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.