About 5 years ago, Morgan's book changed my entire life as it relates to money and finance. Hopefully, you will enjoy this conversation as much as I do! 🧡Could you do us a massive favour and HIT that like button on the video! Helps us a lot 🙏 share your favourite part of the convo below 👇🏾
Hello. Please consider many people are listening these, so if you introduce a book (like in 18:30), don't just say "This book". Read the name and preferably also give the year it was published. Thank you :)
@@Ounouh he literally said, "Your new book which is out in November." If you can't be bothered to do a simple search for the book, then you don't deserve to learn from it. It also tells me that you didn't bother to listen to the whole thing before commenting because he says the name of the book at 35:20.
I've seen this method tried. Now, those people are homeless, and those who bought homes have made massive profits and have housing security. Assets are wealth and generational wealth, too. Many can not retire as money in pensions stock shares crashed. I'm not convinced by this at all. Rent is through the roof, and those who lose their health cannot find rentals. Benefits don't even cover the rent, heat, or eat. At least with a house, you can rent out rooms. Look at the homeless who are not there by choice right now. Long term investment does not help those on the real low incomes. Do you own your own home? Not everyone can be successful in business. So many cannot retire due to shares dropping or crashed markets. Not much is making money in shares stocks atm.
I bought an old house with a big property, all cash. Refurbished it, added 10cm rockwool external insulation everywhere - then setup a huge solar array, my own water source, greenhouse, poultry, etc.. Cost of living is close to zero - with no debt. Best investment of my life.
I am no expert and did not write a book. But I just realize that already 25 years ago I figured out this by myself: real luxury is having time, not having to hurry. We worked, together with my husband, for 30+ years. We did not have stellar careers, but good paychecks, always lived well, but always below our means, as we did not grow up in abundance (on the contrary). We never spent for showing off, but for having a comfortable life, for putting our kids through school. At 55-56, we are ready to early retire, and we will just do this pretty soon.
Doesn't take an expert to realise you're not special. My uneducated siblings who also began working 25 years ago can also retire and put there kids through school as they own a home they purchased for £70k and is now worth 700k 😂.
I own a home but no other debt. It took me many years to learn this. but I no longer acquire stuff! I open a cabinet and if everything is visible and used routinely, I keep it. Less stuff= more time and joy. Stuff is a burden. I learned to be grateful for all around me. And stopped comparing myself to others. I am happy for the success of others. And I pray.
Exactly 💯. Being modest, keep belongings to a minimum and not spending frivolously. If people could just look around them and see that "STUFF" really accumulates to possibly becoming a burden, then just maybe we would have a happier population. Stop buying to be showing!!! People, if all that spending was put into diversified investments and compounded over time... the amount of wealth grown is really remarkable. Financial literacy should be mandatory teaching in grade school. If children were shown, consistently, how much money can grow by compounded growth, I believe we would possibly have many more millionaires into adulthood and beyond. Just Google hoarding and look at the stats across North America alone. It's frightening!!! If everyone heard Denzel Washington when he said something along the lines of... you won't ever see a hearse driving down the street with a uhaul behind it.... Truth!! Try living a modest life, pray every day, and don't be buying to show off a possibly perishable and depreciating item... you just might be a little lighter and a little happier. May the Lord have mercy on all our souls 🙏 🕊🐾
@@irielion3748How dare he mention prayer. Pretend the last sentence doesn't exist, how about that? You can live with that and the sentence won't be ruined for you. It might come as a shock to you but believe it or not, there are people in the world that believe in prayer. Insane I know.
I quit being an ICU nurse after 30 years this past year. I must live on a budget. My car is is a 2009 but paid for and runs fantastic. There’s nothing that I NEED! I see my friends all driving the newest latest and greatest cars. Their goals are to buy a bigger home all the things mentioned in this video. They are all sad and stressed out. I’ve never felt happier with less! I thank God every day I’m able to do this.
Some of the biggest takeaways.. 1. Confidence can create blind spots 2. Life is about identifying the costs of admission. 3. Bad news is quick, good news is slowly compounding. This was a powerful moment of sharing ideas gentlemen. Thank you!
I bought a house in Southern Alberta in 2020. 3bed, 2 bath 1,200 sq.ft in very good condition, move in ready with new floors and fresh paint as well as new bath and showers. I got in with a 5 year fixed interest rate of 1.89%. My mortgage plus property tax is $479 CAD ($350 USD). I would never be able to rent for that cheap!
True, before investing time, money or anything else, sit down and ask yourself "Why?" If the motive is pride, gaining admiration or status. Drop it, its the wrong way.
Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.
Wow that's awesome investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Thank you for this! I'm 60, college-educated, and the "failure" of my family financially. All three of my siblings have money, land, retirement savings, etc. I raised three kids as a divorced mom and am still paying on a student loan for one of my adult children, who is now working on her master's. I've worked hard my whole life since age 14, but have never earned over $46k a year. I've never been competitive or worried about material possessions. I drive a 2008 car with over 250,000 miles on it, rent an apartment, and will need to continue working well past my full retirement age to survive. Yet, I am generally happy with my "low" expectations. In my opinion, if you have the love of your family and a good dog, you're set.
You sound like me. Since you can still claim happiness it all is nothing to be ashamed of. Additionally, You raised three kids, hopefully they will realize the sacrifices you have made and take care of you in your old age of turn out to need their help.
@J.H. I'll add a couple of car suggestions. Up to and including 2011 which was the last year they made them: Mercury Grand Marquis/Ford Crown Victoria/Lincoln Town cars. The 4.6 liter engine has a couple of common problems but they are easy to work on and parts are readily available and inexpensive. The same goes for the 1990's Volvo's which were the last years they were owned by Volvo in Sweden. They also have some common problems but they will run almost forever with proper care and maintenance. The cars I've listed are also very safe vehicles. My father is a huge car person and he said to me, "Gas is the cheapest thing you put in a car. A dependable used car that needs few repairs, is easy and inexpensive to fix, has lower taxes, and you have no loan on is priceless. Win, win, win." I've never had a car loan in my life, and I'm 60. Car loans are suck a racket, making loaner rich, not the borrower. Hope this helps. P.S. there are some very good older Toyota's as well. I also spoke to a mechanic who has been working on only hybrid cars for many years and he said the old Chevy volts are very good as well as the Honda Insight though it's not a hybrid. Check out Scotty Kilmer on Ytube. ✌️
Woooww he’s my favorite guest so far! Is it just me or does anyone else think he embodies humility? In the way he patiently listens, responds quickly and thoughtfully, quotes numerous other people, uses others’ lives as examples.. I love how he mentions his wife and kids so much. God bless this man!
@chrristiinaa I think all the attributes you just described are those of an outstanding communicator. Most people can achieve adequate communication. I have noticed that it's the people who can listen, digest the information and respond in a way that leaves no doubt that have received the message correctly. The cherry on top is then responding in a way that will allow the topic to remain open and free from agenda.
"I don't want to be rich, I just want to be independent." I soooo relate to that. What I envisage for paying off my mortgage is FREEDOM. Having more time, the flexibility to work less, the flexibility to live more according to what I want to do, rather than what I need to do.
Let me give you some news, by the time you payoff your mortgage( 2 and a half times the price of the house because of the interest rate), property tax, insurance and maintenance expenses will overpass your current mortgage payment, by then you will be at retirement age. Any other plan? Uh?. Option 1: Sell your home, cashout, put 1 million in an investment account( average 6% yearly) and withdraw after retirement age in 360 installments, buy an RV and start living "the American Dream". 😅😅😅2nd option: We could have done it the other way around and lived happier lives( under our own expectations) and instead of waiting 30 years to cashout we could have invested $1500 a month for 30 years at the same rate of 6%,and have $1,711,722.00 (we would) be better off now, lived a better life knowing that we had our money growing every day. This 2nd option is the easiest way, believe me. Paying off a mortgage won't make you as happy as you think. 😂😂😂😂crazy but true. You will be happy when you cash out and start enjoying life. That's why option 2 is the best.
*Today I reached $220k. I am really grateful for all the knowledge and information you have given me over the past few months. I started with $15k in January.*
I grew up poor and remained poor until around age 30. I put myself through school and now have a career that, relative to the average in my area, is pretty well paying. Ive always lived beneath my means, I drive a 10 year old nissan (I purchased it new) that I take good care of, rent in a modest but well kept building, paid off all my student debts, have an emergency savings account that covers several months of expenses. I recently decided to take a part time position at work, 2 days one week, 3 days the next. I will be making half of what I do now, but will have time freedom. Due to the frugal way I live I am not endebted to anyone and can do what I want. Money merely represents energy, and I will have so much energy to spend being free and happy, I feel I am about to be very, very "rich".
There is a psychology to money. Not the paper itself, but how you think about saving and spending, as well as earning. If you think you're a lion, then you're a lion and that is all you will be. Until you expand your thinking, desire it, you will never escape your description. If you're happy with that it's fine, but your statement is limited in life's scope. But you need to change how you think before you even try. Being poor or frugal is a state of mind.
@ericwilliams626 sure, my statement is about my own idea of happiness and fulfillment. I wasn't saying you, or anyone else,should want to live like I do. Everyone determines their own idea of success. This is success and happiness for me.
@@TammyMayCormier Understood but I wasn't refuting that. I was commenting on how we limit ourselves and our happiness based on how we think about our means. If you think you're rich, you're rich, if you think you're poor you're poor. You must find out what that means to discover more out of life. That's all.
I have stage 4 cancer and I never thought I would be back at work. I am so grateful to wake up every morning, it truly puts a different perspective on life.
As a homeowner who paid rent for years, I completely disagree that owning a home doesn't pay off. Knowing that I have shelter regardless of how well I'm doing financially, is a world of difference from the fear of losing that security, due to fluctuations in income, or a rise in the cost of living and rent hikes.
That depends, I guess, on whether or not you have enough savings, a "cushion", if you will, to sustain yourself if those things you mention happened (increase in living and rent, and so on). The good thing about being a homeowner, to add to your point, is that it's pretty much a long-term asset that will give you dividends in the long run (if you take care of maintaining it, that is), not only to you but also your offspring. It's also a safer bet because it's harder to screw up compared to stocks and other more volatile assets.
Homeowner or mortgage owner? Not the same. Even if your house is paid off in full, it’s still at risk as if you fall on hard times, bills still need paying. Owning a home isn’t the be all and end all. I personally know a young couple, childless, both working 60+ hrs a week, don’t go out and mortgaged up to the hilt for 25yrs. What for?? There best years are being frittered away by handing over money to a bank that owns nothing and literally created money out of thin air.
@@followthefocusofficialas a renter I'm paying so much and will have nothing to show for it when I move out. I have been paying someone else's mortgage for 20 years. It would be nice if it was my own.
A Nigerian, in my early twenties, an entrepreneur and a business owner,... I would say, this is so much sauce. Probably because it's exactly what I genuinely need to hear right now, but this video is what just gave me all the answers to so many questions I kept asking myself. I'm very sure so many other young lads like me watched this video and got really impacted. Thanks for making this podcast, it's a blessing to my life💯❤️
I will validate how stress negatively impacts your health and life. I am a recently retired nursing professor and ICU and ER nurse. I wrote a book called “peace management.” I have seen firsthand how stress negatively impacts people, and I understand it at the cellular level. Financial burdens can definitely produce a large load stress.
This is interesting! Would love to see this study done in the corporate world. So many people incredibly stressed not realizing what it does to their health
(21:50) *is the most important part of this video. “Managing your own expectations is more in your control than managing your circumstances.” Very true and well-said. We focus so much on trying to manage the amount of money we make or where we are in life at x age but don’t try to manage realistic expectations based on our circumstances.*
Sometimes you can problem solve. I was 48 when my last child left home. I started saving sacrificially. Bought my first rental after realizing I wouldn’t have enough money for retirement. My husband has always been a low wage earner. I went back to school became an RN when my last child went to school full time. Took a loan against my Fidelity account. Later, took out a HELOC on my house to buy a 12 unit apartment bldg. cash flow is great. I wouldn’t be in this situation if I didn’t look for alternatives.
It was a commercial loan. Over 4 units is considered a commercial property. The bank looks at the rents the property brings in to be able to pay the mortgage. They also looked at my credit, which was good. Only certain banks do commercial loans. You have to look around to see who does. A commercial real estate agent would know, which is how I found my bank.
The fact that so many people won’t click on this video because of the title Do Not buy a house but WOW ! So much value in this episode. Amazing as always !
This video is all confirmation bias to me, because for 50 years, my parents have taught me everything you said. I feel so grateful for the video and for my parents. I love you so much.
I have been with my partner for 18yrs with two teenegers and we just serve each, express love, compassion and no conformation, expectation and freedom to be oneself , so grateful for the awareness and see my teenages kid grew up calm and peaceful because of harmony at home.
This guy speaks my language. My goals in life are not to make huge piles of money and make it into history books. I want to minimise drama, and experience as many places as I can.
I've said this for years. There are people who struggle to work and people who struggle to relax. The middle ground is hard to find for both, but we need to achieve that equilibrium where we are both disciplined enough to become financially independent and content enough to enjoy it.
After close to two hours of listening it all comes down to; 1) consistent discipline 2) Go against the societal constructs regarding what it means to be successful. Kudos for the podcast 🙏🙏
One thing I can agree on, is that it is a massive benefit to not have the desire ton constantly please or impress other people. I have NEVER had this my entire life, and I'm one of the most happy people I know. My philosophy has always been, do the right thing, and don't care what anybody thinks.
As someone who work in wealth mgmt for 15 years it was consistent that by the 3rd generation inherited wealth would get spent. The 1st earned it, the 2nd watched them earn it and thus would continue to work in some way but provided their kids an easy life, and the 3rd would blow it. Saw sooo many families live that.
That and splitting your fortune 8 ways makes it a little less probable you can live off the interest alone . Assuming each generation has 2 kids . Which seems neutral as it neither leads to population increase or decrease .
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
On my end I've been in touch with a financial analyst ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
Interesting, Mind if I ask you recommend this particular professional you use their service? honestly right now i have quite a lot of marketing problems.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I have a family of 5. We bought a 4 bedroom house 5 years ago. Bought for $180,000, currently appraised at $330,000 with a mortgage payment of $1427. I've searched rental houses and apartments in our surrounding area and cannot even find a 3 bedroom house for under $2000/mo. An equal sized 4 bedroom house is renting for a minimum of $3000/mo. So glad we decided to buy when we did.
The advice for purchasing a house in the podcast is wrong. Buying a house might not make you alot of money or any money but renting only loses you money.
Rent or morgage is THE biggest item in your budget, having control over it is worth soo much. In an ideal world maybe you can make more money investing, but it takes out of the equation the security factor.
The guest is speaking about the happiness of being free. The corner stone of freedom is to have ur own roof over ur head and free of eviction and homeless threats.
@user-qo3co6kf5f >>kids move out Yes, but do the kids have money to afford a house of their own in a place that has become so expensive? The kids will have to pay 4 - 5 times the price that their parents paid a few decenia ago for a similar house. Is this right? When you're brag about your house appreciating, you forget that you're in fact "STEALING" money from your own kids' future. Because your kids will have to work harder to acquire a similar house that you got for nothing 20 years ago. So where is your real gain in this game? >> downsize house for cash flow. By downsizing you mean selling your current house to buy a smaller one? Didn't you know that all other houses have also appreciated, not only yours? The price difference between your current house and a smaller one was the same t20 years ago. In other words, the smaller house that you'll buy today was much cheaper 20 years ago. So how is this a good deal for you?
Buying my own home was the single best investment decision i ever made.I waited a long time and even rented for 2.5 years as asset prices cooled off - it was all worth it.Peace of mind is priceless.
@@wongthong7 i had been investing in stocks for many years before buying my house.By the time i bought it i was able to cover most of the cost with a large cash payment.
What blew me away is when he said the least u care about caring what ppl think of you the more free you are and see this as a huge plus in ur life. I never realized that was a huge plus in my life and I should be thankful for that. That put that fact on my gratitude list that has never been on my gratitude list. Ty Morgan for that.
No point having it in the bank making the bank wealthier he obviously comes from a country with no decent pension systems why the hell would you wait until your 60s to be happy
@@GymPerformanceI agree, but it can be a big challenge when we live in this hyper capitalist society which works by generating want. Some people are more vulnerable to the message of materialism and changing that mindset will be very difficult. They can make positive moves but can also slip back into excess shopping etc if they have a bad day. Learning strategies like meditation and yoga can be really helpful to anyone who needs to develop their internal mental landscape, making them less vulnerable to the external message of materialism.
Given reduced inflation signals and as the Federal Reserve has halted rate hikes, what are the best additions for a $120K portfolio to enhance the overall performance of my portfolio this year
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. Alternatively speaking to a certified market strategist can help with pointers on equities to acquire
It's true that some people use hedging techniques or allocate a portion of their portfolio to defensive assets that do well during market downturns. These tips can be obtained by hiring market experts, as I did in 2019 during the rona outbreak, and as of right now, I can increase my $1 million portfolio by 45% after purchasing assets that my advisor recommended.
My CFA ANNETTE MARIE HOLT 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..
I probably gained more from this conversation than I have done any other on this channel. To the point that during the last hour or so, I've set up a direct debit for 10% of my salary into my equity fund account. That money would have gone towards a finance deal on a car, which just feels like such a waste of money. I'll figure something else out there. I've recently taken the plunge and bought a house after many years of renting, and no matter how daunting that felt, to suddenly have that security is absolutely worth it. I'll be keen to read his books for sure.
I finished it in full over 2 days. My key takeaways are: 1- establish what makes you happy (not others) and stick to it and live, 2- live within your means with capacity to save . "Managing your own expectations is more in your control than managing your own circumstances" is the line I have written down.
I like the interviewer, he was v low key ,let the guest talk without interruptions, asked right questions so I was able to watch this interview to the end. thank you.
Thank you, Steven! Your podcasts get me through an hour of stretching every morning that David Goggins turned me on to and are a game changer! Today's podcast resonated. I've been a flight attendant for 38 years and just yesterday, a 35-year-old man sat in Business class from Vancouver to Cancun on our Dreamliner. He was like a kid, bursting with glee. Last month, a woman (who took a break from her teenage twins) also flew in the pods back from Maui for the first time. It was a giggle for me to watch them enjoy the adventure. It contrasted mightily with a 20-year old rich kid who was a professional hockey player one season I flew an NHL charter on a beautiful plane, reconfigured from 169 seats, down to 70 (imagine the leg room!), complete with several tables which allow 4 people to enjoy a meal or play cards together. Gorgeous. Most passengers gasp if ever they are lucky enough to step onto that plane. The rich kid did the eye-roll, and slumped into his seat disgruntled, moaning, "This plane is so average." What a way to go through life... The lessons you've taught me today on $$ will seep into my life, as do the nuggets I receive from so many of your guests. A hug of thanks, from Canada, as I head out for my daily, Goggins-inspired, albeit still wimpy, run!
We could have afforded a much bigger house but instead purchased my grandmothers house at a big discount and it’s on five acres in a growing area. I have no doubt it will prove to be a very smart investment. Also living and feeling like you can just buy the things that you want without ever worrying about money is such a great feeling. There’s no need to buy mansions or Ferraris to feel wealthy.
Agree. I want money to buy a humble little house or cottage on a few acres of land to grown my own food. I don’t care for other material things, don’t need a fancy car, clothes, etc. But I do want to travel the world and see the wonders of this planet. That’s all.
Like reading my own story, minus the five acres! Bought 1200 sq ft ranch belonging to my grandparents at a big discount. It’s tight space and considered small for the upscale town we live in. After losing my job last year, I’m happy to live under our means. We can float the mortgage on one income, while starting my business. My parents taught us to never keep up with the Jones’s. The jonses are broke.
A lot of financial advisors make me cringe from horrifically misplaced priorities, and you can really hear how much they still need to grow as people. But this actually sounds like a moral, useful book to read, and I really enjoyed this episode. Thanks for the work you do.
It's a financial advisor's job to listen to your financial goals and priorities and advise you on courses of action based on these. If they're pushing their priorities onto you, then they're not really doing their job.
"Know your audience very quickly turns to pander to your audience". Brilliant point. Never really thought of it this way before. First and foremost your first duty is to yourself, so anything you write has to be relevant to your own experiences.
Ownership does empower people, I agree. It didn’t help me when I bought a house in a bad economy, but the idea of us all being beholden to our landlords scares me too. It is a tough decision one that is uniquely your own, don’t do it to feel like you have improved your status and expect people to love you for owning a home. They either envy you or criticize you it is a no win that way. Do it because it is right for you only.
in the UK it is not tough at all - buying is superior in every way to renting, I am happy and open to seeing any proper analysis that disproves my view, but I bet Ill be waiting a long long time
Being a seasoned skier and snowboarder myself, since the age of 8 or so, i'm now 56, it blows me away that you knew your friends were skiing out of bounds, with a previous small avalanche experienced prior....and no one considered trouble earlier when not a word was heard from your friends??? Back Country and Out of Bounds code is you are always in contact of where people are at.
I know… first instinct would be to wonder why they weren’t there…no matter your age… I’m sure he regrets the decision of not calling authorities sooner. Such a sad story. 2 lives lost over a stupid decision.
I find it amazing how much of this interview, which is based on a book about a healthy money mindset, had absolutely NOTHING to do with money, yet gave so many insights into living better, and the healthy money mindset is a natural side-effect of it all.
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
This is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Finding financial advisors like Iynne Marie Stella 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.
Since I've packed in work I couldn't be happier - I worked to live - not lived to work - I'm going to share this podcast with my family . I have never compared myself to anyone else in life - So long as i had enough to pay my bills and cover my basic wants and needs I'm the richest person in the room - like Stephen Hawkins I nearly lost my life at the age of 14 - Ive been grateful to be alive everyday since 🙏 ❤
@@ourhealingvoice Again Thank you 🙏I really appreciate you taking the time to leave me a positive comment ❤ I'm humbled by the many likes that I've received 🙏
I completely agree, I ran my own small business for 30 years getting increasingly stressed and anxious. I knew I had to get out for my own health, but didn’t fancy starting a new career so saved like mad over the final 8 years and have now retired in my 50s. I don’t know if I’ll ever want to get another job, but all the people who told me I’d probably get bored when I sold my business have been wrong. I feel so much happier and less anxious about life. I think the trick is to keep doing stuff and spend your time with people who make you feel happy. Good luck to you all on your respective journeys to financial freedom.
After listening to this I managed to convince our 17 year old son to start investing. He’s just finished school and started an apprenticeship and has set up a pension and an investment ISA that he is paying into each month. He actually thanked me last night for getting him to listen to this as he’d just checked his investments and seen that they had gained well (I’d didn’t think for a minute that he would listen or take action 😂). Thankyou Steven and Morgan.
Our 14 year old has a huge appetite to earn money and does not shy away from working to get it. BUT he does it to buy stuff he desires, so as soon he deposits it into his account he spends it, and as a result he never has any. In the past his goal was to build a gaming PC, so he saved for parts, and after 2 years he build one himself. Now it’s just clothes. This makes us very worried. At first I said to my husband, maybe this is the way he’ll learn (better sooner than later!), but even though we have conversations about it, he’s not changing his attitude. So now we’re taking away 20% he makes to keep for him for later. It’s not a lot $30-40 a month. I wonder how we should invest it for him so it grows.
"Alright, Morgan, you’ve got my attention! I’ve been sitting on $167k in an emergency fund, avoiding the whole ‘buy-a-house’ debate like it’s a game of financial dodgeball. If NOT buying a house is the move, what’s the play here? Stocks, bonds, crypto, or do I just bury it in the backyard and call it 'portfolio diversification'? Help me out here-I’m ready to invest but need a spark to get going!"
"First off, congrats on that solid emergency fund-you’re crushing it! But hold up, don’t dismiss the house idea too fast. It’s not just a roof; it’s an asset that appreciates. That said, if you’re feeling lost in the sea of options, a financial advisor can seriously change the game. Mine helped me map out a plan, and honestly, it’s been worth every penny!"
Okay, now you’ve both got me thinking. I’ve got some savings itching to grow, but finding an investment advisor feels like trying to spot Waldo in a crowded page. I’m clueless about where to start-any tips on how to pick the right one?
"There are a handful of CFAs. I’ve experimented with a few over the past years, but I’ve stuck with Linda Aretha Reeves for some years now, and her performance has been consistently impressive. She’s known in her field-look her up."
Just did a quick search on Linda Aretha Reeves, and wow, she’s exactly what I’ve been looking for. Thanks for the recommendation-feeling hopeful about finally getting on track with my investments!
I just can't explain enough that I saw this interview like I was drinking water. Wonderfull conversation for so many topics! It's like a treasure! Thank you so much!
Morgan's story about the two friends that died, -because he chose not to break the rules that particular day, made me think. Steven, I don't know if you ever watched a Netflix show, called "6 Feet Under", but the show is about a family that owns a funeral home. Each episode begins with some random situation that leads to someone's death. There are so many ways they delicately depict a person, usually going about life in a normal way, and somehow, unexpectedly in most cases, just died. This brings to mind, the point that Morgan is bringing up. We really are hanging by a thread. No one has a guarantee or knowledge of how long we have. So, in this perspective, living each day as if it is your last, and not constantly chasing the dollar, can change your complete perspective on wealth and what it means to be happy. ... So, yes...not only schedule a 30 minute window to have lunch. Try to think along the lines of the people in Italy...who take time to walk together with no phones, who enjoy the scenery, and the flowers, the smell of fresh bread.. and laughing.. talking...singing...dancing..
I listened with horror that he just got back into his truck and drove away. Short time before he realised himself that the universe moved him without giving him the chance to gain control... How must a culture/society be structured to not care. My jaw hit the desk.
@@wessel21 It is inexcusable no doubt the actions he took that day. He was an unthinking, ignorant 17 year old at the time of the incident, totally wrapped up in his selfish pursuits. One has to ponder his upbringing; at least to ask where were his parents in instilling some sense of responsibility. Perhaps he was taught like so many youth, but blew off anything that was not really important to me today or "not relevant to me right now" type of thinking. Still, the fact that he was the only one who knew what his friends were doing and the risk they had taken on, even given the fact that they all had a brush with imminent peril, and he chose to ignore their not arriving at the bottom of the mountain, is breathtaking. Would not a friend at least say, "They are not here. I should try to see if they are OK, or I need to report this now." We can only imagine the parents thoughts as to the actions taken that day that could've helped locate their children, even if they had already perished beneath the snow. Apparently there is some shame or guilt that he carries, otherwise he would not be relating the story. We do not get a sense of whether he has come to full grip of the meaning of this tragedy and the actions he took that day. If anything, this is a story for all young people to hear, and decide, "What would I do if I were there?" and, "What are the consequences of my actions or inactions?"
It might not be your best move at this current point in time or life or location, but I bought a fixer upper in the French countryside and it’s paid me back ten fold in quality of life, the money I paid for the house I’ve already saved in rent twice over in 5 years, and there’s a feeling of comfort and peace that comes from being in somewhere that no one can just kick you out of
i had never stood constnatly watching videos over 30 mins without x1.5 or x.2, i have, however, found myself watching SEVERAL of yours. love the content man keep up this content, you are making a huge difference
Biggest takeaways for me were: “Risk is what’s left over when you think you’ve thought of everything (risk is what you don’t see).” And, “The amount of cash you have in your investment portfolio should feel like it’s ‘too much.’ If you only have enough cash for the risks that you can envision, you’re going to miss a surprise every time.”
The latter is what poor people have to live with every day, and it makes for a very tenuous, stressful life, always on the brink of something crushing.
@@MarcIverson Don't most of us live "paycheck to paycheck"?! Everytime we think we can breathe, something major happens! A major appliance breaks or illness etc
This is an absolute cracking interview. Us Aussies are ignoring our own central bank’s BS to get the truth and transparency from New Zealand. Very noble, very globally significant discussion. Keep it up!
This interview did something that most other interviews meant to motivate and educate people don't: it made me feel really good about myself and my life decisions. Thank you for that, this came just at the right time, I didn't even know how much I needed that.
Morgan is 100% correct about buying vs renting. Buying only makes sense if you’re doing it for reasons other than building equity. Build equity by investing in stock and other financial instruments, not by taking out a mortgage and being house poor due to unexpected repairs and property tax.
There’s temporary stress that increases adrenaline, drive, desire to move forward. Then there’s chronic and harmful stress that increases cortisol, decreases motivation, and increases risk of depression and sickness. Know the difference! Thank you for this interview, very insightful.
Steven Bartlett, thank you for bringing on this guest, he was by far your best guest with such a wealth of knowledge to share and experiences so related to most of us. What a thought provoking conversation packed with prevalent different topics all tied together one way or another. I’ve just ordered his book “Psychology of money”. Thank you for asking the right questions with every human being in mind.🙏🏾🙏🏾🙏🏾
Many people find homeownership to be the foundation of their family wealth. The key is to not buy more house than you need. You have to live somewhere and owning that place is generally a good thing and confers independence. He's right about not using your home to signal how rich you want to appear.
Yes, he’s right. I don’t rent my house either. I live with my children alone and pay my mortgage. Best investment ever and I am a black single mother with 4 children. My neighbors are nosy and want to know how I get my house. I work and invest in Index funds. 😂😂😂😂❤
Let me start by saying THANK YOU Steven for all the WONDERFUL podcasts! YOU are a TRUE INSPIRATION, as are so many of your guests & conversations. Having said that, I found this particular episode to be EXTREMELY FRUSTRATING and unhelpful to the "average Joe". You asked (as you always do) some great questions, the most important of which (at least for me and others like me, which I would bet makes up a good portion of your viewers?) was when you asked what "normal" people (those living on 1,000 - 2,000 per month) can do to go to a position of "wealth". Morgan basically just blew it off with "save", which didn't really answer the question - how someone who is BARELY making it can get to a position of "financial freedom". I feel this particular episode is more for people who are already financially comfortable. Reading "between the lines", it felt like Morgan was just saying, "lower your expectations, want less & save more" (if you're already financially well off) and "just be happy to be alive" (if you're struggling or poor). It would be REALLY COOL if you could do an episode with a financial adviser who could speak to the great majority of people out there (like myself) who are struggling to just have the BASICS covered, with out of control INFLATION and a real HOUSING CRISIS and HEALTH CARE CRISIS. I'm a college educated, single mom, raising a young boy on my own and it's HARD to stay afloat! I work multiple jobs, live frugally, but STILL can BARELY support myself and my son and the future is not looking good in general terms when you think about all of the serious global issues facing our planet, which are all interconnected... sigh... I know I've just put a lot on the table, but I'm sure that I speak for thousands, if not millions/billions of other people out there who would REALLY, REALLY appreciate someone who could speak to them in "their language", in terms of how one might invest one's money/time to create greater financial STABILITY. If there is an espisode that I missed that adresses this issue, I apologize. Thanks again. Peace 🙏❤
Great feedback. Personally, I’d recommend the book, The richest man inBabylon” by George S Clason. I have the impression you could find a potential answer in there
One of the most down to earth people you have had on this show. he does not try leading us down a certain route but is just trying to make is smarter in whatever we are doing
The part of the equation financial folks miss when it comes to not purchasing a home is the priceless joy that being a home owner brings many of us. I have creative freedom to landscape, decorate and more. Those are the things that make my heart happy and it’s something renters can’t experience. That joy isn’t a simple math problem. Great interview, thank you both.
Look, you need a place to live, and especially if you have kids, a stable place. Nobody can take my home from me if I continue to pay my bills. If I rent, I can be forced to leave once my contract is up. So, owning a modest home you can easily afford is the way to go. My kids know they have a safe place to come to at the end of the day and have a nice warm bed to sleep in each night. That is why I work. Not to mention, I now have equity so if something were to happen I can borrow against it or sell and downsize and have some money to help me.
Exactly, I can say that buying a home was the best purchase I ever made. It made me realize that humans are meant to have their own space (Doesn't need to be big) but it inspires so much creativity in us. After buying a home, I now love cleaning, and taking on small projects, I feel like it came from a sense of ownership. I want everyone to be able to experience having their own space, "Priceless joy" is a perfect way of putting it. All the best bro, I completely agree with you!
I have rented the same place for 33 years, over half my life. I love this place. I wish so desperately I could buy this building, to have control, to make it a better place for me and the other tenants to live in, to make it beautiful, as opposed to the horrible landlord I have who has no pride of ownership in possessing this place, and just does everything in the cheapest, shoddiest, and ugliest way. Luckily, I live in a city with good renter protections, but the rent goes up every year, and I have nothing to show for the thousands of dollars I paid in rent for decades.
There is a right time and a wrong time to buy a house ,depending on your circumstances. Renting a house does not always work out for you. If the rent gets way up and you then can’t afford it. Your children will suffer because you made the wrong decision.
@@davidmathias1828 exactly, I don't like the whole blanket "don't buy a house, buy stocks" I would rather sacrifice to give stability to my kids. That way they don't have to worry about rent increases and evictions. Peace of mind is an important factor. All the best bro!
Brilliant!!! Im 51 yrs old and I chose to give up my comfy career to be with my mother…. It was scary to start over with less money but that decision alone made me look into investing and of course to the book psyc of money, and it changed me.. this is one of the best videos ive seen ( u have done great interviews before) i felt as if i went thru a session of mental therapy AND financial therapy combined!!! I wish i knew how to manage my money and invest rather than sqaundering it.. buttt i am on a great financial path and i made sure i passed along ALL the info I have gathered including this book to my sons and hope they do better financially than i did.. well done!!
Dear Stephen, As an older woman and caught up in the cycle of deprivation. I never learned financial freedom, but only a hand to mouth existence.what I have learned through your podcasts has totally changed my course of life. The most poignant thing I have learnt is very similar so simple “ the best story wins!” It is not necessarily personal fulfilment, but it is a tried and tested formula for success. The only problem with this is it is like an addiction and does not last and can be masquerading in the world we currently live in live with in.
Don’t buy a house so banks can own all the properties, then you can rent one from them at 5x the price of a mortgage. If you have no assets you have no power.
Absolutely! I cant make sense of this advice not to own a property. Afterall they do appreciate in value and that surely is better than keeping cash in the bank.
Buy or build other assets that pay you an income... Then you have power. Plus, when you buy, the bank makes 2-3x the property value in interest anyway so they don't care. Buying isn't beating the banks.
@@Jasperinvests For most investors in property, the goal is not to beat the banks but to create an additional source of income (Buy to let) or to cash in on equity growth. Of course the banks will always make a profit either way.
*Today I reached $220k. I am really grateful for all the knowledge and information you have given me over the past few months. I started with $15k in January.*
I know that woman (Julie Gilbert) If you were born and raised in new York you'd know too, she's my family's Broker for 3yrs till now and a very good one if you asked me. No doubt she is the one that helped you get where you are!!!!
At 50 I aimed to be a millionaire at 60. I reached the target at 58 and early retired at 59. Right now I am doing nothing but slow travelling the world during winters and I made sure I finally learnt surfing before it was too late. My 2 kids both started university and their bachelor years are fully funded. They will have to manage their master by themselves. As for me, I will probably start a company at some point. Something light I can run from anywhere in the world. I am waiting for the kick. It will come eventually. It always does.
Can u let me know what sort of work you did that you became millionaire in only 8 year .bcs i did hard work whole life Apr for 30 years even cannot get good life as I wished in my childhood.
@@rebelglamhair Yes. I bought my first home at 37. It's always been hard. I had to change country too because where I was in the UK the prices were already crazy at that time. But you can't play in 2024 like in 2000. Nowadays you have to take advantage of teleworking and all these things that were not possible by then.
Key takeaways 🔑 1. Buy the book ‘The Psychology of Money’ 2. He writes/creates what he is interested in 3:47 3. Definition of rich - you have enough money to buy what you want (ie. house, raise kids, holidays) 6:28 4. 6:42 Morgan’s millionaire definition - you have $1 million in the bank that you don’t spend. Being a millionaire is about independence and control over time, not spending $$$ 5. How to love your work ❤ - autonomy and control, 11:30 6. Most valuable skill - not needing other people’s attention 24:32 7. 25:20 ‘ the definition of success is for when the people you want to. Love you. Love you.’ Warren buffet. Do the people who I care about love me? 8. 25:48 marriage only works if both partners want to serve the other spouse without expecting anything in return 9. 26:24 Being needy/having high expectations can break love (you should be able to validate yourself) 10. 28:16 in order to have respect and admiration from others -> love, humour, wisdom, friendship (if you can’t get it from these things, you will desire to show off) HIGHLIGHT - 33:22 - SAVE MONEY - have enough money saved up so you can choose a) where you live, b) what kind of job you have, c) the ability to retire if/when needed if a stress or health condition arises 34:17 - Warren buffet (the money mind) - either you get it or you don’t get it. Morgan thinks it’s more nature than nurture 11. 46:14 he’s invested in Cash, his house and index funds. He recommends having more cash than you feel like you need cause you can’t predict the future
Steve in the video the one thing that really stood out for me was the lack of exit strategies for most people. Like driving a sports car and not knowing how to stop it. Your videos bring me so much value and enjoyment, i wanted to say thank you for all your hard work putting these interviews together.
Thanks for this. I figured most of this out in my mid-20s when my life was sh!t. I went from being in debt to about a quarter mil $ now (I'm 40). I can already see my way past the $1-2M mark by the time I turn 50. VERY important to 'see time' for what it is. The greatest ally there is.
I thought this might be crap (so clicked on it) and it turns out to be one of the best things I've listened to. The dude near brought me to tears at one point.
Totally clicked it for the same reason, lol! Only 1/3 through the video and it is unexpectedly FULL of perspective and insight... Really spoke to me and super relateable and he speaks like he has seen the struggle and gets some of the mentality surrounding people living in poverty or check to check - Real. Real is rare anymore it seems. Enjoyed the conversation in this interview immensely. 👏👏
Paid off my house in 12 years, saved a boatload of interest, and it made the rest of my life a giant piece of cake. I haven't had any significant monthly expenditures whatsoever for the last 7 years. Never been a big fan of "making payments" on things, especially ones I don't actually need.
I’m glad it worked out for you but the question is does it make sense to do that now. Tiny houses that used to be 150k are now selling for 500k+. A lot of houses on the market needs repairs. Can younger people do what you did?
This is so interesting; I genuinely enjoy physical objects. I love to read books, make crafts, have comfortable furniture, decorate my environment to look calm and cozy. I adore good food. I love to own art and beautiful clothing, because it feels good to me to see it and use it. I love to host gatherings and make wonderful experiences for people because it makes me so happy to see them enjoy themselves, surrounded by beauty and creativity. I don’t really think of impressing people, but I still have a very strong relationship with physical objects. I absolutely see the author’s point about how much the urge to impress people can drive us, and I want to point out that there are other potential motivations for spending money on “things” than just trying to keep up with the Joneses (or Kardashians).
True, I don’t really have close family apart from my kids and husband and we have no friends, we spent a LOT of money on much needed house renovations, then bought lovely new furniture to go in it. As no one really comes to our house it was done for ourselves not to impress anyone else. I’ve never been a jealous type why be jealous it’s pointless and I don’t begrudge people having things that I can’t or don’t have. I like the simple things, I just want to love and be loved and for my family to be happy and healthy.
We are not here for 200 years. I always invested in myself. Being in the moment since I know I can die any day. Coming from a poor family didn't stop me from being part of the Olympic team, working for Cirque du Soleil, traveling in 60 countries, winning awards, and so on. Failed many times and learned from them (thanks to sports). At 61, I am super fit, have a great relationship and a small agency where I meet exceptional people, have great projects in sports & entertainment, and keep traveling. I don't have a house, a car, or an investment in the stock markets and most of all, never been married (the best decision of my life). I've never compared myself or shown off and most of all, kept my expectations very low. I am free and couldn't be more happy, and fulfilled.
The low expectations thing is how I live my life. I grew up with one set of grandparents who were working class, bought their council house, owned 1 old car and lived frugally, and the others who owned a business, had a holiday home and travelled the world. But overall I'd say the poorer ones lived a more content lifestyle. Less stress and lived 15+ years longer. I try to balance the best of both.
@@les9058 -- Freedom to do what? They may not have had the money to travel. I had a neighbour who retired and he printed some business cards which said, "Actively Retired". Everyone would hire him to put up shelving, make regular house repairs, replace a faucet, etc. but nothing major. His wife then started canning fruit and veggies and sold them within the neighbourhood. It kept them busy and supplemented their pensions with some cash income.
Hands down one of the best episodes on DOAC. Thank you to Morgan for sharing your insights with us and as always, thank you to Steven for being an amazing interviewer - I caught myself marveling at some of the questions you asked. Will definitely listen to this episode more than once!
Just be smart about how much House you buy vs how much Mortgage you buy. Go smaller and own bigger. Build a smaller dwelling onsite in case you ever need to move into it and rent your bigger house out for income. Even smarter buy a small house on large land and build a larger rental on it and once you have paid everything off then move into the big house. That’s being smart
@@travisprice1325your not wrong but there should also be an emphasis on the price of the house you buy. If it’s out of your means you won’t have stability and without stability you won’t keep your physiological well being.
Until your mortgage, property tax, interest on the loan, insurance eats you up. The worst mistake people make is to buy a house on a loan and to live in. Think as an investor. First house people buy, should be an investment.
I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $650k. before I turn 60, I would appreciate any advice on potential investments.
I think the safest strategy is to diversify investments. But if you need proper advice, consider speaking with a financial expertise. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with Judith Lynn Staufer for years and highly recommend her. Look her up to see if she meets your criteria.
Thanks for sharing this. This is equally of great importance to me. Sent a message on her webpage, hopeful to get a feed back.Her credentials are superb.
At 75 my engineer working husband was diagnosed with Parkinson’s and early dementia ( 6 years ago) . I had to stop my job to become his caregiver 24/7 . I’m managing the finances of the home and the expenses are huge ( taxes, Hoa, landscaping, air conditioning etc , etc) now to the last savings . Love our home but it will be a day I can’t pay expenses anymore. With this information, I can process our situation.
Worked for the City of New York in my late 40's after spending 10+ years in the private sector. Those at the City who got their jobs in their 20's were frustrated when after working 20 years they still could not retire or were prepared for work outside government. Bored after 20 years and under the age for retirement which meant they had to suffer to age 57 or 64 in a job they hate. 82% died less than 1.5 years after reaching the age for medicare and SSI; some having never been able to tap into even a penny of Pension dollars because they had accumulated 2+ years of sick leave. I retired at 64 with 18 years of service and got my pension and SSI. While working I was invested in real estate rather than the governments annuity program and winded up with $3 million in real estate values. At 74 My health is perfect after retiring in S. Florida. Still have my 1999 4 Runner and I live a simple life. In addition I invested in Precious Metals early which increased over 100% over the years.
Great interview. I would say, one of the benefits of owning a home is not having to worry about your landlord increasing your rent every year. I purchased my house because my landlord wanted to increase my rent by 25%. Now I don’t have to worry about rent inflation and searching for another rental.
...but the bank can still adjust interest rates on your repayment and property rates can also go up at any time, so you are still not truly at just your own mercy. Also most countries do have property laws that have a maximum percentage that rent can be increased when a tenant renews a lease.
@@tiaan_va true, but at least when you finish paying off your mortgage, then that's not a concern anymore. But, with rentals, it's always a concern. Also, with a house, you can't be evicted because the landlord wants you gone.
LUCKY you, mine wanted 42% in like 3mons with a New 2yr lease that included another 10% inc for Both years ... While Nothing was better about the property I'd moved to 6+yrs earlier to whack high rent in a tons better house... it's Often a No win... 🥴 I owned 4homes paid em off and been the landlord.... That's Often a nightmare too... So I think after 30ty yrs at this supposed wealth game.... It's a lotta time'n you Can't control... You Really need something you Can afford regardless of the paycheck fluctuations, that doesn't own you for the pleasure or BS that comes with Much of it Always! 🤫 It's imp Not to fall in love with property.... It's an investment in everyway... Cause now it's your roof, carpets etc.... if you Need that great Job that's NEVER guaranteed to do it Don't.... Divorces, slit ups ditto.... Then you have to Sell your dream place or take in renters ... If you can Save More than you spend on things that really don't pay for themselves that's gonna hurt you longer term you'll Save Not only $$$ but precious time... It's a Life lesson we're ALL gonna deal with.... Learn it early Not get'n the 'give me gots' Bigger everything and you Make it work for you Not be'n a slave to your desires when things inevitably change on you.... That's the Only control that's ALL yours.... 😉
@@lambdaboss5528 Ever calculated How Much the bank takes in from your mortgage???? 🤫 The 1st 5yrs you pay down Next to NOTHING on that mortgage... It's front loaded for the Banks.... If you Stay 10yrs you Start make'n a little dent.... Why it takes Sooooo long to truly Own.... In that time you have All the Major upkeep costs too... But ... If you found a Solid property Not need'n rehab... That's 25-30% of your monthly income for a mortgage... VERY 🗝️ and you lock in a low % rate to KEEP payments payable another 🗝️...Then instead of a Bigger car etc.... you USE that buffer to actually Win the game by Save'n yourself the outrageous interest you'll pay regardless of the number Over life of any mortgage to actually Pay it Off in 1/2 or less the time you've Now really made $$$ Not paper inc that you Really NEVER get ... Follow... The buy'n & sell'n price are adjusted for True inc by what you PAID for it, those % payments take'n 20-30tys to do it.... The Bank Always Wins just like the landlord.... Gen 2-3 times the pricetag ... So Often that inc when you Sell is just get'n Only some of your paid IN 💰 every year in % to have supposed security.... You paid a ton even If the loan was locked 🔐... You Win when you pay 2-3 times + every month the PRINCIPAL Part of the mortgage... Check that part on your mortgage statement... It should be listed as 1,800. payment 3% of often 1/2 3qtrs if that 1,800 1st 5years... So the actual pay down on the principal is Less than 20-25% But.. that's the time to double triple the Principal payments.... Cause your mortgage IS calculated on the balance each month like a card - where the Bank rakes it in... Few people can't afford to do this the 1st 5yrs.... To cut that huge % to the Bank Waaay down!👇 KEEP do'n it and that 20-30 yr loan is PAID in 1/2 the time.... Make'n the Appreciation Value Real money 💰 you made cut'n out ALL those % payments.... You Beat the Bank pay'n as little as possible for that property!!! Therefore.... The Appreciated Value at anytime is Real 💰 in your pocket.... And you can afford to sell if you Need or want to More Often regardless of the RE market, have'n paid as little as possible to Own the property... Think what you could Do with Real Appreciation... Borrow against it to buy another property when the market is a buyer's... And that 2nd property becomes a write-off as either a rental or a short-term hold to then sell.... Or it can be a move up for you you Can now Afford.... Turn the 1st properly into the rental ... It builds your Security & finances like Nothing else!!!! When you get to 3 properties your gen zeroed out on taxes if the 2are rentals... Well worth the paperwork to KEEP ALL your paychecks work'n for you! You don't have to have a big income to do this.... You have to Be pragmatic and consistent!
The last place I lived before owning my house tried to do this and I just negotiated with them. If they try to increase rent by $200 per month to $3,000 then they need to get someone in as a replacement within a month to make it worth the increase. My property value increased thanks to Zillow and now I owe $2k more in property taxes every year. Fun fact, it’s harder to negotiate that.
I just paid my first house off but had bought a second house :(. I'm debating selling and going back to the first. The second has 40 acres though but is stressful to keep going.
I loved the answer to the end question... where Morgan admits to slight anxiety and depression. I have dysthymia.. chronic sadness... but I believe it comes from being hyper aware of the sad state of this world. depression and anxiety just naturally comes with that. but.. I soldiered on anyway... knowing no one was going to put my life together except me.. and I still managed to obtain a net worth of close to a million when I retired.. making slightly more than minimum wage all my life. paying down debt and putting a set amount away every month is the key.. also loved his words on what truly makes us happy. and about expectations always exceeding reality. it's a struggle in this fallen world to stay real and practical and close to the earth. but it's the only way to succeed here.
My parents paid off their house and they only basically have to pay for repairs and property taxes. They’re earning extra cash by renting out the garage that was converted as a loft years ago. They are thrilled to leave a nice inheritance to their kids and grandkids.
@@vaultvon2126regardless you are paying for a roof over your head. Owning, you are making that payment essentially into your bank account (equity of the house). Renting you are effectively taking that money and lighting it on fire for warmth. Will owning a house that you live make you rich? No, but owning vs renting 9/10 is more financially advantageous in the long run if you do not intend to move around a lot.
Brilliant conversation! Thank you! We bought our home many years ago when I was twenty nine, and it has been a source of stability, not only for our sons, growing up, but for some of their friends, who were from broken homes. Little by little, one tree at a time, I have developed a beautiful garden, over the years, that people on the sidewalk stop to enjoy, and compliment, which is a bit of a social life for me. And, not incidentally, this home is now worth 10x what we paid for it!
So inspiring.. I am a single mom raising teenager boy by myself who is trying to be financially successful, I am not giving up whatever the hardship challenges me everyday. This episode is giving me another motivation to wake up and be persistent of what I do. Thank you.
I was a single mom for the last 35 years. I have 2 sons, one with Aspergers. Investing was impossible, but paying bills on time, every time made it possible for me to buy a foreclosed rural home where the School Bus dropped my kids off right in front of our house. That allowed me to work a full time job. Which allowed me to almost pay off my house. Now the property taxes are so high, the inflation on the house is so high I am forced to sell. I will get a profit, but to get yet another home of comparable size and space is impossible. So I have been priced out of my dream home for which I have slaved for 30 years. I do think homes are a scam financially; however, I do feel a home is good for children's mental growth. So it is the price you pay I guess...but there is a scam for every thing going on about wealth and money and you have to weigh the scam. My scam? By paying all those years interest to banksters on a mortage, I paid for bombs and terror in other countries while I got to live comfortably. If I had to do it all over again, I would have saved the child income tax deduction every year for 5 years, then buy land with that money. Then look around for a foreclosed or house to be moved and start that way...with no obligation to the banks. In 5 to 7 years you would have your own homestead and no debt to banksters. My 92,500.00 house is now worth over 400,000.00! I have no other wealth....so I must sell to pay my mounting credit card and medical bills and property taxes. Houses are a form of stop gap saving I guess...but to lose your comfort to pay bills is to me a sin. So instead of finally being able to spend time fixing up my house now that I am on Social Security...I can't do that because I must fix it up with an eye to sell...just like living in an apartment and not wanting to put holes in the walls to hang a picture. Sucks really. But I am sure my Great Creator has an Ultimate plan that I am completely unaware of at the moment! :D
Retired at 33 years old as soon as I realized money is a trap. Living life for real now and learned to live with what I have and stretch the crap out of what I have. Being creative is a more useful tool.
@@frosting_on_the_side the answer to that is.... It'd be easier to have a low pay job that has no stress than to stretch the crap out of what you have whilst being retired
Genuinely one of the most interesting people I have seen on the podcast. There was so much in there that you could relate to and reflect on. Respect to Morgan not only for telling a great story, but for making my own story in life feel more interesting. This talk answered a lot of questions I've been asking myself over the last 10 years. Excellent.
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?.
If you are thinking of investing in the stock market and you are not well versed, its advisable to work with a financial advisor who is an expert to guide you through the process. this way you could make more profit with less risk
Working with a financial advisor has been a game-changer for me. They provided invaluable insights and tailored strategies that aligned perfectly with my risk tolerance and financial objectives. With their support, I've seen significant growth in my investments and gained confidence in my financial future.
My CFA SOPHIE LYNN CARRABUS 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..
Love that part about where no one cares about the person who owns all the expensive stuff, they just try to imagine themselves owning all that expensive stuff...so very true!!!
so true, some people (not the "rich") here can get it, however, by renting state/community owned property: cheap rents, no problems with necessary investments (they were the first houses to get good insulation/triple-glassed windows etc.) - evictions are really rare and only due to unruly behaviour.
Let’s not judge others just because of the way we think. I’ve met many homeless who look at those with property who pity them… you need the job, the car, pay the bills to fund the house. Homeless…. Is ultimate freedom and autonomy. First rule of happiness….low expectations.
I rarely comment on videos, but this time I’m truly shocked. I can’t even find the right words. How come that among thousands of comments, only two people point out the fact that he just left his friends out there, knowing that they were lucky to escape the avalanche just a few minutes ago, and didn't even consider keeping them from heading back and doing something so dangerous? The fact, in itself, that he didn't even call the police, just in case, is utterly incomprehensible to me. At this point, you could argue that he was young and simply didn't understand the gravity oft this situation... and I get it. We all make mistakes. But after 20+ years, making this incident about him and his learnings and how he benefited from it, is frankly so concerning. What, however, shocks me even more is that no one really paid attention to this story but just focused on the money part. This makes me not only concerned for our society, but shows how we value money more than morality or empathy. He made the worst possible decision one can ever make in ones lifetime, and didn't even seem to question once the role he played in the death of his friends. And people are still taking advice from him... I wish people would start to listen more to themselves, their moral standards, and their intuition rather than following people blindly just because they say something that impresses them. By all means, I don't mean to insult or judge anybody; I just want to point out what I think is an important quality that makes us human - care, empathy, and looking out for one another. Ask yourself just this one thing: would I have handled the situation even remotely the same way?
Thank you for your comment. 💯 agree with your assessment of his moral code. At the end of life, the legacy we leave is a testament to how we lived. Thank you for your comment. ❤
I bought The Psychology of Money a couple of years ago and shelved it. After watching this podcast, I can’t wait to pick it up. Thank you both, incredible content as always 🙏🏼
About 5 years ago, Morgan's book changed my entire life as it relates to money and finance. Hopefully, you will enjoy this conversation as much as I do! 🧡Could you do us a massive favour and HIT that like button on the video! Helps us a lot 🙏 share your favourite part of the convo below 👇🏾
Hello. Please consider many people are listening these, so if you introduce a book (like in 18:30), don't just say "This book". Read the name and preferably also give the year it was published. Thank you :)
Will you add to Spotify? Can't find it
@@Ounouh he literally said, "Your new book which is out in November." If you can't be bothered to do a simple search for the book, then you don't deserve to learn from it. It also tells me that you didn't bother to listen to the whole thing before commenting because he says the name of the book at 35:20.
abit sad that your 'entire' life was changed by a book! think about it
I've seen this method tried.
Now, those people are homeless, and those who bought homes have made massive profits and have housing security.
Assets are wealth and generational wealth, too.
Many can not retire as money in pensions stock shares crashed.
I'm not convinced by this at all.
Rent is through the roof, and those who lose their health cannot find rentals.
Benefits don't even cover the rent, heat, or eat.
At least with a house, you can rent out rooms.
Look at the homeless who are not there by choice right now.
Long term investment does not help those on the real low incomes.
Do you own your own home?
Not everyone can be successful in business.
So many cannot retire due to shares dropping or crashed markets.
Not much is making money in shares stocks atm.
I bought an old house with a big property, all cash. Refurbished it, added 10cm rockwool external insulation everywhere - then setup a huge solar array, my own water source, greenhouse, poultry, etc.. Cost of living is close to zero - with no debt. Best investment of my life.
Woah! That's awesome. Where did you learn how to do all of this?? I have no idea where to start educating myself.
Amazing, where do you live?
And cudos to you for being awake. Many aren't.....
That's great, but it means you need to have all that cash in the first place and most people don't.
Where?? And how did you get all the extra work done, by yourself?
I am no expert and did not write a book. But I just realize that already 25 years ago I figured out this by myself: real luxury is having time, not having to hurry. We worked, together with my husband, for 30+ years. We did not have stellar careers, but good paychecks, always lived well, but always below our means, as we did not grow up in abundance (on the contrary). We never spent for showing off, but for having a comfortable life, for putting our kids through school. At 55-56, we are ready to early retire, and we will just do this pretty soon.
Thanks so much for sharing this with us ❤️
Doesn't take an expert to realise you're not special. My uneducated siblings who also began working 25 years ago can also retire and put there kids through school as they own a home they purchased for £70k and is now worth 700k 😂.
@@User123-r1h I never said I was special, nor did I say I was uneducated...
I own a home but no other debt. It took me many years to learn this. but I no longer acquire stuff! I open a cabinet and if everything is visible and used routinely, I keep it. Less stuff= more time and joy. Stuff is a burden. I learned to be grateful for all around me. And stopped comparing myself to others. I am happy for the success of others. And I pray.
Exactly 💯.
Being modest, keep belongings to a minimum and not spending frivolously.
If people could just look around them and see that "STUFF" really accumulates to possibly becoming a burden, then just maybe we would have a happier population.
Stop buying to be showing!!!
People, if all that spending was put into diversified investments and compounded over time... the amount of wealth grown is really remarkable.
Financial literacy should be mandatory teaching in grade school.
If children were shown, consistently, how much money can grow by compounded growth, I believe we would possibly have many more millionaires into adulthood and beyond.
Just Google hoarding and look at the stats across North America alone.
It's frightening!!!
If everyone heard Denzel Washington when he said something along the lines of... you won't ever see a hearse driving down the street with a uhaul behind it....
Truth!!
Try living a modest life, pray every day, and don't be buying to show off a possibly perishable and depreciating item... you just might be a little lighter and a little happier.
May the Lord have mercy on all our souls 🙏 🕊🐾
A great post ruined by the 'pray' comment. Ruined.
@@irielion3748exactly, what has praying got to do with anything.
@@irielion3748How dare he mention prayer. Pretend the last sentence doesn't exist, how about that? You can live with that and the sentence won't be ruined for you. It might come as a shock to you but believe it or not, there are people in the world that believe in prayer. Insane I know.
@@zer0-cast And what's wrong with praying?
I quit being an ICU nurse after 30 years this past year. I must live on a budget. My car is is a 2009 but paid for and runs fantastic. There’s nothing that I NEED!
I see my friends all driving the newest latest and greatest cars. Their goals are to buy a bigger home all the things mentioned in this video. They are all sad and stressed out. I’ve never felt happier with less! I thank God every day I’m able to do this.
Some of the biggest takeaways.. 1. Confidence can create blind spots 2. Life is about identifying the costs of admission. 3. Bad news is quick, good news is slowly compounding.
This was a powerful moment of sharing ideas gentlemen. Thank you!
I bought a house in Southern Alberta in 2020. 3bed, 2 bath 1,200 sq.ft in very good condition, move in ready with new floors and fresh paint as well as new bath and showers. I got in with a 5 year fixed interest rate of 1.89%. My mortgage plus property tax is $479 CAD ($350 USD). I would never be able to rent for that cheap!
Very good point! Renting is not always cheaper, plus it's nice to have that feeling of security that comes with owning your own place.
@@rosiecesareo8092Rental prices are outpacing incomes. And haven't you heard? There is a shortage to rent.
How many years is your mortgage?
$30,000 mortgage for a 3 bedroom house? Sheesh! Must of been one helluva down payment.
@@rollierollout I bought it for 94K and put 6k down at 1.89% interest. So on 88K
The most valuable skill is not needing to impress others. Such a genuine and true statement!!
True, before investing time, money or anything else, sit down and ask yourself "Why?"
If the motive is pride, gaining admiration or status. Drop it, its the wrong way.
As Morgan would say, spending money to show people how much money you have is the fastest way to have less money.
it's really easy when you don't have any friends
@@frankyu6984 Who want fake friends making you acting?
Why would you want to impress others? Do people buy stuff to impress others?
Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.
Wow that's awesome investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should do?
Cryptocurrency/stock investment, but you will need a professional guide on that.
Facebook 👇
Evelyn C. Sanders
Thank you for this! I'm 60, college-educated, and the "failure" of my family financially. All three of my siblings have money, land, retirement savings, etc. I raised three kids as a divorced mom and am still paying on a student loan for one of my adult children, who is now working on her master's. I've worked hard my whole life since age 14, but have never earned over $46k a year. I've never been competitive or worried about material possessions. I drive a 2008 car with over 250,000 miles on it, rent an apartment, and will need to continue working well past my full retirement age to survive. Yet, I am generally happy with my "low" expectations. In my opinion, if you have the love of your family and a good dog, you're set.
Being a great mother is an incredible success
You sound like me. Since you can still claim happiness it all is nothing to be ashamed of. Additionally, You raised three kids, hopefully they will realize the sacrifices you have made and take care of you in your old age of turn out to need their help.
Especially a good dog! Priceless!
@J.H. I'll add a couple of car suggestions. Up to and including 2011 which was the last year they made them: Mercury Grand Marquis/Ford Crown Victoria/Lincoln Town cars. The 4.6 liter engine has a couple of common problems but they are easy to work on and parts are readily available and inexpensive. The same goes for the 1990's Volvo's which were the last years they were owned by Volvo in Sweden. They also have some common problems but they will run almost forever with proper care and maintenance. The cars I've listed are also very safe vehicles. My father is a huge car person and he said to me, "Gas is the cheapest thing you put in a car. A dependable used car that needs few repairs, is easy and inexpensive to fix, has lower taxes, and you have no loan on is priceless. Win, win, win."
I've never had a car loan in my life, and I'm 60. Car loans are suck a racket, making loaner rich, not the borrower.
Hope this helps.
P.S. there are some very good older Toyota's as well. I also spoke to a mechanic who has been working on only hybrid cars for many years and he said the old Chevy volts are very good as well as the Honda Insight though it's not a hybrid.
Check out Scotty Kilmer on Ytube. ✌️
@@js77znot the author, but I drive Acura RDX almost 200k and never a problem! Except seats are ripped and have covers by now. Highly recommend
Woooww he’s my favorite guest so far! Is it just me or does anyone else think he embodies humility? In the way he patiently listens, responds quickly and thoughtfully, quotes numerous other people, uses others’ lives as examples.. I love how he mentions his wife and kids so much. God bless this man!
I'm just starting to listen and there is deff something special about it. I have his book but need to read it.
@@victormendoza3295, definitely read the book to form your own opinion. Listenning to it while driving is a good option.
My thoughts exactly
@chrristiinaa I think all the attributes you just described are those of an outstanding communicator. Most people can achieve adequate communication. I have noticed that it's the people who can listen, digest the information and respond in a way that leaves no doubt that have received the message correctly. The cherry on top is then responding in a way that will allow the topic to remain open and free from agenda.
Yeah, he'd be easy to be around, seems very humble
"I don't want to be rich, I just want to be independent." I soooo relate to that. What I envisage for paying off my mortgage is FREEDOM. Having more time, the flexibility to work less, the flexibility to live more according to what I want to do, rather than what I need to do.
Let me give you some news, by the time you payoff your mortgage( 2 and a half times the price of the house because of the interest rate), property tax, insurance and maintenance expenses will overpass your current mortgage payment, by then you will be at retirement age. Any other plan? Uh?. Option 1: Sell your home, cashout, put 1 million in an investment account( average 6% yearly) and withdraw after retirement age in 360 installments, buy an RV and start living "the American Dream". 😅😅😅2nd option:
We could have done it the other way around and lived happier lives( under our own expectations) and instead of waiting 30 years to cashout we could have invested $1500 a month for 30 years at the same rate of 6%,and have $1,711,722.00 (we would) be better off now, lived a better life knowing that we had our money growing every day. This 2nd option is the easiest way, believe me. Paying off a mortgage won't make you as happy as you think. 😂😂😂😂crazy but true. You will be happy when you cash out and start enjoying life. That's why option 2 is the best.
*Today I reached $220k. I am really grateful for all the knowledge and information you have given me over the past few months. I started with $15k in January.*
Please how ?
Am a born Christian and sometimes I feel so down 😭 of myself because of low finance but I still believe God 😔
It's Julie Gilberts doings, she's changed my life. A BROKER- like her is what you need.
This is the best podcast not only on finance but life too. The author is very down to earth and honest.
I grew up poor and remained poor until around age 30. I put myself through school and now have a career that, relative to the average in my area, is pretty well paying. Ive always lived beneath my means, I drive a 10 year old nissan (I purchased it new) that I take good care of, rent in a modest but well kept building, paid off all my student debts, have an emergency savings account that covers several months of expenses. I recently decided to take a part time position at work, 2 days one week, 3 days the next. I will be making half of what I do now, but will have time freedom. Due to the frugal way I live I am not endebted to anyone and can do what I want. Money merely represents energy, and I will have so much energy to spend being free and happy, I feel I am about to be very, very "rich".
Love this for you!
There is a psychology to money. Not the paper itself, but how you think about saving and spending, as well as earning. If you think you're a lion, then you're a lion and that is all you will be. Until you expand your thinking, desire it, you will never escape your description. If you're happy with that it's fine, but your statement is limited in life's scope. But you need to change how you think before you even try. Being poor or frugal is a state of mind.
@ericwilliams626 sure, my statement is about my own idea of happiness and fulfillment. I wasn't saying you, or anyone else,should want to live like I do. Everyone determines their own idea of success. This is success and happiness for me.
@@TammyMayCormier Understood but I wasn't refuting that. I was commenting on how we limit ourselves and our happiness based on how we think about our means. If you think you're rich, you're rich, if you think you're poor you're poor. You must find out what that means to discover more out of life. That's all.
@@ericwilliams626 right
I have stage 4 cancer and I never thought I would be back at work. I am so grateful to wake up every morning, it truly puts a different perspective on life.
You are still working? Wow.
Praying that you get healed and prosper in life, in Jesus name❤
Blessings to you @stephysands❤
praying for you, for healing in Jesus name 🙏
❤
As a homeowner who paid rent for years, I completely disagree that owning a home doesn't pay off. Knowing that I have shelter regardless of how well I'm doing financially, is a world of difference from the fear of losing that security, due to fluctuations in income, or a rise in the cost of living and rent hikes.
That depends, I guess, on whether or not you have enough savings, a "cushion", if you will, to sustain yourself if those things you mention happened (increase in living and rent, and so on). The good thing about being a homeowner, to add to your point, is that it's pretty much a long-term asset that will give you dividends in the long run (if you take care of maintaining it, that is), not only to you but also your offspring. It's also a safer bet because it's harder to screw up compared to stocks and other more volatile assets.
Homeowner or mortgage owner? Not the same. Even if your house is paid off in full, it’s still at risk as if you fall on hard times, bills still need paying. Owning a home isn’t the be all and end all. I personally know a young couple, childless, both working 60+ hrs a week, don’t go out and mortgaged up to the hilt for 25yrs. What for?? There best years are being frittered away by handing over money to a bank that owns nothing and literally created money out of thin air.
Couldn't agree more. Owning your home is the best thing in life, next to having an empath for husband.
@@HappyroosterYT, from 70 yrs life perspective I say that home ownership is best. Stock market is absolutely a nasty gamble.
@@followthefocusofficialas a renter I'm paying so much and will have nothing to show for it when I move out. I have been paying someone else's mortgage for 20 years. It would be nice if it was my own.
A Nigerian, in my early twenties, an entrepreneur and a business owner,...
I would say, this is so much sauce. Probably because it's exactly what I genuinely need to hear right now, but this video is what just gave me all the answers to so many questions I kept asking myself.
I'm very sure so many other young lads like me watched this video and got really impacted.
Thanks for making this podcast, it's a blessing to my life💯❤️
I will validate how stress negatively impacts your health and life. I am a recently retired nursing professor and ICU and ER nurse. I wrote a book called “peace management.” I have seen firsthand how stress negatively impacts people, and I understand it at the cellular level. Financial burdens can definitely produce a large load stress.
This is interesting! Would love to see this study done in the corporate world. So many people incredibly stressed not realizing what it does to their health
Thanks for sharing this interesting perspective. I’d love to check out your book.
indeed I believe stress is a killer . I've found my peace in contentment.
(21:50) *is the most important part of this video. “Managing your own expectations is more in your control than managing your circumstances.” Very true and well-said. We focus so much on trying to manage the amount of money we make or where we are in life at x age but don’t try to manage realistic expectations based on our circumstances.*
🎯 there is one form of insurance that is essential......loss of income
Sometimes you can problem solve. I was 48 when my last child left home. I started saving sacrificially. Bought my first rental after realizing I wouldn’t have enough money for retirement. My husband has always been a low wage earner. I went back to school became an RN when my last child went to school full time. Took a loan against my Fidelity account. Later, took out a HELOC on my house to buy a 12 unit apartment bldg. cash flow is great. I wouldn’t be in this situation if I didn’t look for alternatives.
How were you able to get accepted for a huge loan for a 12 unit apartment building?
It was a commercial loan. Over 4 units is considered a commercial property. The bank looks at the rents the property brings in to be able to pay the mortgage. They also looked at my credit, which was good. Only certain banks do commercial loans. You have to look around to see who does. A commercial real estate agent would know, which is how I found my bank.
The fact that so many people won’t click on this video because of the title Do Not buy a house but WOW ! So much value in this episode. Amazing as always !
Where is that in the podcast tho? need to hear it.
This video is all confirmation bias to me, because for 50 years, my parents have taught me everything you said. I feel so grateful for the video and for my parents. I love you so much.
What is the most importance
I have been with my partner for 18yrs with two teenegers and we just serve each, express love, compassion and no conformation, expectation and freedom to be oneself , so grateful for the awareness and see my teenages kid grew up calm and peaceful because of harmony at home.
Every day i pull out of my driveway i am grateful for the home I have. To have a safe, warm, dry home to live in is the foundation of everything else
This guy speaks my language. My goals in life are not to make huge piles of money and make it into history books. I want to minimise drama, and experience as many places as I can.
I've said this for years. There are people who struggle to work and people who struggle to relax. The middle ground is hard to find for both, but we need to achieve that equilibrium where we are both disciplined enough to become financially independent and content enough to enjoy it.
After close to two hours of listening it all comes down to;
1) consistent discipline
2) Go against the societal constructs regarding what it means to be successful.
Kudos for the podcast 🙏🙏
I agree you make up what success is to you
Thank you. Who has 2 hours free to listen to all of the fantastic Podcasts, UA-cams, and audio books??? I appreciate the synopsis!! 🎉🏆😊
that does'nt mean anything. its just a bunch of words.
@@deficator750 define “meaning “ if its not anything also.
You forgot patience, the one piece of advice people reading your comment will detest.
One thing I can agree on, is that it is a massive benefit to not have the desire ton constantly please or impress other people. I have NEVER had this my entire life, and I'm one of the most happy people I know. My philosophy has always been, do the right thing, and don't care what anybody thinks.
As someone who work in wealth mgmt for 15 years it was consistent that by the 3rd generation inherited wealth would get spent. The 1st earned it, the 2nd watched them earn it and thus would continue to work in some way but provided their kids an easy life, and the 3rd would blow it. Saw sooo many families live that.
Has someone avoided that cycle and how?
Thats a win in my book. One lifetime that took care of 3 generations. Of course I wish it could go on forever but that is an achievement imo
@@CIA.2024-u9bI believe the Rockefellers have
That and splitting your fortune 8 ways makes it a little less probable you can live off the interest alone .
Assuming each generation has 2 kids . Which seems neutral as it neither leads to population increase or decrease .
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
On my end I've been in touch with a financial analyst ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
Interesting, Mind if I ask you recommend this particular professional you use their service? honestly right now i have quite a lot of marketing problems.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I have a family of 5. We bought a 4 bedroom house 5 years ago. Bought for $180,000, currently appraised at $330,000 with a mortgage payment of $1427. I've searched rental houses and apartments in our surrounding area and cannot even find a 3 bedroom house for under $2000/mo. An equal sized 4 bedroom house is renting for a minimum of $3000/mo. So glad we decided to buy when we did.
The advice for purchasing a house in the podcast is wrong. Buying a house might not make you alot of money or any money but renting only loses you money.
Rent or morgage is THE biggest item in your budget, having control over it is worth soo much. In an ideal world maybe you can make more money investing, but it takes out of the equation the security factor.
The guest is speaking about the happiness of being free. The corner stone of freedom is to have ur own roof over ur head and free of eviction and homeless threats.
@@Jazz-fg2dm kids move out, downsize house for cash flow. So her gain is worth it and not wasted
@user-qo3co6kf5f
>>kids move out
Yes, but do the kids have money to afford a house of their own in a place that has become so expensive? The kids will have to pay 4 - 5 times the price that their parents paid a few decenia ago for a similar house. Is this right? When you're brag about your house appreciating, you forget that you're in fact "STEALING" money from your own kids' future. Because your kids will have to work harder to acquire a similar house that you got for nothing 20 years ago. So where is your real gain in this game?
>> downsize house for cash flow.
By downsizing you mean selling your current house to buy a smaller one? Didn't you know that all other houses have also appreciated, not only yours? The price difference between your current house and a smaller one was the same t20 years ago. In other words, the smaller house that you'll buy today was much cheaper 20 years ago. So how is this a good deal for you?
Buying my own home was the single best investment decision i ever made.I waited a long time and even rented for 2.5 years as asset prices cooled off - it was all worth it.Peace of mind is priceless.
but aren't you still paying mortgage?
@@helpanimals- no i paid for some years but had an investment which i sold and then paid my mortgage off in full.
I would buy assets first before I liabilities
@@wongthong7 i had been investing in stocks for many years before buying my house.By the time i bought it i was able to cover most of the cost with a large cash payment.
Nice decision I'm planning also to buy can you give me advice?
What blew me away is when he said the least u care about caring what ppl think of you the more free you are and see this as a huge plus in ur life. I never realized that was a huge plus in my life and I should be thankful for that. That put that fact on my gratitude list that has never been on my gratitude list. Ty Morgan for that.
I care about Not waste'n a dime on loans an bank rip offs! 💯
No point having it in the bank making the bank wealthier he obviously comes from a country with no decent pension systems why the hell would you wait until your 60s to be happy
John d Rockefeller was one of the meanest men in history he made his son wear his sisters clothes so he didnt have to pay for them
« The most valuable financial skill is not needing to impress other people » - love this!
@@GymPerformanceI agree, but it can be a big challenge when we live in this hyper capitalist society which works by generating want. Some people are more vulnerable to the message of materialism and changing that mindset will be very difficult. They can make positive moves but can also slip back into excess shopping etc if they have a bad day. Learning strategies like meditation and yoga can be really helpful to anyone who needs to develop their internal mental landscape, making them less vulnerable to the external message of materialism.
Given reduced inflation signals and as the Federal Reserve has halted rate hikes, what are the best additions for a $120K portfolio to enhance the overall performance of my portfolio this year
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. Alternatively speaking to a certified market strategist can help with pointers on equities to acquire
It's true that some people use hedging techniques or allocate a portion of their portfolio to defensive assets that do well during market downturns. These tips can be obtained by hiring market experts, as I did in 2019 during the rona outbreak, and as of right now, I can increase my $1 million portfolio by 45% after purchasing assets that my advisor recommended.
@@Jeffcraparo I need a guide so i can salvage my port-folio and come up with better strategies. How can one reach this advisor?
My CFA ANNETTE MARIE HOLT 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..
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Forget the money aspect, This is divine knowledge wisdom and understanding. I need this.
I probably gained more from this conversation than I have done any other on this channel. To the point that during the last hour or so, I've set up a direct debit for 10% of my salary into my equity fund account. That money would have gone towards a finance deal on a car, which just feels like such a waste of money. I'll figure something else out there.
I've recently taken the plunge and bought a house after many years of renting, and no matter how daunting that felt, to suddenly have that security is absolutely worth it. I'll be keen to read his books for sure.
I finished it in full over 2 days. My key takeaways are: 1- establish what makes you happy (not others) and stick to it and live, 2- live within your means with capacity to save . "Managing your own expectations is more in your control than managing your own circumstances" is the line I have written down.
Thanks!
very true!! Thank you
I like the interviewer, he was v low key ,let the guest talk without interruptions, asked right questions so I was able to watch this interview to the end.
thank you.
Thank you, Steven! Your podcasts get me through an hour of stretching every morning that David Goggins turned me on to and are a game changer! Today's podcast resonated. I've been a flight attendant for 38 years and just yesterday, a 35-year-old man sat in Business class from Vancouver to Cancun on our Dreamliner. He was like a kid, bursting with glee. Last month, a woman (who took a break from her teenage twins) also flew in the pods back from Maui for the first time. It was a giggle for me to watch them enjoy the adventure. It contrasted mightily with a 20-year old rich kid who was a professional hockey player one season I flew an NHL charter on a beautiful plane, reconfigured from 169 seats, down to 70 (imagine the leg room!), complete with several tables which allow 4 people to enjoy a meal or play cards together. Gorgeous. Most passengers gasp if ever they are lucky enough to step onto that plane. The rich kid did the eye-roll, and slumped into his seat disgruntled, moaning, "This plane is so average." What a way to go through life... The lessons you've taught me today on $$ will seep into my life, as do the nuggets I receive from so many of your guests. A hug of thanks, from Canada, as I head out for my daily, Goggins-inspired, albeit still wimpy, run!
We could have afforded a much bigger house but instead purchased my grandmothers house at a big discount and it’s on five acres in a growing area. I have no doubt it will prove to be a very smart investment. Also living and feeling like you can just buy the things that you want without ever worrying about money is such a great feeling. There’s no need to buy mansions or Ferraris to feel wealthy.
Right on!!!
Agree. I want money to buy a humble little house or cottage on a few acres of land to grown my own food. I don’t care for other material things, don’t need a fancy car, clothes, etc. But I do want to travel the world and see the wonders of this planet. That’s all.
Like reading my own story, minus the five acres! Bought 1200 sq ft ranch belonging to my grandparents at a big discount. It’s tight space and considered small for the upscale town we live in. After losing my job last year, I’m happy to live under our means. We can float the mortgage on one income, while starting my business. My parents taught us to never keep up with the Jones’s. The jonses are broke.
A lot of financial advisors make me cringe from horrifically misplaced priorities, and you can really hear how much they still need to grow as people. But this actually sounds like a moral, useful book to read, and I really enjoyed this episode. Thanks for the work you do.
It's a financial advisor's job to listen to your financial goals and priorities and advise you on courses of action based on these. If they're pushing their priorities onto you, then they're not really doing their job.
Its a very good book. Audiobook is pretty good too
It’s ace!!!
@@sebfox2194* How and where do you begin to find a good & reputable fiinancial advisor??
@@sebfox2194Or someone is doesn’t know their goals or needs?
"Know your audience very quickly turns to pander to your audience".
Brilliant point.
Never really thought of it this way before.
First and foremost your first duty is to yourself, so anything you write has to be relevant to your own experiences.
Ownership does empower people, I agree. It didn’t help me when I bought a house in a bad economy, but the idea of us all being beholden to our landlords scares me too. It is a tough decision one that is uniquely your own, don’t do it to feel like you have improved your status and expect people to love you for owning a home. They either envy you or criticize you it is a no win that way. Do it because it is right for you only.
in the UK it is not tough at all - buying is superior in every way to renting, I am happy and open to seeing any proper analysis that disproves my view, but I bet Ill be waiting a long long time
Being a seasoned skier and snowboarder myself, since the age of 8 or so, i'm now 56, it blows me away that you knew your friends were skiing out of bounds, with a previous small avalanche experienced prior....and no one considered trouble earlier when not a word was heard from your friends??? Back Country and Out of Bounds code is you are always in contact of where people are at.
Exactly! how can one not be concerned?
I thought the same thing. He'd already experienced a small avalanche there....why wouldn't he immediately be concerned when they didn't come down?!
Same. Was looking for this comment…
I know… first instinct would be to wonder why they weren’t there…no matter your age… I’m sure he regrets the decision of not calling authorities sooner.
Such a sad story. 2 lives lost over a stupid decision.
He's a psychopath
I find it amazing how much of this interview, which is based on a book about a healthy money mindset, had absolutely NOTHING to do with money, yet gave so many insights into living better, and the healthy money mindset is a natural side-effect of it all.
Because money doesn't make you happy. It helps
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Buy now, home prices will not go lower. If rates drop, you can refinance.
The government will have no choice but to print more notes and lower interest rates.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
This is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Finding financial advisors like Iynne Marie Stella 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.
Since I've packed in work I couldn't be happier - I worked to live - not lived to work - I'm going to share this podcast with my family . I have never compared myself to anyone else in life - So long as i had enough to pay my bills and cover my basic wants and needs I'm the richest person in the room - like Stephen Hawkins I nearly lost my life at the age of 14 - Ive been grateful to be alive everyday since 🙏 ❤
same hear hear
Great comment I love that, thank you.
@@wendyhannan2454 Thank you 🙏I really appreciate you taking the time to leave little old me a positive comment ❤ I'm 61 yrs young now 🥂🍾
@@ourhealingvoice Again Thank you 🙏I really appreciate you taking the time to leave me a positive comment ❤ I'm humbled by the many likes that I've received 🙏
I completely agree, I ran my own small business for 30 years getting increasingly stressed and anxious. I knew I had to get out for my own health, but didn’t fancy starting a new career so saved like mad over the final 8 years and have now retired in my 50s. I don’t know if I’ll ever want to get another job, but all the people who told me I’d probably get bored when I sold my business have been wrong. I feel so much happier and less anxious about life. I think the trick is to keep doing stuff and spend your time with people who make you feel happy. Good luck to you all on your respective journeys to financial freedom.
After listening to this I managed to convince our 17 year old son to start investing. He’s just finished school and started an apprenticeship and has set up a pension and an investment ISA that he is paying into each month. He actually thanked me last night for getting him to listen to this as he’d just checked his investments and seen that they had gained well (I’d didn’t think for a minute that he would listen or take action 😂). Thankyou Steven and Morgan.
You are a great parent. Lucky kid.
Glad you started to talk to him about this is early if he goes through with it and invest it will be a millionaire by the time he takes the money out
Our 14 year old has a huge appetite to earn money and does not shy away from working to get it. BUT he does it to buy stuff he desires, so as soon he deposits it into his account he spends it, and as a result he never has any. In the past his goal was to build a gaming PC, so he saved for parts, and after 2 years he build one himself. Now it’s just clothes. This makes us very worried. At first I said to my husband, maybe this is the way he’ll learn (better sooner than later!), but even though we have conversations about it, he’s not changing his attitude. So now we’re taking away 20% he makes to keep for him for later. It’s not a lot $30-40 a month. I wonder how we should invest it for him so it grows.
This guy has so much passion in what he's talking about. I love it. He truly believes in what he's preaching. Definitely going to be reading his book.
"Alright, Morgan, you’ve got my attention! I’ve been sitting on $167k in an emergency fund, avoiding the whole ‘buy-a-house’ debate like it’s a game of financial dodgeball. If NOT buying a house is the move, what’s the play here? Stocks, bonds, crypto, or do I just bury it in the backyard and call it 'portfolio diversification'? Help me out here-I’m ready to invest but need a spark to get going!"
"First off, congrats on that solid emergency fund-you’re crushing it! But hold up, don’t dismiss the house idea too fast. It’s not just a roof; it’s an asset that appreciates. That said, if you’re feeling lost in the sea of options, a financial advisor can seriously change the game. Mine helped me map out a plan, and honestly, it’s been worth every penny!"
Okay, now you’ve both got me thinking. I’ve got some savings itching to grow, but finding an investment advisor feels like trying to spot Waldo in a crowded page. I’m clueless about where to start-any tips on how to pick the right one?
"There are a handful of CFAs. I’ve experimented with a few over the past years, but I’ve stuck with Linda Aretha Reeves for some years now, and her performance has been consistently impressive. She’s known in her field-look her up."
Just did a quick search on Linda Aretha Reeves, and wow, she’s exactly what I’ve been looking for. Thanks for the recommendation-feeling hopeful about finally getting on track with my investments!
Watched Linda Aretha on a Bloomberg Finance Summit about four years ago, and her insights were phenomenal! You’re in good hands if you go with her.
I just can't explain enough that I saw this interview like I was drinking water. Wonderfull conversation for so many topics! It's like a treasure! Thank you so much!
Morgan's story about the two friends that died, -because he chose not to break the rules that particular day, made me think. Steven, I don't know if you ever watched a Netflix show, called "6 Feet Under", but the show is about a family that owns a funeral home. Each episode begins with some random situation that leads to someone's death. There are so many ways they delicately depict a person, usually going about life in a normal way, and somehow, unexpectedly in most cases, just died. This brings to mind, the point that Morgan is bringing up. We really are hanging by a thread. No one has a guarantee or knowledge of how long we have. So, in this perspective, living each day as if it is your last, and not constantly chasing the dollar, can change your complete perspective on wealth and what it means to be happy. ... So, yes...not only schedule a 30 minute window to have lunch. Try to think along the lines of the people in Italy...who take time to walk together with no phones, who enjoy the scenery, and the flowers, the smell of fresh bread.. and laughing.. talking...singing...dancing..
Thank you so much for sharing...going to watch the show for sure
I listened with horror that he just got back into his truck and drove away. Short time before he realised himself that the universe moved him without giving him the chance to gain control...
How must a culture/society be structured to not care. My jaw hit the desk.
Yes no wonder he suffers from depression, he left his mates no regrets for not searching sooner. Not my type of person. Plus no advice on stocks etc.
@@wessel21that sounded like an excerpt from a book. You must be a writer
@@wessel21 It is inexcusable no doubt the actions he took that day. He was an unthinking, ignorant 17 year old at the time of the incident, totally wrapped up in his selfish pursuits. One has to ponder his upbringing; at least to ask where were his parents in instilling some sense of responsibility. Perhaps he was taught like so many youth, but blew off anything that was not really important to me today or "not relevant to me right now" type of thinking.
Still, the fact that he was the only one who knew what his friends were doing and the risk they had taken on, even given the fact that they all had a brush with imminent peril, and he chose to ignore their not arriving at the bottom of the mountain, is breathtaking.
Would not a friend at least say, "They are not here. I should try to see if they are OK, or I need to report this now."
We can only imagine the parents thoughts as to the actions taken that day that could've helped locate their children, even if they had already perished beneath the snow.
Apparently there is some shame or guilt that he carries, otherwise he would not be relating the story. We do not get a sense of whether he has come to full grip of the meaning of this tragedy and the actions he took that day.
If anything, this is a story for all young people to hear, and decide, "What would I do if I were there?" and, "What are the consequences of my actions or inactions?"
It might not be your best move at this current point in time or life or location, but I bought a fixer upper in the French countryside and it’s paid me back ten fold in quality of life, the money I paid for the house I’ve already saved in rent twice over in 5 years, and there’s a feeling of comfort and peace that comes from being in somewhere that no one can just kick you out of
i had never stood constnatly watching videos over 30 mins without x1.5 or x.2, i have, however, found myself watching SEVERAL of yours. love the content man keep up this content, you are making a huge difference
Biggest takeaways for me were: “Risk is what’s left over when you think you’ve thought of everything (risk is what you don’t see).” And, “The amount of cash you have in your investment portfolio should feel like it’s ‘too much.’ If you only have enough cash for the risks that you can envision, you’re going to miss a surprise every time.”
Tremendous quote
The latter is what poor people have to live with every day, and it makes for a very tenuous, stressful life, always on the brink of something crushing.
@@MarcIverson
Don't most of us live "paycheck to paycheck"?!
Everytime we think we can breathe, something major happens! A major appliance breaks or illness etc
I have not enjoyed any conversation among two people, as much as this one in my life. Thank you for it all !
This is an absolute cracking interview. Us Aussies are ignoring our own central bank’s BS to get the truth and transparency from New Zealand. Very noble, very globally significant discussion. Keep it up!
This interview did something that most other interviews meant to motivate and educate people don't: it made me feel really good about myself and my life decisions. Thank you for that, this came just at the right time, I didn't even know how much I needed that.
Morgan is 100% correct about buying vs renting. Buying only makes sense if you’re doing it for reasons other than building equity. Build equity by investing in stock and other financial instruments, not by taking out a mortgage and being house poor due to unexpected repairs and property tax.
There’s temporary stress that increases adrenaline, drive, desire to move forward. Then there’s chronic and harmful stress that increases cortisol, decreases motivation, and increases risk of depression and sickness. Know the difference! Thank you for this interview, very insightful.
Steven Bartlett, thank you for bringing on this guest, he was by far your best guest with such a wealth of knowledge to share and experiences so related to most of us. What a thought provoking conversation packed with prevalent different topics all tied together one way or another. I’ve just ordered his book “Psychology of money”. Thank you for asking the right questions with every human being in mind.🙏🏾🙏🏾🙏🏾
Many people find homeownership to be the foundation of their family wealth. The key is to not buy more house than you need. You have to live somewhere and owning that place is generally a good thing and confers independence. He's right about not using your home to signal how rich you want to appear.
If you own your own home you are already rich intrinsically. (assuming no mortgage to still pay off obviously)
Yes, he’s right. I don’t rent my house either. I live with my children alone and pay my mortgage. Best investment ever and I am a black single mother with 4 children. My neighbors are nosy and want to know how I get my house. I work and invest in Index funds. 😂😂😂😂❤
@@IncubiAksterHow does it make you rich intrinsically? A lot of people end up getting trapped by their house
Let me start by saying THANK YOU Steven for all the WONDERFUL podcasts! YOU are a TRUE INSPIRATION, as are so many of your guests & conversations.
Having said that, I found this particular episode to be EXTREMELY FRUSTRATING and unhelpful to the "average Joe". You asked (as you always do) some great questions, the most important of which (at least for me and others like me, which I would bet makes up a good portion of your viewers?) was when you asked what "normal" people (those living on 1,000 - 2,000 per month) can do to go to a position of "wealth". Morgan basically just blew it off with "save", which didn't really answer the question - how someone who is BARELY making it can get to a position of "financial freedom". I feel this particular episode is more for people who are already financially comfortable. Reading "between the lines", it felt like Morgan was just saying, "lower your expectations, want less & save more" (if you're already financially well off) and "just be happy to be alive" (if you're struggling or poor).
It would be REALLY COOL if you could do an episode with a financial adviser who could speak to the great majority of people out there (like myself) who are struggling to just have the BASICS covered, with out of control INFLATION and a real HOUSING CRISIS and HEALTH CARE CRISIS.
I'm a college educated, single mom, raising a young boy on my own and it's HARD to stay afloat! I work multiple jobs, live frugally, but STILL can BARELY support myself and my son and the future is not looking good in general terms when you think about all of the serious global issues facing our planet, which are all interconnected... sigh... I know I've just put a lot on the table, but I'm sure that I speak for thousands, if not millions/billions of other people out there who would REALLY, REALLY appreciate someone who could speak to them in "their language", in terms of how one might invest one's money/time to create greater financial STABILITY.
If there is an espisode that I missed that adresses this issue, I apologize.
Thanks again. Peace 🙏❤
They also mentioned investing in index funds, maybe try that?
Great feedback. Personally, I’d recommend the book, The richest man inBabylon” by George S Clason. I have the impression you could find a potential answer in there
Best feedback, hope they take this comment on board.
One of the most down to earth people you have had on this show. he does not try leading us down a certain route but is just trying to make is smarter in whatever we are doing
Yes, super nice.
Morgan Housel has his own fantastic podcast if you liked the show. He is one of my favorite authors/ podcasters
The part of the equation financial folks miss when it comes to not purchasing a home is the priceless joy that being a home owner brings many of us. I have creative freedom to landscape, decorate and more. Those are the things that make my heart happy and it’s something renters can’t experience. That joy isn’t a simple math problem. Great interview, thank you both.
Look, you need a place to live, and especially if you have kids, a stable place. Nobody can take my home from me if I continue to pay my bills. If I rent, I can be forced to leave once my contract is up. So, owning a modest home you can easily afford is the way to go. My kids know they have a safe place to come to at the end of the day and have a nice warm bed to sleep in each night. That is why I work. Not to mention, I now have equity so if something were to happen I can borrow against it or sell and downsize and have some money to help me.
Exactly, I can say that buying a home was the best purchase I ever made. It made me realize that humans are meant to have their own space (Doesn't need to be big) but it inspires so much creativity in us. After buying a home, I now love cleaning, and taking on small projects, I feel like it came from a sense of ownership. I want everyone to be able to experience having their own space, "Priceless joy" is a perfect way of putting it. All the best bro, I completely agree with you!
I have rented the same place for 33 years, over half my life. I love this place. I wish so desperately I could buy this building, to have control, to make it a better place for me and the other tenants to live in, to make it beautiful, as opposed to the horrible landlord I have who has no pride of ownership in possessing this place, and just does everything in the cheapest, shoddiest, and ugliest way.
Luckily, I live in a city with good renter protections, but the rent goes up every year, and I have nothing to show for the thousands of dollars I paid in rent for decades.
There is a right time and a wrong time to buy a house ,depending on your circumstances. Renting a house does not always work out for you. If the rent gets way up and you then can’t afford it. Your children will suffer because you made the wrong decision.
@@davidmathias1828 exactly, I don't like the whole blanket "don't buy a house, buy stocks" I would rather sacrifice to give stability to my kids. That way they don't have to worry about rent increases and evictions. Peace of mind is an important factor. All the best bro!
Brilliant!!! Im 51 yrs old and I chose to give up my comfy career to be with my mother…. It was scary to start over with less money but that decision alone made me look into investing and of course to the book psyc of money, and it changed me.. this is one of the best videos ive seen ( u have done great interviews before) i felt as if i went thru a session of mental therapy AND financial therapy combined!!! I wish i knew how to manage my money and invest rather than sqaundering it.. buttt i am on a great financial path and i made sure i passed along ALL the info I have gathered including this book to my sons and hope they do better financially than i did.. well done!!
Dear Stephen,
As an older woman and caught up in the cycle of deprivation. I never learned financial freedom, but only a hand to mouth existence.what I have learned through your podcasts has totally changed my course of life.
The most poignant thing I have learnt is very similar so simple “ the best story wins!”
It is not necessarily personal fulfilment, but it is a tried and tested formula for success.
The only problem with this is it is like an addiction and does not last and can be masquerading in the world we currently live in live with in.
Don’t buy a house so banks can own all the properties, then you can rent one from them at 5x the price of a mortgage. If you have no assets you have no power.
true
Thank you...this title is awful
Absolutely! I cant make sense of this advice not to own a property. Afterall they do appreciate in value and that surely is better than keeping cash in the bank.
Buy or build other assets that pay you an income... Then you have power. Plus, when you buy, the bank makes 2-3x the property value in interest anyway so they don't care. Buying isn't beating the banks.
@@Jasperinvests For most investors in property, the goal is not to beat the banks but to create an additional source of income (Buy to let) or to cash in on equity growth. Of course the banks will always make a profit either way.
In case anyone's wondering. The house question comes at 1:36:00.
thank you! scrolled far for this
Thanks
THANK YOU SO MUCH 🙏
Thank you 🤗
Actually is such a great interview it was the first time I didn't go to the spot they advertise, even knowing it by reading comment such as yours..
*Today I reached $220k. I am really grateful for all the knowledge and information you have given me over the past few months. I started with $15k in January.*
Please how ?
Am a born Christian and sometimes I feel so down 😭 of myself because of low finance but I still believe God 😔
It's Julie Gilberts doings, she's changed my life. A BROKER- like her is what you need.
$356K monthly is something you should feel differently about....
I know that woman (Julie Gilbert)
If you were born and raised in new York you'd know too, she's my family's Broker for 3yrs till now and a very good one if you asked me. No doubt she is the one that helped you get where you are!!!!
At 50 I aimed to be a millionaire at 60. I reached the target at 58 and early retired at 59. Right now I am doing nothing but slow travelling the world during winters and I made sure I finally learnt surfing before it was too late. My 2 kids both started university and their bachelor years are fully funded. They will have to manage their master by themselves. As for me, I will probably start a company at some point. Something light I can run from anywhere in the world. I am waiting for the kick. It will come eventually. It always does.
Can u let me know what sort of work you did that you became millionaire in only 8 year .bcs i did hard work whole life Apr for 30 years even cannot get good life as I wished in my childhood.
@@SurinderSingh-nv6xv Real Estate. flipping houses and rentals. My wages as an IT employee just allowed to pay for my living expenses with 2 kids.
I'd like to add, what a great father you are. I hope your kids know how blessed they are!😊
Was it hard for u to get into real estate?
@@rebelglamhair Yes. I bought my first home at 37. It's always been hard. I had to change country too because where I was in the UK the prices were already crazy at that time. But you can't play in 2024 like in 2000. Nowadays you have to take advantage of teleworking and all these things that were not possible by then.
Key takeaways 🔑
1. Buy the book ‘The Psychology of Money’
2. He writes/creates what he is interested in 3:47
3. Definition of rich - you have enough money to buy what you want (ie. house, raise kids, holidays) 6:28
4. 6:42 Morgan’s millionaire definition - you have $1 million in the bank that you don’t spend. Being a millionaire is about independence and control over time, not spending $$$
5. How to love your work ❤ - autonomy and control, 11:30
6. Most valuable skill - not needing other people’s attention 24:32
7. 25:20 ‘ the definition of success is for when the people you want to. Love you. Love you.’ Warren buffet.
Do the people who I care about love me?
8. 25:48 marriage only works if both partners want to serve the other spouse without expecting anything in return
9. 26:24 Being needy/having high expectations can break love (you should be able to validate yourself)
10. 28:16 in order to have respect and admiration from others -> love, humour, wisdom, friendship (if you can’t get it from these things, you will desire to show off)
HIGHLIGHT - 33:22 - SAVE MONEY - have enough money saved up so you can choose a) where you live, b) what kind of job you have, c) the ability to retire if/when needed if a stress or health condition arises
34:17 - Warren buffet (the money mind) - either you get it or you don’t get it. Morgan thinks it’s more nature than nurture
11. 46:14 he’s invested in Cash, his house and index funds. He recommends having more cash than you feel like you need cause you can’t predict the future
Such a good recap. ❣️
Thank you.
Thank you so much!
"Buy the book" he basically described how he made money, so we need to write books
Solving a problem and helping others, is how he makes money, so ‘we need to’: solve an important problem, and help others.
Steve in the video the one thing that really stood out for me was the lack of exit strategies for most people. Like driving a sports car and not knowing how to stop it. Your videos bring me so much value and enjoyment, i wanted to say thank you for all your hard work putting these interviews together.
This guest is SO down to earth, humble, compassionate, and understanding. Searching for book online now!
Thanks for this. I figured most of this out in my mid-20s when my life was sh!t. I went from being in debt to about a quarter mil $ now (I'm 40). I can already see my way past the $1-2M mark by the time I turn 50. VERY important to 'see time' for what it is. The greatest ally there is.
I thought this might be crap (so clicked on it) and it turns out to be one of the best things I've listened to. The dude near brought me to tears at one point.
Totally clicked it for the same reason, lol! Only 1/3 through the video and it is unexpectedly FULL of perspective and insight... Really spoke to me and super relateable and he speaks like he has seen the struggle and gets some of the mentality surrounding people living in poverty or check to check - Real. Real is rare anymore it seems. Enjoyed the conversation in this interview immensely. 👏👏
Omg! Finally a financial advisor that makes sense. None of that real estate, air bnb, drop shipping, Dave Ramsey bs
Paid off my house in 12 years, saved a boatload of interest, and it made the rest of my life a giant piece of cake. I haven't had any significant monthly expenditures whatsoever for the last 7 years. Never been a big fan of "making payments" on things, especially ones I don't actually need.
Agreed. If you're renting, you're about 10 times worse of, financially speaking.
I’m glad it worked out for you but the question is does it make sense to do that now. Tiny houses that used to be 150k are now selling for 500k+. A lot of houses on the market needs repairs. Can younger people do what you did?
@@plywood7894He said he paid off the house in 12 years … that tells me he bought the house when the market was crashed …,!
This is so interesting; I genuinely enjoy physical objects. I love to read books, make crafts, have comfortable furniture, decorate my environment to look calm and cozy. I adore good food. I love to own art and beautiful clothing, because it feels good to me to see it and use it. I love to host gatherings and make wonderful experiences for people because it makes me so happy to see them enjoy themselves, surrounded by beauty and creativity.
I don’t really think of impressing people, but I still have a very strong relationship with physical objects. I absolutely see the author’s point about how much the urge to impress people can drive us, and I want to point out that there are other potential motivations for spending money on “things” than just trying to keep up with the Joneses (or Kardashians).
True, I don’t really have close family apart from my kids and husband and we have no friends, we spent a LOT of money on much needed house renovations, then bought lovely new furniture to go in it. As no one really comes to our house it was done for ourselves not to impress anyone else. I’ve never been a jealous type why be jealous it’s pointless and I don’t begrudge people having things that I can’t or don’t have. I like the simple things, I just want to love and be loved and for my family to be happy and healthy.
We are not here for 200 years. I always invested in myself. Being in the moment since I know I can die any day. Coming from a poor family didn't stop me from being part of the Olympic team, working for Cirque du Soleil, traveling in 60 countries, winning awards, and so on. Failed many times and learned from them (thanks to sports). At 61, I am super fit, have a great relationship and a small agency where I meet exceptional people, have great projects in sports & entertainment, and keep traveling. I don't have a house, a car, or an investment in the stock markets and most of all, never been married (the best decision of my life). I've never compared myself or shown off and most of all, kept my expectations very low. I am free and couldn't be more happy, and fulfilled.
I like your lifestyle!
What a wonderful life!!! Inspiring!!!
Winner mindset.
Wow what a winner you are. TY
😂 never been a show off
“i never wanted to become rich, i just wanted to become independent”.
-that hit hard❤
The low expectations thing is how I live my life. I grew up with one set of grandparents who were working class, bought their council house, owned 1 old car and lived frugally, and the others who owned a business, had a holiday home and travelled the world. But overall I'd say the poorer ones lived a more content lifestyle. Less stress and lived 15+ years longer. I try to balance the best of both.
They had tons more freedom as a result...
Content doing nothing with their lives? Yea that’s not going to work in the modern day. A life of mediocrity…
It's amazing how observing your predecessors gave you an example of how to tread the path of life on your own journey.
Always about Balance in ALL things..... 💯
@@les9058 -- Freedom to do what? They may not have had the money to travel. I had a neighbour who retired and he printed some business cards which said, "Actively Retired". Everyone would hire him to put up shelving, make regular house repairs, replace a faucet, etc. but nothing major. His wife then started canning fruit and veggies and sold them within the neighbourhood. It kept them busy and supplemented their pensions with some cash income.
Hands down one of the best episodes on DOAC. Thank you to Morgan for sharing your insights with us and as always, thank you to Steven for being an amazing interviewer - I caught myself marveling at some of the questions you asked. Will definitely listen to this episode more than once!
On paper Morgan is probably right. However, the psychological well being that comes from owning your own home is close to priceless.
Shelter stability is 💯 worth more than the price you pay for a home. Your home is the foundation of your family life.
Just be smart about how much House you buy vs how much Mortgage you buy. Go smaller and own bigger. Build a smaller dwelling onsite in case you ever need to move into it and rent your bigger house out for income. Even smarter buy a small house on large land and build a larger rental on it and once you have paid everything off then move into the big house. That’s being smart
If you manage to actually pay it off without losing it first
@@travisprice1325your not wrong but there should also be an emphasis on the price of the house you buy. If it’s out of your means you won’t have stability and without stability you won’t keep your physiological well being.
Until your mortgage, property tax, interest on the loan, insurance eats you up. The worst mistake people make is to buy a house on a loan and to live in. Think as an investor. First house people buy, should be an investment.
I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $650k. before I turn 60, I would appreciate any advice on potential investments.
I think the safest strategy is to diversify investments. But if you need proper advice, consider speaking with a financial expertise. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with Judith Lynn Staufer for years and highly recommend her. Look her up to see if she meets your criteria.
Thanks for sharing this. This is equally of great importance to me. Sent a message on her webpage, hopeful to get a feed back.Her credentials are superb.
At 75 my engineer working husband was diagnosed with Parkinson’s and early dementia ( 6 years ago) . I had to stop my job to become his caregiver 24/7 . I’m managing the finances of the home and the expenses are huge ( taxes, Hoa, landscaping, air conditioning etc , etc) now to the last savings . Love our home but it will be a day I can’t pay expenses anymore. With this information, I can process our situation.
Worked for the City of New York in my late 40's after spending 10+ years in the private sector. Those at the City who got their jobs in their 20's were frustrated when after working 20 years they still could not retire or were prepared for work outside government.
Bored after 20 years and under the age for retirement which meant they had to suffer to age 57 or 64 in a job they hate. 82% died less than 1.5 years after reaching the age for medicare and SSI; some having never been able to tap into even a penny of Pension dollars because they had accumulated 2+ years of sick leave.
I retired at 64 with 18 years of service and got my pension and SSI. While working I was invested in real estate rather than the governments annuity program and winded up with $3 million in real estate values.
At 74 My health is perfect after retiring in S. Florida. Still have my 1999 4 Runner and I live a simple life. In addition I invested in Precious Metals early which increased over 100% over the years.
Great interview. I would say, one of the benefits of owning a home is not having to worry about your landlord increasing your rent every year. I purchased my house because my landlord wanted to increase my rent by 25%. Now I don’t have to worry about rent inflation and searching for another rental.
...but the bank can still adjust interest rates on your repayment and property rates can also go up at any time, so you are still not truly at just your own mercy. Also most countries do have property laws that have a maximum percentage that rent can be increased when a tenant renews a lease.
@@tiaan_va true, but at least when you finish paying off your mortgage, then that's not a concern anymore. But, with rentals, it's always a concern. Also, with a house, you can't be evicted because the landlord wants you gone.
LUCKY you, mine wanted 42% in like 3mons with a New 2yr lease that included another 10% inc for Both years ... While Nothing was better about the property I'd moved to 6+yrs earlier to whack high rent in a tons better house... it's Often a No win... 🥴
I owned 4homes paid em off and been the landlord.... That's Often a nightmare too...
So I think after 30ty yrs at this supposed wealth game.... It's a lotta time'n you Can't control... You Really need something you Can afford regardless of the paycheck fluctuations, that doesn't own you for the pleasure or BS that comes with Much of it Always! 🤫
It's imp Not to fall in love with property.... It's an investment in everyway... Cause now it's your roof, carpets etc.... if you Need that great Job that's NEVER guaranteed to do it Don't.... Divorces, slit ups ditto.... Then you have to Sell your dream place or take in renters ...
If you can Save More than you spend on things that really don't pay for themselves that's gonna hurt you longer term you'll Save Not only $$$ but precious time... It's a Life lesson we're ALL gonna deal with.... Learn it early Not get'n the 'give me gots' Bigger everything and you Make it work for you Not be'n a slave to your desires when things inevitably change on you.... That's the Only control that's ALL yours.... 😉
@@lambdaboss5528
Ever calculated How Much the bank takes in from your mortgage???? 🤫
The 1st 5yrs you pay down Next to NOTHING on that mortgage...
It's front loaded for the Banks....
If you Stay 10yrs you Start make'n a little dent.... Why it takes Sooooo long to truly Own.... In that time you have All the Major upkeep costs too...
But ... If you found a Solid property Not need'n rehab... That's 25-30% of your monthly income for a mortgage...
VERY 🗝️ and you lock in a low % rate to KEEP payments payable another 🗝️...Then instead of a Bigger car etc.... you USE that buffer to actually Win the game by Save'n yourself the outrageous interest you'll pay regardless of the number Over life of any mortgage to actually Pay it Off in 1/2 or less the time you've Now really made $$$ Not paper inc that you Really NEVER get ...
Follow... The buy'n & sell'n price are adjusted for True inc by what you PAID for it, those % payments take'n 20-30tys to do it.... The Bank Always Wins just like the landlord....
Gen 2-3 times the pricetag ...
So Often that inc when you Sell is just get'n Only some of your paid IN 💰 every year in % to have supposed security.... You paid a ton even If the loan was locked 🔐... You Win when you pay 2-3 times + every month the PRINCIPAL Part of the mortgage...
Check that part on your mortgage statement... It should be listed as 1,800. payment 3% of often 1/2 3qtrs if that 1,800 1st 5years... So the actual pay down on the principal is Less than 20-25%
But.. that's the time to double triple the Principal payments....
Cause your mortgage IS calculated on the balance each month like a card - where the Bank rakes it in... Few people can't afford to do this the 1st 5yrs.... To cut that huge % to the Bank Waaay down!👇
KEEP do'n it and that 20-30 yr loan is PAID in 1/2 the time....
Make'n the Appreciation Value Real money 💰 you made cut'n out ALL those % payments....
You Beat the Bank pay'n as little as possible for that property!!!
Therefore.... The Appreciated Value at anytime is Real 💰 in your pocket.... And you can afford to sell if you Need or want to More Often regardless of the RE market, have'n paid as little as possible to Own the property...
Think what you could Do with Real Appreciation... Borrow against it to buy another property when the market is a buyer's... And that 2nd property becomes a write-off as either a rental or a short-term hold to then sell....
Or it can be a move up for you you Can now Afford.... Turn the 1st properly into the rental ... It builds your Security & finances like Nothing else!!!!
When you get to 3 properties your gen zeroed out on taxes if the 2are rentals... Well worth the paperwork to KEEP ALL your paychecks work'n for you!
You don't have to have a big income to do this.... You have to
Be pragmatic and consistent!
The last place I lived before owning my house tried to do this and I just negotiated with them. If they try to increase rent by $200 per month to $3,000 then they need to get someone in as a replacement within a month to make it worth the increase.
My property value increased thanks to Zillow and now I owe $2k more in property taxes every year. Fun fact, it’s harder to negotiate that.
I agree w everything this guest has shared.
I live it! Very happy and free man.
Paying off a house before I turned 40 has given me more power than I ever dreamed of 😊
Well done! I have just gone mortgage free at 50 :)
I just paid my first house off but had bought a second house :(. I'm debating selling and going back to the first. The second has 40 acres though but is stressful to keep going.
@@victormendoza3295 Just a thought: try and rent the second house. Use the money that you receive from the tenants to pay for the mortgage.
Good for you. I never had mortgage and I have 2 houses and 3 flats.
I remember my economy teacher always repeated: "Loans are for rich people".
@@nieczerwonyloans are good or bad ?
I loved the answer to the end question... where Morgan admits to slight anxiety and depression.
I have dysthymia.. chronic sadness... but I believe it comes from being hyper aware of the sad state of this world.
depression and anxiety just naturally comes with that.
but.. I soldiered on anyway... knowing no one was going to put my life together except me..
and I still managed to obtain a net worth of close to a million when I retired.. making slightly more than minimum wage all my life.
paying down debt and putting a set amount away every month is the key..
also loved his words on what truly makes us happy.
and about expectations always exceeding reality.
it's a struggle in this fallen world to stay real and practical and close to the earth.
but it's the only way to succeed here.
My parents paid off their house and they only basically have to pay for repairs and property taxes. They’re earning extra cash by renting out the garage that was converted as a loft years ago. They are thrilled to leave a nice inheritance to their kids and grandkids.
woah
that's great but financially incline people has a lot more ways to expand wealth.
exponentially
@@vaultvon2126regardless you are paying for a roof over your head. Owning, you are making that payment essentially into your bank account (equity of the house). Renting you are effectively taking that money and lighting it on fire for warmth.
Will owning a house that you live make you rich? No, but owning vs renting 9/10 is more financially advantageous in the long run if you do not intend to move around a lot.
ouuu look at you.. what this comment got to do with this video? 🤔
Brilliant conversation! Thank you! We bought our home many years ago when I was twenty nine, and it has been a source of stability, not only for our sons, growing up, but for some of their friends, who were from broken homes. Little by little, one tree at a time, I have developed a beautiful garden, over the years, that people on the sidewalk stop to enjoy, and compliment, which is a bit of a social life for me. And, not incidentally, this home is now worth 10x what we paid for it!
So inspiring.. I am a single mom raising teenager boy by myself who is trying to be financially successful, I am not giving up whatever the hardship challenges me everyday. This episode is giving me another motivation to wake up and be persistent of what I do. Thank you.
This inspired me ive been needing inspiration for alongggg time
🎉❤🎉
❤ Thank You❤
I was a single mom for the last 35 years. I have 2 sons, one with Aspergers. Investing was impossible, but paying bills on time, every time made it possible for me to buy a foreclosed rural home where the School Bus dropped my kids off right in front of our house. That allowed me to work a full time job. Which allowed me to almost pay off my house. Now the property taxes are so high, the inflation on the house is so high I am forced to sell. I will get a profit, but to get yet another home of comparable size and space is impossible. So I have been priced out of my dream home for which I have slaved for 30 years. I do think homes are a scam financially; however, I do feel a home is good for children's mental growth. So it is the price you pay I guess...but there is a scam for every thing going on about wealth and money and you have to weigh the scam. My scam? By paying all those years interest to banksters on a mortage, I paid for bombs and terror in other countries while I got to live comfortably. If I had to do it all over again, I would have saved the child income tax deduction every year for 5 years, then buy land with that money. Then look around for a foreclosed or house to be moved and start that way...with no obligation to the banks. In 5 to 7 years you would have your own homestead and no debt to banksters. My 92,500.00 house is now worth over 400,000.00! I have no other wealth....so I must sell to pay my mounting credit card and medical bills and property taxes. Houses are a form of stop gap saving I guess...but to lose your comfort to pay bills is to me a sin. So instead of finally being able to spend time fixing up my house now that I am on Social Security...I can't do that because I must fix it up with an eye to sell...just like living in an apartment and not wanting to put holes in the walls to hang a picture. Sucks really. But I am sure my Great Creator has an Ultimate plan that I am completely unaware of at the moment! :D
Retired at 33 years old as soon as I realized money is a trap. Living life for real now and learned to live with what I have and stretch the crap out of what I have. Being creative is a more useful tool.
@@frosting_on_the_side the answer to that is.... It'd be easier to have a low pay job that has no stress than to stretch the crap out of what you have whilst being retired
@@frosting_on_the_sidewhy write books on how to become wealthy, of course
@@frosting_on_the_side I think ah000 has pawned his phone 📱. 😮
Genuinely one of the most interesting people I have seen on the podcast. There was so much in there that you could relate to and reflect on. Respect to Morgan not only for telling a great story, but for making my own story in life feel more interesting. This talk answered a lot of questions I've been asking myself over the last 10 years. Excellent.
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?.
If you are thinking of investing in the stock market and you are not well versed, its advisable to work with a financial advisor who is an expert to guide you through the process. this way you could make more profit with less risk
Working with a financial advisor has been a game-changer for me. They provided invaluable insights and tailored strategies that aligned perfectly with my risk tolerance and financial objectives. With their support, I've seen significant growth in my investments and gained confidence in my financial future.
@@PatrickLloyd- Could you kindly elaborate on the advisor's background and qualifications?
My CFA SOPHIE LYNN CARRABUS 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..
very much appreciate this.. was able to look up Sophie by her full name and at once found her consulting page, she seems impeccable !
Love that part about where no one cares about the person who owns all the expensive stuff, they just try to imagine themselves owning all that expensive stuff...so very true!!!
Not everyone though, I definitely pay attention to that person, his/her life choices, behaviors, background, etc.
What an amazing discussion. Wish I had heard this when I was 20. That being said, it’s never too late to get better.
Best ideas I’ve heard in years.
What is a terrible investment is being homeless. Having a stable, peaceful home environment is one of the keys to happiness in modern society.
so true, some people (not the "rich") here can get it, however, by renting state/community owned property: cheap rents, no problems with necessary investments (they were the first houses to get good insulation/triple-glassed windows etc.) - evictions are really rare and only due to unruly behaviour.
Let’s not judge others just because of the way we think. I’ve met many homeless who look at those with property who pity them… you need the job, the car, pay the bills to fund the house. Homeless…. Is ultimate freedom and autonomy. First rule of happiness….low expectations.
I rarely comment on videos, but this time I’m truly shocked. I can’t even find the right words.
How come that among thousands of comments, only two people point out the fact that he just left his friends out there, knowing that they were lucky to escape the avalanche just a few minutes ago, and didn't even consider keeping them from heading back and doing something so dangerous? The fact, in itself, that he didn't even call the police, just in case, is utterly incomprehensible to me. At this point, you could argue that he was young and simply didn't understand the gravity oft this situation... and I get it. We all make mistakes. But after 20+ years, making this incident about him and his learnings and how he benefited from it, is frankly so concerning.
What, however, shocks me even more is that no one really paid attention to this story but just focused on the money part. This makes me not only concerned for our society, but shows how we value money more than morality or empathy.
He made the worst possible decision one can ever make in ones lifetime, and didn't even seem to question once the role he played in the death of his friends. And people are still taking advice from him...
I wish people would start to listen more to themselves, their moral standards, and their intuition rather than following people blindly just because they say something that impresses them.
By all means, I don't mean to insult or judge anybody; I just want to point out what I think is an important quality that makes us human - care, empathy, and looking out for one another. Ask yourself just this one thing: would I have handled the situation even remotely the same way?
Thank you for your comment. 💯 agree with your assessment of his moral code. At the end of life, the legacy we leave is a testament to how we lived. Thank you for your comment. ❤
I bought The Psychology of Money a couple of years ago and shelved it. After watching this podcast, I can’t wait to pick it up. Thank you both, incredible content as always 🙏🏼
It’s a awesome book of the topic of behavior economics/finance