Why LOOKING Poor Is Important
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- Опубликовано: 9 июн 2024
- Rich is visible, wealth is invisible. Let's talk about why it is so important to look poor.
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Chapters
00:00 Start Here
01:09 Looking Rich Is The Quickest Way To Going Broke
02:25 Looking Rich Burdens You With Liabilities
03:48 Looking Rich Makes You Live In Survival Mode
05:18 Looking Rich Makes People View You Differently
06:11 Getting Rich Is Just A Collection of Many Small Decisions
07:55 True Wealth Doesn’t Need To Prove Itself
08:56 Financial Peace Is Just Better
We often think that being rich is a very visible thing where you can see a person's money through nice possessions and an abundant lifestyle; however, this is not true. Many people who are rich and have a lot of money get that way by seeing the importance of looking poor. And when I say looking poor, I am not saying wearing worn out clothes and driving a terrible car, but just living a modest lifestyle where you don't flaunt your wealth. In this video, I share 7 reasons why looking poor is important.
1. Looking Rich Is The Quickest Way To Going Broke
Trying to look rich by making it visibly known is the quickest path to going broke. We often see this with professional athletes who will all the sudden start making millions of dollars and make their expenses high. Then, when they stop being an athlete and the money stops coming in, they have high expenses and no income or savings to back them up. Looking poor is important because it is a sustainable way to live in the long term.
2. Looking Rich Burdens You With Liabilities
The problem with trying to look rich is that you end up buying a bunch of liabilities, which are things you own. When you look rich you have credit card debt, auto loans, and high mortgages, and if something happens like you lose your job, you are unable to pay for these liabilities. Looking poor is important because you minimize your liabilities and buy more assets, which are things that provide you future benefit. When you limit your liabilities and buy assets like an emergency fund, index funds, and other investments, you are protected against life's surprises.
3. Looking Rich Makes You Live In Survival Mode
When you try to look rich and spend so much money on possessions, you end up viewing money as a means for survival to pay your bills because you are always running out of money and in need of money. Looking poor is important because when you limit your liabilities and buy more assets, your assets start making you money and you can view money as a tool instead of survival.
4. Looking Rich Makes People View You Differently
When you decide to make it visibly known to people that you have money, people will start to view you differently. Your family and friends might feel entitled to your money, you could surround yourself with phony people, and people could try to take advantage of you. Looking poor is important because it's better for people to not know how much money you have so nobody bothers you or tries to take advantage of you.
5. Getting Rich Is Just A Collection of Many Small Decisions
When you decide to look poor, what you are doing is making many small decisions every day to spend less so that you can buy more assets. Over time, these small decisions will compound into something much greater creating wealth in your life. Looking poor is important because it allows you to make more and more small decisions every day to build wealth.
6. True Wealth Doesn’t Need To Prove Itself
When people feel the need to make it known that they have money, they are trying to prove to other people that they have money. But what is the point? When you have real wealth of freedom, options, and flexibility, you don't feel the need to prove it to other people. Those things are so personal that you shouldn't care if other people know. Looking poor is important because the less you care about what other people think, the more you can build your wealth.
7. Financial Peace Is Just Better
I think, to some extent, everyone wants to have nice things because it's in our human nature. And although it is nice to have nice things, financial peace is just better. It's much better to sleep easy every night knowing that whatever tomorrow brings, you at least don't have to worry about money. Looking poor is important because although you don't have as many nice things, the freedom you get in exchange is much better.
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Хобби
Money is a tool to make your life better. Alot of people mistake the idea of frugal living and looking poor, by not investing in themselves! No Improve yourself by learning new skills, saving, budgeting, Investing and achieving financial freedom to enjoy a fruitful life.
Wealthy is to be able to live freely
That’s correct, use the tool to improve your life and make it better
love your comments, everyone keeps talking about educate yourself about investing. Please point Me in a direction of articles and books that are helpful. I've found it difficult to learn online
There are many options to explore, get a pro to guide you in. that will make it easier
Thanks for replying, can you recommend any articles and Pro to guide me?
Vivian Carol Gioia is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Remember the wealthiest thing you can own is your health.
thats so true health is wealth !
Nonsense. Whats the point of health if i'm working myself to death in poverty. Clueless comment
@@JohnSmith-su3zehow can you enjoy your wealth if you’re dead
@@Dmarcuz i'll use my wealth to keep me alive
🎉🎉🎉😅😅😅😅
‘Looking poor’ is the safest way to travel the world ;)
or just travel to nice safe places
Well, I look poor anyway.
Yep
I travel to Asia often and I dress as the locals do - flip flops, shorts, T-shirt, & hat. Even tho I stand out as the big white guy with round eyes - I feel "accepted" by most as I am not trying to show off in their country. My Asian friends always laugh when I walk out of the airport as I have no checked luggage even when staying a month or two. Just a carry-on and my drone backpack. I onow how to do laundry and it makes travel so much easier to not drag all the extra stuff around.
Depends where are you travelling. There is a ton of places where you can look "smart" and still be safe.
I would say - look normal, but attractive. You can wear very stylish good quality clothes that are a little bit dated as you wear them a lot.
They can look great on you but not scream "money".
When I see a large house I think "What a maintenance nightmare!" "Financial Peace" is worth more than all the rest combined.
Yeah, I think a cleaning nightmare, but I guess those people hire people to clean it.
Yes. @@ElAgustin
I guess some people really do think that those living in 500 sq ft studios are "richer" than those who live in a 30,000 sq ft mansion😂 You ever think "wow, they make a lot more money than me and those "nightmare" maintenance payments are too high for me but manageable for them"
A guy I worked with bought a monster pickup and couldn't even afford the fuel.
If we owned a huge McMansion, even our kids would probably tell everyone "We only get to use two bathrooms and all the other vents to the house are closed"
Spot on. I inherited a few million back in 2015 and there were a lot of hands expecting a deposit. Now I drive a Honda Civic and sold off all my excesses (Boat, Harley and Toyota Tundra). The less I own, the happier I get. I travel a lot now and splurge abroad...
My advice:
1. Be a minimalist.
2. Pretend to be broke when around friends and even family.
3. Keep your mouth zipped!
Perfect,no more grabbers
Excellent advice!
You wasted your time writing this comment, 95% of the people on this youtube video didnt inherit ANYTHING
Not a waste at all. Most normal people in asian country will inherit some properties or even money from their parents@@DaniZeAlmighty
Not looking rich doesn't mean you have to look poor. You can purchase good quality items that you need, will use and value and take good care of for a long time. I don't want to look poor. I want to look like I've made sensible financial choices, nothing ostentatious or to show off to anyone.
Exactly
Yeah Austin really went too extreme in the direction of saying to "Look poor" lol.
Austin is, in my opinion, merely using hyperbole to make his point.
I mix it up sometimes i dress in regular clothes and other times good but casual and then sportswear but it's not to show I have anything.
Yeah some People get wrapped up on details and disregard the whole point of the video 😂
You won't need to look poor or rich, you need to look clean & healthy.
Healthy is wealthy!
Yes Healthy is wealthy!
If you are healthy, you still look beautiful/handsome in a clean cloth, you don't need brand name cloth.
@@san209nha9
There are probably tons of quiet millionaires shopping in Cosco.
My wife and I married young at 22 and 23. We had almost nothing to our name and we both worked low earning jobs. However, we were extremely frugal. We had no tv, no phone (it was 1997), no car, no mortgage, no debt. We lived in a crappy flat on the fourth floor without a lift (elevator for the Americans), but which was within walking distance of places we needed to get to. In those days I literally walked everywhere, up to 4 hours a day. We cooked our own meals, eating lots of cheap vegetables, potatoes, rice and beans. Our entertainment was reading novels (borrowed from the public library, of course) or playing cards in the evening.
Little by little, we started earning more. Then we started having babies. We never went out, our holidays were camping in a tent. We always spent less than we earned. We managed to buy a small house that we paid off in 4 years, sold that at a massive profit, then moved into a bigger one, paid that off in 6 years. Now we have 3 houses, loads of investments in different accounts, and live very comfortably.
The key is to start small, always spend less than you earn, and invest in stuff that goes up in value. If you do this, over time you will become rich.
That’s outstanding how you did it! The problem is in the USA at least the schools do not teach any kind of financial education and they have been promoting socialism for decades.
It’s common sense what you said but few people want to live that way because they are lazy and entitled. They want it all now. And then the trouble begins.
👏👏👏👏
I will take this as an inspiration as a 27 year old and unmarried!
@@williamholden4312. What an ignorant comment blaming everyone or everything instead of quietly working toward a goal.
@@williamholden4312so you’re a fascist?
It's because people like you have three houses when you only need one that your story is not replicable today
As a poor person, I don't need to cosplay as a poor person.
😂
Saameee
Poor is relative. I am not wealthy, but I have enough. I dress in the things that make me happy (zero brands names). I shop at thrifts and make some things. Basically, I don't care if others think I am wealthy or not. 😊
😅😂 🤌
At least you are honest :D 😀
Another thing is that when you look poor
- You filter your friends, you won't have friends who will use you
- You have peace of mind
- You won't have lifestyle inflation
- You won't have family and friends asking you for money bec you look like you don't have any
- if things go wrong at your work probably your boss will reduce the staff by firing those who look richer and on the other hand if things go not that badly, your boss will promote you/give you extra money bec otherwise you risk not making it
❤
If so, then the boss is silly. Not in the finance industry, whoever dresses sloppy all the time are the ones they want to get rid of.
@@LoveLife-oo9cz These things come from people who don't actually make money and search for some reasons . And it's ok not to go after the money and live a different life . The stupidty of this take is ...why should I make moneyif I dress like crap , live under my means , etc, why go to all the trouble of fighting for that ?: Just buy a trailer and live in it on whatever I make...done.But if I want nice clothes , shoes , ties , car , etc because thatn I have to make money . Simple . It;s a matter of what one needs in the end.
@@cooltrades7469 Quiet true. Doing something nice to self once a while can be a healthy habit and feel happier that way. To me, clothes are cheap and affordable. It's not about looking great = wasting a lot of money, but know where to buy.
I worked as a bank teller in Miami and let me tell you, most people had little or no money in their accounts. They look rich, drove expensive cars, but were broke. This was in Miami Beach. 😒
A lot of people have multiple accounts though. Just because they didn’t have savings in their account for that particular bank doesn’t mean they were broke.
It's the same "up north" where I live. When we bought our house ~20 years ago (fully paid off as of about 8 years ago) I was talking to the loan officer and they agreed that most everybody that came in wanted to get as much house as they could and so many of them were one paycheck away from disaster. Yeah, house prices rise. But around here not as quickly as other parts of the country. And we did have a regional recession here awhile back and there were a lot of people that lost their McMansions.
Exactly. Most weathly people don't keep cash at a bank.@@anastasiya8314
Well, maybe you are wrong about them? When it comes to a financial sense, brick and mortal banks are thieves. Why would they put too much into the banks that literally pay .0002% in return when they can use your bank to pay bills and have an online saving accounts or funds somewhere that pretty safe and pay at least 4%?. We have multiple banks and funds just because we don't trust a specific bank.
I have 188 dol. in one particular bank account. There's a reason for this. In my trading account, 4.3 mln. dol. My trading acc. is linked with a different bank. Many people do that for a .variety of reasons. Also, people (not me, unfortunately) have sometimes substantial investments in offshore accounts. Minimum in Miami bank.
You don't want friends and relatives hitting you up for money
If it's ones you don't like then lend them money. You'll never see them again! Money well spent ;)
@@nowisthetime6093 fantastic advice. It's a way to get rid of toxic people . Hurrah
@@nowisthetime6093😂
@@nowisthetime6093This will not work on shameless people. They won't repay the previous debt and keep asking you for a new loan. They don't want to take No too.
@@nowisthetime6093 People who owe you money avoid you like they avoid the plague, and never hold eye contact LMAO 😂
I rather sleep at night peacefully knowing
- no debt to pay
- bills pay on time
- roof over my head
- food to survive
- have 1 year financial cushion in case of an emergnecy
- have retire saving in place
rather than buying things i do need to impress people I don't like and miss out on life quality.
Also looking ordinary won't attract you fake friends, since won't have money agenda when being your friend.
Unfortunately that is not what our teachers teach kids in school.
I drive my 23 year old car, living in my fullpaid house and have a nice bankaccount. Me and my wife live a nice life😊😊😊.
And then when you die the government can take it all and pass it to the migrants. Well done, good strategy
Smart!
Wow! What kind of car is that??
@@portersblackboard Probably a Volvo, hahaha My Dad had a couple. And they don't rust!
@@zimjun7 I might have to get one of those. LOL!
For me, 'looking poor' is a way to reject consumerism and is a fashionable way to revolt against being manipulated by the 1% ownership class.
Yesss
Thank you! I'm guilty but have been changing my mindset. I don't own anything. These things own me.... I have a bad spending habit and switched to buying stocks but instead of things that make you "feel good".
@@williamhernandez8526 🤣🤣🤣🤣🤣🤣🤣🤣🤣
Meh. You can dress nicely without spending much. There are thrifts, and you can make your own things by sewing them. I don't find looking poor on purpose shows anything to anyone but yourself. No one says you have buy brand names to dress nicely, but not 'look rich'.
I am not protesting anything, I just dress poor.
When I was a kid I asked the font of all wisdom (aka my mom) "How do you know when you're rich?" Without missing a beat she responded 'You know you're rich when the money doesn't matter anymore." Which she defined as you don't have a burning need to splash it around and show off. This video proved that this is yet one more thing that my mom was right about!
I wanted a Gucci wallet so badly. Finally, when I sold my house a few years ago, I bought a Gucci wallet. It was the only thing I bought. (The rest went onto the loan of the new house, paid off my truck and went into the bank as an emergency fund). Today was the first time since I bought the wallet 2.5 years ago that someone said, “What a cute wallet..AND it’s a Gucci.” No one cared. I overspent on something to show off and no one cared.
It's true. I don't throw my money over brand name purses. Back then ladies showed off $3-6k Gucci purses. In normal people's eyes, it's just a random purse. They would pay attention to you more when you wear a cute dress or high heels than a silly purse.
No offense, but people who want very expensive namebrand items always seemed crazy to me,but I grew up working class so there is that too. Lol
You’re wrong. I care. Can you give me that wallet (no need to empty it either)
I think if you still wanted it, after years of thinking about you, you deserved to have it. Especially if it makes/made you happy
I always buy nice things people don’t know are nice. Stealth wealth is the best approach, IMHO.
I went looking at used trucks a few weeks ago and all the sales people walked pass me and headed towards the nice dressed customers, I was thinking I could out buy everyone in this parking lot and the salesman, but decided just to fix my piece of junk instead of replacing it
haha... I went through the same thing. Last time I ever visited a dealer.
@@bernitup6492discrimination of looking poor is real, I even trimmed my beard that day😂
Same thing happened to me and my wife at dealership. We don't dress fancy just jeans and t-shirts. Not one saleman come out and ask if we need help. I could pay cash for any one of the car they have on the lot but since they don't want my money so I told my wife to go where they want our money.
Because y’all don’t wear your MONEY, people will just assume you don’t have it, if only they knew😂
This is common at dealerships, especially from luxury brands. All too often, just walking up and looking normal they will ignore you.
The hilarious part is seeing the customers that "look rich" just finish signing their $1000 monthly payments are 15% interest. You know the ones, luxury bags, luxury clothes, raised eyebrows.
I’d like to say also that looking poor doesn’t have to be the same as looking like a bag lady. I had a friend who WAS poor (then) but her t-shirt from Goodwill matched her Walmart socks. It impressed me then and still does. No one was going to mistake her for royalty, but she was always a classy lady.
Love it! Classy dress doesn’t involve $150 leggings. .
My grandfather taught me that years ago. Always look like you have nothing. Simple life.
Simple life is the best...My parents taught me not to waste anything and my late dad only had 2 cars in his 80 years of life time here on earth..By watching how my dad being so frugal in his everyday life for all these years, it does rubbed some on myself and still seeing my mom being frugal even at the tender age of 80 years young..
❤
@@gretzgomezYeah... try to date now while looking poor XD I am in my late 30's, finally making decent money. I have been wearing the same clothes for 6-10 years.
Realized that looking poor isn't always a benefit. I have spent some money recently to basically look good. Still have the habit of buying things carefully.
It's necessary to look good these days. Not talking about suits. Just good pairs of T-shirts, jeans, a couple of jackets and shoes. To be fair - things got expensive. Based on my shopping experiences most people in my area are going quickly into debt.
The less you accumulate, the less you have to get rid of. (Worse: the less your loved ones have to throw out when you leave this life.) Also: When I travel - no matter where - I never have check-in luggage, and even my carry-on is modest. It's a pain having to lug stuff around, and you'll notice this more and more as you age.
@@HCforLife1 If someone dates your wardrobe, they are not dating you. Give them a pass.... next. Just be presentable, confident, positive and naturally interesting.
Having the ability to buy nice things is more enjoyable than having nice things….. because I think things seem to be nice than they actually are.
Yeah, it's the best feeling when you don't have to worry about money, but even better when you don't want much!
@@ElAgustin i like the idea of seeing things and saying to myself... I can afford that.
Q
😂
I like having BOTH the ability to buy nice things as well as having them bought to enjoy.
Not flaunt.
I like luxury because that's how I roll.
Having a quadrillion dollars to die with and enjoying nothing
Is nothing but 😂 STUPID.
Q ❤
Omg that’s so well put I’m gonna be thinking a lot about it. There’s been really very few material things that really impacted my life no matter how pretty or convenient or revolutionary or whatever they seemed
Be disciplined in *limiting* your possessions (a.k.a. "avoid clutter".) True material wealth is where you tell yourself to get rid of something to acquire something new.
This is one of your best videos.....My husband was in the habit of flaunting a rich lifestyle....All people robbed him and he had to give away huge amounts of money even by borrowering,just to prove he was rich ... After he died,all relatives left me alone when they came to know I don't have much money....But today atleast I have peace of mind,away from greedy relatives and friends....I am maintaining a modest lifestyle and am also saving little money for my little 8 years old daughters future....I bought some gold for her ..My husband mortgaged all gold to buy a fancy car to look rich... Everything is gone now but still I am having a decent life with no debts and no company of unreliable greedy relatives and friends...m
Good for you.may you enjoy peace.
Inner peace is valuable. Rich lifestyle show is bankruptcy, morally and financially.
that is communal narcissism "give away by borrowing"
This is one of your best videos! Well done! #4 especially hit me, because I'm a widow, and people assume I'm loaded and I've been used. It took me awhile to click into it. Also, everyone thought I had to go visit THEM and they never came to see me. They expect me to buy the flights, because I'm just one person. I did that for a while but smartened up now. Also, couples have TWICE the income compared to a widow. Why does everyone use others, and make HUGE ASSUMPTIONs about their net worth. I'm tired of it, people got mad and pissed off with me because I stopped bending over backwards for them. I wish I had your insight at your age, I was so naive.......better late than never. I'm 62 and finally have it figured out!
My angle: Look poor enough not to look pitiful nor rich enough to be hit up for money.🎉
Good for you for standing up for yourself!
From another widow from the other side of the world: The same here. A nice saying I found on social media is "As a woman you are either nurse or purse." putting in a nutshell how men see you. So, my dear, take care!
This is me at 59! I think it's better late than never❤
When i drive past a big house I wonder how much work it is to clean...
@solidstate9451 You don’t want to even know! I’m an home organizer, I with some clients who live in 12,000-15,000 Sqft. homes. The amount of time and effort to manage their stuff is astronomical. Even with 3 housekeepers working full time, 7 days a week, the job never ends. Ugh, when I see homes this big I just think of all the time and money wasted on maintaining it! No thanks! Oh, one more thing. Imagine having to walk 2 minutes to get to the kitchen. No thanks!
when i see a big house, I think that has a lot of expensive stuff in it for people rob
I clean them! And it’s a lot
Same!
@@andreabellini6796Me too.
I appreciate the video, but I disagree with some points. Looking poor can lead to mistreatment, but confidence in wealth brings pride. It's important to maintain a smart appearance as wealth shouldn't look weary or unkempt. I'm seeking advice on investing $50k wisely to grow my wealth while looking sharp. Any recommendations?
I agree with you on this. to your question, I believe every investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
Just buy Gold and protect your assets, the stock market is a rollercoaster.
The market is not necessarily a rollercoaster if you know your way around the market, there are various opportunities in the present market to accrue good profit, If you are not too savvy with the market, just buy and hold on strong companies with good earnings, or consult with advisors on ETFs and actively managed funds.
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
"Jill Marie Carroll" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
if you look poor they judge you so you have to look decent enough.
"Don't look too good nor talk too wise"
Kipling. (If)
I've really mastered this. I'm looking poor every day, without even trying.
😂
The goal is to be rich & not to look rich.
"Be rich" wow, very good advice.
I'm the blue jeans and t shirt driving a 10 year old Hyundai person. Having a lot of money doesn't mean keeping it. We live under our means so we can put more aside for tomorrow for that just in case moment. Congratulations to your growth!
I'm disappointed that I didn't learn this when I was younger!! Anyone I know who has "bling" or is "ballin" is usually just looking for another credit card account or another consolidation loan. They think that I'm a monk!
Reversing my outlook on $$$$ took me a while, but I am so thankful 🙏 that I did! Not having any credit cards or car loans is a wonderfully peaceful place! And seeing those who have to deal with that crazy unnecessary stress reassures my mind and my heart! Blessings 🙌
I just love that you start talking immediately in the video, without some words like 'hi, welcome to my channel' etc. etc. Thank you for saving our time.
I stopped listening halfway through because it sounded like he said the same stuff over and over. Not time well spent in my opinion.
I have been teaching my two teenagers this concept! I learned it from the book "The Millionaire Next Door." Another reason is that when you always try to "look rich," all of those fancy new things immediately go out of fashion within a year, so then you are forced to keep repurchasing and repurchasing. You can never keep up, and you will eventually go broke trying to do so.
My son was 16, buying his own clothes as he worked after school and on weekends. He started buying very trendy clothes and sneakers. About 6 months later he told me he was through with those clothes as now his friends told him he was no longer in style. He said he was getting an LL Bean catalog and changing to all classic casual clothes. He is now in his 50's, retired, still wears T-shirts and jeans, can afford whatever he wants, has a beautiful paid-for home and car, a wife and 2 children. They can travel and came to see me (long trip) for a week. They all had backpacks, wore jeans and T's and each had a pair of sneakers, no other shoes with them. But he always buys top quality for everything so that things last, just low-key style.
He was a brilliant student in college (paid his own way completely) and worked many long hours in his field to do all this.
I hope your teens read this.
This is well said. One's will never able to keep up with new gadgets as new things kept coming out in the market every month..The goal here is to be rich but in very low profile..
Sometimes people think you're rich and obligated to give them money merely because you have a job and have your shit together 🙄
There are several millionaire farmers, running around this town in ratty old overalls, and beat up. Pick up trucks. But they have enough cash in their pockets to buy a new car.
I know those gents, or people just like them in any case. And then there's the farmers with the snazzy new pickups and sheds full of new equipment - and they're probably stony broke. Dad was never rich by most people's definition but he bought good equipment, often used, and kept it in good repair. He could make a (modest) profit in a year that saw all the neighbors losing money hand over fist.
I look so poor that security guards follow me around the store despite the fact I can buy the whole store!
I like the way you think. Looking rich attracts the wrong type of people to your life (people who want to take advantage of your social position). Genuine relationships are not determined by the brand you wear and the car you drive. Fake ones do.
I know a man who is very rich but considered a lowly carpenter. He prefers to hang out with the poor and middle class and blesses them all the time. He said that the borrow is a servant to the lender. He is known for dressing very modestly. As a very rich man, he is very loving, friendly and approachable. He keeps all his promises too.
Does his name start with J and he’s from a town that starts with an N? 😉
@@kimrodgers692 Yeah, he's not Joe from Nebraska, LOL!
I thought he was from a town starting with B (and I’m not talking about Bethlehem, Pennsylvania!😊).
@@robertmoore2049 Nope, he was born in B town, raised in N.
@@robertmoore2049 Jesus of Nazareth.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $389k now to put in the market.
Although stocks are now rather volatile, you should be okay if you perform the proper calculations. There have been stories of people making over $250,000 in a matter of weeks or months, according to Bloomberg and other finance media, so if you know where to look, I believe there are many wealth transfers during this recession.
Could you kindly elaborate on the advisor's background and qualifications?
Melissa profile appears to be fairly knowledgeable, therefore I must say that I value the advice. After locating her online, I thoroughly read through her resume, educational background, and qualifications, and I must say that they were quite impressive. We have set up a meeting after she replied to my message.
The way you presented yourself came across as immature just FYI
😊@parrish8386
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
Finding financial advisors like Margaret Johnson Arndt who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks, I just googled her I'm really impressed with his credentials. I reached out to her since I need all the assistance I can get.
This is why my family has no idea what we actually have 😊
Trying to look rich will draw unwanted attention from jackers, users and worst of all the authorities 🐷
At the end of the day It doesn't matter what people think about you. The important thing is your financial freedom and not worrying about rent and money to eat. And u will be happy
Exactly. People make all sorts of assumptions about me because I dress boring and drive a 30 year old Jeep. I also play stupid like I don't know much. Reality is that I have four degrees and have been making six figures for decades. I also understand money and how money works. But if you meet me in public, I come across as a simpleton redneck type.
As a guy with a couple of dollars in the bank, I completely agree with the mantra of not over-doing anything, including conspicuous displays of wealth. Money is a tool, but don't flaunt it.
There's a wonderful book from 100 years ago (I digress, it was a much sooner book, probably from the 1990's), I believe that it was called The Millionaire Next Door. I can't remember the year. As time has gone by, it has become apparent that we are all on our own financial journey. That isn't such a bad thing if you realize this, and start talking to people about your eventual retirement.
Retirement/Life goals.
Looking rich means gathering jealousy and hatred all around, it's much better to quietly pass by your neighbours and friends with a smile and no one feels jealous of you but you have a secure future with solid investments, ready cash for any emergency and can buy the best quality food.
You know what people who has money have in common? They are clean. Because they know health it's the most expensive thing money can't buy.
money des buy health, improving your diet and eat pricier whole and organic foods goes a long way
@@1greenMitsi You don't have to pay health insurance, medicine, doctor visit or missing work because of sick. For food, it doesn't have to be organic, just choose better option. Being healthy is not expensive but when you are sick, not only takes a lot of your money, but you will also feel the pain, every second is it.
Did you mean to say they are healthy instead of clean? Or clean and healthy?
@@GravityBar231 Healthy from inside and clean from the outside ( Teeth, nails, skin). Health and clean are connected.
The problem with this statement is that often health issues cause a lower income, not the other way around. My husband was and is a healthy weight and gets plenty of exercise. He was raised vegetarian in a similar way to what they do in Loma Linda (where the life expectancy is higher, look it up). No "recreational" drugs, alcohol or smoking ever. At 41 he still almost died from a sudden cardiac arrest due to a genetic condition. He now has a brain injury, and we are grateful that he can still work, but it limits his earning potential. We are doing fine because we live frugally,, not because we are lucky enough to have zero health issues. It's incredibly judgmental to assume that people don't have money because they are unhealthy. There are a ton of variables to all of this. Healthy people die all the time.
"live below your means" was hammered into me as a child. Now at 65 I've made it!!! Yet I still shop thrift stores and scour Ebay for deals.I have 100 cashmere sweaters.,....all from Goodwill.
totally agree with this. I am come from a culture that looking rich is vulgar and it also encourages burglarling and muggers. I am in a rich area in the Uk but I am very low key. I don't have a car, or kids and expensive jewellery. People think I am poor as i go round by bicycle, but I save a lot of money and it gives me exercise. My neighbours waste money buying large houses, buying houses in conservation areas where it is very expensive to make changes, and large fines if you get it wrong, they have lots of kids, have to buy cars for their kids, and spend money on private schools. Mean while my mother has property assets but lives really simple with an old car. Both of us have not been robbed. In other parts of the Uk people are buying expensive cars and they are constantly having their cars stolen. same with mobile phones people are walking around with expensive phones in front of strangers and being mugged all the time. crims know what they are looking for. dress poor but no so poor people will contantly follow you in supermarkets
The phone point is so true. I have friends who spend a fortune on monthy payments for their Apple pro max turbo 15 (£80 a month in one case!!). I bought a Samsun A05 for £100 in Argos which will last me a few years - and if I drop it/lose it is no drama. If anyone mugged me for it I suspect they'd chuck it back..
As a man my most important reason for not showing what I have is: WOMEN. I came from a poor family with two brothers, no girl/women EVER would go even to a single date with any of us, while the guys with rich daddy ALWAYS had a girl or most cases two on their sides. When after many years of struggle two of us became successful business owners and well off, women started to flock around us like moths around a light at night. So I now drive average cars, dress like everyone else, don't tell anyone who I really am, because we don't want the pests around us who just come because of WHAT we are instead of WHO we are. None of us have kids or have ever been married.
Never knew what feeling financially secure felt like until just recently, and also realized, when I was younger how careless I was with money. I don’t look poor, but by no means rich either. I discovered you can shop at thrift stores, and find brand new clothes, and also some designer things if you get lucky. It’s saved me $$ on clothes, and a better selection than I can find at Macy’s.
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I look at money as a means to service debt, not survival. Looking poor means i service very little debt. Works for me.
Family & relatives ignore you when you become poor.
Yes yes and yes.I work in a warehouse and most of the people I work with think I'm broke😂 I brought my house in 2001 for 27000 and now it's worth 300000. I drive a 2006 seat Ibiza .My house will be be paid of next year. My colleagues always ask why I don't do overtime.None of them know I'm loaded 😂 also people are less likely to help you out if they think your rich so I just keep quiet.I manage to save at least 700 a month and looking at early retirement.Im only writing this because literally none of my close friends and work colleagues know this . Ah I love acting broke 😊
My friends who “ look poor/ modest lives( house/ car)” have millions in investments and live debt free versus the ones who have big house/ cars/ expensive clothes got debt up the ying Yang. I was part of the looking rich club but now going the other way. Over trying to impress people
So, Is the issue having nice things, or having it for others?
I guess its about motives huh?
@@TstarHey-yx2li it’s about making choices to gain financial independence without getting into consumerism while on journey. Once you’ve achieved it, you have options to do/ buy / dress however you want. 😀💰
House poors and car poors
Such dumb choices to impress others who doesnt care
Once u look rich, all those around you starts asking for money
If you look rich, people will hike prices when they see you coming.
Yep.
I graduated 10 years ago. Parents didn't want to help me pay for my education so I worked fulltime to learn some skills on the side. Got set back by multiple no-fault car wrecks and the moment I attempted to get into the IT field 2020 happened. My younger brother graduated in 2021. Parents happily paid for his education because he's the favorite child (don't act like parents don't have favorites). He lucked out and got paid $60K right out of high school. Parents praised him and have shamed me for not making a livable wage at 30 years of age. 2024. I'm secretly getting ready to launch my business, have an emergency fund saved up that they don't know about, will be attending HVAC class next month. My ultimate goal this year is to combine a blue collar skillset with my tech skills because getting a tech job right now is no fun. Meanwhile, my younger brother just had to voluntarily repo his luxury car and financed another luxury car and will be taking two cruise vacations this year. My parents will realize one day that they backed the wrong child.
I used to work at banks and rich people do not wear flashy things. Most of them wear worn out clothes and their cars are old. They also take food from the bank events home after the event. 😂 They are stingy people and they are happy the way they are 🎉
There was an old lady in Melbourne Australia who wore old ragged clothes and slippers with a hole in the toe ,nobody knew she was a multi millionaire except the bank manager 😂😂😂😂
I like the way they think. Free food. 😊
Agreed. One of the richest people where I live owned a large percentage of one of the regional banks and was the CEO. He drove a 20 year old bunged up farm pickup, wore blue jeans and coveralls and was more likely have just got back from changing the oil on his car than from the golf course. And I could tell you stories about a couple of nice old ladies from the town where I grew up that between them were worth more than pretty much everybody else in town combined, and if you didn't know them you'd figure they didn't have two dimes to rub together.
I worked with a guy 20 years ago that had over a million dollars in cash, paid off house and no debt. He bought his clothes at the thrift stores and cut his hair at home because he didn't want to pay a barber $15. He looked one step away from homelessness even though the truth was something very different.
Yeah. They are certainly stingy
I drive a 15 year old Jeep, basic needs met and then some. I live in an apartment because I do not want house maintenance or upkeep and I can leave whenever I want. I retired from my first jobs at 42. I've been building wealth since then. People can make fun of me for not having a $4k purse or whatever material thing I'm supposed to have to impress people I could care less about. I'm good and happy.
Honestly as much shit as people give Andrew Tate, he said it best. "People do not make money, we take money." When you buy a coffee a Starbucks, Starbucks has stolen your money from you. Minimize the amount of money that is stolen from you. Invest your money into things that are going to make you more money. Don't care what everybody else thinks. Everybody else is broke. I dress like a homeless person and I have $120k in cash at 27 years old starting from a single mother in Section 8 housing and $0 inherited. I can go for 4 years without a job on just my savings alone. I have no fears about paying any bills. I choose my own financial security over trying to "impress" people that really don't give a rat's ass about me.
You are so right. Similar life and you got the go-getter gene! So did I.
Congratulations. You are so right.
All good points when you’re talking about young single people. When you’re raising a family, rich can show up even if you’re purchasing “poor.” It’s not about cars, clothes, homes, etc. Rich shows in school choice, extracurriculars, tutoring, nannies, cleaners, etc. None of those things are about being flashy but about quality of life for your family. Wealth is not just about avoiding risk but about making the life of your family and community better.
💯 Austin would think differently if he had a wife and children. When my youngest needed orthodontics ($8862), there went some of my Superannuation.
Holy wow! What orthodontics is that? My youngest just got braces and it was about $2500 with insurance
@@anastasiya8314 where do you live? I am in Sydney, Australia. Dentistry and orthodontics are expensive here. I don't have private health insurance. I have money set aside for health and dental.
Maryland United States and have dental insurance otherwise it would cost an arm and a leg more than it already does
Really wish 'looking poor' can simply be replaced with 'living modestly'.
Despite the air quotes, it still feels like a kick in the gut when many are just trying to survive well below the poverty level and wealthy people are playing pretend.
Your comment is proof that being offended has no boundaries.
@@melilifabulosa5505 Empathy and compassion are virtues I don't mind having. Have a great day!
@@melilifabulosa5505 Many people agree that saying "Look poor" is not the right words. Why couldn't he just say, "Don't look rich" or "Look normal"
It's not about being offended, it's just creates the wrong narrative.
@@soapa4279Yeah...very wrong narrative.
@@melilifabulosa5505she’s not offended she’s right. I’m looking at the guy in this video and he looks well off to me but he thinks he looks poor. He doesn’t know real poverty. It’s not cool to have a 20 year old car that breaks down every other month and you can’t rely on. He talks about having assets…poor people can’t afford to buy food…how can they buy assets. She’s right…living modestly is a better term. If I looked as poor as him I’d consider myself rich.
I hate to admit it, but when I was moving across the country, I was sleeping in my old van and traveling with my dogs. I would sleep in parking lots to avoid having to pay for a motel room.
one day, as I was packing up the van and getting to ready to drive, a very nice woman came up to me and offered me a bag of dog food. She thought I was homeless, poor and didn't think I could afford to feed my dogs. I thanked her for her offer, but declined it.
I knew that I was being successful, when people had mistake me as being poor. If that woman had seen what I had in my bank account, she probably would have fainted.😃
Wait, if you had so much money in your bank account, why did you not even spend just a little money for a room for you and your dogs? I mean yeah I know, save as much as you can, but dude skimping out on a $30-50/night room is a bit extreme.
Where did you potty?
@@soapa4279Exactly. Money is a tool, and is meant to be used. Not hoarded forever.
There is a time for everything, a time to spend and a time save. Smh
@@TstarHey-yx2li Yeah exactly. I think the context of what this person thinks "having in the bank account" to make someone faint needs to be clarified lmao. It had better been $500K to be impressive. Even then, having $500K in the bank, but avoiding to spend a measly one night rate at a cheap motel resorting to sleeping in the van with a couple of dogs, someone is lying.
Thank you for sharing your story. Doing things like living out of van traveling, you get to learn new skills and amazing experiences and appreciations.
This is probably one of the most honest, and truly important life advice videos young people should see. I'd say this video should be mandatory school education material. There's a reason most lottery winners become poor within just a few years, for the same reason newly rich don't know how to handle money. I often say to myself when I see people that flaunt wealth, look - real poor people. Because no one with assets in their right mind would show it off like that, hey watch - come and rob me, I'm a sucker!
An ex-con once told me what he always looked for, and that was a home with a pretty clean well kept lawn and yard. They always skipped the grandma lawns, you know - overgrown, because they assume people in there doesn't have any valuables. I see collecting assets like a scoreboard in a video game, and you don't need to flaunt your high-score with others, be happy for what you got, squeeze on everything, be stingy on subscriptions, always go for the bargains, shop-second hand, and you will live a super comfortable lifestyle AND still have enough to be safe when that rainy day comes.
Thanks!!
Good comment.
You would probably walk past me at the Costco Food Court watching me eat my Hotdog meal while waiting for my wife. Fleece jacket, sweatpants, Ugly Crocs.
You would never know I have a Net Worth over $5 million....
Buy your wife new clothes
How much actual cash do do you have besides the house cars etc
@@bigshotadventur18 My wallet always has: 20/10/5/1x4 at all times. I have at least $50,000 in immediately cash. I can quickly sell investments if needed over that.
My house is only worth $300k. Maybe $40k total worth of several Toyotas. Everything else is investments.
😂 love it! I wouldn't want anyone knowing how much I have in the bank.
I am sorry, but your comment is so deeply troubling that I must chime in: Crocs are NOT OK! Crocks are NEVER OK. 😜 Congrats on your stealth wealth!
Excelente!!
No tengo mucho dinero pero lo suficiente para vivir holgadamente , luzco más pobre que mis amigos y familiares pero tengo una mejor calidad de vida.
A lot of times people go into debt to buy fancy things to impress people, especially family, they don’t like and who don’t like them!
My parents were multi millionaires and they drove a 1976 Datsun B210 for 30 years. My parents looked so poor they were ridiculed at Sears and Target by staff and patrons.
When I inherited my $2 million I kept my 13 year old Honda , but I travel and stay at nice hotels and have new clothes at Macys. It is important to be frugal but it’s also important to enjoy your life.
I always look forward to your videos. With me you’re preaching to the choir, but I just like your content and watching you.
I just read something that relates to this video. A housewife said that while many people always upgrade things her husband watches ice melt on their refrigerator for entertainment. Funny, ain't? Great video as always.
I work in the home services business. I see a lot of really nice houses and get to working with the homeowner and many of them are housepoor debt slaves.
You are absolutely right. Financial freedom feels way better than showing off for family and friends. At a certain point, people won't be impressed anymore because they'll expect you to always have nice things. It's better to acquire the necessities first, then work on building passive income streams with your extra income. I will splurge from time to time on vacations or meals with the family. But my neighbors will never see me pull up in a $100k SUV. I'd rather just blend in and enjoy being worry-free.
It’s so good to see your video again. I’m listening to your video non stop and working back then but the accident cause me a short term memory loss so I forget mostly who I’m am and what’s my goal. Now I’m finally recovering 99% and find you again to connect all my missing dot. Thank you for never stopping man
I have a neighbor who always complain about his overhead in his business yet still buy/upgrade his house, car, motorcycle and so much status stuff... I don't get it...
That’s cause he’s trying to keep up with somebody else probably another buisiness or a friend
My hunch is he either likes to gripe or he's got a different way of bragging. But if he's keeping up with the Jones' at the expense of investing in his business he's someday have something real to complain about ;)
I thought about it for a long time. Save, save, save , grow money and then what die and go away…. Finally gave in and bought a luxury vehicle after toiling for 20+ years. Sometimes looking rich is also needed. If a billionaire drives a beat up Honda, people call him modest, but if normal (rich multi millionaire and not a well known billionaire) is quiet and drives around in a Honda then people call him “cheap”…. Once you build your assets and complete your responsibilities, it’s ok to get luxury things if you enjoy them!
If you are really rich you don’t have to pretend you are poor ! You don’t have to pretend, hide or show off . You just live life you like and can afford! No matter if it’s glamorous lifestyle or minimalistic. No matter , just be smart and keep balance!
I'm really good at looking poor =)
I live in an affluent area and have a small old car which fits between 2 range rovers in the car park. As everyone else has huge flash cars and mine has a dent in the door and old, i never worry about it being stolen or scratched or having to pay £250 per tyre or $2500 for a service or £150 to fill up the tank.
I remember my father criticizing my clothes even though it still looks good and comfortable. Yeah, it is not fancy but whatever. He still doesn't stop and keeps talking trash on me. And since I won't budge he just told me that I will die at 40 years old which is 3 years from now lol. I would have it other way if he could bring it down to a much lower number. It's his fault that I'm living in this world in the first place, as if I asked to be born lol.
He just can't accept the fact that he has so much money many years ago and with his over luxurious lifestyle, his money dwindles. While I can still live a modest life in simplicity even though he abandoned us and not receiving support.
I wear plain jeans I buy at Walmart for 15 bucks, decent sneakers and 20 dollar tee shirts or plain white tee. You couldn't tell I have 20,000 in my pocket now...not married and no child support.
Last year I bought 8 supima Black t shirts for everywhere use and its the great decision I've ever made now I don't need to buy new t shirt every few months saves me a lot of extra money.
Haha same just uniqlo supima cotton black thsirts
I love my 1,080 sqft villa that I am about to pay off. Plenty for me. I have a good salary and friends constantly tell me to move to a bigger, fancier house. What for? To show off my lifestyle? Add to that, I owe a paid off Kia Soul 2016 and I am planning to drive it until it gives up. LOL...El Agustin, note aside, I hope those plants are real. And be careful not to fall into the plant addict side! Love them all by the way!
Yup. I have an average house in a decent area. It's good enough for me. Certain family members pressure me to buy something larger so I can "entertain" and host large family gatherings. Nope. We can all just go out to eat, and I'll pick up the tab a couple times a year. Someone else can do the dishes.
i look poor; i am poor: just bad luck
LMAO
@@spankynater4242 things change, keep your chin up
I'm definitely not going to look like I'm homeless and broke. I want to wear nice good quality items,but not designer. Eat well but, not extravagant. Live in a small home that I love and have a car that I like and is well taken care of. 😊
I was mistaken for homeless once by a homeless guy. LOL I was riding my bicycle near the beach where I owned a home in cash and a homeless guy was asking me if the shelter was full last night. LOL I really don't care what people think about me. I do have to wear a suit and tie to certain events and get a lot of head turns from attractive women. But I'm not interested in being with someone that is attracted to clothing or other shows of power/wealth/status.
Yeah. Modesty.
You nailed it👍. I am in the position you described and the freedom is the best part. Those modest clothes and vehicle feel great when you have money to spare😊.
I'm very glad to see your channel is going from strength to strength Agustin. Quality content introduced in a pleasant and organized manner along with the occasional snippet of entertainment -- hope to see you gain a much wider readership this year 😊
Great content, Austin! I also think of the Diderot effect, when buying one new thing causes a domino effect that leads to more and more consumption.
I am very successfully in looking poor. Having no money helps a lot to achieve my goal. I have fooled everyone and beat "the system"
I agree with a lot of this. Important to add is that quality doesn't have to look rich. Buying poor quality stuff is often like throwing good money at bad.
it depends on your career. for example, if you're a high end Brand model/endorser/celebrity/fashionist of course you need to look rich. Actually, it is required. it's just one of their investments.
While I was in the Air Force, I drove my used Nissan Sentra for my entire 20-year career. Many people kept making fun of me because I was an officer and I should have been driving a new car...an expensive new car. Now I'm retired and living in Jamaica. Those who had jokes about my car are still working and knee-deep in the rat race.
I dress looking rich and buy my clothes from Temu, but really I act poor and own my home freehold, drive a 20-year-old car, have no credit cards or other debt and have 3 years of expenses saved in the bank. I want to invest but have trust issues, especially with the SCAMS in this world.
If you can get rid of users, you're rich instead of emotionally drained!
In 2024,don't set new year financial goals without consulting a financial adviser.there expertise ensure a solid plan for success.Building wealth involves developing good habits like regular putting money away in intervals for solid investments.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start.Any tips on finding a reliable financial adviser or resource to guide beginners?
I agree, based on personal experience working with an investment advisor, I currently have $650k in a well diversified portfolio, that has experienced exponential growth. It is not about having money to invest in stocks,but also you need to be knowledgeable, persistent,and have strong hands to back it up.
How can I participate in this?I sincerely aspire to establish a secure financial future and am eager to participate.who is the driving force behind your success?.
Marie Ann Treloar
She has been my counselor and coach.
When I see a big house, I wonder how much the utilities cost every month to cool and heat the place and how much water is being used.
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I can't believe I just found him randomly.
It’s called you work hard and enjoy life
I've read that Warren Buffet, one of the richest men in the world, drives a modest car, lives in a modest house and likes McDonalds for meals. Nuff said! Great video!
He can afford pricey McDonald's!
Moderate is relative. I don't think he's living in a one story house with a plastic baby pool in the yard. So, he has one less tennis court than The Zuck..
Read biography founder of IKEA. an Aries pioneer . Tread your own path.
Users will try to use anyone even those who are broke, elderly, mentally ill etc. Just make it clear that you will not be used. If someone really needs help then help if you are able.
My dad tells me this all the time!! It took me a while to really apply it to my life but I’m definitely taking heed. Thanks for another great video!
My parents and relatives hate it when I look poor 😂...