i will watch it later, but the answer is simple, because it takes money to make money. It is really this simple.
NO! its not. OPM - Other Peoples' Money. (you have to learn - how to use OPM) If you can please read "Rich dad poor dad" first then "Cash flow Quadrant".
Just when you thought Ted talks can't sink any lower. Blatant book selling show. Same stupid repeat, savers are losers, those who take on debt will become rich. Biggest lie of the 21st century. Debt or no debt is completely irrelevant in the absence of an edge. Debt only makes sense when it is meticulously well managed and underlies a business that has an edge and is long term profitable. Hardly any startup was ever built on debt,small family business or large. Most households who loaded up on debt live a miserable life with all flexibility and freedoms taken away from them. I have never had a single dollar of debt in my life ever and amassed a sizable amount of assets in my life by managing a small expense and cost footprint in my personal life and career and by only embarking on jobs or later on projects that my skill set allowed to play out my edge. Pay off my credit cards every month in full. No mortgage ever. Everything I own is fully paid up. The freedom this buys and the peace and lack of sleepless nights is absolute bliss. I would not trade my life with anyone else ever.
I am at the exactly right spot. Walk through central Manhattan, or London, or Central on Hong Kong Island is a particular nice sight, check out how happy people look. They look bored and depressed as fuck. Is that the amount of wealth I should aspire to? Thanks but no. Don't get me wrong. A comfortable nest egg and wealth to allow me to maintain my hobbies and lifestyle and funding for my career is important and necessary. For everyone it's different. To me that is the 4-7 million usd range. I won't ever overleverage and particularly not take on debt. Tell me why I should apply for a auto loan to get a new car that costs as much as 1 or 1.5% of my wealth, particularly when I make a multiple of that a year? I did not buy property before I turned 40. Best choice of my life. Renting kept me flexible and mobile (I had to move frequently for jobs anyway) and allowed me to maximize my earnings by being where I was paid the most for my skill set. I bought a wonderful ranch property recently fully paid up in cash. Life rewards patience and hard work. Why are properties overvalued as fuck in many areas? Because every pimpled 22 year old college grad thinks he deserves to buy a house because he just got a job at the local dealership or Fidelity office. If we all bought only what we can afford then hardly any asset on earth was overpriced. Debt is for suckers who want to buy stuff they can't afford or for the impatient.
You want to know why Amazon is doing better. I need some thermal paste for my computer work. I contact Best Buy, no local stores have it. It's listed on Staples website, I drive to their store, they don't have it. I go to Amazon's website, I resign up for a month of Amazon Prime, it's fine since I will watch some series. My paste will arrive to my house on Monday. Today is Saturday.
You exchange your skill set for money - (Being employee (E) or Self employed (S)), You have to work for money that you earn (someone else decide your pay)- -- If you are happy for working its ok. You spend 8 hours for a day. 40 hours a week. 480 hours a year. Working for money. (you can use MONEY that works for you) If you dont work - You will not have that pay check. Imagine you lost your skill set due to an illness/or any other reason - You won't receive your paycheck. You may aged 55 still you have to work. (If you are happy doing that its ok). As Lord buddha said - Giving up all your desires, will help you to achieve Niravana. (So if you are simple as that, its up to you). Do you drive your dream car? (Or you cut down your dream car?) Do you donate people as you need? (Or check what you left?) Do you travel where you need? Do you watch your favorite ball game live? Do you spend the time with your loved ones when you need? (Or when your boss allows you?) You had to move where they pay most - (Is it call freedom?) You may know Money got 2 jobs - Spend, Save But Money got 4 jobs - Spend, Save, Invest and Donate . "Life rewards patience and hard work" yes of course "Financial Literacy" also a major part. I'm requesting you to watch below, RICH DAD'S CASHFLOW QUADRANT (BY ROBERT KIYOSAKI)
Thank you, I am not interested in exposing myself to those lies and falsehoods. I drive my car that takes me from a to b. It can tow what I want to tow. It accommodates all the passengers it needs to accommodate. I live in a big enough home to feel safe, comfortable and delighted. I have hobbies I enjoy, I am blessed with my career that I love as being selfemployed now for many years. I am blessed with a great and loving family and wife and good friends. Life could not be better. If I die at any point then I know I have tried to make most days count. I failed sometimes but yet still tried my best. So, I can't think of a better place to be. Good luck with your dream car. I hope it makes you happy.