Sethi, Galloway, and Housel Detail Wealth Strategies Beyond Wage Income

Sethi、Galloway 与 Housel 详解薪资之外的财富积累策略 金融专家认为，实现长期财富需要从劳动收入转向增值资产、指数基金和具备税收效益的架构，而非追逐短期市场回报。 该视频深入剖析了积累财富的核心策略：首先是通过低成本指数基金和目标日期基金进行自动化的长期股票投资，同时避免使用容易受情绪驱使的交易应用。视频探讨了如何将高价值技能杠杆化应用到高利润行业并掌握交易技能，从而最大化个人收入。此外，专家们还概述了超级富豪所运用的税务策略（例如以资产作抵押进行借贷），并将加密货币与区块链作为去中心化的股权工具加以审视。最终，嘉宾专家敦促观众打破“月光”循环，将持久耐力、理性纪律和短期牺牲置于社会虚荣之上。 真正的投资应当是自动化且枯燥的，应利用目标日期基金或指数基金等多元化工具，而非游戏化的交易应用。 (1:42) 在指数基金中获得简单的基准回报，若能持有数十年，即可通过复利积累巨额的长期财富。 (12:35) 人们面临的最大财务损失是无知的代价——即其实际收入与在掌握更佳信息时本可获得的收入之间的差距。 (17:36) 收入和被认可的价值在很大程度上取决于所处环境、行业利润率，以及对劳动力、媒体、资本或技术的杠杆借力。 (19:08) 从通用型岗位转型至高利润的细分领域（如生物科技或金融写作），能够大幅提升赚钱能力。 (30:35)

Compiling insights from personal finance authors, investors, and entrepreneurs, this discussion argues that durable wealth stems from consistent low-cost compounding, strategic tax structuring, and leveraging high-margin domain skills rather than active trading or lifestyle signaling. Boring Automation and Compound Growth (1:42) Ramit Sethi and Morgan Housel argue that successful public-market investing requires maximizing endurance through automation rather than frequent trading or market timing. Sethi recommends directing 5% to 10% of net income via automatic transfers into diversified target date funds or broad-market index products across major brokers like Vanguard, Schwab, or Fidelity, keeping accounts off mobile devices to curb emotional interventions. Sethi highlights that historically, the US stock market yields 10% to 11% annualized nominal returns, or roughly 7% to 8% adjusted for inflation. Using compound interest projections at a 7% baseline, an individual contributing $5,000 annually starting at age 16 can accumulate $133,537 by age 30 and $736,000 by age 50. Housel similarly advocates for dollar-cost averaging into broad index funds, citing his parents outperforming 97% of professional managers by simply holding index funds for 40 years without selling. He notes Warren Buffett accumulated 99% of his net worth after age 60, and janitor Ronald Read amassed over $8 million over a 70-year horizon, underscoring that time in the market serves as the key compounding exponent. Leverage, Skill Mapping, and Deal Structuring (19:08) Building outsized earnings requires escaping flat-salary labor by stacking leverage through media, capital, code, or equity deals. Using the parable of a vintage car valued at $500 as scrap metal versus $100,000 at a specialized dealership, the speakers explain that earning power depends heavily on operating in high-margin environments. For example, general copywriting might command $35,000 annually, whereas applying writing skills to complex, high-margin sectors such as biotechnology or finance can command $150,000 or more. Codie Sanchez and Steven Bartlett highlight the value of performance incentives and equity over fixed base pay. Sanchez recommends structuring compensation to include low living-cost base retainers paired with revenue-share upside above set performance thresholds. Bartlett illustrates this mechanism with his own experience securing 400,000 stock options while marketing a biotech startup; the position yielded approximately $10 million upon its $3.2 billion NASDAQ debut, far exceeding standard fees. Tax Avoidance and Asset Ownership (36:18) Scott Galloway distinguishes between high-earning 'workhorses' and asset owners, noting that W-2 professionals such as corporate lawyers and doctors face marginal tax rates between 45% and 52% in high-tax jurisdictions, while the top 25 wealthiest Americans maintain effective rates between 6% and 8%. He illustrates how corporations like Apple utilize international tax arbitrage—such as licensing intellectual property through low-tax jurisdictions like Ireland—and explains how individuals use the 'buy, borrow, die' strategy to secure tax-free liquidity against appreciating equity portfolios without triggering capital gains taxes. Galloway also points to provisions such as Section 1202 Qualified Small Business Stock (QSBS), which can exempt up to $10 million (or 10 times the tax basis) in capital gains after holding qualified stock for five years. He cites personal investments, including his firm L2, where exits yielded millions tax-free, and notes that relocating to zero-income-tax states allows individuals to shelter massive equity liquidity events. Lifestyle Choices, Custody, and Financial Discipline (53:03) The panel challenges standard assumptions regarding primary residences and lifestyle spending. Citing Robert Shiller's historical analyses showing US home prices have remained flat on an inflation-adjusted basis over 150 years, the speakers characterize homeownership as an illiquid lifestyle decision rather than an investment. Separately, Raoul Pal notes that while crypto apps offer simple onboarding, self-custody using offline hardware wallets provides asset security independent of bank freezes, withdrawal limits, or state confiscation. Addressing personal spending habits, Jaspreet Singh argues that living paycheck to paycheck primarily enriches banks, consumer brands, and governments. He advises cutting discretionary expenses—such as dining out, subscriptions, and status purchases—to escape consumer debt, noting that sacrificing social validation and enduring the discomfort of disciplined saving in defined life stages prevents lifetime financial distress. The framework assumes participants have access to baseline discretionary income to save, marketable professional skills to negotiate equity, and the emotional tolerance to endure prolonged market drawdowns or illiquid private assets.

本期节目汇集多位金融与商业专家的观点，指出积累长期财富的关键不在于短期高风险投机，而在于依靠自动化指数基金的最大化复利耐力、将个人技能置于高利润赛道以换取股权杠杆、运用合法税法规则完成从雇员到资产持有者的跃升，并在行为上彻底摆脱消费主义陷阱。 自动化指数投资与复利耐力法则 (1:42) Ramit Sethi 指出，建立财富的基础在于让投资变得“极其枯燥且自动化”。他建议初学者优先考虑目标日期基金（Target Date Fund，如 Vanguard、Schwab 或 Fidelity 旗下产品），该类基金依据退休年份在数百种股票与债券间自动分散并随年龄自动降低风险。投资者应避免使用带有娱乐和游戏化属性的交易类应用，而应通过网页端设定每月将到手收入的 5% 至 10% 自动扣款转入指数投资账户。历史数据显示，美国股市长期年均回报率约为 10% 至 11%（扣除通胀后约为 7% 至 8%）。以保守的 7% 年化回报率测算，若从 16 岁起每年定投 5,000 美元，到 30 岁可累积 133,537 美元，到 40 岁可达 336,000 美元；若随职业收入增长将年均定投提升至 30,000 美元，49 年后总资产可达 1,233 万美元。 Morgan Housel 进一步补充，投资的核心不是追求战胜市场，而是最大化“耐力”（Endurance）。依靠定期定额投资（Dollar-Cost Averaging）长期持有全市场指数基金，投资者便能凭借持续性超越绝大多数专业基金经理。例如，沃伦·巴菲特（Warren Buffett）99% 的个人财富均是在 60 岁之后赚取的，其本质优势在于持续投资了 80 年；佛蒙特州普通加油站工人兼清洁工 Ronald Read 靠数十年的平凡工资买入并持有股票长达 70 年，在 2014 年去世时积累了超 800 万美元的巨额遗产。复利公式中起决定性作用的是时间这一指数，而非短期追逐高风险回报。 技能杠杆与交易结构：从工资转向权益 (19:08) 节目通过“破旧汽车”的寓言阐明：同一辆旧车在普通车行报价 1,000 美元，在废品站值 500 美元，但在专业古董车商处却价值 100,000 美元。这证明人的价值取决于身处的市场与对象。要实现收入跃迁，必须掌握生产力杠杆，从单凭个人时间的普通雇员或自雇者，升级至管理团队、利用媒体与知识产权（以接近零的边际成本无限传播），最终依靠资本与代码实现指数级扩张。在技能变现上，若将普通的写作或营销技能投放于净利润率仅 6% 的传统零售业，时薪可能低至 14 美元；但若置于利润率高达 50% 至 80% 的生物科技或高端金融领域，用于撰写临床报告或投资者披露材料，年薪可轻松达到 150,000 美元以上。 Codie Sanchez 与 Steven Bartlett 强调，“交易结构设计”（Deal Structuring）是回报最丰厚的技能。与其被动接受固定薪水，不如降低基础底薪并协商争取超出基准线后的业绩提成或股权分成。例如文案撰写者可接受 10,000 美元底薪以换取超过月度 100,000 美元基准线后新增营收的 10% 分成；Bartlett 则分享自己曾为一家迷幻药生物科技公司搭建营销团队，仅用 6 个月时间换取 400,000 股期权，随着该企业以 32 亿美元估值在纳斯达克 IPO，期权收益膨胀至近 1,000 万美元，远超传统工资模式。 资产持有者逻辑与合法税收套利机制 (36:18) Scott Galloway 指出，现代税收体系将沉重负担压在依靠工资的“超级打工人”（Super Earners）身上，例如高收入律师与医师家庭的边际税率可高达 45% 至 52%；然而通过资产与股权获利的“超级所有者”（Super Owners），其实际有效税率仅为 6% 至 8%。跨国企业如 Apple 合法将知识产权转让给爱尔兰子公司并向美国母公司收取数百亿美元许可费，大幅压低了美国境内的应税利润。超级富豪普遍采用“买入、抵押、离世”（Buy, Borrow, Die）模式：长期持有增值资产而不抛售变现，日常开销完全依靠以股票资产作抵押向银行借入免税贷款支付，最终通过信托交由后代继承。 此外，富豪普遍运用跨州税收套利（如 Jeff Bezos 在变现前将住所从华盛顿州迁至无州所得税的佛罗里达州，规避了 8% 至 10% 的州税）。Galloway 还详述了美国税法第 1202 条款（合格小型企业股票，QSBS）：若持有计税基础在 5,000 万美元以下的小型企业股票满 5 年，在企业被收购时，前 1,000 万美元资本利得（或计税基础的 10 倍）完全免税。Galloway 曾通过该条款在出售 L2 时实现首笔 1,000 万美元免税收益，并在另一笔 250 万美元的破产重组投资出售时获得 2,500 万美元的免税回报。 消费多巴胺陷阱与住房投资的认知纠偏 (53:03) Jaspreet Singh 剖析了月光族陷入困境的深层机制：高压与低薪环境容易催生对即时多巴胺的渴望，促使人们陷入冲动消费、高息信用卡透支与过度度假，沦为银行利息与消费品牌的养料。应急储蓄不足 2,000 美元且背负高息卡债属于极端危险状态；摆脱循环必须践行“选择你的痛苦”（Pick Your Hard）原则——要么在当下承受紧缩预算、暂停社交面子消费与专注技能积累的痛苦，要么在余生承受长期背负债务的痛苦。他建议将生活划分为 5 年一期的成长阶段，克制在社交媒体上展示虚假繁荣的冲动，将每月收入的固定比例（如 15%）机械化地投入指数基金或优质资产。 针对公众普遍推崇的房产投资，节目结合诺贝尔经济学奖得主罗伯特·席勒（Robert Shiller）的研究指出，在长达 150 年的历史跨度中，扣除通胀后的美国住宅价格整体保持走平，近二三十年的涨幅仅是异常周期。背负巨额抵押贷款购买自住房并非稳妥的财富加速器，自住房在本质上属于纯粹的生活方式选择而非投资品；而在大城市选择租房不仅能维持生活品质，还能保有职业发展的地理流动性。 区块链资产民主化与硬件自托管防线 (60:14) Raoul Pal 阐释了区块链网络在平抑投资门槛中的作用。在传统风险投资或高端不动产领域，99% 的普通散户受限于合格投资者资质而被排除在外；而比特币（上限 2,100 万枚）与以太坊等数字资产属于全球同质化资产，使得全球各地的普通个体都能以极小金额参与机构级底层网络。区块链作为去中心化的不可篡改账本，在游戏资产跨平台确权（如 thirdweb 推动的数字产权基础设施）等实际场景中持续累积网络需求。 在资产安全方面，虽然通过 Revolut 或 PayPal 等应用入门可以帮助新手直观体验波动并锻炼心态，但资产达到一定规模后必须转向硬件自托管（Self-Custody）。中心化交易所或银行应用依然保留了对账户实施提款限制与冻结的权力；通过 Ledger 等冷钱包将 12 至 24 个助记词（Seed Phrase）私钥保存在离线介质中，才能实现资产对机构控制与边境审查的免疫。Bartlett 亦分享自己将以太坊私钥分散写在多份物理纸张并跨国分开放置，以确保在政治或金融动荡时依然拥有绝对的资产所有权。 纵观全篇，财富积累的底层逻辑并非神秘捷径，而是一套将工时溢价转化为资产权益、利用税收与自动化复利抵御通胀，并以极度自律压制消费冲动的系统工程；但该模式同时要求个人在职业选择上面临高度不确定性的权益博弈，并在长达数十年的周期内忍受枯燥与即时享乐的延后。

## Background 该视频由 YouTube 频道《The Diary Of A CEO》（主持人为 Steven Bartlett）于 2024 年 12 月 30 日发布。根据页面简介，节目梳理并整合了过往所有关于金钱与投资的高价值访谈精华，旨在破除普通人的认知盲区，为读者在 2025 年开启财务自由、实现财富增值提供经过验证的实战建议与核心心智法则。 ## TL;DR 本期节目汇集了拉米特·塞西、摩根·豪瑟、斯科特·加洛韦、科迪·桑切斯等多位商业与投资专家的核心见解，系统拆解了跨越阶层的财富飞轮。核心路径在于：通过自动化定投低成本指数基金与目标日期基金，利用数十年不离场的“耐力”激活复利奇迹；从出卖时间的低杠杆模式转向劳动力、资本、媒体和技术四大杠杆，将个人技能对接到高利润产业并以股权或结构化分成撬动不对称收益。同时，嘉宾们揭示了富人阶层利用税收漏洞（如“买入、借贷、去世”模式与免税条款）及去中心化区块链守护财产主权的深层游戏规则，并严正警示年轻人必须戒断虚荣消费与多巴胺代偿心理，停止为了“看起来很富”而陷入终生贫穷的月光陷阱。 ## Atmosphere & style 整部节目呈现出一种极度务实、充满认知颠覆与清醒警示的硬核氛围。史蒂芬·巴特利特与各领域专家的交锋节奏紧凑且毫不避讳现实残酷，既有当场调出复利计算器推演千万身价的具象震撼，也有直指中产被税收制度收割、底层被消费主义榨取的辛辣揭露。对话兼具对年轻人身处窘迫、渴望认同等心理痛点的深切共情，以及对盲目炫富和快钱骗局的当头棒喝，给听众带来如同“幕帘被骤然拉开”般的强烈清醒感与笃定感。 ## Bulletin - [11:15](https://www.youtube.com/watch?v=jyCJeglqCe4&t=675s) 普通人积累财富的核心在于耐力与复利，标普500指数扣除通胀后的长期实际年化回报率约为7%至8%，定投50年对财富的几何级增值远胜短期追求高暴利。 - [22:51](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1371s) 商业价值的上限由问题的规模与解决方案的价值决定，通过劳动力、资本、媒体和技术四种杠杆叠加，才能打破个体时间的物理限制实现指数级产出。 - [36:18](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2178s) 顶级富豪的核心避税模式是“买入、借贷、持有”（Buy, Borrow, Die），通过增值资产质押贷款获取免税流动性，而单纯靠高薪的领薪阶层反而承受着最高的税负。 - [01:08:07](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4087s) 月光族是现有经济体系中最渴求的客户，想要摆脱贫困循环，必须戒断“为了显得富有”而产生的多巴胺冲动消费，在人生特定季节聚焦自我提升并先支付给自己。 ## Key takeaways - [01:42](https://www.youtube.com/watch?v=jyCJeglqCe4&t=102s) 投资不需要先有大笔资金，通过低成本平台配置目标日期基金或大盘指数基金，每月自动化划扣5%-10%税后收入，像看油漆变干一样长期持有是普通人的最佳路径。 - [09:59](https://www.youtube.com/watch?v=jyCJeglqCe4&t=599s) 建立自动化个人财务分流闭环：薪水入账后自动分流至特定子储蓄账户与不可触碰的长期投资账户，剩余部分用于无负罪感开销，杜绝将投资账户当作应急零钱包。 - [18:25](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1105s) 人类一生最大的债务是对赚钱逻辑的无知；同一技能或资产在不同鱼塘价值悬殊，商业成长必须进入鲸鱼游弋的高客单价深水区。 - [22:51](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1371s) 财富跃迁的阶梯取决于四大杠杆：劳动力（雇佣他人）、资本（资金驱动）、媒体（零边际成本扩散）和技术（代码复用），高杠杆能让相同努力获得数个数量级的回报。 - [26:01](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1561s) 白板推演不公平优势：将自身核心技能与高产值、高利润行业（如生物医药、科技、金融）对接，能让普通技能（如通用写作）溢价为数十倍回报的高薪岗位。 - [32:08](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1928s) 学会做交易重构报酬机制，放弃部分死工资换取增量业绩分红或IPO股权期权，能产生数千倍于传统时薪的财富乘数效应。 - [40:08](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2408s) 单纯打工的高薪中产（超级挣钱者）承担着高达45%-52%的税负，必须尽快转型为通过买卖资产运作的“超级拥有者”，利用资本利得与企业税法降低实际税率。 - [48:37](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2917s) 指数基金的本质是人类资本主义经济切片，复利公式中最具推力的是指数（时间）而非底数（短期回报率），保持在场的耐力远比短期择时翻倍重要。 - [53:03](https://www.youtube.com/watch?v=jyCJeglqCe4&t=3183s) 扣除通胀后长期真实房价基本走平，买房应当是纯粹的生活方式与家庭安全感决策，不应作为背负巨额债务博取暴利的财务投资。 - [57:15](https://www.youtube.com/watch?v=jyCJeglqCe4&t=3435s) 区块链技术创造了去中心化的可信账本，加密资产作为高可分割、全球均质化的资产，彻底打破了传统金融和早期风险投资的地域与合格投资者阶层壁垒。 - [01:01:54](https://www.youtube.com/watch?v=jyCJeglqCe4&t=3714s) 持有底层代币（如以太坊）等同于持有网络生态的原始股权，而通过冷钱包自托管私钥能够真正实现摆脱第三方机构冻结风险的个人财产主权。 - [01:09:46](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4186s) 应急储蓄低于2000美元且身背高息卡债即处于“财务危险区”，必须立刻全面叫停非生存必要消费与订阅，降级生活并赎回时间用于创收。 - [01:11:01](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4261s) 生活要么现在艰难，要么余生艰难，人生的特定季节需要做出集中牺牲并保持极度专注，自我提升往往比向外追逐社交更能产生长远吸引力。 - [01:16:27](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4587s) “害怕看起来穷”的自卑心理是致贫的最大元凶，为了虚荣消费和多巴胺代偿而刷爆信用卡，最终只会让自己沦为消费主义和暴富骗局的猎物。 ## Detailed walkthrough ### [00:00](https://www.youtube.com/watch?v=jyCJeglqCe4&t=0s) 破除理财盲区：2025年开启致富计划 在新年伊始，多达 53% 的人打算制定关于金钱、个人财务与投资的新年目标，渴望实现财务自由与财务安全。为此，节目组梳理了过往所有关于金钱与投资的高价值访谈，提取出被重播和分享最多的核心精华，涵盖储蓄、消费、投资、税务、加密货币、购房以及金钱心态等方方面面。 主持人开门见山地指出，所有人正在支付的最昂贵代价，往往就是“自己不知道的信息”。要想赚到尽可能多的钱，本质上依赖两件事。只要掌握关于金钱与投资的基础关键原则，普通人就能轻松进入前 5% 的优秀投资者之列，甚至从此不必再为金钱焦虑。在正式展开正片前，主持人还真诚感谢了长期支持播客的听众，并呼吁观众加入已订阅频道的 24% 常客行列，承诺未来将继续邀请大家最想听的重磅嘉宾，呈现最优质的硬核内容。 --- ### [01:42](https://www.youtube.com/watch?v=jyCJeglqCe4&t=102s) 投资入门第一步：用目标日期基金击碎认知误区 当主持人向畅销书《我会教你变成富人》作者拉米特·塞西（Ramit Sethi）请教投资起点时，他提到了一个普遍的痛点：许多人根本不了解 S&P 500 是什么，预期回报是多少。主持人分享道，自己团队里大约有 30 个人，某天大家坐下来聊起财务时，令人震惊的是竟然没有一个人的人生中曾经历过关于“投资”的严肃对话。大部分普通人都抱有深层误解，误以为投资是那些 40 岁以后、手握 100 万美元资产的富豪专属的游戏；对于普通打工族而言，大家被灌输的唯一投资方式似乎就只有“买房”。 ```mermaid flowchart TD accTitle: 普通人投资的心理误区与正确路径 accDescr: 展示从传统的买房与百万门槛误区转向自动化低成本基金的流程 subgraph Trap["传统认知误区"] T1["以为必须拥有 100 万美元"] T2["以为买房是唯一的投资方式"] T3["沉迷日常短线交易与盯盘"] end subgraph CorrectPath["Ramit Sethi 推荐路径"] P1["设定退休年份 Target Date Fund"] P2["选择 Vanguard / Fidelity / Schwab"] P3["每月自动划扣税后收入 5% - 10%"] P4["长期持有 绝不随意取出"] end Trap -.->|转变思维| CorrectPath ``` 拉米特·塞西对这种根深蒂固的观念直呼“快把我逼疯了”。他强调，任何人都可以过上更充实、更个性化且超越想象的“富足生活（Rich Life）”——无论这意味着更长周期的旅行、住更顶级的酒店，还是有更多闲暇陪伴孩子与家人。达成这个目标的关键，在于学会投资最底层的常识。当亲戚朋友向他咨询如何开始时，他给出的最简建议就是购买**目标日期基金（Target-Date Fund）**： - **极简运作机制**：投资者只需买入一只基金，其选择依据完全取决于预期的退休年份（例如若预计在 2050 年满 65 岁退休，就直接选择 Vanguard、Fidelity 或 Schwab 的 2050 基金）。 - **动态风险平衡**：这只基金宛如一个自动调整的资产饼图。在年轻时（如 25 岁）资产配置更激进，而随着年龄增长至 75 岁，组合会自动转变为保守稳健，全程无需个人操心配比。 - **天然分散化**：基金本质上是一篮子股票与债券组合（涵盖微软、谷歌等数百家顶级企业）。散户自己去挑选 20 只股票并调整权重不仅费时费力，甚至连职业基金经理也往往做不好；而基金能将买入动作化繁为简。 --- ### [05:00](https://www.youtube.com/watch?v=jyCJeglqCe4&t=300s) 投资像看油漆变干：远离赌徒式炒股应用 针对是否该使用市面上形形色色的投资手机 App，拉米特·塞西表达了强烈的反对态度。他直言极其讨厌那些通过游戏化（Gamified）界面诱导散户频繁点击、交易的 App。他认为炒股做短线交易（Traders）的人绝大部分都会亏损，而真正的投资者应当“把投资视为观看油漆变干（Watching paint dry）一样枯燥”。娱乐应当去看电影、看 Netflix，投资则必须是绝对无聊且自动化的。 主持人深表赞同，提到自己在英国投资时使用 Hargreaves Lansdown，其早期网页和应用界面甚至有些难看，但正因如此反而让人没有天天打开的冲动。拉米特·塞西透露自己的手机上绝没有任何炒股 App，他认为普通人每 3 到 6 个月登录一次电脑网页端就足够了。检查的方式应当极其平淡：“登录电脑看了眼，‘哇，涨了’或者‘哇，跌了’，然后退出关机，不要去碰它。”他形象地比喻道：这就像烤感恩节火鸡，一旦把火鸡送进烤箱，就让它安安静静待着，随意打开乱动只会把事情搞砸——而这只投资的“火鸡”，需要让它在炉子里静静烘烤数十年。 --- ### [06:41](https://www.youtube.com/watch?v=jyCJeglqCe4&t=401s) 100 镑起步法与自动化财富滚雪球 针对“如果手里只有 100 英镑或 100 美元该如何起步”的具体实操，两人进行了拆解。普通人无需高额门槛，只要在低费率平台（如 Vanguard、Schwab、Fidelity 或英国的 Hargreaves Lansdown 等）开户，买入基金往往没有额外高昂的佣金。这 100 块钱被投入基金后，底层系统会自动将其拆分：比如 1 块钱买入 Facebook、1 块钱买入 Google、1 块钱买入 Shopify、Spotify 或英伟达（NVIDIA）。专业机构在底层打理一切，散户唯一要做的就是每月把钱存进去并彻底遗忘它。 拉米特·塞西进一步指出，走完开户和首次买入只是第一步，最决定性的一步是建立**自动化转账系统**： - **有意识支出计划（Conscious Spending Plan）**：将每月税后到手收入（Take-home pay）的 5% 到 10% 设定为固定投资额。塞西自信地表示，任何向他抱怨“自己太穷拿不出这笔钱”的人，只要把账单拿出来，他保证能从中挤出 5% 的资金。 - **让投资比刷牙更简单**：刷牙还需要每天主动去做，而自动化投资通过设置后台直接从活期借记账户（Checking account）中自动划款（无论是 100、500 还是 1000 美元），完全绕过了意志力的消耗。 - **复利的奇迹**：几个月不去看账户，再次登录时往往会惊喜地发现资金已悄然累积。这种被动储蓄配合数十年的复利发酵，才是普通人跨越阶层、积累真正财富的核心秘密——“你不需要先变得富有才去投资，相反，投资正是让你变富有的手段。” 谈话最后，主持人分享了一个身边的真实教训：大楼里的一位朋友在听取上述建议两个月后，竟然因为收到信用卡账单，就把刚投进基金里的钱全取了出来。拉米特·塞西叹息道，这完全是把用于滚雪球的长期投资账户误当成了随用随取的支票活期账户。投资账户是积累财富的圣地，绝不是用来应付日常账单的提款机。 ### [09:59](https://www.youtube.com/watch?v=jyCJeglqCe4&t=599s) 建立自动化的个人财务流向系统 针对许多人错误地将投资账户当成“随时应急支取的零钱包”，拉米特·塞提（Ramit Sethi）指出，这不仅是思维方式的问题，更是由于底层账户架构搭建不当造成的。绝大多数人并不想每天耗费精力在各个银行账户间手动倒腾资金，因此唯有“自动化”才是可持续的解决之道。塞提在其著作第五章中详细阐述了一套无需费心的资金流转闭环系统：一旦薪水入账到活期支票账户（Checking Account），系统就会立即自动将其按预定比例分流。 在这个自动化框架中，一部分资金会直接划转到储蓄账户。塞提建议为特定的人生目标设立“子储蓄账户”（Sub-savings accounts），例如度假基金、购车首付款等，让每笔钱都有清晰明确的归宿。与此同时，另一部分固定比例的资金会被自动转入投资账户，对于这笔钱，塞提的态度极其坚决——“放在那里让它慢慢发酵（let it cook），绝对不要碰它”。至于日常消费，在完成储蓄和投资扣款后，剩下的便是属于个人的“无负罪感开销”（Guilt-free spending），无论外出聚餐还是娱乐都随心所欲，再绑定信用卡每月全额自动还款。整套体系只需花两到三周配置完成，往后余生便再也不用为此操心。 ```mermaid flowchart TD accTitle: 自动化个人财务分流架构 accDescr: 展示薪资从活期账户自动分流至子储蓄、长期投资及无负罪感开销的路径 A["薪资入账<br/>(活期支票账户)"] --> B["自动化规则触发"] subgraph S1 ["固定资产沉淀"] B --> C["子储蓄账户<br/>(度假/购车首付/应急)"] B --> D["长期投资账户<br/>(只存不取，长期复利)"] end subgraph S2 ["日常自由支出"] B --> E["无负罪感开销<br/>(日常娱乐/朋友聚会)"] E --> F["信用卡每月自动全额还款"] end ``` --- ### [11:15](https://www.youtube.com/watch?v=jyCJeglqCe4&t=675s) 击碎财富神话：长期指数基金投资的真实回报 史蒂文·巴特利特（Steven Bartlett）提出了大众普遍存在的疑问：当今社交媒体上充斥着卖掉公司套现、买彩票中大奖或炒作加密货币暴富的虚假神话，人们被这些叙事牵着鼻子走，而将资金定投到基金里看起来就像“看油漆晾干”一样枯燥缓慢。究竟有什么铁证能证明，把钱投进大盘基金经年累月地持有，才是一条真正可靠的财富之路？ 塞提回应道，回顾美国股市一百多年的历史研究，大盘的平均年化名义回报率稳定在 10% 到 11% 左右；即便完全扣除通货膨胀的影响，长期实际年化净回报率也稳稳落在 7% 到 8% 之间。然而，对普通大众来说，“7%”往往只是一个抽象冰冷、毫无吸引力的数字。塞提建议任何人感到怀疑时，直接打开搜索引擎输入“复利计算器”，亲自动手输入自己的年龄、每月存下二三百美元并按 7% 的保守回报率测算，眼前的数字绝对会带来颠覆性的震撼。 --- ### [12:35](https://www.youtube.com/watch?v=jyCJeglqCe4&t=755s) 现场测算：复利滚雪球的惊人威力 为了验证这一逻辑，巴特利特立刻让团队递过手机，打开了一个名为 Moneychimp 的经典复利计算器进行实测推演。他们从四个核心变量展开了步步为营的测算： - **第一阶段（16岁到30岁，历时14年）：** 巴特利特假设自己从 16 岁开始不再乱花钱，以 5,000 美元作为初始本金（Current Principal），此后每年追加投资 5,000 美元（约合每月 400 美元，塞提强调对于中等收入人群而言，只要消灭平时无意识的开销完全可以做到）。在不考虑任何加薪、且采用极为保守的 7% 扣除通胀后的年化回报率测算下，到他 30 岁时，账户余额显示为 **133,537 美元**。 - **第二阶段（持续定投至40岁，历时24年）：** 依然保持极其苛刻的假设——巴特利特哪怕步入三四十岁黄金期也完全不增加本金投入，仅靠每年 5,000 美元定投，到 40 岁时账户积累到了 **336,000 美元**。 - **第三阶段（持续定投至50岁，历时34年）：** 在完全相同的极低投入条件下，到 50 岁时账户金额进一步膨胀至 **736,000 美元**。 - **第四阶段（贴近现实的终局测算：16岁至65岁退休）：** 考虑到随着年龄和职业发展，人的收入在 30 岁和 40 岁之后会迎来大幅增长，塞提将 49 年间的年均投资额调整为更为合理的 30,000 美元（初期虽然投入较少，但后期高收入能拉高整体平均水平）。在 7% 保守年化收益下，计算器得出的最终数字高达 **12,012,330 美元**（约合 1200 万美元）。巴特利特发现如果将收益率调高到 8%，总额甚至会跃升至 1740 万美元。 塞提特意严正警告：千万不要盲目去追求 13% 甚至更高的奇迹回报，这种贪婪往往会导致散户盲目买入垃圾资产而血本无归。“7% 是最稳妥、最保守的底线安全垫”，普通人不需要去人为催熟投资回报率，真正起决定性作用的是两件事：**极早开始的时间**，以及**持之以恒的本金投入**。 --- ### [18:25](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1105s) 无知税与古董车寓言：寻找认可你价值的池塘 话题随后转向了阻碍财富积累的最深层根源。巴特利特分享了一个他在一次商业演讲中听到的震撼概念：“人类一生中承担的最沉重债务，其实是‘无知’（Ignorance）。”那位演讲者把台上一位年薪 5 万美元的女士请出来，在白板上写下 100 万美元，然后减去 5 万美元得出 95 万美元。演讲者对她说：“因为你不知道如何年入百万，所以你每年都在向生活缴纳整整 95 万美元的无知税。”这个看似残酷的比喻揭示了极高价值的核心：人们为自己认知盲区所支付的代价，往往高得令人胆寒。 这也引出了商业与财富中最重要的定位法则——优秀的渔夫永远知道去哪个鱼塘下竿。为了说明“找到最认可你价值的人”的重要性，巴特利特讲述了父亲送给儿子一辆破旧老车的故事： - 儿子先将老车开到街角的**二手普通车行**询问，对方只肯出 **1,000 美元**收车。 - 父亲让儿子再去**废车拆解场**看看，拆车厂老板打量了一番，说这堆废铁顶多值 **500 美元**。 - 最后，父亲指引儿子去街尾的**古董车行**。儿子兴奋地跑回来说：“爸，你绝对不敢相信，这竟然是一款存世仅有大约 10 辆的传奇经典车，他们开价 **100,000 美元**！” 父亲微笑着告诉儿子，这正是他想传授的人生终极一课：你本身的特质没有变，但在不同的环境里，不同的人对你的价值认知有着云泥之别。身处商业世界，永远要主动去寻找并接触那些最能发现并高度认可你价值的人群。 ### [20:43](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1243s) 去大鱼聚集的深水区：信念与信息差的游戏 捕鱼时若想钓到大鱼，就必须去鲸鱼游弋的深水区。向企业或个人销售高客单价服务，所付出的劳动量其实与廉价商品别无二致，最大的阻碍往往只是个人的“信念”——大多数人根本不相信自己能赚到这笔钱。在商业成长的道路上，你需要不断突破层级认知：当你卖出第一单 10,000 美元的产品，再卖出 100,000 美元的订单，直至完成数百万美元的大单时，你会恍然大悟：背后的销售逻辑完全一模一样，甚至在高客单价领域做生意通常反而更轻松。 网上广为流传着一个形象的对比 Meme：买 50 美元产品的散客，会事无巨细、充满怀疑地盘问“我这 50 块钱到底能得到什么”；而支付 50,000 美元的大客户，发来一句“电汇昨天已打出，你们还需要别的配合吗？”便直截了当地推进合作。懂得去哪里捕鱼是一项至关重要的技能，但这在本质上更是“信息差”——你必须首先知道这片大湖的存在。 这种认知跃升就像拉开幕布，让人惊叹原来幕后一直有另一群人在狂欢。正如演员 Kevin Hart 在 Joe Rogan 的播客中所描述的体验：商业世界像是一间间嵌套的密室。当你费尽心力跨入一个新房间，发现里面的人在玩着完全不同的财富游戏，你甚至会为从前没有人告诉过你这个房间的存在而感到愤怒；而当你摸爬滚打几年推开下一扇门，看到里面的亿万富豪们悠闲地抽着雪茄、谈笑间玩着更高维度的资本游戏，你更会惊愕于他们赚钱竟然毫不费力。 早期的商业尝试往往都在低维空间打转。例如回顾 2014 年的第一份商业方案，当时设立了金牌、银牌、铜牌三档服务包，分别报价 200 美元、500 美元，倾囊相授的最高配置也才不过 1,000 美元。如今能够成交大单，技能虽有提升，但最核心的剧变是**信息与认知维度的彻底刷新**。 --- ### [22:51](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1371s) 财富阶梯与四大杠杆：从苦力到指数级回报 当被问及有哪些关键的认知转变彻底改变了财富游戏时，Alex Hormozi 梳理了他收入实现每一个数量级跃升的阶梯模型。每一个量级的跃迁，本质上都是关于“杠杆（Leverage）”的升级： - **从雇员到自由职业/自雇**：月收入从四位数（数千美元）跨入五位数（数万美元），核心转变在于拿回了自己的控制权。 - **雇佣他人为自己工作**：月收入突破六位数（数十万美元），通过引入人力杠杆，打破了个体时间的物理限制。 - **企业扭亏与数字化授权（Licensing）**：摆脱物理履约成本，数字化产品边际成本几乎为零，杠杆率呈指数级扩散。 所谓杠杆，被定义为**输入（Input）与输出（Output）之间的悬殊比例**。低杠杆意味着付出极高强度的体力或时间，却只能获得微薄的回报；而高杠杆则是投入极少资源，撬动巨额回报。生活中有许多人勤奋工作却赚不到理想的收入，正是因为身陷低杠杆陷阱。借鉴 Naval Ravikant 的经典思考，杠杆主要由四种基本要素构成，并可层层叠加： ```mermaid flowchart TD accTitle: 四种杠杆类型金字塔 accDescr: 展示从低到高的人力、媒体、资本和技术四种杠杆形式。 subgraph HighLev["高自主性与无许可杠杆"] Tech["技术 / 代码 (Technology)<br/>构建一次，千万人零边际成本复用"] Media["媒体 / 内容 (Media)<br/>制作一次，受众无上限扩散与授权"] end subgraph CapitalLev["资金杠杆"] Cap["资本 (Capital)<br/>资金直接驱动，不以牺牲个人时间为代价"] end subgraph BaseLev["基础劳动力杠杆"] Labor["劳动力 / 雇佣 (Labor)<br/>为别人打工 → 为自己打工 → 雇人为你打工"] end Labor --> Cap Cap --> Media Media --> Tech ``` 在这四种杠杆之上，不仅要看使用了哪些工具，更取决于调动的规模与程度： - **劳动力（Labor）**：从出卖个人时间，到购买他人时间放大产出。 - **媒体（Media）**：一次制作，无限次分发。Joe Rogan 与普通播客主播虽同用媒体杠杆，但受众量级的鸿沟决定了结果的巨大差距。 - **资本（Capital）**：无需牺牲时间即可获得回报。资本本身也分梯级——从向亲友借钱，到获取专业机构投资，再到公开市场上市（如在资本容量更庞大的纳斯达克交易平台，同样的商业规模能换取成倍的估值溢价）。 - **技术与代码（Technology）**：编写一次代码，理论上可供数百万人使用，具备几近为零的边际复制成本。 像 Facebook（Meta）或 Amazon 这样的巨头企业，不仅同时调动了劳动力、资本、媒体和技术，更把每一项杠杆拉至极致。跑在财富前沿的人，并非步伐比普通人快多少，而是他们的**每一步迈出，所获得的兑现收益都高出数个数量级**。 --- ### [26:01](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1561s) 寻找你的不公平优势：白板推演法 如果你想找到一个专属于你、旁人难以复制的“不公平赌注（Unfair Bet）”并以此赚取巨额财富，方法非常具象化：一块白板、一支白板笔、以及一个思维敏锐的朋友。在白板左侧写下“**技能（Skills）**”，右侧写下“**金钱（Money）**”。 以主持人 Stephen Bartlett 为案例进行推演，剖析其核心技能资产组合： - **社交媒体与视频专长**：不仅是一般的网感，更是在全球顶尖的 YouTube 运营及短视频制作能力。 - **数据驱动的内容策略**：擅长在发布前通过深层数据归因预测病毒式传播的概率。 - **个人魅力与人脉破局能力**：卓越的沟通说服力，极具吸引力的表达，能够快速建立信任，并能触达高价值人群的网络能力。 - **提问与对话深度**：擅长通过精准设问挖掘出极具价值的内容与信息。 在明确了左侧的核心技能后，真正的商业艺术在于：**如何将这些能力应用到能够产生最大金钱回报的地方？** 决定收益天花板的公式由两个核心变量驱动： 1. **问题的规模（Size of the Problem）** 2. **解决方案的价值（Value of the Solution）** ```mermaid flowchart LR accTitle: 技能向顶格变现价值的迁移模型 accDescr: 展现核心技能如何通过匹配高产值高利润行业转化为巨额回报。 subgraph Skills["核心技能资产"] S1["顶尖短视频/流媒体能力"] S2["数据驱动的爆款模型"] S3["顶层人脉与谈判破局"] end subgraph Evaluation["商业环境筛选 (三大要素)"] E1["目标行业 (Sector)"] E2["企业规模 (Size)"] E3["利润空间 (Profitability)"] end subgraph Outcome["变现结果对比"] Low["传统技工/服务业：利润薄、营收天花板低"] High["硅谷/华尔街/生物医药：数十亿规模、50-80%利润率"] end Skills --> Evaluation Evaluation --> Low Evaluation --> High ``` 同样一套社交媒体流量与引流技能，如果服务于传统的本地生活或工匠服务业，其营收规模和利润率十分微薄，无论付出多大努力都很难赚大钱。但若将注意力引流与公关策略对接到生物科技公司、硅谷科技巨头或华尔街金融机构，这些行业动辄拥有数亿美元的现金流体量，毛利率往往高达 50% 至 80%。 “技能 + 金钱”的最终商业落地，聚焦于三大筛选标准：**所处行业（Sector）**、**企业规模（Size of Business）**与**业务盈利能力（Profitability）**。将注意力这项稀缺资源直接兜售给最需要注意力、且手握最多现金流的机构，才是将技能变现价值最大化的关键策略。 ### [29:39](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1779s) 技能溢价法则：从时薪14美元的撰稿人到15万美元的专业写手 科迪·桑切斯（Codie Sanchez）与史蒂芬·巴特利特（Steven Bartlett）探讨了如何最大化技能的商业价值。桑切斯指出，不要把精力放在利润率仅有6%的企业（如沃尔玛）上，而必须将自身技能对接到能撬动最高价值的人群与行业。为了让听众直观理解，桑切斯在iPad上随手画了一张草图：左侧列出个人技能，右侧根据所解决问题的规模和解决方案的价值，寻找最具溢价的变现途径。她甚至在节目中向观众发起互动挑战，邀请大家在Instagram快拍中绘制自己的技能图谱并艾特史蒂芬和她，她承诺会亲自为参与者提供诊断反馈。 史蒂芬随即以“写作者”（Writer）为例进行现场拆解。如果只具备基础写作技能并对互联网社交媒体（如领英博客）略懂皮毛，最糟糕的变现路径就是去写完全不赚钱的奇幻小说（Fantasy books）或者为本地报社撰稿，这类工作处于价值链的最底层，时薪仅约14美元。通过搜索引擎检索高薪写作岗位，排名靠前的通常是广告文案（Copywriter），在常规社交媒体公司中，初级文案的年薪大约在2.5万英镑（约3.5万美元）左右。 史蒂芬基于自己的生物科技与致幻剂创业经历提出了一个远高出普通文案的赛道——医学撰稿人（Medical Writer）。当时他的公司急需能阐释裸盖菇素（Psilocybin）化合物特性的写手，市场开价高达15万美元以上却依然一将难求。市场上虽然有大量懂写作的人，但极少有人在技能组合中叠加专业术语理解能力。事实上，普通撰稿人只要全情投入，仅需一个月就能掌握基础医学术语规范并胜任岗位，根本不需要真正的医学学位。桑切斯对此深表赞同，并指出金融领域同样如此：撰写投资人通报（Investor Updates）的金融撰稿人同样能凭借金融行业的高利润率轻松获得超额回报。 ```mermaid flowchart LR accTitle: 写作技能的价值阶梯 accDescr: 展示写作者从本地报社底层时薪到生物医药与金融高阶股权收益的价值跃迁 subgraph 低价值层级["低价值定位（行业利润薄/供过于求）"] A["本地报纸 / 虚构小说撰稿<br/>时薪约 $14"] end subgraph 中价值层级["中价值定位（通用商业服务）"] B["社交媒体初级文案<br/>年薪约 £25,000 - $35,000"] end subgraph 高价值层级["高价值定位（垂直利基 + 交易结构）"] C["医学/金融垂直撰稿人<br/>年薪 $150,000+"] D["股权/分红绑定的结构化交易<br/>实现数百万美元级回报"] end A --> B B --> C C --> D ``` --- ### [32:08](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1928s) 交易结构设计：6个月赚取1000万美元的股权杠杆 桑切斯总结了决定个人收入的三大核心支柱：解决问题的规模（Size of the problem）、解决方案的价值（Value of the solution）以及职位结构的设定（Structure of your job）。普通人往往受困于传统的固定薪资结构，而高段位选手则擅长通过商业交易结构获取利润增量。桑切斯举例说明：如果一家生物科技公司或金融机构开出3.5万美元的年薪招聘文案，明智的做法不是单纯接受死工资，而是提出“基本薪资加业绩分成”的协议——例如只拿1万美元底薪保障温饱，但要求获得超过业绩目标（如每月10万美元基准转化额）增量收入的10%分成。这种通过结构设计绑定业绩增量（Upside）的方式，是拉开收入差距的关键手段。 史蒂芬随即分享了自己在生物科技领域的真实暴富案例。当时一家主营致幻剂药物研发的生物科技公司邀请他协助搭建营销团队，他没有索取普通顾问薪酬，而是要求获得IPO股权期权。史蒂芬获得了该公司约40万股期权，仅实际工作了约6个月时间。 2021年7月，该生物科技公司在纳斯达克（NASDAQ）挂牌上市，估值达到32亿美元。史蒂芬持有的股权净价值在上市时接近1000万美元。他感慨道，自己最初接下这份工作只是因为对致幻剂科学深感兴趣，但这笔交易彻底打破了他的认知边界：“任何一个精通社交媒体并懂得如何与管理层谈判交易结构的年轻孩子，当时只要走进去说‘给我一些IPO股票，我替你们操盘6个月社交媒体’，就能彻底改变整个人生。” - **问题规模与方案价值**：商业回报不取决于努力程度，而取决于所介入行业资金盘大小及所解决痛点的直接商业价值。 - **重构报酬机制**：用放弃部分保底薪资换取业务增量（Upside）的高额百分比，直接从转化漏斗（Sales funnel）产生的收入中抽成。 - **股权杠杆的力量**：在企业上市（IPO）前夕以专业服务置换股权或期权，能产生数千倍于传统时薪的财富乘数效应。 --- ### [34:11](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2051s) 掌握交易艺术：从私募黑盒到《街头百万富翁》 桑切斯强调，许多创业者和打工人都陷入了“我还没有买下一家企业”的死胡同，但事实上一辈子哪怕从未收购过任何公司，“学会做交易”（Learning how to do deals）依然是全世界最具价值的通用生存技能。过去，私募股权（Private Equity）的核心条款和交易架构被严格封锁在高门槛的会议室里，普通人很难窥见底牌；但如今信息壁垒已经被彻底打破，无知不再是借口。 桑切斯进一步列举了商业巨头的核心能力：无论公众对唐纳德·特朗普（Donald Trump）评价如何，他立足商业的底层核心正是交易艺术（The Art of the Deal）；埃隆·马斯克（Elon Musk）旗下的特斯拉（Tesla）在造车业务初期苦苦挣扎的十年里，之所以能够平稳存活并最终盈利，本质上也是通过巧妙的政府谈判拿到了全美顶级的太阳能税收抵免（Solar Tax Credits）与碳排放配额交易。 面对年轻群体“究竟该去哪里学习做交易”的疑问，桑切斯介绍了自己的新书《街头百万富翁》（*Main Street Millionaire*）。这本书剥离了繁杂晦涩的学术理论，专注提炼普通人落地实操必须掌握的核心交易逻辑。史蒂芬现场透露自己已经预订了数十本赠送给身边团队。除了书籍之外，桑切斯创办的 Contrarian Thinking 平台亦通过免费通讯、实战课程与社区网络，系统性向公众普及中小型企业收购与资产重组的技术。 --- ### [36:18](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2178s) 富人的税收游戏：“买入、借贷、去世”与企业避税术 节目画面随后切入史蒂芬与纽约大学教授斯科特·加洛韦（Scott Galloway）关于顶级富豪税收策略的深度对话。史蒂芬感慨，当自己积累起一定财富后，仿佛“有人拉开了幕帘”，才惊觉富人群体在玩的税收游戏与普通民众的生活完全脱节。加洛韦一针见血地指出：“合法避税（Tax avoidance）是积累财富的核心技能。就如同战俘有义务越狱一样，任何试图积累财富的人，都有义务在法律允许的范围内尽可能少缴税。” 加洛韦详细剖析了大型跨国科技公司的避税架构。以苹果公司（Apple）为例，苹果将其核心知识产权（IP）转移并注册至爱尔兰子公司（Apple Ireland），再由爱尔兰公司向苹果美国母公司反向许可这些IP，并收取数百亿美元的高昂授权费。这一操作人为做大了享受爱尔兰超低企业所得税率的利润池，同时大幅削减了在美国本土的高税率应税收入，从而在全球范围内合法实现了极低的企业实际税负。加洛韦指出，全美最富有的25位顶级富豪，实际承担的平均税率仅在6%到8%之间。 针对个人层面的避税机制，加洛韦用通俗的语言拆解了富豪圈经典的“买入、借贷、去世”（Buy, Borrow, Die）策略： ```mermaid flowchart TD accTitle: 富人避税经典链路 Buy Borrow Die accDescr: 展现富豪通过持有股票、抵押借贷生活和信托传承避开资本利得税的全流程 subgraph 积累与持有["阶段一：长期持有优质资产（Buy）"] A["买入高成长股票/资产<br/>（如亚马逊股票从 $100 翻倍）"] B["坚持不卖出<br/>避免触发长期资本利得税"] end subgraph 杠杆与流动性["阶段二：股权抵押与低成本消费（Borrow）"] C["以增值资产为抵押物向银行借款"] D["获得无税现金流用于大额消费<br/>用日常收入偿还微额利息"] end subgraph 财富代际传承["阶段三：信托确权与免税继承（Die）"] E["资产注入家族信托（Trust）"] F["利用税收步进（Step-up）机制<br/>完整免税传递给下一代"] end A --> B B --> C C --> D D --> E E --> F ``` 富豪在拥有大幅升值的资产（例如从100美元翻倍的亚马逊股票）时绝不会选择抛售变现，因为卖出股票会立即触发高额的长期资本利得税。相反，他们选择以股票为抵押向银行借出低息贷款来满足日常奢靡消费，再用少量的流动性收入偿还借款利息。当当事人去世后，这些资产会被直接转入家族信托（Trust）传承给子女，彻底规避资本利得税。 加洛韦还痛批了富豪阶层的“州际税收套利”（State Arbitrage）。他直接点名亚马逊创始人杰夫·贝索斯（Jeff Bezos）近期将住所从华盛顿州迁往佛罗里达州的举动。加洛韦讽刺道：“贝索斯对外宣称搬家是为了‘多陪陪父亲’——史蒂芬，这听起来多贴心啊？别扯淡了（Give me a f***ing break）！”贝索斯坐拥约1600亿美元财富，此前长期依托华盛顿州的公立教育系统、西雅图的基础设施和华盛顿大学的人才红利做大企业；一旦面临华盛顿州即将征收的8%至10%州级资本利得税，便立刻通过变更居住地迁移资产，省下数十亿美元税款。加洛韦坦言，尽管自己会公开运用所有合法避税手段，但他始终支持设立替代性最低税（Alternative Minimum Tax）并坚决主张向大企业与超级富豪大幅增税。 ### [38:39](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2319s) 避税的底层逻辑与美国税法漏洞 Scott Galloway 辛辣地讽刺了美国富人的迁徙现象：许多在加州或纽约发家的人，突然声称自己“无法忍受旧金山的政治环境”，转头就搬去得克萨斯州或佛罗里达州。在 Galloway 看来，这种说辞极其虚伪——他们真正忍受不了的不是政治，而是即将在加州面临兑现的巨额资本利得税；搬去免征州所得税的得克萨斯，纯粹是为了省下数以千万计的税款。 随后他透露了自己在商业中利用过的一个重大税收漏洞——美国税法第 1202 条款（合规小型企业股票，简称 QSBS）： - 当时他创办了商业分析公司 L2，初始投资金额不大，公司在设立时估值低于 5000 万美元，完全符合 QSBS 条件。 - 按照规定，只要持有此类公司股票超过 5 年再出售，前 1000 万美元利润（或计税基础的 10 倍）完全免征联邦资本利得税。因此他在出售 L2 时，前 1000 万美元的收入完全免税（税率为零）。 - 另一个更夸张的例子是他曾拯救一家濒临破产的公司，投入了 250 万美元。随着公司被高价收购，他的前 2500 万美元收益同样完全免税。 Galloway 直言不讳地指出，美国税法典从最初的 400 页膨胀到如今的 4000 页，增加的那 3600 页内容，本质上就是为了“把有钱人变成超级富豪”。如果普通大众觉得这种制度像是在掠夺中产阶级，“相信你的直觉，事实就是如此”。 ```mermaid flowchart TD accTitle: QSBS免税逻辑图 accDescr: 展示QSBS小型企业股票持有满5年后如何实现大额免税套现 subgraph Condition["准入与持有条件"] A["创办/投资小型企业<br/>(资产规模低于5000万美元)"] B["持有公司股票<br/>超过5年"] end subgraph Exit["退出与税收减免"] C["出售公司股权套现"] D["前1000万美元利润<br/>或投资额10倍完全免税"] E["大幅降低实际税负"] end A --> B B --> C C --> D D --> E ``` ### [40:08](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2408s) 打工的“超级挣钱者”与资产的“超级拥有者” 大众对税收普遍存在一个误解，认为富人完全不交税。Galloway 澄清道，真正承受最高税率的反而是“高收入但靠工资过活的次富人群”——即超级挣钱者（Super Earners）。 举例来说，一对生活在蓝州大都市的精英夫妻：妻子是顶级律所合伙人，年薪 100 万美元；丈夫开脊椎诊所，带三个员工，年收入 60 万美元。两人合计年入 160 万美元，生活极其体面，但作为领薪者或纯经营性劳动收入者，他们的综合所得税率通常高达 45% 到 52%。然而，如果丈夫决定融资打包收购一批脊椎诊所，做成连锁资产，数年后以 5000 万美元将其卖出，他的税率就会大幅暴跌。 - **阶层税负反差**：全美最富有的 25 位富豪平均仅缴纳约 8% 的实际税率；底层的半数人口因收入低几乎不用交联邦所得税（主要交消费税）；最被“收割”的正是拼命工作的高薪中产与专业人士（“驮马群”，The Workhorses）。 - **破局关键**：年轻人的目标不应只是成为超级挣钱者，而是赚到足够的本金后迅速转型为“超级拥有者”（Super Owner），通过买卖资产让资本去运作，从而实现税率的跳崖式下降。 ### [41:27](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2487s) “只借不卖”的富人杠杆与税收顾问的价值 主持人 Steven Bartlett 补充解释了富人最常用的“买入、借贷、持有”（Buy, Borrow, Die）模式：投资者花 1 万美元买入亚马逊股票，股票升值后不卖出，而是抵押给银行申请 5000 美元的无税贷款用于日常开销。如果股价涨到 2 万美元，还可以继续质押借更多钱。因为借贷不是收入，不需要缴纳资本利得税；即便股票大跌，银行也会通过平仓抵押物来收回贷款（尽管杠杆用过头也会让聪明人破产）。 Galloway 认同并强调：“股票资产本身会增值，只要不卖，就永远不用交税。”埃隆·马斯克（Elon Musk）等顶级富豪正是通过向银行质押公司股票换取免税流动资金，等到不得不抛售股票还债时，再搬去免税州规避巨额地方税。 两人感慨，在财富积累的道路上，是否拥有顶尖的税务建议会导致完全不同的人生结局——有人破产，有人成为亿万富翁。Galloway 将其形容为有人揭开了财富世界的暗幕：“大众以为大家都交一样的税，只是因为社会规则不鼓励讨论税收；但富人私下里每时每刻都在谈论税务。” - Galloway 聘请的税务专家 Lucy Lee 每小时收费高达 1800 美元，他称其为自己的“税务尤达大师”。 - 无论是创立新公司，还是播客分销协议收到巨额款项前，第一件事永远是向税务律师咨询架构搭建。 - 年轻时要有意识地把收入变成“在夜间替你杀敌的资本军团”。21 岁时的 500 美元看似不多，但复利到中老年就等同于 10,000 美元。拥有了资产，才能真正掌握合法的避税规则。 ### [45:11](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2711s) 摩根·豪瑟的极简资产配置：长期主义与指数基金 谈话转向《金钱心理学》作者 Morgan Housel 的资产配置策略。出乎许多人的意料，这位畅销书作家的财富管理方式极其简单甚至保守： - 他的全部净资产只有四部分：现金、一套自住房、指数基金（Index Funds），以及因为担任董事而持有的少量 Markel 股票。 - 他没有复杂的理财账户，只有“一个银行账户、一个股票账户、一套房子”，除此以外别无他物。 Steven Bartlett 表示自己的配置方式几乎完全效仿了 Housel：除了创办公司、持有约五六十家初创公司的股权，以及早年因为自己做区块链软件业务而重仓并持有 6 年的以太坊（Ethereum）之外，他把所有闲置资本全都投进了指数基金。Bartlett 开玩笑说，他从 Housel 的书中学到的最重要一点就是：“成功的投资，就是在你彻底忘记投资账户密码的那一刻达成的。” Housel 对此表示赞同，并深入解释了选择指数基金的底层逻辑： - 他并不否认世界上有极少数绝顶聪明的投资经理能够击败市场。 - 但他在投资中最看重的唯一核心变量是**“耐力”（Endurance）**。 - 如果投资者能够在一个超长的周期内（Above-average period of time）持续获得市场的平均回报（Average returns），复利效应最终会让其业绩轻松超越市场上 95% 的投资者。 - 典型的例子是 Housel 的父母：他们完全没有金融专业背景，对金融市场也没多大兴趣，但他们坚持定投（Dollar Cost Averaging）指数基金近 40 年且从未卖出过一股，实际投资表现甚至超过了市场上 97% 的专业投资人。 针对入门投资者的疑惑，Housel 简明扼要地下了定义：所谓定投（Dollar Cost Averaging），就是不管市场处于牛市、熊市还是经济衰退，雷打不动地在每月固定日期（如每月 1 号）投入固定金额（如 100 美元）购买资产，完全排除情绪对投资决策的干扰。 ### [48:37](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2917s) 指数基金的本质与复利的核心公式 摩根·豪瑟（Morgan Housel）详细拆解了定投（Dollar Cost Averaging）与情绪化交易的根本区别。绝大多数普通人实际上已经在通过薪资代扣的方式践行定投——每个月薪水里自动划扣 100 美元或类似数额买入基金，完全无需人工干预；而与之形成鲜明对比的是凭感觉买卖股票的散户：每天早晨睁眼就打开 CNBC 财经台，一感到恐慌就抛售，等市场情绪好转、心里感觉踏实时再追涨买入。 关于指数基金，豪瑟给出了极具画面感的定义：它绝不仅仅是一揽子打包了数百上千家公司的投资组合，若其覆盖面足够宽广、体量足够大，它本质上代表着“全球经济的一个切片”或“资本主义的一个切片”。即便里面包含特斯拉、苹果等个股，投资者买下的其实是整个人类经济生产力增长的红利。 当主持人史蒂芬（Steven Bartlett）假设自己是儿子并提问：“爸，证明给我看，为什么买指数基金会比买加密货币或买我喜欢的网红公司更好？”豪瑟给出了极为直接的回答：未来 1 年甚至 5 年内的投资表现，对于一生的财富积累几乎没有任何决定性意义。唯一真正重要的，不是你能拿到的最高单年回报率是多少，而是你能够维持多久的稳定回报。“所有的重任全在耐力上”，一年翻倍甚至连续两年翻倍并不关键，能否持续坚持 50 年才是复利的秘密所在。 ```mermaid flowchart TD accTitle: 复利效应驱动机制 accDescr: 对比短期博弈与长期耐力对最终财富积累的不同影响 subgraph SG1["短期博弈策略"] A["情绪化择时 / 追涨杀跌"] --> B["追求单年翻倍回报"] B --> C["难以长期维持 / 波动回撤"] end subgraph SG2["长期复利策略"] D["定投指数基金<br>买入资本主义切片"] --> E["维持平均合理回报率"] E --> F["指数级时间杠杆<br>50至80年持续在场"] end C --> G["无法形成质变"] F --> H["几何级暴增财富"] ``` - **复利的核心数学逻辑**：复利公式大致可理解为“回报率的时间次方”（$Returns^{Time}$）。在数学公式中，所有真正的重量级推力都来自于指数（时间），而不是底数（短期回报率）。 --- ### [49:48](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2988s) 沃伦·巴菲特与看门人罗纳德·里德：耐力的惊人力量 谈及能证明长期主义威力的典型案例，豪瑟在书中引用了最震撼的数据：沃伦·巴菲特（Warren Buffett）99% 的个人净资产，都是在他 60 岁生日之后积累起来的。当巴菲特 60 岁时，身价大约为 30 亿美元，这已经是一笔不可思议的巨富；但当他跨入 90 岁高龄时，净资产已突破 1000 亿美元，在此期间他甚至还向慈善机构捐赠了超过 1000 亿美元。如果算上捐赠的部分，他的身价从 60 岁时的 30 亿飙升至 2000 亿美元。当基数达到 1000 亿时，即便一年的收益率仅为温和的 10%，单年赚到的 100 亿美元就是他 60 岁全部身价的三倍以上。 豪瑟强调，巴菲特确实是顶尖的选股大师，但他真正的终极秘密是“在长达 80 年的岁月里始终保持优秀的投资水平”。巴菲特从 11 岁起不间断地投资至今；如果他在 50 岁或 60 岁选择退休去佛罗里达打高尔夫，今天根本不会有人听说过他的名字，他只会是千百个籍籍无名的低调富豪之一。 史蒂芬随即提到了豪瑟书中开篇讲述的看门人罗纳德·詹姆斯·里德（Ronald James Read）的真实奇迹。里德生前靠在加油站擦地板、做清洁工维生，2014 年以 92 岁高龄去世时，留下了超过 800 万美元的巨额遗产并悉数捐给慈善机构。他的秘诀平淡得不可思议：把微薄薪水省下来的每一分钱买成股票，然后整整 70 年不去碰它。 - **击败 99% 专家的逻辑**：选股就像进入 NBA 联盟一样艰难，无数华尔街职业基金经理每周工作 80 个小时、深耕 30 年，却依然无法跑赢大盘；即使最顶尖的极少数人，每年能跑赢指数 0.5% 到 1% 就算得上名人堂级别的神话。 - **耐力是唯一可控的变量**：选股天赋无法普及，但保持耐心完全在个人掌控之中。一个仅获得市场平均回报、但能持续在场 20 到 30 年的普通人，最终积累的财富将彻底碾压绝大多数自诩聪明的专业交易员。 --- ### [53:03](https://www.youtube.com/watch?v=jyCJeglqCe4&t=3183s) 买房是糟糕的财务决策吗？打破房产致富的神话 话题转向许多人视作财富信仰的“买房”。史蒂芬回忆起自己创业公司中哥哥给他的忠告：“史蒂芬，不要靠买房来赚钱，因为你有能力去玩那些极少数人才能参与的高阶游戏；买房是人人都能够做的事，因此那里的收益绝不可能惊人。” 豪瑟对此表示高度赞同，并直言：如果你买房是出于“它能带来丰厚财务回报”的假设，请立刻停下。即使事后复盘发现某套房确实涨了，这种底层逻辑依然是扭曲的。豪瑟认为买房应该纯粹是一项“生活方式决策（Lifestyle decision）”。他自己也拥有一套房产，但他买房只是为了给家庭提供安全感与稳定性，即便未来在财务上亏损，他也完全不在意。 大众之所以坚信买房能赚大钱，是因为过去二三十年的特定历史窗口扭曲了公众认知。从更宏观的经济史来看，这只是极少数的异常期：诺贝尔经济学奖得主罗伯特·席勒（Robert Shiller）早在十年前的研究中就证实，扣除通货膨胀后，美国过去 150 年间的真实房价走势基本平得像一张薄煎饼（flat as a pancake）。 ```mermaid flowchart LR accTitle: 购房决策动机评估 accDescr: 区分作为生活方式的购房与作为财务杠杆投资的购房后果 A["购房动机分析"] --> B{"核心诉求是什么？"} B -- "追求家庭稳定与归属感" --> C["健康的生活方式选择<br>承受盈亏，不绑架流动性"] B -- "试图借此实现资产暴富" --> D["高风险的财务误区"] D --> E["背负数十万美元巨额债务"] E --> F["押注于历史真实回报近乎为零的资产类别"] ``` 对于那些眼下正准备下 Offer、笃信买房能实现阶层跃迁的听众，豪瑟给出了极度尖锐的警告：“拼命逃跑吧，千万别干！（Run for your life!）”在现代英美的大城市中，高品质、精装修的豪华租赁公寓随处可见，租房早已不再等同于居住体验恶劣；为了投资目的去背负数十万美元的高额房贷，实质上是用巨大的杠杆去赌一个扣除通胀后长期回报近乎为零的资产，这在理性财务视角下毫无逻辑。 --- ### [56:10](https://www.youtube.com/watch?v=jyCJeglqCe4&t=3370s) 区块链的真相：天上公开的数据库与可信账本 访谈随后切换至加密与区块链领域的核心认知。史蒂芬试图用最通俗易懂的语言为大众拆解区块链的本质模型： 可以将区块链想象成一个“漂浮在天上的公开数据库”。在这个天上的数据库中，不再需要政府或银行作为中介来审计每一笔交易、核对每一份合同；相反，全球每一个开着电脑并与该网络互动的参与者，都在后台自动进行交叉验证。如果有人发起了一笔交易（例如转账 1 枚比特币），网络上的所有节点都会自动核对全网的历史记录，确认其合法合规且无法篡改。 - **去中心化的事实源（Source of Truth）**：剥离所有晦涩的技术术语，区块链最核心的价值就是构建了一个全网公认的“事实源”。在一个网络虚拟化、无法分辨谁是谁、谁欠谁什么的数字时代，人类第一次拥有了一个所有人都能公开查看、达成一致且无法被单一中心权力篡改的信任账本。 ### [57:15](https://www.youtube.com/watch?v=jyCJeglqCe4&t=3435s) 区块链技术的核心：关于“真相”与价值网络的基础设施革命 Raoul Pal 指出，区块链技术的核心并不只是金钱，而在于“真相”（truth）、价值交换以及在数字时代创造价值的方式。它解决的是人与人之间无需互相信任就能协作的问题，消除了许多我们甚至未曾察觉、却早已习惯的社会摩擦。回顾过去的技术革命，互联网本身属于公共服务，而宽带网络则由私营部门斥巨资铺设；但普通大众很难直接从底层基础设施的搭建中获利，要么是亚马逊等巨头赚取了暴利，要么是铺设光纤电缆的基础设施公司纷纷破产。 区块链带来了一种极其精妙的激励相容机制：网络中的每一位参与者，都会因其维护区块链账本的角色而获得奖励。以最为典型的比特币（Bitcoin）为例，其总量被算法硬性锁定在 2100 万枚。矿工消耗电力与算力运算哈希算法以确保区块打包和总量上限，他们因此获得代币奖励；验证节点因验证交易而获得补偿；普通人买入代币，则实质上是在对这一基础设施未来的应用场景进行投资——无论是作为储值资产，还是用于构建全新的去中心化生态。 ```mermaid flowchart TD accTitle: 区块链网络激励机制与正向飞轮 accDescr: 展示参与者通过维护网络获取代币奖励，进而吸引资本、开发者与应用，推动资产价值上升的正反馈闭环 subgraph Infrastructure["底层网络共识"] A["矿工 / 验证节点<br/>（提供算力与维护验证）"] --> B["获取系统稀缺代币奖励<br/>（如 BTC / ETH）"] B --> C["网络安全性与算力增强"] end subgraph Ecosystem["生态与价值沉淀"] C --> D["开发者构建链上应用<br/>（Web3 游戏、去中心化金融等）"] D --> E["全球投资者自由参与<br/>（享受网络红利）"] E --> F["代币价值提升与需求扩大"] end F --> A ``` - **总量恒定与稀缺性**：比特币的总量上限严格限制为 2100 万枚，算法天然杜绝了任意超发的可能。 - **公共账本的经济激励**：区别于传统互联网协议（如 TCP/IP、HTTP）无法让底层维护者直接捕获协议经济价值，区块链通过原生代币将网络安全、计算资源与经济利益深度绑定。 --- ### [59:22](https://www.youtube.com/watch?v=jyCJeglqCe4&t=3562s) 全球平等的均质资产：打破阶层与地域的准入门槛 谈及普通人的投资机遇，Raoul Pal 将区块链与当前火热的 AI（人工智能）以及传统房地产进行了犀利的对比。对于收听播客的 99% 的普通听众来说，除了买入几家公开上市的科技巨头股票外，根本无法投资真正顶尖的 AI 初创公司，因为他们不是合格投资者（accredited investors），既没有准入资格，也接触不到核心内幕圈。房地产同样如此，普通人不可能掏出 5000 万美元在曼哈顿买下一整栋顶级公寓，翻修后再以 2.5 亿美元转手套现，只有极少数顶级富豪才能玩转这种财富游戏。 加密货币彻底颠覆了这种不平等。首先，它是完全“可分割的”（fractional），投资者完全不需要一次性拿出手头没有的数万美元去买下一整枚比特币，而是可以随时拿出薪水的 10% 购买其零头切片。更重要的是，它是人类历史上第一个“全球均质化资产”（globally homogeneous asset）：无论你身处尼日利亚、巴西、伦敦、硅谷、印度，还是巴布亚新几内亚，所有人面对的区块链资产和规则完全一模一样，大家处在绝对平等的起跑线上。 它彻底绕过了传统银行系统和繁琐的跨国经纪业务壁垒。以往一名尼日利亚普通人想要完成一笔国际投资困难重重，而如今，这一人类历史上扩张最快、价格升值最快、耗时最短的技术资产，毫无门槛地面向全球每一个人开放。正如 Raoul Pal 所感叹，这种行为经济学激励机制将看似荒谬的想法变成了现实：“我要彻底颠覆现有的货币体系，并建立一个全新的互联网”。越来越多的人参与进来，网络就变得越发安全，更多人为了获得代币来维护系统，开发者在此基础上开发出更多用例，从而形成了强大的自我启动（bootstrap）正向循环。 --- ### [01:01:54](https://www.youtube.com/watch?v=jyCJeglqCe4&t=3714s) Web3 游戏与真实资产所有权：持有 ETH 为何能享受生态红利 主持人 Steven Bartlett 分享了自己的亲身实践：他创办了一家名为 thirdweb 的 Web3 基础设施公司，目前已融资约 3000 万美元并拥有庞大的研发团队。在过去 12 个月中，thirdweb 平台上迎来爆发式增长的领域正是链上游戏。Steven 回顾了传统游戏的痛点：在英国极其风靡的足球游戏《FIFA》中有梅西等球星卡，在经典网游《RuneScape》（符文冒险）中有珍贵的武器宝剑，但这些资产全部被锁死在游戏开发商的私有服务器中。 而区块链技术赋予了游戏资产跨越围墙的能力。如果一把游戏宝剑铸造在以太坊（Ethereum）区块链上，哪怕玩家脱离了游戏客户端，也可以直接在链上向他人自由交易。这为游戏工作室开辟了全新的经济模型，也让玩家拥有的数字资产获得了真正的流动性与市场溢价。 面对 Steven 的提问——“我自己一直在囤积以太坊（ETH）并且坚决不卖，那么链上出现这些游戏，对我这个代币持有者有什么好处？”Raoul Pal 给出了极其形象的解释：这就像是在 Facebook 创立第一天就拿到了它的原始股份。如果当年所有人都能在 Facebook 起步时认购其股票，大家早都富可敌国了；但现实是只有硅谷风投（VC）能分得一杯羹，随后进入公开市场又需要复杂的经纪账户审批。如今，只需在手机上买入并持有一枚以太坊代币，随着以太坊生态日益庞大、使用场景越来越密集，底层的代币价值就会随之水涨船高，普通人无需任何人批准即可完整参与这场底层技术范式转移的红利。 --- ### [01:04:26](https://www.youtube.com/watch?v=jyCJeglqCe4&t=3866s) 实践操作指南：从交易所入门到冷钱包自托管的财富主权 面对初学者的实操疑问，Raoul Pal 建议无需将流程复杂化。最开始可以通过正规的大型合规交易所（如 Coinbase、Kraken、Crypto.com、Gemini），甚至通过日常使用的数字银行（Revolut）或 PayPal 开启第一步：“最容易上车的途径就是最好的途径，哪怕只买一点，先去切身感受资产大幅波动的滋味”。持有高波动性资产初期会让人心理难受，但只要选对经过时间验证的优质资产，学会面对下行周期，长期来看其升值潜力极高。 随后，投资者通常会自然进阶到对“资产所有权”的思考。把钱存在银行或中心化平台，资产并不完全属于你，银行随时可以限制提款额度（例如单日无法取出超过 1 万美元）。而区块链上的加密钱包本质上就像一个公开邮箱地址，任何人都可以向你投递资产，但唯有持有私钥（安全通行密钥）的人才能取出资产。 通过 Ledger 等硬件冷钱包设备（类似一个经过安全芯片加密的小型 USB 闪存盘），私钥被完全隔离在网络环境之外。Steven Bartlett 坦言，自己的以太坊全部存放在一块小小的 Ledger 硬件钱包中，并由一组 24 个单词构成的助记词（seed phrase）保护；他将记录助记词的纸片分散存放在不同的国家。这意味着无论未来世界发生什么变故、面临何种追索，没有任何中心化机构或政府能够冻结或清空他的财富，他随时随地都能凭借这 24 个词找回全部资产。Raoul 总结道，历史上无论是在美国发生的民间黄金强制征收，还是二战时期犹太人被迫缝带钻石、黄金艰难穿越纳粹欧洲边境的逃难史，物理财富的转移都伴随着巨大的危险与阻碍；而如今，只要记住脑海中的一串助记词，就能带着全部财富安全穿梭于全球任何国界。 - **交易平台建议**：初学者可从 Coinbase、Kraken、Crypto.com 等合规大厂切入，重点在于建立对波动的心理认知。 - **冷钱包与私钥原理**：公钥地址等同于公开邮箱，私钥（通过硬件设备与助记词保护）才是唯一的资金调用权限。 - **真正的个人财产主权**：冷钱包自托管消除了银行单方面限额、账户冻结或强制没收的系统性对手方风险。 ### [01:08:07](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4087s) 月光族的循环：你在让整个经济体系变富，唯独亏待了自己 Steven Bartlett 回忆起自己年轻时的处境，那时他深陷“月光族”（paycheck-to-paycheck）的死循环中——在呼叫中心拿到薪水后的头几天就会把钱花得一干二净，接下来的三周只能苦苦煎熬等待下一笔工资，整个人感觉如同被囚禁一般。对此，Jaspreet Singh 直言，在给出脱困建议之前，必须先看清残酷的真相：深陷这种循环的人，恰恰是当今经济系统最渴求的“优质客户”（Prime customer）。 在这个体系中，各方势力都在靠你的财务困境赚得盆满钵满： - **银行深爱你**：他们可以向你推销发薪日贷款（payday loans）、高息信用卡和信用额度，让你终生背负债务，持续不断地为银行输送财富。 - **大企业深爱你**：只要在广告中展示漂亮的包包或诱人的度假胜地，你就会毫不犹豫地冲动消费，企业最喜欢向这类人群兜售非必需品。 - **政府深爱你**：因为普通雇员缴纳的税率往往是最高的，你辛辛苦苦赚来的钱，大半通过税收流出。 当你花光每一分钱时，本质上是在用自己的生计为代价“让身边的所有人都变富，唯独让自己保持贫穷”。Jaspreet 强调，打破这个牢笼的第一步是心智上的转变：你必须在让别人变富之前，先让自己变富。你不能继续把钱塞进别人的口袋，而必须把财富截留在自己手中。 ```mermaid flowchart TD accTitle: 经济系统对月光族的利益榨取与脱困路径 accDescr: 展示了月光族的资金流向银行、企业和政府，以及打补丁止血的自救路径。 subgraph Trap["月光族的财富流失循环"] A["工资收入入账"] --> B["全额支出与借贷"] B --> C1["银行: 信用卡利息/贷款"] B --> C2["企业: 冲动消费/奢侈品"] B --> C3["政府: 承担极高的雇员工资税"] end subgraph Solution["自救第一步：堵住漏洞"] D["停止非必要消费"] --> E["保留核心现金流"] E --> F["先支付给自己，构建资产"] end Trap -.->|"转变思维：停止让别人变富"| Solution ``` ### [01:09:46](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4186s) 陷入“财务危险区”的自救：修补破船与戒断消耗 Jaspreet Singh 将月光族的处境比喻为一艘破船：“你的船底正在疯狂进水，整艘船都在下沉，你必须立刻封堵漏洞，这意味着你必须全面叫停支出。”他给出了一个极其明确的衡量指标——**财务危险区（Financial Danger Zone）**：如果你的应急储蓄账户里连 2,000 美元都拿不出来，同时身上还背着高息信用卡债务，那么你就处于极度危险的财务边缘。 处于这种状态的人必须采取激进的紧急应对措施： - **彻底砍掉非生存必要消费**：立刻停止下馆子就餐，取消一切度假计划，严禁任何不能往口袋里放钱的支出。 - **果断取消 Netflix 等流媒体订阅**：Jaspreet 澄清，这绝不仅仅是为了省下每月 15 美元的订阅费，更重要的是“每天为你赎回 2 个小时的时间”。普通美国人每天看电视超过两个小时，一个背负卡债、存款不足 2,000 美元的人，根本没有资格将宝贵的两小时浪费在肥皂剧上。 - **换取时间去学习与创收**：把省下来的时间投入到学习新技能、加班工作以及寻找增收副业上。 - **变卖一切闲置资产降级生活**：清点自己拥有的物品，闲置的电视机立刻卖掉；开着承受不起的汽车就把它卖掉；住在负担不起的大房子里就果断换租更小、更便宜的住所，全面消费降级，全力以赴工作赚钱。 ### [01:11:01](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4261s) 选择你的艰难：年轻男性的恋爱困境与注意力法则 听到这里，Steven 提出了一个非常现实且尖锐的困境。他将自己代入到 18 岁时住在曼彻斯特 Moss Side 和 Rusholme 廉租公寓的时期：当时他与三四名移民合租，每月仅仅 150 英镑的房租都负担不起，只能断断续续在呼叫中心打零工。但他当时拿到钱就花光的一个核心动机，是源于年轻男性的现实压力——“想要去约会、找对象（trying to get laid / meet someone）”。 Steven 指出，社会观念对年轻男性有很强的经济买单预期。如果住在不能见人的“鞋盒”大小的破屋里，既请不起女生吃晚餐，也看不起电影，难道为了攒钱要推迟恋爱和寻找伴侣 10 年吗？Jaspreet 幽默地回应道，这就是为什么印度的父母总是逼着儿子去当医生，本质上也是为了能顺利娶到老婆。但面对现实，规则十分残酷：**“你必须选择属于你的那份艰难（You have to pick your hard）。”** 生活要么现在艰难，要么在你的余生里一直艰难下去。如果你试图在年轻时面面俱到——既要追求浪漫爱情、又要拼命赚钱、还要保持身心健康——你的注意力就会被无限分散。世界上极少有人能同时把所有事情都做好。“你的注意力在哪里，结果就在哪里。”如果改变财务命运是你的头号目标，你就必须全神贯注并做出痛苦的牺牲。 Steven 也坦言，自己当年的确做出了牺牲。他把全部身心投入到创业中，完全放弃了社交和恋爱。但人生的奇妙悖论在于：**当你向内聚焦、不断提升自己时，你反而会成为一块磁铁**；而当年他越是向外苦苦追逐、忽视自我建设时，反而越难吸引到别人。等到事业步入正轨多年后，情感生活自然而然水到渠成。 ### [01:13:49](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4429s) 人生的季节：告别社交媒体虚荣，开500美元破车的百万富翁 Jaspreet 进一步澄清，他倡导积累财富并不是让人变成一个冷酷无情、贪婪拜金的守财奴，金钱只是丰盈人生的一部分；他也并非要求人们一辈子不享受生活，而是“在人生的特定阶段做出集中的牺牲，换取余生再也不必为钱发愁的自由”。 Steven 对此深有共鸣，提出了“人生的季节”（Seasons of Life）这一认知框架： - 当人向前看时，很难意识到人生是有季节的；只有走过来回头看，才会恍然大悟。 - Steven 将自己的过往划分为清晰的“五年期季节”：20 岁到 25 岁是“牺牲一切、让自己成型”的攻坚季；25 岁到 30 岁则是“搭建事业与深度学习”的扩张季。如今他会以五年为一个周期规划人生，甚至会和伴侣坦诚沟通自己当前处于哪个季节，在这个阶段需要牺牲什么、优先保证什么。 然而在当今时代，忍受这种暂时的牺牲变得前所未有地艰难。社交媒体 Instagram 上充斥着虚荣的炫耀：身边那些拿着微薄薪水的朋友，却开着豪车、飞往坎昆度假、出入高档餐厅打卡。这种虚假繁荣会让年轻人（尤其是男性）承受巨大的同侪压力，甚至伴侣也会埋怨：“为什么别人总能去高档餐厅和度假，你却带不了我去？” Jaspreet 将自己的频道命名为“少数派思维”（Minority Mindset），核心就在于拒绝随大流。他分享了一个极具冲击力的真实经历：在他 20 多岁**第一次实现年入百万美元**的时候，他开的依然是一辆**价值仅 500 美元、连保险杠都没有的破车**。那辆车破旧难看，当时他的妻子就坐在那辆破车里陪着他，而他手下的员工开的车都比他好得多。Jaspreet 指出，真正的底气来自内在的自信和对长远目标的专注，而找到一个能够理解并认同这种长期主义价值观的伴侣至关重要。 ### [01:16:27](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4587s) 害怕“看起来穷”，才是让你真正变穷的根源 Steven 回忆起年轻时的心态，坦承自己当时根本没有 Jaspreet 那种开破车的强大自信。他当时内心充满恐惧，极度害怕别人发现自己很穷、身无分文，甚至因为这种自卑而不敢开启任何恋爱关系。 Jaspreet 直击要害地指出，这种“害怕被人看穿自己很穷”的恐惧，恰恰是大众陷入贫困的最深层心理陷阱： - 无数人正是出于这种自卑与恐惧，不惜大肆借贷、刷爆信用卡，去买昂贵的奢侈品、去负担不起的目的地度假，只为了在人前“看起来很富有”。 - 这构成了现代社会最大的财务讽刺：**正是因为你拼命想要“看起来富有”，这种虚荣的消费行为才导致你在现实中“终生保持贫穷”**。一旦你放下了对外界评价的执念，不再害怕展现真实的财务现状，你才真正迈出了摆脱贫困循环的第一步。 ### [01:17:13](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4633s) 多巴胺的代偿心理与穷困循环 斯蒂芬·巴特利特（Steven Bartlett）回忆起自己早年极度窘迫的艰难岁月。当时他在一家呼叫中心工作，每天拼命加班到深夜 11 点，抓住每一小时能赚到加班费的机会。下班后，因为穷得连公交车票都买不起，他只能独自一人孤零零地走夜路回家。在那种既压抑又孤独的逼仄生活里，人会对任何能够带来哪怕一丝多巴胺刺激的事物产生病态的渴望。斯蒂芬指出，这正是为什么博彩投注站总是扎堆开在经济最萧条、贫困率最高的街区——身处底层苦苦挣扎的人们太渴望通过一场豪赌来获得大笔进账时的那种瞬间多巴胺冲顶。 在自己极其狭小的单间公寓（bedsit）里，斯蒂芬曾做出过极为鲁莽冲动的消费决定：买了一台尺寸巨大、几乎占满半面墙的电视机。他坦言，当时之所以会做出这种看似荒谬的花钱举动，纯粹是因为生活中缺少快乐与寄托，那台大电视带来的多巴胺狂喜填补了他内心深处的空虚。在人生最低谷的阶段，几乎没有任何其他事物能带给他这种情绪上的快感。 ```mermaid flowchart TD accTitle: 匮乏感与多巴胺消费陷阱 accDescr: 展示从贫困、孤独走向寻求多巴胺代偿，进而导致冲动消费与恶性循环的过程。 subgraph Reality ["现实困境"] A["底层高压与孤独<br/>（呼叫中心深夜加班/徒步回家）"] --> B["生活极度匮乏快乐"] end subgraph Impulse ["情绪代偿机制"] B --> C["病态寻求多巴胺刺激"] C --> D["赌博 / 超前冲动消费<br/>（如狭小单间里买巨幅电视）"] end subgraph Trap ["财务恶果"] D --> E["耗尽积蓄 / 陷入债务"] E --> A end ``` ### [01:18:05](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4685s) 克服感性决策：财富积累的底层心智与暴富陷阱 贾斯普里特·辛格（Jaspreet Singh）回应道，在那种极度压抑的境遇下，人们完全是在凭“感性”做出决策，而面对汹涌的情感冲动，理性逻辑往往难以奏效。然而，对于任何想要摆脱泥潭的人来说，认清感性与理性的边界是唯一出路。辛格警告道，如果你现在正处于这种状态，今天就必须做出实质性的改变；否则，你将在这个令人窒息的生活模式中深陷一辈子，而且未来的处境只会越来越艰难。 辛格强调，致富的第一步绝非高深的金融战术，而是自己的心智模式与自律能力。如果无法攻克心智这一关，即便把所有的投资干货全盘托出——讲解各种 ETF 和指数基金、列举值得信赖的投资机构与券商，甚至给出一套极其明确的致富公式：“在未来的 10 年、20 年、30 年里，雷打不动地将收入的 15% 拿去定投”——你也永远不可能变得富有。 当一个人困在“想要显得有钱”、通过盲目消费来获取多巴胺，并且用“我工作这么拼命，我配得上拥有这些好东西”来麻痹自己时，最致命的次生灾害便随之降临： - **成为“快速致富”骗局（Get-Rich-Quick Schemes）的最佳猎物**：诈骗者只需抛出诱饵：“投 1,000 美元，三个月内净赚 10,000 美元”，或者宣称“带你过上远程笔记本办公生活，每周只工作 5 小时，月入或周入 10,000 美元，彻底告别财务焦虑，只要购买这门培训课程即可”。此时被感性蒙蔽双眼的人根本无法看透骗局背后的荒唐，满脑子都是“躺赚一万刀”的虚妄幻想。 - **让银行与大公司大发横财**：深陷债务泥潭为银行贡献源源不断的利息收入，同时成为消费主义最忠诚的买单者，疯狂追逐最新、最好的商品，只为了在朋友或女孩面前炫耀撑场面。 ### [01:20:13](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4813s) 节目终章与《CEO日记》对话卡牌第二版 在播客尾声，斯蒂芬·巴特利特向听众介绍了一款实体互动产品——《CEO日记》（The Diary Of A CEO）对话卡牌。在每期节目录制结束时，斯蒂芬都会邀请当期嘉宾在自己的实体日记本上亲笔留下一道发人深省的问题。如今，制作团队将所有历任嘉宾留下的深刻问题整合成了一套可以在家玩的对话卡牌。 卡牌的正面印有对应嘉宾提出的核心问题，背面则附带专属二维码。玩家只要拿出手机扫描二维码，就能直接观看下一位嘉宾亲口回答这个问题的独家视频片段。 - **产品状态与购买渠道**：这套全面更新的《CEO日记》第二版（Version 2）限量对话卡牌目前已在官方网站 theconversationcards.com 正式上架。 - **抢购提醒**：该产品此前两度发售均在极短时间内被瞬间抢购一空。斯蒂芬建议有兴趣入手的观众尽快行动，以免再次售罄。 ## Notable quotes > [06:41](https://www.youtube.com/watch?v=jyCJeglqCe4&t=401s) 你不需要先变得富有才去投资，相反，投资正是让你变富有的手段。 — 拉米特·塞西 (Ramit Sethi) > [18:25](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1105s) 人类一生中承担的最沉重债务，其实是‘无知’。 — 史蒂芬·巴特利特 (Steven Bartlett) > [18:25](https://www.youtube.com/watch?v=jyCJeglqCe4&t=1105s) 因为你不知道如何年入百万，所以你每年都在向生活缴纳整整 95 万美元的无知税。 — 史蒂芬·巴特利特 (Steven Bartlett) > [36:18](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2178s) 合法避税是积累财富的核心技能。就如同战俘有义务越狱一样，任何试图积累财富的人，都有义务在法律允许的范围内尽可能少缴税。 — 斯科特·加洛韦 (Scott Galloway) > [41:27](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2487s) 股票资产本身会增值，只要不卖，就永远不用交税。 — 斯科特·加洛韦 (Scott Galloway) > [45:11](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2711s) 成功的投资，就是在你彻底忘记投资账户密码的那一刻达成的。 — 史蒂芬·巴特利特 (Steven Bartlett) > [48:37](https://www.youtube.com/watch?v=jyCJeglqCe4&t=2917s) 所有的重任全在耐力上。 — 摩根·豪瑟 (Morgan Housel) > [53:03](https://www.youtube.com/watch?v=jyCJeglqCe4&t=3183s) 拼命逃跑吧，千万别干！ — 摩根·豪瑟 (Morgan Housel) > [01:11:01](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4261s) 你必须选择属于你的那份艰难。 — 贾斯普里特·辛格 (Jaspreet Singh) > [01:11:01](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4261s) 你的注意力在哪里，结果就在哪里。 — 贾斯普里特·辛格 (Jaspreet Singh) > [01:16:27](https://www.youtube.com/watch?v=jyCJeglqCe4&t=4587s) 正是因为你拼命想要‘看起来富有’，这种虚荣的消费行为才导致你在现实中‘终生保持贫穷’。 — 贾斯普里特·辛格 (Jaspreet Singh) ## Mentioned 史蒂芬·巴特利特 (Steven Bartlett), 拉米特·塞西 (Ramit Sethi), 亚历克斯·霍莫齐 (Alex Hormozi), 科迪·桑切斯 (Codie Sanchez), 斯科特·加洛韦 (Scott Galloway), 摩根·豪瑟 (Morgan Housel), 拉乌尔·帕尔 (Raoul Pal), 贾斯普里特·辛格 (Jaspreet Singh), 沃伦·巴菲特 (Warren Buffett), 罗纳德·詹姆斯·里德 (Ronald James Read), 罗伯特·席勒 (Robert Shiller), 埃隆·马斯克 (Elon Musk), 杰夫·贝索斯 (Jeff Bezos), 纳瓦尔·拉维肯特 (Naval Ravikant), 乔·罗根 (Joe Rogan), 凯文·哈特 (Kevin Hart), Vanguard, Fidelity, Schwab, Hargreaves Lansdown, Moneychimp, Meta (Facebook), Amazon, Apple, Tesla, thirdweb, Ledger, Coinbase, Kraken, Crypto.com, Gemini, Revolut, PayPal, Markel, Netflix, S&P 500, Bitcoin, Ethereum, QSBS (Qualified Small Business Stock), Target-Date Fund, Main Street Millionaire, The Psychology of Money, I Will Teach You to Be Rich, The Diary Of A CEO Conversation Cards ## Video description 2024 has been a year of shocks and surprises, before starting the new year, here is the expert knowledge you need to not just survive but financially thrive in 2025 00:00 Intro 01:42 Investing 101 05:00 Should I Use Investing Apps? 06:41 How to Invest With $100 09:28 Common Mistakes With Investment Accounts 11:15 What's the Proof This Is Actually a Good Way to Build Wealth? 12:35 Compound Interest: Watch Your Money Grow 18:25 The Biggest Debt We Pay 20:32 Find Where Your Skills Are Most Valued 22:51 The Most Valuable Bit of Information You Wish You'd Known Sooner 26:01 Finding Your Unfair Bet That Will Make You Lots of Money 28:05 Applying Your Skills to Get the Most Money 30:35 Example of Ways to Apply Your Skills 34:11 The Importance of Doing Deals 35:29 Where Do We Go to Learn How to Make Deals? 36:18 Playing the Tax Game 37:36 What Are the Tax Games the Rich Are Playing? 40:08 How to Bring Your Tax Down From 40% to 8% 41:27 Leveraging Investments and Tax 42:56 The Importance of Understanding Tax 45:11 Morgan Housel's Capital Allocation Strategy 46:39 How to Get Into the Top 5% of Investors Easily 47:59 Dollar Cost Averaging 48:37 What's an Index Fund? 49:48 How to Build Wealth Like Warren Buffett 51:07 The Importance of Patience 53:03 Play Games Not Many People Can Play 54:40 Don't Do This to Make Money 56:10 The Blockchain 57:45 Investing in the Blockchain 01:00:14 Everyone Is Equal When It Comes to the Blockchain 01:01:54 Crypto Use Cases 01:03:13 If I Own Crypto, How Do the Other Use Cases Benefit Me? 01:04:26 How Do I Invest in Crypto? 01:07:18 The Bank or Government Doesn't Control Any of Your Crypto 01:08:07 How to Get Out of the Living Paycheck-to-Paycheck Cycle 01:09:46 If You See This, You're in the Financial Danger Zone 01:11:01 Pick Your Hard 01:13:49 Understanding The Seasons of Life 01:16:27 Wanting to Look Rich Will Make You Go Broke 01:18:01 Stop Making Emotional Decisions and Start Making Logical Ones Ramit Sethi: Instagram - https://g2ul0.app.link/aSZvN6VtsPb Twitter - https://g2ul0.app.link/EedVkJXtsPb Alex Hormozi: Instagram: http://bit.ly/40WnLMu Website: http://bit.ly/3UasFTS Codie Sanchez: Instagram - https://g2ul0.app.link/u3G7Nk0tsPb Twitter - https://g2ul0.app.link/VsOtmy2tsPb Morgan Housel: Instagram - https://g2ul0.app.link/Xapn1IStsPb Twitter - https://g2ul0.app.link/e0uZ1qUtsPb Scott Galloway: Instagram - https://g2ul0.app.link/1ezLPGEtsPb Twitter - https://g2ul0.app.link/lRQaCHGtsPb Raoul Pal: Instagram - https://g2ul0.app.link/rwzfyoOtsPb Twitter - https://g2ul0.app.link/gqdDHBQtsPb Jaspreet Singh: Instagram - https://g2ul0.app.link/oGfm8vJtsPb Twitter - https://g2ul0.app.link/FUu6rdLtsPb You can purchase the The Diary Of A CEO Conversation Cards: Second Edition, here: https://g2ul0.app.link/f31dsUttKKb Follow me: https://g2ul0.app.link/gnGqL4IsKKb [Source](https://www.youtube.com/watch?v=jyCJeglqCe4)

[6:41] 拉米特·塞西 (Ramit Sethi): 你不需要先变得富有才去投资，相反，投资正是让你变富有的手段。 [18:25] 史蒂芬·巴特利特 (Steven Bartlett): 人类一生中承担的最沉重债务，其实是‘无知’。 [18:25] 史蒂芬·巴特利特 (Steven Bartlett): 因为你不知道如何年入百万，所以你每年都在向生活缴纳整整 95 万美元的无知税。 [36:18] 斯科特·加洛韦 (Scott Galloway): 合法避税是积累财富的核心技能。就如同战俘有义务越狱一样，任何试图积累财富的人，都有义务在法律允许的范围内尽可能少缴税。 [41:27] 斯科特·加洛韦 (Scott Galloway): 股票资产本身会增值，只要不卖，就永远不用交税。 [45:11] 史蒂芬·巴特利特 (Steven Bartlett): 成功的投资，就是在你彻底忘记投资账户密码的那一刻达成的。 [48:37] 摩根·豪瑟 (Morgan Housel): 所有的重任全在耐力上。 [53:03] 摩根·豪瑟 (Morgan Housel): 拼命逃跑吧，千万别干！ [71:01] 贾斯普里特·辛格 (Jaspreet Singh): 你必须选择属于你的那份艰难。 [71:01] 贾斯普里特·辛格 (Jaspreet Singh): 你的注意力在哪里，结果就在哪里。 [76:27] 贾斯普里特·辛格 (Jaspreet Singh): 正是因为你拼命想要‘看起来富有’，这种虚荣的消费行为才导致你在现实中‘终生保持贫穷’。

[5:00] Ramit Sethi: Investors treat investing like watching paint dry... I'm not getting my entertainment from investing. Go watch a movie, go watch Netflix. Investing is boring and automatic—that's how it should be. [17:36] This guy got on stage and he was like, 'Hey ma'am, how much do you make?' She was like, '$50,000.' So he wrote $50,000 on the whiteboard, and then he wrote a million dollars on top of the 50,000 and he subtracted it and said, '$950,000.' He said, 'You pay life $950,000 every single year for not knowing how to make a million dollars a year.' [35:05] Codie Sanchez: You're never going to regret learning how to do deals... I think that is the most valuable skill set in the world. [37:36] Scott Galloway: Show me someone who's all of a sudden can't handle San Francisco politics, I'm going to show you someone who needs to recognize a capital gain and has all of a sudden decided they like Texas politics. [41:27] Scott Galloway: You're an earner, you want to bust a move out of earning and develop an army of capital that goes out and kills for you at night. [47:02] Morgan Housel: The variable that I want to maximize for in my investments is endurance. If I can just earn average returns for an above-average period of time, it's going to lead to an amount of success that will literally put you in the top 5% of investors. [60:14] We've got a playing field that's leveled in the fastest growing technology of all time... that is globally available to anybody. [68:07] Jaspreet Singh: You are the prime customer for our economic system... When you're spending all your money, you are putting your money into their pockets and you have to stop that. You've got to keep that money for yourself. [73:49] Jaspreet Singh: The first time I made a million dollars in a year... I was driving a car worth $500. It didn't have a bumper on it. It was not pretty. My wife sat in that car with me, and my employees drove better cars than I did.

[0:00] [Music] [0:00] 53% of you are planning to make a New [0:03] Year's resolution about money finance [0:05] and investing this year because you want [0:07] Financial Freedom and Financial Security [0:10] so we went through every conversation [0:11] we've had about money personal finance [0:13] and investing and we found the most [0:16] replayed and most shared moments from [0:18] those conversations for you everything [0:20] from life-changing advice on saving [0:22] spending investing tax crypto buying a [0:25] house and having a money mindset the [0:27] most expensive thing that all of us are [0:29] paying for is the information that we [0:30] don't know so how do you make the most [0:31] money humanly possible it's two things [0:34] let me tell you a few key basic things [0:37] about investing in money it's going to [0:39] lead to amount of success that will [0:41] literally put you in the top 5% of [0:42] investors but never have to worry about [0:44] money again if you listen to this [0:45] conversation we believe your money goals [0:48] will come true in 2025 so take [0:53] notes quick one before we get back to [0:55] this episode just give me 30 seconds of [0:57] your time two things I wanted to say the [0:59] first thing is a huge thank you for [1:01] listening and tuning into the show week [1:03] after week it means the well to all of [1:04] us and this really is a dream that we [1:06] absolutely never had and couldn't have [1:08] imagined getting to this place but [1:10] secondly it's a dream where we feel like [1:12] we're only just getting started and if [1:14] you enjoy what we do here please join [1:16] the 24% of people who watch this channel [1:18] regularly and have hit the Subscribe [1:20] button means more than I can say and if [1:23] you hit that subscribe button here's a [1:25] promise I'm going to make to you I'm [1:26] going to do everything in my power to [1:28] make this show as good as as I can now [1:31] and into the future we're going to [1:32] deliver the guests that you want me to [1:33] speak to and we're going to continue to [1:35] keep doing all of the things you love [1:37] about the show thank you thank you so [1:40] much back to the [1:41] episode so what is the S&P 500 for [1:45] anybody that doesn't know yeah and what [1:47] are the returns that I'm likely to get [1:49] from investing in the S&P 500 I really [1:51] want to simplify this for people that [1:52] are at the very start of their investing [1:54] Journey you know because I mean this is [1:57] what you spend so much of your time [1:58] doing that I just think about my my team [2:00] here say the dire of a CEO there's about [2:02] 30 people and we started talking about [2:04] money one day and it was mindblowing how [2:07] nobody in my team's lives had ever had [2:10] the conversation with them about [2:11] investing we all think of investing as [2:13] something that rich people after the age [2:15] of 40 do once you have a million dollars [2:19] um Al if you don't have a million [2:21] dollars then the only other way to [2:22] invest we're taught is to buy a house ah [2:26] this is driving me insane it's true [2:28] though isn't it yes and that's that's [2:30] the central part of my work is that you [2:33] can live a rich life and that rich life [2:36] can be richer and more vibrant and more [2:38] personal than you ever imagined if you [2:41] want to travel you can travel for longer [2:43] than you ever thought you can travel for [2:45] me at nicer hotels you can uh spend more [2:49] time with your children with your loved [2:51] ones whatever your rich life is you can [2:53] do that but you've got to learn a few [2:56] key basic things about investing and [2:59] money so let me tell you what I would [3:01] tell my family when they come to me they [3:03] go how should I start investing the [3:06] simplest simplest way that I advise my [3:08] family is I say get a Target date fund [3:11] so let me explain what that is a target [3:14] date fund is One Fund just one and you [3:18] pick it based on the year that you're [3:19] going to retire so if you're going to [3:22] retire in [3:24] 20150 if you're going to be 65 in 2050 [3:27] you go and you find that one fund it's [3:29] called a Vanguard 2065 fund or Fidelity [3:33] 2065 or Schwab 2065 there's lots of [3:36] Brokers These funds it's One Fund all [3:39] you do is put money into it that's it [3:42] the fund like a pie chart is [3:44] automatically Diversified so as you get [3:47] older it gets more conservative because [3:50] somebody who's 75 years old should be [3:52] investing differently than somebody [3:53] who's [3:54] 25 One Fund all you have to do is set [3:58] your money up to go into it every single [4:00] month what is a fund a fund is uh a a [4:05] set or a basket of stocks and maybe [4:08] bonds so we've all heard of you know [4:10] companies like Microsoft Google whatever [4:14] a fund owns lots of these right and [4:17] that's important because we've heard [4:20] diversification like you should have [4:21] Diversified your Investments okay well [4:23] how do I do that you don't need to go [4:25] and buy 20 stocks and then figure out [4:28] how much of each to do that's too much [4:29] work and honestly most people are not [4:32] good at that even professionals you buy [4:35] a fund which automatically owns lots of [4:38] stocks like hundreds of them and over [4:41] time all you the individual investor [4:44] like me have to focus on is putting [4:47] money into it automatically so a fund [4:49] essentially I've got1 pounds that I want [4:51] to invest um I find a fund where do I [4:54] find these funds you can go to Vanguard [4:56] Schwab or Fidelity all those are great [4:58] companies uh what looking for regardless [5:01] of what country you're in is you're [5:02] looking for a lowcost brokerage firm so [5:06] but there's also apps and stuff that I [5:07] can you can use apps I don't like a lot [5:09] of the apps because they gamify you to [5:11] try to invest they want you clicking and [5:15] trading I hate Traders Trad you do not [5:18] want to be a Trader Traders lose money [5:21] investors treat investing like watching [5:24] paint dry that's how sexy it is trust me [5:27] I'm not getting my entertainment from [5:29] investing I'm going out go watch a movie [5:31] go watch [5:32] Netflix but investing is boring and [5:36] automatic that's how it should be I used [5:39] a a a company called HRI lands down in [5:41] the UK who have an app when I first [5:43] started investing um when I first [5:45] started investing in funds they they had [5:47] a very ugly app so I wasn't very [5:49] compelled to use I think it's better now [5:50] but I would use just do it on desktop [5:52] which I do get your point because you [5:53] don't want to you don't want to be game [5:55] you don't want to screen all of that [5:57] notific like ug it should be ugly I you [5:59] want it to be too accessible as in I [6:01] don't want to be able to check it every [6:03] day no look on my phone you will see no [6:05] investing apps yes there should not be [6:08] why do you need to log in and check it [6:09] every day what's the point yeah in fact [6:11] I log you know what most people should [6:14] check it every three to six months and [6:17] here's how you check it you log in on [6:19] your [6:19] desktop wow it's up wow it's down okay [6:24] bye you're not tweaking anything it's [6:26] like making Thanksgiving dinner once [6:28] you've put the T in the oven just let it [6:32] sit do not fiddle with it cuz you're [6:34] only going to mess it up and in this [6:36] case you're letting the turkey cook for [6:38] decades and that fun so I've got 100 [6:40] pounds I go on a website Vanguard [6:43] Fidelity Schwab whatever they are I have [6:45] no Alliance to any of them neither do I [6:47] um there's various ones in the UK I [6:48] actually do recommend hgri land down [6:49] just because it's simple and I think [6:51] investing in funds there's no fees [6:53] there's no fee associated with the [6:54] investment itself obviously they take a [6:56] you know they might take a percentage [6:57] depending on which fund you're investing [6:58] in I take [7:00] my00 and investing in heve lands down [7:02] you don't need there's no um minimum [7:06] great from what I understand and there's [7:07] no if you invest in a stock they charge [7:09] 122 pounds per investment but if you [7:10] invest in a fund it's free um I put [7:13] my100 pounds into a fund the fund is [7:15] essentially taking one pounds one of [7:17] those pounds and investing one pound [7:18] into Facebook it's investing one pound [7:19] into Google one pound into Shopify one [7:21] pound into Spotify one pound into Nvidia [7:24] or whatever it's doing that for me it's [7:26] managing it for me it's making the [7:27] decisions for me I just put the money in [7:30] every month whatever I can and I leave [7:33] it yeah and let's go even deeper I love [7:36] that we're getting into the nuts and [7:38] bolts here because you know honestly [7:39] most people they do not know how to [7:42] invest literally what website do I go to [7:44] and then what do I [7:46] do the fund owns these different stocks [7:50] and some will go up and some will go [7:52] down and it's inconsequential to you all [7:55] you need to know is you own this [7:57] fund now that you've opened up an [8:00] account and you've sent a hundred bucks [8:02] or 1,000 bucks great you've made one of [8:04] the most important decisions of your [8:06] life now there's just one more thing you [8:07] have to do set up an automatic transfer [8:10] so that every single month you have a [8:13] certain amount of money going in now if [8:15] you don't know how much money use my [8:17] conscious spending plan guideline what [8:19] did I say 5 to 10% of takehome is a good [8:23] guideline all right you should be able [8:26] to do 5% trust me anyone who comes to me [8:28] they go there's no way must be nice I [8:31] can't afford I go show me where you're [8:32] spending your money I guarantee you I [8:34] can find 5% to send in every month now [8:37] you're not trying to send it in I don't [8:40] try to brush my teeth in the morning [8:42] it's a habit investing is even easier [8:45] than brushing your teeth because you set [8:46] it up automatically the investment fund [8:49] will automatically draw from your [8:52] checking account and it will pull in a [8:55] 100 bucks 500 bucks 1,000 bucks whatever [8:57] your number is and so so you're not [9:00] going to log in for 3 four 5 months [9:02] you're going to log in a few months [9:03] later you're going to be like oh my god [9:05] I didn't even realize that all this [9:08] money is in here when you add that plus [9:12] compounding over many years that is how [9:14] real wealth is created so I don't want [9:17] anyone to think that you have to be rich [9:20] in order to start investing one of the [9:22] ways you get rich is by investing I've [9:27] got a friend that's currently actually [9:28] in this building at the moment and I had [9:30] this conversation with them about a year [9:32] ago gave the advice that you've just [9:34] given there and about 2 months later [9:38] this individual who I Shan name came to [9:40] me and I said How's your uh you know [9:42] your your your Investments going in that [9:44] in that fund and they said oh yeah I had [9:46] bills I had a credit card bill so I I [9:48] took took it out oh yeah she she treated [9:50] like a checking account Investments for [9:52] me [9:53] are places to accumulate wealth I don't [9:57] draw from it that's what a checking [9:59] account is for so if what that is is [10:02] there's two parts to what your friend is [10:04] saying one is um mentally she's thinking [10:07] that this investment account is just [10:09] money I can draw from if I need it so I [10:11] would sort of gently change the way she [10:14] thinks about it the second is I [10:15] guarantee her account structure is a [10:18] little um subpar so here's how I would [10:22] set it up this is in chapter 5 uh it's [10:25] all automation cuz trust me I don't want [10:27] to spend time transferring money back [10:29] and forth that's I don't spend any time [10:31] on that you get paid your money goes [10:34] into your checking account from your [10:36] checking account it is automatically [10:38] transferred to a savings account in fact [10:42] I have sub savings accounts for vacation [10:46] car down payment all that stuff so you [10:48] have money set up for specific goals [10:51] money is transferred to your investment [10:52] account it's transfer there I'm not [10:55] going to touch that money I'm going to [10:57] let it cook and then I have my [10:59] guilt-free spending which is going out [11:01] with friends whatever I love and my [11:04] credit card bill is automatically paid [11:06] off every single month that's how you [11:08] want to set it up it takes a couple of [11:10] weeks to set everything up and then you [11:13] never have to think about it again C how [11:15] can you prove to me that this is the way [11:17] to make wealth what case studies have [11:18] you got that investing in funds over a [11:21] long period of time is the path to [11:24] financial wealth because you know it's [11:27] you said earlier about the paint drying [11:28] thing The Narrative that we see about [11:31] how why people and how people get rich [11:32] is you know they sell a company or they [11:34] have a lottery win or maybe they buy [11:36] some cryptocurrency and it goes up yeah [11:39] that's what we hear so that's what we're [11:41] try and emulate totally we prove to me [11:43] that that's that this fund strategy is [11:46] better well there's there's a couple [11:47] things first off the research over more [11:49] than a hundred about a hundred years [11:51] shows the returns of the stock market [11:55] and the returns tend to be at least in [11:57] America they tend to be around [12:01] 11% 10 to 11% and if you take out [12:04] inflation you get about 7 to 8% per year [12:09] now for anyone listening they go okay [12:11] well what does that mean that number [12:12] means nothing to me 7% whatever if you [12:16] go right now and you Google investment [12:19] calculator and you just plug in your age [12:23] you plug in let's say 200 300 bucks a [12:26] month and you plug in 7% return turn and [12:30] you just watch how that money grows you [12:33] will be shocked Jack get me my phone I'm [12:35] going to do it [12:37] now okay so let's search for compound [12:39] interest calculator and there's a really [12:41] simple one this it's called money chimp [12:45] okay okay I've got it all right all [12:48] right so there's four numbers we need to [12:50] fill out here let's take a look the [12:51] first is current principle that means [12:53] how much you've got in the bank I'm [12:54] going to [12:55] say [12:57] $5,000 and I'm going to start when I was [12:59] 16 because if IID saved my money when I [13:02] was 16 and not spent irr recklessly I [13:06] think I could have had that $5,000 when [13:08] I 16 um annual Edition what does that [13:10] mean how much can you invest per year so [13:13] for most people they think about on a [13:15] monthly basis they might say 200 bucks a [13:18] month which would be $2,400 annual [13:21] Edition okay so what do you want to say [13:23] I'm going to say can I say $5,000 yeah [13:26] that's you know about 400 bucks a month [13:28] I think that that's reasonable I often [13:30] find that with people making uh median [13:33] or slightly above median salary that [13:35] there are hundreds of dollars of month [13:37] of money that is unaccounted for that if [13:40] properly made intentional could be [13:42] invested so great 5,000 a year all right [13:45] obviously I could have once I got past a [13:47] certain age I could have increased that [13:48] though so we're going to talk about that [13:50] hold on to that idea okay how many years [13:52] this was you at 20 this was me at 16 oh [13:56] okay and how old are you today 30 okay [13:59] so 14 years let's just do it until today [14:00] and we'll see what happens okay all [14:02] right 14 years and then it says interest [14:05] rate so what should we assume for that [14:08] is that 8% yeah s to eight I I do seven [14:11] just to be super conservative because I [14:13] never want to be surprised on the [14:14] downside right if anything I'm going to [14:17] make more so 7% all right let's [14:19] calculate it okay what do you see damn [14:24] what do you see [14:27] $133,000 537 yeah that's what you would [14:30] have had right now now let's add some [14:32] context so this is really important you [14:35] see a number that says [14:36] $133,000 at age 30 yeah okay is that a [14:42] lot is that not hm I don't know let's [14:45] break it down at that point you started [14:47] with [14:48] $5,000 and you invested $5,000 per year [14:52] we assumed no raises even though you [14:55] obviously made more than you made at age [14:57] 16 mhm weum assumed you stopped [15:00] investing at age 30 which is obviously [15:04] ridiculous and you end up with six [15:06] figures let's play it out let's take it [15:10] until [15:12] 40 so instead of 14 years you invested [15:16] for 24 years what do you [15:19] see I would have [15:22] $336,000 it's getting better from just [15:25] $5,000 a year it's not much it's [15:27] fantastic again 400 bucks or so a month [15:30] is very modest remember people's income [15:34] goes up typically in their 30s and 40s [15:36] and if you already are investing a [15:38] little bit automatically all you have to [15:39] do is just tweak a number and it will [15:41] take an extra couple hundred three four [15:43] 500 bucks let's do one more let's go to [15:45] 34 years just because I want to see what [15:47] happens and then we're going to play [15:48] with the other numbers okay so investing [15:52] from the age of 16 until I'm 50 mhm I [15:56] would have $736,000 [15:59] in my account yeah now I want to do the [16:01] full the full thing I want to do a more [16:04] realistic number here so instead of 50 [16:07] we're going to go 49 [16:11] years that takes you to age 65 yeah okay [16:15] and instead of $5,000 per year your [16:18] income obviously went up from being 16 [16:21] years old so I'm going to pick a number [16:24] out of thin air and and I'm going to [16:26] tell you how I picked it I'm gonna say [16:28] instead of $5,000 a year it's actually [16:30] going to [16:31] be $30,000 per year let me tell you why [16:35] I picked [16:36] that in your early years you don't have [16:38] as much money but you were still [16:40] investing a little bit which shows that [16:41] you're dedicated as your income goes up [16:44] you're going to start proportionately [16:47] continuing to invest so at a certain [16:49] point your income will be really high [16:51] and that will bring that average up [16:53] that's why I switched it to 30,000 per [16:55] year I actually think this is quite [16:56] modest but I'm going to go ahead and do [16:58] it [17:01] so here we have someone starting [17:02] investing at $5,000 they invest $30,000 [17:06] per [17:07] year okay they grow it for 49 years at [17:12] 7% do you know the [17:14] math no tell me [17:20] 12,330 so that's me starting with 5K [17:24] gradually ratcheting it up until I'm [17:26] investing well investing 30k on year a [17:29] year per average across those 49 years [17:31] yes which is a flaw in this because it's [17:33] so simple that money invested you're not [17:36] actually going to invest that much early [17:37] on you'll invest more later so you won't [17:40] actually you'll maybe have a marginal [17:41] amount less but we're talking 10 versus [17:44] 12 million that's a lot of money and [17:48] then if I got 8% instead of the 7% I'd [17:51] have 17.4 million yeah but don't mess [17:53] with that cuz this is what this is what [17:55] people do they go well if I got 13% I'm [17:58] going to invest in [17:59] I don't do that you're going to lose all [18:00] your money just stop 7% is safe it's [18:03] conservative that's why I am here that's [18:06] why I want to encourage people you don't [18:08] need to juice your returns I hope you do [18:11] get 8% but I don't want you to count on [18:13] that I want you to count on safe stable [18:16] returns and what matters for you is the [18:19] time you started early and the amount [18:22] you have a considerable amount to [18:24] invest you know the the biggest debt one [18:27] of the things I um I love saying this [18:29] but like the biggest debt all of us pay [18:30] is ignorance and so I I heard this close [18:33] at this pitch years ago and this guy got [18:36] on stage and he and he was like Hey [18:38] ma'am he was like how much do you make [18:40] she was like $50,000 so he wrote $50,000 [18:42] on the Whiteboard and then he wrote A [18:45] Million Dollar on top of the 50,000 and [18:47] he subtracted it and said $950,000 he [18:49] said you pay life $950,000 every single [18:53] year for not knowing how to make a [18:54] million dollars a year and it was a [18:57] crazy concept he was using it to close [18:58] the audience but I like the most [19:01] expensive thing that all of us are [19:02] paying for is the information that we [19:03] don't know and that's like both [19:05] frightening and also incredibly exciting [19:07] because [19:08] like fish in the best ponds right like a [19:11] good fisherman knows where to fish and a [19:13] different way of saying it is find the [19:15] people who value what you have the [19:17] most and I'm sure you've heard this have [19:19] you heard the story of the the father [19:21] and the son with the car no okay so [19:24] maybe I have I enough detail it's good [19:26] it's good so there's there's a father [19:28] who gifts his son an old beat up car and [19:32] he says you know hey I don't know if it [19:33] drives or not but you can take it down [19:35] to the um the dealership down the street [19:38] see if you can trade and get some money [19:39] he was like okay so he goes down the [19:41] street goes to the dealership they say [19:43] we'll give you a th000 bucks for it and [19:45] he come you know hears him out comes [19:47] back home he's like Dad they said give [19:48] me a th bucks he's like okay he's like [19:50] go to the impound yard where they you [19:52] know break the cars up just for Metal [19:53] He's like see what they'll give you goes [19:55] there and uh the guy's like ah I don't [19:57] know this might be500 Buck of metal kid [20:00] like you know comes back home he's like [20:02] Dad you know he said it was going to be [20:03] $500 he's like okay he's like hey go [20:06] down the street to that uh that antique [20:09] uh dealership see if they've got [20:10] anything that use carlot he's like okay [20:12] so he goes down there talks to the guy [20:15] comes back home super excited he's like [20:16] Dad you won't believe it he's like this [20:18] is a historic car there's only like 10 [20:20] of them left he's like it's worth [20:23] $100,000 and so the father smiles and [20:26] he's like and the lesson I want you to [20:28] know is that it's not necessarily who [20:30] you are but the people that value you [20:31] the most and so you can talk to [20:33] different people and go to the people [20:36] who value you and I just I I love that [20:39] story because from a it's a Hu it's a [20:40] huge business story in terms of like [20:43] sell sell the where the fish are where [20:45] the big fish are like if you if you're [20:46] going to go Hook Fish go to go where the [20:47] whales are um it takes the same work but [20:49] a lot of it's just belief people don't [20:50] think it's possible and so a lot of [20:51] times you have to just keep leveling up [20:53] and you sell your first $110,000 thing [20:54] you sell your first $100,000 thing sell [20:56] your first multi-million dollar package [20:59] you realize it's the exact same thing [21:01] it's just so maybe if I'm list if [21:03] anybody's listing right now it is the [21:04] same thing it's the exact same thing and [21:05] sometimes it's [21:07] easier it's normally easier like you [21:10] know you've seen that Meme that says [21:12] like uh so what exactly am I going to be [21:14] getting for this $50 thing right and [21:16] then it's like uh $50,000 clients like [21:18] wire scent yesterday like what do you [21:20] else do you need like it's and that's [21:22] totally true um but I think there's a [21:24] skill in understanding where to [21:27] fish so a skill um information it's [21:32] information it's even knowing that there [21:33] was another Lake over there in part and [21:35] and that's why like listening to [21:36] conversations like this is so valuable [21:38] for people because it lifts a curtain [21:40] and you go what the [ __ ] you guys were [21:41] behind here the whole time partying [21:42] that's what my business life has been [21:44] like it's like gradually like I think I [21:46] heard Kevin Hart describe on Joe Rogan [21:48] one time where he said there's this [21:50] other room yeah where these people [21:52] playing this other set of money games [21:54] yeah and then when you get in that room [21:56] you get you're almost pissed off that [21:57] nobody told you this room existed did [21:59] but then there's another door [22:01] yeah and then you get through there [22:03] maybe a couple of years later and you [22:04] find these other people these [ __ ] [22:06] billionaires that playing another set of [22:07] games and you're going what and they're [22:09] chilling yeah they're just smoking [22:12] cigars they're not even doing any hard [22:13] work and you go tell me the games that [22:14] you guys have been playing in here yeah [22:16] and then again the frustration is and [22:18] that's kind of what I feel like in my [22:20] business life it's been like where at [22:22] the jump I'm charging I don't know I [22:23] remember my first we found our first [22:25] deck from 2014 charging I remember the [22:27] package we did gold silver and bronze it [22:29] was like you know like $200 package for [22:32] like support and then $500 and then the [22:34] gold package where we threw everything [22:36] in for $1,000 and I remember my one of [22:38] my first clients um accepting that and [22:41] then I think today like the only [22:42] difference okay there's skills that have [22:44] increased but information is the big [22:46] thing knowing how to do it you know [22:50] um when you think about curtains that [22:52] have lifted that have really shifted the [22:55] games you play from a value money [22:57] perspective mhm like where someone's Ed [22:59] the Lights On You [ __ ] of course yeah is [23:01] there anything else that comes to [23:04] mind I will answer it with the stair [23:07] steps of how each order of magnitude [23:09] change in my income so when I went from [23:12] being an employee to self-employed I [23:14] went from making four figures a month to [23:15] five figures a month and that was for me [23:18] just like I'm now in control the level [23:20] above that was I started having other [23:22] people who worked for me and then went [23:23] to six figures a month right and then [23:26] from there stayed there did the [23:28] turnaround business still had the same [23:30] organizational structure had another [23:31] degree of Leverage and so the next [23:33] degree of Leverage was that I started [23:35] licensing so it was digital right so the [23:36] cost for you cost of goods is basically [23:38] nothing but all of these things are [23:40] about leverage and so this is like one [23:42] of my favorite topics in the whole world [23:44] but if we Define leverage as the [23:45] difference between what you put in and [23:46] what you get out so if you have a lot of [23:48] Leverage you put a little bit in you get [23:49] a lot out if you have no leverage or low [23:51] leverage you put a lot in you get a [23:52] little bit out and a lot of times people [23:53] who are listening to this and are not [23:54] making as much money as they want [23:55] they're putting lots of input in and not [23:56] getting a lot out they have low Leverage [23:58] opportunities and so understanding how [24:02] to get more for what you put in is the [24:04] game overall and so the first level that [24:08] I described was Labor it's just work [24:10] first I was working for someone else [24:11] then I worked for myself then I got [24:12] other people to work for me first level [24:14] each of those levels was more leverage [24:16] above that I had media which is the [24:18] thing that I was licensing out so [24:21] another degree of Leverage I made it [24:22] once and I could license it out Infinity [24:24] on top of that I have capital I can take [24:25] capital I don't have to sacrifice time [24:27] in order to get something for it so it's [24:29] high input output um above that would be [24:32] some sort of Technology you build the [24:34] code once in theory obviously you [24:35] continue to improve the code but [24:37] theoretically you build the thing once [24:38] and then a million people can use it and [24:40] so you want to Stack as many types of [24:43] Leverage as you can and as much of them [24:45] as you can because like Joe Rogan also [24:46] has a show and somebody else has a [24:48] podcast they both technically are using [24:50] media as their as their as their vehicle [24:52] for leverage but he has significantly [24:54] more of it so it's not just like I'm [24:56] going to use all these right yeah but [24:58] it's also how much and to what degree [25:00] but like Facebook had other people's [25:02] money he used media had other people's [25:04] work Max leverage Amazon same thing [25:06] right they used every element of [25:07] Leverage and they maxed all of them out [25:10] and um that's that's at least the the [25:12] curtain that and nval talks about this [25:14] if you're familiar with Nal rant um he [25:17] talks about these things as the as the [25:19] the P the elements of Leverage or four [25:20] types of Leverage um and understanding [25:23] that for me has kind of been a blueprint [25:25] for wealth overall and then you know [25:28] Capital there's degrees of capital right [25:30] like you first you can get friends and [25:31] family to give you money then you can [25:32] get you know institutional money and [25:35] then you can get public money right [25:37] which you know you saw like the IPO [25:38] money like the fact that the NASDAQ was [25:40] Forex uh the dorf exchange is that where [25:43] it was right um there's just [25:45] significantly more capital in that [25:46] market and so it same work more zeros um [25:50] and so I love this topic because I think [25:53] that that's fundamentally like the [25:55] people who move faster in life don't [25:57] actually move faster than get more for [25:59] every [26:00] step if right now you want to find where [26:03] is your unfair bet that can make you [26:06] your Millions with your skill [26:08] set that nobody else in the world can [26:11] replicate except you here's what I need [26:13] I would need a whiteboard I would need a [26:15] pen which I would do if I was you and I [26:17] would need a smart friend perfect like [26:19] so I've got Stephen here and at the top [26:21] of the right whiteboard I would write on [26:23] this side skills oh my God you're going [26:25] to see my handwriting like a doctor and [26:27] on this side I would write money M and I [26:30] would start writing down all the things [26:31] that we're brilliant at so let's pretend [26:33] it's it's stepen here and we'll pretend [26:35] like you don't have all the things that [26:36] you have but your core skill set you [26:38] could put your hand on the screen by the [26:39] way oh it makes me nervous am I am I [26:41] doing this like a boomer I am the [26:43] handwriting is a little bit it's giving [26:44] doctor so I'm yeah look at that okay so [26:48] embarrassing okay so social media right [26:50] you're incredible at social media what [26:52] else are you probably good at well you [26:54] know a lot of people you've got a [26:56] network what else well it's not just [26:58] just social media though it's actually a [27:00] few particular things it's like YouTube [27:03] and I think you're one of the best in [27:04] the world at short form video right [27:07] you're also one of the best in the world [27:09] at like a [27:11] datadriven social media strategy so you [27:14] can kind of say upfront hey we think [27:15] this is going to go viral because the [27:17] data says this thing over here what else [27:19] is Stephen good at he's charismatic he [27:21] can probably get people to agree to [27:23] things just by talking to them you know [27:26] what what else uh British ACC you know [27:28] so probably you want more in-person [27:31] interaction because uh we've got you [27:34] know uh a very charismatic person what [27:36] else is Stephen really good at well he [27:38] asks a lot of questions this is my hinge [27:41] profile by the way I'm totally just [27:42] gonna copy and paste St yeah good-look [27:45] funny you know yeah exactly so so we'll [27:47] just say these there's a lot more deal [27:49] flow but let's just pretend that all [27:50] you're good at is social media you're [27:52] good at getting to people which is a [27:54] network you don't even have to know rich [27:55] people just can you get to them you're [27:56] charismatic you're data driven okay [27:58] great we've got all these skills now how [28:00] could we apply these skills to get the [28:02] most money humanly possible and I would [28:04] do exactly what you said so how do you [28:06] figure out most money humanly possible [28:08] it's two things it's the how would I do [28:11] this it's the size of the [28:15] problem it is the value of the [28:20] solution interesting okay and so if I'm [28:24] thinking about this for you if I go and [28:27] I give your social media media skills to [28:30] a trade or service business M I'm not [28:34] going to make that much money how do I [28:35] know I'm not going to make that much [28:36] money because I'm going to go look up [28:38] online what is the average revenue of [28:42] this business and the average profit [28:44] margin yeah now you probably didn't even [28:46] think this way when you were thinking [28:47] about it but you guys look online right [28:50] now what's the average profit margin of [28:52] a biotech company in average revenue let [28:54] me tell you what it is it's going to be [28:56] like 50 to 80% [28:59] and it's going to be hundreds of [29:01] millions that you could potentially get [29:03] Trade Services business a lot less yeah [29:06] and so that's where I would start skills [29:09] plus money really equals to three things [29:12] which is like [29:15] sector size of the [29:17] business and profitability of the [29:20] business and I would play this game and [29:22] what that might look like is you go okay [29:24] I know that I have some friends in [29:28] let's go to the places that we know have [29:30] the most cash in Silicon Valley in on [29:32] Wall Street if they could make a lot [29:34] more money if they had a lot more [29:36] attention because what I'm selling is [29:37] attention I want to get to the people [29:39] who can make the most money with the [29:40] most attention and that means that I'm [29:42] not going to go to Walmart only has 6% [29:44] margins I'm going to go to the highest [29:46] person that I could get to and it'd be [29:47] fun if anybody's listening to this right [29:49] now try it like tag Stephen and I in [29:51] your stories on Instagram of your little [29:53] charts and let's see and I'll give [29:55] feedback anybody that tags me in it if [29:57] you're like here's the here's what I [29:58] think my skill is here's what I think [30:00] the industry is I'll tell you one way or [30:02] another and it can be fun you can see [30:03] other people's examples live so people [30:06] people that are only listening on audio [30:07] and and that can't see what the um this [30:10] uh chicken scratch chicken scratch [30:12] you've just drawn on this iPad um on one [30:15] hand you have you list your skills and [30:17] then on the second side you're listing [30:19] the ways you believe you could make the [30:21] most money from those skills based on [30:22] the size of the problem you'd be solving [30:24] with them and the value of the solution [30:27] so for example let me let me try and [30:29] play this game with you then so okay so [30:31] I am a writer so I'm going to do my [30:34] skills on the left hand I'm a writer and [30:36] on right I'm going to write money yep [30:39] I'm a writer I'm really good at writing [30:40] stuff um that's it and I kind of get I [30:45] kind of get the internet so I kind of [30:46] understand LinkedIn blogs and stuff like [30:48] that but that's it I'm a writer let's go [30:49] with what would be the worst what would [30:51] be the worst thing you could do if [30:52] you're a writer to make no money to make [30:54] no money cuz sometimes it's easier to do [30:55] the negative okay working for a local [30:57] news yeah local I was thinking like [31:00] fantasy books like you could write like [31:02] fiction you know really hard to make [31:04] money in you could write for a local [31:06] newspaper that's an even worse idea so I [31:08] like that so now you've got your your [31:10] bottom tier right which is like 14 bucks [31:12] an hour or something like that now if [31:14] you look about I mean you could Google [31:16] this what is the highest paying jobs for [31:17] writers I bet the thing you'd find on [31:19] top copywriter why I got a better one oh [31:22] what's the better one do you know why I [31:23] know this because when I was in working [31:24] in biotch we couldn't hire one which is [31:26] a medical writer oh oh so smart hypers [31:29] specialized honestly we so a typical [31:31] copywriter when I was working in my [31:33] social media company we might pay entry [31:35] level £25,000 which is probably about [31:38] $35,000 okay a medical writer someone [31:41] that can write about the psilocybin [31:43] compound in my psychedelics business [31:45] would get paid [31:49] $150,000 or more we just couldn't find [31:52] some we found loads of people that could [31:53] write yeah but nobody that had within [31:55] their skill stack even though it's quite [31:57] easy to teach the ability to write using [31:59] medical words slightly medical words it [32:01] doesn't mean you need a medical degree [32:03] you could probably learn how to write [32:04] become a medical writer in a month if [32:05] you really committed yourself to it so [32:08] that's the top true and same with [32:09] Finance we go to the things we know so [32:11] you know biotechs you know there's a [32:12] niche there I know finance and I know [32:14] that again it's one of the highest [32:15] paying Industries so a financial writer [32:19] what would that look like it would look [32:20] like somebody who knows how to write [32:22] probably an investor update yes right [32:24] yeah yeah yeah so hugely lucrative and [32:27] then the other thing you could do is I [32:29] guess I didn't even think about this [32:30] before it would be like size of the [32:33] problem it would be value of the [32:35] solution and then it would also be [32:37] structure of your job so like if you're [32:40] a copywriter I wouldn't take a job for [32:42] 35k what would I do I would say hey pay [32:46] me what is the salary you want to offer [32:49] 35,000 I'll take 10,000 so I can eat [32:51] because I'm hungry but can I have a [32:53] percentage of The Upside that I drive [32:57] above and beyond goal so if I'm going to [32:59] write copy that converts into Revenue [33:02] like I'm going to write a funnel for [33:04] your biotech company or I'm going to [33:05] write a funnel to get investors for you [33:07] if right now per month you get $100,000 [33:09] through that funnel how about you just [33:11] pay me an extra 10% of everything I [33:14] drive above your 100K so I think that's [33:16] another way you can make more money is [33:18] getting smarter on deal [33:19] structuring well that's actually when I [33:21] moved into biotch how I got paid and [33:23] when I talked about a thou being paid a [33:25] thousand times more than I would have [33:26] previously it's because was the way I [33:28] got paid was in options in the IPO [33:31] brilliant yeah so I got given in that [33:33] particular company I got given 400,000 [33:36] shares effectively in the company at a [33:38] certain price um and so when the company [33:41] ipoed at $3.2 billion on the NASDAQ in [33:44] July 20 I don't know 21 or something [33:48] even though I'd only worked in the [33:49] company for about six months just [33:51] helping them build out the marketing [33:52] team I think my like net return was on [33:55] the equity value at the time was quite [33:57] close to 10 million so 6 months work 10 [33:59] million return because I you know and [34:01] the re really really the reason I did it [34:02] was CU so interested in psychedelics but [34:03] it just opened my eyes to the fact that [34:05] any kid with social media skills and [34:07] that knew how to structure a deal with [34:09] these people could have walked in there [34:10] and said give me some stock in this IPO [34:12] and I'll run your social media for six [34:13] months you're so right could have change [34:15] your life yeah and it's it's something [34:17] I'm struggling with trying to get people [34:18] to understand right now is that even if [34:20] you never buy a business which is what [34:22] people fixate on well I haven't bought a [34:24] business yet I haven't bought a business [34:25] yet it's like God you're never going to [34:27] regret learning how to do [34:29] deals you're never going to it's I think [34:31] that is the most valuable skill set in [34:33] the world I completely agree and it's so [34:35] unfair that people don't know about it [34:36] it's so unfair but it's also your fault [34:39] if you don't know about it because [34:40] nobody's gatekeeping this information [34:42] anymore it used to be gatekeep like when [34:44] I first started off in private Equity I [34:45] wasn't allowed in the rooms where they [34:47] were actually doing the deals and the [34:48] terms and if I wanted to see what the [34:50] final terms were like I had to kind of [34:52] you know sweet talk my way into figuring [34:54] out how they structured it but it's an [34:56] unknown unkknown [34:57] so before I knew I didn't know that I [34:59] didn't know yeah that's true yeah that's [35:00] very true but now I think there's enough [35:02] people out there talking about it where [35:04] you're like I mean if you think about [35:05] whether you like Donald Trump or not [35:07] what is he really good at deals the art [35:09] of the deal like it it that's it and [35:12] that is what Mo I mean Elon Musk how [35:14] does Tesla actually make money they make [35:16] money through credits through credits [35:18] for solar so he was able to survive for [35:21] those 10 years of building that company [35:24] because he has some of the best solar [35:26] tax credits in the world that he [35:27] negotiated with the government so where [35:29] does one go then where does a [35:31] 25-year-old kid listening to this go to [35:33] learn how to make deals well I have a [35:36] book coming out yeah called Main Street [35:38] millionaire yes exciting I know and we [35:41] have we have stuff we can tell them [35:43] about that later too okay well I'm going [35:44] to link Main Street millionaire below so [35:46] everyone can pre-order it I've [35:47] pre-ordered I think 10 or 20 copies of [35:49] it maybe a couple more um but that's [35:51] like 30 bucks and you learn almost [35:53] everything you need to know about doing [35:54] a deal to start and that book is only [35:57] what you need to know I made it on [35:59] purpose not really long not overly [36:02] intense it is exactly what you need to [36:04] know and then if you like learning deal [36:06] making and you like that book then you [36:08] go to contrarian thinking.com and we [36:10] have courses and free newsletters and a [36:12] community all about buying businesses um [36:15] but that's where you should [36:17] start the other thing I I came to learn [36:19] is I got money and I it was almost like [36:21] someone pulled the curtain back for me [36:23] is how wealthy [36:26] individuals play the TX game oh my gosh [36:29] and it's a tax game that the average [36:30] person has no idea what's going on got [36:32] to talk about money tax avoidance is a [36:35] key skill to Building Wealth and by the [36:37] way we don't talk about I I speak openly [36:40] about my I won't call it tax avoidance [36:42] but my Tax Strategies if you're you know [36:45] it's like they said if you're a prison [36:46] of War you have an obligation to escape [36:49] if you're trying to build wealth you [36:50] have an obligation to pay as little tax [36:52] as possible do it legally but Apple will [36:55] issue their IP to Apple International in [36:57] Ireland and then they will use apple [37:01] Ireland they will license their IP to [37:03] America charge them tens of billions of [37:05] dollars thereby increasing the income of [37:07] Apple Ireland at a lower tax rate and [37:10] decreasing the income in the US thereby [37:13] lowering their overall tax rate that is [37:16] pure tax [37:18] avoidance every organization every [37:21] corporation does this to the hilt and so [37:24] should you by the way I will vote for [37:27] people who have an alternative minimum [37:29] tax we have to raise taxes on [37:30] corporations the 25 wealthiest Americans [37:33] pay between 6 and 8% tax rate what are [37:36] the tax games they're playing oh just [37:38] the rich people there's a bunch of them [37:40] first and foremost it's you buy stocks [37:43] you never sell them you borrow against [37:45] them okay explain that to me like I'm a [37:46] 10-year-old so sure you own $100 an [37:48] Amazon stock yeah you need money to buy [37:51] something instead of selling the stock [37:53] and it say it's gone up 50% I say it's [37:55] doubled you would have to realize a [37:57] capital gain and pay long-term capital [37:59] gains on that $50 gain no just borrow [38:02] against it and let the stock continue to [38:05] grow and you pay a little bit of [38:07] Interest hopefully from your current [38:08] income but basically it's invest borrow [38:11] against it and die put it into a a trust [38:15] and then pass it on to your kids there's [38:17] a lot of um State Arbitrage Jeff Bezos [38:20] just moved to Florida to spend more time [38:23] with Dad isn't that sweet Stephen isn't [38:24] that nice no it has nothing to do with [38:27] his father give me a [ __ ] break he [38:29] aggregated $160 billion in wealth he [38:32] would pay about another eight or 10% in [38:34] state taxes in Washington because he's [38:36] got to leverage the public school system [38:38] the University of Washington the Seattle [38:39] Tacoma Airport the hospital system but [38:41] in the US you're allowed to piece out to [38:43] Texas or Florida and pay no income tax [38:47] so all the people [ __ ] Post in [38:48] California or New York show me someone [38:50] who's CR all of a sudden can't handle [38:52] San Francisco politics I'm going to show [38:53] you someone who needs to recognize a [38:55] capital gain and has all of a sudden [38:56] decided they like like Texas politics [38:58] it's really not very it's very [39:00] disingenuous there's uh the tax loophole [39:05] I've leveraged in the US there's [39:06] something called 122 or qualified small [39:09] business so when I started L2 what's L2 [39:12] L2 is my analytics company I started it [39:15] I invested a small amount of money um uh [39:19] because it was a business worth F less [39:21] than 50 million your business would [39:23] qualify in the US as qsb small business [39:26] if you hold on to that stock in that [39:28] company for longer than 5 years when you [39:29] sell it the first 10 million or 10 times [39:32] the basis are taxfree so the first 10 [39:35] million out of L2 was tax-free [39:38] zero that makes no sense if that sounds [39:41] like we're screwing the middle class [39:43] trust your instincts I invested in a [39:46] company brought a company out of [39:47] bankruptcy I invested two and a half [39:50] million the first 25 million got very [39:53] lucky the company got sold for a lot of [39:54] money the first 25 million were taxfree [39:56] these are the tax code has gone from 400 [39:59] pages to 4,000 and that extra 3600 pages [40:02] are to turn rich people into super rich [40:05] people now the myth around taxes is the [40:08] following that rich people don't pay [40:09] their taxes [40:11] actually the sort of Rich pay a [40:13] disproportionate amount of taxes so if [40:15] you make all of your money from current [40:17] income that is salary and you make a lot [40:20] you're actually paying more taxes than [40:22] anyone so mom's a baller she's a partner [40:24] in a prestigious Law Firm making a [40:26] million bucks a year dad's a [40:28] chiropractor has three people working [40:30] for him he makes 600 $1.6 million a year [40:33] total ballers in order to make that kind [40:36] of money they probably have to live in a [40:38] urban center in a blue state where at [40:40] that level they're paying 45 48 [40:43] sometimes 52% tax rates but if dad [40:47] decides to raise capital and buy a bunch [40:50] of chiropractic clinics and they become [40:52] Investments and he sells them for $50 [40:54] million his tax rate plum [40:57] so you don't want to be a super earner [40:59] you want to earn enough money to invest [41:01] so you can become a super owner the top [41:04] 25 wealthiest Americans pay about 8% in [41:07] tax right so actually the bottom half [41:11] pay almost no tax they pay a lot of [41:13] consumption taxes but it's the super [41:15] earners that get screwed what I call the [41:17] workhorses but once you makes the jump [41:19] to light speed and you own things and [41:22] you make your money from buying and [41:23] selling assets your tax rate plummets [41:27] the really sort of actionable thing [41:29] there for the average person as well is [41:31] probably the the first point where you [41:32] said a lot of what rich people do is [41:34] they'll buy a stock so I'll I'll spend [41:36] 10K on Amazon stock and then I go to a [41:39] bank and the bank give me a $5,000 loan [41:43] against my Amazon stock taxfree and I [41:46] just hold the Amazon stock now I've got [41:47] 5,000 taxfree if the Amazon stock goes [41:49] to TW $20,000 in value then I can I can [41:53] go to the bank and say it's gone up now [41:55] give me another $5,000 and I just spend [41:57] and live off that money now if the [41:58] Amazon stock [41:59] collapses I'm fine because the loan was [42:03] against the stock so they'll sell the [42:04] stock at a certain point as it's [42:05] collapsing to get their money back yeah [42:07] I mean you don't want to get into too [42:08] much trouble but it leverages how smart [42:11] people go broke but the idea is that one [42:14] of the great tax schemes in history is [42:16] that stocks grow think of yourself as a [42:19] stock you you go up in value a million [42:23] bucks a year you're making a million [42:24] dollars a year doing a very successful [42:26] podcast every year the government in the [42:29] UK is going to take 40 cents of that 40% [42:31] of it if you own a million dollars in [42:34] stock and it goes to two million you [42:37] don't get taxed on it till you sell it [42:38] yeah so just never sell it never sell it [42:40] and that's what elon's doing with his [42:42] companies people say he's got you know [42:44] $200 billion whatever in fact he's [42:46] borrowing taxfree against those [42:48] companies and then when he finally needs [42:49] to sell it to pay off some of those [42:50] loans he moves to Taxas despite the fact [42:53] he built all his wealth in [42:54] California smart I think one of the [42:56] Great advant ages of life is um as it [42:59] relates to wealth creation is really [43:01] getting good tax advice because I've sat [43:03] here over and over again with people [43:04] that have great tax advice and some [43:05] people who didn't have any at all and [43:07] the outcomes are quite frankly um [43:10] shocking the variance and outcomes are [43:11] quite frankly shocking from one person [43:13] going bankrupt to the other person [43:14] becoming a multi-billionaire and it [43:16] comes down to some of it comes down to [43:18] their tax strategy and how they thought [43:20] about tax and have you know being around [43:22] a lot of people now that are Masters in [43:24] tax it was like yeah describe it as [43:27] someone pulled back a curtain that I [43:29] never knew was there and all these [43:30] people were doing magic behind this [43:32] curtain and no one ever told me that [43:33] curtain existed and it's called tax we [43:35] don't all pay the same tax because we're [43:37] not supposed to talk about it again not [43:38] talking about it is rich people trying [43:40] to keep poor people down yeah because [43:42] rich people talk about their taxes all [43:43] the time brightest woman in my entire [43:45] professional universe is a woman named [43:46] Lucy Lee who is my tax Yoda who works at [43:49] a big Law Firm that I pay 1,800 bucks an [43:51] hour or two to figure out the smartest [43:54] when I set up a company I talk to my tax [43:56] person [43:57] when I'm about to get a big payment from [43:59] my podcast Distribution Company I talk [44:01] to my tax person first this is it is [44:05] everything but the key when you're young [44:07] is to become an owner not an earner [44:09] you're an earner you want to bust a move [44:12] out of earning and develop an army of [44:14] capital that goes out and kills for you [44:16] at Night 500 bucks is a lot of money [44:19] when you're 21 500 bucks when you're 21 [44:21] is 10,000 when you're my age right and [44:25] it's going to go really fast so just [44:27] start and then once you become a super [44:29] owner you have 10,000 50,000 100,000 a [44:32] million dollars in assets then then you [44:36] can become a super tax [44:47] avoider that sounded awful that sounded [44:50] awful that sounded [44:54] awful sitting here with your bucket of [44:56] sand [44:59] oh my God a bunch of mil that's right [45:01] talking about this is how we [ __ ] the [45:03] middle class St this is how we really [45:07] screw over the little [45:09] guy what is your Capital allocation [45:11] strategy how do you invest your money um [45:14] this is you know this is the thing [45:15] people want to know most about you I [45:16] keep it as painfully simple as I [45:19] possibly can so literally my entire net [45:21] worth is cash a house and index funds [45:25] and some shares of Marquel while I'm on [45:26] the bo directors and that's it there's [45:28] nothing else my entire I can summarize [45:30] everything so easily and so cleanly and [45:33] truly that's it and it's not even like I [45:35] have 20 bank accounts I I have one bank [45:37] account one brokerage account like in a [45:38] house and that's it so simple why why [45:41] index [45:42] funds you're the reason I your Capital [45:45] allocation strategy is almost identical [45:46] to mine I want to talk about the house [45:48] thing as well but um after reading your [45:50] book I stopped trying to pick stocks and [45:53] I invested all of my available Capital [45:56] into index funds outside of investing it [45:59] in starting companies so I'm a [46:01] shareholder in I don't know 50 60 70 [46:03] companies I all my other available [46:06] capital is invested in index funds and [46:08] then I have a very long-standing large [46:11] position in ethereum which I've held for [46:13] like six years or something yeah which [46:14] has done me very well yeah that is it [46:17] and the ethereum investment is also [46:19] based on the fact that I run a software [46:21] business that is in blockchain and I [46:23] could see that developers are building [46:25] on top of ethereum more than any other [46:26] blockchain so that Insight was really [46:29] beneficial to me and six years so even [46:31] with the big fall of the last two years [46:34] you're still up a lot yeah I I think [46:37] your book taught me that successful [46:40] investing is when you lose the password [46:41] to your investment account yes that's [46:43] exactly it I don't actually think you [46:45] said that in there but that's like when [46:46] I lose the password to my investment [46:48] account I'm so proud of myself because [46:50] it means I haven't checked it in [46:52] forever and so it was funny cuz you were [46:54] coming today I thought oh yeah well I [46:56] have all this money in these index funds [46:58] I'll check it and I thought [ __ ] I don't [46:59] know the password I good that's why [47:01] you're going to do okay the reason I do [47:02] this what's important is that I am not [47:04] one of the people who says nobody can [47:06] beat the market so therefore use index [47:07] funds that's not what I believe I think [47:09] there I think it's extremely hard to [47:10] beat the market and very few people will [47:13] do it but I think there are really smart [47:14] people who can do it and people who I [47:17] know who I could invest with the reason [47:19] I don't is not because I don't believe [47:20] it can be done it's because the variable [47:22] that I want to maximize for in my [47:24] investments is endurance if I can just [47:26] earn average returns for an above [47:28] average period of time it's going to [47:30] lead to amount of success that will [47:32] literally put you in the top 5% of [47:34] investors my parents are a great example [47:37] of this my parents are smart people but [47:39] they really they have no Financial [47:40] background and they have like minimal [47:42] financial interest I would say and but [47:44] they have dollar cost average into index [47:46] funds for going on 40 years now and [47:48] literally if you look at their returns [47:50] they've never sold anything ever and [47:51] literally if you look at the returns [47:53] they'd probably be in the top 3% of [47:55] professional investors what is for [47:57] anyone that doesn't know what is dollar [47:58] cost averaging and what is an index fund [48:00] dollar cost averaging means you buy the [48:02] same dollar amount of Investments every [48:04] single month come hell high water [48:06] doesn't matter what the stock market's [48:07] doing recession boom bust you say I'm [48:10] going to put $100 or whatever it is in [48:12] the stock market on the first of every [48:13] month now most people who like have a [48:15] 401k at work are doing this whether they [48:17] know it or not they have $100 or [48:20] whatever removed from every paycheck and [48:22] it goes into the funds that they own and [48:24] they don't have to do anything whether [48:25] you know it or not you're actually doing [48:26] it the contrast to that would say I'm [48:28] going to buy and sell based off of how I [48:30] feel in the stock market I wake up I [48:32] watch CNBC I decided to sell and I'm [48:34] going to put it back in when I feel [48:35] better about the market it's the [48:36] contrast to that an index fund is just a [48:39] single fund that owns hundreds or [48:41] thousands of stocks within it and if [48:43] it's diverse enough if it's big enough [48:45] really what you're doing is you're [48:46] owning a slice of the global economy [48:49] which is how I think about it it's [48:50] thousands of individual stocks in there [48:52] Tesla Apple whatever it would be but [48:54] really what you're doing is you're [48:54] owning a slice of capitalism if I was [48:56] your son and I said Dad prove to me that [48:59] that's a better long-term wealth [49:00] creation strategy than buying crypto or [49:04] buying companies that I use or like how [49:06] would you explain that to your to your [49:08] kid your ability to do well over the [49:11] next one year or five years is going to [49:13] have no role whatsoever on your lifetime [49:15] ability to generate wealth all that's [49:17] going to matter is not what are the best [49:20] returns you can earn all that matters [49:21] are is what are the returns that you can [49:23] sustain for the longest period of time [49:25] all that matters is your endurance it [49:27] doesn't matter if you can double your [49:28] money this year or even double your [49:29] money again the next year all that [49:31] matters is can you stick and keep it [49:33] going for 50 years that's where [49:36] compounding comes from prove it all [49:37] because the formula for compounding is [49:40] returns to the power of time that's not [49:42] quite it but like more or less that's it [49:44] so in that equation if you understand [49:46] the math all of the heavy lifting comes [49:48] from the exponent give me a case study [49:49] where someone has followed that strategy [49:51] and done well okay here's one way to [49:52] explain it that I use in the book 99% of [49:55] Warren buffets net worth was accumulated [49:58] after his 60th [49:59] birthday after he turned 60 years old [50:02] 99% of his wealth Jesus has been [50:04] accumulated after that period because [50:06] the longer you hold that four the [50:08] crazier the numbers get when he was 60 I [50:10] think he was worth about $3 billion lot [50:12] of money he's a multi-billionaire but [50:14] now that he's 90 he's worth over hundred [50:16] billion and he's given like a 100 [50:17] billion away to charity so if he didn't [50:19] do that he'd be worth he'd go from 3 [50:20] billion to 200 billion since he's been [50:22] 60 cuz the numbers just get crazier at [50:25] that point he's worth 100 billion so if [50:27] his if his Market if his net worth goes [50:29] up 10% in one year he makes1 billion [50:32] which is three times that he was worth [50:33] when he was 60 so that's when you look [50:36] at somebody like Buffett is he a great [50:37] investor is he a great stock picker of [50:39] course but the real secret to his [50:41] success is that he's been a good [50:43] investor for 80 years and if he had [50:46] retired at age 60 or at age 50 nobody [50:49] would have ever heard of him he would [50:50] have been like one of the other [50:52] multi-billionaires who lives in Florida [50:54] and plays golf and like you've never [50:55] heard of him the reason he use a [50:57] household name is because he's been [50:59] doing this non-stop since he's since [51:01] he's been 11 years old and he's never [51:02] stopped it's just the endurance that's [51:05] made him so wealthy not necessarily the [51:06] annual returns patience it's a difficult [51:09] thing it also reminds me of the story [51:10] that you talk about in the introduction [51:11] of your book about the janitor Ronald [51:13] James Reed yeah who when he died in 2014 [51:18] age 92 had a net worth of over 8 [51:21] million and he was a janitor how did he [51:24] do that he took what very little money [51:26] he could save from his job as a janitor [51:28] mopping floors at the gas station he put [51:31] it in stocks and he left it alone for 70 [51:33] years and that's it that's all you need [51:35] that's all you need to do if you have [51:37] endurance in your investing and you can [51:39] keep it going for years or decades you [51:41] don't need to be a genius stock picker [51:44] and not only do you not need to do it if [51:45] you have endurance you're going to beat [51:47] literally 97 or 99% of the genius stock [51:51] Pickers and what's so interesting about [51:53] it is like picking the right stocks is [51:55] hard it's supposed to be hard like [51:57] there's no world in which everybody who [51:58] tries to beat the market is going to do [52:00] it of course it's hard just like being [52:01] an NBA player is hard and but having [52:04] endurance is like largely in your [52:06] control it's so much easier to just be [52:08] patient than it is to pick the right [52:10] stocks every single day now I think some [52:12] people nature nurture some people like [52:14] probably Ronald Reed and my parents just [52:17] understand it naturally it's not hard [52:18] for them to be patient but do like there [52:21] are professional investors who work 80 [52:23] hours a week for 30 years to try to beat [52:26] the market and they can't do it not only [52:28] some that that explains like most of [52:30] them and even the ones who can do it are [52:31] maybe going to beat the market by half a [52:33] percent per year one% per year but if [52:35] you can have endurance that is that's a [52:38] bigger benefit than you can have by even [52:40] being like a very successful stock [52:41] picker like somebody who outperforms the [52:43] market by one percentage Point per year [52:46] and they can do that for 10 years that's [52:48] amazing that's like Mount Rushmore [52:50] investor but somebody who earns average [52:52] returns and doesn't for 20 years is [52:55] going to have way more money you do it [52:56] for 30 years you're going to be Filthy [52:58] Rich You' be like Ronald Reed you can be [53:00] a janitor who leaves eight million to [53:02] charity when you die is buying a house a [53:04] good or bad financial decision my [53:06] brother who works in my company and he's [53:08] the one that introduced me to your book [53:09] many many years ago said to me something [53:11] along the lines of Steve don't buy [53:15] houses to make money because you have [53:17] the ability to play a different set of [53:19] games that very few people can play yeah [53:22] and what I mean by that is he kind of [53:23] explained it to me go listen everyone [53:25] can buy a house so returns there aren't [53:27] going to be huge go find a game that [53:29] like only you can play you'll get bigger [53:31] returns if you're buying a house because [53:33] you think it's going to be a good [53:34] Financial investment stop like even if [53:36] it turns out in hindsight that it was it [53:38] doesn't matter I think these are just [53:40] purely lifestyle decisions and I think [53:42] so many people get screwed up when [53:44] they're in a spot in their life where [53:45] they should be renting because they need [53:47] to be mobile they need to move around to [53:48] a new job new career new school whatever [53:50] it is but they end up buying because [53:52] they think they're going to make money [53:53] doing it and that's like that's the [53:55] problem so I own a house [53:57] and if I ended up losing money on it I I [53:59] I don't think I'd care that that's not [54:01] why I'm owning it I'm owning it just [54:02] because I want the stability for my [54:03] family people people buy houses because [54:05] they think that they're making loads of [54:06] money from because there have been [54:07] periods in time in which people have [54:08] made loads of money historically like [54:10] that's the anomaly historically in the [54:12] US and the UK housing prices adjusted [54:14] for inflation go nowhere it's just been [54:16] the last 20 or 30 years that there's [54:18] this very brief window of time that [54:20] owning a house was a great investment [54:23] Robert Schiller won the Nobel Prize [54:24] about a decade ago for is work in [54:26] showing that over the last 150 years in [54:29] the United States adjusted for inflation [54:31] most home prices have been flat as a [54:33] pancake it's just the last 20 years that [54:35] have inflated people's expectations of [54:37] what a house can [54:39] do statistically there's going to be at [54:41] least one person listening to this that [54:43] has made an offer as we speak for a [54:46] house under the assumption that it's [54:48] going to help them stack [54:52] wealth if they were purely doing it for [54:54] those reasons what would you tell them [54:56] do instead if that's purely the reason [54:58] run for run for your life don't do it [55:01] particularly I mean it it used to be and [55:03] maybe it still is like this in many [55:05] cities in America in the UK but it used [55:07] to be that rentals were almost without [55:09] exception shitty houses there were no [55:12] good rentals a big change at least in [55:14] America in the last 20 years is that [55:15] most big cities have tons and tons of [55:18] luxury apartments to live in and that [55:19] are great places to live and they're in [55:21] the city centers and they got beautiful [55:23] granite countertops and they're great [55:24] places to live don't fall for the idea [55:27] that you can't live well if you're [55:29] renting I think that's that's that's the [55:31] problem and realize that if you're doing [55:32] it for financial reasons you're probably [55:34] about to borrow a shitload of money for [55:37] an investment that historically has been [55:39] a very bad investment like if you put it [55:43] in those terms like what are we doing [55:45] here man you're going to borrow hundreds [55:47] of thousands of dollars for an [55:49] investment that historically has been a [55:51] loss that's what you're doing here does [55:53] you feel good about that that's what I'd [55:55] say to that person [55:57] got [55:58] speed I I would love to be in the room [56:00] somewhere where that person has just [56:02] looked at their partner after persuading [56:04] them to make that offer because it was [56:06] going to make them Rich sorry [56:09] guys so to make sure I I and everyone [56:12] listening understands what what the [56:13] blockchain is it's this public can think [56:17] of it as this database in the sky and [56:19] the database in the sky is checked by [56:22] everybody who has their computer on and [56:25] is interacting with the dat datase in [56:26] the sky so you no longer need a [56:28] government or a bank checking the [56:29] transactions and the and the contracts [56:31] in the database in the sky because now [56:33] all of our computers that are on [56:35] interacting with it are in the [56:36] background checking that if I send you [56:39] one Bitcoin if I do something on this [56:41] database in the sky it [56:44] is um in accordance with the history of [56:48] the database and um it is in line with [56:54] that database yeah what and to to make [56:56] it less complicated it just makes it a [56:59] source of Truth okay in a world where we [57:02] don't even know who is who online who [57:05] owes each other what any of these [57:08] things we now have source of truth that [57:10] everybody can agree on and everyone can [57:12] see and everybody can see and you don't [57:15] need to trust anybody and so that as a [57:20] technology solves many things problems [57:23] that we don't even know we've got [57:25] because they're so part of [57:26] how we [57:27] exist so the technology is not about [57:31] money the technology is [57:34] about [57:36] truth [57:37] and exchanging value and creating value [57:41] in a digital age now what is interesting [57:44] and Powerful about this [57:46] technology is we've seen Technologies [57:49] similar before the [57:51] internet we've seen Broadband we've seen [57:54] these big global infrastructure [57:59] things most of those the internet was a [58:02] public service [58:04] good Broadband was all built private [58:08] sector we didn't get to make money out [58:11] of these things really Amazon made the [58:14] money or or whoever it was building the [58:18] Broadband they all went bust as well [58:20] what we've got here is this very clever [58:23] thing that everybody in this Block Chain [58:27] gets rewarded for the role that they [58:31] play in maintaining the blockchain in [58:34] maintaining the blockchain and because [58:36] these things are scarce and let's say [58:38] Bitcoin being the most classic example [58:40] there's only 21 million that will ever [58:42] exist you've created this scarce asset [58:44] that is a reward system so the people [58:47] who mine the Bitcoin they use the [58:49] electricity to solve the algorithm to [58:51] get the Bitcoins to make sure there's [58:53] only 21 million well they get rewarded [58:56] the people who verify the chain get [58:57] remed and then we can buy the asset [59:01] which is actually us [59:03] investing in the future use cases of [59:07] this thing are people going to use it [59:08] for storing wealth or building stuff so [59:12] now you get this Global infrastructure [59:16] layer of which people can invest now [59:19] let's go back to the example of [59:22] ai [59:24] ai 99 % of people listening to this will [59:28] not be able to invest in it apart from [59:29] buying some of those big public [59:31] companies because they're not accredited [59:33] investors they're not allowed they don't [59:35] get to see it an Insider all of this [59:37] stuff this is the [59:40] inverse it is [59:42] fractional so a Bitcoin you don't have [59:44] to buy one at 60 whatever thousand it is [59:47] today you can buy [59:50] fraction so remember we talked about [59:53] property and the guys who own the big [59:55] highend property make all the [59:58] money none of us can buy the $50 million [60:01] apartment in Manhattan and then do it up [60:04] and flip it for 250 [60:06] million now [60:08] blockchain we can all put 10% of our [60:11] paycheck in it do you think people [60:13] should yeah and more but the point being [60:17] is this is the only globally homogeneous [60:23] asset on Earth it's the same in Nigeria [60:27] as it is in Brazil as it is in London as [60:30] it is in Silicon Valley as it is in [60:32] India as it is in Pap [60:35] Guinea and everybody is on an equal [60:38] footing you can put the same percentage [60:42] of your worth in it okay that is [60:46] mind-blowing and it bypasses the banking [60:49] system The Brokerage system and all the [60:52] other incumbent things that get in the [60:53] way of a Nigerian buying an [60:56] International [60:58] Investment so we've got a playing field [61:00] that's leveled in the fastest growing [61:02] technology of all time in the fastest of [61:05] pretesting asset in price terms of all [61:08] time in the shortest period of time that [61:10] is globally available to [61:14] anybody and then you realize holy [ __ ] [61:18] okay this is important now why that's [61:21] important is [61:22] because having more investors in it [61:25] means the it becomes more valuable which [61:27] means you're more likely to secure it [61:30] people want to join the network to earn [61:31] some of these tokens to secure it the [61:34] more use cases get built upon it because [61:36] people are making money and it [61:38] bootstraps it's behavioral economics [61:40] it's an incentive based system to [61:42] bootstrap the most ridiculous startup [61:45] idea of all time which is I'm going to [61:47] entirely disrupt money and create a new [61:49] internet I mean that's laughably stupid [61:52] and that's what's happening one of the I [61:54] run a company called um third which is a [61:57] web three infrastructure business we [61:59] we've raised quite a lot of money for [62:00] the company about $30 million now and we [62:03] have a big team and it's interesting for [62:05] me to observe the use cases because [62:08] people come to third web to build on the [62:10] blockchain and one of the really [62:12] interesting use cases we've seen over [62:13] the last I'd say 12 months that's really [62:15] exploded is is gaming people [62:19] building uh web 3 blockchainbased games [62:22] because if you think about games like [62:24] FIFA which is a huge game obviously the [62:26] UK where we're big soccer fans or other [62:28] games like you know um RuneScape back in [62:31] the day where you have Assets in the [62:34] game in FIFA you have a messy card in [62:37] RuneScape you might have a sword the [62:39] thing that the blockchain now enables us [62:41] to do is to take those assets from the [62:43] game and actually trade them outside the [62:44] game so I can if the if the sword was on [62:47] the ethereum blockchain even though I'm [62:49] not inside the game I can trade that [62:51] sword on the ethereum blockchain and so [62:53] one of the most exceptional use cases [62:54] we've seen at third web is people [62:56] building AI games sorry people building [62:59] web 3 games because these assets are now [63:01] valuable it's great for the game [63:03] developer they've now got this brand new [63:04] economy for their for their company and [63:06] it's great for the people that own those [63:08] assets in the game because they've now [63:09] those assets are now more valuable [63:10] because more people can access them and [63:13] if if I own ethereum yeah if I own an [63:15] ethereum token yeah which I Do by the [63:18] way I've been stacking it and refusing [63:20] to sell um but how do I benefit from the [63:23] fact that games are now being built in [63:25] ethereum and it's really simple if we'd [63:29] have all been given shares in Facebook [63:30] when it started we'd have all been [63:32] hilariously rich but we didn't the VC's [63:36] got it and then it went to the public [63:38] market and then you have to have a [63:39] brokerage account you have to be [63:40] approved right what this is happening [63:44] you buy an ethereum token [63:46] today if ethereum ends up becoming [63:49] bigger and more uses your token value [63:53] goes up it's as simple as that so you [63:56] get to participate in an entire [63:58] technological Revolution really simply [64:01] from your mobile phone and you don't [64:03] need anybody to approve it or do [64:05] anything yes there's regulation stuff [64:08] but simple stuff like that it's pretty [64:10] straightforward for almost everybody in [64:11] the world so therefore we talked about [64:14] how do you invest in your disruption and [64:16] the future of technology okay here's one [64:19] where you can really do it [64:22] and it's easy to do a couple of [64:26] questions here then so you said it's [64:27] easy to do yeah let's talk [64:29] practicalities how do does one do it I [64:33] can do it on my phone I have to call [64:34] someone how do I invest in crypto you [64:36] just open a crypto account yeah um with [64:40] one of the big crypto provid coinbase [64:43] Kraken crypto.com who are in a Gemini [64:46] what about this though my bank my [64:48] digital bank is offering me to buy [64:50] crypto on there should I do that yes you [64:53] can and you could do it bya PayPal [64:55] starts somewhere I'm not going to say no [64:59] but you will go down the journey that [65:01] everybody goes down which is the easiest [65:03] on ramp is the best revolute whatever I [65:05] don't care just do [65:07] it get a feel for what it's like to own [65:10] an asset that goes up and down a [65:12] lot particularly down when it goes down [65:14] it makes you feel terrible and you got [65:16] to learn about how to deal with it and [65:19] then because it goes up over time if you [65:21] don't do anything and you've chosen a [65:23] good quality asset that's provable as a [65:27] as an asset in itself it'll probably go [65:30] up over time in fact highly likely to go [65:32] up a lot and then you'll start thinking [65:35] do you remember Ral saying that the bank [65:37] owns the stuff and I don't own it and [65:40] then you might say oh but the magic here [65:43] is unlike the bank where I can't take [65:45] more than 10 grand [65:46] out I can put it all on my little Ledger [65:50] device because what's a ledger device a [65:52] ledger device is it's actually it's a [65:55] company provides it but what it [65:57] is because this is just an address on a [66:02] blockchain and think of it is like your [66:06] mailbox you can send stuff to it but you [66:09] can't actually take it [66:11] out like your email somebody can't read [66:13] all your emails but they can send you [66:15] emails well that that part that's [66:19] private that [66:22] secure Pass Key essentially [66:26] well you keep that to yourself and it's [66:28] stored on a device and there's a [66:30] complicated way of doing it and you'll [66:31] have to go through that which is you [66:33] have to have this seed phrase that does [66:34] it this technology will change quite [66:36] soon you know fingerprints face prints [66:39] and a bunch of other stuff but basically [66:41] a little USB stick will secure that you [66:44] can go and put in the safe or go and [66:46] take it to your Nan's house or whatever [66:47] it is can [66:50] secure your money that it's only yours [66:53] and nobody can take it out I have mine [66:56] on a ledger so I have my ethereum on a [66:58] small it's kind of like a small USB [67:00] stick and then that USB stick is [67:03] protected by like 24 words or whatever [67:05] it is that's right and those words are [67:07] on pieces of paper in different [67:08] countries at the moment that's right um [67:10] and it means that no matter what happens [67:12] no matter where I am in the world no [67:14] matter who comes for me I can always [67:16] retrieve the x th000 ethereum that I [67:19] have on this Ledger device yeah um [67:21] unlike a bank where my my account could [67:23] get Frozen by the government or they [67:25] could empty my bank they could freeze my [67:27] bank I can I will always have that value [67:30] and also you know there's a famous [67:33] example of the conversation of gold in [67:34] the United States and it's been done in [67:36] many countries in the past the good [67:38] thing about this magic internet money is [67:43] you have to physically cross borders [67:45] with it yeah yeah think of all the [67:48] Jewish people who had to take money and [67:50] diamonds and gold out of Nazi Germany [67:54] and out of Europe [67:56] it was hard to do here you don't have to [67:59] do anything you just need to remember a [68:00] seed phrase a seed phrase being [68:03] basically a string of words yeah yeah do [68:07] you know for people that are in that [68:08] paycheck to paycheck cycle which I was [68:11] in for many many years of my life where [68:13] I'd get paid for my call center I'd go [68:15] and spend the money I'd pretty much [68:16] spend all the money within the first [68:17] couple of days of getting the paycheck [68:19] and I was just waiting the next three [68:20] weeks for the next [68:21] paycheck what advice would you give them [68:23] about getting out of that cycle cuz it [68:25] because you almost feel imprisoned by [68:27] that cycle if you're in absolutely well [68:29] before I give the advice I want to [68:31] explain to that person what's happening [68:34] because you are the Prime customer for [68:38] our economic system Banks love you [68:42] because they can sell you payday loans [68:43] they can sell you credit cards they can [68:45] sell you lines of credit and they can [68:47] keep you in debt for the rest of your [68:48] life which means you keep making the [68:50] bank Rich corporations love you because [68:54] you're not going to think twice with [68:55] when we show you this nice bag when we [68:57] show you this nice vacation you're going [68:59] to want this stuff and so we love [69:00] selling you this stuff the government [69:02] loves you because you're going to pay [69:05] the highest [69:06] taxes employees pay the highest [69:09] taxes and so when you're in that [69:11] situation you are making everybody else [69:15] Rich at your [69:17] expense and so if you want to break out [69:19] of this the first thing is you got to [69:21] understand you need to make yourself [69:23] rich before you make everybody else Rich [69:26] because when you're spending all your [69:27] money you are putting your money into [69:29] their pockets and you have to stop that [69:31] you got to keep that money for yourself [69:33] you're in a boat think of it this way [69:34] you're in a boat and this boat has water [69:38] just flowing in and you are sinking and [69:40] you got to start by sealing the holes [69:42] and that means you got to stop the [69:44] spending so if you are in what I call [69:47] the financial danger zone which is you [69:49] don't have $2,000 saved up for an [69:51] emergency and you have credit card debt [69:54] if you are in that situation you are in [69:57] the financial danger zone and you have [69:58] to make drastic changes that means right [70:01] now no more eating at restaurants no [70:04] more vacations no more doing anything [70:06] that doesn't put money in your pocket [70:08] and no more Netflix right and the reason [70:11] why I say this isn't because you're [70:13] going to save $15 a month it's so you [70:16] can save two hours of your time a day [70:18] the average American is watching more [70:20] than 2 hours of Television a day and if [70:23] you don't have $2,000 saved up if you [70:26] have credit card debt you cannot afford [70:29] those 2 hours a day being wasted on TV [70:33] and that means right now you have to go [70:35] out and start using the time to learn [70:37] start using the time to work and start [70:39] using the time to make some extra dollar [70:42] so what do you do start selling stuff [70:45] stop spending money selling stuff you [70:46] own selling stuff you own so if you have [70:49] a TV that you're not using sell it you [70:52] have a car that you can't afford sell it [70:54] if you're living in a house that you [70:55] can't afford sell it downgrade move [70:59] smaller and then work to earn more money [71:01] I've got to say the couple of things [71:03] that I came to mind is you were saying [71:04] that and funnily enough I put myself in [71:07] the shoes of 18-year-old Steven Bartlett [71:09] when I was in that small apartment with [71:12] three or four immigrants in Mosside rush [71:15] home and I was you know my rent was [71:18] nothing my rent was a 1,000 150 a month [71:22] which I could not afford and I could not [71:24] pay and I was intermittently working [71:27] between call center jobs and whatever [71:29] money I got I spent and part of the [71:31] reason I spent it just pre is because [71:34] like many people watching especially men [71:37] who sometimes feel the need because of [71:39] the way Society is I was trying to get [71:42] laid at the same time and it's hard yeah [71:45] when you're a young man and I say young [71:47] men in particular because the stats do [71:49] support the fact that there is an [71:50] expectation that men pay um when you're [71:53] a young man it's particularly difficult [71:55] to to do all of these things to cut back [71:56] and also get laid and what am I going to [71:58] do defer getting laid for 10 years when [71:59] I say laid I'm really saying meeting [72:02] someone and falling in love and having a [72:03] having a life so what do I if I if I'm [72:05] living in a shoe box which I was I can't [72:07] bring anyone back there I can't take [72:09] anyone for dinner I can't take anyone to [72:11] the movies what do I do and this is why [72:13] every Indian parents tell their kids to [72:15] become a doctor so their son can get [72:17] married it's the same concept but here's [72:20] the thing you have to pick your hard [72:22] either life's going to be hard now or [72:24] it's going to be hard for the rest of [72:25] your life and you have to pick what's [72:27] more important to you right now and you [72:30] know if we talk about balance if you [72:32] want to have a balance of everything [72:33] where you want to find a girl and you [72:36] want to make money and you want to stay [72:39] healthy you are dividing your attention [72:41] everywhere not saying it's impossible [72:43] but very few people can actually do [72:45] everything all at [72:46] once and if your number one goal is to [72:49] become wealthy if your number one goal [72:50] is to turn your finances around you have [72:52] to get serious about it because [72:55] where you put your attention is where [72:57] you get the results and so if you want [73:00] to be in a better financial situation [73:02] you were going to have to make [73:03] sacrifices and it's difficult I can't [73:06] come here and tell you it's going to be [73:07] easy yeah because that's going to be me [73:09] lying to you I got to be honest I did [73:11] make a sacrifice and for me the [73:12] sacrifice was I started a business and [73:15] frankly that meant that I didn't have [73:17] time to be going out getting laid or [73:19] meeting people or socializing but it's [73:23] it my story arc ends with it going well [73:26] and then the Romantic situation taking [73:29] care of itself many years later once it [73:32] had gone well because I was so focused [73:33] on myself and it's funny there is a bit [73:36] of a paradox to life that the more you [73:37] actually Focus inward the more you [73:39] become a magnet yeah um and the more I [73:41] focused outward the more I pursued and [73:43] chased and sort of neglected myself the [73:46] the more harder it was to get people [73:47] interested in me yeah and you know I I [73:51] also want to say that when I talk about [73:53] Building Wealth I'm not talking about [73:54] coming money hungry just money greedy [73:56] this is evil person that just cares [73:58] about money that's not what I'm talking [73:59] about because I want you to live a [74:00] holistic life because money is just one [74:02] part of your life but the second part to [74:04] that is I'm not telling you to never [74:07] enjoy life I'm telling you to make a [74:09] sacrifice for a period of your life that [74:12] way you can enjoy the rest of your life [74:13] and never have to worry about money [74:15] again it's hard for us to naturally see [74:17] life for Seasons especially when we're [74:19] looking forward when we're looking back [74:21] it's very easy to say oh that was that [74:22] season like I can sit here now and say [74:24] all that 20 to 25 was that sacrifice [74:27] everything in my life to make myself [74:29] something season and then 25 to 30 was [74:31] like building and learning and then I I [74:33] now you know can can think of it's [74:36] easier actually now to think forward in [74:38] Seasons now that I've been through some [74:40] Seasons but for someone that's hasn't [74:42] been through seasons in life it's hard [74:45] to think about life in those terms I now [74:47] think of my life in these fiveyear [74:49] Seasons mhm and that helps me to say to [74:51] you even have conversation with my [74:52] partner where I go this is the season [74:54] I'm in [74:56] um and it will last probably roughly [74:57] this this long and I'm going to [74:59] sacrifice these things and prioritize [75:01] these things in this season mhm but um [75:05] it's hard for people to understand this [75:06] idea it's difficult and that sacrifice [75:09] is difficult especially during a time [75:13] where everybody's showing off everything [75:15] on Instagram you look at your friends [75:18] who have a crappy job but they're [75:20] driving around in nicer cars going on [75:22] better vacations going to the nicer [75:24] restaurants and you're thinking what did [75:25] I do wrong and then especially if you're [75:28] a guy you have a girlfriend you have a [75:30] wife she's going to say how come they [75:32] keep get to go can they keep getting to [75:34] go to Cancun they keep going to these [75:36] nice restaurants how come you can't take [75:37] me to these nice places and now you feel [75:39] like you're doing something wrong [75:40] because where is this discrepancy the [75:43] reason why I call my show the minority [75:45] mindset is because I'm a big advocate of [75:48] not doing what the majority of people do [75:51] the first time I made a million dollars [75:52] in a year I was in my 20s I was was [75:55] driving a car worth [75:57] $500 it didn't have a bumper on it it [76:00] was not [76:02] pretty my wife sat in that car with me [76:05] and my employees drove better cars than [76:07] I [76:08] did [76:10] so you know uh you got to be [76:14] confident and you got to work for [76:16] something bigger and you want a partner [76:19] that's going to understand that that's [76:21] my [76:22] belief which is not the easy thing [76:27] it's interesting because confidence is [76:28] such a internal thing and I just feel [76:30] like I just probably just didn't have it [76:32] then cuz I I think I was scared for [76:36] someone to know that I was broke I was [76:39] so scared to know for someone to know [76:41] that I was broke that I just didn't [76:42] entertain romantic relationships and [76:44] that is the reason why so many people [76:49] will go into debt to buy vacations to [76:51] buy things to buy stuff to look rich and [76:55] ironically that's the thing that keeps [76:58] so many people poor for the rest of [77:00] their life is because they're scared to [77:01] look broke and now when you try to look [77:05] rich that's the thing that's actually [77:06] keeping you broke there's another [77:08] element to this which is my life was [77:10] pretty miserable so when you have [77:13] a relatively miserable life when you [77:16] don't have many nice things because [77:17] you're working in a call center as I was [77:19] until 11:00 at night time doing overtime [77:21] every overtime hour I could get then [77:23] because you're all so lonely you're [77:24] going home alone walking home cuz you [77:25] can't afford the [77:28] bus anything that gives you a little [77:30] dopamine hit gambling this is why all [77:33] the gambling shops are in the areas that [77:35] struggle the worst financially because [77:37] those I mean a lot of people say because [77:39] those people are looking for that you [77:41] know that big payday that dopamine hit [77:43] from a Payday um my TV in my tiny tiny [77:48] little bedsit room was like half the [77:51] size of the wall I was making Reckless [77:54] spending decisions because I think it [77:56] gave me some kind of hit that I I was [77:58] missing in my life it gave me like a [77:59] dopamine Rush that was and there wasn't [78:01] many things giving me a dopamine hit at [78:03] that point in my life and see here's the [78:05] thing during that time you are making [78:07] emotional decisions yes as many people [78:09] are and it's very difficult to speak [78:12] logic to [78:13] emotion but this is where now you have [78:16] to be able to understand the difference [78:18] because if you're listening to this and [78:19] you're in that [78:21] situation you have to understand that if [78:23] you want to continue being able to that [78:25] lifestyle you're going to have to make [78:26] some changes today otherwise you're [78:28] going to be stuck in this lifestyle for [78:30] the rest of your life and it's only [78:33] going to get more difficult and that's [78:35] the thing is if you want to become [78:37] wealthy the first part is just your own [78:39] mindset it's your own discipline and [78:41] until tell you can conquer that I can [78:43] tell you everything about investing I [78:45] can tell you different ETFs and index [78:47] funds to invest in I can tell you [78:49] different investment institutions out [78:51] there I can tell you which stock [78:52] brokerages to use I can tell you just [78:54] invest $ 15 % of your income into this [78:56] for the next 10 20 30 years and you're [78:58] going to become wealthy but until you [79:00] can get over that mindset you're never [79:01] going to become wealthy because then [79:03] what happens in that situation is when [79:05] you're in that state [79:07] of I just want to look rich I just want [79:09] to have that dopamine in I just want to [79:11] have some nice things because I deserve [79:12] it I work hard you know what happens [79:15] next you the one that gets caught up in [79:17] all the get-rich quick schemes because [79:19] someone's going to say [79:21] look put $1,000 into this you'll have [79:24] 1010 $1,000 in the next 3 months or I'm [79:27] going to show you you can live the [79:28] laptop lifestyle you can work 5 hours a [79:31] week make $10,000 a month $10,000 a week [79:34] you're never going to have to worry [79:35] about money again just buy this [79:38] program and now you're a prime candidate [79:41] because now you were driven by this [79:43] emotion of I want that I can't imagine [79:46] if I had an extra $10,000 a month and I [79:48] don't even have to work for it because [79:50] you can't see past it you're all you're [79:52] doing is being sold by emotion [79:55] it's you you're the one that's going to [79:56] get caught up in the get-rich quick [79:57] schemes you're the one that's going to [79:59] make the bank Rich because you're going [80:00] to get stay stuck in debt corporations [80:02] are going to love you because they can [80:03] keep selling you the nicest the newest [80:05] stuff because you want to look rich you [80:06] want to show it off to your friends you [80:07] want to show it off to the [80:09] girls and you get stuck in that cycle [80:13] isn't this cool every single [80:15] conversation I have here on the D of CEO [80:17] at the very end of it you'll know I [80:18] asked the guest to leave a question in [80:22] the Diary of a CEO and what we've done [80:25] is we've turned every single question [80:26] written in the Diary of a CEO into these [80:29] conversation cards that you can play at [80:32] home so you've got every guest we've [80:34] ever had their question and on the back [80:37] of it if you scan that QR code you get [80:40] to watch the person who answered that [80:43] question we're finally revealing all of [80:46] the questions and the people that [80:49] answered the question the brand new [80:51] version 2 updated conversation cards are [80:54] out out right now at Theon conversation [80:57] cards.com they've sold out twice [80:59] instantaneously so if you are interested [81:00] in getting hold of some limited edition [81:02] conversation cards I really really [81:04] recommend acting quickly