Thank you all for your support guys. If you could, please share this video if you liked it. I've dropped off the youtube Algo's for disappearing for a year. Also, check the video description for full list of books
This is one of the best channels I have watched, your info is straight and onto point. Keep it up !! I am engineering apprentice myself who moved from manufacturing to sales engineering and this is where my interest in learning about money started.
I saw this video and now am subscribed! I can super relate to you. I am 25, spent 6 year in school getting a bachelors and masters in Mechanical Engineering. Now am a beginner investor, budget my income like crazy and understand most of what you just said. My goal is to build multiple income streams like you said, over time. Patience is key!
Can you expand more on what this means? What I'm getting from this is that if you start helping yourself, then that is when the self-help shall start than reading something in a book, blog, article, etc...
@@Darknight526 the direct meaning is - "GO HELP YOURSELF FIND THE BOOK" but yeah if you wanna go deeper. Action / behavior changes > researching/thinking/planning
eddie barrios I agree. 😩😂 However, I’ma still go with the guy who read the 50 books. You only know what he tells you. If you take it at 20 minute face value. I’m sure he knows way more. I mean... it’s 50 books 🤷🏽♂️ Doubt you could put all that knowledge in 20 minutes.
His first book is good idk about the others. But if the books good enough for will smith to force his kids to read it. It's probably a good book for anyone.
I am not saying that his advice aren't good just that he went bankrupt multiple times and tried to sell scammy seminaries (that he brainwashed us to take into his books) and investments. I think that there are very good advices on the 'rich' mentality and on real estate but the story on rich dad is fake and so the majority of his books, even if they can be good.
He’s not successful because he read 50 books on one subject. That just shows the crazy discipline and work ethic that made him successful in the first place.
@@videoafter10ksubs If you can generate that on your own, without an employment contract, you're doing much better than most people. He's definitely on his way up.
“In the case of good books, the point is not to see how many of them you can get through, but rather how many can get through to you.” - Mortimer J. Adler
@@lolwtnick4362 What's an "enrolled agent?" Most jobs CPA's have may be done by someone with a finance degree and some additional credentials/work experience, but at some point there is a CPA (or maybe a J.D) putting their name on the paperwork. CPA is kind of the gold standard in that field (or course there are other routes but generally they require more education or the right experience/connections). Also, most CPA's work for bigger firms/corps and even when they open their own practice many don't do individual taxes. In that realm maybe there's not a big need for a CPA, but I'm not sure. Individual tax is generally considered a less lucrative practice but of course it depends on what lifestyle you want, if you want something less intensive than corp tax, want a nice gig after you're retired, etc.
Man, I really appreciate that you have answered my questions. I can see the clarity and determination in your eyes, you certainly know what you are talking about. Thanks
Both are different ways of providing capital to the company, so basically youre lending the money, in this case not for interest but for sharing the profits.
*My books for the year:* *1.* The Intelligent Investor *2.* Think & Grow Rich *3.* The Clash of The Cultures: Investment vs Speculation *4.* The Millionaire Next Door *5.* Rich Dad Poor Dad *6.* The Richest Man in Babylon *7.* The Way of The SEAL *8.* Ten Steps Toward Christ *9.* The Automatic Millionaire *10.* Index Funds & ETFs *11.* The Little Book of Common Sense Investing *12.* Stocks For The Long Run If you'd like, comment a MUST READ and I'll add it to my list!!
MotoCzar I would recommend reading Rich Dad Poor Dad first, as it will set everything in perspective then reading think & grow rich either second or last. It’s probably the most important one of this last. That book is a life changer. Best of luck to you on your journey my friend.
@@losackp taxation is the subscription fee for living in society. if you were to seriously take all the stuff people take for granted like roads, military, and clean water etc and try to pay for it yourself THEN compare it to what you pay in taxes.... you'll realize the chunk out of your check is a BARGAIN
@@CLIQUE_NO_LINK_ABAIXO Just because a thing you like/need is expensive does not mean you should avoid it. Societies are VERY difficult to make yourself. Accounting for time, effort, and money, it makes far more sense to find the best VALUE in the existing marketplace for your societal needs.
Me: Watches a video about time given to the government Me: sitting through 6 ads on this RUclipsrs video in the first 5 minutes Me: feeling used In the same way this guy feels used by the Government
Here in the Netherlands we pay way more taxes than that, but as a Dutchie I don't see it as ''giving my years to the government or giving my money to the government". As a citizen I actually see how the tax money is spent so it is totally worth it. Healthcare is great, public transport is great, tuition for university is great (2k per year), the roads are great which is awesome because we can bike everywhere, elementary and high school education is of great standards almost everywhere... and a myriad of other things I would have to give up on in a country that facilitates its people not paying taxes on a wide scale. It is still possible to support taxes while wanting to become financially free, I don't see the need to demonise taxes all the time. Trust me, Ive been a fan of the whole Rich Dad Poor Dad make money online movement, but I feel that it presents an individualistic society too much. It's all about how we should "take care of OUR family" and not society as a whole. Maybe its easy for me to say these things, but I felt like Id love a bit more middle ground when it comes to these topics. Sorry Garen, this is not just about your video I realise, but it sparked this thought in me that I wanted to share.
@@fbk8004 Cause most people dont know the simplest application of statistics and how to incorporate that into a strategy. Oh an they want to start trading with nickels. Get 20 grand first.
@@avatar1867 what's wrong with starting small? Nowadays there are a lot of Brokers that have minimal fees so why shouldn't someone get started with a few hundred bucks? I'm Genuinely curious.
This is the first “financial life hack” type video that I’ve seen that feels genuine and honest. I’m so excited to see where this goes next and I am genuinely rooting for you. Keep it up bro. Subscribed
TLDR: -pay the least amount of taxes possible -start your own corporation -"this is how much I made in a year" (throwing around numbers to confuse you) -dont have loan debts
Too much confidence Phillips!! Thanks for putting things together. 1.Taxes 2. Compound Interest 3. Debt 4. relationships, 5. Diversification 6. Aim big 7. Milestones are important than goals 8. Honest
There are very complex arguments about taxation. And they are rarely adressed. Talking about money and taxes without economics and philosophy is going to take you to shallow places.
Nice video Garen, but I feel it not only about reading money related books. You should also enlighten people on the rewards of investing. Well I have been earning a $2k consistent weekly profits off my investment and that sure feels good.
Well I invest in the Forex markets and I've been earning a consistent $2k weekly profits from a $25k capital invested. It's feels so good earning off your investment.
You'll never be a millionaire because you have focused too much of you life thinking how to be rich. Rich people become rich by being productive members of society and following thier passion, the money is a bonus not the goal.
Man I wished this video was directed towards the whole world and not just USA. I live in Denmark, and I don´t have the same "avoid the tax system, the government is evil" kinda mindset. Yes I know I will spend a lot of time "working" for the government, but I have also spent a lot of time living of the government. More or less the first 25 years, if I study, is paid by the government, when I´m going to have kids, i´m gonna receive support, if I´m ever sick or injured i`m going to receive support, when i´m going to retire i´m going to get support. I want to give back, and I don´t mind "working" for the government, because in the end, they worked for me my entire life. I wanted to know more about what perspective the rich has on money, and less about how to avoid taxes.
I mean the whole "avoid taxation like the plague" is basically theft. Those who are avoiding taxes are stealing from those who work hard to contribute to society as a whole. Infrastructure is built with tax money. The same rich people that run away from taxes take advantage of that infrastructure and make lucrative deals with the government they complain about.
I was never much of a book reader growing up but thanks to motivators like you, my daughters and youtube we now have been given the opportunity to read and share kids books with the rest of the world! THANK YOU
The implication that paying taxes should be avoided is such an American way of thinking. You don't ever think of what those taxes buy YOU. You don't think that you can sleep at night because you have a police force protecting you or that your trash gets picked up because you paid for it to be. The more people in the world that think this way, the worse of your country is for the average person. (The abhorrent healthcare system is the prime example). People need to stop thinking they are the 0.1%. Of course strive to work hard and achieve, but don't do that by taking food out of the mouths of your fellow countrymen. That said, I completely subscribe to the utilisation of compound interest as a mechanism for making money and encouraging saving.
@K M Roads, schools, the military, the fire department, hospitals and infrastructure. If you want to live in the jungle and only work for yourself fine, but we live in a society. Stop all the social programs and see how quickly the pitchforks and torches come out. Then you'll have a bigger problem than taxes.
@K M Haha, so it's like that :D. Ok that's fine if you choose to ignore the effects of world events on our prosperity. But, just some food for through, if you care to consider it. The US Navy keeps all trade route of the world open and free, in that there is freedom of navigation. I would like you to think about what would happen if Iran controlled the Strait of Hormuz, if Egypt controlled the Suez or if China controlled the Straits of Malacca. It's something I did not think about until later in life. If those other things could exist without tax money, I would be interested to read the study about how, short of public funding, public services could be provided. I know countries that don't pay their taxes on a large scale, Russia, Pakistan, India and Greece and it seems that they have serious issues.
1. Income tax and inflation keeps you poor 2. Rich people own businesses and pay for things using their business 3. Rich people measure things in time and money second 4. Rich people compound their money and Hyper-optimize their finite time 5. Aim big and laying stones is more important than the road 6. Debt will make you rich 7. Multiple streams of income 8. You are the 5 closest people to you
This should be a mandatory watch in high school. Great introduction to managing and making money. Can't believe this only has 7k views. Deserves millions of views.
@@joelchoilatulippe1685 If you want schools to teach this why don't you organize a community of like-minded/opinionated people and request subjects like these become part of the curriculum. Contact your local Superintendent. You CAN make a change, and it starts at the local level. Plus subjects like these, while they require some level of thinking, you wouldn't be able to understand without a basic foundation of math, which unfortunately many students don't develop for various reasons like households that do not nurture learning or growing classroom sizes, and cultural shifts in education.
12:55 When you invest in the stock market you are acquiring equity not debt (and unless you buy newly issued shares are not giving money to the company directly). Buying corporate bonds might be a better example!
Yeah I was really thrown off when he said this. Not at all what you're doing when you invest in the market. Unless of course IPO or newly issued shares.
Tommy Hammernots Interesting perspective! I suppose that’s true. When you buy a share of a company you are buying a portion of their entire balance sheet, both assets & liabilities. But you are not “lending,” money to be paid back at a later date (as would be the case with a debt instrument) you are buying a portion of the company with the belief that either your equity will be worth more in the future or that the company will generate sufficient profits to payout healthy dividends to shareholders (or both).
Chris you are entirely right, they are called equities for a reason. Buying a corporate bond from a company is buying debt, so Garen Phillips is wrong on this.
Self-employed corporations pay about 60% in taxes, while workers pay 40%. This was explained in Rich Dad Poor Dad but not mentioned in this video. You need 500 employee level to pay 20% in taxes at the big business level. Certain investments and investment companies is what can pay closer to 0% in taxes each year, especially in real estate, gold mines, oil rigs, solar farms, etc, that the government wants us to create.
Wrong...in corpprations you pay taxes only in what you spend. This guy explained it clearly but you did not get it... here it goes. Incorporate yourself and spend as little as possible from your yearly salary. Example: you made 100.000 a year. So you keep 70.000 Keep all that money in the corporation or open a holding company and keep it there. You wont pay taxes on that income until you spend in a future...like when you retire and you belong to a smaller tax bracket. Inside the corporation or holding you can still invest all that money. And grow interes. At least it is like this in canada.
Reading for self improvement changed my life. When I was in high school I started reading everyday even on my break when I worked at McDonald’s. My family was poor and struggled a lot so I was determined to make something out of my life. Now I’m graduating college and starting my job on Wall Street in August.
I personally don't think that it is a must read book. If you have even just a little bit intelligence, believe me kind find how this works for just a little thinking.
I “Liked” this video but I want to emphasize the points I disagree with. 1. Taxes are not a bad thing. Taxes buy us good schools, roads & bridges, parks, healthcare, etc. They fuel local communities to help them thrive. 2. Surrounding yourself with the people who have the same exact goals and values as you is BORING. I don’t want a homogenous friend group. I want people in my life who think differently than me, believe differently, will support me but also challenge me. It’s very important. You don’t need to rely on your own friend group to get you to your financial goals. A bunch of white dudes that all have money? The last group of people I want to spend my free time with.
I don’t think he is advocating against government, he is advocating lowering your taxes which really means we need the cosy of government to come down. My town manager of 50k people collects almost $500k per year in compensation, the value created by him is 1/10 his pay. That is what we are railing against, cost of government, which usurps private wealth.
Taxes don’t fuel communities. Most fund un necessary government committees and administrations whose only job is to administer regulations which restrict production and stifle the economy
The most expensive way to pay for things is to pay for it through government. We need private schools, private roads and a free and competitive healthcare system! I heard once that 40 cents out of every dollar spent on health care Is spent on fraud or waste. The government is a significant reason for that. Government is an expensive burden on the economy, *not* an asset. Government is a luxury that we pay to have.
That's a very egocentric way to see things. If you see the government as the enemy it's true what you say. But you have to realize we are the government, and we, the people, choose who do we want managing our assets and resources. We all have roads, parks, schools, medical facilities, defense, many utilities, justice, and so and so on because of that money. The mentality of rich people is the problem, because in their minds, they all want one thing, more money than the rest of us, and the most eficiente way to do that, isn't working, it's avoiding taxes and hoarding all the money for themselves. Sure, some of them can get rich if they are smarter than other but that is so wrong in so many ways. You are part of a bigger problem.
Throwing money at a wasteful government doesn’t make a person virtuous. Not throwing money at a wasteful government doesn’t make somebody a bad person. Not to mention the fact that businesses also pay taxes, so it’s not like the necessary programs aren’t getting funded. Maybe when the government stops taking so much money from people and wasting it on wars, greed and political favors, people wouldn’t have such a problem with being taxed.
I agree. Of course it's a pain to see inefficiencies in how tax money is invested sometimes. But repeating "YEAH, that's 1 dollar that I won't have to give away" seems very wrong to me.
10:10 when you talk about how much money investing in the stock market accumulates, you also have to subtract the taxes from your profits, which e.g. in Germany (where I live) are at 25% when liquidating your profits
@@theo2466 nope, we do have some programms which have tax benefits, but its not like its just an simple account in which you can choose what to invest in. Those are entire products. But they perfom badly, which makes them not viable.
I stopped listening the moment you mentioned paying taxes and implied that doing so is a bad thing. My friend, the foundations on which your entire life was made possible were built with taxes (and private sector money too, admittedly.) The roads your travel, the education you receive, the social security, and more. Taxes built the civilisation around you and avoiding or dodging them is screwing over future generations. The goal isn't to avoid or minimise taxes, it's to pay them and help society grow. You can still make an absolute fortune and live like a king whilst paying your full tax rate. No doubt about it. Many do it.
My problem is that I'm supposed to be giving literal years of my life like this guy highlighted to the government when all they're going to do is bail out some corporation that didn't have the financial vision to have a fucking rainy day fund when times get tough, or to send Americans halfway across the globe to kill and get killed by innocent brown people for oil, or for Donald Trump's little golf trips. You've got me fucked up if you think I want to be contributing a dime to any of that bullshit.
If you pay yourself little, then do you make most of your money though the returns on your assets? Also I just read Rich Dad Poor Dad. Do you recommend reading the cashflow quadrant as well? Or in your opinion is it just a repeat of Rich Dad Poor Dad?
Thats why people in the us cant afford to stay home for a month while germany for example has safety nets for everyone and cheap healthcare 3 million covid cases in the US is a symptom of what this guy in the video is preaching about People only living for themselves, not paying taxes, seeking only materialistic value Love thy neighbour? Republicans will laugh in your face
Reading no doubt is the best legacy especially when it comes to investments, however not all that read have the gift to transform their readings into investments. It is better you invest through the service of an expert that the take the risk on your behalf.
@Dr.'sorders If you think wealth correlates to legacy; you're very wrong,deluded and childish. You're remembered by what value you provided to society. Hell most people in investing,consulting and trading circles don't know of Ray Dalio. There are around 1000 Billionaires yet not even 100 are household names while an average person identifies and associates around 6k people througha lifetime.
Funny thing is, being rich doesnt even make you happy. Of course it gets you happier to a certain point, since you stop worrying about debts, what to do in case of an accident or emergency etc. But beyond that point, it really doesnt. For too many people wealth becomes like a clicker-style game. It doesnt make sense, they dont need it, and most likely dont make them happy. Life satisfaction is probably going to be the same if you make 120k/year or 2million/month. This is why so many celebrities either spiral into drugs or become "philantropists" (because helping others actually makes you feel good).
of course taxes suck, thats money that you cant spend or invest in yourself, and we all know the government sucks at spending wisely. But lets not get carried away, we need roads, a defense budget, a social safety net. If no one paid taxes we would be in trouble.
MULTIPLE SOURCES OF INCOME STAY OUT OF DEBT DONT TRADE TIME FOR MONEY MAKE MONEY WORK FOR YOU CREATE TAX FREE WEALTH TAXES WILL KEEP YOU POOR START AS EARLY AS POSSIBLE
I'm pretty surprised that this guy basically starts by saying that, if you want to get rich, you have to find a way to pay as little taxes as possible, and gets alle these likes.
Francesco B. I agree, people like him who avoid contributing to society in the form of taxation are the worst kind. I don’t say this from a position of need as I have a successful career but I understand that others are not so fortunate.
Well I don't see these kind of acts as a bad behaving looking from the perspective of ethics and morals etc. As long as it is legal, well it is not something bad. Actually your government or state or whatever is on the rule allows you to do that. It is a kind of thing that is under the responsibility of your government or state etc, not yours. :D
Ok I’m glad I’m not the only one who thought that was unethical. I thought I was crazy😅 so the people with the MOST money and the MOST time get to absolve themselves of their societal taxing responsibilities and the people that comprehensively and comparatively have less don’t get to do that...makes sense...
This is the most amazing video on this topic I’ve ever seen. I’ve tried to explain these concepts to people but the way you’ve done it is so succinct. I’ll be sending everyone who asks about money this video Really really good work. Subscribed
one book I HIGHLY recommend everyone is a book that when I brought it first a year ago I couldn't understand shit it in ...now ...as I go through the pages ..ITS A WHOLE TREASURE of knowledge ..... the book is "Thinking fast and slow"
2:40 I realize that in Portugal I give to the government 29% of my salary and if I was in the US I only have to give 20.7%... Great video man...+1 more sub!
One thing that I learned the hard way was that friends ≠ business partners. I had 3 friends that wasted 3 years of my life. I only talk to one of them today
Check out the book "How to get Rich" by Felix Dennis. Felix recommends not having business partners at all. However, if you do have to take a partner, Felix recommends a "Mexican shootout" clause for your partnership.
Yeah been there it's incredibly difficult to be friends and business partners, the relationships for both of those are inverse to one another (one is fun, the other is stressful). They say the two ways to lose family or friends is to either lend the money and expect it back, or to go into business with them.
The rich avoid paying taxes while still making use of all the things that taxes fund (military/schools/hospitals/firefighters/roads/clean water/clean air/scientific research). It's well known that more wealth is being concentrated by the rich: The top 0.1% of U.S. families now own roughly the same share of wealth as the bottom 90%. The problem is the majority of people vastly underestimate the problem and continue to allow it. We're at a point now where eight rich people, six of them Americans, own as much combined wealth as half the human race. Since those rich don't pay nearly as much in effective taxes, this means less tax revenue overall for everyone. Combine that with government policy that has been largely sabotaged after being bought out by lobbying done by those same rich 0.1% so that they can get even richer, we've seen a massive decline in the quality of the services that government used to provide. This is the reason why the richest country in the world still has starving children, rampant homelessness, crumbling infrastructure, terrible education system (as you pointed out), lack of scientific funding, and a disaster of a medical system. Topically, we're currently observing the direct result of our broken system with the COVID-19 pandemic. Why don't we have proper levels of PPE in stockpile? Why don't we have tests available for those who need them? Why has our vaccine research so vastly underfunded for decades? Because those things only would help the majority, and didn't make the 0.1% profit. Therefore, we didn't do them. We've forced literal billions of people to suffer and live a significantly worse life so that a room full of people can live in unbelievable extravagant excess with more money than they could ever spend.
Please use paragraphs. What you're saying is important, but many people will just gloss over it because all we see is a big blob of text. I'm sorry, but humans are lazy.
First I just wanted to say this was a really good video, you summarised the lessons really well and brought out the key lessons from the various books you've read. Most of what you said I agree with. However there were a couple of points that you said that "sounded good" but they weren't really true or based on reality or you were coming from a self-centered point of view. Tl:dr Giving taxes to the government isn't inherently eating away at your life and you're part of society so those dollars are part of what makes the economy run. Entrepreneurs end up working more hours for their business than normal 9-5 workers, so saving some "years" through paying less taxes is meaningless since the time has passed for you like anyone else, but you physically have fewer hours to dedicate to other pursuits that aren't related to making money. So at the beginning you placed a lot of emphasis on taxes and the years "given" to the government. This was really an over-simplification that made it untrue. Let me explain. On the face of it, I have no problem with what you said that the first 2.5 months of the year working, you're effectively earning money for the government. Implicitly you're making the point that this was somehow a "bad" or "not ideal" scenario. The fact is the dollars are being used one way or another to make the economy work. Government workers get paid through taxes. You forgot that although we are individuals, we live in a society, and a society has a massive web of networks and relationships that are intertwined and interconnected. Yes you may have worked 2.5 months to pay the government. But perhaps you've paid a day of someone's wages indirectly. And this is a good thing, as nations prosper when we work together and prosper together. Having said that I do agree that you should take all the legal measures to reduce how much taxes you pay since you're not in control of how the government allocates those taxes. The second point which was just plain wrong was somehow if you pay less taxes, you magically get more time. Let me demonstrate the fallacy in how you explained this. Let's say hypothetically you're going to die in 10,000 days from now. You've worked from January 2019 to December 2019 and through your business you only now "gave" the goverment 1.5 months of your time. Well, whether you earned 1 million dollars that year or just 1 dollar, the year still passed for you. The fact is to make 1 million would have required an input in time, and making 1 dollar a year would have required a lack of input of time. It sorts of balances each other out. You haven't gained 1 month at the end of the year, since it passed for you just like it passed for everything else on the planet. Once those seconds run out, they run out. Now if you mean in terms of "opportunity cost" you're wrong here as well. Most people work 35-45 hours a week for the salary they get. Assuming they didn't work over-time, they still have over 100 hours a week to do with as they pleased. Entrepreneurs and business owners on the other hand HAVE to put at least 80 hour weeks in (usually) to get their business off the ground and make the money they want to make from it. In terms of time, the ones working 35 hour weeks have 45 more hours than the entrepreneur working 80 hours. After the year passes you're only closer to your death, you haven't magically given yourself back any time. However as a counterargument to my point you could through your efforts initially, end up freeing a lot of your time in the future. The one working 35 hours a week is forced to work till retirement but the entrepeneur could become financially free and therefore frees up his time which he doesn't have to dedicate to actively working. I think a much better explanation of the taxes bit was to demonstrate that money you save from taxes can be utlised for yourself in better ways than perhaps what the goverment might use it for. Explaining this in terms of time just plain isn't reality. No matter how efficiently you manage and spend every second of every hour of every day, you have a limited amount of time to spend. The fact is using a mathematical explanation is useful to highlight a concept, but in the real world, people's time just passes, and each month they're still getting their money, food and necessities paid for. The 2.5 months is spread across the year. All you can do today is make the intentions to carry out better actions and using your time better.
House hacking is life changing man. I’ve done this 4 times now and grow my passive net income to $2,600/month and my net worth to over 300k in just 4 years.
Been a while since I've seen any of your content. Last time was when I started trading a year ago. Glad you're back, some of the best stuff I've seen on tubes
It says "net" also which I think can be confusing, as tax brackets are typically based on gross income, not net. According to debt dot org, the brackets for 2019 filing year (as a single filer not married) are as follows...1. 10% $0-9,700, 2. 12% $9,701-39,475, 3. 22% $39,476-84,200, 4. 24% $84,201-160,725, 5. 32% $160,726-204,100, 6. 35% $204,101-$510,300, and lastly 7. 37% on everything earned above $510,300.
Really interesting video and very informative. I especially liked what you said about time, people don't realize how valuable time is, as we don't understand that time is limited, but money really is not. However, I would say that these successful people that you don't consider rich, like doctors or lawyers derive a sense of accomplishment from their work that I would say makes them richer than those with leisure not to work so hard. Also while your point on taxes is well taken, remember that those taxes pay for the favorable environment for the business we carry out. They pay for security, infrastructure, education and government programs that make it all possible. I pay my taxes and I'm happy to pay them.
Thank you all for your support guys. If you could, please share this video if you liked it. I've dropped off the youtube Algo's for disappearing for a year. Also, check the video description for full list of books
This is one of the best channels I have watched, your info is straight and onto point. Keep it up !! I am engineering apprentice myself who moved from manufacturing to sales engineering and this is where my interest in learning about money started.
No! Why did you put the day trading on hold? Learned alot from the videos you made regarding day trading
I saw this video and now am subscribed! I can super relate to you. I am 25, spent 6 year in school getting a bachelors and masters in Mechanical Engineering. Now am a beginner investor, budget my income like crazy and understand most of what you just said.
My goal is to build multiple income streams like you said, over time. Patience is key!
Good news, this video was suggested to me today (April 13) and I'm checking out your channel for the first time. :)
Garen Phillips Sure. Done. Thanks for vid. And for description.
I went to a bookstore and asked the saleswoman, 'Where's the self-help section?' She said if she told me, it would defeat the purpose.
George Carlin
@UserName George Carlin was a comedian, it's both
I love George carlin He is a genius
XDDDDD
Can you expand more on what this means? What I'm getting from this is that if you start helping yourself, then that is when the self-help shall start than reading something in a book, blog, article, etc...
@@Darknight526 the direct meaning is - "GO HELP YOURSELF FIND THE BOOK" but yeah if you wanna go deeper. Action / behavior changes > researching/thinking/planning
inflation? puf, i´m from argentina, i was raised by inflation
Bernardo jaja me too...
That's a better mindset than 99% of Americans lmao
This is too funny
@Im a Guy official is like 65 but parallel is like a hundred (and that's the one that counts smh)
Bernardo I understand this too much
Knowledge is nothing without application.
This post was made by engineer gang
Yup
Knowledge is nothing without knowledge
Application is nonexistent without proper knowledge
Knowledge is just knowledge without application:)
What I learned is that the way to make money is to write books about making money.
for sure, or make a youtube channel about it.
Was that not a quote from some famous guy?
Yes but i guarantee you guys would still fail...No offense
Then do it and see...
The way to make money is basically talk about anything related that money 💰
Who’s smarter?
The guy who read 50 books to get some knowledge?
Or the guy who just watches a 20 minute video.
Underrated comment
eddie barrios I agree. 😩😂
However, I’ma still go with the guy who read the 50 books.
You only know what he tells you.
If you take it at 20 minute face value.
I’m sure he knows way more.
I mean... it’s 50 books 🤷🏽♂️ Doubt you could put all that knowledge in 20 minutes.
Good comment !
But is it smart to think that he could condense the understanding of reading 50 BOOKS... in what .. 20 minutes?
Think over !
he made money from this tho...
The guy who actually applied those 50 books
Be careful with Robert Kyosaki : the man became rich selling books, not doing real estate.
true
he owns real estate?
His knowledge has made me more money than anything else in the world the man saved my life.
His first book is good idk about the others. But if the books good enough for will smith to force his kids to read it. It's probably a good book for anyone.
I am not saying that his advice aren't good just that he went bankrupt multiple times and tried to sell scammy seminaries (that he brainwashed us to take into his books) and investments. I think that there are very good advices on the 'rich' mentality and on real estate but the story on rich dad is fake and so the majority of his books, even if they can be good.
What I learned about reading 50 books on money
*puts 1000 ads on video*
AshChapmanTV use the brave browser. No ads on anything at all if you choose. If you want to watch ads they’ll pay you a small amount every month.
I haven't seen an ad in the middle of a video in years 😂 y'all need RUclips premium
download an adblocker lol... I have "AdBlock"
@@mc-ob7vp alright babe
Google vanced RUclips
He’s not successful because he read 50 books on one subject. That just shows the crazy discipline and work ethic that made him successful in the first place.
💙🦾
I wouldn't call 75k/year successful yet.
Patrick Patrick that’s subjective.
@@videoafter10ksubs Depends on what you value as success, what you prioritise in life and how much dept you're in.
@@videoafter10ksubs If you can generate that on your own, without an employment contract, you're doing much better than most people. He's definitely on his way up.
Money has no value if you ain’t using it to flourish.
True, Damon. Can't wait for a new video
yess Damon D I agree!!
hmm
“In the case of good books, the point is not to see how many of them you can get through, but rather how many can get through to you.” - Mortimer J. Adler
GODLOVESYOU
Can’t wait for the “how to find a great lawyer and CPA”. I think that very very needed for everyone
Thank God I am working towards becoming a CPA
@@Schoondogg cpa is garbage. you can just get a BA and become an enrolled agent and do the exact same thing for cheaper.
@@lolwtnick4362 What's an "enrolled agent?" Most jobs CPA's have may be done by someone with a finance degree and some additional credentials/work experience, but at some point there is a CPA (or maybe a J.D) putting their name on the paperwork. CPA is kind of the gold standard in that field (or course there are other routes but generally they require more education or the right experience/connections).
Also, most CPA's work for bigger firms/corps and even when they open their own practice many don't do individual taxes. In that realm maybe there's not a big need for a CPA, but I'm not sure. Individual tax is generally considered a less lucrative practice but of course it depends on what lifestyle you want, if you want something less intensive than corp tax, want a nice gig after you're retired, etc.
Can’t hurt me by David Goggins is a must read. In my opinion it is the best book that fits into the mindset and psychology category.
I completely agree with you. recommend 10/10 to anyone
I bought the audio book. And it was One of the easiest books to listen too cause it was so good. 💯
agree 100%. just finished this on audible and completely changed my mindset
Another book that so good is Atomic Habits by James Clear.
David Goggins is a life changer, if you're willing to change yourself, I recommend everyone to listen to his story!
The richest man in Babylon is by far my favorite book.
Same!
Even mine
50 books and the only one he refers to through 90% of the video is Rich Dad Poor Dad.
Lol
If you don't know anything about money it's probably the best book to read.
You should also watch the full video lol
I'm sure you didn't watch the whole thing before typing this rubbish
Someone didn’t watch the whole video... 🙄😂
Man, I really appreciate that you have answered my questions. I can see the clarity and determination in your eyes, you certainly know what you are talking about. Thanks
When you buy stock you're not lending money, you're buying a portion of the company, If you buy a bond then you're lending the money
What are you trying to prove? The concept is make money work for you not work for money! F off
banemen27 very correct
Both have pros and cons
Krabby Krabby Yeah definitely
Both are different ways of providing capital to the company, so basically youre lending the money, in this case not for interest but for sharing the profits.
*My books for the year:*
*1.* The Intelligent Investor
*2.* Think & Grow Rich
*3.* The Clash of The Cultures: Investment vs Speculation
*4.* The Millionaire Next Door
*5.* Rich Dad Poor Dad
*6.* The Richest Man in Babylon
*7.* The Way of The SEAL
*8.* Ten Steps Toward Christ
*9.* The Automatic Millionaire
*10.* Index Funds & ETFs
*11.* The Little Book of Common Sense Investing
*12.* Stocks For The Long Run
If you'd like, comment a MUST READ and I'll add it to my list!!
MotoCzar I would recommend reading Rich Dad Poor Dad first, as it will set everything in perspective then reading think & grow rich either second or last. It’s probably the most important one of this last. That book is a life changer. Best of luck to you on your journey my friend.
@@marcmunoz8412 I agree, Rich dad poor dad is not technical, but it gives you the motivation and the right mentality to start
Napoleon Hill - Outwitting the Devil if you liked Think and Grow Rich
Jocko Willink - Extreme Ownership
Dr Jordan Peterson - 12 rules for life
Read these two, find this comment and u can thank me :D
@@Ivobe2 I read Peterson's book but it has nothing to do with finance
Expectation: "What I learned reading 50 books on money"
Reality: "tAxAtIoN iS tHeFt"
Taxation is theft. You making fun of that statement says a lot about how little you know about the general topic of finance.
Ademola Thomas Oh! Do tell!
@@losackp taxation is the subscription fee for living in society. if you were to seriously take all the stuff people take for granted like roads, military, and clean water etc and try to pay for it yourself THEN compare it to what you pay in taxes.... you'll realize the chunk out of your check is a BARGAIN
@@flexcortex3293 Yes, but you should still try to run away from it.
@@CLIQUE_NO_LINK_ABAIXO Just because a thing you like/need is expensive does not mean you should avoid it. Societies are VERY difficult to make yourself. Accounting for time, effort, and money, it makes far more sense to find the best VALUE in the existing marketplace for your societal needs.
Me: Watches a video about time given to the government
Me: sitting through 6 ads on this RUclipsrs video in the first 5 minutes
Me: feeling used In the same way this guy feels used by the Government
Get an ad blocker.
@@emojidinosaur7300 i have a ad blocker, but i watch ads if they have put in the work like this guy
Here in the Netherlands we pay way more taxes than that, but as a Dutchie I don't see it as ''giving my years to the government or giving my money to the government". As a citizen I actually see how the tax money is spent so it is totally worth it. Healthcare is great, public transport is great, tuition for university is great (2k per year), the roads are great which is awesome because we can bike everywhere, elementary and high school education is of great standards almost everywhere... and a myriad of other things I would have to give up on in a country that facilitates its people not paying taxes on a wide scale.
It is still possible to support taxes while wanting to become financially free, I don't see the need to demonise taxes all the time. Trust me, Ive been a fan of the whole Rich Dad Poor Dad make money online movement, but I feel that it presents an individualistic society too much. It's all about how we should "take care of OUR family" and not society as a whole.
Maybe its easy for me to say these things, but I felt like Id love a bit more middle ground when it comes to these topics.
Sorry Garen, this is not just about your video I realise, but it sparked this thought in me that I wanted to share.
I totally agree with your comment. Commenting so that it gets to top comment :)
Everyone mentions the Rich Dad, Poor Dad book but I don’t think it’s that good personally.
it doesn't take in consideration a lot of things,risk in the first place .
Marian Hanson Counsellor & Coach it’s a good way to start in my opinion
@@centanhotbox84 could you please take your creepy comments and put them in a box and burry it forever? thanks.
That is your opinion and your opinion is wrong.
Wail Chalabi exactly z it’s ok but I prefer Think and Grow Rich
Haaaaa jokes on you. I’m in the Army, I’m all ready giving years of my like to the government😂😂.......😐........🙁...........😫
life
1 year in army compares to 7 years in civil 😁
Ps. Stay frosty
Getting paid 30k to kill brown people.
Feel your pain.
At least you can save pretty much your entire income that's a positive right? you can have a lot of money saved by the time you're free
Anytime someone starts mentioning "becoming a day trader" it just loses credibility for me.
I mean it WOULD make you a shitload of money if you take the years to master it but most people will fail at it
Care to explain why?
@@fbk8004
Cause most people dont know the simplest application of statistics and how to incorporate that into a strategy.
Oh an they want to start trading with nickels. Get 20 grand first.
Trading sucks!
@@avatar1867 what's wrong with starting small? Nowadays there are a lot of Brokers that have minimal fees so why shouldn't someone get started with a few hundred bucks? I'm Genuinely curious.
i have seen this video three times - other than being a book worm I just applaud the effort gone into this! great video and topic
This is the first “financial life hack” type video that I’ve seen that feels genuine and honest. I’m so excited to see where this goes next and I am genuinely rooting for you. Keep it up bro. Subscribed
Hah! Caught my attention with the beginning. That was funny.
🤦🏻♂️ there is SO much nuance you left out
Wait what, people get paid weekly in the USA?
- Martijn Houttuin
or every 2 weeks. It depends on the job.
I get paid monthly, and my husband gets paid every two weeks.
I was surprised by that too, such a foreign concept to me
TLDR: -pay the least amount of taxes possible
-start your own corporation
-"this is how much I made in a year" (throwing around numbers to confuse you)
-dont have loan debts
too long didn't read (?) .
don't know basic math and blame it on him trying to be confusing haha
Too much confidence Phillips!! Thanks for putting things together.
1.Taxes
2. Compound Interest
3. Debt
4. relationships,
5. Diversification
6. Aim big
7. Milestones are important than goals
8. Honest
50 books? That's like 25% of the Chartered Accountants syllabus.
"How putting a million ads in my video makes me money"
None of us like paying taxes but remember that they pay for our hospitals, police, schools...
Yes that's true, but I think you missed the point.
Then you give them all of our tax money.
True, but it also goes to useless wars, bailing out rich people and bureaucracy.
They actually pay mostly the interest on Government debt I believe.
There are very complex arguments about taxation. And they are rarely adressed.
Talking about money and taxes without economics and philosophy is going to take you to shallow places.
I found that reading 50 books on how to make money, meant that I didn't have time to make money.
Can you imagine work to pay taxes until July every year? Come here and live in Italy if your are brave.
Come to Poland if you think you have it tough :)
@@stanleygodspeed4009 Poland taxes can't be higher than Italy! ;-)
@@SalvatorePellitteri I could bet on that, also we have tons of hidden taxes amd really complicated (expensive) burocracy. Stay healthy back there!
@@stanleygodspeed4009 we are on the same boat, my friend, be safe.
Or come in Bulgaria, taxes are cheap here! :) Stay safe, both of you guys.
Nice video Garen, but I feel it not only about reading money related books. You should also enlighten people on the rewards of investing.
Well I have been earning a $2k consistent weekly profits off my investment and that sure feels good.
It's better to have an investment make money for you, having multiple streams of income is the first step to becoming wealthy.
AGREED!
Multiple streams of income is the first step towards becoming wealthy.
Yeah it best to have an investment make you money but how do one go about such investment?
Well I invest in the Forex markets and I've been earning a consistent $2k weekly profits from a $25k capital invested. It's feels so good earning off your investment.
Vigil I've heard about the forex markets but I haven't earned from it.
How do you earn from it?
You'll never be a millionaire because you have focused too much of you life thinking how to be rich. Rich people become rich by being productive members of society and following thier passion, the money is a bonus not the goal.
Man I wished this video was directed towards the whole world and not just USA. I live in Denmark, and I don´t have the same "avoid the tax system, the government is evil" kinda mindset. Yes I know I will spend a lot of time "working" for the government, but I have also spent a lot of time living of the government. More or less the first 25 years, if I study, is paid by the government, when I´m going to have kids, i´m gonna receive support, if I´m ever sick or injured i`m going to receive support, when i´m going to retire i´m going to get support. I want to give back, and I don´t mind "working" for the government, because in the end, they worked for me my entire life. I wanted to know more about what perspective the rich has on money, and less about how to avoid taxes.
I mean the whole "avoid taxation like the plague" is basically theft. Those who are avoiding taxes are stealing from those who work hard to contribute to society as a whole. Infrastructure is built with tax money. The same rich people that run away from taxes take advantage of that infrastructure and make lucrative deals with the government they complain about.
I was never much of a book reader growing up but thanks to motivators like you, my daughters and youtube we now have been given the opportunity to read and share kids books with the rest of the world! THANK YOU
Man...you have changed. I love it and am exited for the future of your channel. You are gonna be big man!
Income tax 'takes' years of my life away so that the most vulnerable can afford to live a few years of their own, ideally.
Ryan until corrupt politicans spend it all for b...sh..
*Ideally*
Exactly, the whole concept of this video is flawed
What? Nah
Exactly right!
I like that he was straight forward about using RUclips as a passive income, I’ll gladly support that
DO NOT BECOME AN EMPLOYEE, own your own business. Save just enough money for 3-6 months of expenses. Invest the rest!
The implication that paying taxes should be avoided is such an American way of thinking. You don't ever think of what those taxes buy YOU. You don't think that you can sleep at night because you have a police force protecting you or that your trash gets picked up because you paid for it to be.
The more people in the world that think this way, the worse of your country is for the average person. (The abhorrent healthcare system is the prime example). People need to stop thinking they are the 0.1%. Of course strive to work hard and achieve, but don't do that by taking food out of the mouths of your fellow countrymen.
That said, I completely subscribe to the utilisation of compound interest as a mechanism for making money and encouraging saving.
@K M Roads, schools, the military, the fire department, hospitals and infrastructure. If you want to live in the jungle and only work for yourself fine, but we live in a society. Stop all the social programs and see how quickly the pitchforks and torches come out. Then you'll have a bigger problem than taxes.
@K M Haha, so it's like that :D. Ok that's fine if you choose to ignore the effects of world events on our prosperity. But, just some food for through, if you care to consider it. The US Navy keeps all trade route of the world open and free, in that there is freedom of navigation. I would like you to think about what would happen if Iran controlled the Strait of Hormuz, if Egypt controlled the Suez or if China controlled the Straits of Malacca. It's something I did not think about until later in life. If those other things could exist without tax money, I would be interested to read the study about how, short of public funding, public services could be provided. I know countries that don't pay their taxes on a large scale, Russia, Pakistan, India and Greece and it seems that they have serious issues.
"how can i afford that "
Rich that poor that
Wowtschik more like rich dad poor dad not rich that poor that
@@darshshah79 ikr that made me lol
@Darsh Shah you can substitute that for anything, e.g.- Rich Mom Poor Mom and so on...
@@josephducreux2878 Rich Boy Poor Girl? fair enough? 😌😂
Hahaha 30% income tax. Hightest income tax in germany is 45%.
Hahahaha sucks for Germans
If you get to that bracket money is no problem for you. €250k/year is sure a lot, and until that from 60ish is 42 top (which still is a lot)
"How I can afford it" is from Rich dad poor dad.
dont say i cant afford it, say how can i afford it
Thumbs down for all the commercials. Didnt even listen to 1 second of the content.
1. Income tax and inflation keeps you poor
2. Rich people own businesses and pay for things using their business
3. Rich people measure things in time and money second
4. Rich people compound their money and Hyper-optimize their finite time
5. Aim big and laying stones is more important than the road
6. Debt will make you rich
7. Multiple streams of income
8. You are the 5 closest people to you
This should be a mandatory watch in high school. Great introduction to managing and making money. Can't believe this only has 7k views. Deserves millions of views.
Share it man, best way to help me out. Thanks for the love
It's packed with value and the list of books is excellent.
Schools don’t want you to learn that because you wouldn’t become specialized and a good worker
no no no, the more people who watch it, the less chance i have of ever becoming part of the 1% looool
@@joelchoilatulippe1685 If you want schools to teach this why don't you organize a community of like-minded/opinionated people and request subjects like these become part of the curriculum. Contact your local Superintendent. You CAN make a change, and it starts at the local level. Plus subjects like these, while they require some level of thinking, you wouldn't be able to understand without a basic foundation of math, which unfortunately many students don't develop for various reasons like households that do not nurture learning or growing classroom sizes, and cultural shifts in education.
this is a very very well edited video. A lot of knowledge. Thank you Garen.
Did you read The millionaire fast line? Or How to be a capitalist without any capital?
12:29 I'm "rich" but my income is extremely low. It's likely that you make more money than me. That goes for anyone reading this
Wow your taxes are so low! I pay 40% tax... so depressing
12:55 When you invest in the stock market you are acquiring equity not debt (and unless you buy newly issued shares are not giving money to the company directly). Buying corporate bonds might be a better example!
Yeah I was really thrown off when he said this. Not at all what you're doing when you invest in the market. Unless of course IPO or newly issued shares.
Tommy Hammernots Interesting perspective! I suppose that’s true. When you buy a share of a company you are buying a portion of their entire balance sheet, both assets & liabilities. But you are not “lending,” money to be paid back at a later date (as would be the case with a debt instrument) you are buying a portion of the company with the belief that either your equity will be worth more in the future or that the company will generate sufficient profits to payout healthy dividends to shareholders (or both).
This is correct. I think he tried to simplify it for his audience but his example is not accurate but it does help to get his point across.
Chris you are entirely right, they are called equities for a reason. Buying a corporate bond from a company is buying debt, so Garen Phillips is wrong on this.
Exactly
Self-employed corporations pay about 60% in taxes, while workers pay 40%. This was explained in Rich Dad Poor Dad but not mentioned in this video. You need 500 employee level to pay 20% in taxes at the big business level. Certain investments and investment companies is what can pay closer to 0% in taxes each year, especially in real estate, gold mines, oil rigs, solar farms, etc, that the government wants us to create.
Wrong...in corpprations you pay taxes only in what you spend.
This guy explained it clearly but you did not get it... here it goes.
Incorporate yourself and spend as little as possible from your yearly salary. Example: you made 100.000 a year. So you keep 70.000
Keep all that money in the corporation or open a holding company and keep it there. You wont pay taxes on that income until you spend in a future...like when you retire and you belong to a smaller tax bracket.
Inside the corporation or holding you can still invest all that money. And grow interes.
At least it is like this in canada.
Shame you didn't read Capital. That 5.9 years given to the government pales in comparison to what your employer takes from you.
Reading for self improvement changed my life. When I was in high school I started reading everyday even on my break when I worked at McDonald’s. My family was poor and struggled a lot so I was determined to make something out of my life. Now I’m graduating college and starting my job on Wall Street in August.
The intelligent investor and rich dad poor dad
Gonna do audible 30 day free trialsoon and am going to listen to some of these books. Can't wait
I personally don't think that it is a must read book. If you have even just a little bit intelligence, believe me kind find how this works for just a little thinking.
I just read rich dad poor dad. Which of the two did you prefer?
Please don't use that ominous background music again. Anxiety, man.
That was the goal! haha it's called the ticking clock effect :D
You have missed the greatest book of alls : LIVE FREE by William Wilson. Some really good advices how to prosper
I love the Richest Man in Babylon- great for young people actually
Doesn’t really matter that you’ve read 50 books... I’d rather read one book five times then five books one time
I “Liked” this video but I want to emphasize the points I disagree with.
1. Taxes are not a bad thing. Taxes buy us good schools, roads & bridges, parks, healthcare, etc. They fuel local communities to help them thrive.
2. Surrounding yourself with the people who have the same exact goals and values as you is BORING. I don’t want a homogenous friend group. I want people in my life who think differently than me, believe differently, will support me but also challenge me. It’s very important. You don’t need to rely on your own friend group to get you to your financial goals. A bunch of white dudes that all have money? The last group of people I want to spend my free time with.
I don’t think he is advocating against government, he is advocating lowering your taxes which really means we need the cosy of government to come down. My town manager of 50k people collects almost $500k per year in compensation, the value created by him is 1/10 his pay. That is what we are railing against, cost of government, which usurps private wealth.
Local taxes are less bad. Federal taxes are inevitable but really bad.
Taxes are good if you live in a country where government is not corrupt.
Taxes don’t fuel communities. Most fund un necessary government committees and administrations whose only job is to administer regulations which restrict production and stifle the economy
The most expensive way to pay for things is to pay for it through government. We need private schools, private roads and a free and competitive healthcare system! I heard once that 40 cents out of every dollar spent on health care Is spent on fraud or waste. The government is a significant reason for that. Government is an expensive burden on the economy, *not* an asset. Government is a luxury that we pay to have.
That's a very egocentric way to see things. If you see the government as the enemy it's true what you say. But you have to realize we are the government, and we, the people, choose who do we want managing our assets and resources. We all have roads, parks, schools, medical facilities, defense, many utilities, justice, and so and so on because of that money.
The mentality of rich people is the problem, because in their minds, they all want one thing, more money than the rest of us, and the most eficiente way to do that, isn't working, it's avoiding taxes and hoarding all the money for themselves. Sure, some of them can get rich if they are smarter than other but that is so wrong in so many ways. You are part of a bigger problem.
💯
Throwing money at a wasteful government doesn’t make a person virtuous. Not throwing money at a wasteful government doesn’t make somebody a bad person. Not to mention the fact that businesses also pay taxes, so it’s not like the necessary programs aren’t getting funded. Maybe when the government stops taking so much money from people and wasting it on wars, greed and political favors, people wouldn’t have such a problem with being taxed.
I agree. Of course it's a pain to see inefficiencies in how tax money is invested sometimes. But repeating "YEAH, that's 1 dollar that I won't have to give away" seems very wrong to me.
10:10 when you talk about how much money investing in the stock market accumulates, you also have to subtract the taxes from your profits, which e.g. in Germany (where I live) are at 25% when liquidating your profits
25%? I wish. It´s 26,375 % :/
don't you have a special account for reducing taxes ? The French PEA is only taxes 17% if i remember well
if you have a roth ira or a 401k in america you can take the cash out at 60 all tax free
@Music Account if you do the math over a long time period, lets say 30-40 years, it is a lot, no question. Do you even invest?
@@theo2466 nope, we do have some programms which have tax benefits, but its not like its just an simple account in which you can choose what to invest in. Those are entire products. But they perfom badly, which makes them not viable.
I stopped listening the moment you mentioned paying taxes and implied that doing so is a bad thing. My friend, the foundations on which your entire life was made possible were built with taxes (and private sector money too, admittedly.) The roads your travel, the education you receive, the social security, and more. Taxes built the civilisation around you and avoiding or dodging them is screwing over future generations.
The goal isn't to avoid or minimise taxes, it's to pay them and help society grow. You can still make an absolute fortune and live like a king whilst paying your full tax rate. No doubt about it. Many do it.
My problem is that I'm supposed to be giving literal years of my life like this guy highlighted to the government when all they're going to do is bail out some corporation that didn't have the financial vision to have a fucking rainy day fund when times get tough, or to send Americans halfway across the globe to kill and get killed by innocent brown people for oil, or for Donald Trump's little golf trips. You've got me fucked up if you think I want to be contributing a dime to any of that bullshit.
If you pay yourself little, then do you make most of your money though the returns on your assets? Also I just read Rich Dad Poor Dad. Do you recommend reading the cashflow quadrant as well? Or in your opinion is it just a repeat of Rich Dad Poor Dad?
definitely read cashflow. It's the second book on my must read list
"Paying income taxes makes you poor"... *cries in Swedish socialism and 33% minimum tax*
Oricand i take back my pain
But in Sweden you’ve got almost free education and healthcare. So you’re basically like a super rich American anyway.
Thats why people in the us cant afford to stay home for a month while germany for example has safety nets for everyone and cheap healthcare
3 million covid cases in the US is a symptom of what this guy in the video is preaching about
People only living for themselves, not paying taxes, seeking only materialistic value
Love thy neighbour? Republicans will laugh in your face
Reading no doubt is the best legacy especially when it comes to investments, however not all that read have the gift to transform their readings into investments. It is better you invest through the service of an expert that the take the risk on your behalf.
Experts are the best in this case but be protected by getting yourself the licensed and reliable ones .
How do I get in touch with the accredited and reliable ones?
You do not need many of them at a time, just get yourself only one that will take the risk of the investment for you.
I invested with PATRICE ANN ISABELLA with $120,000 and I made over $378,000 within four months. She is available on the web and live here in the USA.
Thanks so much , I think it is time I gave stocks a chance.
If this is what being rich entails, I don't want to do it.
Same, thought I'd be getting tips. Instead I got sent into an existential spiral wondering why the world caters to the rich
What did you expect? Serious question though im interested
@@arburon03 Not sure, to be honest! I guess it probably should've been this, I was just curious what all books he had read.
@Dr.'sorders If you think wealth correlates to legacy; you're very wrong,deluded and childish. You're remembered by what value you provided to society. Hell most people in investing,consulting and trading circles don't know of Ray Dalio. There are around 1000 Billionaires yet not even 100 are household names while an average person identifies and associates around 6k people througha lifetime.
Funny thing is, being rich doesnt even make you happy. Of course it gets you happier to a certain point, since you stop worrying about debts, what to do in case of an accident or emergency etc. But beyond that point, it really doesnt.
For too many people wealth becomes like a clicker-style game. It doesnt make sense, they dont need it, and most likely dont make them happy. Life satisfaction is probably going to be the same if you make 120k/year or 2million/month.
This is why so many celebrities either spiral into drugs or become "philantropists" (because helping others actually makes you feel good).
of course taxes suck, thats money that you cant spend or invest in yourself, and we all know the government sucks at spending wisely. But lets not get carried away, we need roads, a defense budget, a social safety net. If no one paid taxes we would be in trouble.
MULTIPLE SOURCES OF INCOME
STAY OUT OF DEBT
DONT TRADE TIME FOR MONEY
MAKE MONEY WORK FOR YOU
CREATE TAX FREE WEALTH
TAXES WILL KEEP YOU POOR
START AS EARLY AS POSSIBLE
This guy sounds like me when he was still broke and clueless!
What do you mean by that?
I'm pretty surprised that this guy basically starts by saying that, if you want to get rich, you have to find a way to pay as little taxes as possible, and gets alle these likes.
Francesco B. I agree, people like him who avoid contributing to society in the form of taxation are the worst kind. I don’t say this from a position of need as I have a successful career but I understand that others are not so fortunate.
@@crt1983uk There are more ways to contribute to society than taxes.
Well I don't see these kind of acts as a bad behaving looking from the perspective of ethics and morals etc. As long as it is legal, well it is not something bad. Actually your government or state or whatever is on the rule allows you to do that. It is a kind of thing that is under the responsibility of your government or state etc, not yours. :D
People are losing faith in institutions globaly, look it up.
Ok I’m glad I’m not the only one who thought that was unethical. I thought I was crazy😅 so the people with the MOST money and the MOST time get to absolve themselves of their societal taxing responsibilities and the people that comprehensively and comparatively have less don’t get to do that...makes sense...
" tax will keep you poor " * every spanish running to andorra
Man who goes to sleep with itchy butt wakes up with smelly fingers
i learned more from this video that is packed with valuable information vs a class in school teaching useless stuff
This is the most amazing video on this topic I’ve ever seen. I’ve tried to explain these concepts to people but the way you’ve done it is so succinct.
I’ll be sending everyone who asks about money this video
Really really good work.
Subscribed
Talks about saving your time and then advertises his instagram. Marketing logic.
one book I HIGHLY recommend everyone is a book that when I brought it first a year ago I couldn't understand shit it in ...now ...as I go through the pages ..ITS A WHOLE TREASURE of knowledge .....
the book is "Thinking fast and slow"
What did u get from.it
so tired of working my ass off to get paid shit.... im gonna flip my life around this year, i had it.
2:40 I realize that in Portugal I give to the government 29% of my salary and if I was in the US I only have to give 20.7%...
Great video man...+1 more sub!
One thing that I learned the hard way was that friends ≠ business partners. I had 3 friends that wasted 3 years of my life. I only talk to one of them today
Check out the book "How to get Rich" by Felix Dennis. Felix recommends not having business partners at all. However, if you do have to take a partner, Felix recommends a "Mexican shootout" clause for your partnership.
Yeah been there it's incredibly difficult to be friends and business partners, the relationships for both of those are inverse to one another (one is fun, the other is stressful). They say the two ways to lose family or friends is to either lend the money and expect it back, or to go into business with them.
what do you think about family? For example having your money come on and do some of the administrative task?
@@TheIvyLeagueInvestor I've never really thought about that. I've never had to work on business with family so I can't honestly say
Indigo Azai that’s fair!
I would add one more great book:
The Personal MBA by Josh Kaufman |
That book sucks. There is no shortcut to MBA
The rich avoid paying taxes while still making use of all the things that taxes fund (military/schools/hospitals/firefighters/roads/clean water/clean air/scientific research). It's well known that more wealth is being concentrated by the rich: The top 0.1% of U.S. families now own roughly the same share of wealth as the bottom 90%. The problem is the majority of people vastly underestimate the problem and continue to allow it. We're at a point now where eight rich people, six of them Americans, own as much combined wealth as half the human race. Since those rich don't pay nearly as much in effective taxes, this means less tax revenue overall for everyone. Combine that with government policy that has been largely sabotaged after being bought out by lobbying done by those same rich 0.1% so that they can get even richer, we've seen a massive decline in the quality of the services that government used to provide. This is the reason why the richest country in the world still has starving children, rampant homelessness, crumbling infrastructure, terrible education system (as you pointed out), lack of scientific funding, and a disaster of a medical system. Topically, we're currently observing the direct result of our broken system with the COVID-19 pandemic. Why don't we have proper levels of PPE in stockpile? Why don't we have tests available for those who need them? Why has our vaccine research so vastly underfunded for decades? Because those things only would help the majority, and didn't make the 0.1% profit. Therefore, we didn't do them. We've forced literal billions of people to suffer and live a significantly worse life so that a room full of people can live in unbelievable extravagant excess with more money than they could ever spend.
Please use paragraphs. What you're saying is important, but many people will just gloss over it because all we see is a big blob of text.
I'm sorry, but humans are lazy.
Great to see that you are interested in Composer.
I hate how the way you get rich is to avoid helping other people in the country aka pay taxes
First I just wanted to say this was a really good video, you summarised the lessons really well and brought out the key lessons from the various books you've read. Most of what you said I agree with.
However there were a couple of points that you said that "sounded good" but they weren't really true or based on reality or you were coming from a self-centered point of view.
Tl:dr Giving taxes to the government isn't inherently eating away at your life and you're part of society so those dollars are part of what makes the economy run. Entrepreneurs end up working more hours for their business than normal 9-5 workers, so saving some "years" through paying less taxes is meaningless since the time has passed for you like anyone else, but you physically have fewer hours to dedicate to other pursuits that aren't related to making money.
So at the beginning you placed a lot of emphasis on taxes and the years "given" to the government. This was really an over-simplification that made it untrue. Let me explain. On the face of it, I have no problem with what you said that the first 2.5 months of the year working, you're effectively earning money for the government. Implicitly you're making the point that this was somehow a "bad" or "not ideal" scenario. The fact is the dollars are being used one way or another to make the economy work. Government workers get paid through taxes. You forgot that although we are individuals, we live in a society, and a society has a massive web of networks and relationships that are intertwined and interconnected. Yes you may have worked 2.5 months to pay the government. But perhaps you've paid a day of someone's wages indirectly. And this is a good thing, as nations prosper when we work together and prosper together. Having said that I do agree that you should take all the legal measures to reduce how much taxes you pay since you're not in control of how the government allocates those taxes.
The second point which was just plain wrong was somehow if you pay less taxes, you magically get more time. Let me demonstrate the fallacy in how you explained this. Let's say hypothetically you're going to die in 10,000 days from now. You've worked from January 2019 to December 2019 and through your business you only now "gave" the goverment 1.5 months of your time. Well, whether you earned 1 million dollars that year or just 1 dollar, the year still passed for you. The fact is to make 1 million would have required an input in time, and making 1 dollar a year would have required a lack of input of time. It sorts of balances each other out. You haven't gained 1 month at the end of the year, since it passed for you just like it passed for everything else on the planet. Once those seconds run out, they run out. Now if you mean in terms of "opportunity cost" you're wrong here as well. Most people work 35-45 hours a week for the salary they get. Assuming they didn't work over-time, they still have over 100 hours a week to do with as they pleased. Entrepreneurs and business owners on the other hand HAVE to put at least 80 hour weeks in (usually) to get their business off the ground and make the money they want to make from it. In terms of time, the ones working 35 hour weeks have 45 more hours than the entrepreneur working 80 hours. After the year passes you're only closer to your death, you haven't magically given yourself back any time. However as a counterargument to my point you could through your efforts initially, end up freeing a lot of your time in the future. The one working 35 hours a week is forced to work till retirement but the entrepeneur could become financially free and therefore frees up his time which he doesn't have to dedicate to actively working.
I think a much better explanation of the taxes bit was to demonstrate that money you save from taxes can be utlised for yourself in better ways than perhaps what the goverment might use it for. Explaining this in terms of time just plain isn't reality. No matter how efficiently you manage and spend every second of every hour of every day, you have a limited amount of time to spend. The fact is using a mathematical explanation is useful to highlight a concept, but in the real world, people's time just passes, and each month they're still getting their money, food and necessities paid for. The 2.5 months is spread across the year. All you can do today is make the intentions to carry out better actions and using your time better.
You can also say every time we buy with your links a part of the money go to you
House hacking is life changing man. I’ve done this 4 times now and grow my passive net income to $2,600/month and my net worth to over 300k in just 4 years.
That's incredible man. 🙏🔥
House hacking is something I really want to get into! I'm curious. Do you think it will be better to buy real estate in new york or new jersey?
Today, You are like my Einstein buddy 👌
Have you read Millionaire's Fastline?
Been a while since I've seen any of your content. Last time was when I started trading a year ago. Glad you're back, some of the best stuff I've seen on tubes
Same i remember watching his video when i first started trading it was about how he lost $700
have you made any money trading
@@connordanielson56 Made around 5 grand most of it was from shorting at the beginning of the coronavirus scare
This video need to be shown in every highschool 👀
2:32 Look at the 300K income vs the 350K income..... what
yeah i was confused by that too
That's the rate for that bracket only. They pay the same as everyone else from 0-349K
I think it should be 35 not 25
It says "net" also which I think can be confusing, as tax brackets are typically based on gross income, not net. According to debt dot org, the brackets for 2019 filing year (as a single filer not married) are as follows...1. 10% $0-9,700, 2. 12% $9,701-39,475, 3. 22% $39,476-84,200, 4. 24% $84,201-160,725, 5. 32% $160,726-204,100, 6. 35% $204,101-$510,300, and lastly 7. 37% on everything earned above $510,300.
Really interesting video and very informative. I especially liked what you said about time, people don't realize how valuable time is, as we don't understand that time is limited, but money really is not. However, I would say that these successful people that you don't consider rich, like doctors or lawyers derive a sense of accomplishment from their work that I would say makes them richer than those with leisure not to work so hard. Also while your point on taxes is well taken, remember that those taxes pay for the favorable environment for the business we carry out. They pay for security, infrastructure, education and government programs that make it all possible. I pay my taxes and I'm happy to pay them.
I got 6 ads on this video.. he definitely did learn something from those 50 books that he read
9:18 you forgot to say w/ a deposit of $500 monthly over 40 years; Still a good video though
bob thebuilder I agreed his calculations were not reported correctly