The UNCOMFORTABLE TRUTH About Building Wealth
If it’s your goal to be rich and successful, there are some important things you need to be aware of to avoid some disappointing surprises. Becoming wealthy is an excellent goal to have. Money and wealth can buy you freedom to spend your time as you like and it will help you get the most enjoyment out of life. That’s all people really want. However, you need to know what to expect along your journey to avoid being disappointed. These eye-opening truths about getting rich might come as a surprise but this video will help you develop realistic expectations so the money is just as enjoyable as you thought it would be.
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I think the sacrifice piece is the hardest for most people. The never feeling rich is the curse – I’m financially stable and saving a bulk of my money but still feel broke and large expenses still make my heart drop.
Yup and you feel guilty whenever you want to spend even tho you can comfortably afford it
@Royal Mellon yup.
We all need that elusive balance in our lives, we can’t deny ourselves pleasure in the hope of enjoying something in “the future”.
Regarding larger expenses. I rent, and may for the rest of my working life. On one income, I could buy a 900 square foot house maybe right now, but I would still have to cut back on retirement contributions or maxing my HSA every year, and I know I probably won’t be able to work my same job into my mid 60s or 70s. Sometimes I feel broke because I can’t afford a house…But the house will come if and when it makes more sense than renting
Agreed!
I’m 51 yrs old trying to tell all the 20 somethings at work where I’m at and trying to tell them they could have much more by 51 by starting investing in their 20’s. I didn’t start investing until 33 yrs old so they have much better advantage, but they don’t listen and feel threatened that I’m debt free.
I saw this comment and thought I had already commented.
Some of us exist! My wife and I started investing 20% of our gross income when we were 18 in the military. We’re 27 now and our retirement accounts will pass 200k this year.
I told someone about dividends and you know what he told me.
The amount of a .25 cents per share dividends are nothing it will take me years OR need huge amounts of money to achieve something meaningful
Meanwhile they spend thousands for car and house…
Young people want fast money. Fast money comes with slow problems.
I even started trading at age of 21 and still really felt old for not starting at 18.
I’m super cheap and I definitely love to save everything I can, but the 2 things I’ve found that I never regret spending money on are my family and travelling. It’s really important to know what you shouldn’t sacrifice on your way to being wealthy enough to spend you time where and how you like I feel. I’m glad to see the sacrifice part talked about in the video
Completely agree!
“Your friends might resent you”. That first point couldn’t be more right.
Then I will cease to be their friend and look for a better peer group.
I have no friends anyway 🙃
I totally agree with this statement.
This is an opportunity to get better friends.
@NMCCW agreed, being wealthy is a quick way to find out your “friends” true skins.
Keep an eye on those sacrifices. I learned from my dad, a surgeon, that you will lose precious family time by requiring hard work for your goals. My older brother didn’t know who my dad was until he was 5, because he was working so long. Find a healthy balance.
The hard-to-relate part hits the most. It makes you feel lonely at times; especially if you’re young.
I grew up without having much of useless friends. And I can deal with this pretty easily. We just came from different environments.
Same here.
It’s all good before you know it will pay off and you friend and peers will be thinking damn I should have done he did
The majority of the problems illustrated in this video can be avoided by:
1) Learning to be happy with little to nothing (a crucial wealth building element on a low to middle class income)
2) Keeping your wealth on secret from friends and family by living like you’re low to middle class and not buying a lot of expensive status symbols
Solid advice right here
I appreciate how transparent you are in your videos. It’s clear that you’re passionate about
financial freedom and that you genuinely care about helping others. Thank you for being such a positive force in the YouTube community!
I lmao’d at the “you’ll never feel rich” one, because coming from a poor family in Brazil, which is itself a poor country, and now living in a first world country, everytime I buy some food and I don’t even need to mind if I can spend that money or not I already feel rich. So I’m definitely good, the only reason why I want more money is to retire before 40 and be able to enjoy more of my free time with my family and friends
Also, being affected by people calling you cheap is so fucking childish imo, that one doesn’t even make sense to mention.
Sempre tem brasileiro nos comentários haha
Vivo bem aqui no Brasil mas tenho vontade de voltar pra Austrália
@Eduardo Dagostini Lá é bom pra caralho, NZ tb, mas pesquisa bastante sobre os vistos e tal antes de ir embora pq tem bastante gente indo na loucura e se ferrando quando chega
Why immigrants are prouder Americans than the people born here. Americans take their luxury for granted.
When I first got married, we had no cable TV for a while and my co-workers could not believe it…calling me a cheapskate. It was just not an expense we wanted to have while getting a start in life. We still critically review every big purchase decision and find it hard to spend on big ticket items. We will completely retire before age 60!
Glad it’s paying off for you…and hopefully your coworkers are doing alright too 🤔
Never tell your friends and family on your net worth. Just don’t talk about it
This video is a summary of my wife and I have gone though. We took a long term approach and made sacrifices to set a solid financial foundation to ensure we are comfortable. We have lost contact with many friends and family who say we “changed” and “act selfish” as we built wealth. After much soul searching, we now realize and appreciate the true friends and supporters in our lives. We realize those we no longer speak to were the ones that always had new cars, a new boat, season tickets to sports teams, home renovations, and other signs of conspicuous consumption. My wife and I have always remined low key. Our cars are over 10 years old, we prefer cooking at home to going out, and we aggressively invest to build a solid nest egg. We also take the time to invest in new skills demanded by the job market and put in hours of improving ourselves to be more valuable to perspective employers. The times we do treat ourselves to a nice vacation, fancy dinner, or other luxury such as replacing an 8 year old TV with a nice new model, we have been accused of “holding out” or “hiding” money. The most disappointed was one friend who asked us to loaner a six figure amount because she was near bankruptcy from poor decision in life. We declined and are no longer on speaking terms with her. This person spins it as us being “cheapskates,” “selfish,” and “Scrooges” for no enabling her.
Thanks for sharing
Thank goodness! Some people expect you to loan such amount. It was good that you didn’t loan her the money otherwise you would never get it back.
The lunch thing is very accurate. A lot of my team members wonder why do I not go out for lunch because I can clearly afford it with my position. I’m just not a food person, I’d just eat simple meal at my desk get more things done.
This is one thing that happened to me that I found out through a family member, people that try to manipulate you by using money will also resent you when they lose the control they had over you. I was guilted and shamed before because I should have put a family member on a pedestal as being a paragon of virtue because they helped me with a car payment once or twice or bought me something that I didn’t want and they thought it was important (this family member was in an MLM and needed the minimum sales to stay active).
Good point
I wasn’t financially free until my 40s and I’m still in my 40s, I bought my third house already, earn a monthly through passive income, and got 4 out of 5 goals, hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start today regardless your age, invest and change your future! Investing in the financial markets is a great choice I made. Great video! Thanks for sharing! Very inspiring! I love this.
I understand the fact that tomorrow isn’t promised to anyone, but investing today is a hard thing to do for me now because I have no idea how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
This is an AMAZING video!
I started working at 17, started buying new cars and new motorcycles, because I had the money and was even working overtime since 17.
I made enemies over the years because I would budget, and save money for vacations and had a plan for buying a house, which I did by 23 years old.
After that, I learned about 401k and IRA for retirement.
Meanwhile, my soon to be ex-friends were pissed that I had a house, new vehicles, and was saving for retirement…
I paid the house off by 55 and retired at 56.
No friends?
No ‘old’ friends.
Only ‘new’ friends.
It goes without saying that they weren’t very good friends 😬
@Chris Invests I say buy 2,400 shares in 12 different monthly cheap stocks dividends companies $5.00,$10.00,$20.00 and $50.00 after that make two grand to three grand a month from each company every month basically make $24k a month from each of these twelve different monthly stocks dividends companies make $96k to $144k a month make $1,152,000.00 to $1,728,000.00 a year that would be enough to live off on
Despite the economic crisis, I still thank you 🙏 for the level-headed financial advice. I started stock and crypto investment with $4,345 and since following you for few weeks now, I’ve gotten $12,539 in my portfolio
Thanks so much Mrs Tarina Rodgers
I’m surprised you know her too, I have been making a lot of profit investing with her for a few months now.
Mrs Tarina changed my life because of her huge profits I got investing with her.
You invest with Mrs Tarina too??? That woman has been a blessing to my family and friends.
I’m new to this, how can I reach her???
I Was skeptical at first untill I decided to try. Its huge return is awesome! I cant say much.
Wow, Chris! Your video really opened my eyes to the realities of becoming wealthy. It’s surprising how friends and family can change when they see your success. And the way people treat you differently is just mind-boggling!
But hey, it’s all part of the journey, right?
Keep up the great work!
The teachings on this channel are always top notch so informative and easy to understand, it’s very hard to find good content online these days