You may want to take another look at the chapter on specialized knowledge. The book teaches the opposite of what you explained.

Way back in the day when I was starting out, I had a financial advisor and he told me: you’ll never be a millionaire working for someone else.

You don’t need billions or even millions to have FU$, lower your Western expectations, look around the world, you can live well on a lot less and escape the hamster wheel life of the West. Tens of thousands have done it.

This could be the most important channel on KZbin today. ✅

I don't have that much money but I have more time to go for an ebike ride or go play golf . Just paid off my house which isn't worth much but have money in the bank no bosses

Lucky i got my home when i did. Early 2019 got a 3 bed, 2 bath 1,300 sq feet, on a third of an acre for $165k in a good area of Louisville ky

A lot of great alpha on this channel ✅

Thank you!!!

Taxes, insurance, home repairs…. Yeah let’s talk about that

Realestate investing should be banned. Its the biggest siphon of wealth from the middle class to the rich. It will be the end of our sciciety.

Yeah but everyone has the latest phone, there's always money for those. Also you should have money in investments, savings etc if your in your 60s. Stop being a victim

Awesome. I've been looking for a mini tutorial on Lambda for a while.

You are truly a blessing to the world

Recently I got to meet a very humble man with self made F you money. We had a nice talk and he gave me some very helpful tips to start the same way he did. One of the points he highlighted was that when you have enough money to be free, time is what's really important. Find a business owner who Is older and has already made it. He doesn't need the money right away from selling his business, he wants the time. If you're a solid person with a strong work ethic and some good references, maybe you can strike a deal to get that business from him without banks involved. Use your fire and passion to grow that business and make it successful. Pay it all off as quick as possible while also reinvesting into the business and don't worry about paying yourself for a while. Just put food on the table and roof over your families head and grind it out. I was thankful for our talk and have since planted a lot of seeds and have 2 leads on opportunities I never thought possible for a guy like me. 34 years old with almost no credit or assets.

As a normal Eastern European (poor, by western standards), I can tell you what the real issue is - when you grow up poor, you see your parents struggle, all your friends and their families struggle, there's maybe one kid who is a bit better off but that's it, your brain is wired differently. You cannot even imagine having more money, you think you don't deserve it. ''My parents worked their butts off and they didn't earn that much, why should I be paid so much''? When a wealthy person speaks about money and opportunities, it sounds like a scam to us.

in his eyes there are only two types of people: people who work every day all days for 8 hours, do shopping eat and sleep rest because they were too effing tired from the 8 hours of work during the day AND people like HIM, from the way he's phrasing and the general; smiley look on his face, and hes clearly proud of him, but there are the third kind of people, people like me who have some money and in exchange for their time freedom they dont buy expensive stuff, dont spend on voyages, live modestly and comfortably without working 8 hours a day and commute other 3 hours.... have your plane and yacht, idiot, you don't have time to read a good book, you need to fly to the other beach and play roulette, don't you

I’ve stopped paying my Discover and Hospital 🏥 bills at least I can breath a bit 😅. If there’s more inflation then I’ll cut out another bill 💸 😂

I would love ❤️ to travel 🧭 and I’m not focused on the future either because I don’t know if there will be a future due to global warming

Rent to own.

What made you think this was a good video idea? Do you think we don’t know what it’s like to be rich. you just regurgitated a bunch of crap platitudes

Excellent thought provoking discussion. People by their nature are lazy. These lessons will never permeate all of society….those that attain wealth are a special breed. I make .22 cents in passive income every minute of the hour every day……24/7. I make $30k working part time at night….not because I need to, but because it’s physical workout that serves two purposes…..firstly exercise…..secondly, a case study on leadership from observing my supervisors. I work in a corporate environment with a six figure salary. In my spare time (and we have plenty) I have always worked in ventures that generate income, some succeeded, some failed. I write and publish books. I invest heavily and save little. I have been a driven, competitive person my whole life, fiscally responsible in my early 30s (I came from nothing and was self taught on finances with a sprinkle of mentors along the way…some I blew off in my 20s only to revisit those lessons and dust them off). But back to my original point I have two adult children who from day one I’ve tried to teach about the value of hard work, and how difficult it is to attain wealth (my wealth as well as there own). The eldest is cut off because they haven’t and won’t learn. The middle will be cut off if they don’t change, and my youngest is an exact mental copy of myself and just gets it ❤. Special breeds are hard to come by (and I’m not even one of the good ones there are far better leaders and innovators and “hustlers” out there). It took me a while to realize everyone is not like me, and not good with finances….and not everyone can be taught. Having kids only amplified my observation. Luckily my wife is better with money than all of us😂, but I’m better with investing 😎. And I’m a little facetious about my kids they did learn what poverty is and work hard to stay out of it…….ill wait until they have grandkids before I give them some stipends for college and some nest eggs of their own…..but I need to to make sure the kids aren’t brats otherwise no deal 😂.

I’m an older millennial on the autism spectrum who lives with my baby boomer parents and work in a grocery store 🏬

Very helpful Thank you for sharing

Even my dad 🧑 who has a fair amount of F you money 💰 unfortunately can’t afford a jet 🛩️ or operating costs.

Hyperinflation will make F you money 💰 useless if the USA 🇺🇸 becomes like the Weimar Republic or Venezuela 🇻🇪 in 2008.

Fortunately my dad has a fair amount of F You money 💰 but he worked for it and earned every single cent

Sell your house up north and buy down here in Baldwin county Alabama! Close to some of the most beautiful beaches and, you can still get a really nice house under $400k and property taxes are amazingly low.

For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.

It's funny how the ones that deserve the generational wealth don't need it because they have already generated their own. By the time my parents pass and leave me anything I'll have very little use for it because I'll already be retired myself.

I'm trying to get to this level of wealth myself. I know through hard work and networking with the right people you achieve success. Here's to hoping other big time players see this and effective connections are built off of it because of it. Great video and thanks for uploading!

It’s cool to hear your perspective, it makes sense now why all the rich people I know are very coy about how rich they are after hearing how many people come asking once they figure it out

Self made RE millionaire here too. Rich parents give the kids stuff to pacify them but instead should be giving them their time .. My mom and dad were very tough and I benefited later in life for it and BTW people, there is no such ting as passive income, all passive income gets screwed out of it eventually. Be interactive and keep you eyes on your assets, be realistic and adhere and respond to the markets. Pay attention to both what you can and can NOT control. that's the best bullet point advice I can give. here is some more: don't depend on self serving advice.. and people, I am telling you that 99% of all advice has some sort of benefit to the advisor, figure what that motive is before you react to the advice's I don't rally know for sure what motivates Ken but I think I do. This dude here seems to be teaching y'all the right stuff at least on the surface of what I see. his self benefit seems to be raising the amount of money he has to invest, he is not hiding it, that's a good thing, He does not have to have your money but seems to enjoy using it, another good motive actually. I don't think these motives alone are a bad thing. If there is no motive, then there is no advice and nothing happens If you are thinking about becoming an equity partner? I would watch out for short term notes coming due in his portfolio. loans are not always a bad thing, if he is leveraging with loans with rates under for 4% and fixed his rate for over the next 4 years? Then he is gold. Conversely, if he is over leveraged on short term loans of any type, then stay way. If he is building up a stock pile of cash waiting for cash to be king again? then you got keeper, he is on the right track. A lot of negative cash flowing (larger) properties are going to be auctioned over then next 3 years

America has become neofeudalism Becoming rich off renters Rentier class No Henry Fords here

30k for the weekend wow i could live off that for a year

ken that was great insight thanks

Wow, so only people that rip off families are worth their bank account, got it! Will try to squeeze the locals by purchasing cheap homes and upping costs. Good on ya

What crash are you talking about? Nothing has crashed...

I ghost anyone who says "money cant buy you happiness". Such people are energy vampires. A rich man who believes that is extraordinarily ungrateful. A poor man who says this is a loser who needs an excuse for hia failures.

I'm getting close to 50 yrs old. is it too late? just don't have the energy I did before. trying to figure out a niche maybe excavation. have to see if there is a need first.

If I had $5 million, I'd buy commercial property and start businesses and turn it in to cash flow and capital growth. Just how to get enough to start, that is the tricky part.

You obviously raised rates... no wonder people left.

Nice books

I recognized that name, Steven Pressfield, from something else he wrote (had to look it up - 'War of Art'). I'll have to get this other book you refer to, Ken.

Ken had 55% returns on average over 23 years. That's how you get to $3 billion net worth. As he said, you are only going to get that owning your own business. Assets do increase in value 55% every year, but the income they generate can allow you to leverage greater and greater asset values to get there. Here is where the system fails: Not everyone can do it, in fact only a very small proportion of people can do it. Lets say you buy properties and rent them. You need 10,000 renters paying $2000 a month to support $3 billion. Even if you spread around various other businesses, you end up with about 1 in 11 people reach millionaire, and 1 in 233 reach 10 millionaire, 1 in 35,000 reach 100 millionaire.

Self made millionaire ,here... made millions in my early to late twenties... miserable is what it made me. Gave it away . Best decision I ever made . Labor is the benefit to my lifestyle and freedom. Men need to work hard and riches weaken the constitution. Give it away and start laboring for pennies... I promise you'll find me to thank me if ya do. Let's GO !

Is this guy another one of those liberals who fly around the world but lecture me about carbon emissions?

How do you personally deal with the fact that you could be paying your employees or offering cheaper rent if you weren't spending so much money on obnoxious things like private jet? Can you really justify your private jet as being something that brings additional value to people who work for you? I'm not asking this to be annoying, I know that even a jet can be justified if it helps you bring in more deals and more money, but does it really help that much or is it just a splurge? This is the most difficult thing for me to decide. I have a digital marketing company with about 20 people. By volume we are probably No.1 in Croatia, however, there are 2 agencies that are considered to be "above us", but from what I understand, their revenue is mostly based on deep connections and ultra expensive (probably overpriced) projects. Just to put things in perspective, our firm has about 2000 clients, we offer web hosting, web design (shops and websites) and online advertising (Google/Meta) and our revenue is about €300 000-450 000 per year. The more popular agency has (according to my estimate) 50-100 clients, about 30-40 employees and a revenue of €4 000 000 or almost 10x more than us. We usually try to make the maximum out of limited resources that our client has. We redirect most of the money to what is actually a functional part of marketing (Google and Meta), while this other Agency doesn't really care about their clients and they offer them services like planning, overdesigning, consulting, etc. We put 70% of the money to work for our client, while they put 70% of the money in their pocket for their marginaly useful services.

This is what I learned once: the first generation creates the money, the second generation manages the money, and the third generation gets an art-degree...

"Most wealthy people are self made" Demonstratively, conclusively, completely untrue.

Thanks Ken! I am happy to have you as one of my KZbin mentors.