15 Unpopular Opinions about MONEY

Ezzaky/ October 28, 2019

you are watching the sunday motivational video 15 unpopular opinions about money welcome to a luxe calm the place where future billionaires come to get inspired Halloway Luxor’s can’t wait to go through this Sunday motivation oh you’re gonna have some fun especially since we’re taking a look at one of our all-time favorite topics money but not as we’ve spoken about it before this time we’re looking at money from the perspective of the minority the goal of today is for you to be faced with some statements that you may or may not agree with and figure out if there is any room for improvement do not take any of these personally at the end of the day this is just a conversation we’re looking to start with in our community here are 15 unpopular opinions about money that you should know number one don’t follow your passion follow the money how many people have told you to follow your passion at least a few how many of them are super successful none of them passion is what you do with your hobbies or in your spare time your professional life has to do with providing for yourself and your family it has to do with the security financial freedom brings you this doesn’t mean you have to take a job you hate just for the money in reality you’ll find that no matter what you do those extra zeros on your paycheck make it quite enjoyable the more you follow the money in life the more you’ll find yourself enjoying it so why do most people get this wrong how come following financial success is such an unpopular opinion it’s because most people think one solution should solve all of their problems they believe your job should make you happy should provide you with security with personal development with the potential of greener pastures but that’s not what jobs are jobs are simple economic transactions between an employer and the employee you need to have a life outside of work unfortunately for many people their work becomes their identity and that’s where they begin to build frustration you can have it all but first you got to make sure you feed yourself that’s why you should always follow the money first and figure out what to do about your passion afterward number two divorce settlements are theft we can feel the audience getting a little tense here we know we know we’re all thinking that marriage is eternal that it’s out of love and it’s so pure but this isn’t about marriage it’s about what happens when one or both parties agree to split up let’s take the example of the richest man in the world right now Jeff Bezos he and his ex were married for 23 years in total a year later he decides to follow the money and build an online bookstore for 22 years Jeff took his idea and eventually turned it into the biggest store the world has ever seen making him the richest man in the world meanwhile Mackenzie s Bezos is an American novelist and philanthropist which is code for donating some of his money this is not about the sex or gender of these two individuals but what would have been the amount of value Mackenzie would have brought to the Marketplace on her own throughout her life take a moment and honestly think about it at the time of the divorce Jeff was worth around 140 billion dollars most of it in Amazon shares you know the company he worked so hard to build because they didn’t have a prenup she was entitled to seventy billion dollars that amount would have made her the fifth richest person in the world right behind Warren Buffett who is arguably the most successful investor who ever lived ahead of armaan CEO ortega the founder of zara and in TEDx which is basically the fast-food equivalent of fashion just because you are someone’s spouse fortunately for Jeff and we use the term fortunately very loosely they agreed on the lower amount of 35 billion you know just a bit richer than Phil Knight the founder of Nike why do some people still justify this type of split as fair back in the day the large majority of women were stay-at-home moms without any other economic value with technology education and social reform women in level 4 countries have the same access to opportunities as men you see this has changed yet the divorce rules haven’t that’s why divorce settlements are basically theft Atlee from an economic perspective number three being able to throw money at a problem is a wonderful thing there’s a point in your life where you run into problems that you know you can solve by simply throwing money at it debt fines certain illnesses or comfort issues this is an old mindset thinking old school dads can’t believe you’re sending your car into the garage just to replace the filters and have them look at the weird noise it’s been making for them this is one of those issues you solve yourself just roll up your sleeves and get busy it’s not that the new generation lacks the skills needed to deal with this type of issue it’s more of a matter of time and effort if it takes you less time and less effort to earn the money it costs to make the problem go away instead of figuring out how to solve it yourself why wouldn’t you outsource it money is a great tool and you’d be stupid not to use it when it clearly gets the same job done also use the money to take care of yourself and relieve some stress of everyday life enjoy yourself while you do it number four you don’t need to live frugally to be rich there’s been this cultural self-help shift sometime between 1990 and 2000 just before the internet bubble where every money book out there preached the same idea live miserably now so one day when you’re 60 you don’t have to worry about money anymore life should be derived of all unnecessary pleasures because being a millionaire is more important than enjoying your life by saving five cents every day and getting it to compound for 250 years you’d finally be able to afford the bike you wish you had when you were a child yes financial discipline is incredibly important if you want to get rich but behaving like you’re homeless for the majority of your life is a stupid trade-off you get rich by massively increasing your income and putting a large portion of it to work for you a successful life is one where you get to do both secure the future and live in the present what’s the point of having enough money to go to your favorite concert if all the band members are now dead enjoy life while your senses are active you don’t need to live frugally to be rich you just need to figure out how to earn more and not blow it completely number five the rich get richer because they are financially literate yes we know how this sounds but it’s the truth it’s very similar with any specialized profession you don’t get mad at doctors because they know more about your organs than you do lawyers understand the law better and NASA scientists know more about rockets than everybody else basically they are literate in their own fields what do these three professions have in common they’re all considerably more difficult to understand than the way money works yet some people think of money as some sort of black magic this is the fault of the financial sector that relies on this confusion to get average people to give their money to them for management all of those numbers and lines at the stock market all of those documents you need to sign when taking out a loan is more than enough to keep most people away basic financial literacy will take you to the 10% of the population that’s your ability to understand how much money you’re making and how much money you’re spending as long as you earn more than you spend voila you’re doing great your wealth keeps on growing learn how to set up a company and you can optimize your taxes you now have even more money to play around with and you’re in the 1% do all of the above and figure out a way to solve a problem that other people are willing to pay for and now you’re rich in less than a week you can go from being financially illiterate to being the CEO of your own company if you wanted to but people don’t do it because they assume it’s as hard as becoming a rocket scientist you want to get started Rich Dad Poor Dad by Robert Kiyosaki Total Money Makeover by David Ramsey or I will teach you to be rich by Ramesh Sethi get to any three of these books and finish reading it even better if you go to a Lux comm slash free book and sign up and it’s your first time you can pick one of these three and download it for free as an audiobook thanks to our friends at audible who keep on supporting our community financial literacy is a choice and usually starts by being literally literate number six your home is not an investment we just pissed off a bunch of homeowners it’s not that owning your house is a bad call it probably isn’t but stop thinking of it as an investment your home is a liability that’s it as long as you live in it it’s costing you money investments generate income yet most people think buying their home is an investment in reality they borrow money for 30 years to purchase a liability if you want to start investing you should look outside of yourself if you really want to invest in a place to live we recommend a concept of house hacking here’s how House hacking works you borrow money but instead of buying a house for yourself you purchase a multi-family property while you live in one of the units the remaining ones are paying off the mortgage for the entire property allowing you to not only live for free but also earn equity in the entire investment this is a very cool topic and definitely deserves its own dedicated video number seven giving money to homeless people is wrong keeping it up with unpopular opinions do not give money to beggars and homeless people if you really want to help offer them opportunity instead it serves as a great way to differentiate between those who are comfortable where they are and those who through an unlucky string of events got their clean clothes job prospects and hygiene products are more valuable than cash a decent beggar in the u.s. makes between fifty to eighty thousand dollars per year in the UK it’s even worse people are pretending to be handicapped to boost their earnings and it’s working there are many cases where so-called professional beggars are earning north of 100 thousand dollars a year let’s put aside those who are basically scamming people into giving them money and look at the rest of them although they asked for it it’s not really money they need direction and purpose are the key differentiators between those who escaped homelessness and those who don’t everyone can escape being homeless if they really want to your cash donation is either keeping them in the same place in life or crowdfunding a little fortune moral of the story do not give money to beggars number eight fancy weddings are a waste of money nothing makes sense about expensive weddings the more you look into it the more you understand that it’s a marketing ploy where a bunch of people are taking money away from you and your parents yet somehow everybody does it there’s this illusion in the minds of everyone that not only are you required to do this but it’s also an incredible experience in reality weddings suck the food is overpriced and pretty mediocre you’re overpaying for everything and nobody is enjoying themselves what began as a celebration slowly got diluted into becoming a formality instead of spending fifty to one hundred and fifty thousand dollars on a wedding that lasts one night take that money for yourself and your partner and travel the world for a couple of months it’ll be a life-changing experience you’ll make a lot more memories with and you won’t be stressed out if uncle Joey’s getting wasted again and starting fights yes some people will be angry with you but they’re just jealous you didn’t go the same route as everyone else number nine you need money to have kids having kids is expensive did you know that money and time wise they require a lot of both if you want them to actually be a positive element of society it’s not just enough to have the child you need to take into account the lifetime cost of this decision instead of having four children hoping that one of them will take care of you when you’re old have only one and to give them the attention and resources they need to be successful statistically speaking the more successful society becomes the less children each family decides to bring into the world this is why those overpopulation worries are unfounded the total world population will cap out between 11 and 12 billion instead of having more and more children the smart thing to do is to allocate all the resources needed to ensure that child is properly taken care of raising their quality of life the world is picking up speed costs are going up and then geordie of the population does not understand just how expensive having a child is with more and more countries moving from level 3 to level 4 in wealth the costs of raising a child will normalize the u.s. is somewhere in the middle of the rich countries so let’s take it as a benchmark as of 2018 the cost of raising a child is two hundred and thirty three thousand six hundred and ten dollars excluding the cost of college for a middle-income family according to the US Department of Agriculture that’s raising one child from birth to the age of eighteen keep that number in mind the next time you decide to pull out or not number ten people earn more because they decide to earn more here we go again yes you earn as much as you decide to earn most people don’t earn more because they’re comfortable with their income level and choose not to advance it’s like mastering a certain level in a video game and keep doing it over and over again because you’re good at it the thing is there’s more to the game than you’re currently experiencing but it’s your choice if you want to move forward or not once the decision to earn more is made your actions change you either work more or specialized both resulting in a higher income you will always earn in direct proportion to the value you bring into the marketplace you want to earn more become more valuable the truth is people get comfortable where they are despite wishing they had more the difference between staying the same and upgrading your life lies in the way successful people set goals and plan their next moves while everybody else is wishing for things successful people are breaking their goals down into actionable steps any goal that’s been achieved by someone else is achievable to you as well with the right planning for the past six years we’ve constantly hit every single one of our goals by using a different framework for a yearly planning early this year we began work on our second premium experience called goal mastery where we teach exactly how super successful people do this if you go to a lakhs comm slash goals you can join the waiting list for this experience and we’ll make sure to give you a gift when the course goes live number 11 growing up poor doesn’t make you a better person than anyone else we grew up poor and worked our way up along the way we met a lot of people with a plethora of values and ideologies one of the most annoying ones are people who look down on others because they didn’t get the same start your goal as an individual is to move up in quality of life so that your child doesn’t have to deal with the same difficulties you did growing up some people climb faster than others and that’s ok just because someone’s parents outperformed yours and you’re now just catching up doesn’t mean you’re more entitled to success get over yourself the reality is you probably wish your childhood was a lot better less stressful and with fewer traumatic events growing up poor sucks but you never realized just how many things you’re missing out on because you never knew about them number 12 we’re all self-made but only the successful will admit it you built this life for yourself you chose this job you chose the clothes you wear you chose to watch this video right now instead of a million other things you could be doing those cliche sayings like life is what you make it are cliches for a reason they’re true it’s hard to admit that you’re a failure because of your own doing that’s why people would blame it on anybody else except themselves it’s the government the market kids with their cellular phones or even God but never themselves as humans we love to take credit for when things go our way but throw blame on anything else when they don’t in this moment of honesty look at yourself it’s just you and us right now what blame do you place on others when you should place it on yourself start there and take responsibility for the way you are right now if you don’t like this person you’ve become it might be time to change number 13 money isn’t real we made it all up this is one of those realizations you only get to fully experience once money is no longer an issue in your life until then money is everything because money can solve of the problems you have in your life there’s this interesting thing that happens once you break free of the financial chains where you understand that money is unlimited there is a building in every country that simply chooses to put funny pictures on colorful pieces of paper and then get you to put it in your wallet and exchange it for your time money isn’t real folks but it buys things that are having money should never be the goal get value instead that’s why you hear everybody talking about gold the way they do but we prefer land and properties number fourteen you’re not ugly you’re poor you know all those Instagram models it costs less than ten thousand dollars to look like that if you wanted to many of them made the ten thousand dollar investment in order to earn the money back by promoting you these plant-based teas that make you poop a lot beauty has become a commodity these days and natural beauty is no longer that natural skin face teeth closed fat percentage they’re all up for purchase and to be honest it’s a good thing it starts to turn only when people abuse it but for the general population thank technology that you can now have eye surgery instead of having to wear ridiculous glasses for the rest of your life thank technology that you can have hairy moles on your back removed and your crooked teeth fixed once you understand that you can retouch yourself in real life the world becomes your oyster just make sure you don’t end up looking like Jocelyn Wildenstein and also please cut down on the puffy lips it’s gotten out of hand number 15 money can buy happiness there we said it happiness can be purchased the catch is it’s not available to everyone buying happiness is an art you need time and knowledge to master it but it can certainly be done most people confuse happiness with pleasure pleasure is super easy and widely available if you have the money but happiness is a completely different beast buying happiness relies on understanding the way memories evolve in time for example money can buy that trip your partner always dreamed of making and the good time’s your experiencing while away in those moments you’re happy the memory of that event will last a lifetime and you’ll be able to relive the state of happiness until you die happiness comes from experiences that make life feel like it’s worth living and gratitude for being in the place you are right now master the art of spending money and eventually you’ll learn how to buy happiness which leads us to our final question out of these 15 which one surprised you the most we’re super curious to learn about your experiences with these opinions and we can’t wait to jump into the comments and discuss them with you and of course as a thank you for watching this video until the end you get a bonus number 16 it doesn’t matter how much you learn if you never put in the work many of you are passionate about building wealth or being successful so much so you came to this long video and even watched it until the end when analyzing our community we found something interesting there are some of you that watch our videos and go out and put them to good use these are the people who message us about how they got a pay raise those that just went and set up their first company those who move to a different country once they realized that’s what they needed to do after watching our videos these are the doers we love them because they put our advice to the test and serve as proof that it works on the other side you’ll find the professional wanter these are folks who go to every event have read at least one PDF of a book they once downloaded and after this video will probably go watch some gameplay the difference between these two is that the latter is just pretending to be learning well the first one is actually seeing results we want as many people from the second group to move into the first group that’s why we put together a playlist called take action where we hand-picked a couple of videos you need to watch to get that momentum going get the playlist by going to a lakhs comm slash action let’s see if you can make it if you watch this video until this point prove that you’re a true a lexer and write the word money in the comment section thank you for spending some time with us a lexer x’ make sure to subscribe so you never miss another video we also hand-picked these videos for you to watch next as always the conversation continues on social media thanks again and we can’t wait to have you back tomorrow

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