Consumer spending can't save the economy because of sectoral imbalance for example lots of eating out at restaurants can't save manufacturering industry, while hospitality industry does well, same goes in recession non discretionary spending does well than discretionary spending. Higher Taxes and higher interest, austerity measures reduces consumer spending. So spend your money wise love from New Zealand
My husband and I have done really well financially this year. We can't share any details with anybody, not even family. I have already encountered envy. So it will just stay between the two of us. We haven't changed our lifestyle, we're just saving more
My husband's father died. In his father's will, he stated the kids (my husband and his brother) should share the proceeds. His cousin decided she was in the will and told my husband he was greedy. I understand the statement of not discussing it with family.
This is my family as well very greedy and entitled people who are never grateful for the blessings, they have received only wanting more...very sad and very heartbreaking.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
My CFA ’Melissa Terri Swayne’ , 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.
My parents were very frugal. We always had food, we were never cold. But...when one of my Aunts needed a round the clock care or a nursing home they came to my parents to see IF Dad would pay for her constant care. All my relatives homes & furnishings were so much better than ours & most of them hardly ever came to "visit". Then they all thought he was awful because he wouldn't pay for her care. No one ever knew about my parents savings. My Dad said "you don't dare" let people know, then they always want to borrow it!!!!! It is so sad, so very sad.
The same case for my parents too..They are very frugal and each dollar of money they wanted to utilise, my parents will always think twice before making any purchases..In my dad life time, he only had 2 cars during those 80 years of time frame..I think my parents philosophy of money is great and they never waste anything...Because of them, their children has been blessed with good upbringing and life..Being simple is the best just as in the ecozone sector...
@@angellau9738 I grew up frugal also, not as much as my parents. My Sister-in-Law was so frugal I don't know how she does it! One time I had a worker at my home fixing something for me. I offered him a paper towel to dry his hand son. He took about 5 of them to dry his hands on (for that one drying). I about fainted! I need paper towels because of some really dirty wipe ups I have to do, but I only allow myself 1 roll of towels a month, when I'm out, I'm out for that month! If I use them for a clean wipe up I usually hang them up to dry to use again. Just one example of how my brain works being frugal. Thank you for the reply, it's fun to hear a reply! Smiles, Judie
Q I had to learn the hard way. 5x robbed through me back to $0 And even maxing out all credit limits. So after recovering (still working on recovering) I helped my parents SUBTILY. How? I learned what my parents liked. And SECRETLY filled up their kitchen and pantry, in addition getting their dog 🐕 treats, and other things. I paid for 1/2 my mom's luxury car. Occasionally take her out to eat as a treat. It leaves them bills, but gets them ahead. Over the decades, they're on solid ground 👌. Q❤
“Let me tell you about the very rich. They are different from you and me.” -F. Scott Fitzgerald. I worked at a high level recruiting firm as an assistant. We placed people on boards of directors and C Suite (CEOS, CFOS, etc.). I had to interact with these people and only met 1 who treated people below him in rank & title like an equal. He a was a stealth wealth person. The rest treated support staff like a piece of gum stuck on the bottom of their shoe.
@@shelbynamels973 Let me clarify. Yes, the people that wanted the jobs were upper middle class/rich but the people that hired us to fill the positions were wealthy. Many of the CEOs that hired us to place people in Fortune 500 C level jobs were company founders who had crazy equity in their companies. We also worked with the owners of hedge fund and venture capital firms who purchased companies and wanted us to repopulate the C suites. The whole experience changed the way I felt about wealthy people, and not for the better.
If people think you have money, they let you buy their lunches and ask for money. I hide everything now and pay for myself. Big difference. Just keep your finances private.
Here's what I learned this year after not meeting the financial goals I set for myself: don't ever think you're frugal enough already. Taking a long, hard look at what I did wrong I realized I kept reminding myself of how I don't own a car, a dryer, plan and cook my meals and all the other frugal things I do to rationalize my online purchases of things I didn't need, but thought I "deserved". I'm aware of it now and won't repeat this mistake
Behavior of kids with regards to money comes down to intelligence, conscientiousness, and neuroticism personality traits. Plenty of working class kids are terrible with money but no one notices because they didn’t have far to fall and it’s unremarkable. Lots of wealthy kids are extremely shrewd. They also don’t attract a lot of attention.
This is a very true and very important video. I used to work in Private Banking and met a lot of these "trust fund kids". They are almost always psychologically messed up, precisely due to the factors you mention. Humans, like grapes for wine, grow and develop positively through struggle.
Yeah id not signal wealth either. Envy, fake friends, being robbed or hurt....nothing good can come out of it. We must always wear the skin of the simplest of animals if we wish to avoid trouble and suceed. Great vídeo Austin ;)
My friend is like this. He isn't filthy rich but retired in his mid 50's with $2 million saved and will soon inherit even more. He lives in a modest house that can use repairs. We like to cycle the local trails and he gets by with old bikes that barely work. He's kind of a hoarder so I see what's going on. He's 65 now and still hasn't touched his retirement. I do try to encourage him to live a little and enjoy his spoils if not just a little.
I recently saw a video where Steve Jobs once walked through a crowd at one of the Apple stores,and it seemed like people didn’t recognize him because he looked very casual, not flashy. Very humble.
As of right now, I enjoy talking about building my wealth because I want to help others build theirs too. But as I age and my wealth grows, I’ll likely talk about it less and less…because might come a time when I’m so old that my friends around me will have run out of time because they didn’t start investing at a younger age and will likely look to me for financial support when I can’t help them. I often get made fun of for always wanted to talk finance, but I can’t help but wonder if these same people will be laughing when they’re 401k is empty. The best time to save and invest is yesterday, not 50 years old. 🧡 🐪
I hear you. I have developed a reputation among my younger co-workers, and their eyes glaze over in no time when I talk about finances, saving money, and planning for a future. It's really frustrating.
@@ElAgustinI disagree. All that matters is money. Everything else good will come from that. Many people will be envious but the right people will respect it.
The key when you get money is to move away from poor relatives and friends. Then you can live however you like. Most poor people can never stand to be around wealthy people anyway, you are better off without them. It’s not nice, but it’s the way to peace.
I tried to tell my younger brother this but he caved in to peer pressure by our parents. They were enticing him to splurge on luxury cars and vacations. Now he has a voluntary repo on his credit and will have a difficult time getting a place of his own. I told him from the beginning to play broke, stack your checks, move out and then live your life.
Some rich people can be real jerks though. I had a friend who wanted to be my sugar daddy and enjoyed the power he had over me, until I realised and said no more!
Nah, friends and family are the best wealth to have. Just keep one's mouth shut about the amount of money you do have..avoids becoming the Bank of Family.
This is true. My cousin is worth about 7 million but you'd never know it. She lives in an average house in an average area, drives a modest car, wears non brand clothes and is always very understated and frugal. She never mentions her money and often pretends to be poorer than she is saying things like "I can't afford it". I also know others who are wealthy and they also act this way. The people who look rich are often up to their eyes in debt.
The most common car brand ultra wealthy people drive is Toyota. Being wealthy means you didn't spend... if you spend it, you HAD money, and now you have stuff instead of money.
My husband and I paid off our condo recently, at the ages of 38 and 40. Because no kids, no car, low interest rates and no travel or shopping during the covid years. I told a few close friends because I was so happy and it felt like a huge milestone. Big mistake. Now I'm no longer allowed to say that something is expensive if i get hit by a huge vet bill or home repair bill, I get told off. I wish i had found your channel sooner.
I have made this mistake as well thinking it might encourage our young adult kids to follow a similar path or come to us for guidance with finances. I do feel like an ATM or at the very least we get calls with their problems and it feels like they want a bail out. I’ve ask my husband that we are quite from this point forward.
Your video is so true. If you walk into a store dressed to the ninths, you lose the ability to bargain. Your statuesque appearance also prevents you from buying anything cheap. I know quite a lot of people that are like that. Also, when you all go out for a meal - you will always be expected to take the bill. When donations are required, you will not be spared. Not to mention, when they pass the box to you, you dare not put just a $5 bill in it.
I totally agree with borrowing money from friends or family that have to offer, because once they give you once you tend to get back to them when in struggle. I'm so glad that we have family and friends that are willing to help but there must be self control and realize when help becomes a habit and keep on asking for more. I've been in both positions, asked and being asked. At a certain point you need to pay off the debt and change your lifestyle if you can't afford it. And thank you Austin for making me realise that with every single video.
I went to school with a kid in Scarsdale NY. his parents were friends with the Rolling Stones. and they played at his bar mitzvah. this is one of my fondest memories.
My husband and I live very modestly, drive older paid for cars and dress very casually. No one in our neighborhood would guess we have a net worth of 1.5 million. Our neighbors have lots of cars in their drives, RV’s, boats and very large houses. 🤫 I told my hubby , robbers would do better to rob them because they have fancy stuff.
1.5 million in nw in this day an age is hardly 'wealth'. I mean 1.5 million liquid is well on your way to wealth but including your place of residence youre bang on middle class. And if youre sharing your nw on youtube comments I wouldnt be calling it stealth either
Some of those people are the same ones that want you to bail them out when things go poorly for them, if they think you have money. After they flaunt their nice things of course. Keep up what you are doing, don’t let them know you’re doing well. :)
I dont know how people can be so ostentatious. Ive got a couple of really big diamond rings my husband has bought for me over many years. For some reason i am just shy about wearing them...many of our friends and family dont have a lot of money and it just feels like im showing off. Every now and then ill wear them to go out to eat, lol....i love them but dont feel comfortable flaunting. I grew up poor and have worked very hard as a truck driver for 23 years for the little i have. But if i ever do reach wealth, it will definitely be stealth.
that's me...blessed late in life. i have had people tell me that they thought i was just making it. i told them, good! that was my plan! 😅 i said for years, if i ever won the lottery, i'd still be a minimalist
I have aroof over my head. Indoor plumbing heat in the winter plenty of nutritious food and time to relax on paper im below the poverty line. ALL OF MY NEEDS ARE MET keep up the good work austin
I like to be grateful for the same things at times. A roof, indoor plumbing, and hot shower, heating and cooling. More people need to be grateful for what they have.
Same. My mum got 1 house I bought for her. But now she said she wants to live closer to her kids, grandchildren, and make drama everyday.... she wants another house.
I know some people that will display their wealth as much as possible, whether in public or in their social media. they probably got looked down upon in the past so they just gotta prove a point that they got it, despite it is risky making them a target lol
I have autism and I am poor. I am not relatable and I don't have a mansion or a yacht to console me. I agree with you the worst thing of having people knowing you're wealthy is people treating you like an ATM. I'd do the best in my power to conceal my winning if I ever won a lottery prize, for example.
Another important point, many stealth wealth people came from humble beginnings and psychologically are identical to everyone else. Many lived on small incomes for years while they built businesses or moved up the corporate ladder. Very few inherited their wealth.
My husband and I are doing better than most financially. No one would know because we prefer to live modestly and practice minimalism. There isnt a reason to have a lot of things. What we see around us is people who put themselves in debt to keep up with the Jones'. My husband and I call it being house poor. Essentially, most people living in large houses with fancy things dont actually have the money for it and end up stuck in their house without the means to travel and enjoy life. When we see people in homes like that we dont see anything about it to envy. But then when we see people actually enjoying life and traveling the world yet they dont have a large house or new vehicles or designer anything, we see someone who is happy. That is how we are. We tend to buy older phones, vehicles, etc. We even have an older home because we feel that it is probably more reliable than the newer homes. We also thrift shop for ourselves and the environment. Even though to others we may seem "poor", we get to travel and have life experience with excitement.
Knowing that the people in your life love you for you and not for what you have and how they can benefit from you I have not changed anything in my life......I have been blessed to become totally debt free. I am able to save a majority of my salary...friends and family don't know..but I am able to be a blessing...to them and to total strangers and I wish to keep it that way...I live a more peaceful life! 🙏🙏🙏
My husband and I have definitely been living in the ecotone area. Traveling and living on the road we have had the privilege of meeting such a diverse group of people who enjoy the lifestyle. Since we’ve been on this path it’s been so enriching to get us out of our bubble of the small nich of people we knew from only work, family and old friends. So glad we’ve had this opportunity to experience more. Great videos. I enjoy your outlooks on life.
I don't stress about money so much anymore, but I will admit that I keep the fact that I have a couple of dollars (not that much, trust me) in the bank private information. I have several friends who are going through hard times, and I'm sorry for them, I've gone through them as well, and I help when I can. However , everyone needs to take care of themselves.
I agree with much of this; however, I also have known some narcissists in my life who do not recognize the value of other people and relationships . . . and money contributes to their narcissistic lifestyle. They do not see the need for true relationships. They will always focus on themselves and what they can get out of a situation, be it money or attention.
I became rich a few years ago and nothing good came of people knowing it. Nothing horrible either, but I’d rather people didn’t know out of safety concerns, mostly.
Truer words have yet to be spoken! I did miss a certain Adam Sandler reference though 💭 but 100% agree on this. 'If I was rich, no one would know but there'd be signs' memes come to mind!
The more my net worth increases, the more I think this is a BS distinction. I do not show off. But I bought a nice house because that helps my family’s quality of life. That would be perceived as me “showing off.” I don’t think I dress expensively, but to a poor person it certainly looks that way.
This is so true! I became an esthetician and when I was going to school I was always telling my friend I’ll be making a lot more money when I get to practice. And after I got hired and all she started charging me for things or telling me to buy things. And I had to tell her idk what changed in you but I do not make as much money as you think. Actually I don’t make much as I thought lol… I had to bc I think she was starting to seem me as an ATM 🏧
Reminds me of that scene in Invasion of the Body Snatchers when Nichole Kitman had to walk around acting like the aliens in the bodies around her to not be caught.
I remember as a kid we lived in a quite criminally charged environment but that's where the rest of the family was and my parents just started to live together and take care of grandma. We were wealthy, not too rich but we could afford a lot of things, dad was a musician, mom worked whenever she wanted. So my dad got a really expensive car one day and had it stolen after only 3 days. He said he learned his lesson or something and got himself a slightly less expensive car 😂. He couldn't get away with owning luxury things unless we moved. Crazy how you had to blend in to not get robbed 😂. Was pretty weird experiencing that as a kid, you'd hear on the street people openly talking about robbing. That house we lived in back then I heard a couple of years ago got robbed, all gone, my damn pikachu N64 got stolen as well, istg if I find that person who stole it I'll break their legs. I would've said whatever if they just stole the xbox.
If I would be a Billionnaire I will act as a Beggar. I will founding a CHARITABLE INSTITUTION helping those who in need like those who have disability and make an impact to the world. I think that is my CALLING. 🙏
Plot twist: I'd like to spread the fake news that I won a significant amount (not crazy much, maybe a million or less)in the lottery. Let's see what comes crawling out of the woodwork.
I’ve notice kids that worked for parents company and were overpaid. Pretty much had everything given to them are the most miserable people they are popping pills drugs drinking to much and they all have a gold digging wife that won’t work and spends everything so they can keep up with there friends. Glad I grew up lower class
Buy used, but quality, like a Toyota. These vehicles will last an extremely long time (which is good for minimalism/frugality) and with a 2-3 year old Toyota, you don't take the depreciation hit so much, as with a new vehicle.
In the United States, you become a target for a lawsuit if they know you have a lot of money. Judge's tend to take the money from the rich and give to the poor regardless of the merits of the case.
The cost to rent luxury cars and houses is usually absurd, and just because you have money doesn’t mean you don’t mind being ripped off. I’ve owned half a dozen exotic cars, but I’ve only spent $3k/day to rent one, once for one day. It’s not good value.
I know colleagues that love to show off in nice expensive clothes watches phones. Hanging around some wealthy people that does not care much about them. They just wanna be relevant and make others think damn these guys must be quite wealthy while they actually are average people trying to live that's not there's. In that regard, I am not rich by any means but I can afford things. I must say that I feel better having simple stuff hanging around everyone and not even once having a conversation about money. Not having to justify who we are because of what I might pocess is really great
I stopped dressing, and driving my worth some time ago. I had too many Gypsies, Tamps, and Thieves, 304's and Thots, trying to chase after me. Even the Obese ones tried, saying that they had a lot of love inside of them. Ever since I started to dress down, wearing comfortable jeans, or sweats, and dirty sneakers, while driving a twenty-year-old truck, and moved out of the city, they now look past me, them thinking that I'm broke. I now only dress, and drive my worth on business, out of state.
I shifted myself from want and desire basis of lifestyle to a need basis lifestyle. Then I cut off all the needs that I did't need to survive. The only thing that I feel bad about is family thinks I am too poor.😅
when you are rich or show your wealth or even let ppl know your ability to make money, you will become a target that ppl want to get money from by filing all kinds of lawsuits against you.
I’d be retiring/working much less in 5 years and curious to know best how people split their pay, how much of it goes into savings, spendings or investments. I earn around $250k per year, but nothing to show for it yet.
I'm pretty sure Jeff Bezos isn't lacking any hot dogs! LOL Jeff has friends who are also billionaires, so I'm not sure he's lonely (plus he has his va-va-voom GF), but I get the point! I like that at least one billionaire (Makenzie Scott) has the right idea - give lots of money away to help others instead of flaunting it.
Impressive video coverage as always, a great analysis. Newcomers often wonder if it's too late to navigate the financial market, but the market is always unpredictable. Trading has more advantages than simply holding, so it's important to learn before diving in. Active trades are necessary to ride the market's waves. Thanks to Eugenia Eiland’s insights, daily trade signals, and my dedication to learning, I've been increasing my daily earnings. Kudos to the journey ahead!
This information is valuable. I quickly searched her full name and her website appeared instantly, showcasing her impressive qualifications. Thank you for sharing.
The truly wealthy flaunt their wealth & they do it in a classist, above you way. They send their kids to exclusive private schools & donate to causes that give them prestige & tax write offs. They're quiet abt how that wealth was derived, often from extracting labor from lower classes. A know of 1 wealthy family, whose kids, grandkids, great grandkids are trust fund babies (some held political office)...the patriarch made his $$ from shipping future enslaved ppl to the US south & running rum. That kind of wealth harms society. Being comfortably well off (low millions) is wise, but billions ....
When your kid fills out a FASFA Free Application For Student Financial Aid they’ll get to see your assets then unfortunately. I wish the government changed this.
Liked the video Austin Williams. Very well thought out. It has made me think differently about children of wealthy parents and how they may be at a disadvantage compared to kids from other socio-economic classes.
@ElAgustin- serious question here: my sister and brother in law are secretly rich (8-10M).. They are extremely frugal, don't flaunt their $$$. I have had some real hardships in life. Domestic abuse/ expensive divorce/ depression... My modest house needs some major repairs. I have never asked her for money. She knows I am struggling. Am I being unreasonable to think she should OFFER to help? ( If the situation were reversed; I would want to help her out...) I can't help feeling resentment. Any thoughts?
If I won the lottery I would not just hand it out as all that does is make more people put their hand out and expect you to fill every dream they have and when you hood anything back they will attack you for being extremely selfish. No people are not worth it.
@@Craig121000I don’t think it’s mind games. People around you change when they know your net worth. It is best to keep quiet and live your lives as is.
What's another benefits of hiding your wealth?
Friends and family can be extra nice and sweet to someone who has money in hopes they will be named in his will.
Consumer spending can't save the economy because of sectoral imbalance for example lots of eating out at restaurants can't save manufacturering industry, while hospitality industry does well, same goes in recession non discretionary spending does well than discretionary spending. Higher Taxes and higher interest, austerity measures reduces consumer spending. So spend your money wise love from New Zealand
Not looking trashy
Avoid people always asking to borrow money and problems coming from doing that..
Avoiding my friends asking for "loans".
My husband and I have done really well financially this year. We can't share any details with anybody, not even family. I have already encountered envy. So it will just stay between the two of us. We haven't changed our lifestyle, we're just saving more
‘Eh?
My husband's father died. In his father's will, he stated the kids (my husband and his brother) should share the proceeds. His cousin decided she was in the will and told my husband he was greedy. I understand the statement of not discussing it with family.
@@danicegewiss862Entitlement mindset. Sad.
This is my family as well very greedy and entitled people who are never grateful for the blessings, they have received only wanting more...very sad and very heartbreaking.
it will stay between the two of you...but you already experienced envy? sounds like the secret is out
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
My CFA ’Melissa Terri Swayne’ , 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.
Thanks, I just googled her I'm really impressed with his credentials. I reached out to her since I need all the assistance I can get.
My parents were very frugal. We always had food, we were never cold. But...when one of my Aunts needed a round the clock care or a nursing home they came to my parents to see IF Dad would pay for her constant care. All my relatives homes & furnishings were so much better than ours & most of them hardly ever came to "visit". Then they all thought he was awful because he wouldn't pay for her care. No one ever knew about my parents savings. My Dad said "you don't dare" let people know, then they always want to borrow it!!!!! It is so sad, so very sad.
The same case for my parents too..They are very frugal and each dollar of money they wanted to utilise, my parents will always think twice before making any purchases..In my dad life time, he only had 2 cars during those 80 years of time frame..I think my parents philosophy of money is great and they never waste anything...Because of them, their children has been blessed with good upbringing and life..Being simple is the best just as in the ecozone sector...
@@angellau9738 I grew up frugal also, not as much as my parents. My Sister-in-Law was so frugal I don't know how she does it! One time I had a worker at my home fixing something for me. I offered him a paper towel to dry his hand son. He took about 5 of them to dry his hands on (for that one drying). I about fainted! I need paper towels because of some really dirty wipe ups I have to do, but I only allow myself 1 roll of towels a month, when I'm out, I'm out for that month! If I use them for a clean wipe up I usually hang them up to dry to use again. Just one example of how my brain works being frugal. Thank you for the reply, it's fun to hear a reply! Smiles, Judie
@angellau9Simple living is peaceful living 738
Q
I had to learn the hard way.
5x robbed through me back to $0
And even maxing out all credit limits.
So after recovering (still working on recovering)
I helped my parents SUBTILY. How?
I learned what my parents liked. And
SECRETLY filled up their kitchen and pantry, in addition getting their dog 🐕 treats, and other things.
I paid for 1/2 my mom's luxury car.
Occasionally take her out to eat as a treat. It leaves them bills, but gets them ahead. Over the decades, they're on solid ground 👌.
Q❤
Give at as a shark loan buddy,you will not regret it😁
“Let me tell you about the very rich. They are different from you and me.” -F. Scott Fitzgerald. I worked at a high level recruiting firm as an assistant. We placed people on boards of directors and C Suite (CEOS, CFOS, etc.). I had to interact with these people and only met 1 who treated people below him in rank & title like an equal. He a was a stealth wealth person. The rest treated support staff like a piece of gum stuck on the bottom of their shoe.
If you dealt with people in C Suites, you didn't really deal with the really rich. The C suite works for the owners. They are the truly 'very rich'.
@@shelbynamels973 Let me clarify. Yes, the people that wanted the jobs were upper middle class/rich but the people that hired us to fill the positions were wealthy. Many of the CEOs that hired us to place people in Fortune 500 C level jobs were company founders who had crazy equity in their companies. We also worked with the owners of hedge fund and venture capital firms who purchased companies and wanted us to repopulate the C suites. The whole experience changed the way I felt about wealthy people, and not for the better.
If people think you have money, they let you buy their lunches and ask for money. I hide everything now and pay for myself. Big difference. Just keep your finances private.
Here's what I learned this year after not meeting the financial goals I set for myself: don't ever think you're frugal enough already. Taking a long, hard look at what I did wrong I realized I kept reminding myself of how I don't own a car, a dryer, plan and cook my meals and all the other frugal things I do to rationalize my online purchases of things I didn't need, but thought I "deserved". I'm aware of it now and won't repeat this mistake
No need to beat yourself up. Get up, dust yourself off, and continue on your path.
Behavior of kids with regards to money comes down to intelligence, conscientiousness, and neuroticism personality traits. Plenty of working class kids are terrible with money but no one notices because they didn’t have far to fall and it’s unremarkable. Lots of wealthy kids are extremely shrewd. They also don’t attract a lot of attention.
This is a very true and very important video. I used to work in Private Banking and met a lot of these "trust fund kids". They are almost always psychologically messed up, precisely due to the factors you mention. Humans, like grapes for wine, grow and develop positively through struggle.
Yeah id not signal wealth either. Envy, fake friends, being robbed or hurt....nothing good can come out of it. We must always wear the skin of the simplest of animals if we wish to avoid trouble and suceed. Great vídeo Austin ;)
Thank you!!
My friend is like this. He isn't filthy rich but retired in his mid 50's with $2 million saved and will soon inherit even more. He lives in a modest house that can use repairs. We like to cycle the local trails and he gets by with old bikes that barely work. He's kind of a hoarder so I see what's going on. He's 65 now and still hasn't touched his retirement. I do try to encourage him to live a little and enjoy his spoils if not just a little.
He is smart
No flaunting of wealth
It makes you a target
Stay humble and low key
Invest and live a good life
Not doing the repairs will cost him more in the end. Appeal to his frugality.
He does need to live this life not the next 😂😂😂
Scarcity mindset. He should learn how to spend down and enjoy himself more, even if it simply means supporting charitable causes.
Mountain biking?
I recently saw a video where Steve Jobs once walked through a crowd at one of the Apple stores,and it seemed like people didn’t recognize him because he looked very casual, not flashy. Very humble.
As of right now, I enjoy talking about building my wealth because I want to help others build theirs too. But as I age and my wealth grows, I’ll likely talk about it less and less…because might come a time when I’m so old that my friends around me will have run out of time because they didn’t start investing at a younger age and will likely look to me for financial support when I can’t help them. I often get made fun of for always wanted to talk finance, but I can’t help but wonder if these same people will be laughing when they’re 401k is empty. The best time to save and invest is yesterday, not 50 years old. 🧡 🐪
I hear you. I have developed a reputation among my younger co-workers, and their eyes glaze over in no time when I talk about finances, saving money, and planning for a future. It's really frustrating.
From your words I understood once more that the best thing that can happen to a human being is to feel connected with another human being.
It's true! That's why a huge punishment in jail is "isolation." We're social animals!
I do very well in isolation but I'm a different kind of animal 😅@@ElAgustin
@@ElAgustinI disagree. All that matters is money. Everything else good will come from that. Many people will be envious but the right people will respect it.
The key when you get money is to move away from poor relatives and friends. Then you can live however you like. Most poor people can never stand to be around wealthy people anyway, you are better off without them. It’s not nice, but it’s the way to peace.
I tried to tell my younger brother this but he caved in to peer pressure by our parents. They were enticing him to splurge on luxury cars and vacations. Now he has a voluntary repo on his credit and will have a difficult time getting a place of his own. I told him from the beginning to play broke, stack your checks, move out and then live your life.
Some rich people can be real jerks though. I had a friend who wanted to be my sugar daddy and enjoyed the power he had over me, until I realised and said no more!
Nah, friends and family are the best wealth to have. Just keep one's mouth shut about the amount of money you do have..avoids becoming the Bank of Family.
This was one of the most well thought out and articulated videos on an important matter I have seen in a long time.
I appreciate it! I enjoyed making this one!
This is true. My cousin is worth about 7 million but you'd never know it. She lives in an average house in an average area, drives a modest car, wears non brand clothes and is always very understated and frugal. She never mentions her money and often pretends to be poorer than she is saying things like "I can't afford it". I also know others who are wealthy and they also act this way. The people who look rich are often up to their eyes in debt.
FACTS...
People with old money know these things, it’s the nouveau riche that flaunt their wealth 😢
The most common car brand ultra wealthy people drive is Toyota.
Being wealthy means you didn't spend... if you spend it, you HAD money, and now you have stuff instead of money.
Acura is another one.
Haha, I have a 19 year old Toyota
My husband and I paid off our condo recently, at the ages of 38 and 40. Because no kids, no car, low interest rates and no travel or shopping during the covid years. I told a few close friends because I was so happy and it felt like a huge milestone. Big mistake. Now I'm no longer allowed to say that something is expensive if i get hit by a huge vet bill or home repair bill, I get told off. I wish i had found your channel sooner.
I think for me anyway it’s hard to find true friendship. If they are good friends they should be happy for you
I have made this mistake as well thinking it might encourage our young adult kids to follow a similar path or come to us for guidance with finances. I do feel like an ATM or at the very least we get calls with their problems and it feels like they want a bail out. I’ve ask my husband that we are quite from this point forward.
You need better quality friends.
Exactly!!!@@carmenlatham4136
Do you still have hoa fees?
Your video is so true. If you walk into a store dressed to the ninths, you lose the ability to bargain. Your statuesque appearance also prevents you from buying anything cheap. I know quite a lot of people that are like that. Also, when you all go out for a meal - you will always be expected to take the bill. When donations are required, you will not be spared. Not to mention, when they pass the box to you, you dare not put just a $5 bill in it.
I totally agree with borrowing money from friends or family that have to offer, because once they give you once you tend to get back to them when in struggle. I'm so glad that we have family and friends that are willing to help but there must be self control and realize when help becomes a habit and keep on asking for more. I've been in both positions, asked and being asked. At a certain point you need to pay off the debt and change your lifestyle if you can't afford it. And thank you Austin for making me realise that with every single video.
Right on!!
I went to school with a kid in Scarsdale NY. his parents were friends with the Rolling Stones. and they played at his bar mitzvah. this is one of my fondest memories.
My husband and I live very modestly, drive older paid for cars and dress very casually. No one in our neighborhood would guess we have a net worth of 1.5 million. Our neighbors have lots of cars in their drives, RV’s, boats and very large houses. 🤫 I told my hubby , robbers would do better to rob them because they have fancy stuff.
1.5 million in nw in this day an age is hardly 'wealth'. I mean 1.5 million liquid is well on your way to wealth but including your place of residence youre bang on middle class. And if youre sharing your nw on youtube comments I wouldnt be calling it stealth either
Some of those people are the same ones that want you to bail them out when things go poorly for them, if they think you have money. After they flaunt their nice things of course. Keep up what you are doing, don’t let them know you’re doing well. :)
loveandjoy, be proud 1.5M is a big number, doing better than 90% of the world financially.
$1.5m is a big number, I will retire today from regular job n do something else if I had it
I dont know how people can be so ostentatious. Ive got a couple of really big diamond rings my husband has bought for me over many years. For some reason i am just shy about wearing them...many of our friends and family dont have a lot of money and it just feels like im showing off. Every now and then ill wear them to go out to eat, lol....i love them but dont feel comfortable flaunting. I grew up poor and have worked very hard as a truck driver for 23 years for the little i have. But if i ever do reach wealth, it will definitely be stealth.
It's probably best not to, that's like wearing a big target saying 'Come rob me!'
that's me...blessed late in life. i have had people tell me that they thought i was just making it. i told them, good! that was my plan!
😅 i said for years, if i ever won the lottery, i'd still be a minimalist
I have aroof over my head. Indoor plumbing heat in the winter plenty of nutritious food and time to relax on paper im below the poverty line. ALL OF MY NEEDS ARE MET keep up the good work austin
I like to be grateful for the same things at times. A roof, indoor plumbing, and hot shower, heating and cooling. More people need to be grateful for what they have.
If my mother thinks I have money…she will find a way to get it from me. She tries to figure out how much I have but now I don’t share the info.
Sister daughter and uncle here form me....very mean people who will backstab and heartstab to get what they want : (
@@TraceyBergum stay strong and protect yourself.
Same. My mum got 1 house I bought for her. But now she said she wants to live closer to her kids, grandchildren, and make drama everyday.... she wants another house.
@@lilylo7786 people without gratitude will never have enough.
I know some people that will display their wealth as much as possible, whether in public or in their social media. they probably got looked down upon in the past so they just gotta prove a point that they got it, despite it is risky making them a target lol
I have autism and I am poor. I am not relatable and I don't have a mansion or a yacht to console me. I agree with you the worst thing of having people knowing you're wealthy is people treating you like an ATM. I'd do the best in my power to conceal my winning if I ever won a lottery prize, for example.
Please do not play the lottery though…… the odds are stacked against you.
Another important point, many stealth wealth people came from humble beginnings and psychologically are identical to everyone else. Many lived on small incomes for years while they built businesses or moved up the corporate ladder. Very few inherited their wealth.
My husband and I are doing better than most financially. No one would know because we prefer to live modestly and practice minimalism. There isnt a reason to have a lot of things.
What we see around us is people who put themselves in debt to keep up with the Jones'. My husband and I call it being house poor. Essentially, most people living in large houses with fancy things dont actually have the money for it and end up stuck in their house without the means to travel and enjoy life. When we see people in homes like that we dont see anything about it to envy.
But then when we see people actually enjoying life and traveling the world yet they dont have a large house or new vehicles or designer anything, we see someone who is happy.
That is how we are. We tend to buy older phones, vehicles, etc. We even have an older home because we feel that it is probably more reliable than the newer homes. We also thrift shop for ourselves and the environment. Even though to others we may seem "poor", we get to travel and have life experience with excitement.
Knowing that the people in your life love you for you and not for what you have and how they can benefit from you I have not changed anything in my life......I have been blessed to become totally debt free. I am able to save a majority of my salary...friends and family don't know..but I am able to be a blessing...to them and to total strangers and I wish to keep it that way...I live a more peaceful life! 🙏🙏🙏
Very smart of you to be a blessing in secret!
My husband and I have definitely been living in the ecotone area. Traveling and living on the road we have had the privilege of meeting such a diverse group of people who enjoy the lifestyle. Since we’ve been on this path it’s been so enriching to get us out of our bubble of the small nich of people we knew from only work, family and old friends. So glad we’ve had this opportunity to experience more. Great videos. I enjoy your outlooks on life.
I don't stress about money so much anymore, but I will admit that I keep the fact that I have a couple of dollars (not that much, trust me) in the bank private information. I have several friends who are going through hard times, and I'm sorry for them, I've gone through them as well, and I help when I can. However , everyone needs to take care of themselves.
Envious people also comes in the form as encouraging us to use our money where it is unnecessary
I agree with much of this; however, I also have known some narcissists in my life who do not recognize the value of other people and relationships . . . and money contributes to their narcissistic lifestyle. They do not see the need for true relationships. They will always focus on themselves and what they can get out of a situation, be it money or attention.
So true
Amen!
I became rich a few years ago and nothing good came of people knowing it.
Nothing horrible either, but I’d rather people didn’t know out of safety concerns, mostly.
Truer words have yet to be spoken! I did miss a certain Adam Sandler reference though 💭 but 100% agree on this. 'If I was rich, no one would know but there'd be signs' memes come to mind!
The more my net worth increases, the more I think this is a BS distinction. I do not show off. But I bought a nice house because that helps my family’s quality of life. That would be perceived as me “showing off.” I don’t think I dress expensively, but to a poor person it certainly looks that way.
Thank you for this Austin. I love your videos. I’m been starting to start leaning more on minimalism.
Privacy is everything in today world , I couldn’t agree more your opinion, excellent vid again @Austin , your buddy from Myanmar 🎉
Hello!
This is so true!
I became an esthetician and when I was going to school I was always telling my friend I’ll be making a lot more money when I get to practice.
And after I got hired and all she started charging me for things or telling me to buy things. And I had to tell her idk what changed in you but I do not make as much money as you think. Actually I don’t make much as I thought lol… I had to bc I think she was starting to seem me as an ATM 🏧
Thanks for keeping my mind active with your outstanding videos. Thank you, Austin Williams!
Thanks!!
Great video
Stress reduction helps one’s health
My advice:- show wealth but just as much what others could handle.
Reminds me of that scene in Invasion of the Body Snatchers when Nichole Kitman had to walk around acting like the aliens in the bodies around her to not be caught.
This is one of my favorite videos on RUclips. Pure wisdom and sense.
I remember as a kid we lived in a quite criminally charged environment but that's where the rest of the family was and my parents just started to live together and take care of grandma. We were wealthy, not too rich but we could afford a lot of things, dad was a musician, mom worked whenever she wanted. So my dad got a really expensive car one day and had it stolen after only 3 days. He said he learned his lesson or something and got himself a slightly less expensive car 😂. He couldn't get away with owning luxury things unless we moved. Crazy how you had to blend in to not get robbed 😂. Was pretty weird experiencing that as a kid, you'd hear on the street people openly talking about robbing. That house we lived in back then I heard a couple of years ago got robbed, all gone, my damn pikachu N64 got stolen as well, istg if I find that person who stole it I'll break their legs. I would've said whatever if they just stole the xbox.
Some great points, point 4 especially. It may sound like paranoia, but you just never know what crazy mofos got their prying eyes on your wealth.
If I would be a Billionnaire I will act as a Beggar. I will founding a CHARITABLE INSTITUTION helping those who in need like those who have disability and make an impact to the world. I think that is my CALLING. 🙏
unfortunately, being a billionaire is not your calling.
@12:18 YES!!! Not to mention the superficial nature of the Kardashian existence in general.
Plot twist: I'd like to spread the fake news that I won a significant amount (not crazy much, maybe a million or less)in the lottery. Let's see what comes crawling out of the woodwork.
I’ve notice kids that worked for parents company and were overpaid. Pretty much had everything given to them are the most miserable people they are popping pills drugs drinking to much and they all have a gold digging wife that won’t work and spends everything so they can keep up with there friends. Glad I grew up lower class
I’ve seen kids inherit their parents’ successful businesses and run them into bankruptcy. Ultimate entitlement.
There's a video by The Onion on RUclips titled, "CEO Worked Way Up From Son Of CEO." It's very funny.
@@ElAgustinI’ll have to watch that
I have experienced the opposite. However, there were some perks though.
My uncle@@GrannyLinn
@7:21 Love this one - So true
Your the best..your insights its real life
Great video. Thank you very much. Best regards Greg
Can you do a video on purchasing a vehicle? Should I buy new or used and the benefits from a minimalist point of view
Buy used, but quality, like a Toyota. These vehicles will last an extremely long time (which is good for minimalism/frugality) and with a 2-3 year old Toyota, you don't take the depreciation hit so much, as with a new vehicle.
I like a lot the comparison with ecosystems ✌️
In the United States, you become a target for a lawsuit if they know you have a lot of money. Judge's tend to take the money from the rich and give to the poor regardless of the merits of the case.
You can just rent expensive stuff if you want to simply have the experience of trying it out. Then you can give it back when you're bored
The cost to rent luxury cars and houses is usually absurd, and just because you have money doesn’t mean you don’t mind being ripped off. I’ve owned half a dozen exotic cars, but I’ve only spent $3k/day to rent one, once for one day. It’s not good value.
Parents can hide wealth and even live very simply, but still fail to instill the value of hard work in their children.
I know colleagues that love to show off in nice expensive clothes watches phones. Hanging around some wealthy people that does not care much about them. They just wanna be relevant and make others think damn these guys must be quite wealthy while they actually are average people trying to live that's not there's. In that regard, I am not rich by any means but I can afford things. I must say that I feel better having simple stuff hanging around everyone and not even once having a conversation about money. Not having to justify who we are because of what I might pocess is really great
I stopped dressing, and driving my worth some time ago. I had too many Gypsies, Tamps, and Thieves, 304's and Thots, trying to chase after me. Even the Obese ones tried, saying that they had a lot of love inside of them.
Ever since I started to dress down, wearing comfortable jeans, or sweats, and dirty sneakers, while driving a twenty-year-old truck, and moved out of the city, they now look past me, them thinking that I'm broke. I now only dress, and drive my worth on business, out of state.
I shifted myself from want and desire basis of lifestyle to a need basis lifestyle. Then I cut off all the needs that I did't need to survive.
The only thing that I feel bad about is family thinks I am too poor.😅
Great video. Mr. Smart Pants!!!
That's why they say it's lonely at the top.
I agree with this completely!
El Augustine’s real net worth: 15,000,000. Stealthy dude!! :)
I guess being accepted by others is important to some people.
9:20 Ecotone... very interesting. My city would be considered an ecotone - to the south is Detroit, to the north is exclusive rich cities.
when you are rich or show your wealth or even let ppl know your ability to make money, you will become a target that ppl want to get money from by filing all kinds of lawsuits against you.
🎯
I’d be retiring/working much less in 5 years and curious to know best how people split their pay, how much of it goes into savings, spendings or investments. I earn around $250k per year, but nothing to show for it yet.
it is never too early or late to start retirement planning, there are advisors out there that can help you build a personalized plan
@9:17 OMG Yes. Thank you for this content.
Thanks for watching!
@@ElAgustin - Just rewatched that part and noticed a misspelling :)
I know some guys in Texas, who will not tell any ladies they are rich. Why? Because they want to be accepted for friendship and not money. ❤
Don't be overtly private. For example, when people see an obscured house on Google Streets they assume that the owner has something to hide.
I'm pretty sure Jeff Bezos isn't lacking any hot dogs! LOL Jeff has friends who are also billionaires, so I'm not sure he's lonely (plus he has his va-va-voom GF), but I get the point! I like that at least one billionaire (Makenzie Scott) has the right idea - give lots of money away to help others instead of flaunting it.
Rich people have rich friends
It’s because otherwise they get used. (Havent watched the Video)
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I’ve just looked up her full name on my browser and found her webpage without sweat, very much appreciate this
This information is valuable. I quickly searched her full name and her website appeared instantly, showcasing her impressive qualifications. Thank you for sharing.
Eugenia Eiland is her name. you can run a background check on her. she has a web presence
After searching for Eugenia Eiland online, it's evident that she is a true professional.
Reason i invest in the crypto market; to make my money work for me, to prevent inflation from eroding my savings
Well said my friend!
An unusual video from your other ones but an excellent one regardless! Glad to see your channel growing steadily Agustin!
Thanks!
Very good vidéo Augustin as usuel..
Thanks for sharing your experience in Equador, really interesting and useful
The truly wealthy flaunt their wealth & they do it in a classist, above you way. They send their kids to exclusive private schools & donate to causes that give them prestige & tax write offs. They're quiet abt how that wealth was derived, often from extracting labor from lower classes. A know of 1 wealthy family, whose kids, grandkids, great grandkids are trust fund babies (some held political office)...the patriarch made his $$ from shipping future enslaved ppl to the US south & running rum. That kind of wealth harms society. Being comfortably well off (low millions) is wise, but billions ....
When your kid fills out a FASFA Free Application For Student Financial Aid they’ll get to see your assets then unfortunately. I wish the government changed this.
Always stay hidden, as the sniper always shoot the emerging bird
Liked the video Austin Williams. Very well thought out. It has made me think differently about children of wealthy parents and how they may be at a disadvantage compared to kids from other socio-economic classes.
@ElAgustin- serious question here: my sister and brother in law are secretly rich (8-10M)..
They are extremely frugal, don't flaunt their $$$. I have had some real hardships in life. Domestic abuse/ expensive divorce/ depression...
My modest house needs some major repairs. I have never asked her for money. She knows I am struggling. Am I being unreasonable to think she should OFFER to help? ( If the situation were reversed; I would want to help her out...) I can't help feeling resentment.
Any thoughts?
She sounds just like my sister.... : ( only mine will stab you in the back to get more!!!!
Work for them. Leverage your skills and offer something - you have to be willing to show that you're willing to be creative and open minded.
Well, insightful!
Use common sense and be yourself.
For validation.
Great video thank you
Shout out for NOT talking about god! THANK YOU. It’s such a relief to get information without indoctrination.
Everything good you have is because of God!
@@TraceyBergumplease tell me more of this god you speak of. I want to know EVERYTHING!
@@TraceyBergum who is this god you speak of? Tell me more.
And everything bad too
Oh yes, dames y Caballero's is back!
It is!
What a great video!
Glad you enjoyed it!
If I won the lottery I would not just hand it out as all that does is make more people put their hand out and expect you to fill every dream they have and when you hood anything back they will attack you for being extremely selfish. No people are not worth it.
Again a great video. Keep up the amazing work! Greetings from the Netherlands
You didn't even watch it, he just uploaded it 1 minute ago
Hallöchen! Wie gehts?
@@axeltech9914 yeashedias
Thank you, Austin. While not wealthy, I deem my finances a personal matter. Some things are not to be shared.
Thank you!
When people show off their wealth, they spend it faster or they don't have as much as much as they advertise. I prefer to keep people guessing.
@@Craig121000 Really? Lol. We're doing just fine. Making snap judgements about someone who just said wasting money is a waste makes you pathetic.
@@Craig121000I don’t think it’s mind games. People around you change when they know your net worth. It is best to keep quiet and live your lives as is.
Wealth over fame every time. White bird in a golden cage must be a very lonely place to be.
So they quit asking for loans they’ll never pay back