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My dad always told me, “Never look for a business to start”, like a restaurant or a clothing company. He said, “Look for a problem that people have, and if you can solve that problem, you may have the right business”. Edit: thanks for the likes! I keep showing my dad and it makes him really happy ❤️
yes there is always problems that can be solved. and most of times you have to approach others for help, cannot make it yourself. so at the end it is people skills that is going to make you successful.
with immigrant parents, we didn't even feel the recession. we were already living that way haha. we've always lived below our means, and that's why we're thriving now. I will keep this in mind for the rest of my life.
@@conchobar i alway live below my means, i know how to manage my money and work 2 jobs 1 job 100% full in invesment, 1 job 30% for billing 10% for IRA, 30% saving 30% spending. currently my dividend invesment enough to cover my entire year expense. so the job 1 which i contribute 100% is putting into grown ETF investment and mutal fund.
My frugal immigrant parents fully paid off the mortgage on their house in exactly 5 years, 6 months, minus 2 days....in the '80s. Sure, detached homes were much cheaper back then but their annual incomes were also lower so that's still an accomplishment in my opinion.
I grew up in a very wealthy household but my mother (who grew up poor) never...NEVER gave me more than 10 bucks each week as an allowance. She said that "If you can find a way to have a good time with 10€, you will not ever need extra". Back then I was kinda pissed that we had money but didn't spend it but now I realise it was all about the life lessons that taught me and I cant be more grateful.
LoL, I wish my parents had started with 10.. in middle school I started with only 2 dollars a week.. (this was the 2000's so that didn't buy much)Took me weeks to save up enough for a cd or a book.. and when I got lunch money (another 2 bucks..) I'd skip eating and just pocket the money.. (my friends started with 20 and in highschool got moved up to 100..) so by freshman yr I negotiate a raise cuz 2 dollar allowance wasn't gonna cut it for highschool.. and it worked but I had to keep really good grades or I lost it very quickly Basically learned to never settle for less if I think I'm worth more
@@GirlDo3 When you're a kid that grew up living in a chalet and who's parents had hundreds of thousands in the bank, yeah...you tend to become a brat that knows nothing about life and would not value money whatsoever so yeah, I thought my mom was being selfish by keeping all the money to herself but I could not be more wrong...now I live with my girlfriend, working as a delivery boy and my mom gives me 400 bucks a month as help with "adult life". She wants me to become successful on my own and I have learnt so many valuable life lessons thanks to her that I would not have learnt any other way.
Instead of saying "I can't afford it" I tell myself, "that's a waste." Just ran into the channel today, despite other channels probably having the same info, this channel is full of honesty, I'll take any day of the week.
My parents are the same only thing we cant agree on is cars. There is no need to buy a new car when a car couple of years older does the exact same thing and has the same tech. The amount of money that I hear college students spending on cars especially in this crazy market makes me sad inside. Honda/Toyota is still king.
When I was a kid, I remember I would go on road trips with my dad, and whenever we'd visit a location, if I wanted a souvenir that was just a cheap trinket, my dad would just say "no". Never understood it because they were super cheap and we were never poor. But now, I kinda do. Instead of buying that cheap thing I would forget about in a month, he would pay for us to go experience new things, and now that I'm an adult, I'm so thankful for it because first, I still remember every single one of these experiences, but I'm even more thankful that he's taught me to not waste my money on these little useless things and to instead save it and buy a course, or an experience that will bring me much more value in the long run.
thank you so much for sharing that evelog :) that's a great point in seeking experiences. that's kind of the only thing I'm fine with "splurging" my money on to this day
In my opinion, a cheap trinklet here and there isn't going to hurt your bank account. Especially if it's a token reminder of those so suppposedly valuable experiences you spent so money on. That reminds me exactly of the avocado on toast stereotype from here in Australia. Not buying a few trinkets here and there certainly isn't going to add up to the value of a major experience or business course, assuming you don't go on road trips every week. And even then, that's still nothing in comparison to the price of the experience itself, maybe 1/50th or 100th. I don't like the idea that budgeting has to be so black and white. You're either all in and only value experiences over material possessions or nothing. It can be a balance. Sometimes material posessions and experiences are interconnected and can remind you of those memories. Don't be so caught up counting every penny that you forget to live your life.
@@jeeen8 I agree, it is kind of dumb to cheap out on a 5$ trinket that will be used as a memorial. It is not even a lesson, it is just how to be a cheap ass.
Yea, reading your comment made me realize something. I came from one of the more wealthy families in my town, but all of us dressed like we were the poorest. We didn't go out to eat more than 10 times a year. These were choices that my parents made so that we could have big trips since we had a big family, they got expensive. New clothes every year add up. Weekly restaurant trips add up.
My secret: I don't spend beyond my means to impress other people. Example: A car is just a mode of transport. Don't need to upgrade to a new phone every year when it still works, and can do the essentials that the new phone can do. All you have to do is look at your neighbor and know you had enough
Once you realize this, it's the most liberating feeling in the world. As I get older, I'm trying to live as minimalist a life as possible. That doesn't mean I buy crap products but rather think about every purchase and buy something only if I absolutely need it. I have an iPhone 8 and a 2008 Honda...both look and work great, so I see no need to change them for a temporary "high". People use shopping to fill a void, I certainly used to, but once you get rid of that association you realize how little stuff you actually need.
Are car isn't just a means of transportation. Sure to your average person yes. But for us Car enthusiasts its more then just metal on wheels. Its a lifestyle a passion.
So I DID learn about personal finance in school. We even learned about the stock market and how to trade on it effectively. All because I went to an elite private high school in NC that I got a scholarship to. This high school, that without my scholarship would have cost more than my college, had almost all wealthy students and THEY got to learn how to manage the money that would one day be theirs. All Senior Students were required to take this personal finance and other general life skills class.
Dang I would've loved to learn this in high school. I learned about finance when I got to college. Finances are very important and should be taught to everyone.
HOLY. This might be the most insightful RUclips comment that I've ever read. My mind's blown. Never thought of private vs. public schools in that way 🤯
Dang, I wish my high school had a mandatory finance class. I'm pretty sure there was an elective for it at some point, but I chose either theater or computer programming over it. I wouldn't necessarily say it was a mistake, but if the finance elective had been offered for more than a single trimester during my entire stay at the high school I would have had more opportunities to take it.
My public high school offers 6 different business/finance programs, including a personal finance course. Not all schools neglect it. You're only required to take 1 (most students pick personal finance), but plenty of people take upwards of 4
I'm working as a janitor, sweeping floors in a grocery store. By everyone else's definition I should be struggling to get by but I'm completely self-sufficient, spend only half my paycheck and have enough money saved up so if I lost my job I could survive for over a year and this is why I don't really trust when people claim they can't because of the system. My wages could be cut by 50% and I'd still be perfectly fine plus my job is stressless and requires no skill I just learned from my parents how to manage my money properly, unfortunately that seems to never happen
These days I've been feeling more scared of re-joining the workforce than anything else in my entire life. Its cheesy as fudge but I HAVE to say it "9-5 just isn't for me" lol. But its the truth! I know theres an alternative and I'm determined to find it! Currently I'm working on eradicating all my limiting beliefs involving wealth. I want to build something great working for myself and find my calling. I know it is possible.
I learned about personal finance and entrepreneurship in three courses. - The curriculum included a lession about buying vs renting and loans. - I also took an extracurricular course about investing. During the course we actually invested real money. - Finally another extracurricular cource was about entrepreneurship. On that cource the class founded a company and ran a business for a year. I took that cource twice. The last two cources were specific to my school. The first cource was nation wide. I'm from Finland 🇫🇮
One of the things I do with my kids instead of saying we don’t have money for this, I say “we need to put this in the budget.” We have a budget board that we put things on that we want, then we take something, put it in the monthly budget, and then we buy it.
“Having the right mindset is as important as taking action” this is so true. It’s very easy to buy a course or a programme to help you elevate yet, you actually have to stay committed to the course to see the results through and put the work in.
I stopped thinking about “work harder” when I realized literally every millionaire makes money in their sleep. The counter to that was “They worked hard to get where they were” most of the time maybe yeah but instead they just made smarter decisions than anyone else. Look up what these millionaires did, anybody can do what they did, it’s the decisions they made that made them the ones to do it better and get them in that position.
Growing up, I've been told I can't do this, and I can't do that and my family always put me down and so did people in school. That's what motivated me even harder to chase my dreams. I always wanted to be a broadcaster and always wanted to be on camera, in the spotlight. Of course growing up, there was no such thing as RUclips but now I teach people about horticulture on RUclips. We live in such a great time, contrary to what people say. It's so much easier to reach out to lots of people across the entire world, there are so many resources and platforms out there to get your message across. I hope everyone can follow their dreams and do what they love and become great at what they love.
Two phrases I learned from my mom are "Is it a want, or a need?", A want can be put off for later, a need is always in budget. The other phrase is just "not right now" or, now that I budget in sections, it tends to be "not this month". This leaves it open for another time, permitting that I haven't decided whatever it is as just a want and not just a transient want.
I’m from Pittsburgh and my parents grandparents and so on have been instilled with the factory motto “do what your told” outlook on life. Pittsburgh is a huge part of the industrial revolution and the steel industry! So the factory machine like mind set resonates here! we are not taught useful skills in our schools and it needs to be talked about!
You’re completely right, especially now with the expectations set by these “gurus” that if you don’t make money fast you’re a failure. So many people give up too early now…
I relate so much to your story about your parents, Vincent! Growing up, my parents kept the mindset habits passed down from my Chinese grandparents to save, save, save-my grandparents knew what it felt like to be poor and then to have money after building a business. The life lesson they gave us was to not live beyond your means, lest we fall into poverty. I wouldn't say I didn't have nice things growing up, but my parents never really bought me any branded luxury items. I didn't understand why as we are capable, but I do understand the reason a lot more now especially with the recent pandemic and inflating economy. I just discovered your channel and I've been learning a lot, keep up the good work!! x
I took a financial literacy class my junior year, I grew up in Salt Lake City, Utah. Taught me so much about finances, taxes, dividend/passive income, and saving money versus investing and making it work for you.
@@VincentChan VERY helpful in my opinion, it allowed me to rethink what money is and how it works! Biggest takeaway was how to properly manage monthly finances and how to set/accomplish financial goals. But honestly because my dad and uncle’s built their businesses from the ground up; I just grew up absorbing what was constantly surrounding me. I was heavily influenced by their entrepreneurial mindsets. June, I moved to California and got my real estate license at 21! I love it so far. 😊 Thanks for uploading Vincent, I really enjoy your content!
@@jordanbarnett7247 Many American public schools don’t require it or even offer it because they solely focus on producing the working class.. but I agree; should definitely be a required curriculum!
It's not "we can't" but rather "we are not doing that right now, or after we complete these tasks/projects we will do or buy that." I grew up watching my dad put every penny in its place and learned how to budget and buy necessities rather than becoming a debt slave. We paid off our house in 7 years and we do all our own repairs and remodeling. Robert Herjavec has some great advice, he also coming from a immigrant family.
"Don't just work harder, work smarter" - My AP Government teacher. One of the best advice I've received despite it's been so obvious because we are always limited by our time and health, making us DEFINITELY replaceable, so why not try to be something irreplaceable?
I’m from Sacramento, CA. We lived in a small city known as Rancho Cordova which is apart of Sac. At Cordova High School, I had a Government/Economics teacher named Mr. Arellano. The way he did his class was not by the book, I mean of course some standards he had too but any chance he couldn’t he would freehand a day of class. We would literally talk and if it got into a conversation then bam that’s the lecture of the day. From investing in stocks (Back in 2014, really wish I listened) he made us do a whole stock project. He made us do a living on your own project. He talked about how life will be stupid hard after high school and we didn’t believe it. Now I’m 25 and I feel it to the max. But I’d like to say he is the only teacher in all my 4 years in high school that gave us the most game in life that we ever had. All the classmates I had that period still say that he was probably the realest teacher we ever met that actually taught us a bit about reality.
My mom was a refugee, my dad lower class upbringing. The last 10 years they have experienced middle class but no spending money check to check still. Today I’m 21 years old, and between working and saving at this specific diner since 14 I am buying the most popular diner in my zip code majorly done by myself. 7 years of savings, 7 years off my childhood, I missed parties, I missed family events, I missed a good chunk of a normal childhood to reach this goal. I also had oversized clothing growing up, I had 100 dollar school budget to go shopping for the year. And I think this video sums up the thinking , time can tell if you have a vision. Nothing happens overnight 1/3 of my life so far has gone to this vision. People will look down on you for not being a normal person , society as a whole wants you to follow the risk adverse systematic way of thinking…..get a job, buy a house, start a family, use your 401k to support you till you die. My favorite quote was “If it was so easy to become rich, everyone would be rich”
Why his parents were able to do the right things for him: they weren't educated by American schools, which is where the programming is implanted that keeps people poor from a very young age. My parents grew up in a decent family in Southern India and immigrated to the states. They raised 3 kids who are all successful in life because they didn't have the programming that American schools do. The source of poverty is the school system, that's where the programming and the learned helplessness takes root.
I would like to add I grew up poor in the U.S all I ever heard was to "make it out" I would have to go to college and get into thousands of dollars in debt that I would have to pay off. Instead I went to a trade school for culinary; got a part time job, then full time, then finally a chef. Schools create debt and it's constantly being encouraged despite not being nessasaary for everyone.
@@courtneycherry5582 Things we don't teach people: the #1 predictor of how much wealth you will have in life are your habits, not how smart you are, how educated you are, or how good looking you are. That's why millionaires still buy used cars and still clip coupons; they have the right habits. The School system is a vehicle purposefully designed to teach you all the WRONG habits, and to keep you poor and dependent your entire life.
No. It's much more complex. My parents are immigrants, so my mom doesn't exactly understand the American economic system the way she does back home. School has taught me a lot about it. That's valuable.
Exactly. From the education system is where all the other crap that happens to us (whether because we voted for it or not) spawns from. People are taught, first, to keep their head down and then to blame everyone for their troubles and lastly, if you complain enough it'll be fixed by the government (lol).
Couldn't agree more! Also reminds me of some advice I learned a while ago: "Employee's aren't valued for their loyalty but by their replaceability." I can't remember where I heard that from, but I will never forget it! P.S. My parents were the exact same way. I still have some oversized sweaters in my closet to this day!
The RUclips Algorithm brought me here. Love the video, Vincent! Everything you're saying resonates with me. My father-in-law is of the "work harder if you want more" mentality, and I've watched my father's business crushed by the fists of our government, so never take a chance. I was trapped in my own mind from other bad experiences, so one take away from this is to never let negativity steer you away from your goals. Since then, I've educated myself about money and achieving wealth and legacy. I find myself (in mindset) pulling away from my colleagues, all they talk about is the material items they spend their money on and the justification of it (the way I use to be). I've managed to get out of my own head and push away from the hive-mind. My investment portfolio is looking strong, and I'm about to sign for my first rental home. For those reading this comment; you've got what it takes to change the financial outcome of your life!
That's why I quit my job as a receptionist and became a stripper. Definitely broke the societal "norm" but I can pay my bills and am making ~20x more a day working less hours. I am an independent contractor now and can make my own schedule. Will continue doing this until I graduate uni
My 11th grade economics teacher told me, “you earn based on what you contribute to society” unfortunately society does not value everything equally. Top entertainers make far and above what the average teacher makes, or nurse, police officer, etc. you can have the same job but get paid very differently depending on the sector of economy you are in. For example, look at finance, tech, and health care, if you are a furniture salesman versus a pharmaceutical salesman, your commission will differ greatly. Sales is sales.
Being rich is the opposite of being poor. It’s incredibly easy to get poor quick, so to do the opposite and get rich it shouldn’t be quick it should be the opposite of quick.
@@hugono3938 My parents told me that building wealth must be multigenerational. Just as their parents sacrificed everything so they could come to America and get a good education, so they in turn sacrificed their time and opportunities for me and my sibling, with the expectation that when we have children, we will do the same for them, slowly building and accumulating wealth over the span of decades.
I had a basic personal finance course in the public high school I attended, in Canada. We learned about compound interest, the stock market, and how to make a basic budget. It got me interested in saving, investing, and convinced me to avoid paying interest whenever possible. Once I moved out on my own I remember thinking "Why didn't they teach me about taxes!?!" But the course was only for 1 semester, so they couldn't cram everything in.
Must be nice I never learned how to write a check 😅 I still won't 100% jump in to stocks because I don't fully understand and in the back of my mind I'm just going to lose money
Minor thing, but I really appreciate how you used at 6:59 the visual examples of what our professions should be if we have a skill we’re good at… you showed that women are doctors and engineers, and a person of color is a lawyer. Love the inclusion.
I feel like this is applicable and beneficial towards not only finance, but other areas of life as well. For example, growing through life experiences. While experiencing heartbreak, one might tell themselves "I can't get through this." But what happens if we switch that to "How can I get through this?" I feel like this subtle switch can help us through many things.
I actually did take financial math in high school, as well as a home ec class that talked about budgeting. Having said that, they were basic level stuff that didn't necessarily have a major impact, as compared to years of training before that. I think that they helped, but only marginally. I was raised below the poverty line in Canada (which is obviously nothing compared to much of the world, but I did spend a month of my life in a shelter and there were times when our cupboards were pretty scanty). It's true that there was a lot of "we can't". On the other hand, I didn't really have a mindset of needing more than I had when I was on my own and working. I was only making around $20,000 a year, but I had enough to meet my needs and even do a little more than that, and I never felt like I was poor or like I needed to strive to become rich, either. I was satisfied. So, I don't know if I had a true "poverty mindset" but I probably didn't have a "rich mindset" either. I suppose maybe I still leaned more toward the former than the latter. I do have one good tip for getting ahead on a practical level, and that is growing your own food as much as possible. You will eat better and save lots of money in the process. Like anything else, it takes an investment up front, but the nice thing about it (speaking of the growth mindset) is that you can start small and build up as you go. If you only have a square foot of soil or planter boxes on a balcony to work with, you'd be amazed how much you can grow in that space! Give it a try!
People want overnight success and a lot don't realize the work that's involved. I didn't learn much about finance at all in school, thankfully they teach a little more about it now but I still think it's not enough. Some people don't even understand the basics of banking, stocks, finance, credit, etc. which is such a BIG part of everyone's life.
This seems like a common trait amongst people with immigrant parents, who came from a harsher environment back home. I too learned about the "inaction" one takes to build wealth from them. As a result, I've never felt the tug of needing to splurge money as an adult. Growing up, that desire for a toy or something you wanted was squished by the parents. Sucked at the time but I thank them for it today. I would look at friends, and say things like "just don't buy/spend on that" only to run right into their programming and have them quickly scan their brains for any excuse as to why spending the money this time is worth it. Great video, this was my first of yours and ill definitely be watching more!
I was taught about personal finances in school. We covered savings, how to invest in shares, how investing in property worked. Most importantly we learned about how inflation worked and how important it was to invest your money so that it didn't lose value overall. sticking dollars in a sock under the bed was actually a way to lose money, not save it. I went to school in Australia, but the class I took (I was in year 9, age 15) was optional. Only about 1/5 of my year level took the class. I 100% credit this class with setting me up in life. I would NEVER have invested my money at all had it not been for this class (nor would my husband, he only did it because I took over the household finances and started investing). We are now decently well off, living in comfortably in Silicon Valley, one of the most expensive places on earth (one of). To be honest, I would live somewhere cheaper lol, but we would not have even had the choice of living here had it not been for the financial savvy I learned in school as a 15 year old (and significantly built upon as an adult because I had learned the value of financial knowledge). My toddler son, when he grows up, will most likely have to learn from his parents but at least now I can be confident that I have something of value to teach him.
that's amazing monika! It's fantastic to hear that Australian schools offer some form of financial education even if it wasn't mandatory. How do you find life in Australia compared to the US? specifically in California? I've always wanted to visit Australia :)
@@VincentChan Australia is a huge country, and so is the USA, so its very hard to compare the two because you can get a completely different answer depending on which two parts of each country you compare. We moved from Melbourne to the Bay area and they are extremely alike, both in the good aspects (weather, culture) and bad (traffic, house prices). So much so, that if you are from there, I would probably tell you not to visit the southern parts of Australia because it will feel like you wasted your money travelling thousands of miles to visit a place you could have seen at home lol. The further north you travel in Australia, the more exotic and "Steve Irwin, crocodile hunter" things become. Living in the US has a lot of advantages if you can afford to live here. My husband and I have many more job opportunities here than back in Australia. The convenience of all the services/products you have here is also pretty different (the number of things you can get delivered to your door is insane). Australia however offers a kind of laid back "she'll be right" attitude that I miss dearly. It is also a country that while it plenty of problems, especially with race/immigration, offers far vastly more opportunity for those who have little or no money (like my family was when I was growing up). I feel like it is a much kinder, less brutal kind of place to grow up and exist. You may not have the same "Freedom" as you do in the US, there are a lot more rules and regulations, but you have free healthcare and and education system that allows even someone with zero dollars (like I had) to get multiple university degrees. The streets are not lined with homeless people in Melbourne like they are in California (and other US states) despite house prices being just as high. Australia has that safety net that the US lacks (imperfect as it may be). All in all, I kind of see the two countries as equals, where one country may be better on some levels, it will be worse in others, so it has never really mattered too much to me or my husband which one we prefer to live in. In short, Australia is where I would choose to grow up and retire, the US is where I would choose to work.
@@Rekeaki I really enjoyed your comment! I just wanted to ask what your career is and if you have any career advice for a graduating college student that still has no experience?
@@vincentlee4903 I'm a mechanical engineer with a bonus physics degree and my husband is technically a telecomunications engineer (he got a PhD in this field), but he now works in hardware design. For college students I guess my advice is to focus more on finding out what employers want in the field that interests in you and do anything you can to get that experience. Don't chase the big paycheck in the early years if you have the option not to. Experience is FAR more valuable. Do NOT endlessly grind in your job on things you already know how to do in those early years. Your job is to LEARN and build new experience. At the same time, know your worth, even if you are chasing experience, make sure you are getting paid fairly for the work you CAN do. When it comes to finances, I strongly recommend knowing exactly what you spend on the major things in life. If you don't know what percentage of your paycheck you spend on groceries (or utilities or transport, whatever), you are flying blind and have no chance of saving money. Once you know what you spend, tweak those numbers until you find a balance that you can comfortably live with while still setting aside money to invest. Start out with creating an emergency fund that is invested in low risk investments that you can withdraw quickly (within a day or two). Get savvy about credit cards and have at least one solid card that you use and pay off fully every two weeks, or however often you get paid, to start building your credit score (this card is critical because it will allow you to also cover emergencies while you take a few days to access your emergency fund money). Once you have enough in your emergency fund you can start investing the surplus into higher risk things like shares/ETFS. Forget get rich quick investments, focus on steady growth that is modestly ahead of inflation, its not worth losing everything just for a big gain that never comes. Don't waste time trying to save for a house deposit, for pretty much my entire life, investing in shares has performed better than investing in home and I suspect that will continue (unless you are house flipping, that's different). You are NOT throwing money away by renting, far from it. Check your bank accounts and credit cards EVERY day so that you are always on top of changes or miscalculations in your spending (or spot fraudulent transactions). That's pretty much it. I don't think I did anything other than that. Once I built up enough experience (for an engineer this period is minimum 5 years), I started being able to start ramping up my push for better and better salaries. Never stop learning and never stop building on that experience. My husband and I went from a combined household income of around $60k in 2007 (and that was after working for 5 years already) to around $460k when we did our taxes last year (in fact, its probably a bit more because we have pre-tax stock options too). We had to invest in ourselves before the bigger paychecks came along. We have also never owned a home. Renting all the way! lol
I learned personal finance in school. A personal finance class started being required in 2007 in Missouri. I had to take it as a graduation requirement. I It was just one class. Many of my peer didn't take it seriously but I felt like I did learn some things from it. I learned how to file taxes, write a check, importance of checking account, general information about credit cards, basic budgeting, we had discussions about college vs non college options and there was this simulation game on the computer in which we played a person who we had to do there budget.
Love your channel. In 2007 I purchased a flat for $187k. It was very, very modest. Friends said they wouldn't live there because it wasn't nice or big enough. Well the joke is on them because I sold it with a $245k profit in 2015 with no renovations. I didn't even paint or replace the carpet. I purchased another property and sold it 2 years later for $90k profit with no renovations or changes. Then I purchased a primary residence and an investment property. I have 2 years of expenses (inc mortgage payments on both properties and property maintenance) saved. My investment property is on the market. When it sells, I'll pay off my primary property and have around $100k left over. I'll max out my retirement (I'm not in the US) and the rest will start me off in investing. I made a lot of financial sacrifices but I also made a lot of stupid financial decisions along the way. I work part time now and get penalty rates for shift work so it's like I still have a full time income on part time hours. I could retire but I want to travel and I'd rather work and earn than tap my savings rn. It was a 15 year journey to get here. I did not get rich quick. I got rich at the speed of a very slow sloth. Still feels good :-)
Hi, Vincent! I just have one question! When switching from the nuance of "Doing what you're good at and finding people to pay for it" to "Finding what people already want/need and creating something for them to buy"- How do you find out what people already need? What kind of mentality do you need to open up that type of creativity? Thanks, Kai
Great video. Too many people have no financial literacy, and it's shame that it's not taught at all in schools. Live below your means, learn to work smarter (also good to work hard, but working hard isn't necessarily good in and of itself), learn to invest your money after you've built up an emergency fund. These are all things all of us would benefit from.
Im in my senior year in highschool in PA and I take a math application class and have learned about student loans, taxes, net pay, medicaid, medicare, budgeting for starting positions and some more
My Indiana high school actually offered a personal finance course! I learned so much from that class but, unfortunately, entrepreneurship was not highlighted. The ‘poverty mindset’ is real and takes a lot of effort to get out. As someone who is trying to get more confident with not being self employed and doing consultant work, your videos are encouraging!
Fortunately public schools finally started teaching personal finance in Oregon. The emphasis is on retirement and investments showing saving your money isn’t enough. I’m glad you touched on following your parents money management styles. I feel very fortunate my family has a long line of hard workers that don’t feel the need to look and act rich, but have our needs met enough to be generous to those around us. Great video!
Even worse is when people you love, your wife, parents don't believe in you that you can make it. I have my wife always criticize my dreams of success, sometimes I lose confidence, but I will never stop keep going.
If your mind can’t conceive it, you’re unlikely to achieve it. A big part of succeeding in anything is reprogramming all the bad stuff you’re taught growing up
I did kindof learn finances in school. Not by it itself, but when I was a kid, I often shared some of my food with friends, and my friends /loved/ it. Because I eat the same things practically daily, I got bored of said food and I started craving cafeteria food, but my parents refused to give me money for that So what did 6 year old me do? I sold the food they gave me and bought the cafeteria food I wanted I learned many lessons from this, but I just found it really nice that generosity can give insight to what people want. And when there's a need, there's a business opportunity. Being cognisant of that is crucial
thank you so so so much for your content. I'm 23 and I'm a daughter of immigrant parents. And truthfully finance has never rly been taught or talked about in my household, and so yeah I too am finally seeking to learn on my own now. From one second gen to another, thank you so much for taking the time to create this content. I will be watching more of your videos and hopefully learning a lot from them :)
His parents thrived by saving by thinking logically of each purchases usefulness. This idea of becoming ceos is ok but we can't all be ceos there will always need workers. The problem is what he stated the ceo earn more by doing less. It should be the other way around that way more people are happy.
I am from Mexico, I had personal finance as a subject in high school (private high school). I remember they taught us how to manage our budget and we read and discussed Rich Dad Poor Dad plus other things like compound interest, etc. This was a HUGE advantage at that age, mostly all adults don’t even budget in Mexico
In New York the closest we came to learning “financial literacy” in school was senior year economics where we learned to budget on 1500 a month. Teaching us that it doesn’t get better and we have to work with what we have.
You’re right. The problem for most people is figuring out what services they can provide to others for money and getting the start up money or even going about setting everything up to provide said services. I have thought of many things I could do, but never have the money to get them started. I have also run into the problem of how long will I be able to provide said service before it’s not needed or becomes outlawed. It’s not easy as just changing your mind set.
I remember growing up with my dad being our provider as a enlist in the navy. My mom didn't work and took care of us. My mom always told me to go to college and get a degree and I'll be able to find a job and work till retirement. My father, however, was open to building a business and not becoming an employee and work for someone else's dream. I'm grateful that I grew up with both mindsets because now I'm not limited to one way of thinking. I do believe mindset is a really big factor but there also other factors like planning and executing are huge. I also believe past experiences really shape how you think today. It's an interesting concept to think about.
"My mom didn't work and took care of us" *my mom WORKED taking care of us (and the house)* That's another way the government keeps making us poor,domestic jobs should be remunerated,just because it doesn't benefit capitalism doesn't mean it isn't important and the base of our society.
5:08. The American government created a standardized public education system in the 1920’s because it needed a population of men smart enough to understand and follow military instructions during WWI 1914-1917. Henry Ford told the American government that he needed people with enough education to become good workers, not entrepreneurs who wanted to start their own businesses. There were many people, like Henry Ford, who got rich from inventions during the industrial revolution. Gradually, companies created employment rules stating that any inventions were the property of the company. Post-it notes invented by a 3M employee is a famous example of this. Another famous example is the man that created the intermittent windshield wiper who took it to all of the American automobile manufacturers. I believe that it was General Motors that stole his idea, and he never made a cent from his invention. There is a movie about this staring Greg Kinnear.
I'm in highschool, I learned almost everything about personal finance from the internet, balance sheets, income statements, stocks, bonds, interest rates, loans, lending, inflation, deflation, all important concepts hardly talked about in school, I can see many who also don't understand budgeting in my school, they work mimum wage jobs and spend all their money on fast food, I hope they eventually take finances into their own hands.
It took me a LONG time to wrap my head around the fact that as a lower middle class earner, I was literally in the 1% of the world. Now, I live on about $100 a week after everything else is paid. Life is good.
Viewing this 12/29/23. Your words spoke volumes to me. Financial education is key. I never received that growing up. I cried, I smiled, yet - I hope. Thank you. Have a Happy New Year 2024!
I always use caution with any creator, guru or adviser talking about "passive income". There's no financial solution that doesn't require your attention or input, period. Even investment. If you aren't planning out and structuring the practice yourself then you're outsourcing that to somebody else and with that comes cost, and you're still going back to keeping in touch with persons and maintaining a level of oversight. It's your finances, don't turn your brain off!
I’m from Canada and I went to high school at the University of Winnipeg, it was a small private school for students to help you transition to uni more easily. I had this one professor for a pre calculus class who did two lessons that weren’t on the curriculum; first he made us calculate how likely a person is to win the lottery, and second he taught us about compound interest and how it applies to credit cards etc. Those two lessons changed my life, I don’t gamble and I try to use compound interest to my favour through investments and avoiding debt as much as possible. Thanks professor!!
I really like how you point out that CEOs who earn that much more than an employee do not work that many times harder than the employee. I've been taught to work hard since I was young and I always hear my family tell me that they couldn't buy xyz because they can't afford it. I was also bought clothes that were 1-2 sizes bigger so I can grow into them and I'd go to school with big puffy jackets and baggy clothes. Used to be a bit embarrassed because the other girls in class had clothes that fit them, so I was "un-girly." I was taught to value the things I had and I sure worked hard. However, I have learned that people especially millennials are given few times more work than the average worker years ago. Wage isn't exactly catching up with inflation. So I too feel like I work like a hamster in a wheel, but my company has no interest or intention to increase my wage depending on how hard I work. I have my own business as a side hustle and that's when I realized that I've been so underpaid by my employer. I honestly feel like with how corporate companies treat their employees, everyone is going to end up living paycheck to paycheck while burning out.
When you mentioned the education part, that made me realize why someone like me, who grew up studying in an affluent private school despite being just middle class, is more ambitious and have probably reached greater achievements than people older than me who studied in public school. My school is catholic so charity is a big thing to us. We're always sent to impoverished areas to do outreach programs but still subconsciously position our selves in a more dominant position where we pity them and let them form a reliance on us instead of actually considering ourselves as part of the reason why they remain poor. Also yes, we are taught how to manage personal finances. In fact, we were taught the entire accounting cycle in 8th grade which is something I just realized was usually taught only in private schools. Since we were elementary, learning how to earn and manage money was part of our curriculum. We would even have these school market fairs where students put up their own food stalls and other products for sale. Ofc some public schools do this too but not as prolific and as early as elementary like we did. In my country, the Philippines, that attitude towards charity is such a common thing too. That's how we maintain the order of the social classes. We're not helping them get out of poverty, we're just helping them get basic necessities that is their right to have in the first place. Just enough to make them comfortable not to want more. And building that reliance on us creates this mindset that they owe us even though they dont. Charity breeds poverty, because what charity here does is just give band-aid solutions to oversized wounds
I am from Columbus Ohio and your one of the most authentic person I have ever seen in my journey to financial freedom and success. I love you and all your videos.‼️
"How can I afford it" is something I learned a few years ago and it really does change everything you see or think in terms of earnings. Definitely a good thing to know
I was able to take a consumer math class in my high school that talked about money management and financial issues that basic households have. The school was Joppatowne high school in Joppatowne Maryland.
Rather than tell my kids “we can’t afford [that]” or “we don’t have the money for [that]” I shut them down by saying “we don’t need that”. I’ve always tried to drive him that we always have money for needs and that we never don’t have money. We just try not to choose to spend money on wants unless it was intentionally saved for or it’s an occasion.
I learned about personal finance in school. I’m from IN. There was an entire book that I still have and an entire field trip to this fun, colorful, interactive personal finance building too.
I grew up with a similar Asian immigrant story raised with the same mindsets. But I’ve overcome all of the programming and taught myself financial literacy, and now well on my path to FIRE. Growing millions from nothing was not easy, but it’s simpler than most realize. It just takes decade to do.
No it take income to make millions. But if you want to die with money you have to find a way to make more than you spend. The majority of single income earners do not even make 100K AND many that do take almost 20 years to reach 1-2 million cash.
My high school in Virginia required us to take a personal finance class in order to graduate. It was a really great introduction and I found it useful.
We were just talking about changing our mindset to "That can't happen or it will never happen" to "HOW can we make it happen?" It is a game changer in life!! More prosperity to you Vincent!!
This was a super informative video, I find that I’m stuck in the poverty mindset and this was something I’ve never heard before. Thanks so much for making this video!
omg, I love how the color of your water bottle matches your desktop background (3:49), that red to purple to red gradient at the bottom left corner is so satiating to look at, I can't.
My high school actually required a semester of personal finance to graduate, though because of this requirement, the bar was set to a minimum and all I learned was what a tax form looks like and how to fill it out. I’m from southern Wisconsin
wow that's amazing to hear :) it's definitely a step in the right direction even if the information was lacking. Hopefully more schools start adding this to their curriculum
It's good this video summarizes "Rich Dad Poor Dad", "Think and grow rich", which I already read and really had such a mindset and I really broke out of those mindsets, and as he was telling them I felt accomplished that I already changed.
I'm thirty and grew up in Illinois. Small ish town, lots of corn fields. We were taught about finance multiple times. Starting, at least as far back as I can remember, in Jr high. Making kitchen budgets in home ec for a fake household. Eaxh kid given random budgets and going through the store or catalogs to check if our budgets worked. We also did monthly visits to restaurants for manners class, but this included paying in exact change for the bill and the tip. Moved into high school classes. One was all about adulting. We filled out different tax forms, made fake resumes and did Job applications, found apartments in a given location with the knowledge of what our salary would be, etc. Just a bunch of random stuff. I had an extra class where we also did wedding budgets and planned around a new baby. Looking at what they cost, their gear, second hand stuff, formula for my baby egg and new husband. That class was also supplemented by Molly Ringwald movies. Lol I'm just surprised we had this in my pretty normal town if others learned absolutely nothing. *we also had trades, like a class working on cars with our own garage, lifts and all, and a building class that worked to help make a home every year. Unfortunately I do know the trade class no long builds homes and maybe gone completely. 😕
*“The only person you are destined to become is the person you decide to be.”* _―Ralph Waldo Emerson_ The chances of you seeing this comment is pretty low, but if you did, *I hope you have an amazing day...* 🖤
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Terrible first sentence. Was gonna follow but can't now. Speaking negativity into existence with your opening statement is crazy.
My dad always told me, “Never look for a business to start”, like a restaurant or a clothing company. He said, “Look for a problem that people have, and if you can solve that problem, you may have the right business”.
Edit: thanks for the likes! I keep showing my dad and it makes him really happy ❤️
Your dad is a wise man
@@yaofangzhu8798 Indeed he is!
yes there is always problems that can be solved. and most of times you have to approach others for help, cannot make it yourself. so at the end it is people skills that is going to make you successful.
@@KaushikBala333 agreed :)
appliance and hvac repair baby
with immigrant parents, we didn't even feel the recession. we were already living that way haha. we've always lived below our means, and that's why we're thriving now. I will keep this in mind for the rest of my life.
Living below your means will keep you out of financial ruin, but it won't make you rich.
Same here man, it's just another Tuesday.
@@conchobar i alway live below my means, i know how to manage my money and work 2 jobs 1 job 100% full in invesment, 1 job 30% for billing 10% for IRA, 30% saving 30% spending. currently my dividend invesment enough to cover my entire year expense. so the job 1 which i contribute 100% is putting into grown ETF investment and mutal fund.
@@conchobar not trying to be rich, but it's these types of disciplines that allow you to keep more of what you earn.
My frugal immigrant parents fully paid off the mortgage on their house in exactly 5 years, 6 months, minus 2 days....in the '80s. Sure, detached homes were much cheaper back then but their annual incomes were also lower so that's still an accomplishment in my opinion.
I grew up in a very wealthy household but my mother (who grew up poor) never...NEVER gave me more than 10 bucks each week as an allowance. She said that "If you can find a way to have a good time with 10€, you will not ever need extra". Back then I was kinda pissed that we had money but didn't spend it but now I realise it was all about the life lessons that taught me and I cant be more grateful.
Wow that's big.
LoL, I wish my parents had started with 10.. in middle school I started with only 2 dollars a week.. (this was the 2000's so that didn't buy much)Took me weeks to save up enough for a cd or a book.. and when I got lunch money (another 2 bucks..) I'd skip eating and just pocket the money.. (my friends started with 20 and in highschool got moved up to 100..) so by freshman yr I negotiate a raise cuz 2 dollar allowance wasn't gonna cut it for highschool.. and it worked but I had to keep really good grades or I lost it very quickly
Basically learned to never settle for less if I think I'm worth more
@@Yukosan13 they were well off or having a hard time?
You were pissed😂 Most people don't get allowances at all lol
@@GirlDo3 When you're a kid that grew up living in a chalet and who's parents had hundreds of thousands in the bank, yeah...you tend to become a brat that knows nothing about life and would not value money whatsoever so yeah, I thought my mom was being selfish by keeping all the money to herself but I could not be more wrong...now I live with my girlfriend, working as a delivery boy and my mom gives me 400 bucks a month as help with "adult life". She wants me to become successful on my own and I have learnt so many valuable life lessons thanks to her that I would not have learnt any other way.
Instead of saying "I can't afford it" I tell myself, "that's a waste." Just ran into the channel today, despite other channels probably having the same info, this channel is full of honesty, I'll take any day of the week.
welcome to the family james!
Exactly. Instead of "I can't afford it" I often find myself thinking "that really isn't going to bring me all that much happiness."
I say, can I survived without it 🤔. Do I really need it .
WOW. Thank you for this as it can be applied to anything! I will screenshot this,
Our refugee parents are the same way, our mom even keeps our oversized shirts and wears them after we’ve grown out of them
Thanks for sharing mike and Matty :)
lmao same!
My parents are the same only thing we cant agree on is cars. There is no need to buy a new car when a car couple of years older does the exact same thing and has the same tech. The amount of money that I hear college students spending on cars especially in this crazy market makes me sad inside. Honda/Toyota is still king.
And after the shirts have holes you can use them to clean the house etc. Most people are still like this. :)
@@aai343 better to put some of that money back into the car to make sure it lasts. For a lot less than a new one you could basically have a new car.
When I was a kid, I remember I would go on road trips with my dad, and whenever we'd visit a location, if I wanted a souvenir that was just a cheap trinket, my dad would just say "no". Never understood it because they were super cheap and we were never poor. But now, I kinda do. Instead of buying that cheap thing I would forget about in a month, he would pay for us to go experience new things, and now that I'm an adult, I'm so thankful for it because first, I still remember every single one of these experiences, but I'm even more thankful that he's taught me to not waste my money on these little useless things and to instead save it and buy a course, or an experience that will bring me much more value in the long run.
thank you so much for sharing that evelog :) that's a great point in seeking experiences. that's kind of the only thing I'm fine with "splurging" my money on to this day
In my opinion, a cheap trinklet here and there isn't going to hurt your bank account. Especially if it's a token reminder of those so suppposedly valuable experiences you spent so money on. That reminds me exactly of the avocado on toast stereotype from here in Australia. Not buying a few trinkets here and there certainly isn't going to add up to the value of a major experience or business course, assuming you don't go on road trips every week. And even then, that's still nothing in comparison to the price of the experience itself, maybe 1/50th or 100th. I don't like the idea that budgeting has to be so black and white. You're either all in and only value experiences over material possessions or nothing. It can be a balance. Sometimes material posessions and experiences are interconnected and can remind you of those memories. Don't be so caught up counting every penny that you forget to live your life.
That’s a good lesson your dad taught you but parents should start explaining why and not just say “no “
@@jeeen8 I agree, it is kind of dumb to cheap out on a 5$ trinket that will be used as a memorial.
It is not even a lesson, it is just how to be a cheap ass.
Yea, reading your comment made me realize something. I came from one of the more wealthy families in my town, but all of us dressed like we were the poorest. We didn't go out to eat more than 10 times a year. These were choices that my parents made so that we could have big trips since we had a big family, they got expensive. New clothes every year add up. Weekly restaurant trips add up.
My secret: I don't spend beyond my means to impress other people.
Example: A car is just a mode of transport. Don't need to upgrade to a new phone every year when it still works, and can do the essentials that the new phone can do.
All you have to do is look at your neighbor and know you had enough
Couldn’t have said it better myself!
I absolutely agree I don’t care about having the “newest” anything
I just want the freedom of my time
Being my OWN time
I'd even go further. I don't spend beyond my means. I don't spend to impress other people.
Once you realize this, it's the most liberating feeling in the world. As I get older, I'm trying to live as minimalist a life as possible. That doesn't mean I buy crap products but rather think about every purchase and buy something only if I absolutely need it. I have an iPhone 8 and a 2008 Honda...both look and work great, so I see no need to change them for a temporary "high". People use shopping to fill a void, I certainly used to, but once you get rid of that association you realize how little stuff you actually need.
Are car isn't just a means of transportation. Sure to your average person yes. But for us Car enthusiasts its more then just metal on wheels. Its a lifestyle a passion.
“Build your own dreams, or someone else will hire you to build theirs.”
exactly alexis!
Nothing wrong with being an employee, you can achieve your dreams that way with much less risk
If everyone built their own dreams, there would be no one to help them do it.
@@wnisewond59 I don't need anyone's help to build my own dreams, I can do it on my own😁
@@wnisewond59 That would be a reason to have AI
"I can't afford it" to "How can I afford it" sounds really familiar. I think I heard that from Robert Kiyosaki in one of those motivational videos lol
RDPD
Hi vars !!!!
It is ☺️
Also about rat race
That is also a main idea in his book too
So I DID learn about personal finance in school. We even learned about the stock market and how to trade on it effectively. All because I went to an elite private high school in NC that I got a scholarship to. This high school, that without my scholarship would have cost more than my college, had almost all wealthy students and THEY got to learn how to manage the money that would one day be theirs. All Senior Students were required to take this personal finance and other general life skills class.
Dang I would've loved to learn this in high school. I learned about finance when I got to college. Finances are very important and should be taught to everyone.
HOLY. This might be the most insightful RUclips comment that I've ever read. My mind's blown. Never thought of private vs. public schools in that way 🤯
@@veronicajata3121 that's awesome to hear! You've got time on your side - use it wisely! :)
Dang, I wish my high school had a mandatory finance class. I'm pretty sure there was an elective for it at some point, but I chose either theater or computer programming over it. I wouldn't necessarily say it was a mistake, but if the finance elective had been offered for more than a single trimester during my entire stay at the high school I would have had more opportunities to take it.
My public high school offers 6 different business/finance programs, including a personal finance course. Not all schools neglect it. You're only required to take 1 (most students pick personal finance), but plenty of people take upwards of 4
I'm working as a janitor, sweeping floors in a grocery store. By everyone else's definition I should be struggling to get by but I'm completely self-sufficient, spend only half my paycheck and have enough money saved up so if I lost my job I could survive for over a year and this is why I don't really trust when people claim they can't because of the system. My wages could be cut by 50% and I'd still be perfectly fine plus my job is stressless and requires no skill
I just learned from my parents how to manage my money properly, unfortunately that seems to never happen
Hey man invest a little money each week and I’m sure it will help you even more maybe like 35$ a week
Are you also Investing?
@@youngatnaruto ofc a little when I can in stocks and crypto
@@thatsamazing8532 are u in Shiba and saitama I nu?
Not taking advice from a janitor
Changing my mindset from “I can’t afford it” to “How can I afford it?” and this whole video in general has changed my life!! Thank you Vincent!
These days I've been feeling more scared of re-joining the workforce than anything else in my entire life. Its cheesy as fudge but I HAVE to say it "9-5 just isn't for me" lol. But its the truth! I know theres an alternative and I'm determined to find it! Currently I'm working on eradicating all my limiting beliefs involving wealth. I want to build something great working for myself and find my calling. I know it is possible.
you got this!! I believe in you
@@VincentChan Thank you :')
Make a list of your talents or skills and try to create soemthing with them. Good luck on your journey though !
at least get a part time job. You don't want to accrue debt.
@@foufounazer4181 thank you
I learned about personal finance and entrepreneurship in three courses.
- The curriculum included a lession about buying vs renting and loans.
- I also took an extracurricular course about investing. During the course we actually invested real money.
- Finally another extracurricular cource was about entrepreneurship. On that cource the class founded a company and ran a business for a year. I took that cource twice.
The last two cources were specific to my school. The first cource was nation wide.
I'm from Finland 🇫🇮
Finland sounds beyond ideal. You're very lucky :)
One of the things I do with my kids instead of saying we don’t have money for this, I say “we need to put this in the budget.” We have a budget board that we put things on that we want, then we take something, put it in the monthly budget, and then we buy it.
“Having the right mindset is as important as taking action” this is so true. It’s very easy to buy a course or a programme to help you elevate yet, you actually have to stay committed to the course to see the results through and put the work in.
Never been a fan of listening to dudes sitting there talking…but there’s something special about this one here
Thank you ‘Em, that means a lot
Np bro, thank u….keep doing what ur doing
I stopped thinking about “work harder” when I realized literally every millionaire makes money in their sleep. The counter to that was “They worked hard to get where they were” most of the time maybe yeah but instead they just made smarter decisions than anyone else. Look up what these millionaires did, anybody can do what they did, it’s the decisions they made that made them the ones to do it better and get them in that position.
Growing up, I've been told I can't do this, and I can't do that and my family always put me down and so did people in school. That's what motivated me even harder to chase my dreams. I always wanted to be a broadcaster and always wanted to be on camera, in the spotlight. Of course growing up, there was no such thing as RUclips but now I teach people about horticulture on RUclips. We live in such a great time, contrary to what people say. It's so much easier to reach out to lots of people across the entire world, there are so many resources and platforms out there to get your message across. I hope everyone can follow their dreams and do what they love and become great at what they love.
Two phrases I learned from my mom are "Is it a want, or a need?", A want can be put off for later, a need is always in budget.
The other phrase is just "not right now" or, now that I budget in sections, it tends to be "not this month". This leaves it open for another time, permitting that I haven't decided whatever it is as just a want and not just a transient want.
That’s so true … :(
*"It is not how much we have, but how much we enjoy, that makes happiness." Charles Spurgeon*
True but unfortunately this is also the mantra people use when they hit the glass ceiling.
its true but some things we enjoy are tough to get
Great words from a man of God!
Epic.
Thank God for Spurgeon.
Praise God!
I’m from Pittsburgh and my parents grandparents and so on have been instilled with the factory motto “do what your told” outlook on life. Pittsburgh is a huge part of the industrial revolution and the steel industry! So the factory machine like mind set resonates here! we are not taught useful skills in our schools and it needs to be talked about!
You’re completely right, especially now with the expectations set by these “gurus” that if you don’t make money fast you’re a failure. So many people give up too early now…
The only folks raking in the mula are those coaches.
Exactly! financial freedom and wealth is a long term play.
@@VincentChan I completely agree!
Asking “how can I...” and working to provide value are such powerful concepts. Great work here man 👍
thanks so much daniel, appreciate the support :)
I relate so much to your story about your parents, Vincent! Growing up, my parents kept the mindset habits passed down from my Chinese grandparents to save, save, save-my grandparents knew what it felt like to be poor and then to have money after building a business. The life lesson they gave us was to not live beyond your means, lest we fall into poverty. I wouldn't say I didn't have nice things growing up, but my parents never really bought me any branded luxury items. I didn't understand why as we are capable, but I do understand the reason a lot more now especially with the recent pandemic and inflating economy. I just discovered your channel and I've been learning a lot, keep up the good work!! x
I took a financial literacy class my junior year, I grew up in Salt Lake City, Utah. Taught me so much about finances, taxes, dividend/passive income, and saving money versus investing and making it work for you.
That’s amazing! I really hope other cities can adopt those kinds of classes. Did you find it helpful?
Damn that needs to be required curriculum! We didn't have that in Washington state
@@VincentChan VERY helpful in my opinion, it allowed me to rethink what money is and how it works! Biggest takeaway was how to properly manage monthly finances and how to set/accomplish financial goals. But honestly because my dad and uncle’s built their businesses from the ground up; I just grew up absorbing what was constantly surrounding me. I was heavily influenced by their entrepreneurial mindsets. June, I moved to California and got my real estate license at 21! I love it so far. 😊 Thanks for uploading Vincent, I really enjoy your content!
@@jordanbarnett7247 Many American public schools don’t require it or even offer it because they solely focus on producing the working class.. but I agree; should definitely be a required curriculum!
One of my high school classes also in Utah were financial literacy too
…i thought everyone’s parents bought clothes/shoes a couple sizes too big. You just rocked my world there bud😂😅
It's not "we can't" but rather "we are not doing that right now, or after we complete these tasks/projects we will do or buy that." I grew up watching my dad put every penny in its place and learned how to budget and buy necessities rather than becoming a debt slave. We paid off our house in 7 years and we do all our own repairs and remodeling. Robert Herjavec has some great advice, he also coming from a immigrant family.
"Don't just work harder, work smarter" - My AP Government teacher. One of the best advice I've received despite it's been so obvious because we are always limited by our time and health, making us DEFINITELY replaceable, so why not try to be something irreplaceable?
Your storytelling with the beautiful background music gets me super emotional and teary eyed
Thank you I’m so glad you enjoyed it
I’m from Sacramento, CA. We lived in a small city known as Rancho Cordova which is apart of Sac. At Cordova High School, I had a Government/Economics teacher named Mr. Arellano. The way he did his class was not by the book, I mean of course some standards he had too but any chance he couldn’t he would freehand a day of class. We would literally talk and if it got into a conversation then bam that’s the lecture of the day. From investing in stocks (Back in 2014, really wish I listened) he made us do a whole stock project. He made us do a living on your own project. He talked about how life will be stupid hard after high school and we didn’t believe it. Now I’m 25 and I feel it to the max. But I’d like to say he is the only teacher in all my 4 years in high school that gave us the most game in life that we ever had. All the classmates I had that period still say that he was probably the realest teacher we ever met that actually taught us a bit about reality.
My mom was a refugee, my dad lower class upbringing. The last 10 years they have experienced middle class but no spending money check to check still. Today I’m 21 years old, and between working and saving at this specific diner since 14 I am buying the most popular diner in my zip code majorly done by myself. 7 years of savings, 7 years off my childhood, I missed parties, I missed family events, I missed a good chunk of a normal childhood to reach this goal. I also had oversized clothing growing up, I had 100 dollar school budget to go shopping for the year. And I think this video sums up the thinking , time can tell if you have a vision. Nothing happens overnight 1/3 of my life so far has gone to this vision. People will look down on you for not being a normal person , society as a whole wants you to follow the risk adverse systematic way of thinking…..get a job, buy a house, start a family, use your 401k to support you till you die. My favorite quote was “If it was so easy to become rich, everyone would be rich”
Damn bro respect. How much did you have to save up if you don’t mind me asking
Why his parents were able to do the right things for him: they weren't educated by American schools, which is where the programming is implanted that keeps people poor from a very young age. My parents grew up in a decent family in Southern India and immigrated to the states. They raised 3 kids who are all successful in life because they didn't have the programming that American schools do.
The source of poverty is the school system, that's where the programming and the learned helplessness takes root.
I would like to add I grew up poor in the U.S all I ever heard was to "make it out" I would have to go to college and get into thousands of dollars in debt that I would have to pay off. Instead I went to a trade school for culinary; got a part time job, then full time, then finally a chef. Schools create debt and it's constantly being encouraged despite not being nessasaary for everyone.
@@courtneycherry5582 Things we don't teach people: the #1 predictor of how much wealth you will have in life are your habits, not how smart you are, how educated you are, or how good looking you are. That's why millionaires still buy used cars and still clip coupons; they have the right habits. The School system is a vehicle purposefully designed to teach you all the WRONG habits, and to keep you poor and dependent your entire life.
No. It's much more complex. My parents are immigrants, so my mom doesn't exactly understand the American economic system the way she does back home. School has taught me a lot about it. That's valuable.
Exactly. From the education system is where all the other crap that happens to us (whether because we voted for it or not) spawns from. People are taught, first, to keep their head down and then to blame everyone for their troubles and lastly, if you complain enough it'll be fixed by the government (lol).
Couldn't agree more! Also reminds me of some advice I learned a while ago:
"Employee's aren't valued for their loyalty but by their replaceability."
I can't remember where I heard that from, but I will never forget it!
P.S. My parents were the exact same way. I still have some oversized sweaters in my closet to this day!
The RUclips Algorithm brought me here. Love the video, Vincent! Everything you're saying resonates with me. My father-in-law is of the "work harder if you want more" mentality, and I've watched my father's business crushed by the fists of our government, so never take a chance. I was trapped in my own mind from other bad experiences, so one take away from this is to never let negativity steer you away from your goals. Since then, I've educated myself about money and achieving wealth and legacy. I find myself (in mindset) pulling away from my colleagues, all they talk about is the material items they spend their money on and the justification of it (the way I use to be). I've managed to get out of my own head and push away from the hive-mind. My investment portfolio is looking strong, and I'm about to sign for my first rental home.
For those reading this comment; you've got what it takes to change the financial outcome of your life!
That's why I quit my job as a receptionist and became a stripper. Definitely broke the societal "norm" but I can pay my bills and am making ~20x more a day working less hours. I am an independent contractor now and can make my own schedule. Will continue doing this until I graduate uni
My 11th grade economics teacher told me, “you earn based on what you contribute to society” unfortunately society does not value everything equally. Top entertainers make far and above what the average teacher makes, or nurse, police officer, etc. you can have the same job but get paid very differently depending on the sector of economy you are in. For example, look at finance, tech, and health care, if you are a furniture salesman versus a pharmaceutical salesman, your commission will differ greatly. Sales is sales.
Being rich is the opposite of being poor. It’s incredibly easy to get poor quick, so to do the opposite and get rich it shouldn’t be quick it should be the opposite of quick.
Hard if one has children to care, love, and feed for, even if the desire of new things is not there.
@@hugono3938 My parents told me that building wealth must be multigenerational. Just as their parents sacrificed everything so they could come to America and get a good education, so they in turn sacrificed their time and opportunities for me and my sibling, with the expectation that when we have children, we will do the same for them, slowly building and accumulating wealth over the span of decades.
Christopher Lee That sounds quite similar to my parent’s way of accumulating wealth, though we all work together to do so. Anyway will do, though!!
I had a basic personal finance course in the public high school I attended, in Canada. We learned about compound interest, the stock market, and how to make a basic budget. It got me interested in saving, investing, and convinced me to avoid paying interest whenever possible. Once I moved out on my own I remember thinking "Why didn't they teach me about taxes!?!" But the course was only for 1 semester, so they couldn't cram everything in.
I took personal finance in high school. Best class I have ever taken. Learned how to buy stocks.
That’s amazing! What state are you from?
Must be nice I never learned how to write a check 😅 I still won't 100% jump in to stocks because I don't fully understand and in the back of my mind I'm just going to lose money
Fr though learning finance/stocks changes lives mine included!!! 😄👌🏾
Minor thing, but I really appreciate how you used at 6:59 the visual examples of what our professions should be if we have a skill we’re good at… you showed that women are doctors and engineers, and a person of color is a lawyer. Love the inclusion.
You touched on this at the beginning but I thought you were going to talk more about how we overspend and how wanting to appear rich keeps us poor
I feel like this is applicable and beneficial towards not only finance, but other areas of life as well. For example, growing through life experiences. While experiencing heartbreak, one might tell themselves "I can't get through this." But what happens if we switch that to "How can I get through this?" I feel like this subtle switch can help us through many things.
Wish we had the internet when I was in HS.
Y'all lucky if you're still young and aware of saving and investing. Nobody taught me anything.
nobody taught me anything too. I learned everything on my own as well.
@@Premium_Water well if you're younger then me then you're very fortunate.
Sorry to hear that. I'm grateful I'm learning all this at twenty-three.
@@MauriAllure my dad retired at 70.
He worked the same job for 30+ years. But he did sock away 401k plan.
I actually did take financial math in high school, as well as a home ec class that talked about budgeting. Having said that, they were basic level stuff that didn't necessarily have a major impact, as compared to years of training before that. I think that they helped, but only marginally. I was raised below the poverty line in Canada (which is obviously nothing compared to much of the world, but I did spend a month of my life in a shelter and there were times when our cupboards were pretty scanty). It's true that there was a lot of "we can't".
On the other hand, I didn't really have a mindset of needing more than I had when I was on my own and working. I was only making around $20,000 a year, but I had enough to meet my needs and even do a little more than that, and I never felt like I was poor or like I needed to strive to become rich, either. I was satisfied.
So, I don't know if I had a true "poverty mindset" but I probably didn't have a "rich mindset" either. I suppose maybe I still leaned more toward the former than the latter.
I do have one good tip for getting ahead on a practical level, and that is growing your own food as much as possible. You will eat better and save lots of money in the process. Like anything else, it takes an investment up front, but the nice thing about it (speaking of the growth mindset) is that you can start small and build up as you go. If you only have a square foot of soil or planter boxes on a balcony to work with, you'd be amazed how much you can grow in that space! Give it a try!
People want overnight success and a lot don't realize the work that's involved. I didn't learn much about finance at all in school, thankfully they teach a little more about it now but I still think it's not enough. Some people don't even understand the basics of banking, stocks, finance, credit, etc. which is such a BIG part of everyone's life.
This seems like a common trait amongst people with immigrant parents, who came from a harsher environment back home. I too learned about the "inaction" one takes to build wealth from them. As a result, I've never felt the tug of needing to splurge money as an adult. Growing up, that desire for a toy or something you wanted was squished by the parents. Sucked at the time but I thank them for it today.
I would look at friends, and say things like "just don't buy/spend on that" only to run right into their programming and have them quickly scan their brains for any excuse as to why spending the money this time is worth it.
Great video, this was my first of yours and ill definitely be watching more!
I was taught about personal finances in school. We covered savings, how to invest in shares, how investing in property worked. Most importantly we learned about how inflation worked and how important it was to invest your money so that it didn't lose value overall. sticking dollars in a sock under the bed was actually a way to lose money, not save it. I went to school in Australia, but the class I took (I was in year 9, age 15) was optional. Only about 1/5 of my year level took the class. I 100% credit this class with setting me up in life. I would NEVER have invested my money at all had it not been for this class (nor would my husband, he only did it because I took over the household finances and started investing). We are now decently well off, living in comfortably in Silicon Valley, one of the most expensive places on earth (one of). To be honest, I would live somewhere cheaper lol, but we would not have even had the choice of living here had it not been for the financial savvy I learned in school as a 15 year old (and significantly built upon as an adult because I had learned the value of financial knowledge). My toddler son, when he grows up, will most likely have to learn from his parents but at least now I can be confident that I have something of value to teach him.
that's amazing monika! It's fantastic to hear that Australian schools offer some form of financial education even if it wasn't mandatory. How do you find life in Australia compared to the US? specifically in California? I've always wanted to visit Australia :)
@@VincentChan Australia is a huge country, and so is the USA, so its very hard to compare the two because you can get a completely different answer depending on which two parts of each country you compare. We moved from Melbourne to the Bay area and they are extremely alike, both in the good aspects (weather, culture) and bad (traffic, house prices). So much so, that if you are from there, I would probably tell you not to visit the southern parts of Australia because it will feel like you wasted your money travelling thousands of miles to visit a place you could have seen at home lol. The further north you travel in Australia, the more exotic and "Steve Irwin, crocodile hunter" things become. Living in the US has a lot of advantages if you can afford to live here. My husband and I have many more job opportunities here than back in Australia. The convenience of all the services/products you have here is also pretty different (the number of things you can get delivered to your door is insane). Australia however offers a kind of laid back "she'll be right" attitude that I miss dearly. It is also a country that while it plenty of problems, especially with race/immigration, offers far vastly more opportunity for those who have little or no money (like my family was when I was growing up). I feel like it is a much kinder, less brutal kind of place to grow up and exist. You may not have the same "Freedom" as you do in the US, there are a lot more rules and regulations, but you have free healthcare and and education system that allows even someone with zero dollars (like I had) to get multiple university degrees. The streets are not lined with homeless people in Melbourne like they are in California (and other US states) despite house prices being just as high. Australia has that safety net that the US lacks (imperfect as it may be). All in all, I kind of see the two countries as equals, where one country may be better on some levels, it will be worse in others, so it has never really mattered too much to me or my husband which one we prefer to live in. In short, Australia is where I would choose to grow up and retire, the US is where I would choose to work.
@@Rekeaki I really enjoyed your comment! I just wanted to ask what your career is and if you have any career advice for a graduating college student that still has no experience?
How rare. I have only heard one other person say he/she learned about personal finance in school at that age.
@@vincentlee4903 I'm a mechanical engineer with a bonus physics degree and my husband is technically a telecomunications engineer (he got a PhD in this field), but he now works in hardware design. For college students I guess my advice is to focus more on finding out what employers want in the field that interests in you and do anything you can to get that experience. Don't chase the big paycheck in the early years if you have the option not to. Experience is FAR more valuable. Do NOT endlessly grind in your job on things you already know how to do in those early years. Your job is to LEARN and build new experience. At the same time, know your worth, even if you are chasing experience, make sure you are getting paid fairly for the work you CAN do. When it comes to finances, I strongly recommend knowing exactly what you spend on the major things in life. If you don't know what percentage of your paycheck you spend on groceries (or utilities or transport, whatever), you are flying blind and have no chance of saving money. Once you know what you spend, tweak those numbers until you find a balance that you can comfortably live with while still setting aside money to invest. Start out with creating an emergency fund that is invested in low risk investments that you can withdraw quickly (within a day or two). Get savvy about credit cards and have at least one solid card that you use and pay off fully every two weeks, or however often you get paid, to start building your credit score (this card is critical because it will allow you to also cover emergencies while you take a few days to access your emergency fund money). Once you have enough in your emergency fund you can start investing the surplus into higher risk things like shares/ETFS. Forget get rich quick investments, focus on steady growth that is modestly ahead of inflation, its not worth losing everything just for a big gain that never comes. Don't waste time trying to save for a house deposit, for pretty much my entire life, investing in shares has performed better than investing in home and I suspect that will continue (unless you are house flipping, that's different). You are NOT throwing money away by renting, far from it. Check your bank accounts and credit cards EVERY day so that you are always on top of changes or miscalculations in your spending (or spot fraudulent transactions). That's pretty much it. I don't think I did anything other than that. Once I built up enough experience (for an engineer this period is minimum 5 years), I started being able to start ramping up my push for better and better salaries. Never stop learning and never stop building on that experience. My husband and I went from a combined household income of around $60k in 2007 (and that was after working for 5 years already) to around $460k when we did our taxes last year (in fact, its probably a bit more because we have pre-tax stock options too). We had to invest in ourselves before the bigger paychecks came along. We have also never owned a home. Renting all the way! lol
I learned personal finance in school. A personal finance class started being required in 2007 in Missouri. I had to take it as a graduation requirement. I It was just one class. Many of my peer didn't take it seriously but I felt like I did learn some things from it. I learned how to file taxes, write a check, importance of checking account, general information about credit cards, basic budgeting, we had discussions about college vs non college options and there was this simulation game on the computer in which we played a person who we had to do there budget.
That's actually lit
Hardwork is just the door, everyone has to go through it at some point.
couldnt have said it better myself arturo :)
Hard work with the right mindset and vision yes
Love your channel. In 2007 I purchased a flat for $187k. It was very, very modest. Friends said they wouldn't live there because it wasn't nice or big enough. Well the joke is on them because I sold it with a $245k profit in 2015 with no renovations. I didn't even paint or replace the carpet. I purchased another property and sold it 2 years later for $90k profit with no renovations or changes. Then I purchased a primary residence and an investment property. I have 2 years of expenses (inc mortgage payments on both properties and property maintenance) saved. My investment property is on the market. When it sells, I'll pay off my primary property and have around $100k left over. I'll max out my retirement (I'm not in the US) and the rest will start me off in investing. I made a lot of financial sacrifices but I also made a lot of stupid financial decisions along the way. I work part time now and get penalty rates for shift work so it's like I still have a full time income on part time hours. I could retire but I want to travel and I'd rather work and earn than tap my savings rn. It was a 15 year journey to get here. I did not get rich quick. I got rich at the speed of a very slow sloth. Still feels good :-)
Hi, Vincent! I just have one question! When switching from the nuance of "Doing what you're good at and finding people to pay for it" to "Finding what people already want/need and creating something for them to buy"-
How do you find out what people already need? What kind of mentality do you need to open up that type of creativity?
Thanks, Kai
I feel very validated by this. In South America it is so hard to explain poverty mindset
Great video. Too many people have no financial literacy, and it's shame that it's not taught at all in schools. Live below your means, learn to work smarter (also good to work hard, but working hard isn't necessarily good in and of itself), learn to invest your money after you've built up an emergency fund. These are all things all of us would benefit from.
Im in my senior year in highschool in PA and I take a math application class and have learned about student loans, taxes, net pay, medicaid, medicare, budgeting for starting positions and some more
My Indiana high school actually offered a personal finance course! I learned so much from that class but, unfortunately, entrepreneurship was not highlighted. The ‘poverty mindset’ is real and takes a lot of effort to get out. As someone who is trying to get more confident with not being self employed and doing consultant work, your videos are encouraging!
Fortunately public schools finally started teaching personal finance in Oregon. The emphasis is on retirement and investments showing saving your money isn’t enough. I’m glad you touched on following your parents money management styles. I feel very fortunate my family has a long line of hard workers that don’t feel the need to look and act rich, but have our needs met enough to be generous to those around us. Great video!
“How can I afford it?” -Robert Kiyosaki in Rich Dad, Poor Dad
Even worse is when people you love, your wife, parents don't believe in you that you can make it. I have my wife always criticize my dreams of success, sometimes I lose confidence, but I will never stop keep going.
Don't, my dad is dealing with the same thing, I believe in him. You'll get it one day, don't give up!
If your mind can’t conceive it, you’re unlikely to achieve it. A big part of succeeding in anything is reprogramming all the bad stuff you’re taught growing up
exactly! thanks for putting it so nicely joey :)
I did kindof learn finances in school. Not by it itself, but when I was a kid, I often shared some of my food with friends, and my friends /loved/ it. Because I eat the same things practically daily, I got bored of said food and I started craving cafeteria food, but my parents refused to give me money for that
So what did 6 year old me do?
I sold the food they gave me and bought the cafeteria food I wanted
I learned many lessons from this, but I just found it really nice that generosity can give insight to what people want. And when there's a need, there's a business opportunity. Being cognisant of that is crucial
thank you so so so much for your content. I'm 23 and I'm a daughter of immigrant parents. And truthfully finance has never rly been taught or talked about in my household, and so yeah I too am finally seeking to learn on my own now. From one second gen to another, thank you so much for taking the time to create this content. I will be watching more of your videos and hopefully learning a lot from them :)
i am from new york city and took economics and my teacher spoke about personal finances for a short while and stocks, loved that guy
His parents thrived by saving by thinking logically of each purchases usefulness. This idea of becoming ceos is ok but we can't all be ceos there will always need workers. The problem is what he stated the ceo earn more by doing less. It should be the other way around that way more people are happy.
I am from Mexico, I had personal finance as a subject in high school (private high school). I remember they taught us how to manage our budget and we read and discussed Rich Dad Poor Dad plus other things like compound interest, etc. This was a HUGE advantage at that age, mostly all adults don’t even budget in Mexico
In New York the closest we came to learning “financial literacy” in school was senior year economics where we learned to budget on 1500 a month. Teaching us that it doesn’t get better and we have to work with what we have.
Oh… I thought that was what everyone meant when they said they had financial literacy in high school.
My school offered personal finance as an elective but not many kids took it
Minimum.wage
You’re right. The problem for most people is figuring out what services they can provide to others for money and getting the start up money or even going about setting everything up to provide said services. I have thought of many things I could do, but never have the money to get them started. I have also run into the problem of how long will I be able to provide said service before it’s not needed or becomes outlawed. It’s not easy as just changing your mind set.
I remember growing up with my dad being our provider as a enlist in the navy. My mom didn't work and took care of us. My mom always told me to go to college and get a degree and I'll be able to find a job and work till retirement. My father, however, was open to building a business and not becoming an employee and work for someone else's dream. I'm grateful that I grew up with both mindsets because now I'm not limited to one way of thinking. I do believe mindset is a really big factor but there also other factors like planning and executing are huge. I also believe past experiences really shape how you think today. It's an interesting concept to think about.
thanks so much for sharing George! Really appreciate you being open about that
@@VincentChan Thank you Vincent for the amazing Content! You're a real inspiration man! Much love from Texas!
"My mom didn't work and took care of us"
*my mom WORKED taking care of us (and the house)*
That's another way the government keeps making us poor,domestic jobs should be remunerated,just because it doesn't benefit capitalism doesn't mean it isn't important and the base of our society.
5:08. The American government created a standardized public education system in the 1920’s because it needed a population of men smart enough to understand and follow military instructions during WWI 1914-1917. Henry Ford told the American government that he needed people with enough education to become good workers, not entrepreneurs who wanted to start their own businesses.
There were many people, like Henry Ford, who got rich from inventions during the industrial revolution. Gradually, companies created employment rules stating that any inventions were the property of the company. Post-it notes invented by a 3M employee is a famous example of this. Another famous example is the man that created the intermittent windshield wiper who took it to all of the American automobile manufacturers. I believe that it was General Motors that stole his idea, and he never made a cent from his invention. There is a movie about this staring Greg Kinnear.
Great thoughts. This is not only important in terms of wealth, but also health. It can completely transform how you see yourself and the world.
I'm in highschool, I learned almost everything about personal finance from the internet, balance sheets, income statements, stocks, bonds, interest rates, loans, lending, inflation, deflation, all important concepts hardly talked about in school, I can see many who also don't understand budgeting in my school, they work mimum wage jobs and spend all their money on fast food, I hope they eventually take finances into their own hands.
You're going to get rich...
@@FluffyBunny9002 Haha that's the plan, we'll see how destiny goes, or some would call it fate.
It took me a LONG time to wrap my head around the fact that as a lower middle class earner, I was literally in the 1% of the world. Now, I live on about $100 a week after everything else is paid. Life is good.
Its like someone in New york making 300k per year and thinking they are richer than someone making 250k in Texas. Its not the same.
Viewing this 12/29/23. Your words spoke volumes to me. Financial education is key. I never received that growing up. I cried, I smiled, yet - I hope. Thank you. Have a Happy New Year 2024!
I always use caution with any creator, guru or adviser talking about "passive income". There's no financial solution that doesn't require your attention or input, period. Even investment. If you aren't planning out and structuring the practice yourself then you're outsourcing that to somebody else and with that comes cost, and you're still going back to keeping in touch with persons and maintaining a level of oversight.
It's your finances, don't turn your brain off!
So true!
I’m from Canada and I went to high school at the University of Winnipeg, it was a small private school for students to help you transition to uni more easily. I had this one professor for a pre calculus class who did two lessons that weren’t on the curriculum; first he made us calculate how likely a person is to win the lottery, and second he taught us about compound interest and how it applies to credit cards etc. Those two lessons changed my life, I don’t gamble and I try to use compound interest to my favour through investments and avoiding debt as much as possible. Thanks professor!!
I really like how you point out that CEOs who earn that much more than an employee do not work that many times harder than the employee. I've been taught to work hard since I was young and I always hear my family tell me that they couldn't buy xyz because they can't afford it. I was also bought clothes that were 1-2 sizes bigger so I can grow into them and I'd go to school with big puffy jackets and baggy clothes. Used to be a bit embarrassed because the other girls in class had clothes that fit them, so I was "un-girly." I was taught to value the things I had and I sure worked hard. However, I have learned that people especially millennials are given few times more work than the average worker years ago. Wage isn't exactly catching up with inflation. So I too feel like I work like a hamster in a wheel, but my company has no interest or intention to increase my wage depending on how hard I work. I have my own business as a side hustle and that's when I realized that I've been so underpaid by my employer. I honestly feel like with how corporate companies treat their employees, everyone is going to end up living paycheck to paycheck while burning out.
Your story sound like mine lol I experienced the same thing TT
I was homeschooled and I had a textbook that taught basics like how interest works, budgeting, how to write a check, banking accounts, etc.
When you mentioned the education part, that made me realize why someone like me, who grew up studying in an affluent private school despite being just middle class, is more ambitious and have probably reached greater achievements than people older than me who studied in public school. My school is catholic so charity is a big thing to us. We're always sent to impoverished areas to do outreach programs but still subconsciously position our selves in a more dominant position where we pity them and let them form a reliance on us instead of actually considering ourselves as part of the reason why they remain poor.
Also yes, we are taught how to manage personal finances. In fact, we were taught the entire accounting cycle in 8th grade which is something I just realized was usually taught only in private schools. Since we were elementary, learning how to earn and manage money was part of our curriculum. We would even have these school market fairs where students put up their own food stalls and other products for sale. Ofc some public schools do this too but not as prolific and as early as elementary like we did.
In my country, the Philippines, that attitude towards charity is such a common thing too. That's how we maintain the order of the social classes. We're not helping them get out of poverty, we're just helping them get basic necessities that is their right to have in the first place. Just enough to make them comfortable not to want more. And building that reliance on us creates this mindset that they owe us even though they dont. Charity breeds poverty, because what charity here does is just give band-aid solutions to oversized wounds
I am from Columbus Ohio and your one of the most authentic person I have ever seen in my journey to financial freedom and success. I love you and all your videos.‼️
Thank you so much for bringing such mindful content when it come to building wealth.
Thank you so much for watching :)
"How can I afford it" is something I learned a few years ago and it really does change everything you see or think in terms of earnings. Definitely a good thing to know
I was able to take a consumer math class in my high school that talked about money management and financial issues that basic households have. The school was Joppatowne high school in Joppatowne Maryland.
That’s really awesome of your school! I truly hope they adopt that class across the nation
Our class in California taught us how to fill out a check but not what an account is, where the money comes from, etc.
They taught us how to spend .
Rather than tell my kids “we can’t afford [that]” or “we don’t have the money for [that]” I shut them down by saying “we don’t need that”. I’ve always tried to drive him that we always have money for needs and that we never don’t have money. We just try not to choose to spend money on wants unless it was intentionally saved for or it’s an occasion.
I learned about personal finance in school. I’m from IN. There was an entire book that I still have and an entire field trip to this fun, colorful, interactive personal finance building too.
I grew up with a similar Asian immigrant story raised with the same mindsets.
But I’ve overcome all of the programming and taught myself financial literacy, and now well on my path to FIRE.
Growing millions from nothing was not easy, but it’s simpler than most realize. It just takes decade to do.
No it take income to make millions. But if you want to die with money you have to find a way to make more than you spend. The majority of single income earners do not even make 100K AND many that do take almost 20 years to reach 1-2 million cash.
My high school in Virginia required us to take a personal finance class in order to graduate. It was a really great introduction and I found it useful.
This is so true for the mindset of people with "lower working class" immigrant parents!
We were just talking about changing our mindset to "That can't happen or it will never happen" to "HOW can we make it happen?" It is a game changer in life!! More prosperity to you Vincent!!
This was a super informative video, I find that I’m stuck in the poverty mindset and this was something I’ve never heard before. Thanks so much for making this video!
omg, I love how the color of your water bottle matches your desktop background (3:49), that red to purple to red gradient at the bottom left corner is so satiating to look at, I can't.
My high school actually required a semester of personal finance to graduate, though because of this requirement, the bar was set to a minimum and all I learned was what a tax form looks like and how to fill it out. I’m from southern Wisconsin
wow that's amazing to hear :) it's definitely a step in the right direction even if the information was lacking. Hopefully more schools start adding this to their curriculum
Same here im from Illinios
You have created the perfect loop, but it's important information and not useless I respect how you've trapped me.
"A question opens the mind, a statement closes the mind" - Robert Kiyosaki
"Is that a question, or a statement?"
-Me, just now
It's good this video summarizes "Rich Dad Poor Dad", "Think and grow rich", which I already read and really had such a mindset and I really broke out of those mindsets, and as he was telling them I felt accomplished that I already changed.
Vincent doesn’t miss with these videos 🎯
Instead of hopping on PS4 I rolled up and watched this.. completely worth it. New subscriber sir!
Great video. Thank you. Any mindset books you recommend?
I’ll share some in the future :D Thank you so much for watching :)
I'm thirty and grew up in Illinois. Small ish town, lots of corn fields. We were taught about finance multiple times. Starting, at least as far back as I can remember, in Jr high. Making kitchen budgets in home ec for a fake household. Eaxh kid given random budgets and going through the store or catalogs to check if our budgets worked.
We also did monthly visits to restaurants for manners class, but this included paying in exact change for the bill and the tip.
Moved into high school classes. One was all about adulting. We filled out different tax forms, made fake resumes and did Job applications, found apartments in a given location with the knowledge of what our salary would be, etc. Just a bunch of random stuff.
I had an extra class where we also did wedding budgets and planned around a new baby. Looking at what they cost, their gear, second hand stuff, formula for my baby egg and new husband. That class was also supplemented by Molly Ringwald movies. Lol
I'm just surprised we had this in my pretty normal town if others learned absolutely nothing. *we also had trades, like a class working on cars with our own garage, lifts and all, and a building class that worked to help make a home every year. Unfortunately I do know the trade class no long builds homes and maybe gone completely. 😕
*“The only person you are destined to become is the person you decide to be.”*
_―Ralph Waldo Emerson_
The chances of you seeing this comment is pretty low, but if you did, *I hope you have an amazing day...* 🖤
Good comment and quote.
I see your comments everywhere 😂
@@worldwide123 yea I get bored and watch RUclips.
There is minimum.wage
Thank you. May you have an amazing day today.