Don't Make These Mistakes | Brutally Honest Money Advice from One of the World's Wealthiest Jews
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- Опубликовано: 30 июн 2024
- If you started from $0 today and wanted to get wealthy, what would you do?
What money mistakes prevent people from making money?
What is a smart approach to investing?
What should you do if three people approach you in a dark alley?
Who's gonna win the presidency in 2024?
Meet Dr. Rich Roberts, an entrepreneur and philanthropist from Lakewood, NJ who sold his pharmaceutical business in 2012 for $800 million.
We asked him those questions and more at a sit-down in his home.
You can find Dr. Rich Roberts' RUclips channel here: / @drrichardroberts
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CHAPTERS:
0:00 Introduction
1:21 Meet Mr. Rich
1:52 #1 Mistake: Working With Unregulated Resources
3:46 #1 Advice: Diversify Your Investments
6:15 Invest with Caution
7:59 Choosing Index Funds
14:49 Managing Investments
18:24 Twillory - Sponsor
20:28 Starting Out in Finance
22:06 Starting Your Own Business
24:43 Capitalizing on AI
26:10 The Future of Technology
32:20 The Donors fund
34:24 Levels of Wealth
37:50 Maintaining Wealth
43:00 Motivations for Advancing Wealth Levels
46:12 The Negative Effects of Power
50:49 Managing and Balancing Charitable Contributions
56:14 Colel Chabad - Sponsor
58:44 Self-Defense
1:03:41 Protect Your Health
1:05:11 What To Do in a Dangerous Situation
1:07:03 Better Than Books
1:09:38 2024 Election Predictions
1:13:34 Thank You, Mr. Rich
1:13:45 Outro
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[If you listened to the end of the outro, here's my new favorite song from the Thank You Hashem team » • Back of the Wagon | Ma... ]
i wish you would be my honorary Uncle and Cousin! my family fragmented so much over the generations.. you seem like really good hearted folks and it would be great to have you here for dinner sometime and be my guests if you are ever in Scotland.. thanks for doing this video
Best wishes to you all
from Rolland at Castle of Hassall
on the edge of The Atlantic
M 0
Young Man, your wisdom in allowing a wise man to discuss life and wealth is appreciated and wise. Thanks for not interrupting in every sentence as many do in this realm of advice.
Dr. Rich Roberts is one of the most generous and humble person I have ever had the privilege to know! He is a true inspiration to all of Klal Yisroel!
100%
❤
I work 16 hour days, running my business, and every word this man spoke I felt in my heart. You will seldom hear truth like this anywhere, hands down one of the finest interviews I have ever listened to! Thank you for this!
❤
Wow, Working your butt off! Keep working hard, learning, & adapting strategically, and your success will compound & accelerate over time.
- I’ve been working 7-days a week, 60-80 hours a week, so I can allocate the extra money to assets like tech equities, a little to index funds, but since Summer ‘23 I mostly buy crypto (VERY selectively though, bc most are scams) while the prices are still quite cheap for many of the actual high-quality new alt-coins.
- Thanks to my hard work, relentless research, & patience, I’ve been able to triple my net worth in 9 months.
Never give up! It’s a lifelong journey, to ever-expanding fulfillment & financial freedom
💰😇🛩️🏝️🛥️🎶
Wow, you’re working your butt off! Keep working hard, learning, & adapting strategically, and your success should continue to compound & accelerate over time.
- I’ve been working 7-days a week, 60-80 hours a week, so I can allocate the extra money to assets I’m personally confident in. For example, tech equities, a little to index funds, but since Summer ‘23 I mostly buy crypto (VERY selectively though, bc most are scams).
- Life keeps getting better, thanks to my decision to get MUCH more serious about my future (after wasting most my 20’s on hedonism), & thanks to my hard work, relentless research, & patience.
Never give up! It’s a lifelong journey, to ever-expanding fulfillment & financial freedom
Better than any book I bought in business. Listen this 2-3 times, will change your life for sure. Incredible interview congrats. Worth thousands of dollars for free.
I'm glad to have been helpful.
Dr. Roberts may not remember me, but his pharmaceutical company was one of our insurance clients! Incredible man.
Please bring your Uncle back as a regular guest. Fascinating!
What an outstanding interview. I really enjoy listening to wonderfully intelligent people speaking logically.
I am 65. Never late to learn ❤
@@rarecase3666 2% rule and do not trust none regulated
I followed this concept since 2018. I started with $100 as mentioned here and invested in companies I knew and trusted. To this day I still don’t do much in chart analysis. I just invest no matter what an amount I’m willing to burn. If it goes up I invest if it goes down I invest why because I trust in those companies to move in the right direction. Since then I was able to grow my overall investments to over $100,000 close to $200k. It works I just wish I did this in my 20s rather than my 30s. I take more risk and invest more on the side of individual stocks however still invest in ETFs.
Smart! I am also just starting out late 30's ....also investing heavily in individual stocks especially: Air Taxis, Quantum computers and Battery lithium companies for electric cars
What companies did you invest in?
Impressive, but 200k will get you 3 maybe 4 years of private day school tuition at most schools in observant areas located in high cost of living areas. So, what you’ve done is super impressive but unfortunately a drop in the bucket for living an upper middle class frum life in most major USA cities like New York, Teaneck, Boston, or LA.
@@Zensci18I’m actually from
NY. Degree in Computer Science with a yearly income over 200k. I will be ok 😊
@@tone0757 I make over 200k a year and live in a high cost of living area as well but it is not so much us I'm concerned about. It's the next generation. If you got rich parents or trust fund -Kol HaKovod. I didn't but managed (though my retirement 401k etc is nowhere near where it should be) but will my kids? I frankly will advise my kids to move to a lower cost of living area, so they don't have to put 300-400k on a down payment for a decent home that isn't a "fixer upper". Living in Manhattan, Pico or DC just isn't worth it anymore.
Im not jewish, but I have to tell you thank you for your channel, and this great interview with Dr. Rich. Keep up the good work friends! :)
I’m a fan and almost 77 years old! Loved your Uncle Rich! Thank you again for a meaningful and enjoyable conversation! See you soon!
Love. It. Thank you!
Excellent podcast as always! Priceless! Thank you guys and keep up the great work. Love from India!
So much great information, this podcast is better than an MBA!
That's what being a true Jew is all about, a great and smart man. It was a pleasure to listen to him.
As a Goy I have had the privilege of delivering groceries to Dr. Roberts home seeing the same Fish tank in the background 😅 To this day he throws the best Chol'moed events for the neighborhood. Blessings to you Doc 🙏
Thank you! One of best podcast interview on RUclips
Billionaire is what i see myself being and most of that will go to helping people in need ..
😊
The best interview..so far..being rich and knowledge amd humble and smart..wow..I liked what he said..even i say that..Need money for family and Tzedkah..BH!
Excercise and eat healthy...its a Mitzvah from Torah
Wonderful information! Thank you for interviewing such incredible people! I also want to thank these folks for sharing their wisdom ❤
WOOOW! This is your best interviewee by far! He’s so good and on the money!
I liked this guy, but when he started talking self-defense, I liked him alot more! He's right IMHO. He seems like a wonderful man.
Thank you so much ❤❤❤
Wow so much knowledge, so much wisdom, please need a second interview with your uncle Dr. Roberts.
Thank this is one of the best interview so far in your channel.
Muchisimas Gracias ✡️🇮🇱❤
Incredible episode! Best episode on this channel!!!
I adore your fish tank.. 🐠🙏 and the interview is excellent too.. thankyou for sharing
I love your channel , So glad The Eternal blessed you with a Great Uncle , Humble and wise , I admire and Respect, I would also recommend to watch your words , don't say you are bad at your finance , don't say you would probably shoot your leg if you had a Gun...Because you're attracting that! and also It shows you don't have self esteem because you Don't value your capacity and capabilities instead you make yourself less and not enough...Wich is not true , "we become what we think" , so start thinking your capable of having good finances and capable of caring and handling a Gun correctly and efficient ly. Start aproving yourself instead of desaproving and feeling not enough or capable. God Bless🇲🇽🇮🇱✡️💯👍🥂
Excellent
Someone thats is black and voting he is 100% correct. More and more of the community understands financially benefits now. And understand policy now
Same boat, and I absolutely agree. I've personally been saying this for over 20 yrs.
I believe this is why there is such a focus on an open border policy. Democrats know that we are 🤔, and are setting up for a new voting base.
That aquarium is amazing
I liked the 2% rule. God bless you!
Fantastic video! Great advice! Thank you
Thank you 😊😊😊😊
Fascinating as always!!
Great interview!!! Thank you!
HAHAHA LOOK AT ME ( IM DRIVING MY BENTLEY ) HAHAHA ( Classic ) 🔥🔥🔥🔥🔥🔥🔥
I'm 60. No one taught me about money. Learning as much as I can now. I love it!
Great episode! Dr. Robert’s is. Gem!
I love my employees, i dont talk to them. But i love them
did he say that? I missed...hilarious
Listening from uganda. Thanks for the podcast.
Beautiful country
Not sure how I found your channel.... but your guest is spot on!!
Thank you! Great show!
Fantastic, Ty
No shortcut to greatness. Interviews with very rich people are not spectacular. No magic recipes, only prudence, work and patience.
So good. Such wisdom. Thanks so much. God bless.
Amazing podcast Thank You
Great stuff.... smart advice build wealth is the term
Excellent information! ❤
Thank you for the interview, humility goes a long way. Well done.
Thank you🙏
Wow Dr. Roberts really is a gem and a Mensch. Great talk!
Impressively educational. Very appreciated!
Thank you for this information
Great video! Thank you so much for sharing.
Thank you so much
Many advisers recommend index funds. During Covid I made money buying individual stocks. My IRA soared then. I’ve had poor returns with mutual funds. I remember investing in the much touted Magellan fund with Fidelity. Those returns were not as good. It was predicted that it would double. It did not.
I love that you guys translated the Yiddish and Hebrew being used. Thank you!
One of the best podcasts you have made !
Crushed the like and subscribe buttons! EXCELLENT information and thank you so much for sharing!
Really enjoyed your financial perspective and enjoyed this podcast.
Sion Jajate, CPA.
loved this interview
Nice show and subject. Keep up the good work
This man is wisdom, thank you 👍
His name says it all! RICH!
I’ve learned so much from your podcasts, thank you! I hope Dr. Roberts would be the next ambassador to Israel. God bless you both !
Beautiful advice
Fantastic video Rich ,great information as always from you , thanks ,Much Love and Nachas Bratha ,
Zalman Wid.
Diversification coupled with monthly investing coupled with buy and hold is the gold standard for the average joe investor. It is so easy with stocks nowadays. Buy a FTSE All World ETF every month, some physical gold, some fractional real estate assets and there you go. Funny that he says exactly the same stuff that the German ETF goods I know have been saying for years (Gerd Kommer, Andreas Beck). What he says holds truth. Not only in the US, but worldwide.
I love this channel im from Georgia,tbilisi my early 20s watching and listen wise Jewish people about money my school doesn't teach me anythi g about this or my family my friends doesnt talkabout this but this thi g is so important thank u so much!!
great talk thanks lot!
Both of them are greatly sharp smart and intelligent mind of scope.... amazing podcast love u from India 😍🇮🇳🇮🇱
Thank you so much for this great interview. Interesting to notice that a veey wealhty man can be risk averse and with a down to earth approach instead of being a risk lover.
Wonderful insight, thank you. Something interesting related to the discussion of technology is that the people I know who are now the most financially successful have nothing to do with technology, but are in landscaping, construction and even animal husbandry. Has fewer and fewer people know and want to work with their hands I believe these fields will become even more successful
Correction:
Small error about gains from money market accounts. They generate interest income, not capital gains (which come from selling assets). Interest income is taxable as ordinary income at the federal and state (depending on your state) level.
It’s an important distinction because it’s taxed annually and it’s higher tax than long term capital gains (assets held for over a year such as home, equities, businesses …
Beautiful comments on mental health, peace and happiness in relation to wealth.
I listened for the second time!, please with demanding a second podcast 🙏🏽 with your uncle.
fantastic interview!
I found you by accident. I'm glad I did. Time to practice what I heard. Gotta see what else you have to digest. Thank you !!! 9/10/2024
Oh, you’re in for a treat! Welcome aboard!
Pretty good advice never thought about how giving to charities could backfire. Very interesting
Excellent Podcast!!!!😀
super-compelling ! ❤
The millionaire next-door was written in 1996 at a time when rent was not grotesquely high. 43% of renters pay >35% of income on rent more than 50% of renters are cost burdened. The perspective Roberts brings is historical, the cost of housing changes everything.
Very interesting point. There is value in living in a smaller space that you own and buying a used car instead of a new one that you lease but don't own.
I am not a Jew and really enjoy Dr. Rich Roberts. He worked so hard, said he was beaten to the pulp. He deserves where he is in life and everything he is saying is SO true. I have been and done that, maybe did not made as much but enough. Please follow his wisdom.
We’re all human and mote alike then different. Humans share ~99% DNA and some with rest of nature and life. : )
I’m not sure how this video came up in my feed but I’m very glad it did. Excellent interview. You’ve earned a new subscriber. Well done!
41:36-42:00 and 1:03:46-1:04:15 are GOLDEN pieces of advice! Thanks for this great interview. Common sense is just not that common!
Love love loved it❤❤
Good stuff 👏
Fantastic episode, really appreciated everything this gent had to say
Darn good investing advice, he's up there with Jack Bogle and Warren Buffet.
In Canada (and UK I believe) any item/tool potentially lethal can’t be carried. I know victims of car jackings - both safe/ good areas. One a younger female MD alone at knife point at 7 am. Also young couple (husb big guy - football player looks) at gas stn and man had a machete and hunting knife. Both bailed onto side of hwy after she saw police in side mirror and guy didn’t. He shot himself in their vehicle. All found out after carrying anything for protection (pepper spray, gun, knife etc) is illegal. Some women get creative.
Thanks!
amazing content, inspirational and great life lessons. thank you
Shalom thank you guys so much🎉
Great interview. Greetings from Brazil 🇧🇷
We love Brazil! I did a school project on Brazil in 2nd grade. :) - eli
Love this. Dr. Rich Roberts has great advice. I’d like to know what he thinks about making money without working to the bone because I am burnt out. My joints are killing me. What can I do?
Listening from Tanzania.
The last segment about health could be the most important part of the interview. Consider one who has made lots of money throughout their life but have ignored their health. They will wind up forking over all of their money to hospitals and rehab centers and nursing homes. If you want to keep the money you have earned, live well NOW! Work out and go plant based! Super Interview! What an awesome uncle you have!
Thank you! I've been wanting to cover physical health for a while and I'm glad he hit that segment out of the park! - eli
I really wish he expanded on the nutrition advice. He just said avoid sugar and carbs. What does that mean? Should we avoid sugar in real fruit? Also avoiding carbs? Should I stop eating quinoa and lentils? I’m sure he would agree that we need to avoid “added sugar” and “refined carbs” but he left it way too open ended in my opinion.
Plant based is a start but unless someone has an auto immune or health problem related with meat/chicken it is absolutely essential to healthy living, hatzlacha.
@@gregszczygiel814it’s not that hard look up the keto diet. This is not devoted to health. Be grateful he threw the advice in at the end of the video.
@@gregszczygiel814 Fruit is fine! General rule: if it comes from the ground it is perfect food. The problem is when the fructose is separated from the fiber. Fruit is good for you and have many nutrients and vitamins. Simple carbs are not so good! Lentil and Quinoa are not only tasty THEY ARE WONDERFUL whole foods!
Thank you for valuable information. I am in my 50s.
I am 77 years old and still interested in investing in the stock market.
Good advice... thanks
👍 absolutely excellent advice. I know from my own experience.
his emphasis on the principles of diversification and regular investment is a timeless reminder that patience and prudence are the bedrock of successful personal finance. Excellent points on maintaining discipline even when the market seems against you! 👍