00:00:00
If your goal is to become financially
00:00:01
independent at a young age, this is a
00:00:03
very controversial thing to say, you
00:00:05
probably don't want to go buy a house
00:00:07
because people typically buy a house
00:00:09
that can't possibly afford. The bank
00:00:11
wants you to do that cuz that's how they
00:00:13
make the most money. So, you're putting
00:00:14
your capital into that house and now
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it's not going to be earning thing. It's
00:00:17
going to be sitting idally. And people
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say, "Well, you know, I can buy this
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house cuz my mortgage is the same as my
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rent." Well, yeah, but your mortgage is
00:00:26
just the starting point. So what is the
00:00:29
simple path to wealth?
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>> So first of all, avoid debt because you
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can never be financially independent if
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you're carrying around debt. Next, live
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on less than you earn. But the problem
00:00:38
is the way our culture has taught us to
00:00:40
think about money is solely in terms of
00:00:42
what can you buy with it. But the more
00:00:44
musthaves you have in your life, the
00:00:46
less likely you are to become wealthy.
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And then the final one, invest the
00:00:50
surplus. So stocks are the single most
00:00:54
effective, strongest wealthb buildinging
00:00:56
tool that's ever been created. But the
00:00:58
biggest push back I get is from people
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who say, "Well, that's great. I mean, if
00:01:01
you got a big income, 100, $200,
00:01:03
$300,000 a year, then yeah, the simple
00:01:05
path to wealth will work for you."
00:01:06
That's not the truth. For instance, a
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friend of mine, he was making a million
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dollar a year, and he was broke because
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people have large incomes are much more
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likely to be drawn into the competing
00:01:15
with the Joneses.
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>> So, let's talk about investing then.
00:01:18
Where do you think we should be
00:01:19
investing our money at this moment of
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time? Should I buy Bitcoin? Do I need a
00:01:22
financial adviser?
