You Will Be Poor If You Do This - Bad Financial Advice
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- Опубликовано: 26 июл 2018
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You’ve been given bad financial advice. And you probably follow it. But if you do follow it, you will be poor. Watch this video to discover the bad financial advice you’re given that is making you poor.
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This video is about You Will Be Poor If You Do This - Bad Financial Advice
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Dan Lok Hey Dan, any advice on how to first find them develop a high income skill? At the moment I work as a cinematographer but I'm not sure if that's the way to go or it's just a job and I should find something else. Love your videos, thanks for your time!
Still trying to grow my drop shipping business were can I get advice Boss I’m a new fan u changed my life!!!
Dan Lok You are the man I listen to your advice and I hustle smarter not harder every day ! I will meet you one day and shake your hand when I'm rich to thank you in person for all your great sensible business advice.
Can you please discuss the cycle of discipline and willpower in growing a business? How do you allow them to fuel each other.
Yes. Is it possible to build a very large business to start up like a casino or a aviation business from scratch. I see things like delta and mgm on the fortune 500 list and I feel like I could do better than them
“You don’t have a saving problem. You have an income problem.” That’s a good paradigm shift right there.
In my country, same as America, millennials don't have income problem they have saving problem plus spending problem. So no matter how much money they make or higher income every year they never have enough money for needs and make a ton of debts.
The Present I people have a good income then saving money is not a problem then
@@jerrypapi80 it depends on the situation
@@jomontanee most millennials are better at saving than the boomers that came before. They just have massive school debt holding many of them back.
@@Excalibur2 But there are many who can graduate with so little debts or none. And many who can pay off Student Loans before term.
We need more people that are brutally honest. Thanks for the advice Dan!
Is your middle name "And"?
@@DuroDP XD
you're right
"Penny saved is still a f*cking penny" I love that quote :D
WTF!?:
I am an ex-Financial Advisor, and i can say that those dialogues are true. We just keep pursuing poor people to save and invest in this bulls**t then forcing them to leave a poor life. This is the reason i quit doing this kind of stuff. My manager is broke, and i'm not that rich also, and who am i to talk about money. Great video i hope lot of people have their eyes opened.
Thank you. It's almost like a veteran telling us those wars in the middle East are a bunch of lies. Yeah, I'm with TULSI GABBARD in 2020!!
Thank you for being transparent and your honesty
Financial advisors help people MANAGE their money. Just because you're not rich doesn't mean you can't help people manage their money so they aren't always getting into financial trouble.
@Heal Hands, thank you 🙂
@Dream Theory You can't create wealth without any discipline
I used to focus on "saving as much as I can", but now I am focusing on "developing the High-income skills". Thank you Sifu! =)
Daniel Huang how about both - save one time a month as much as possible, use the rest of time on your high income skill. Yes the skills are importants
I do both
Paul Tran DIY can you share what do you do for high income skill? I am currently learning copywriting, but however i don't think I'm able to bring value to market yet
Information Technology is one.
learn email marketing. contact me
you are the Bruce Lee for entrepreneur, Straight forward and simple..
and Asian
Waaaaaa u saaaay
"A penny saved is still just a fucking penny." The quote that pulled me away from my scarcity mindset. Thank you for your wonderful insight, Sifu!
"You don't have a savings problem, you have an income problem".
You can't get rich without putting your money to good use.
Pablo disagrees.
takiskan Pablo is wrong. Your great skill doesn't matter, you can only work up to 24 hours a day. You don't have to work while your money works. So I'll he was certainly right about gaining a high-income skill to start out your investment, you're going to need to invest if you hope to make that concrete. You can make a s*** ton of money, but if you don't keep it coming, you'll just be making a s*** ton of money for the rest of your life, because if you stop working, you won't make your Mansion mortgage payment.
no you use OTHER PEOPLE'S MONEY. even Warren Buffet does this. It's a universal principal
Yoy cant get rich period when you dont aquire the skill to be come rich. Let me teach you how. Subscribe to this channel, stfu and listen. Lol
You did not understand the idea.
You save for paying off debt and investing. Don’t save for the sake of saving.
This is one of my FAVORITE Dan Lok videos... FINALLY SOMEONE SAID IT! All over the internet there's this theory that if you just stop getting Starbucks every day it will lead to financial freedom! What? I'm convinced that advice is for people who are dirt broke. Dan absolutely nailed it here: the key is CREATE MORE INCOME! If you create more income it means more than just extra money, it means you're figuring out how to make more money in this world, and if you keep working on it you'll get better and better and THAT is what leads to financial freedom. What the hell is the point of life if you live like a peasant until you're 65 when your physical abilities have decreased significantly? Be smart with your money, but don't spend the majority of your time figuring out how to save $300 per month when you should be focusing on how to increase your income by $3,000 or more per month. Fantastic video, Dan, thank you!
I am trying to figure out why you can't develop high income skills AND save money. They are not mutually exclusive, just do them both for the best results.
I completely agree that saving aggressively without enjoying some of what you earn is foolish and a recipe for disaster. Like most things, balance is the key.
Thanks for listening.
Ben, you can do both. The problem is, most people save their way into being broke. They don't use the money and invest in themselves.
Agreed. Ultimately, to be wealthy you MUST save money, it is simply the laws of mathematics. If you start with 10 jelly beans and take away 10 then you are left with 0. Whether you make $20,000 per year or $20,000,000, you must spend less than you make to have something left over. This is even more true if you plan on investing. It's hard to invest when you don't have what to invest with. Of course the more you make, the more you can save, and that is where your high income skills come into play. A majority of professional athletes end up broke! But wait, they have high income skills, so how is it possible? Answer: they spent as much or more of what they earned leaving them with nothing when their career is over.
Conclusion: Live beneath your means and invest the difference. Lather, rinse, repeat. Fast forward 5 years, you are better off than most, 10 years, you have a substantial sum, 15 years, you are rich, 25-30 years, your children and grand children are rich.
Ben Jakob, D.C. hello, are you there?
My parents taught me to save as much money as I can from young, that is all change now, I need High Income Skills to grow faster, thank you Sifu !!
Why not do both?
Who else noticed the cover of the book coins is a F.U sign.💯🤣
🤣🤣🤣🤣😂lol
I have I own this book.
Well thats some strong subliminal message there
Hell yeah!
I'm very close to that point!!!
haha
its actually it is. im going to read his free book
I used to save money in the bank,but when I realized how those people used my money for their own personal income I totally went"shit wtf am I doing?"
Thank you Dan. Dan's formula...
Regular job plus high ticket side hustle plus "passive" cash flow investments (real estate, patents, etc whatever) builds lastong wealth!
Listening to him, i feel like i can go fight a war... haha.. Thanks for the advice Sir.
You got it PC Sim.
Omg you are so damn right!! So many count on retiring so they can "enjoy" life with the money they saved. Then they died before they got there.
The key is to save and earn more so that you can retire decades earlier, while finding the right balance between blowing it and saving all of it.
Every time 😂💯✔
Some people like older people just cant change their view though.its so relieving to hear somebody else confirm your thoughts.
*Respect from India*
*_Your English speaking is so clear._* 🤗😍
I subscribed
Thank you.
Siddhant Rastogi .........
I got a app idea anyone with me
@@krishankant7202 what's the idea
Simple and brilliant. 100% spot on.
stenhouseh I agree. Just keep spending beyond your means not worry about it and hope that your income improves. Playing with fire.
stenhouseh Did you watch the video ?????..did he say to spend foolishly??? I think he says to generate more ...
King85Kong Same to you ...I guess you didn't understand either ...maybe watch again ....
This has been always the thing I am confused with every time I listen to the so-called financial advisers saying that we should save money. I agree with this 100%!
* clicks video *
“ i am PISSED “ lmao 😆 great info as usual🤟🏽
Straight and bold that's what I like about you. You know what you're talking about because you know yourself you're successful
This is EASILY a MILLION $$ video, There is so much value I dont think theres ANY FLUFF in ANY of the videos I watched from Dan Lok. Just pure value. GOLD. I wish i could thank you in person
Welcome. I have received your appreciation
Thank you Dan.
I'v already developing my high income skills these days, now I realized that I'm on the right track!
Subscribed!
Real words. Real language. Real man. Thank you Dan!!!
This is your brilliance : simplifying things.
This advice on advice is awakening. And good.
Who’s still watching this after a year ?? :))
Amazing THANK YOU I will take your advice
Dan your material is so raw and so real. I am self-employed and I’ve been in business for 18 years I work for a builder and I do private jobs as a welding company. For the longest time I’ve been looking for a way to increase my income. I’ve stumbled on your videos and watched almost all of them.Thanks to you I’ve come to the conclusion that I just need to raise my prices. There is no bullshit behind your videos and that’s what makes you one of a kind. Thank you for helping a small business like mine out.
And yes Dan, please make videos where you show pictures of your old apartment, your old car, the clothes you used to wear...and that will bring the whole struggle into perspective for those who want to follow their dreams and who are thinking that "its not possible" That will convince them that "Yes" it is possible.
Gold! Wow what a straight forward no bullshit message. Love it.
Dan you’re amazing brother. You are my mentor, your are my financial leader & father. Thank you
3:29 (SLAMS hundred dollar stack and sweeps off the change on table)
Dan’s visual techniques are awesome!
Dan the Man did it again! Years ago I lost a ton of money following the advice of a financial 'expert'. It takes time to develop the skill of identifying a financial expert and just another sales person!
One of the best recent videos Dan! Thanks again! )))
I used to listen to those types of people doling out advice about saving every penny and living on a budget. I got debt-free thanks to that advice but that's where their logic starts to fall apart. I was miserable, dissatisfied with life, and downright depressed. I lived below the poverty line for 3 years while socking away the majority of my income. Now I know Its okay to spend that money, especially if it means I'm putting that money to work. I was driving an unreliable jalopy while I could afford a much more reliable car free and clear. I'm getting a new car because I means I can travel, network, and grow my business. I'm no longer concerned with saving my income, Now I am concerned with building a sustainable cash flow!
So their method got you out of debt and financially stable? Now you're in a position where you can start spending a little more (as your wealth portfolio grows so does the amount you can spend). This method while hard at times seemed to have really worked for you and put you on the right path. Now you want to dump it?
@@rschritt The ability to learn and unlearn is growth. At that time it may work for him, but may not this time and you have to find a better advice.
This is the answer of my question I commented in one of your video. I am so happy watch your video before doing mutual fund I will use this video to slap those financial advisers that always pm me in facebook 😀😀😀
You are the most sensible person Sifu Dan
I found your vids a few days ago and I gotta say, it woke me up. As someone who aspires to be a nurse I hadn't even begun to think about different streams of income later on in life when my hands can no longer lift patients. This is some good advice. Thank you for putting up this raw knowledge.
I truly appreciate your hard work and advice Dan Lok! Thank you very much, you inspire me to improve and do my best everyday.
I like this one
very powerful
a dollar is still a dollar 100$ is still 100$ no matter if you save it. It rarely will change unless market crash or u out of your home country. thanks man :)
Great. Thanks Dan
You are making me cry,what you are saying is right..it pierce my heart man,because that's the truth.
Frustration is wanting a above average income and a above average life without becoming an above average person.
-Jim Rohn
Yea man like they keep recommending to rely on third parties and living in scarcity, then basically start living at 65 years old. Like wtf kinda logic is that? Like Dan said make more money till it doesn't matter anymore. Just follow the wealth triangle and live however you like to do.
I wish people more get it like you do.
Ask Toys-R-us if just making more money helped them. Their revenue in 2016 was $11.54 billion. They tried to outspend their problems and got crippled in debt interest. Just telling people that if they made more money that'll solve their problems is poor advise. More to it than that.
Exactly. What matters is not how much you make, it's how much you keep (and then invest). Yes, you should strive to make more. However, you can make 500k per year and blow 550k per year. Just because you make 500k, or 500 million, does not mean you don't need any kind of a budget.
@@dmitriyzaslavskiy6279 he never said to blow $500,000 a year. the point is, a lot of people have very little to invest from their regular job once bills are paid. He is recommending making more money so you can live a little better and invest enough money to beat inflation.
This is so true, I just can’t simplify more my expenses, I just have an income problem.
I have only just discovered you Dan....
And am I glad I have
I LOVE the value you are adding to my life...
Straight message
No bullshit
Thank you Dan
I just love these videos! Great info, and ALWAYS bloody funny!!
Thanks for calling out the bullshit and being real. I appreciate all your videos. Its helped me a lot.
Dan I love how honest, blend, and realistic you are with your opinion. Not sugar coated! Plus the swearing it’s awesome. 😇 I watch all your videos. Thank you
Your videos give me chills Dan. This is the motivation I need. Something I know in the back of my mind, but just need to take action.
Straight to the point! Well spoken advice. Thanks for that.
Legendary, this guy kills me every time.
I’m literally obsessed with your videos. Always to the point and truthful.
I spent so much on my own growth the last several years, it’s awesome and best part - it pays back!!
What you said is 100% accurate. There are financial advisors trying to talk me out to invest in mutual funds and equity funds because it is the best way to be "financially free" considering that I'm still young.
Honestly, if you keep the attitude you have you're probably going to die with pennies to your name. The stock market is the easy solution when you're young because if you have lots of time compounding interest will cause money to grow faster with no action on your part. It's a way to own part of a business without all the work and risk.
Always enjoy your straight forward and hard approach!
So interesting, I was just speaking about this today with some friends! Cutting back is the way to save! Thanks Dan!
I will be the happiest people to have teacher who are already experience many things and success and also truthful even if it is harsh reality.You are one of them Dan Lok.I wish I have you as teacher.
I am suprise that Sifu Dan watch TV
but its good that Sifu Dan take the action and make a video to educate us the the more effective way.
Sifu Dan cares so much for us
Sifu Dan doesent want that we take the stupid way
Gratitude
A reaction of nice comments?
Man U r my mentor now ty for all these knowledge that I absorb significantly!
Dan. I just love the way you get straight to the point. You are such s great inspiring person I've ever followed. Am a young entrepreneur, and am willing to pursue my success through your advices. Thanks Dan.
Make sense so far! Thanks Dan!
It's just like playing versus game, you can't win by defending all the time.
thank you Dan .... yes I'm gonna do side hustle
AMAZING video Dan. Your understanding and intelligence are unsurpassed. Your videos are changing me in a lot different ways! Thank you!
I always believe that everything would be seen as fiction, unless someone crazy does it. You have my respect & proud of you. Thank you for your wisdom & time
Thank you so much Dan for your honesty! It means a lot. 👍✌🏾
Yes! At least 7 sources of income
Try 20 sources of income 😂
Florin Flori, haha yes!! Especially right now
Btw only one out of these 7 left now lol
I have 60 - 30 low - 30 high
"Penny saved is still a f*cking penny" - Dan Lok
Thank you Dan Lok, I'm happy to have discovered these priceless and real advise you're sharing.
Dan I am so happy to receive these amazing advices that comes from someone who was poor and then became multimillionaire...
that’s amazing and even tough some people say you are a scamer, I know you are not.
Thanks again for these wonderful advices
Actually investing in fund in your 20s is not a bad idea, not everybody can be an entrepreneur.
If you invest 10k with a compound interest of 10% in 35 years you will have 280k, and to avoid the "market crashing" when you have to retire you simply move from stocks to treasuries in the last 5 years of your investment plan.
I still love the vibe and the concept of your videos, but as i said not everybody has the spirit and the will to be his own boss, people don't quite understand how stressful it is to have your own business
Diego Cadei $280k in 35 years? That’s shit! That would also be today’s equivalent of about $50,000.
U got to be enterprenurial their is no other way about it!!
in 35 years you could be dead or too ill to reap the rewards. Strive for opulence now.
Inflation man. Come on
280k isn’t much
Im super broke right and your videos just awakens the asleep rich soul in me everytime😊
Does it only awaken or start working also?
I actually saw a similar video that you stated. The thing to do is balance your business and personal affairs. What good is all that money if your alone and lonely... I'm listening to you. You make more sense...
I agree DanLok! Saving a few dollars here and there has never got me Anywhere, something unexpected will always arise and eat those few dollars saved.... Developing a High-Income is the best and most logical, sound advice I've ever received.. Thank you DanLok, you are the Realist advisor!
*_Dan Lok saying "problem" is my new crack_* ... 3:50
This right here! Yes! My ex is a budding "financial advisor " and is a financial mess his self 😂😂 and tries to tell me bs lol. I said when you fix your OWN finances I'll listen to you 🤣 Dan I LOVE your videos AND your cussing 👍👍
PREACH
Yup... Never listen to anyone before watching what they do first ✋😌👍
If you seriously believe this guy you are delusional
Classic Dan Lok and absolutely correct. Videos like this are why I subscribed in the first place.
Perfect advice! I always felt creeped out by the idea of using financial advice and now I see clearly why because of you! Thank you once again for the Golden Lessons!:)
I agree totally
You have just opened my eyes! Thank you very much! I will find a way to generate extra high-income.
Dan thanks so much for increasing my knowledge
I loved this video. This has been my point right from my school days. Have never invested in these schemes, I believe in income generating
Nice suit!
Thank you for debunking the bad financial advice and reality check. Saving is nice, but it won't solve all money problems or generate more.
For real...Thank you Dan Lok.
Best advice ever.
Dan , I really appreciate you and how you teach others especially me in your videos . I also watch the author of rich Dad poor Dad. Do you know him, Robert .... I can't spell the last name right now, but it sounds like the Japanese motor cycle. You and Robert have been saying things that I have never heard before but make perfect sense to me.
I'm trying to tell people. Thank you for this!!! I love the way you talk man.
Luv it, Sifu!
What many of those so-called "financial advisers" (i.e. mutual funds) don't say is that many of them have NO PLAN to make money in (1) "down markets" and (2) "sideways markets." Only way they can make money is in an "up market." Worse, many of those products have no leverage and cannot be insured.
...which is to say nothing about fees, confiscatory policies, inflation, etc..
Keep up the good fight -- I'm a teacher and I really like your message.
Dan lok, you rule!
Honest question, for most people, what’s harder, saving money or making more of it?
Most people don’t have what it takes to make more money, that’s my guess.
Oh My God, This really true...
Develop High-income skill...
Thank you...Giving this valuable Information For Free...
Thank
You
For
This
Wonderful
Advice
Best Quote: A penny Saved is still a F*n Penny... Simply brilliant
Hey Dan, any advice on how to first find them develop a high income skill? At the moment I work as a cinematographer but I'm not sure if that's the way to go or it's just a job and I should find something else. Love your videos, thanks for your time!
Dan Lok Thank you, I will! And I am dead serious, like psychopath levels of serious and intent, tired of wasting my life.
Wait what did he say? I can’t see his msg. Think it might’ve been deleted
yeah me either..
yeah me either..
We need your books in tanzania
I'm only 18 and I'm so fucking glad I found your channel so early in my life. You are brilliant and inspiring. I want to better my family's circumstances and you are showing me the way. Thank you
Thank you for this lesson Master Dan, and please teach me more!