29 years old and already $200,000 in debt... Either get rich or have no future | Undercover Korea
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- čas přidán 30. 08. 2023
- A lot of Korean 20-somethings are already heavily in debt in their 20s and 30s. They can't buy a house on their income anyway, so they're trying to hit the jackpot in stocks. They don't even realize they're addicted.
All copyrights to this video belong to KBS.
KBS is a public broadcasting service in South Korea.
#korean20s #bitcoin #addiction #documentary #economicdevelopment - Zábava
He had a head start compare to the rest of us. Two house and an inheritance. That's more than what most people get in their lifetime.
Yeah even just one of those would put him ahead of 99% of all 20-30 year olds. He put himself in that situation everyone else is struggling while also starting at 0.... he started at 99 and still isnt at 0...
He didn’t earn it and that’s why he lost it.
Easy come easy go
Yes and get reck
It's technically worse for him then anyone else becuase he had far more to lose.
The father passing on his home to his son rather then wife was a pretty dumb decision but perhaps a cultural one.
My heart breaks for the Mom selling her apartment to pay for her son's debt while he isn't changing his ways. She is trying to keep him alive and he is still gambling everything.
How selfish do you have to be to ruin your Mother's life for a small chance at some cash?
The thing with gambling is that he's always gonna invest more regardless of how much he gained.
Gambling addiction is a mental illness-there’s no good reason for it. It’s such a shame 😢
It is an ilness. As logically as it seems for US who aren't Dealing with this Kind of illness they can't just stop. I believe the guilt and shame is there but addiction can be very serious. Thank god his mother is still alive to stand by him. Its a vicious cycle. I feel compassion it coukd anybody it could be someone close to you but how would one know?
More money won’t help.
I think it’s wrong his life is in danger for owing some money. The crime syndicates are wanting people slaved to them. And then someone to torture or kill when the mood suits them. Why don’t they go to prison? It’s not like it’s legal. But you see if they force his fingerprint to an IOU family is legally on the hook. Why do they support these coerced documents?
This is crazy. He was so lucky that his parents prepared for his future and bought him a house. He lost it all just because he wanted to get "rich" and refuses to work a 9-5 job. He could have just kept that house and worked as a fitness instructor just to pay the small necessities. Greed really does destroy lives.
They're addicts to the thrill of gambling and within this video they call it investing with some mentions of gambling. In reality, what they're all doing is gambling. An actual investor realizes that there's more markets than just stocks and crypto. When luna goes down 99% it sucks and yes many people lost their savings. I can truly empathize with this but reality is if your entire balance is on one coin succeeding you're no longer investing but gambling. Most of these guys can only work their way out through therapy. A lot of them are young though especially the kid that was 26 and in 30k debt. Stuff like that you can work your way out of but if you're in too deep like the dude with 300k debt... Unless you're a highly skilled professional with like 100k+ salary a year it's going to take your whole life.
he's not special. 70% of families lose their wealth by second generation and 90% by third generation.
And the dude talks as if he feels sorry for those that work 9-5 desk jobs. Well, it's one thing if you made it in life and have a ton to speak like that, but when you don't have any money yourself.... 😁
Feel sorry for the wife that is pregnant with 2 children already, and all the husband could say was “I’m suffering a lot” you did this to yourself what about your innocent family
She should s divorce him on paper if she has not already.
And they are expecting a third
Men ☕️☕️☕️
agree, what a d!ck
@create306agreed
I grew up in denmark and we were considered poor. In a small flat with a bedroom, a living room and a kitchen, and a toilet. No shower. I slept with my parent and my little sister in the bedroom until i was 12 years old. Our bath was the kitchen sink. My dad was a busdriver my mother worked 2 cleaning jobs 1 early in the morning 1 at night. We had food on the table, clothes on our body, but we could never afford to go on holiday in the summer. So i learned to be careful with money when i grew up. I have roof over my head, a good job, lorrydriver, food on the table every day, can buy clothes when i need to. Never wanted the headache with big mortgages, never wanted big and expensive cars. Im content with what ive got and i have no debt. Being happy and healthy is more important to me. It dosent matter how much money you have got, you cant buy happiness and a good health.
I agree. I also have the same thoughts.
How old are you now? It must be like in 70s when Denmark still not as developed as now
I am 60 years old , born a
April 1'st 1963
i grew up very poor and honestly continued to be poor into my 30s. my parents taught me nothing.
@@cstpa1 I feel you lol. Made many mistakes in my 20s and now in my early 30s trying to earn decent living. I'm saving 90% of my wage and in 3 to 5 years I want to start my own business (still don't know). Many of my friends have decent living and families of their own, I envy them. Well, couldn't rewind time. Suck it up and move on.
Dude is not an investor. He's a gambler.
Dude sounds like a wall street bets "investor". He's doomed
I found the documentary / narrator very irritating, because they should call this "gambling" while allowing the interviewees to call it "investing". The contrast would have spoken volumes.
The one guy who's already deep to his knees in debts and yet still continues to do the same damn thing that got him to his current situation. He says he feels sorry for those who work in offices and that those people can make more by investing. But look at what happened to him? At least lots of these people "working in offices" aren't drowning in debts of the same magnitude as the one he has.
This guy is an idiot. He doesn't know how to do money management at all. He is only worsening his own condition further.
yeah I kinda lost all my hopes for him at that moment. My guy is just delusional
Unfortunately, many people fell for these "get rich quick" schemes/ideas especially with investing made much more accessible nowadays. Nobody wants to work 9-5 their entire lives just to earn that little money that can barely sustain the kind of lifestyle they dream of. And it's made much worse with all these investment advertisements/marketing, making it seem like its easy!
Or maybe you just have to rig the system the way rich people do. Get inspiration from 'wolf of wall street' or 'scam 1992'. If there is risk there is love. 😅
@@bladerunner53 Are you mad or what??? Do like how one did in the movie "Wolf Of Wall Street" & you will end up in jail or dead. Rig what system??? The rich people have cults, sacrifices, rituals, practice & use black magic to stay rich & wealthy. Also, most rich people use a middle man for all of their scams, schemes, etc so they won't go to jail. Do you know how many rich people should be going to jail but rarely or almost never go to jail??? The system keeps changing for it to be rigged. There is no short cuts to getting rich. Even if there was, only two end options will come for you, that is jail or death. Don't give dumb ideas to anyone & you yourself don't practice these dumb ideas. Get real dude.
As a Korean, I am almost glad I grew up with a dad with a gambling addiction… because the trauma I experienced from that childhood keeps me AWAY from what is essentially gambling. I have so many peers who are struggling and barely hanging on despite showing off an image of success through fancy shit bought on credit…
It’s so sad to see…
its also have character of ponzi, those early btc and other crypto investor got mega profit, those who came too late get the price wobble or crash....I agree on buying fancy shit. The youth in the vid buy luxury car and travel abroad instead of stabilize his big money, those are very basic but fatal mistake
I'm a bit luckier than you. My parents taught me to live frugally and not waste money on pointless items, no matter how beautiful they look.
What's more, one of my highschool classmates is a lottery addict. I've seen what it can do to people.
My father also developed a gambling addiction that tore our family apart. All us kids and my mom learned the hard way. She got us out, taught us how to play things safe but still enjoy life. While we're doing great now with our jobs and finances and living with him taught lessons it still hurts to think back on all those years with my father. Wish things could be different :(
I'm glad you live well and don't follow a luxurious lifestyle just to show off
😂 stop show off in comment place😂@@onebottleofwater9487
Does anyone actually feel sorry for this dude? He inherited a lot of money and then lost it quickly. I don't think he deserves any sympathy from the world tbh
I feel sorry for his mother, who already lost her husband and now is losing her home
Why doesn't t he jump many skyscrapers!
This is nothing in Asian especially in China and Korea . Lots of spoiled wealthy second gen
@@FijiBlueM00gie Yeah but for them to squander all their inheritance in one fell swoop is very surprising. Usually that happens until later generations.
They are spoiled brats bitten things they can't chew in the end. It's due also to economic boom their parents had thinking they can live off with that without working hard.
His mother still tried to help him after he took out a loan on her house. That’s wild because he would have been disowned and reported to the authorities. She’s basically enabling him at this point
Yeah five minutes into the video, I’m already depressed. The parents already entrusted houses and money to him, and it can’t go on. The scary part is, he still wants to stand up by investing! Huge red flag here
I think she did it so her son wouldn't commit suicide. Usually in these cases the parents are forced to help or else they might lose their son/daughter. Just a theory.
Sadly, South Korean Criminal Procedure law states that one cannot be punished for certain economic crimes against their own direct relatives - i.e. You cannot sue your parents, siblings, sons or daughters for embezzlement.
@@junhungho7063Yeah, save his life but for how long? How much more houses she has to sell, because it doesn't look like her son is going to stop gambling ne time soon...
@@bpavilion8994loosing a son is worse for a parent
All his father's hardwork to get a house for him all went down the drain. What an idiot! In today's economy, it's very difficult to purchase a house and he lost his just like that. smh
Exactly. Me knowing how difficult to own a house, i would call him beyond idiot.
That's why people only really value what they have to work hard to get. Anything inherited is usually taken for granted and soon wasted.
He is a winner by just staying at the start and don't do anything. But he choose to go backward, that is his choice.
And it’s even harder to purchase one in Korea, so he REALLY fucked up. Most ppl rent in Korea bcs of how expensive it is to buy housing, so he probably won’t ever get to OWN a house again in his lifetime. Because land in Korea is not getting any cheaper, his parents had a chance and took it all for this guy to throw it away. Had he worked a regular corporate job and used his inheritance wisely (not throwing it all on the stock market or whatever) he would have been fine and built wealth in a steady way. He already had the hardest part covered (owning property),he could have rented the property, make an Airbnb, theses so many things you can do to gain money off your property
Your comment gonna hurt him more bro, if he ever reads this...@@DanielGalarza-zr2cu
I am watching this and...i've never felt so grateful for my situation. I don't have any money, and yet, i feel i've got absolutely everything i need. A small and modest roof over my head that's clean and welcoming to anyone, food everyday, essential clothing, and some money for emergencies. I've practice contentment all my life, and i'm almost 60. I'm happier than friends who have big houses, cars, and luxury goods. They come to me and they envy me, and my simplicity. They're depressed most of the time, trying to keep up with the upscale lifestyle. I've never wanted more than i already had, and, i think that's the key to happiness, to me. As long as you want more, as long as appearances and social status matters to you, you are vulnerable to that kind of trouble. All we heard in that documentary was about greed, and wanting more, wanting a luxury car, brands, a big house. What happens if they never wanted it in the first place? I wonder. I feel sad for them, they are trapped into that addiction hell now.
I do feel same way. Even though I haven't much saving but atleast I don't have any debt. Feeling free mentally. I have no debt policy. I'm very fortunate to know early materialistic things not make me happy. Mindful living is best way of living. I may not afford luxury thing but not to worry about... unnecessary burden which is ruin my present moments...
So true… you are strong to live your own way with dignity. Sadly there is a societal pressure in many countries to be rich and “successful”. Especially in countries such as Korea and other Asian countries, living simple would probably be frown upon and misunderstood. Mostly focused on collectivism, people can judge you as someone who lacks drive, ambition or even a failure. Don’t think everyone can withstand that judgement if they are not mentally strong, so it’s easy to give into the pressure.
this is so true
You nailed it on the head. If people will just learn how to appreciate what they already have and stop longing for things that they can't have, they'll live happier lives.
The opinion of others in this case society,ensnares one. And always its the young Its by Design.
Knowing both sides of having and not having all I can say is as the person above mentioned that is over sixty : always be thankful for where you are in life because we never know what happens even in the same same Day that could be life changing and life changes all the time the issue is people seek confidence outside and mostly in Things that depend on us giving it Our value. We are deceived that these shallow Things are valueable the Real value lies in the eyes of the beholder. They will come out of debt. And they will take their time as well as learn on their way this is their Path, we all have Our own load to carry, thank god they were open to tell their stories that I respect it is not easy in no society. And their Story will change someones life.
"Sometimes, it's not about having a talent, skill, or passion. But what if I told you that with the right investment, you can still achieve your goals? No talent, no skill, no passion, but good investment can bring you financial freedom. Don't underestimate the power of smart financial decisions!"
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks..
I keep wondering how people earn money in financial markets, i tried trading on my own made a huge loss and now I'm scared of investing more…
@@rougeur Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances….
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
@@rougeur I get guidance from *Susan Tori Davis* Most likely, the internet should have her basic info..
"if they invest smartly they can get a few thousand a day"
- 500K in debt.
😂
First half of video is mistranslated. A lot of the first half needs an extra zero.
When the sports trainer said $500,000 USD on the video? It's closer to $5 million USD since the video was mistranslated.
@@2RosarioVampire dang 500k is a lot.. but 5 million is massive..
That's why I don't trust people who flex especially the one who is hanging at the gym most of the time saying he can afford to do so since he make bucks..
@@2RosarioVampire The 5 million is in won not USD. Converted that is around 500k USD
This is why financial literacy is so important. It also does not matter how old you are, if you don't understand the principals of financial investing, you're always going to make poor decisions with your money. It's very unfortunate to see these young kids YOLO'ing their families wealth on reckless trades.
And you wonder why you see such movies as Squid Game
Its their History
It is a side effect of social media. They see people their age living glamorous lifestyles without having to work for it, and they want that too. They don't realize it is fantasy.
The ones who aren't mature enough to learn from their early mistakes end up like this.
Absolutely agree - financial literacy is everything. Needs to be taught more in schools
No one has patience bruh..I agree with u…if u can throw $200-500 into a well known ETF OR MUTUAL FUND FOR 20 yrs u be okay…
Win or lose everything? Bruh you've ALREADY LOST EVERYTHING... WHY ARE YOU STILL INVESTING??? This is exactly how credit card debts destroy lives, you're spending money that you don't have, and by spending more you're going deeper and deeper in debt. RIP
I get what you're thinking, but if he is able to invest then he hasn't lost everything. If not, you have to choose a seemingly arbitrary end point in time. In this situation I would set that time as, "when he loses *everything*", like 50 Cent's "Get Rich Or Die Trying" sorta thing
Sometimes you've got to gamble
I can’t believe that guy is still giving investment advice to people who have stable jobs and probably more savings. It’s an addiction.
I have lived in South Korea for a big chunk of my life, and the culture here widely includes both a temptation for get rich quick schemes and a compulsion for fad following that leaves people massively vulnerable to risky bandwagon investments and outright fraud. This mother is also representative one of the great drivers of South Korea's elder poverty problem, which is children unabashedly draining their own parents dry to fund their own lifestyles and bail out their debts. It's very hard to watch happen to the people around you in real time.
no you didnt
@@propertymanager9149 Believe what you want, man. Isn't going to change my address
@@propertymanager9149 you want them to dox themselves?
Reminds me of that video with a bunch of live-streamers in China, sitting on the sidewalk.
That's crazy.... They're trying to make money. But I also know they want to do something besides a 12-hour Salaryman job.
It's almost like somebody is deliberately engineering all this. So, they can be stuck in this loop of content, and throwing out money.
It's the same problem in my country with social media and dating apps. But not as severe as in South Korea.
@@YukiGibson dox who? i guarantee this fuck never set foot in korea. One thing I know for sure about us is that we will never divulge our financial information to strangers least of all to some loser fucking weeb
This happens when you want to be filthy rich in a short term....what for?... buy high end brands and unnecessary luxury that make you more miserable.
it's the mindset of immature people. They weren't able to grow past the toddler mentality of 'instant gratification'. They're emotionally stunted too
Korean society is super marerialistic. It basically defines your place in society
Thats why certain predatory company that sells branded things use kpop celebrity,to influence people buy that brands,when the truth is the celebrity barely use the product endorsed.
Yes exactly. Once they get that sports car, high end threads, [insert third luxury good here], and a superficial partner as shallow as them. *Then* they will be happy.
The mantra of most 20 somethings living under capitalism.
The part that cracked me up was “houses here are $500,000…that would take me 10 years to afford!” LMAO. I’m 20 years into my plan and I’m aiming to sell down my portfolio to retire in 8 years. That’s 28 years. If you don’t have the patience for a measly 10 you will never achieve anything.
One of the men interviewed mentioned that "he felt sorry for those who work in offices"; my take on this is that an individual who works in an office has a stable career with great income and employee benefits, have a chequing, savings and investment accounts that have more than sufficient amounts. The career individuals also contribute regularly onto those savings and investments accounts that have high rates and compounds, allowing the money to increase over time. Those career office individuals have made better choices.
And most of the office worker debt free compare to him have debt 300,000 dollar
I mean, i would never make the financial choices these people make, but as someone who does work in an office everyday, I do often wonder with existential dread if this is what life is all about. Having said that, Ill take this over the ridiculous all or nothing approach these people in this doc have. Just terrible choice after terrible choice with zero lessons learned. At some point these people need to get help as if they are addicts.
this dude is insane, but working in a office is a soul cruching job... if you don't be like "is this all there is to it?" you are not human my bro.
@@ArlindoBuriti Yes and the harsh work culture in Korea puts in a whole different league.
maybe thats why many choose the shortcut named "investment"
All the dudes in this documentary have no shame leeching off their families. Seen too many of that in a lot in asian households and its just sad. My brother did this to my parents even if he has 4 kids to raise. He gets a lot of cash from our parents and a new car for merely existing while the rest of us have to work for what we have.
We need to let adult sons clean their own messes.
YES! I AGREE
Even daughters do that too, heck many I know have left their children with grandparents full-time, and always demand party money every week.
@@dinte215 "In this documentary". Stay focused lol.
It happens a lot to kids that are among "favourite children". It was sick when parents ignored this and continued to do everything for their kids when they should be resting and let their kids live on their own. They have provide enough supoort for them
You have to "work for what we have" because you chose to. Are you suggesting that your parents would watch you struggle if you ever fell down on your luck? You made your choice, just like your brother did. Ironically, this is why "addiction" is so rampant: behind addiction, is a realization that most of reality is based on fabricated lies that mostly disfavor those who accept the lie. Thus, the so-called addict tries to find a way out of the lie by taking as many risks as possible.
You're looking down your brother, yet feel resentful that you have to work. If being a responsible adult was such a great thing, you wouldn't feel bitter about having to work to sustain the life you live.
As Albert Einstein quoted, The definition of insanity is doing the same thing over and over again and expecting a different result. Investment 101, don't put all your eggs in one basket. Addiction is a sickness. The DO OR DIE is a poor/toxic mentality. I hope these men do not give up on life, and get help.
Hmmm... I don't have a gambling problem or anything, but maybe there is some truth to that 🤔
"As Albert Einstein quoted, The definition of insanity is doing the same thing over and over again and expecting a different result. "
Yet the other guy told us that it takes 10,000 of practice to become an expert at a thing, thus there are times when doing the same thing over and over can produce different results. How about we lead our lives with our own discernment instead of always taking cues from people who mostly profit off us being docile and ignorant?
This fitness coach guy out there doing the same thing that led him to his demise. He even called out and questioned people who work hard in offices. Man, those people may be clinging to the office work to provide for their family, or it may be because they have no other choice but to do so in order to get by in life.
They’re all gambling addicts. The personal trainer say he feel sorry for office workers but he has a debt on 500K and barely $50 in his bank account. Tragic. He’s living a fantasy that will never make it.
and he still didnt realize he's a social media flexing victim..
It's closer to $3.8 million USD. The video mistranslated numbers first half of video.
The average office worker cannot afford a $900 emergency and has tons of student loan debt. Might not compare to his situation, but I would caution against the fear mongering these type of videos are trying to create, since the goal is often to discourage you from taking financial risks; which would be a great advice if the alternative wasn't only marginally better.
As long as I have stable housing, reliable transportation, food in the house, a stable income that provides these, a financial safety net, and good health, Im ahead in the game.😉
A beloved and now deceased college professor of mine said something when I visited him in the hospital, just weeks before his passing:
"For the most part, all that we accumulate beyond what we need, is all for show- it's all show"- Mr. Marcellus Brooks, Fisk University.
what you professor considers "for show" is often actually "for purposes of sexual selection". humans have been putting on shows for each other for hundreds of thousands of years to get mates. lots of birds gather shiny things for this purpose too.
Some people pass on that show to their kids.
@perfectallycromulent About time, we tried to somewhat control that primitive side of us if we continue to claim to be the superior species. At least not to the level of complete self-destruction from greed for superficiality.
@@perfectallycromulent Once you have a wife you move past that stage. Getting mistresses and so forth is really all for show. I can assure you today's youth should worry about sustaining themselves first let alone adding another partner into the mix because their future is looking very grim.
"For show" isn't the right analogy. We accumulate 'beyond what we need' so we can have spare to give to charities and our children. At least that's my situation.
When I was living in a homeless shelter my neighbor came up on something like $50k in backpay from unemployment. I had been living in shelters for years by that point waiting my turn in the housing lottery. I was happy for her when it happened and I remembered saying, you can get out of here now, you could rent a place to live or even buy somewhere rural, go to school, start a business.. she said she was investing the money and it was all gone in weeks. It still haunts me to this day what she did. I am placed in housing now and have everything I need but I think of her often and wonder if she is still living, if she ever made it out of homelessness.
I.. have no words. I don't understand people like this. I hope you are doing well.
That is completely insane. Very unfortunate.
He should file bankruptcy instead of dragging his mom into it
Nice plan, the problem is, he most likely took the loan from some seedy sharks.
So that is not gonna help him.
Have you seen the show "squid game" ? This is their source.
prolly considered it… most likely can’t… or already has
dude is at the bottom…. he def hit that when he involved his mom…. then again - maybe hasn’t hit bottom as he continues to invest his paychecks
@@nikolaizaicev9297👍
I never had any money when I was younger, growing up in the foster home, joining the military at 18. Everything I have, I've earned. This is why I am conservative with money, even when it come to buying used cars instead of buying new.
This is why most rich people are so stingy, they made their way to the top by any means possible.
This guy will never recover his losses and doesn’t seem to learn from his mistakes. I feel very bad for his mom who is so supportive of her son mistakes. He is the only person she got in this whole world.
새벽이른 아침에 일어나서 하루를 준비하고 버겁지만 하루를 끝끝내 마무리하는 일상은 생각보다 큰 의미가 있습니다...20대면 앞으로 적어도 8,90살까지 사는데, 6,70년 먼 걸음입니다. 조금은 천천히 가도 괜찮다고 생각해요. 너무 조바심 느끼지 마시고 하루하루 소박하게 살아가다 보면 어느새 큰 자산이 되어있을 거라 믿습니다. 다들 힘내세요...저도 20대라 엄청 공감가네요.
8,90까지 살아가는 사람은 의외로 많지 않을 거예요. 빈부차에 따른 영양섭취도 차이 많이 날거고, 서울이나 수도권이나 혹은 공업도시라면 공해에도 더 노출되어 있을텐데요. 8,90까지 정정하신분들 생각보다 라이프스타일 건강하답니다. 지금 20대중에 8,90까지 살 사람? 절반정도나 되려나요? ㅎㅎ
What a cowardly thing to do, trying to take his own life and leaving the debt to his elderly mother🤬😡🤬. Get off your butt and work!
Korea. Where the son is everything.
Pfft. I would have kept my home and given the little cockroach a match so he can finish the job.
Smh he’s a leech
The translation is off by a decimal place on one of the investors. He lost ~5M usd (not 500k) and in debt 2.9M. Thats what he wanted to use to buy a place in Gangnam
That makes it so much worse. 5M USD is a lot of money for common people.
Million? 😱
Yes exactly, 억 is 100,000,000 Korean won and the apartment in gangnam costs 30억 so 3,000,000,000 krw.
5 million USD ?!?!?!?!?! If he was absolutely hell bent on investing, even half of that money invested in something low risk like some index or mutual fund and he could live without working the rest of this life just off those returns. Insanity
@@Why.Just_why Bro. He didn't do his homework and most of these supposed investments are nothing but ponzi scams...
Well these guys deserve it. There’s no shortcut in life and yet they wanna get rich quick
I've lived in Korea and the youth there wants a lavish lifestyle and spends money on nonsense. It's MUCH more extreme than here in Western Europe imho.
He wants a sports car, a posh apt this man is truly Immature, and the mother is an enabler .
What a wonderful documentary. Loved the part where the doctors/scientists were explaining how clinical it was. This is a world wide phenomenon.
Keep in mind South Korea is more socially and economically advanced like Germany than the US. Even in northern states, such a healthcare system will break down at the family support stage. Thus US healthcare price will continue rising while producing the same results with continued social and marital stagnation for the forseeable future.
A mothers love is blind when it comes to her child (for most mothers not all). This waste of existence of a son is taking that for granted and does not even realize it or even cares. And he is 29 years old too...
Always live below your means, don't buy something you can't afford just because you want it & be careful of what you invest in
its not bad to want more in your life but never take for granted what you currently have because chances are its a lot more than what some others have.
on average 90% of rich families lose their wealth by the third generation. 70% by the second generation.
This is why financial literacy is everything. Don't chase hype due to FOMO. Building wealth takes time and should be looked at on a long term horizon.
What is Fomo?
@@Minass848fear of missing out
nope, financial literacy isn't everything. The most important thing is discipline and self control. You could be the most knowledgeable person in terms of finances, but become a gambling addict.
@@blankneverlosegaming6374very true. A great example of those who are financially literate with no self control is that sam bankman freid guy
Edit: commented this before realizing the video is about crypto 😅
@@blankneverlosegaming6374 i totally agree..FOMO person is shallow empty and miserable because they think those thing alone can only makes them happy which is wrong.
"friend" that invite you to invest into something.
those are not "friend"; they are just "fiend" in most cases.
He's spoiled, lazy and irresponsible. I just feel bad for his mom.
It's very very sad. These kids are trying to make it or break it... They broke it
Why r u everywhere
This behavior is absolutely like a GAMBLING 🎰 addiction . As a former Gaming Commissioner…I worked with Gambling Addicts who would 86 themselves from being able to gamble. This is an ADDICTION fueled by Greed. Mom will eventually give the last bit of resources she has to him and that will be the end of that. SAD 😔, she’s choosing to be codependent instead of helping him.
disgusts me that gambling is promoted everywhere on tv and in sports etc. it's basically free profit without adding any value to society. it's like cigarettes yeah some people get joy from it but it should be able to get promoted like that. gambling addiction is one of the most cruel and with the highest suicide rate of any addictive disorder
like it can exist but ffs it shouldn't be able to be promoted it's a cancer to society. i think in our lifetime it will get banned from being promoted. like sports betting, lottery, casino. all should be banned from being promoted.
This is a good video. Problem is the cost of living is rising much faster than the rate of salary increment.
Unfortunately this is not really about "investing" or "debt", if these young people moved to Macau or Las Vegas the end result would be the same. It is a gambling addiction and it is destroying their lives and their parents lives.
I’ve only visited South Korea once, and it was back in 2018. I went there on a business trip, and boy oh boy, let me tell you…it’s the most superficial society on planet Earth, that’s for sure. I thought mine was, and it is obviously (I’m from the UAE) but South Koreans are on another level. A galore of ostentatious behavior, and conspicuous spending, stemming from a dire need to compensate for one’s insecurity, by trying to fill a void through the acquisition of material stuff, that no one, absolutely no one, actually needs.
This is also why, I don’t really feel bad for many of my cousins. Imagine working from 18, with a $88k/annum income for 13 years straight, living with your parents, being single, in a country with no income taxes whatsoever, and you still have ZERO savings by the time you’re 31!!!! Like WTF!!!
smallest dicks on the planet. 4" median length.
No income taxes? Wow...
This guy is not just a bad investor but also gambling addict.
This is why you need to secure your own household first before you invest in anything. As with any investments, be prepared to never make that money back.
He did. But he invested all the assets of the house. You are supposed to invest a small portion of your income and then leave it be. It goes up and down. You have not lost anything until you take the money out. He is throwing good money after bad. It’s basically day trading.
I feel sympathy for the mother, I’m Korean but was raised in the west. I’ve worked hard day and night to fix my past wrongs and find redemption through hard work. Now I have a great job in corp and it gives me a sense of happiness to give back. (also vacations are nice time to time)
I wish Korea had more mental health resources, the lack there of sucks the soul out of Seoul
while some filipino dreaming working in your country for skilled job offer. they feel like heaven for achieving goal please appreciate that korean people.
At least hes still young. Just imagine if he did this at age 60
Many people don’t understand the difference between investing and gambling.
I'm 29 years old. A licensed but still debt less in bank. Thankfully I'm not stupid to gamble my money to non sense and not just to look pretty rich .
shut up, gambling addiction isn't equal to stupidity. The brain overstimulation causes a lack of self control. It starts with smart investments which are supposed to be long term and ends up leading to gambling.
Thank you. In many parts of the world, getting rich isn't really what a young person aspires to.
Exactly!!!! I've never wanted that, and i feel very happy, grateful, and contented with what i have.
I hope to understand a bit more why young people would aspire for instance to be decked out only in designer clothes. Footloose and fancy free while one can still get away with it, is what one would expect. Wealth comes with its own set of problems tbh.
@@maximillianafrancine1451 media social greatly affect young people nowadays. Its sad how they dont understand most of them just like to show off but not really rich..
@@rakamu2940 gotcha.
I know some of the relatives who live in Europe and other places. They say their country societies don't have upward mobility. Getting rich is hard and the best for them is to get secure jobs
This is why you invest a small amount first then research again.
That gym trainer dude. He lost 500,000K with no savings. Yet he is criticizing people with regular office job.
'억 원' is closer to an extra zero. The video was mistranslated at first half. The number is closer to $5 million USD, not $500 thousand USD.
Absolute insanity.
@@2RosarioVampireOmg that’s terrible
In korea, image is the most important. That is why most of the young people show flashy things even they can’t afford it just to earn respect. That is also one main reason why they fell for the “get rich quick scheme “. One korean vlogger even mentioned that in his country it’s very impossible to get rich unless you are born in a rich family.
What korean vlogger?
Nailed it
The guy with 2 kids(3rd coming) needs to listen to his dad .
The hardest lesson for me was losing 5k in speculative investing during my early 20’s. I can’t imagine losing my house and 300k savings😵💫
That's because you never won big or took that big leap to cash the bag. The feeling will instantly consume you when you win a big hand, then lose double that. It's easier to judge from our perspective, but his addiction comes from denial of sunk cost.
@@donatematchacookie gamblers would never quit even when they were ahead. That's why they lost in the end.
I wonder if there's a Korean version of Wall Street Bets these degens learn from lol
its just numbers in an app. just delete the app and it goes away.
@@AN-xs7dwyes it's just numbers...no real money...
what a great channel, this channel definitely deserve more viewers.
Not investing, but gambling.
Ah yea crypto and stocks were a big trend in Korea during lockdown. They treated it like a quick short term get rich scheme after watching a couple of CZcams videos, so a majority of Korean lost money and some were taking out loans for investing too. So the trend quickly died and they’re all back to trying to get some Seoul real estate again.
Not just Korea...all over the world.
I feel extremely sad for the mother.
Wrong currency translation: @6:06 his original goal was to make at least 5 million USD, not 500k USD. He also earned at one point about 2.5 million USD, not 250k USD; making his loss a lot more tragic
That's actually such a huge difference, and so stupid. At $2.5m just cash out, especially in a cheap country like Korea you're set and wealthy for life at that point. We need to send these regards to WSB lol
@GodHandFemto Korea is not a cheap country. Have you ever been to Korea? Cost of living in Seoul is not that different from the US
Many of my younger co-workers in the US have 300,000 dollars in debt from student loans. I was shocked when I realized, how expense 4 years in a university had become in the US. They have a professional degree, but this is too much for any young person. Something needs to be done. I feel for these people, they seem to be in a similar situation, but worse because they do not even have a useless degree to show people.
Is super sad for sure.. the degree doesn't not guarantee you a job even a technical career is more cheaper and shorter to get certified... I am probably not getting in debt any time soon
The love of money is the source of all evil. 250k debts for investing 😮
FOMO market is really delicious
His greed got the best of him. His own fault plus his own stupidity. No one else to blame but himself.
People end up hating capitalism because they made terrible decisions that resulted in sky high debt. Brainwashed American college kids think taxpayers should pay off billions in collective debt THEY put themselves in
Remarkably dumb comment. Money has never been nor will ever be the root of all evil. Evil predates money by millenia if not eons. The TRUE root of evil is ignorance.
the number of debts is astronomical, the first people in the material have 250k USD, then we see people who have 10-50k at first I thought, that's a lot less, not so bad, only after a while I realized how huge these 'smaller' ones are ' numbers
good, 29 years old and you are throwing money into the unknown hoping it would return as lottery?
yeah he deserves every bit of it, but poor mom has to deal with it.
"His problem was investing in cryptocurrency" Ah yes, saw that coming, when a person isn't satisfied with destroying it's own money so it destroys entire family's money
Your translation is wrong, his goal is $5millon, not $500k
1 billion 10억 = $ 1milion
5 billion 50억 = $ 5millon
5:43 lol this guy mocking at salaried worker when he is a wreck himself investing crypto.
😂😂😂😂😂😂😂
Great documentary. Keep it up
Amazing documentary on gambling addiction and Korea's youth despair, it's eye-opening to see the gravity of the situation when data are laid bare. Not too different from youths in developed countries around the world.
"Investing" in crypto is not smart. Borrowing money to invest in crypt is downright stupid. It may be ok to do short term (less than a few days) trading in crypto, but it is too risky to put any real money in it.
The core principle of investing is that you should only invest money you can miss because not all your investments go good and crypto currency has no value so its never smart to invest in that at all.
Dude in the gym with white sleeveless shirt putting shade on 9-5 workforce people and giving lessons on how to invest in crypto when he is $500,000 in debt is quite delusional.
Situation critical Al...
Great documentary , thx K-DOc
What a scum. How could he do that to his mother? Had too much money and decided to gamble; there's no excuses for what this dude did. Dude even tried to take his own life instead of trying to make up to his mother.
😂 I wish the guy see this video's comments section and read yours! Maybe he will realise what a scum and a lowlife he is to do that to his mother.
I think what he wants is the insurance pay after he dies? which is still quite a big payout, to be honest.
Well said!!
@@MDF_World Do suicides pay out, I thought they don't?
THEY ARE INVESTING IN CRYPTO BUT IS NOT INVESTMENT IS A GAMBLING ADDICTION, INSTEAD OF WORKING HARD AND EAR MONEY THEY WANT TO GET RICH FAST AND EASY.
the other guy even felt sorry for office workers lmao while him lost all on crypto trading.
Working hard won't make you rich either nowadays
The dumb thing about him is using loan money for investing
It's hard for me to have empathy for them. They are greedy and reaping their own greed. I only sorry for the mother.
I am working as a housemaid when i was 26 yo(been working for 15 years now and counting) and my boss is working about the economy in the world for example they will buy the building that is going to bankrupt and etc. She told me to never invest in Bitcoin and other investments online and i'm fortunate even being a single parent that i spent my money to buy a land in my country and now a certified tax payer, and some other investments in crops and as well as i am able to support my two children in their education.And i also went on travelling solo.Thanks God that i've learned some financial literacy.God bless everyone!
Never go into debt, keep a good credit score and earn money slowly, you don’t get rich overnight which some people fall into that trap
thank u kdoc for this very important video of future gens
What a beautiful documentary to watch..Thats a life a young generations nowadays..Just thankful nd greatful what u hve nw..Just dnt compare urself to other people just live a simple life..pls dont greed for more thats y u get into a lot of debt with the poor mother tried to fixed ur debt omg hve some respects for the elders pls🙏
Even in a community culture like Korea, why would a parent let the son use the house for crypto currency?
Who are you even asking? These people all took up debts and put up collateral by themselves. Of course the parents would've stop if they knew.
He inherited the money and most likely the property was in his name without his mother.
He may have lied to his parents to get into crypto currency. You think he was gonna be honest??? Quit blaming the parents. Parents are aged, they may not be well informed. They like every other parents may have believed their son only for the son to betray them. Use your brains. The son looms like a damn criminal minded person. I feel sorry for the parents, not the damn son.
Korea is no longer a community culture like everybody thinks. Society is more broken than we realize
This is korea where's son is everything for most of the family
Mommy is always there to protect and support her kids : Those mommy 🤗 should be in heaven
While I don't feel sorry for people who gamble their entire families' savings, I do understand why people get started. It's true that one can't become rich or even middle class anymore by working hard. That might have been the case for the boomer's generation, but not anymore. I also grew up with the promise of "study hard, work hard, and you'll be set", but none of that was true, and I feel more and more bitter and angry for working hard. Wealth today is not made, it is inherited.
plenty of people become rich by working hard, but it's generally by owning your ideas, i.e. starting your own business.
The idea of working hard = good reward is a notion we need to stop misleading people with.
Digging a hole with a stick you randomly found is much harder than digging one with a well made shovel. That doesn't mean that the person digging a hole with a stick should be paid more.
@@GameFuMaster That's true. However, I see the real problem is that most jobs today - jobs that we NEED for society to run - are not paying enough to even live decently.
Most people would think it's nice to become rich, but it's not a goal - however, owning a home, being able to support your family, have a car, and enough to buy food and clothes and pay for the trillion living expenses we have nowadays - that IS the goal for most people. And that goal has become more and more unrealistic with a normal job. I do understand why people are growing desperate.
@@rigelr5345 Yeah, I agree that if you work full time (within the area), you should be able to afford basic necessities.
Raising a family, owning a home are definitely more long term investments.
you can still move from working class to middle class easily tho. My friends family is your typical working class, blue collar worker dad and house wife mum, but my friend study real hard and got a software engineer job out of the college, making 100k USD salary every year (not including bonus). If he continue this software engineering path he will make it into middle class in few years.
@@tokkiebunnies I've worked in software engineering it is not a long-term job because they will lay you off once you get old. Ageism is a big problem and there is an endless supply of younger and healthier engineers that can replace you. Also the job is extremely stressful and taxing since you always have to keep up to date with technological progress.
As of now, I am in my 30s and watching this with $3k USD in savings and no debts. After watching this, I feel very fortunate. PH country.
❤❤❤
Just marry an old american, get citizenship, get a job there and become rich.
@@troylollysaf9311 i think thats an insult to her. not every asian wants to marry old rich american just to have a good living. our country is getting liberated. women can stand on their own now. women appreciate that they can now afford things without having to depend from men
Only desperate person can do that. Dignity for sale?
@@troylollysaf9311
With that 3k, if you invest now in the right microcaps in Crypto, you could easily generate 6 figures. Now, imagine how you would feel?
"if they invest smartly, they can make that few thousand in one day". look whos talking about this. you dont event invest smartly and just add another burdon to your mother
In the US we call these sorts of investors 'degens' as in 'degenerate gamblers'. There are lots of people like this in the US too but it's much much rarer for people to take out debt and gamble on this stuff. And people don't have access to loans that are so large unless they are making more money. You occasionally read about people taking out a loan to buy bitcoin but they are typically made fun of.
The issue is our current society has priced out future generations from living. You used to be able to afford a house on a normal salary and live your life now buying a house seems impossible for lots of younger ppl. It’s not surprising with the influencer culture of showing off money that ppl would turn to quick methods to get rich. We aren’t solving the problem of poverty and high prices for livelihood by giving unlimited access to buying bitcoin. Not to mention regulations on fake coins is still not great and so many ppl have lost everything to influencers shilling coins in a pump and dumb scheme. It’s literally gambling being pushed into everyone’s faces including young children!
We need to raise all wages, yes even ppl working in fast food should get raises. Everyone should! Yes even you. Ppl just aren’t making enough money for the skyrocketing prices we are experiencing and it seems no government anywhere wants to help stability even small things like food prices. Theres no reason that I’m paying six times the price for groceries especially in a post pandemic. I don’t want to hear that ppl should just work harder when it’s been proven the current generations are spending more time at the office than they are enjoying hanging out with friends. The government stabilizing housing costs and food prices would help immensely but ppl aren’t willing to give anyone a hand out because they are worried about their own taxes and yet say nothing about their country’s defense budget or them giving large corporations bail outs before they will consider giving average citizens anything.
We have a society that prioritizes companies and their wealth over ppl in not shocked everyone is struggling except the ultra wealthy. Something has got to give! Ppl are losing their homes! It has to stop. Our kids and their kids are being priced out of life! So many ppl used to be able to leave a home to their kids and now that’s not possible. It’s outrageous when just a few generations ago our grandparents were in a better position, not everyone of course but most of them could afford the bare necessities. Now ppl are crowdfunding to just get groceries and eat ramen daily.
This is a global problem and no one who’s in charge seems to care because they have money so why care about poorer ppl? Especially when you can convince them to buy into get rich quick schemes. And don’t get me started on how many mlm schemes are allowed to flourish right under various government’s noses without them doing anything about it.
Most of these bad cases happen not because you understand too little about the economics, or because your life was too difficult somehow. It mainly happens because of your personality traits. Rational behavior is not diving into something you don't understand, with all you got (and don't have). The one thing that is really missing in society is for people to be able to block themselves from trading sites (just like for gambling). At least then one can get that help to block themselves, always something. I remember way back when I heard about bitcoins, my barber would talk so fondly about it and how much he earned on it, my thought at that time was that this will surely turn down. When you start hearing people around you hyping something up, that means it's already about to be over. There is no easy money, or everyone would do it. Best investment you can make, is in yourself as mentioned towards the end of this. Improve your ability to earn more money!
Having a child is like buying a lottery... You never know you gonna have a SMART KID or Drumb arrrrssss kid Sometimes you raise your child with love and advices and they still join gangs
It's not investing but gambling.
financial literacy isn't everything. It's more about discipline and self control.
but the urge to have a fancy lifestyle and blings like those kpop star pulls them harder to the edge..
It's not even about discipline and self control. It's about engineering discipline into your portfolio. Such is the path of the Boglehead. People can make fun of them for being boring, but buy and hold investing using broadly diversified etfs engineers discipline into a portfolio.
@@hypothalapotamus5293 gambling addiction will turn all of your long term portfolio into a short term gamble play. That's why I said being financially literate isn't everything when it comes to investing.
it's more about luck i reckon. on average 90% of rich families lose their wealth by the third generation. 70% by the second generation.
lesson of all this? NEVER get too greedy as old saying goes "HOUSE always wins"
Absolutely sobering how this type of addictive trading is prevalent on the other side of the world (I'm in the US). The situation here is also tragic and with the advent of social media there seems to be no end to the hopes of overnight riches among some of the youth today.
Asians were historically gambling addicts lol, there's a good reason why China banned gambling in their country and they take it very seriously when influencers try promoting gambling to their audiences. They recently raided and arrested a lot of livestreamers for trying to promote these kind of get rich quick schemes and gambling sites to their audiences.
What is so frustrating is when their solution right away is to commit suicide and I cannot comprehend that they do not value their parents and life. So young and he lost his motivation to stand up or be man enough to find an answer. So conflicted of their reasoning behind the problem. I pity them so bad and so much. I sincerely all good wishes for him and his mother. St leadtbthe Mother loves him and willing to help him out in any shape or form. So pitiful😢
@@nothingmate6589No not before he's repaying his parent first.
gambling is a very brutal addiction and has the highest suicide rate of any addiction.
yet we promote it everywhere the sports betting, lottery and casino. disgusting but im sure in the next 50 years it will be banned to be promoted. it's like cigarettes like sure it can exist but just not promoted. you can't let this cancer spread.