The Untold Truth About Money: How to Build Wealth From Nothing. — Transcript

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1. 0:05Let this circle represent $1,000,000
2. 0:11This is what ten million dollars would look like
3. 0:14This is what one hundred million dollars would look like and this is what 1 billion dollars would look like
4. 0:29Jeff Bezos the founder of Amazon has a net worth of
5. 0:33117 times this number and then
6. 0:38There's you
7. 0:39You're probably working a job right now one that you got from the degree that you studied for in university
8. 0:45you probably don't have much in savings your living expenses seem
9. 0:48Ridiculously high you feel as though you're not paid enough
10. 0:51You have credit card debt that needs taking care of maybe your student
11. 0:54Studying for a degree that you ho can and your job that you hope can bring some good money
12. 0:58You probably don't have any savings only a pesky student debt hanging above your head
13. 1:04wealth
14. 1:05getting rich
15. 1:06That all seems like a distant dream. How did they do it you ask yourself seeing all those millionaires billionaires
16. 1:13Especially the ones who got there at such a young age
17. 1:16It baffles you it makes you angry they got lucky they were born into well
18. 1:20They cheated their way to that money doesn't make them honey as evil and you're not smart
19. 1:24And I'm just unlucky those dreams you had of buying that mansion your favorite sports car paying off your mortgage traveling around the world
20. 1:31They'll forever remain that way just dreams
21. 1:34Nothing more nothing less. You come to the harsh realization. It's a rigged game
22. 1:39It's been a rigged game from the start in you
23. 1:43You're on the losing side of it
24. 1:48But what if I told you you were wrong
25. 1:53What if there was a way of getting there an actual equation to wealth a science behind the way money works
26. 2:00What if you didn't have to abandon those dreams of paying off your parent's mortgage or traveling around the world?
27. 2:05Would you call me a liar for saying so I promise that I'm not and by the end of this video?
28. 2:09You'll understand there's a side to the coin that you're not being shown but I warn you the road is tough
29. 2:15It's filled with struggle. It's filled with ups and downs
30. 2:19It will need swallowing some difficult roofs of the school system and society
31. 2:22Haven't told you yet and let me be clear
32. 2:24There are many of you who will not make it to the end of this road
33. 2:28But for those of you that do at the end of this road lies wealth beyond what you thought you could attain at the end
34. 2:33Of that road lies the freedom of never having to worry about money again
35. 2:38so
36. 2:39Are you with me?
37. 3:18Still with me then let's not waste any more time
38. 3:25What do you really think about money is this something you work for is it earned or is it inherited?
39. 3:31Is it the root cause of all evil?
40. 3:33Are you desperate to have more of it? Have you been chasing it?
41. 3:36most of your life
42. 3:37truth is most of what you think about money has been influenced by your upbringing and
43. 3:42environment if you were born into a family that didn't have much money growing up then you're more inclined to believe that YouTube will not
44. 3:48Grow up to have much money
45. 3:49or perhaps you went on the complete opposite end and decided to make as much money as you can so that you will never be
46. 3:54In that position again the fact that your school didn't teach you much about this subject
47. 3:58Doesn't help things and because of this most of you are going to have false beliefs about money that aren't going to help you on
48. 4:03This journey now stick with me here because we're gonna have to change the way you've been seeing money your whole life
49. 4:10Hollywood has always had a habit of depicting the wealthy and rich as evil backstabbing entitled or corrupt individuals
50. 4:21Question is have you bought into that stereotype a
51. 4:24Recent report released by Wealth X showed that of the world's ultra wealthy those that had a net worth of 30 million or more
52. 4:3168 percent of them were self-made and it seems like every other study backs up this conclusion Warren Buffett
53. 4:38self-made billionaire Howard Schultz born in poverty Oprah Winfrey born in poverty
54. 4:42Jeff Bezos self-made billionaire Elon Musk self-made billionaire Sara Blakely self-made billionaire
55. 4:48What is it that these people know that you'd on truth is your equation is all wrong
56. 4:53here's the
57. 4:542-dimensional equation that you've been taught money equals salary earned from a job past a certain point the prospect of getting a job
58. 5:01Becomes the sole purpose of your education. So what's wrong with that you ask?
59. 5:05I'm gonna assume that if you're watching this you want to make money a lot of it and in a short amount of time as
60. 5:10Possible if that is your goal. Then this equation for generating money will never get you there
61. 5:15We all have a precious resource the most important resource for Hall
62. 5:19And once it's gone
63. 5:20There's no way of getting it back that resource is
64. 5:24time in a standard job the amount of money you burn is
65. 5:27Dependent on the amount of time you put into that job if you earned
66. 5:31$20 an hour and worked 40 hours a week
67. 5:33It would take you nearly 24 years to reach a total of 1 million dollars
68. 5:38But that is without
69. 5:39subtracting any taxes or any expenses that you will incur over 24 years and let's not forget that
70. 5:44Inflation would make your 1 million dollars less valuable the reality. Is that on a salary of $20 an hour?
71. 5:50You can only really be a millionaire at an old age by living frugally and most of that precious
72. 5:55Resource known as time has slipped through your fingers. You traded all that time for money and it wasn't even a substantial amount either
73. 6:02So again you ask yourself. How is it then that there are self-made millionaires and billionaires that such young ages
74. 6:08what makes them so different and the truth is
75. 6:11They have a better equation than you they have a way of understanding money that you haven't quite grasped the earth
76. 6:31Pay very close attention now stop chasing money in a capitalist society
77. 6:36The rules of the game are as follows
78. 6:38You are paid in proportion to the perceived value that you have and the people that perceive your value
79. 6:43they are the market the
80. 6:45Consumers of the economy the market is you your friends your family your neighbors
81. 6:49Your country people complain that football players are overpaid, but for players to be paid millions
82. 6:54There has to be a market for the football industry in the first place
83. 6:57People have to see the value in football in the first place for them to want to spend money on
84. 7:02matches and merchandise and if the market is a high demand for football
85. 7:07Guess what happens to the players who are at the top of their game? They are paid generously for it
86. 7:12It's not about how hard you work the cleaner that sweating and tiring himself out every day is paid far less than the accountant
87. 7:20sitting behind a desk
88. 7:21Why?
89. 7:21because the market perceives the value of what the cleaner does to be far less than the accountant as harsh as it may sound the
90. 7:28Cleaner can be replaced by anybody. It isn't difficult to learn how to do his job
91. 7:32And therefore the market will not pay him more than the accountant the guy who spent years studying numbers
92. 7:37The guy who has saved his clients thousands on their taxes
93. 7:40But even so we just discussed how getting a job is in the right equation to amassing a great amount of wealth in a shorter
94. 7:47Period of time so then how can we increase or perceived value?
95. 7:50What is it about people like Elon Musk or Jeff Bezos?
96. 7:53That makes their perceived value so high the first step to this equation of wealth is quite simple if you want money solve
97. 8:00problems
98. 8:01if you take a second to digest this statement you
99. 8:03Realize that just about all money runs from this basic premise if it solves a problem
100. 8:08Money will be thrown at it
101. 8:10If it's a million-dollar problem, then the solution will make you Millions
102. 8:13If it's a billion dollar problem
103. 8:15Then the solution will make you billions think about all the problems that our site like Amazon
104. 8:19solves the hassle of going to a store that hassle of having to wait weeks for a delivery cheaper prices and so on not to
105. 8:26Mention all the other companies that Amazon bones and the problems that those companies solve
106. 8:29Jeff Bezos helped solve a billion-dollar problem and also awarded favorably for doing so
107. 8:35If you've been chasing money, then you've been doing it all wrong
108. 8:38It sounds almost paradoxical but if you want money
109. 8:42It isn't money that you should be looking for you should be looking for problems and more importantly
110. 8:47Solutions to those problems and once you found that solution make a business around it
111. 8:54Wait, so that's it
112. 8:55Just solve problems and money will appear so I'm gonna have to create the next Amazon for me to be rich or the next Facebook
113. 9:01Or Google you've got to be kidding me, right? I don't even know how to code
114. 9:04I don't even have the money to start something of that scale
115. 9:07I don't even hold on your wants more going into old patterns of thinking start with a problem always start with a problem
116. 9:13Listen to the market around you
117. 9:17What are people saying they don't like?
118. 9:20What are people saying they wish existed?
119. 9:22What are people saying frustrates them? What do people think is incredibly inconvenient?
120. 9:26Is that a problem that you can solve and also is a problem that is worth solving
121. 9:42The final step of this equation to wealth is finding a scalable solution to the problem your solution needs to affect a
122. 9:49Magnitude of people starring a restaurant that's not scalable
123. 9:53You're constrained to the local area and the footfall of that area but a franchise now, that's more scalable
124. 9:59Is your solution a piece of software then that means once that software has been built you can scale it
125. 10:04Infinitely online without needing to worry about things like production or shipping costs as it's all done virtually
126. 10:10Good luck finding infinite scale with a job, but be careful does your solution require your time to generate money
127. 10:16Let's say you were a yoga teacher that charged $100 per hour
128. 10:20Congratulations, you only made yourself another job disguised as a business
129. 10:24There's only a certain amount of lessons that you can feasibly do in one day
130. 10:27And therefore your income is time-bound, but if you created an online yoga class that ran
131. 10:3324/7 with lessons you only had to create once now that is scaleable scaling your solution is critical here
132. 10:39So do not get lost on this point automation also plays an important role
133. 10:44systems and processes will keep your business running like a smooth machine if
134. 10:48Implemented properly if there is something in your business that you can outsource to somebody else or hire an employee to do it for you
135. 10:54Assuming it financially makes sense for you to do
136. 10:56So then do it tasking yourself with everything is a bad thing as much as you may think you're the best
137. 11:02There's someone out there that can do a better job than you once you've found a solution
138. 11:06It's your job to make sure that solution can be accessed by everyone in your market
139. 11:10It's not about your ego and it's not about what you're passionate about. The market doesn't care about your passions
140. 11:16So now that you have your profitable business running with the right systems and processes in place
141. 11:20It's time to move on and reap what you sow
142. 11:37There are two likely paths you're going to face at this point you either
143. 11:41Continue your business or cash in and seller
144. 11:43This is the acquisition the moment someone buys the solution that you spent years building a business around
145. 11:49This is Instagram being acquired by Facebook for 1 billion. This is PayPal being sold to eBay for 1.5 billion of which
146. 11:57165 million went straight to Elon Musk's pocket and the countless other liquidation events that happen across the world
147. 12:03This is where all the effort that you spend into building. Your company comes to fruition
148. 12:07And if you choose to continue running your business, well, there's a multitude of reasons for you wanting to do
149. 12:12So maybe you love the company that you built will want to stick with your baby
150. 12:15Maybe you think you can add more value to the company and sell it down the line for more than it's currently worth
151. 12:21Perhaps that business runs passively in the background so you don't have to do much to keep the wheels turning
152. 12:25Or maybe it's a combination of these three things. Either way you did it
153. 12:30You solved a problem that the market wanted solving and it were awarded you favorably for doing so and so now I ask you what?
154. 12:38Was it all for anyway?
155. 12:56For most of you it was never about the money
156. 12:59Money is just a piece of paper a number on a screen
157. 13:04Its value is only backed up by our belief in its value
158. 13:08From the very start this was never about the money
159. 13:11Paying off the mortgage buying your dream car traveling around the world never having to worry about your financial situation
160. 13:18It's the freedom that you were looking for. Your destination wasn't anything monetary related
161. 13:22It was a feeling a sensation
162. 13:24The ability to do what you want whenever you wanted without ever having to cast the thought towards can I afford this have I used?
163. 13:31Up all my holidays for the year. How am I going to pay the rent? Will I be able to live off my pension?
164. 13:36What dreams will I have to sacrifice?
165. 13:38Because I can't afford to pursue them the most important lesson from this video was never about the nature of money
166. 13:44It was about the one valuable resource that we all have the one resource
167. 13:47We will never be able to reclaim time
168. 13:50Is giving up a large chunk of your time towards a job that you probably don't like worth it
169. 13:55Is your life settled on working coming home watching the telly?
170. 13:59Sleeping waking up the next day and repeating the same cycle till you retire
171. 14:03How many more hours of your life do you let slip through because of this pattern?
172. 14:09Or perhaps you're fine with that reality
173. 14:11Perhaps you have no other choice but to follow that path for the time being and if that's the case
174. 14:15There's nothing to worry about the most you got from this video was a little entertainment and maybe a change in perspective
175. 14:20but there are those of you that understand the other side those of you that have the desire to
176. 14:25Never need to worry about money ever again. And so I feel the need to remind you
177. 14:29Stop chasing money chase problems and find the solution to those problems
178. 14:34This is the equation through which all money is found if you desire Liberty through never needing to worry about money ever again
179. 14:41Then let's solving problems be the meaningful struggle in your life
180. 14:44Does it mean you'll be happy at the end of the road doesn't mean you'll feel fulfilled only you can answer that question
181. 14:49But if your struggle is meaningful then perhaps it's worth pursuing
182. 15:12And there is your equation to wealth
183. 15:14Of course I missed out on a lot of intricacies in this video the topics of business money
184. 15:19Entrepreneurship are far too vast for me to cover in a single video like this
185. 15:23But if you do want to get started on this journey
186. 15:25I do recommend you read the works of MJ DeMarco who heavily inspired me to create this video and it's also important to come back
187. 15:32To an original point that I made at the start of this which is that most people will not succeed for various reasons
188. 15:37But the most important part is failing
189. 15:40Failing fast and moving on to the next thing and if you're out there doing something that isn't strictly related to a business
190. 15:46But you want it to make money then asking yourself the question of what problems am I solving?
191. 15:50Could lead you to find ways of better
192. 15:53Monetizing whatever it is that you're doing and that also includes a job and a career if you can solve more problems and find more
193. 15:59Solutions at your place of employment you have something that you can use to leverage a higher salary
194. 16:04But I will end this all on the same message that I have repeated numerous times in this video
195. 16:08Stop chasing money and start chasing solutions to problems
196. 16:17Hey, you've arrived at the end of the video and thank you so much for watching, but don't click off just yet
197. 16:22I do want to take the time to say thank you very much for watching to the end these things
198. 16:26Take quite a few sleepless nights to research script film and edit
199. 16:30So you can't imagine how much I really do appreciate your support
200. 16:33if you genuinely
201. 16:34Enjoyed this video then don't be shy hit the like button and if you disliked it hit the dislike Vaughn twice just to be sure
202. 16:40And comment down below and let me know why my goal with this channel has been to create entertaining documentary style videos on business
203. 16:47finance and life in general
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206. 16:57All of that being said, I hope you have a wonderful rest of the day as per usual. My friends hand ahead salute
207. 17:21You