The Untold Truth About Money: How to Build Wealth From Nothing

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Winston
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The Untold Truth About Money: How to Build Wealth From Nothing

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This is an interesting video about what the right equation is for how to become wealthy and successful at a young age, which we are never taught in school, because the system wants most of us to be wage slave workers. What do you all think? Does it make sense?

The Untold Truth About Money: How to Build Wealth From Nothing.


There is an untold truth about money – an actual equation that allows you to build wealth from nothing.

It’s an equation that is hardly taught in schools if at all, and is often overlooked by those who are trying to get rich, or achieve their dreams of “financial freedom”.

In this video, we’ll take a look at exactly what that equation is.
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

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Some things in this video are spot on, others not so much.

Let's start with the things I did not like:

- I disagree with the premise that people "are not taught" how money works. Most people have to teach themselves how money works through trial and error or finding out for themselves.

- I also think the video missed that what young people are actually taught is anti-wealth! I, like most, were taught that one gets into a university, takes out loans, and then gets a good job so he or she can start paying off on those loans. Moreover, the best schools lead to careers earning the most money so those are the schools to get into. This is perhaps the single most detrimental financial decision that a young person can make. It never sat well with me so I went into the military first, earned a scholarship at a school far below the ones I could have attended, then smoothed sailed into whatever career field interested me without any thought given to loans. My older brother and sister have both high-income earners, but they are still working and only my brother has retirement in sight, largely because of unnecessary advanced degrees which compounded their student loan debt. That early student loan debt factor was therefore a lost opportunity for the video.

Good things about the video:

- I like the aversion to actually working a job for wealth. Whether it is making business deals on a regular basis, or setting up auto-pilot income, that is spot on.

- I like the ethos of "finding a problem, then providing scalable solutions to that problem" is brilliant. I might word that a bit differently because I view it as finding a NEED, then providing scalable solutions to fill that need. In my case residential real estate is that need because everyone ultimately needs to find a place to live and that need is never going to go away.

In summary, this was not a video money, per se, it was a look at how to view wealth-creation in macro terms instead of micro terms which is how most people view it. I think most people do not have the risk tolerance nor aggressive constitution needed to break into the billions of dollars, but mere millions are indeed within the reach of most people if they only knew.
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Cornfed
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

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The idea of a business that is scalable and automatable/delegatable its a good, if somewhat obvious, idea. I’m not sure whether the focus should be on solving problems though. Perhaps fschmidt’s outlook of aiming for arbitrage or scamming morons is generally more applicable in the current climate.
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

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Contrarian Expatriate wrote:
August 2nd, 2020, 8:32 pm
In summary, this was not a video money, per se, it was a look at how to view wealth-creation in macro terms instead of micro terms which is how most people view it. I think most people do not have the risk tolerance nor aggressive constitution needed to break into the billions of dollars, but mere millions are indeed within the reach of most people if they only knew.
Good points CE. True that most don't have what it takes to be a multi-millionaire or billionaire. It's not just about drive and risk taking though. They gotta be smart, above average IQ and talented or very good at something too, and have good business sense. They can't just be average people with only determination and persistence and confidence. But New Age/self-help books lie when they claim that "everyone can be successful and everyone has the potential to be a great leader or entrepreneur". Not so at all. Most people are mediocre and never rise above their limits and never transcend their genes or what they are given in life. That's the way it's always been. Most people don't have genius potential. That's just feel good New Age cliche designed to make everyone feel good and special and that anything is possible and that no limits exist unless you believe they do, because that's what people wanna hear. It's not reality of course.

Just because a few people make it doesn't mean anyone can, that's a core fallacy of self-help and motivational material. The fact is, every successful person is usually above average IQ and very good or talented in something, they aren't just average people with no special skills or traits. But of course, people don't wanna hear that, they wanna hear that "anyone can be successful and that anyone has the potential to do anything." I guess some people need to hear that, even if it's not true.

Why did you say you disagree with this though?
- I disagree with the premise that people "are not taught" how money works. Most people have to teach themselves how money works through trial and error or finding out for themselves.
The video is true that the education system doesn't teach anything about how money works or the macro scale that is explained in the video. Schools and universities don't teach that of course.
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

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Cornfed wrote:
August 2nd, 2020, 9:52 pm
The idea of a business that is scalable and automatable/delegatable its a good, if somewhat obvious, idea. I’m not sure whether the focus should be on solving problems though. Perhaps fschmidt’s outlook of aiming for arbitrage or scamming morons is generally more applicable in the current climate.
You gotta either solve problems or alleviate suffering of people or fill some kind of need in some way though, that's the only way people will part with their cash and the only way your business will grow into a large scale industry. Of course, you gotta have powerful people helping you and investing in you too, so you gotta build alliances with them too. And maybe some politicians to help pull strings for you. You need outside help too, you can't do it on your own.

For example, did you know that Amazon.com was not making any profit for years, yet outside investors kept subsidizing it and keeping it afloat? That's odd and unusual. Investors don't keep every non-profitable business afloat like that. There's gotta be a special reason why they would do that for Amazon.

You can scam morons sure. But a scam can only last so long before people catch on and expose it. You gotta develop win-win relationships to survive in the long run, not just scam people.
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

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What do you guys think of these animated summaries?

Rich Dad Poor Dad by Robert Kiyosaki Animated Book Summary. Learn about how Robert Kiyosaki was raised by two dads, one was called poor dad and the other was called rich dad who taught him how to get rich.



Think and Grow Rich Summary (Animated Seriesl)



All 4 parts of of the Think and Grow Rich series:

https://www.youtube.com/playlist?list=P ... tFTIrxckfT
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

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Winston wrote:
August 3rd, 2020, 5:37 pm
For example, did you know that Amazon.com was not making any profit for years, yet outside investors kept subsidizing it and keeping it afloat? That's odd and unusual. Investors don't keep every non-profitable business afloat like that. There's gotta be a special reason why they would do that for Amazon.
Yeah, the old joke was that Amazon's business model was taking a loss on each sale and making it up in volume. Probably with companies such as Amazon, Microsoft, Google etc. the fix was in from the start as the elites always intended those companies to become natural monopolies.
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

Post by Winston »

Two more summaries of "Think and Grow Rich" by Napoleon Hill. Is this all just common sense or is there anything special in this book? Why is it so legendary?



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Re: The Untold Truth About Money: How to Build Wealth From Nothing

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Every person case different no cooky cut one size fit all ways...yes some thing should avoid most time like borrow for school unless for top school in field can always make big money and you nature instinctings pasionate for do nitty gritty for that fielding maybe the law maybe engineer even denistry or make supermarket or starting mortuary so many ways can make the monies but have to fit your nature giftings and likings and no shame if not be rich for be happy what you do mean all some people not care so much for the extragantly lifestyling but want pursue the nature way or spirit endevoring

in the life most people get lucky chancings some points so so important grab these not ignore not squandering but grabing the footbal and run full speedings

if you young all possible if old best acept where you are what you got for clock tic toc seasons pass so if you over 30s just take it where you are then look inwards to find the meanings and contentments because so hard teach old dog new trickings and...

so so important abandon the egomania that is for little boy and big fool if you see your age hi and you bicker and brag be it so very sure you are just big dopey fool so please take cue and learn from wiseton for you see he not perfection but he improve as the time goes he get better and wiser so abandon your child self and grow inside dear aborders
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

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Winston wrote:
August 3rd, 2020, 5:33 pm
Why did you say you disagree with this though?
- I disagree with the premise that people "are not taught" how money works. Most people have to teach themselves how money works through trial and error or finding out for themselves.
The video is true that the education system doesn't teach anything about how money works or the macro scale that is explained in the video. Schools and universities don't teach that of course.
Learning how money works is a personal process that must be experienced; it cannot be taught. What CAN be taught are good financial habits. My parents (mostly my father) did several things right with me as a child to plant the seed.

- They permitted me to have a paper route at about age 12, I learned about the work/reward continuum and how to associate work with money.

- My father then took me to a bank and permitted me to open my own account and required me to deposit half of my earnings. He made saving fun for me and used to praise me as it grew.

- I remember my father explaining what the Dow Jones Industrial Average was and his encouraging me to follow it on the news. It made very little sense to me until I got to college.

All of these experiences together lit a burning desire to understand finance and how to make money. So I think there is a process of exposing children to these concepts which later leads to them pursuing it themselves. Without the early exposure, there is an uphill battle to overcome.

I also disagree with you that only high-IQ people can became rich. There are too many examples of financially poor geniuses (financially struggling PhDs, engineers,inventors, and scientists.) there and too many wealthy low-IQ people (Dr. Dre, YouTube millionaires like Pokemane) out there. I think it comes down to financial ambition, risk tolerance, and overall persistence which all can be present in anyone regardless of IQ level. IQ is only relevant to how quickly these people learn and overcome errors.
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

Post by yick »

Richest man I knew in my locale growing up couldn't read or write but was a genius in the scrap metal trade.

For a lot of people, they want a comfort zone which is why the lottery is so popular, they don't want to earn wealth because it requires taking massive risks and being responsible for their own fortunes which is obviously what most people don't want (along with the hard work) - if they can win it on a lottery ticket then that's ideal - but to earn that money through stealth, risk taking and taking responsibility for their own decisions - it isn't most people is it?

It's certain people who have certain personality traits that are able to amass serious wealth from nothing, obviously its possible but most people aren't looking for that, most people are looking to get by with doing as little as possible (and there's nothing wrong with that either...) one of the things that get sacrificed is becoming rich beyond all measure though it is nice to dream.
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

Post by chanta76 »

Allot of it is behavior and location to build wealth.
Not everyone can do it. Not everyone has the brains too.
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

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The system is make believe...
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

Post by Contrarian Expatriate »

chanta76 wrote:
November 1st, 2020, 4:27 pm
Allot of it is behavior and location to build wealth.
Not everyone can do it. Not everyone has the brains too.
I think it is less about brains and more balls to take action. Taking investing action is what separates the wealthy from the risk-averse masses.

In fact, the most intelligent people often suffer from analysis paralysis and they are too indecisive to take any investing action.
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Re: The Untold Truth About Money: How to Build Wealth From Nothing

Post by Winston »

Another video by the same guy.

Escaping the Rat Race: What School Failed to Teach You About Money.

Escaping the rat race isn’t about quitting a 9-5 job. It’s about avoiding the “Money Trap”. A race to the next paycheck, or material possession.

In this video we take a look at what the rat race truly is, ways in which personal finance can help, as well as understanding the relationship between consumption and production. A relationship that can help you save money, but also scale your income.

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