to dump it all into an S&P 500 index fund in one go. Shouldn't be a problem as long as it's a weekday, even if maybe you temporarily spike share prices in the process (thereby getting a worse deal than you could've otherwise with an iceberg trade).
The thing is that’s not spending. You’re transferring value from currency to equities. Just like the real estate analogy he made. When you buy a $50 million mansion, you just transferred the value into real estate.
@@MahirSadman12082002 soo is that considered good or not?
i heard many stories of people losing their money.. damn.. people lack financial literacy right?
@@cautarepvp2079 ya. Like the video stated many of them gamble it away. But if you spend $100 million to by 2 $50 million mansions all cash, even though you have $0, you now have 2 paid off assets worth $100 million. Also, over the long term the value of those houses will go up also.
Hell yeah, index funds all the way
So i suppose by extension you havent spent the money unless its something that doesnt hold value?
Id make my own index fund out of the top 20 crypto coins and the rest into a broad range of index funds and land/houses.
Thanks. This'll be really helpful when I win the lotto this week
Just made $372 that looks like an attractive number so I went to go buy a 2023 Mercedes for $80k and 39.99% interest rates. Life’s good
Step 1: Get rich
Step 2: ??????
Step 3: Profit
This video is so good to understand how trust funds work.
Thanks for the video! Now I know what to do after AMC makes me rich 🤑💸
oh yeah... about that...
How Money Works 😂😂
You should see how AMC is doing these days...
@@RedLeader327 Ikr?? These "meme" people are fucked.
I was broke once and i can tell you for a fact that being broke is more expensive than being rich because it takes away your peace of mind. I worked as hard as I could and saved some money on the side. Being an avid reader, I came across a report by Northwestern Mutual on the same topic and found that if I choose to put a lump sum into solid investments, I am more likely to have a higher balance over time. Being a novice at the time, I saw that as a queue to get into the market. That was quite the turning point in my finance.
What type of investments if I may ask? Please pardon my ignorance. I'm green about investing and I'm looking for the best possible way to get started.
@@chrisanthony3560 Well, I've gotten into a plethora of assets with $30k spread across stocks index funds, and ETFs, for the long term. I've been investing with help from a pro fund manager, James.F.Brennnan who oversees my investments. Now I sit back and reap my dividends while I just reinvest from time to time.
@@stanleyfujiwara1394 Well, that's your view. In my experience, there is no such formula, It is nearly impossible to achieve success with the stock market.
@@donaldlocher2537 As a man who has done so much to get to whereshe is, personal finance is key to getting out of poverty for certain. I learnt to curtail my spending habits and took what I realized from what was left and invested in the stock market with Mr Brennan’s assistance after I came across this recommendation a month ago. I’m reaping the rewards of my patience as the roi keep coming in.
@@stanleyfujiwara1394 33-year-old high school teacher here. I don't make much but I want to make better financial decisions. I wouldn't mind hearing from a pro. Is there a means to get to him?
Remind me in 10 years hopefully
Thank you so much for the content! Love your videos man!
7:53 had me dying laughing 😂 🤣
If i ever get rich, i won’t tell anyone about my winnings / earnings. Not even my family will know.
@The Mutt with no Butt why would anyone spend money that way tho you can just dress normally even if you have money
I know that I will inherit millions in assets when im an adult so this video is a great insight to keep the money rather than lose it over the years.
Are you just waiting for your parents to die?
W parents W life W future
Anyone else noticed that at 8:25 he's talking about Aspen but showing stock video from Jasná, Slovakia?
Can you further detail what to do to minimize taxes on “winnings” or inheritance?🙏🏼
5:49 😂😂 love it!
That was a good laugh 😂
Ahhhh Singapore. Fantastic! I have a couple friends there. Lemme jus win the lottery first 😭
The gamble on AMC worked though!
And it still hasn’t even squeezed yet 😁
@@FHDOnTheStreet soon.
Indeed. I'm up hundreds of percent on my AMC gamble
Cant believe they call this a mental health issue, and not just a life problem, or challenging life issue
Maybe the first step is to grow a mindset of "I am not getting rich to live lavishly, I am getting rich to never have to be broke again"
Sir this is just a suggestion and a request please do try to include the links of the sources from where one could further study and research about the topic, it would be more beneficial in educating the people, and for broader audiences like research scholar, entrepreneurs, people interested in knowing more, and students, it may even help you get a few more sponsors (like the website you will use for research) for your time and effort, it's a win-win for both you and your viewers, please do consider. Thank you.😊 Really need these contents.
That "he he" was exquisite
Awesome video bro...
If you win the lottery:
1) shut the f**k up
2) get a legal and financial advisor
3) listen to them
The 'he he' part got me there 7:53 😂😂
Ill let my grandchildren know that if I passed on wealth to them it was because of this video and then, but only then should they smash the like button.
7:46 Lmao!! This is the best vid of all of them 🤣💀
Dude, been binging this channel and love it. Awesome work!
That means a lot to me :) thanks!
Same, this channel is fantastic.
5:48 that clip was pure gold 😂🔥
Watching this in case some billionaire get bored and randomly donate millions to my account.
5:51 holy shit I needed that laugh🤣🤣🤣🤣🤣🤣🤣☠☠☠☠
Love the nod to GME and the jab at AMC
I really like this style of yours
A tiny but aggressive adds to the fun 😂😂
Not. Gonna recommend taking an accounting class just to be safe you’re literate and coherent of who you’re trusting with your money
I have found my new favourite channel
This channel will be a lot bigger soon
Let’s hope so :)
You have a great channel going! Big ups from me
Big thanks from me :)