Casually Explained: Levels of Wealth — Transcript

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1. 0:00When we think of money, it's usually in terms of what things we can buy with it.
2. 0:03But your level of wealth doesn't only determine what you own.
3. 0:06It can determine entirely what your life looks like
4. 0:09and I wanted to give a bit of an overview
5. 0:10of what that could look like at some different intervals.
6. 0:13Now at the bottom of the pyramid, of course
7. 0:15we have the alcoholic,
8. 0:17amphetamine abusing lowlife
9. 0:18who mooch off public services because they can't pay their debts or find a job.
10. 0:22Fuckin grad students.
11. 0:25Disgusting.
12. 0:26Next we have the working and middle class
13. 0:27which makes up about 90% of the population.
14. 0:30Even though it might seem like they can't accomplish much compared to the elites of society,
15. 0:33members of the middle class can work together
16. 0:35to become much more powerful.
17. 0:36As an example with one roommate they can afford rent
18. 0:39but with two they can afford furniture.
19. 0:41The middle class earns up to 300,000 a year
20. 0:43but the median individual income is a lot more modest at 38,000.
21. 0:47This can be pretty misleading though
22. 0:49because if you're 50 with a wife and two kids
23. 0:5138k a year is pretty rough
24. 0:53but if you're 21 and single
25. 0:54you're buying resale Yeezys thinking
26. 0:56man I wonder how much sex I'd have I didn't live with my parents
27. 0:59so in conjunction
28. 1:00I think there are a couple lifestyle indicators to check to see if you're in the middle class such as
29. 1:04your grandparents had five kids
30. 1:06your parents have three kids
31. 1:08and you're gonna put a stop to it once and for all
32. 1:10and you don't have an emergency fund
33. 1:12because you figure that if you're on vacation your appendix gives out
34. 1:16Why would you spend 20k on surgery when you could just die?
35. 1:20So moving beyond the middle class
36. 1:21we get to the start of your truly wealthy people
37. 1:23these are the notorious 1%
38. 1:25Who typically have an individual income of three hundred thousand or higher
39. 1:28or a net worth of over 8 million.
40. 1:30Usually this means you have more than one home,
41. 1:32active investments,
42. 1:33travel whenever you want
43. 1:34and basically have the best of everything
44. 1:35short of private jets
45. 1:37and a ballot front to seasonpass
46. 1:39But in the same way someone in the arts might wave their fist at an accomplished engineer
47. 1:42There's a huge difference between people within the 1%
48. 1:45as an example if you're worth 75 million
49. 1:48you have the ability to see almost anyone in the world just by asking
50. 1:50But if you're worth 75 billion
51. 1:52you have the ability to see almost anyone in the world without asking
52. 1:56Once you're worth over a hundred million dollars
53. 1:58people use your first and last name when they talk about you
54. 2:00And if you're not famous you at least have a Wikipedia page that you didn't make yourself
55. 2:04you likely make up to ten million a year
56. 2:06which to compare with a more normal income
57. 2:08is like going to Costco and paying a $1.50 for a hot dog
58. 2:11but getting a hundred hot dogs
59. 2:14I don't know why I left that in, um
60. 2:15at this point your wealth is almost
61. 2:17magnetic to more wealth and ironically things start costing less
62. 2:20I could pay $5,000 for a Gucci suit
63. 2:22and people might think I'm cool
64. 2:24If I were actually cool
65. 2:25Gucci would have paid me to wear it.
66. 2:27Well it sounds pretty great
67. 2:28You might start to wonder if people like you for you
68. 2:30or only like you because you're rich and famous
69. 2:33Fortunately though you are rich and famous
70. 2:36so finally, at the very top of the pyramid we have the people worth over a billion dollars
71. 2:40the 0.001%
72. 2:42Guys like Elon, Jeff, Branson, and Bill
73. 2:44these people have so much money
74. 2:45They can literally change the world
75. 2:47Save the kids.
76. 2:48Done.
77. 2:49Create your own space program.
78. 2:50Done.
79. 2:51Dinner with the president.
80. 2:52You are the president.
81. 2:53You don't fly business.
82. 2:54You buy the business.
83. 2:55When you get pet supplies from Amazon
84. 2:56You mean the rainforest
85. 2:57and when you say, "Hey, babe."
86. 2:58"How about I drive this time?"
87. 3:00you're talking to the car
88. 3:01if you look at the absolute top
89. 3:03Jeff Bezos recently overtook Bill Gates
90. 3:05and to be as rich as the two of them
91. 3:06you would have to earn about
92. 3:07$5,000 every minute you were alive
93. 3:10they even said themselves.
94. 3:11"I don't think I could even spend the money if I tried"
95. 3:15Fucking amateurs.
96. 3:16now with the pyramid capped off
97. 3:17if we step back
98. 3:18it does seem like the implication here
99. 3:20Is that your life gets better the more money you have
100. 3:22which brings about the age-old question of
101. 3:24does money buy you happiness?
102. 3:26and for what I've looked at
103. 3:27I think the best explanation is that money won't buy you happiness
104. 3:30they can make problems go away that make you unhappy
105. 3:33Like when you go to take money out of your bank account
106. 3:35and get charged a fee because there's no money in your bank account
107. 3:37When you buy tickets online you have to pay extra for doing all the work yourself
108. 3:41With that said I wanted to end it at that point
109. 3:43But I showed my friend, and she said
110. 3:45"is that it?"
111. 3:46"is it...
112. 3:47"...just first world countries?"
113. 3:48"What about the rest of the world?"
114. 3:50and you know
115. 3:51like they say
116. 3:52you can't make your sneakers and wear them too
117. 3:56The good news is that my demographics show
118. 3:58that there aren't many people in third world countries watching my videos
119. 4:02They don't have internet,
120. 4:04so, um, we'll worry about that another time
121. 4:09Um, there's a quick side note
122. 4:11if you want to get an audio version of any of my videos
123. 4:14you can go to the cast box app
124. 4:16or website and subscribe to the casually explained channel
125. 4:20Right now. I think there's only one video uploaded there
126. 4:23But the rest are gonna be processing over the next day or two
127. 4:26and you can get an audio version of all the latest
128. 4:29videos that I make and maybe like a little bit of exclusive
129. 4:32You know, audio-only content coming up in the future so go check that out.
130. 4:36That'd be great.
131. 4:36Thank you.