Most People Were Taught Wealth All Wrong — Here’s How to Build It
Published: 2025-12-21
Status:
Available
|
Analyzed
Published: 2025-12-21
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 4
Prediction
Topic
Status
Statistically, most people will accumulate millions over their career but have nothing to show for it.
"You're going to make millions of dollars over the course of your career. And most people will have nothing to show for it. And when I say most people, I don't say this generally. I mean statistically. Most people will have nothing to show for it."
Pending
Building wealth is primarily about achieving time and financial freedom.
"Building wealth is really a matter of time and freedom."
Pending
Traditional Indian mindset encourages saving 80% of earnings.
"Traditional Indian mindset people make a dollar to spend 20 cents, right? Because they're conditioned to save."
Incorrect
Americans are predicted to spend twice as much as they earn.
"Americans make a dollar to spend $2."
Incorrect
The first two steps to becoming wealthy are earning money from any source and not spending all of it.
"Number one is you got to earn money. And then people say, "How do I earn money?" It doesn't matter. Could be a side hustle, could be a business, it could be a job. You got to have some money coming in. Once you make some money, number two is you don't spend all of your money. And that means when you make $1,000, you don't spend all,000."
Correct
The third step to wealth is investing the money saved, referred to as the 'middleman', to generate long-term returns.
"Which is why number three is you take the money you don't spend and you go out and you buy an investment. We'll call it the middleman. And you'll see why I call it the middleman. is you want to take this money, don't spend it, and you want to essentially throw it into this thing on the side that will hopefully make you some more money in the long term."
Correct
The fourth step to wealth is reinvesting all profits generated from investments back into further investments.
"Then number four, when your investment makes money, take the money that your investments make and dump it back into your investments."
Correct
The fifth step to wealth is to earn more money specifically to increase investment capital.
"And then number five is where to make more money. And the reason why you're working to make more money is so you can have more investments."
Correct
Generational poverty is attributed to ingrained beliefs of scarcity and negative associations with wealth, rather than external circumstances.
"Because the real reason why generation or poverty is generational isn't because of the circumstances that you're dealt with externally. It's because you grow up being told we can't have this. We can't afford nice things. We don't have money for this. We're not rich like them. Rich people are evil."
Pending
The initial and most crucial step in building wealth is cultivating a positive money mindset and believing unequivocally in one's own capacity to become wealthy.
"And so now this starts to get passed down. And this is where now the first step and we've talked about this many times. The first step to building wealth is to start with the money mindset, the beliefs that you have around money and understand number one that you can become wealthy. Not just that you can become wealthy, you will become wealthy."
Unrated
A common limiting belief in financial education spaces is the zero-sum perception that one person's wealth prevents another's, leading to jealousy and distrust.
"If you're rich, I can't be rich. If you have money, I can't have money. So, it starts to create that jealousy or just this negative association with, oh my god, I don't want to tell you my business idea because what if you steal and take my money?"
Unrated
Abundant money exists globally, with trillions being printed, meaning individuals can achieve financial freedom with even a small portion.
"Well, both of us can have money because there's a lot of money in the world. If you look at it from a financial perspective, the Federal Reserve Bank is printing trillions and trillions of dollars. There's a lot of money out there. You just need a small sliver of it and you can have millions and live a life of true financial freedom."
Incorrect
Money does not inherently alter a person's moral character; it acts as a catalyst, amplifying their existing traits.
"money is not going to make you a good person. It's also not going to make you a bad person. It's just a piece of paper. It's fuel. It amplifies who you are."
Unrated
Increased wealth provides greater freedom and options in life, including choices about purchases, dining, and travel.
"When you have more of that money, you can do more of the things that money can buy. One of those things is have freedom. Have options. Options to choose what you want to buy. Options to choose where you want to eat. Options to choose when you want to go on vacation."
Correct
Financial resources significantly impact access to quality healthcare for oneself and family, as well as educational opportunities for children.
"It also can influence what type of health care you can get, what type of health care your parents can get, what type of health care your kids can get, what type of college your kids can go to, what type of education your kids can go to."
Correct
Limiting money beliefs can be passed down, perpetuating generational trauma rather than fostering abundance.
"They will pass on generational money traumas to their children or the people around them because they'll be speaking beliefs that are limiting in instead of abundant."
Pending
There's a distinction between earning a high income (like a doctor) and truly building wealth, as higher income doesn't automatically equate to financial prosperity.
"I learned was there's a disconnect between being a doctor and being financially wealthy. Those are two different things because we assume that if you go to school, get good grades, you make more money and you become more wealthy. But there's also a difference between making more money and building wealth."
Correct
Many high earners die broke, highlighting that building wealth is more about time and freedom than just accumulating large sums of money.
"some people who have made millions and millions of dollars died with nothing in their name. died being broke and lived broke. Building wealth is really a matter of time and freedom."
Pending
The US is a highly consumerist nation where individuals tend to spend double what they earn.
"America is a consumer nation. We are the largest consumers of things in the world. I like to say that Americans make a dollar to spend $2."
Incorrect
To build wealth, individuals must retain a larger portion of their earnings rather than spending it all.
"You never going to become wealthy if every time you make a dollar, you give it to somebody else. If you want to become wealthy, you have to keep more money for yourself."
Correct
The economic system is structured such that increased consumer spending directly benefits others financially.
"The way that our economic system works is the more money you spend, the richer somebody else gets. It's, you know, hated or love, but that's the reality."
Pending
Financial abundance translates to greater personal freedom and a wider range of life choices.
"When you have more of that money, you can do more of the things that money can buy. One of those things is have freedom. Have options."
Correct
Prioritizing wealth building over outward displays of status (like expensive items) involves making a conscious decision to reduce spending and increase investment.
"And you got to decide what's more important to you. So then I completely tipped the scale. And I started not spending any money so I'd have more money to invest."
Correct
The core motivation for investing and building wealth is to improve the well-being of oneself and loved ones, and to secure a better future.
"And you want to take better care of yourself, your wife, your husband, and your kids, and your parents. And you want to have a better future than today. And that's what investing is really"
Correct
To become rich, one must stop spending money on others and adopt either an extreme frugal approach or a more balanced one that prioritizes reinvesting money.
"And so, this is where if you want to make yourself rich, you got to stop making everybody else rich right now. You got to first make yourself rich. And that means stop giving other people your money. And there are so many extremes to how you can do this, right? I mean, you could go to that that one extreme where I am not going to spend anything. think I'm going to live in a shoe box and I'm going to eat nothing but rice and beans and I'm going to stack all my money. Fine. Other people will find a more balanced approach. And you got to find what's right for you."
Pending
A recommended strategy for wealth building is to consistently reinvest a fixed amount of income monthly into investments.
"I'm going to reinvest a certain amount of my money every single month. Yes. Of the money that's coming in, whether it's a paycheck or your business. I'm going to take that money. This much is going every month into my investments. whatever that might be."
Correct
Statistically, most individuals will earn millions throughout their careers but will have nothing to show for it, implying a lack of wealth building.
"You're going to make millions of dollars over the course of your career. And most people will have nothing to show for it. And when I say most people, I don't say this generally. I mean statistically. Most people will have nothing to show for it."
Pending