So You Just Got Rich... Great... Now What?! - How Money Works
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- Äas pĆidĂĄn 18. 02. 2021
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So you just got rich⊠Maybe you bought GameStop at $5, or bitcoin at a thousand, maybe you did it the good old fashioned way and won the lottery, but by one means or another you have found yourself with millions of dollars looking back at you when you open up your bank account.
Congratulations you have won capitalismâŠ. Now What?
You might have though making the money was the hard part, but in many ways holding onto it can be even harder.
Friends you havenât heard from in years will suddenly spring back into your life, strangers will send you threatening letters, and even family members will have a sob story about why they suddenly need money.
Ironically enough, multi million dollar windfalls from inheritances, gambling, or gambling in denial âinvestingâ actually increase the likelihood of being declared bankrupt by over 1,000%.
So hang onto your lucky windfall and stick around to learn how money works,
So to understand what to do with your new found fortune, you have to start off by understanding what not to do.
Believe it or not, coming into life changing amounts of money in a short space of time can inflict upon people what psychologists call Sudden Wealth Syndrome, and while that might sound like the best mental health problem to have, it is still a serious problem.
According to the American Psychologist Dr Stephen Golbart, the symptoms of this affliction include anxiety, isolation and paranoia, brought about by the perceived guilt of receiving money that wasnât âearnedâ.
Itâs kind of like the imposter syndrome turned up to 11.
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#Windfall #CallOptionsGoBrr #HowMoneyWorks
Link To Economics Explained Video - âą What is the FIRE Movem...
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As someone who just made fifteen dollars from Bitcoin, this will be me in a few days
Bro just hodl til it hits 1 million in a few years. Look up Bitcoin stock to flow model
Isolation, Anxiety, and Paranoia. I'm already 3/4ths there now I just need the money
@@AcridWhistle đ€Ł
Hey dude, nice car, what do you do for a living?
5$ is here
'gambling in denial a.k.a investing'
is this a personal attack or something
they are leaking out of R/WSB
@@jkholtgreve well boomers had the advantage of owning the house. Every time they lost they'd bail out their positions on our credit.
It's still a spectrum of risk/return. The type of "investing" he's more so referring to is the meme stocks/crypto that have the ability to get people rich but also to drive them broke
@@MrHellothisiscool This is true. And I know heâd support aggressive regulation of speculative investment both on the retail and institutional side. But given the risk of the entire index not recovering itâs losses after the next crash for 10-20 years (not just due to speculation but slowed growth and climate change), I dunno what value investors want us to do. We could have a public pension scheme like some other western countries but fat chance of that passing until more boomers die off.
Considering I've only lost money gambling twice and would always take profits I'd say it's just knowing when to quit
>Isolation, anxiety and paranoia
Awesome, now I only need to get rich...
Yea it's better to have those in mansion than under bridge
Jajajajajaja xd jajajajajja owww men jajajjajaja
Yeah, but imagine how much more anxious you would be if you had to worry about losing your money and becoming as miserable as you are right now.
i have all three without money
Howard hughs for example.
First rule really struck me.
When I was a kid, I found 2 $20 bills on the streets (which is big in our country that time). I immediately tell my cousin this, which caused chaos to our whole family. Suddenly, my mother told me to give it to her saying she'll just "hide" it for later use. My uncle accused me of stealing it and threatened to call the police if I don't hand the bills over.
I quickly understood my situation and immediately ran from my house. I spent the money on a hotel room for me to sleep that night. The rest of the money I spent on food for myself. Then I returned home with no money in hand, scolded, but I just didn't care.
You can only choose friends, but not family.
That family is bad. Don't hang out with them
This totally happened
OMG, that is crazy but totally believable. I especially hated how your uncle acted but know people in my own family would be suspicious too.
I am so sorry to hear about your experience! They did you wrong, it was your money to do with as you please!
1. don't tell anybody.
2. Keep it, try to hold it.
3. Stop thinking about nice things.
4. Avoid taxes
5. Enjoy.
Well, don't try to hard to avoid taxes. Don't fuck with IRS.
@@Lisekplhehe See joker. Also, number 3 is more like buy assets not experiences.
Invest into US treasury bonds etc
Usually a 5% yearly interest.
2 million would give you about a hundred grand a year salary.
Spend wisely
Don't blow it, keep it simple, count yo money
Look after as if you have it in a suitcase in nyc 4 am be smart and protective of what's yours starting with your life just be smart if poor and smart stay smart if dumb and poor better smarten up real fast.
"The stock market is a device for transferring money from the impatient to the patient"
@a disappointed cat Thanks!
It's true.
No. Stocks are real assets, something u wanna take off of the market for yourself, money isnât.
Or you can just, you know, VTI VXUS and chill
â@@spamgwin4166 this clown đ€Ąđ€Ąđ€Ą
I always say when you strike it rich do nothing for a while. No investing, no buying stuff, no living large. Just chill and let the emotions and blood pressure calm down. After that time has passed maybe a few weeks to a few months then you have a clearer head. I donât understand why people need to spend the money the second it hits their bank account like It will run away from them . đ€·ââïž
this is actually GREAT freaking advice.
First thing I'd do is get a full medical checkup, which I can't afford currently. Need to make sure I'd be alive by the time I intend to start doing anything with the money.
@@nunyabiznes33 smart. Always health first.
@@nunyabiznes33 Full medical checkup is good, but DON'T, I repeat, DON'T start treating every problem at once.
Doing too much stuff at the same time
1)Basically removes your "zero" which drastically reduces your ability to say when something is wrong with your health.
2)Provides a lot of irritating side effects which drastically reduce your quality of life.
3)Increases the chance for bad medication mix that synthesizes something less beneficial in your body.
4)Can actually throw you into depression over feeling yourself the wrong way. It doesn't even have to be a big one. For example, I know a guy who fell in half-year long depression after removal of three wisdom teeth at the same time. His other molars, being compressed by wisdom teeth, started to rearrange themselves and this thing changed his intercuspation. This in turn removed his ability to not think about it, which systematically wore him out mentally.
@@burningsinner1132 I'm not in the best of health but yeah, I'm not doing anything drastic. I just want to clear my face and skin and then slim down a bit and build some muscle.
Getting Sued is the easiest one. If you place as much of your assets and wealth into businesses as possible, a personal lawsuit can only target you, and not the business's wealth, so your assets remain protected. And as an added benefit, you don't have to pay a 50% inheritance tax to give the company to someone else when you die.
Well said
Yeah but the risk is you can be legally removed from a trust under a lot of circumstances especially if it deemed a company has no purpose other than to shield assets from being seized in a lawsuit. Corporations and trusts were originally only supposed to be for a public good (charity or shared infrastructure) and many lawyers have been able to get around the protections by pointing out the company does nothing and therefore can be shutdown and the assets handed over to the state for sales to the highest bidder to settle the suit. When that happens the law goes from protecting to actually hurting as those auctions rarely fetch a good price for the assets which are removed from your control while being sold.
@@greyfox79007 Well then just make it so the Trust has more than one member, IE your wife, or other family member, and also make it so the Trust does invest money so that it has a purpose.
Your equity in the business is a personal asset that can be pursued by your creditors.
@@Gilamang Again, not if it has at least 2 members, so your wife, sibling, etc. Because then its not "your" assets.
Oddly enough, my millionaire fantasy is actually to be as much of a mystery as possible. Live comfortably but modestly, look like just your average guy but secretly wealthy. Most high end sports cars I'm too tall to sit in, I don't care for sailing so no yachts, and I don't believe in giant houses for only one or two occupants. I'd just have a simple modern house with a nice view, a comfortable reliable car, host the occasional gathering of friends and family, and take a couple vacations a year. The rest of the time I'd have the right people invest my money in stable businesses and real estate, maybe even keep working but now I can choose a job based more on fulfillment and enjoyment rather than what it pays.
Don't trust any personal advisor. They're expensive and underperform. Just buy a globally weighted ETF.
sounds like a great way to live
@@emptystuff1593 this. especially consider something that pays dividends, too. a safe 2-3% even, with millions, will be plenty annualized income.
Iâll brag anonymously since itâs safe. Thatâs my life now :) Best of luck!!!
Not that difficult to achieve. The FIRE movement is exactly that. You need to sacrifice and plan meticulously from the beginning, of course
"Don't blow it"
"Keep it simple"
"Count your money"
This guy gets it
Or be like my aunt who married a millionaire, divorced him and get millions in settlement, then blow it in 4 years and have no skills so her and her kids go leech of my grandma to the point of elder abuse.. o ly lasted so long until my dad had to kick everyone out and stay with my grandma for a few months.
@@Nobody-vr5nl itâs a bill burr joke my man
30 for 30 broke.
This is pretty important, I had an uncle who won the lottery, he wasn't secretive about it and he helped a ton of people who never returned the money, a young woman enticed him for the money and that broke his 20 years of marriage, he died last year alone and in debt. People will call me bad but if I came into wealth the first thing I would do is ensure that money will last me till the day I die, everyone else can fuck off.
Not bad, cleverđ
Agree darling
PLZ like and subscribe so I can get that CZcams money and have all of these problems.
Already am
I don't know why but it doesn't feel good when you ask like that... Seems greedy, self serving. Maybe it's just me
Sorry about the thumbnail BTW, I couldn't help myself.
Dank AF
The get-rich-quick and financial guru ads that pop up before your videos are very entertaining.
Edit: FYI, âthe old fashionedâ way of getting rich is inheritance, not the lotto
Or land
@@stratosphere2323 inherited winner lotto ticket
Yeah. But when you inherit a fortune, you almost always grew up in wealthy circumstances already. Hence you don't need such a video on how to handle your money, because daddy taught you how to.
And if you didn't listen to daddy and preferred parties and hooters, well then you almost surely won't listen to that video either.
85%+ of millionaires haven't inherited anything
23% of UHNWI Are a combination of inherited wealth, itself pivoted and now the heirs created inflection point. All Global wealth reports validate this. The Primary Driver and source of Global wealth is self made.
I've just completed the sale of a property located in Portland and I'm considering reallocating the resulting funds into the stock market. Despite prevailing sentiments regarding its readiness, I'm unsure about the timing of stock purchases. How long until we witness a full market recovery? Furthermore, I'm puzzled by the methods allowing others in the same market to achieve gains surpassing $200k within months.
The present market conditions could offer chances to enhance earnings quickly, yet to implement such a plan, expertise is essential.
Undeniably factual. Despite my absence of prior investing acumen, I ventured into investments pre-pandemic and managed to amass a profit of about $450k within that year. Essentially, I solely relied on professional counsel.
Lately, I've been researching advisors, but the market updates I've encountered haven't been very positive. Who's your guide?
'Laurelyn Gross Pohlmeier' is the licensed advisor I use. Just research the name. Youâd find necessary details to work with a correspondence to set up an appointment.
I searched for her complete name on the internet and located her page. I then sent an email and scheduled a meeting to converse with her; now, I'm awaiting her response.
I watch way too many videos. Most videos, that have stock footage in them, keep my attention for about 10-20 seconds before I click away. The things that make me click away is the voice and the slow pace. Mr Money, this is the second video of yours that I have watched today. Your pace, content and even use of stock footage are well done and well placed. You are also talking about a topic I am exploring a lot in 2021, and doing things about it.
Wow. Thanks Tony! This really means a lot to me!
Same here too
Phenomenal Work sir
The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. $52k dividends received in 2022.
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
Iâve been down a ton, Iâm only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Got it. Now all there's left to do is actually get rich
No problem, buy some Crypto.
@Menopausal Axolotl I bet you're poor person sitting in your basement overdue on your rent, making that comment right now
The most valuable company to ever exist isn't Apple, it was the Dutch East India Company.its worth reached a staggering $8.28 trillion in 1637
No wonder, they own a whole country and the spice market lol
Honourable mention to the South Sea company, coming in somewhere around the 4 Trillion mark before the bubble popped
This is a myth. Economics explained made a video on it .
You have to make a lot of assumptions and extrapolations to come to any number, so it's far from a fact
Lol owned by a @@tomlxyz
Fun fact: if you're self made millionaire/billionaire, you're not watching this, because you know how to become rich.
As a professional game developer i sometimes watch newbie "tutorials" as entertainment, so i guess they can watch that for that reason.
@@neolynxer as entertainment, not for real education đ€
Hey I make a new company need money will sell shares worst pitch ever xD.
We do a social media on blockchain where the user gets all the revenue and investors premined toke s
I have 300 dollars to my name and I'm watching this like, "Yes, I will be doing all of this fairly soon." (All except becoming a nationless nomad to avoid taxes. I live in and benefit from the U.S.A., my tax dollars will go to the U.S.A.)
@@ccriztoff WHaT If I BeCOmE OnE AnYWaY
If I came into a huge fortune I don't have to worry about family or friends... 2019 - 2020 I was in need and homeless and they said go die in a ditch.... If I ever come into money I have no family nor friends and will get to live out the rest of my days on dividends as I live like a NEET....Lucky for me I am in my thirties.... LOL
Better invest in a private security company cauz those filthy leeches are gonna come for you :D
yeah don't brag to them. it will be hard but resist it. they will turn around and try and take it all
Dicussing money really does bring out the worst in people. Best to keep such things as private as possible.
Never get married fam
If you have zero people you trust or care, maybe the problem isn't the others...
Ah, rule 1 reminds me of when 10 y/o me found $50 on the ground and my dad immediately told me I had to split it with him and my cousins. When I became financially stable as an adult I only told my fiancée and two best friends who are stable themselves. Lesson learned.
How do you split $50 among a group of people? I'm assuming a minimum of 4, so you'd each only get $12 at best, which is basically nothing!
You got screwed as a kid talking to family, so when you grew up you blabbed to strangers?đ€Šââïž
â@@salguodrolyat2594 You would consider your fiancĂ© and best friend to be strangers? That's kinda sad.
My cousin found a bill while we where walking she splitted with me đź
@@salguodrolyat2594, The family you choose is stronger than the family you were born into.
Brewster's Millions, released in 1985 already answered your question on how to spend a vast sum in limited time. That's the movies entire premise. Brewster had to spend 100 million in 30 days, to inherit 300 million. Reason was his uncle wanted him to be so sick of spending money, he wouldn't blow the rest of his inheritance.
That movie with Richard Pryor was actually an adaptation of a 1902 book and a remake of 1914, 1921, 1926, and 1945 films... and another is being planned... in addition to a Broadway play and a film in India... One of the most remade plots ever...
that sounds like an easy question, just buy 1 60 million dollar mansions, 4 2.5 million dollar cars, one 3 million dollar mcdonalds, and the rest on taxes
@@code988yay Premise of the movie is that Brewster had to spend 100 Million in 30 days, but have nothing to show for it at the end- so no accumulated physical assets that could be resold for a profit later. Also he had to prove value for each purchase, could only donate a set percentage, and couldn't destroy anything of innate value- so no purchasing Picassos and burning them.
Its a fun movie, and I am not sad they are going to remake it- the premise is interesting enough, and updating the movie every 30 years makes it a time capsule showing the spending habits of the rich.
The best thing to do if you suddenly win the lottery is to not start living like youâre a millionaire, but to live frugally.
Millionaires make money by living lavishly
work at burger king part time as a front so nobody knows.
Thanks, i will keep this in mind when i win the next lottery
What's the point of being rich then?
You dont need millions to live frugally
Don't even tell your mother. Don't tell your kids. Do absolutely nothing for 10-15 days (you have 30+ to collect). When you're ready to get rolling, just effing vanish into the night and get everything claimed and settled on legally-binding paper. Laywers can and will work on a contingent basis ("help now, pay later") provided you can prove you are the legitimate winner. You don't need to pay up-front for a legitimate NATIONALLY RANKED estates firm. The Firm should be national and not regional because you may have to do some moving, also they're more closely watched by regulators, and you want to talk to the senior-most executive partner. The person the firm is named after is the person you want to talk to. Absolutely refuse to give any and all details to anyone else. Sit and wait in the lobby until they physically and personally come to meet you. They will likely come with a team, ask who they are and request non-senior executive partners to leave. If they give you crap tell them you are a premium client and ask for the name of their direct competitors. You have real money now, you can make demands (don't become Karen at the olive garden though). The founder/sr executive partner is 50x richer than your paltry lottery winnings make you, and they deal with people 100x richer than you, and so they (hopefully) have no reason to fold you over. But this means that they'll be vetting/testing you as much as you should be testing them.
Oh and they don't have offices in your state unless you are in NY, LA, or other big money metropolis. Drive there on a "business trip." No planes, trains or busses. As little of a paper trail to and from as possible. Load up on prepaid cards at home for expected gas/lodging costs. Unemployed? Go on Vacation. Broke? Say you're doing porn and they're footing the bill. Ugly and old? Say you're doing onlyfans. Fake going stir crazy. It literally doesn't matter. As long as NOBODY knows its to handle lottery winnings. Dead broke and can't afford it? Ask the firm to enter an agreement for them to pay costs up front, and you'll reimburse with winnings. BE CREATIVE.
Once you have everything sorted and you've made your investments and planted your "most of this money is for my grandkids" seeds (don't spoil your kids, they can spend faster and harder than you ever could, set up college funds for grandkids and keep direct cash out of the family or your winnings will evaporate once Spoiled Jhonny wants to buy 500 Lamborghinis for a CZcams/TikTok challenge or something. You want to be _"ghost rich."_ No Gucci, no Prada, no Chanel, Louis Vuitton. Those aren't the true luxury brands anyways, they're clout-chaser brands. Pretender brands. They make you look rich while actually making you poor. Almost all of your spending should be on things that create, or increase your passive income, with only minimal "guilty pleasure spending". After a decade or so of building _actual_ wealth, then you can splurge with the .05% of your passive income on a nice new Lexus or something. Remember, outside of LA, NY, and other premium locations, the only people who you "know" are rich... probably aren't. Wealth at a high level is a state of mind, not a "show of force," so to speak. There's probably a millionaire or billionaire somewhere down the street from you... driving a used, last-year, ex-loaner car.
This channel is really underrated right now... I hope more people find it.
hopefully, but for now I am happy to hear that the people that do find it are enjoying it :)
I grew up fairly well off and one thing that took me a while to learn is don't make it obvious you're wealthy, it just attracts the wrong kinds of people and often causes more trouble than is necessary.
Some advice/warning/insight that I got from someone that actually makes over a million is that getting out of your comfort zone is probably one of the hardest things to do. What I mean is that when you start making massive amounts really quickly your entire life will change and that is really hard for a lot of people so they will try to get back to their comfortable life even if that life is significantly worse than being rich would be. *So what you should do if you start making this amount is take a few weeks to think about what you want to do with your life now that you don't need to work to survive like most people.*
The trust fund thing is like finding a sneaky rule in a board game or something. I guess I shouldnât have expected anything less though
It gets even sneakier. The really wealthy guys use their assets as collateral in order to take out loans. Because there's no income tax on loans, which pays off even considering the interest if the amounts are high enough. Thus the richest people are actually living off borrowed money.
@@lonestarr1490 There is a reason companys like amazon, tesla etc. dont pay dividends :D
@@foty8679 Because of limited cashflow
Make it a revocable trust, so you can name other beneficiaries in your will, and pass it down when you die...(of course, just my opinion)...
Ppl just dont live within their means. Once ppl earn their first money in trade school or their first job they start spending like crazy. The same happens to ppl who suddenly become rich. Just live somewhat below what you earn then youâll be able to not worry about becoming broke since you will always have some savings backing you up.
They don't think they're living beyond their means. In the US if one starts saving for retirement at the age of 30, planning to retire in their 60s, they need to invest 15% of their lifetime income AFTER TAX to not have to reduce their standard of living when they retire. This percent only goes up the later one starts investing, but goes down quite a bit in ones 20s.
Eg, you're 30 years old, make 100k a year, if you're not putting at least 15k a year into your 401k you're living beyond your means. This statistic assumes you're investing in S&P 500.
Step 1: Get rich
The last step he forgot: use your wealth in assets as collateral to take out loans that you then donât have to pay taxes on. This is called the Buffet method.
Buy, borrow, die. It's amazing how it works...
@@RedLeader327 yeah but you can pay it back instantly at any moment, so its not borrowing in the same sense
Thats what billionaires do. If they want a new super yacht, they take a loan for it. Most super and mega yachts are owned by banks.
@@rykehuss3435 Yea, people dont understand that Musk, Bezos, Buffet etc. cant just sell 10% of their shares. I dont know the amount of shares when this is triggerd in the US, but at some amount it needs to be announced that you sold XY for X each share, and if your shareholders hear this they will panic dump.
This also means that they all are over valued.
@@foty8679 only if they own more than half, and only the other top investers
Can you make a video on how to setup a TRUST? As a new homeowner getting into real estate I hear this is what I should do if I want to start getting into AirBNB stuff
lmao, focus on something important rather than spending lots of money on trusts
Hire an attorney who specializes in wealth preservation trusts. There are too many state-specific laws that are changing for anyone on the Internet to make a one-size fits all Trust video. Expect to spend at least $2000...more if your Trust is at all complex. But if you're talking about setting up an entity to protect $1 million+, that's money well spent to get competent, professional advice.
.
This is not a DIY task.
@@sidwhiting665 2k? lmao. stop focusing on tax shit and rather start earning money
@@multa7053 yeah just start earning money without legal help or failsafes and potentially lose more than you make.
@@shouryasanjeev9284 heâs talking about trusts and I could swear heâs broke. thatâs stupid
2-5%!? How am I possibly going to live off of a measly 2-5 million dollars per year!?
Sometimes a man have to make sacrifices.
maybe don't buy that cup of coffee at Starbucks đ
@@jjt171 But I need $10,000 worth of Starbucks per day! How else will I stay awake!?
As someone who did put his "net worth into a failing company" I found 2:30 hilarious, because that's the "failing company" I did buy! I did enjoy this video because I was not aware I could be a trustee AND a beneficiary, but I'm not currently rich...
BTW, the day this video was released, AMC opened at $5.54. Today, it closed at $40.31. When my XX,XXX shares hit my price, I am definitely getting a lawyer to set my trust up and will NOT YOLO anymore of my money! đ Safe investments for me from now on, post-MotherOfAllShortSqueezes!! Great vid, and I will subscribe now. đ
You still parked on AMC like me? đ€Łđđ
Congrats, I hope you stopped gambling
@thecrazycapmaster I never sold...đ đ!
How Money Works is like your overly cynical grandpa who nonetheless has plenty of sage advice to ensure your well-being. Very cool!
I⊠I⊠Iâll take it
Life pro tip. If you win the lottery, instead of hiring a lawyer to protect you from lawsuits, buy a lawfirm and make more money off your legal protection
Genius
@@nolesy34 can you tell me in a simple language what is he trying to tell us ??
This channel is a hidden gem. Gonna share the link to all my friends. Keep up the great work man. Found you by accident and loved it all.
I loved the humor.. "The money gets given to you, TO NOT GAMBLE WITH." A smart trustee would reinvest anything they didn't spend every year. If it built up significantly, they could set up another trust and designate it for their favorite charity into perpetuity. Many rich trustees live under the shadow of Dad's or Grandpa's wealth. This would ensure their name was held in high regard "forever".. Or, they could set up trusts for yet to be born children. It might benefit someone (consult with an attorney) to start a separate trust for the wife with or without her knowledge. It might be a way to save your wealth in the event of a divorce since "she would have her own money."
When the number one threat to your wealth wasnât a gold digger, we knew your list was skewed
Yeah, skewed towards smart people
Hello, just wanted to pick your brain about gold diggers. How exactly would a gold digger take somebodyâs wealth away? Iâm always curious what people mean by that.
Iâm a relatively wealthy guy, physician making just over 500k a year in the USA and am single and dating. Iâm sure most if not all girls I date are attracted to some degree by my money, but I just spend money on them occasionally, I donât see any way for me to lose my fortune by these girls. Itâs not like they can go into my bank account and take my money from me, they can only receive any gifts that I give them, and I can always stop it if my money in that month is a bit low.
@@David-fw4ly gold diggers are by definition a partner who wants to live a lifestyle that they cannot afford by leveraging the money of the person they choose to date.
The real threat to your wealth comes later if the living status is common law or if a child is conceived. This allows the gold digger the legal tools to leave the relationship and have the state step in to enact financial penalties for support.
The impact of common law or marriages that break down for spousal support range from the this is annoying to have to pay to this is ridiculous how much they got and I have to pay.
When children are involved âŠ. RIP to 14-16% of your gross income for just one kid and more of you have multiple kids. And thatâs before irregular expenses are applied like child care. The hit you take for this is scaled towards the income difference between parents as well as proportion of time the kids spend with the higher income earner (the less time the gold maker spends with their kids the more they have to pay the other parent).
@@Davidjune1970 Got it, thatâs what I thought.
What kinda bothers me about that analysis is that all women regardless of if they are gold diggers or not are going to try to get as much money out of me in that situation. I know fellow physicians who married their high school sweetheart (well before they got rich so I wouldnât call them gold diggers) and they got just as screwed with their divorce as any gold digger would do.
So I donât see any difference between a gold digger and a âregularâ girl. They will both screw you if they get the chance in family court.
I have three rules for my dating life:
1) No marriage
2) No kids
3) No co-habitation
I also had a vasectomy so I canât accidentally get a girl pregnant. As long as I follow my rules I really donât have to worry about what the motives are for the girls I date, since by following my rules I canât get screwed in family court.
But I do see how a lot of guys set themselves up for failure by getting married and having kids.
@@David-fw4ly my advice to you is to date a woman who makes as much as you. ie find another Dr to date. There a good looking women Drâs. If you can find a business executive kudos.
It sounds cold but the reality is when it comes to divorce and child support ⊠if you both make about the same the financial impact is minimal.
You will just be cutting out the 90% of the riff raffe who donât have the brains or dedication to have a high paying career like you.
I know MDâs who married each other and combined they make over a million a year.
Finding one for yourself will mean you do not have to compromise your own lifestyle to subsidize someone elseâs. That way if you do have kids (ie adoption or if she has kids from previous) you can both afford to do way more ⊠including hiring a full time nanny.
With inflation currently at about 10%, my primary concern is how to grow my reserve of $300k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy asap.
there are loads of ways to make a killing right now, but such high-volume near impeccable tradess can only be carried out by real-time experts.
With the inflation what it is, the stock isn't going to be raking in huge gains. It wouldn't be a bad time to BUY it, just don't expect big gains from it for a while. I'll buy once things start looking up in all those trouble areas..until then, too much turbulence for me.
between China and America, Iâd pick America but between every country Iâd pick Canada.
Buy 3, 3 bedroom houses with a 100k down payment on each of them. Then rent the house (or rooms) for around $5k depending on your area. If it's an $800k property at the current mortgage rates you'll pay $3.5k a month which gives you $1.5k Ă 3 for a total of $4.5k monthly passive income, then in the future you can also sell your property for a sweet profit.
@@Robertgriffinne go away freaking scammerssss reee noone likes you!!! lolol
This came at the right time. I need a lawyer to set up my trust for me and I am undecided: Singapore or the Bahamas. Now the big question: How do I become rich?
Opening an offshore account in Singapore is actually quite complicated. You need to be âreferredâ by someone trusted by the bank for you to be able to open an account. Or be background checked af for possible risk (if you got dirty money then itâs a risk) .Tho after that meticulous process, your life would be divine đŻ
spend 20 minutes making courses on how to become rich, then take some pictures of your self Infront of a lambo and charge 997.99 for the courses
Omg. This is the best channel Iâve found. I was taking apart my sons crib listening to this in the background and almost had the thing fall on me when you got to the âdonât f*cking open your mouth and âŠ. â part. Lol I love this channel !
I remember being addicted to scratch tickets. It was terrible. The thing is when you are earning money you end up being introduced to this at some point. It's practically impossible to leave it unless you run out of disposable income or go completely cold turkey.
This is becoming one of my favorite channels by the minute
Friends and family suddenly coming to you with a sob story lol , hits home.
Ive recently got really rich at a reasonably young age, late 20s. Iâve been searching everywhere for good advice. Thank you so much! Itâs amazing how every single bit of internet advice and video is how to get rich with no money. I just want âhow to best utilise my money now that Iâm richâ
inheritance or what king
@@nonamecamper2004 buying, restoring and selling JDM cars.
3:46 - that was smooth.
Major Risk: Marriage
That "he he" was exquisite
5:48
*GOLD!*
Liked, commented (obviously), and subscribed, just for that part alone!
This one part (that had me bustin out in the middle of work) is worth this entire channel!
I concur...
lol yee
I'M NEW TO BTC AND I'VE BEEN MAKING LOSSES TRYING TO MAKE PROFIT MYSELF IN TRADING...I THOUGHT TRADING ON DEMO ACCOUNT IS JUST LIKE TRADING THE REAL MARKET... CAN ANYONE HELP ME OUT OR AT LEAST ADVICE ME ON WHAT TO DO?
That is true, you need an expert trader to make good profit from cryptocurrency trade
And this is the perfect time to invest in cryptocurrency because of the rise in cryptocurrency.
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor their trade.. I will advice you to stop trading on your own it's very risky. Seek advice of a professional trader.
â@@ameliaisla2327 How can someone know a professional trader that is trustworthy when legit ones are hard to find this days.
đŻđŻ
It's refreshing to hear someone tell the truth for a change.
That 1st step for coming into millions was unexpectedly amazing
I'd just want to have a little English cottage with some herbs and some sketchbooks, but just secretly fund things like someone's college fund or orphanages or schools .. , live away from the world and do some good , even if its just a little
Remind me in 10 years hopefully
"Gambling in denial" - InVeStInG
Yeah, I know that guy.
Opening my bank app to see enough money to easily support me for the rest of my life would really hit the spot right about now.
Thank you so much for the content! Love your videos man!
As someone who made more than enough to life conforatably forever at a young age, i just put on a banking account, set up some charity anonimous fund and put some on a inheritance fund for when i die my inheritor have a good life. I rather work myself to get that kind of money again than live felling like i lucked out.
You should consider taking a class on how to speak and write English. Then come back and leave a comment that people can understand lol
Cheers mate
Maybe the first step is to grow a mindset of "I am not getting rich to live lavishly, I am getting rich to never have to be broke again"
Awesome video!! Thanks dude!!
So thatâs how trust funds work! Just subscribed looking forward to catching up on your money insight
ty! its better to be ready for richness, than not to
That's exactly right my friend :)
As a fellow capitalism-loving finance guy your videos are simply the best.
Your snarky humor style makes me genuinely laugh out loud! (I laughed til I cried at Step 1!)
Also you bet your butt I'm buying that book. I haven't won capitalism yet, but boy do I love books on personal finance!
uhm excuse me, which book exactly are you referring to?millionaire next door?i think i missed that part
If you win the lottery:
1) shut the f**k up
2) get a legal and financial advisor
3) listen to them
Step one about killed me. I made the mistake of taking a bite of food first and almost literally died of laughter
My first step was always going to be "lock it away in a bond, GIC, or Savings account for one year." Let the adrenaline, and all the "good ideas" come and go, and take the whole time researching videos like this, shop around for advice, lawyers etc. I understand it would lose some value, but 1) if it was a surprise, it's money I wasn't planning on anyway and 2) like this video talks about, I run a big risk of losing a lot if I don't slow down and think it through.
This 2% inflation (or right now even more) really hurts more with big absolute sums.
I wouldn't lock it away in a bank account to rot from inflation, I would invest it into an ETF, something safe like a MSCI World. This literally can't bankrupt you except in case of a global apocalypse like e.g. a nuclear exchange. And in that case you worry about a lot of other things, not your stock market investments. Or you die in the exchange, so you don't worry about it either.
Otherwise this idea sounds nice.
Another thing I've heard is to avoid putting all your money in 1 bank. Should enough people withdraw money at the same time, the bank can become insolvent and not be able to cash you out. This also happens when a bank goes under. In the end, the bank might not even be able to pay you back, and if they do, it could potentially take years to pay you back 100%.
The gamble on AMC worked though!
And it still hasnât even squeezed yet đ
@@FHDOnTheStreet soon.
Indeed. I'm up hundreds of percent on my AMC gamble
I would add to this to make sure your legal and financial team is reputable and above board. There were some lottery winners who went Jason Curland, who called himself "the lottery lawyer", and ended up with some of their winnings stolen by him and some thugs. Investigate before you commit.
Great information. Thank you!
It seems like I failed at step 0
me too man, but by golly I am prepared once I get that pesky step done.
"loading up your net worth into a failing company" pictured AMC, which is currently sitting up 500% since you posted this video
I'm so anxious now on how to protect all the money I don't have...
5:48 that clip was pure gold đđ„
If I won $1,000,000 on a lottery I'd invest in property with rentals in safe areas, maybe a nice car, holiday home or two, yacht or two, and invest depends on specifics
You need more than a mil to do all that son
First thing I'd do is I'd buy real estate like apartments and rent them to secure passive income and be set for life even if I lose their rest of my cash for some reason. Oh and not get married :(
Get married but make them sign a contract đ€·ââïž
@@niveshproag3761 you mean a pre-nup
@@wolfboy20 yep
@@niveshproag3761 Copy
@@wolfboy20 Wdym?
thank you
Thanks. This'll be really helpful when I win the lotto this week
This is incredible, can I ask what your qualifications are? No hate, just curious
Can you further detail what to do to minimize taxes on âwinningsâ or inheritance?đđŒ
This video is so good to understand how trust funds work.
Interesting. Thanks for the video
7:53 had me dying laughing đ đ€Ł
"if you only have 24 hours to spend 100M dollars, what do you do?"
My immediate response was to dump it all into an S&P 500 index fund in one go. Shouldn't be a problem as long as it's a weekday, even if maybe you temporarily spike share prices in the process (thereby getting a worse deal than you could've otherwise with an iceberg trade).
The thing is thatâs not spending. Youâre transferring value from currency to equities. Just like the real estate analogy he made. When you buy a $50 million mansion, you just transferred the value into real estate.
@@MahirSadman12082002 soo is that considered good or not?
i heard many stories of people losing their money.. damn.. people lack financial literacy right?
@@cautarepvp2079 ya. Like the video stated many of them gamble it away. But if you spend $100 million to by 2 $50 million mansions all cash, even though you have $0, you now have 2 paid off assets worth $100 million. Also, over the long term the value of those houses will go up also.
Hell yeah, index funds all the way
So i suppose by extension you havent spent the money unless its something that doesnt hold value?
Id make my own index fund out of the top 20 crypto coins and the rest into a broad range of index funds and land/houses.
Thanks, I needed those advices
Your channel is đ„
Thank you. Keep doing it please.
5:50 point is đ„
thanks needed this, i dont have millions but i did make some gains in crypto
Well I am glad to learn it was at least a little bit helpful to someone :)
If you own crypto in quantity... NEVER SELL IT. EVER. If you need money, borrow against the value.
Awesome video bro...
1:20 I felt that just from watching my investments increase during the plague years.
2:45 I need to rewatch âBrewsterâs Millionsâ. Iâm kind of surprised it hasnât been remade since the Richard Pryor version.
If i ever get rich, i wonât tell anyone about my winnings / earnings. Not even my family will know.
@The Mutt with no Butt why would anyone spend money that way tho you can just dress normally even if you have money
Watching this in case some billionaire get bored and randomly donate millions to my account.
So inspiring, thanks
watching this after losing all my money with options rly hits different
Not. Gonna recommend taking an accounting class just to be safe youâre literate and coherent of who youâre trusting with your money
Every financial goal requires patience, dedication and consistent spirit knowing that investment is currently the most lucrative business in the world, both NFT, real estate and Crypto shares are really positively changing people's lives.
Investing in crypto is very volatile and risky which is why most successful investors trade with professional brokers
The real risk in the Crypto market is the risk of not investing, not the risk of short term price volatility.
I have been investing in crypto but have had a bumpy ride. How can I reach your broker? I will appreciate any tip or pointers
Nothing beats engaging an expert in any trade, selfishness and greed has deterred many from doing this and they ended up running a huge loss
@@nuellakaren5221 You're right! Investing in Crypto market isn't a myth. A few years back I felt it was impossible but here l am today...all l had was God and a dedicated broker.
In California it's illegal to be anonymous in a huge lottery payout.
Advice at 5:49 is gold đ€Łđ€Ł