Learn how to build wealth with $0 and achieve early retirement in a way that almost no one talks about. It's definitely possible to build wealth quickly, achieve financial independence, and retire early (if you want!). This is the fast and easy way to achieve financial freedom! Traditional investment advice spreads out the "how to get rich" process over your lifetime. I'll show you that it's a lot easier and faster by front-loading the work, by saving a lot early and letting time and compounding do the rest of the work. The FIRE community knows this well!
Your host in this video has been the CFO of several software companies and offers a lifetime of business experience to his audience. Will has an undergraduate degree in Economics, an MBA in finance from Cornell University, earned the CFA charter (Chartered Financial Analyst), and has worked as an equity research analyst at top Wall Street firms in addition to his experience running entrepreneurial companies.
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https://www.youtube.com/watch?v=DGOmrEUU7Fc
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Without knowing a SINGLE THING about art… it’s not an investment, it’s speculation.
That’s just me though…
This is the type of advice we need – MINDSET 🧠
Too many goldfish attention span videos around these days…
So true! The HARDEST thing to do is to NOT spend money and instead save like crazy, yet that is the BEST possible thing a person could do to set themselves up for a wealthy future.
As a former Buddhist monk I always found it strange that people asked us for financial advice when we lived without money.
Enjoying your videos and the experience you bring to an area that is full of people who are getting rich selling products to help people rather than having ever done any business of their own that was ever successfull.
Everyone is looking for guidance, so they ask anyone who seems to have their life together. Interestingly, this video advocates for living like a Monk! Maybe I should change the title!!
@William Lee haha yes you do have a point there. We were in a position of trust and as such people asked us for advice about everything.
I can also understand how a monk can give different and not necessarily bad advice on raising children, financial situations and even how to have a good sexlife.
But I’ve also seen and heard a lot of absolutely missleading and missguided advice simply because they haven’t been in those situations themselves.
Telling a parent you just need to show your children more love when they are misbehaving may contain truth. But as someone who is now a parent I know there’s a bit more to it. Just defining /understanding how to show and what is good for your child is something that takes time to figure out.
Business ownership can also be similar to a job (but with legal responsibilities) if little to no growth opportunity exists. As you well know, selecting the right business is mine field!
So true. Like with everything, before buying a business do your research and know what you’re getting into.
So basically:
– Earn more
– Invest
– Save
Kinda basic but sound advice nonetheless. The problem is step 1, which is much easier said than done. It’s what almost everyone is trying to do all the time.
Also a good idea to keep life expenses basic even if your salary increses
He had good tips about learning skills on the side and applying for better jobs. Sure, he has said that in other videos already, but it’s still sound advice. I hope you can find better paying jobs soon!!
The essence of the video is to save A LOT and do it early in life. To get to $1,000,000, for example, you might only need to save $100k if you do it early with still 30 years until retirement, whereas if you decide late in life that you want to save $1,000,000, you actually have to somehow save most of the $1M from your earnings!! Good luck with that. Much easier to save $100k and let time and compounding do the work for you.
Learning is sooo important. I suspect too many people get in the mindset that what they are currently doing IS their career, and I’m trying to remind and encourage people that you CAN change, but you need to make it happen… and that learning might be an important part of that.
The issue with saving money in the current economy where inflation is 17-25% means you basically limit yourself by saving and at the same time loose 1/4 of your savings just by keeping them in the bank account. I rather somehow like the theory of increasing your assets and earning money on your assets – like for example get a good job, get a good credit score, take credit and buy a flat but don’t live there – rent it and live in a smaller flat. So in this way the value of your asset grows, at the same time you earn money from renting and if prices go up you can always increase the rent because people anyway will not be able to afford their own flats. But of course this is just a theory, in real life there are always risks that you have to evaluate – the same goes for investing.
I agree, doesn’t make sense to put savings into a bank account where the interest rate is similar to inflation, if not lower than inflation. A person needs to invest. For many that is stocks, bonds, etc. For others it’s real estate.
William, I love your advice. I would like to hear some of your favorite books? Regardless of the genre…
Great suggestion! I have a version of that coming soon.
I wish I had seen this video when I was in my twenties. Instead, I gambled on penny mining stocks, get-rich-quick schemes (MLMs and HYIPs), and threw away lots of money on booze and junk food. Luckily I built a military career and now earn a decent retirement income and this time I choose to buy and invest in businesses to hopefully enjoy greater wealth before I wobble about Walmart in a wheelchair.
Thanks for your support!
You probably wouldn’t have followed his advice in your 20s
I always love your material and one the only genuine authorities!!
Thanks, much appreciated!
Best video that explains Finances in a simple way! Thanks. Please post more like these. By the way, great photo of you at a young age. Lol!
Thanks so much!
One quote that has stuck with me from a podcast called DIY Money is:
“Spend less than you make, invest the rest, and do so for a very long time.”
Agree, that’s the formula! My suggestion is to front-load it. Save like crazy when you’re young and used to having no money, and then you can relax on the savings later.
Pleasantly surprised at the wholesome & reasonable tone when giving the advice of pursuing higher-paying somewhat regardless of what that job is.
Growing up, mentors would often scoff at doing certain jobs just for the money – but only now do I realize money is the foundation of everything.
One additional consideration: The higher paying job needs to be something you can be good at and somewhat enjoy, or else you will struggle to be successful and sustain it.
Great content William
Thanks!
You have over 30 K subscribers !
Congratulations ! 🎉
Thanks! Kind of crazy, and exciting!
I just turned 18, I know I want to create wealth and passive income! Can you create a video for 18 year old advice you wish you knew thank you so much for your knowledge!
reducing expenses to increase your savings is the number 1 indicator of whether you’ll be successful in reach your retirement goals.
early beginnings are your greatest asset, as time is the only thing none of us can get back. if you have 70+ years of investing like buffet, it’s nearly impossible to not accumulate large amounts of wealth.
This guy 😂❤❤❤ protect him at all costs
This advice was fine for those of us now middle aged people, and even better for when the Boomers were young, but with spiralling cost of living this doesn’t feel like realistic advice to me for Gen Z and young millennials. They’ll be trying to earn as much as they can just to pay rent and bills, no money left for savings or perhaps not even meeting those costs. Inflation has gone nuts.
Yeah but how many in finance YouTube are offering advice geared towards people who don’t outpace expenses? Truth is making money work seems to require both an income that is high enough and expenses that are low enough. So conditions outside of our control matter in this regard!!!
@donaldlyons17 it’s definitely something that worked for me eg living in a grotty dive above a shop for £160/mth and now I have a lovely big house with seaviews. But I think that’s more generational privilege than good sense, I just don’t think it’s possible to live cheaply in a Western city anymore, unless you live with your parents rent free.
@Jenny Horner Well yes and then there is the cost of stuff vs. what people make differences. I get behaviors effects stuff, but it is not to extent that it can correct for outside influences.