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  • In 2017, the top 8 richest men became wealthier than Half

  • the World's Population.

  • Imagine 8 people having more wealth than almost 4 billion people.

  • That's a whole different level of inequality.

  • And this year, that inequality got worse.

  • The number of billionaires on Forbes' 35th annual list of the world's wealthiest exploded

  • to 2,755—660 more than a year ago.

  • Altogether they are worth $13.1 trillion, up from $8 trillion on the 2020 list.

  • 2755 people have an equal wealth as the entire GDP of China, the most populated country in

  • the world and the world's second l argest economy.

  • Most of the wealth is now tight in the hands of a few people.

  • And that's not by accident.

  • Most people are not financially literate since that's not something we are taught at school

  • or by our parents.

  • We are just expected to be good with money, just like that.

  • I know that it sounds silly, but that's why most of us are doing so terrible financially.

  • That's why most of the wealth is tight up in the hands of a few individuals.

  • So here in this video, we are going to do something to fix that.

  • We are going to look at money lessons that people learn too late in life.

  • We are not talking about basic concepts such as inflation or compound interest.

  • We will dig much deeper and find out the lessons that if you learn earlier in life, you are

  • probably going to be on the right side of the world, on the wealthier side.

  • So if you are ready, give this video a thumbs up and make sure to checkout our secondly

  • channel called - bloom where we also post videos about investing and money but also

  • about other things that you will find interesting.

  • If you enjoy this channel, you will definitely find our second channel interesting.

  • So go ahead and subscribe! and now let's get back to the video.

  • 1.

  • Be an outlier  When I got into investing for the first time,

  • I started with trading.

  • I would use all my knowledge to analyze a certain company, and I remember I invested

  • 300 dollars into that company - All the money that I barely saved in the last few months.

  • Imagine how nervous I was.

  • Right after I purchased the stock, the price started falling.

  • And I got even more nervous.

  • I was looking at the screen and counting every dollar that I was losing, but I decided to

  • hold, at least for another day.

  • The next day the price fell by 20 percent.

  • So I got out and made a loss. 

  • I lost pennies but back then, even 50 dollars was a lot of money to me.

  • But I decided not to give up and gave it another shot!

  • Unfortunately, I lost again. 

  • That's when I thought that investing isn't for me.

  • And that's what happens to a lot of people, including myself.

  • You try something once and compare yourself to others who are much more successful in

  • this, and you say - maybe this is just not for me!

  • Maybe I should try something else.

  • But the reality is you can literally be good at anything as long as you practice it enough.

  • In fact, that's how the idea of the 10K hour rule has emerged.

  • If you put 10K hours into anything, you are guaranteed to be good at that.

  • And I can say that from my experience because, after many years of investing and learning,

  • I began to understand the market and making much better investing decisions.

  • And that's what people don't realize early in life.

  • They jump from one thing to another, thinking that's not for them.

  • They are not good enough and perform poorly finically when in reality all they had to

  • do is stick to one thing long enough to become finically successful.

  • 2.

  • Wealth can be created out of nowhere  When you grow up in a poor family, you live

  • in a world of scarcity and limitations.

  • There is only so much of everything, including wealth.

  • If I am going to be rich, then someone else should be poor.

  • We are poor because other people have more than they should have.

  • And that mindset literally pushes you to fight for what is already there instead of creating

  • what isn't there.

  • Most of the world's richest people became so wealthy by not competing in the same traditional

  • industries but went on to create new industries that weren't there in the first place.

  • Elon Musk is probably the best example who literally invented an entirely new industry

  • called -aerospace or electric cars.

  • In fact, all of the companies he started - PayPal, the BORING company, SpaceX, Tesla, Neurolink

  • are about creating something new, solving a problem that isn't solved yet.

  • That why his net worth is 150 billion dollars. 

  • It's not just about him.

  • Every successful business is about innovating something new, from Uber to Airbnb.

  • Even smaller companies like Robinhood or even Angry Birds.

  • They added value to the world in different ways.

  • They didn't take anything from anyone.

  • They just made the world a better place and got rewarded for that.

  • So stop thinking that you are poor because someone else is rich and start thinking about

  • how you can add value to the world.

  • 3.

  • the paradox of choice If you are like me, then you hate going to

  • restaurants.

  • Because every time I go to a restaurant, I would take a look at the menu, and I would

  • get frustrated by the number of choices they have.

  • I would end up spending more time choosing what to order instead of actually eating.

  • I have already spent the entire day making decisions, and I came to a restaurant to enjoy

  • and not paralyze my brain again.

  • And that's known as the paradox of choice.

  • Having a lot of choices might seem great, but it has its disadvantages.

  • In fact, it's actually one of the main reasons why a lot of people can't excel at what they

  • do and achieve some level of financial success.

  • Take an example of investing.

  • The market is filled with opportunities from tech stocks to biotech companies to crypto's

  • to other financial instruments, but because they are so many of them.

  • You can't choose to stick to just one of them.

  • As soon as you get deeper into one of them, another one hits the news and before you even

  • understand what's going on there, crypto's are all over the news.

  • So you end up just following the news without actually taking action on any of them.

  • A lot of people criticize Warren Buffett for not investing in tech companies early on or

  • avoiding bitcoin, saying that he is an old man who is not catching up with the world. 

  • But that's not the case, he knows that there are so many opportunities, but he also understands

  • the paradox of choices.

  • The sheer amount of choices will get him to nowhere, so he is just focused on one sector,

  • on a sector that he excels.

  • That's why his net worth is over 100 billion dollars, while those who criticize him don't

  • have 1 percent of his net worth.

  • Eliminate your choices as much as you can, especially when it comes to your personal

  • life.

  • I know people who would wake up and spend 20 minutes thinking about what to have on

  • breakfast and then another 20 minutes to chose what to watch on YouTube while having breakfast.

  • I don't want to waste so much time and willpower on stuff that doesn't matter.

  • So I have the same breakfast every morning, and I chose from 3 sets of clothes, and I

  • spend my time doing stuff that actually matters and makes me happier.

  • 4.

  • Everyone is afraid

  • A lot of people tell me your videos are awesome!

  • You are so good!

  • I wish I could be making videos like you! 

  • Only if I was as good as you, I would start a channel as well if I wasn't afraid!

  • Do you really think that I was this good when I started?!

  • Of course not!

  • In fact, I was afraid to be judged.

  • Just go back and watch my first videos, the animations on my videos were absolutely horrible,

  • and my language was terrible.

  • Putting out content where you could be judged by the entire world is something normal to

  • be afraid of.

  • But that's the difference.

  • We are all talented and full of great ideas.

  • The difference is that some of us acknowledge that fear and do it despite the fact we are

  • afraid, and others assume that you should not do it if you are afraid.

  • The most important lesson I have ever learned is - do whatever you are afraid of!

  • Once you do a few times, that fear either will be gone, or you will learn how to manage

  • it.

  • Once you learn how to fight your fears, you will start that business, you will start investing,

  • you will start growing, and you will never be in a desperate financial position.

  • 5.

  • Don't work hard for money If you're like most people, you grew up being

  • programmed that you "have to work hard for money."

  • but working hard alone will never make you rich.

  • How do we know that?

  • Take a look in the real world.

  • There are millions—no, make that billions—of people who slave away, working their tails

  • off all day and even all night long.

  • Are they all rich?

  • No!

  • Are most of them rich?

  • No!

  • Are a lot of them rich?

  • No!

  • Most of them are broke or close to it.

  • On the other hand, whom do you see lounging around the country clubs of the world?

  • Who spends their afternoons playing golf, tennis, or sailing?

  • Who spends their days shopping and their weeks vacationing? 

  • Rich people!

  • People who don't work hard but let their money work hard for them!

  • That's how you become financially independent.

  • Yes, you do have to work hard for your money.

  • For some people,, this is a temporary situation.

  • But For most people, it's permanent.

  • So the goal should always be in your mind that you are going to make and save enough

  • money that will keep earning you money while you are playing golf.

  • If you have enjoyed this video you will definitely enjoy this custom playlist I have created

  • specifically for you that could potentially change your life.

  • And now it's time to give this video a thumbs up that it deserves and make sure to subscribe

  • and turn on your notifications.

  • Thanks for watching and I'll see you in the next one.