The UNCOMFORTABLE TRUTH About Building Wealth

[@jonas77718]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.

[@sandra65823]

Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.

[@MargaretMargaretKarjala]

The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

[@KatyMccullars]

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person.

[@MargaretMargaretKarjala]

My advisor is Stephanie Kopp Meeks highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@KatyMccullars]

I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.

[@robertprice9052]

At 17 I joined the Army. I began putting $65 a month into an aggressive growth mutual fund. After a few years I started buying individual stocks; mostly blue chip dividend producers. I increased my investments as my income increased. The thing that made a big difference was that I always took zero exemptions on my W2. The result was a larger tax refund which I always invested into a well thought out stock. Rather than pay my house off early I invested the extra funds and timed my house payoff to zero out three to five years before I retired. I’m 58 with 2.1 million in investments. Never had a super high paying job, or inheritance to make me wealthy. There’s a lot of peace of mind knowing you are on track to beating wealthy. I still remember crossing 100K, 500k, and a million in net worth. It’s not a big sacrifice; you just have to start early, be consistent and have a plan.

[@ScizGraffiti]

I'm super cheap and I definitely love to save everything I can, but the 2 things I've found that I never regret spending money on are my family and travelling. It's really important to know what you shouldn't sacrifice on your way to being wealthy enough to spend you time where and how you like I feel. I'm glad to see the sacrifice part talked about in the video

[@ChrisInvests]

Completely agree!

[@smokinhalf]

I am super frugal some call me cheap. Yes I agree wholeheartedly Trips with loved ones are a treasure. Iknow the you only live once crowd and I am not part of it. I do know that you will go to the grave with some memories that are precious to you. Spend time with loved ones people

[@lucasstowe5407]

24 years old with 53,000 dollars and I’ve started working a ton and have a goal to have 120,000 by next year. Gonna take a lot of saving and budgeting but it’ll be worth it. As Charlie munger says “ the first 100k is a bitch. But ya gotta do it”

[@shailee9762]

It took me 16 years to acquire the first 100k but 6 years to get to 200k. So yes, the first 100 thousand is the hardest. Good luck!!

[@ryanwilliams989]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[@StellaMaris-lv2uq]

For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

[@maryHenokNft]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@maggysterling33254]

@@maryHenokNft Interesting. I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

[@maryHenokNft]

Not exactly, I started out with a financial advisor called *Camille Alicia Garcia* Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor.

[@BiancaSherly-qt6sb]

I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 2020 crash is playing out again.

[@musemellow]

"Your friends might resent you". That first point couldn't be more right.

[@SuzanneU]

Then I will cease to be their friend and look for a better peer group.

[@IssaRaeOf10S]

I have no friends anyway 🙃

[@stevenliniak3625]

I totally agree with this statement.

[@nmccw3245]

This is an opportunity to get better friends.

[@musemellow]

@@nmccw3245 agreed, being wealthy is a quick way to find out your “friends” true skins.

[@camh3958]

The hard-to-relate part hits the most. It makes you feel lonely at times; especially if you're young.

[@kitezopo2593]

I grew up without having much of useless friends. And I can deal with this pretty easily. We just came from different environments.

[@TheMisterazzo]

Same here.

[@gustavoalvarez5981]

It’s all good before you know it will pay off and you friend and peers will be thinking damn I should have done he did

[@dustinjones8887]

I'm 51 yrs old trying to tell all the 20 somethings at work where I'm at and trying to tell them they could have much more by 51 by starting investing in their 20's. I didn't start investing until 33 yrs old so they have much better advantage, but they don't listen and feel threatened that I'm debt free.

[@Travlinmo]

I saw this comment and thought I had already commented.

[@ImTheBatchMan]

Some of us exist! My wife and I started investing 20% of our gross income when we were 18 in the military. We're 27 now and our retirement accounts will pass 200k this year.

[@change_your_stars3262]

I told someone about dividends and you know what he told me. The amount of a .25 cents per share dividends are nothing it will take me years OR need huge amounts of money to achieve something meaningful Meanwhile they spend thousands for car and house...

[@cancel.lgbtq.6892]

Young people want fast money. Fast money comes with slow problems.

[@kitezopo2593]

I even started trading at age of 21 and still really felt old for not starting at 18.

[@leslindelgado6124]

“It’s hard to relate” is what I’m going through right now. I’m so excited to share any wealth building tips with my family and the people around me and they keep brushing me off. They look annoyed at the thought of investing in the stock market or in rental properties. They agree with self improvement via self education and going back to school but say maybe next year. It’s such a lonely feeling. I’ve already started to keep things to myself. I enrolled back into college and only my bf and kids know. I tried to get them on board from the beginning but they refused. I’ll just buy a journal and keep my wealth building journey to myself. ☹️

[@rollakid]

The lunch thing is very accurate. A lot of my team members wonder why do I not go out for lunch because I can clearly afford it with my position. I'm just not a food person, I'd just eat simple meal at my desk get more things done.

[@geraldf.1222]

This is an AMAZING video! I started working at 17, started buying new cars and new motorcycles, because I had the money and was even working overtime since 17. I made enemies over the years because I would budget, and save money for vacations and had a plan for buying a house, which I did by 23 years old. After that, I learned about 401k and IRA for retirement. Meanwhile, my soon to be ex-friends were pissed that I had a house, new vehicles, and was saving for retirement... I paid the house off by 55 and retired at 56. No friends? No 'old' friends. Only 'new' friends.

[@ChrisInvests]

It goes without saying that they weren't very good friends 😬

[@andrewmorales5485]

@@ChrisInvests I say buy 2,400 shares in 12 different monthly cheap stocks dividends companies $5.00,$10.00,$20.00 and $50.00 after that make two grand to three grand a month from each company every month basically make $24k a month from each of these twelve different monthly stocks dividends companies make $96k to $144k a month make $1,152,000.00 to $1,728,000.00 a year that would be enough to live off on

[@smokinhalf]

Like Dave ramsey said.. Money does not make you Evil or Good it just magnifies what you are already.

[@martywilliard]

Never tell your friends and family on your net worth. Just don’t talk about it

[@carlnxlvl6455]

I told them I was saying every month with my student allowance for 9 months. I have 3 thousands rands now. They asked me for petrol money. Crazy!

[@Countstep0099]

I’ve had majority of my holdings of about $2m in tech stocks and irrespective of market changes, I’ve done pretty well especially with apple’s P/E(price to earnings ratio) gaining over 30% this past decade, now my questions is what stocks do you think will be the next apple in terms of growth for the next decade.

[@2024Red-j5t]

It might be difficult finding the next apple within the tech stock sector, apple has performed way better than the others, maybe look outside of tech stocks.

[@wealthychronicle-i1u]

I stopped listening and taking financial advise from these KZbinrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.

[@Countstep0099]

That’s impressive, have you always had a financial advisor?

[@wealthychronicle-i1u]

My consultant is Nicole Desiree Simon She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.

[@Countstep0099]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@claytonrehmus2500]

I think the sacrifice piece is the hardest for most people. The never feeling rich is the curse - I'm financially stable and saving a bulk of my money but still feel broke and large expenses still make my heart drop.

[@royalmellon6811]

Yup and you feel guilty whenever you want to spend even tho you can comfortably afford it

[@claytonrehmus2500]

@@royalmellon6811 yup.

[@robweaver1923]

We all need that elusive balance in our lives, we can't deny ourselves pleasure in the hope of enjoying something in "the future".

[@jant1213]

Regarding larger expenses. I rent, and may for the rest of my working life. On one income, I could buy a 900 square foot house maybe right now, but I would still have to cut back on retirement contributions or maxing my HSA every year, and I know I probably won't be able to work my same job into my mid 60s or 70s. Sometimes I feel broke because I can't afford a house...But the house will come if and when it makes more sense than renting

[@racerx6]

Agreed!

[@U.S.Embassy-vy4mm]

I wasn't financially free until my 40s and I’m still in my 40s, I bought my third house already, earn a monthly through passive income, and got 4 out of 5 goals, hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start today regardless your age, invest and change your future! Investing in the financial markets is a great choice I made. Great video! Thanks for sharing! Very inspiring! I love this.

[@AlexandraWilliam-rj7yc]

I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do for me now because I have no idea how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.

[@pharohphox7829]

This is one thing that happened to me that I found out through a family member, people that try to manipulate you by using money will also resent you when they lose the control they had over you. I was guilted and shamed before because I should have put a family member on a pedestal as being a paragon of virtue because they helped me with a car payment once or twice or bought me something that I didn't want and they thought it was important (this family member was in an MLM and needed the minimum sales to stay active).

[@ChrisInvests]

Good point

[@siegfriedbraun5447]

I don't know about anyone else, but I definitely feel wealthy. That doesn't make me stop finding ways to invest and prosper the lives of others and our own

[@jpdriver1967]

When I first got married, we had no cable TV for a while and my co-workers could not believe it...calling me a cheapskate. It was just not an expense we wanted to have while getting a start in life. We still critically review every big purchase decision and find it hard to spend on big ticket items. We will completely retire before age 60!

[@ChrisInvests]

Glad it's paying off for you...and hopefully your coworkers are doing alright too 🤔

[@davidross1530]

When I became a millionaire investing in the stock market few yrs ago, several of my good friends turned their back on me. They blocked me on all social media, phone, and want nothing to do with me. I never understood why since I never did anything wrong to any of them. Come to find out, they were jealous of me becoming successful. I told them, to invest and take risk. If i can do it, anyone can. It just take consistency.

[@pensacola321]

You'll find new, like minded friends.

[@robweaver1923]

Yes, they were never really your friends.

[@nmccw3245]

They did you a favor.

[@escapingmediocrityhub]

I appreciate how transparent you are in your videos. It's clear that you're passionate about financial freedom and that you genuinely care about helping others. Thank you for being such a positive force in the KZbin community!

[@Financial-Education101]

Wow, Chris! Your video really opened my eyes to the realities of becoming wealthy. It's surprising how friends and family can change when they see your success. And the way people treat you differently is just mind-boggling! But hey, it's all part of the journey, right? Keep up the great work!

[@PhantomO01]

Such a great vid and so true. I’m not rich yet, I’m wealthy -top 10%. I use to think that when I got a high paying job making several 6 figure salary that I would be happy. Nope, more people just come to me with money problems and it has definitely altered my relationships significantly cause people know I have money. I am happy, don’t get me wrong but not because of money. It’s really the same with more toys tbh. Most of my wealth is stored in investments I don’t touch, and I work a shit ton because of my job so it’s not all it’s cracked up to be. I will say that I feel more secure than the average person. I’m not worried about the economy, stock market or politics because of my wealth. I’m not worried about job security because I have enough stashed away to sustain my lifestyle until I croak. Having money does make me feel more secure but not happy. I get happiness from genuine experiences.

[@blakegarritson1056]

Well I'm happy for you... hope one day I get there too... just hard sometimes.. I need to fine that 6 figure job 😩

[@rhondavigil795]

This is so relatable. We are early retirees. We get a lot of questions about "how'd you do that?"

[@bkfromtherockies]

The part about "mindset" is so true! 🎯💯👍🏿

[@lopezjuan316jl]

I red in the comments of one of the financial help youtube channels that the person was doing what was recommended, because his parents also had that mentality but he had had a terrible accident and now he couldn't enjoy a single thing. Then as Chris says, I'm trying to find a balance. For example as I'm not a miserable person but not a happy one either I'm destining part of my founds to improve my physical health (I got a nice matt that I'm using (but have to use more often), I'm going to the gym, I've online personal trainers), etc. That is helping me get fitter and to free a lot of the stress that I have in me, it is truly really helpful Moreover thanks to my parents I'm going from time to time to a psychologist The rest is going to saving, investing and I'm leaving a bit more of 20€ in order to go out with friends, I'm feeling a bit better with all that

[@CaffeineGeek]

This video is a summary of my wife and I have gone though. We took a long term approach and made sacrifices to set a solid financial foundation to ensure we are comfortable. We have lost contact with many friends and family who say we "changed" and "act selfish" as we built wealth. After much soul searching, we now realize and appreciate the true friends and supporters in our lives. We realize those we no longer speak to were the ones that always had new cars, a new boat, season tickets to sports teams, home renovations, and other signs of conspicuous consumption. My wife and I have always remined low key. Our cars are over 10 years old, we prefer cooking at home to going out, and we aggressively invest to build a solid nest egg. We also take the time to invest in new skills demanded by the job market and put in hours of improving ourselves to be more valuable to perspective employers. The times we do treat ourselves to a nice vacation, fancy dinner, or other luxury such as replacing an 8 year old TV with a nice new model, we have been accused of "holding out" or "hiding" money. The most disappointed was one friend who asked us to loaner a six figure amount because she was near bankruptcy from poor decision in life. We declined and are no longer on speaking terms with her. This person spins it as us being "cheapskates," "selfish," and "Scrooges" for no enabling her.

[@ChrisInvests]

Thanks for sharing

[@shailee9762]

Thank goodness! Some people expect you to loan such amount. It was good that you didn’t loan her the money otherwise you would never get it back.

[@EricDaMAJ]

The majority of the problems illustrated in this video can be avoided by: 1) Learning to be happy with little to nothing (a crucial wealth building element on a low to middle class income) 2) Keeping your wealth on secret from friends and family by living like you're low to middle class and not buying a lot of expensive status symbols

[@MartianAmbassador69]

Solid advice right here

[@brianpso]

I lmao'd at the "you'll never feel rich" one, because coming from a poor family in Brazil, which is itself a poor country, and now living in a first world country, everytime I buy some food and I don't even need to mind if I can spend that money or not I already feel rich. So I'm definitely good, the only reason why I want more money is to retire before 40 and be able to enjoy more of my free time with my family and friends Also, being affected by people calling you cheap is so fucking childish imo, that one doesn't even make sense to mention.

[@eduardoecd]

Sempre tem brasileiro nos comentários haha Vivo bem aqui no Brasil mas tenho vontade de voltar pra Austrália

[@brianpso]

@@eduardoecd Lá é bom pra caralho, NZ tb, mas pesquisa bastante sobre os vistos e tal antes de ir embora pq tem bastante gente indo na loucura e se ferrando quando chega

[@bleulesyeux5416]

Why immigrants are prouder Americans than the people born here. Americans take their luxury for granted.

[@wildtill9]

It is a long slow grind

[@JW20236]

For many a long, slow and lonely grind.

[@YoungMaskedRedYoutub]

Patience is a virtue that I do have!

[@markbrowninvest]

This is a reality. You must have grit!

[@BillZBubb]

This builds on a tired and toxic myth that hard work and sacrifice build wealth. That can work for some in just the right circumstances, but seems to be more the exception than the rule. Much like winning the lottery. It also reinforces the stereotype that the poor and middle class aren’t wealthy just because they don’t work hard enough or sacrifice enough. More typically hard work only earns more work from those in the fortuitous position to turn your work into their wealth. Financial compensation is entirely divorced from effort.

[@donaldlyons17]

Right but if he makes money off videos online how likely is he to want to say this type of thing when he knows he can get more people to watch saying something like "hard work and discipline and decisions make people wealthy?" People online have strong incentive(s) to write what they think others will watch....

[@untouchable360x]

Hard truths cut both ways.

[@kennydebique6192]

Me being content with life is good, but I still want to be financially free.😂

[@jimv77]

People know I am cheap/frugal. I am such a simpler happier person now once I realized the wealth I've accumulated...that I realize money and materials does not make you happier...it just weird when these same people now give me advice now on how I should spend my money....

[@dank1518]

Only our dogs was happy for us, cause we are home all the time.

[@ChrisInvests]

😂 True

[@pauljackson171]

Also, the schema of sacrifice now for a wealthy future works in so far as society is stable enough in future years & you get to live in future years. Might be the case where you strike it rich after much efforts in a stable society only to find out you've cancer & are gone in your 40s (ex: Virgil Abloh).

[@ChrisInvests]

It's all about balance

[@coreygigoux7342]

Wife changing wealth and goingback to one job is life changing...Having a full tummy buying anything u can't afford and taking a rich sheit is the only thing that matters.

[@Yahoo886]

Chris how to you draw so fast…your amazing!

[@ChrisInvests]

Wish I could take all the credit but my editing program does some of the hard work 😂

[@CandyLemon36]

Remarkable content on display. I read a book along these lines that redefined my thinking. "Mastering Money Mindfulness" by Benjamin Hawk

[@MediaHoax]

Truth here!

[@anesthesia101online]

🙌 so true

[@harryvanderveen773]

"When you all of a sudden have money you still don't feel rich", I disagree.

[@thefeds2579]

The sacrifice can be mitigated by excellent time managment.

[@S5_Sportback]

Real talk

[@christopherreid4798]

to your point of never being satisfied. Pick a number and shoot for it. then reflect once you achieved it.

[@ChrisInvests]

Good point...it's important to have specific goals

[@luisahernandezmunoz8332]

Can you a video about whole life insurance and cash value and dividends thanks

[@AverageJoeDividends]

If you keep insurance and investing separate, you will be much better off. Buy term insurance and invest in something like VOO and call it a day.

[@ChrisInvests]

Anything specific about dividends?

[@luisahernandezmunoz8332]

@@ChrisInvests sure Sr thanks for answering back in whole life insurance I know that these companies paid dividend every year so how this dividend can help growth the cash value in a policy and see base for years of the person who whole life especially in these high rates environment we are now it can be an array I’ve product to invest and at the same time have the protection believe or not very little people explain how whole life insurance can work for retirement too. I hope I explain my point every Sunday I am pending for your videos

[@davidfolts5893]

Slow roll your wealth accumulation and grow into it.

[@TheAutomotiveKid]

Today I found out you’re based too. 💪😄

[@donaldlyons17]

Dude why do I still see bots on your channel? I can't understand why bots are still on here if KZbinrs can delete comments?

[@MC-gj8fg]

I'd feel rich once I built a nest egg large enough to live a middle class lifestyle once I retire without any fear of going broke before we croak, but can also afford a single very expensive thing I'd worked for. For me that would be a 32-55 foot boat. Other than that, a modest house and 15 year old long paid off cars are fine as long as we can go out to eat when we wish, and take a nice vacation once per year. To accomplish this however I'd probably need a nest egg of something like 7 million by age 65 however, so yea, I'll never feel rich even if I retire with 4 million. So, I feel there is a win condition # of accomplishing feeling "rich" for me. It's just a win condition that is highly unlikely for me to achieve.

[@johnbreisch8447]

Having the money that can earn enough to put you in a career or job that you love and can relax. That is the definition of wealth. The money is just the icing on the cake. Pay off your house and build 2 to 300,000 dollars and start earning 12 to 18,000 a year in interest to give yourself that peace of mind.

[@donaldlyons17]

Not many people ever get to those amount until they are very close or over retirement age..... The idea is simple but house morgages are between 15 and 30 years. For most of us anything over 5 years is a long time.....

[@ronmexico5908]

Good luck finding a partner that wants financial freedom. In the west money is for luxury, trips and mindless consumption to impress people and make them jealous😅

[@xenosaiyan-8106]

Based on suicide I’d say just enjoy life who cares about money. Enjoy yourself. I make 184k a year, it’s alright

[@ChrisInvests]

It's all about balance!

[@MrEnky007]

You should at least have 1million net worth by age 65...

[@wrongwayeric]

Still a good Goal.

[@dodiloi]

Ofcourse i will not feel Rich. He is an attorney in Albequerky

[@john92415]

There's no hope for me lol

[@abir1125]

You must want to be rich bad

[@tmdrake]

still looking for that finish line.

[@scottarmstrong11]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market

[@monicawill5]

Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.

[@emiliabucks33]

The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

[@DaleHorne8]

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person

[@emiliabucks33]

My advisor is Natalie Lynn Fisk she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. You can check her out online. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market

[@DaleHorne8]

I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.