When money isn’t real: the $10,000 experiment | Adam Carroll | TEDxLondonBusinessSchool

Adam Carroll talks about his $10,000 Monopoly game with his kids and how to teach finance management in a cashless society.
Adam Carroll is quickly being recognized as one of the top transformational trainers in the country. Having presented at over 500 colleges and Universities nationwide, hundreds of leadership symposiums, and countless local and regional organizations, Adam Carroll’s message of Building A Bigger Life, Not a Bigger Lifestyle has been heard by over 200,000+ people.
In early 2014, Adam successfully crowd-funded a documentary on student loan debt, raising nearly $70,000 in 45 days. The film, Broke Busted & Disgusted is due out in early 2015 and is already garnering critical acclaim. The mission of the film is to start a national debate about changing the way we fund college and not crippling 20 somethings with mountains of debt.
Adam’s core message is we are all after the same thing - to relentlessly pursue our passions, live simply and happily, and make a difference to those around us.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at ted.com/tedx

[@PaulJosephdeWerk]

I remember my daughter growing up, when we told her we were out of money, she said "just go to the ATM and get more."

[@pcadamtaylor4262]

Paul-Joseph de Werk Concept of just assuming how these complex things work

[@alecthomasquinn4438]

I remember once being denied a toy at the store when I was like 8 or something. My mother said "No, we don't have the money for it right now," and I replied "just write a check!" I was way young but still. I DO wish I had been given an allowance or something, been given the room to play with real money, and to live with the consequences of my own decisions as suggested here. Atm the moment I have 10k in consumer debt, but count myself lucky for having no college debt (no college education but still), and ONLY 10k in credit card debt... feels like I dodged a bullet tbh. I wonder if I had been taught to use real cash though if I would have even that amount of debt.

[@lazarantic_]

😂😂😂

[@rogerepps7726]

The magic money machine!!

[@TypicalTomTV]

@@alecthomasquinn4438 wtf how did you get into so much debt?

[@Calm_Crusader]

When I was a kid and money was tight for my family my mom and dad sat me and my sister down and gave us monopoly money, how much my dad made in a month. From there mom took money for bills, electric, grocery etc. to show us how little was left for fun things and why we can’t just do whatever we want when we want. Very effective means of teaching.

[@liaslife1651]

Your parents were smart

[@godcolor9722]

Hope you are earning enough rn

[@Calm_Crusader]

@@godcolor9722 thanks dude 😂 things are good now but that was a good lesson as a kid. Cheers!

[@jeremywithacamera235]

smart of them!

[@rexlundstrom2333]

Thank you for sharing. I like this idea a lot

[@jasolr1135]

The kids naturally cooperated while seeking to have the most fun.

[@kleioleventi8716]

And then came their dad to destroy any sigh of altruism and humanity they might develop. Helping others make you lose the prize! Damn, that's bad parenting on a global scale level.

[@vncur]

@@kleioleventi8716 I don't think that was the point

[@masonwheeler6536]

5 years later, this is more relevant than ever. Who's watching this in 2020?

[@FTLCKR]

great video and couldn't agree more. It is also the exact reason why casinos use chips instead of cash.

[@Winspur1982]

I just watched it for the first time. Very well done and relevant indeed. I don't have a regular income now and I'm making a point to A) keep some of my money in cash -- I love $50 bills anyway and B) record all my debit & credit card purchases on PAPER the day I make them. I also get monthly paper statements from my credit union. Recording this stuff on an app doesn't feel nearly as real to me. The Great Depression is what happened the last time there was such a massive increase in consumer debt. A lot of elite men assured us all thru the 2010s that it couldn't happen again, because financial "instruments" were more "sophisticated" or something. But the giant casino that is Wall Street + the City of London + secret Chinese accounts hasn't gotten any more responsible to the world's people.

[@MelindaGreen]

Did his kids play differently because the money was real or because there was a $20 prize? First rule of science: Test one variable at a time.

[@glendsouza3375]

in any case, real money was at stake.

[@willorme6433]

+Glen DSouza But one form, the money was just a replacement for the paper monopoly money and the other reward. Would that not make them two separate variables?

[@glendsouza3375]

+Will orme well you see, the two are interconnected...if nothing was at stake, then it would not matter if the children used monopoly money or real money or chocolates or whatever. only when a reward is introduced, the strategy changes.

[@gbrish1]

+Glen DSouza Then why go through the trouble of using the $10,000 dollars to begin with? The point of the experiment was to prove that it does matter what the children used to play monopoly with.

[@glendsouza3375]

+ah no the point of the experiment was to see if they changed their strategy when real money was at stake, ie there was a reward. if the experiment had no reward, then yes there wud be no point using 10000$

[@Cybios]

This is why they use chips in casino's and poker games.

[@Berkzian]

yup, if you got 10 chips, $500 each and lose 1 you think. well i got 9 more. cheeky bastards

[@RobinLundqvist]

Eric Knight dude I never thought about that

[@ekw555]

it's the old (card player's) joke: the guy who created poker was pretty smart, but the guy who invented the poker chip was a genius.

[@ekw555]

it may be true that it is not legal to gamble w/ actual money in US casinos (though I feel there are places where 'cash plays'), but that is not "why" they use chips. chips have been in use for long before those casino laws came about. chips are used for standardization (to eliminate confusion). this dates back to the 1800s in America and further back in older counties. having gold nuggets, jewels and sacks of gold dust at the table makes it a "bit' hard to establish the value of a wager.

[@ekw555]

well, more than cash playing, I think the reason there are so many casinos on reservations is because that land is sovereign and not subject to US federal & state laws. before various states allowed casinos, they could still exist legally on tribal lands within those states. Since those casinos faced little if any nearby competition (early on, anyway) they could operate with much lower overhead (a "no-frills" or "less frills" approach) and basically print money for the tribes.

[@GA_CEO]

I worked at a bank from 24-31 years old. I went from Banker to Market Manager and it wasn't until after I left that I realized my success was due to what my mom had taught me growing up. I entered banking understanding credit, interest rates, savings, and overdrafts. I spent most of my career teaching adults 20-30 years older than me, what all that meant and how it impacted them. I would quit my current job right now to go teach Money 101 in High School or Middle School. Its one of the biggest misses in education.

[@mikesimmons851]

Definitely a big miss, along with teaching CRT, 50+ genders, and chromosome denialism.

[@bladimir352]

“It’s about educating the next generation to make decisions in a world where money is largely an illusion but has very, very real consequences”

[@TsunamiNR]

Bladimir The thing is... money has always been an illusion.

[@buddydaturtle1726]

@@TsunamiNR Can you illusion up me a 7 figure bank account :)

[@lincolnduke]

@@TsunamiNR Negatory, it used to be backed by the gold standard.

[@theyellowmeteor]

@@lincolnduke The gold standard is just fiat money with extra steps.

[@victoralvarez3708]

great video and couldn't agree more. It is also the exact reason why casinos use chips instead of cash.

[@bigbadbandana366]

This is also very true in stock trading. If i lose $500 on a trade it's a 'no big deal' feeling. But if i were to lose my wallet filled with $500 i'd be pretty upset.

[@mateuszszymanski4242]

That's true

[@Matt-nb3yb]

Losing $500 in stocks though doesn't mean it's gone for good. Stocks move, bad day, good day, you could lose more, or it could go right back up. You lose your wallet and there's a better chance that you're not getting that money back. Plus you've lost your ID, cards, lots of headaches.

[@Adlore]

Matt Nirmaier he said 'trading' where a loss is a loss, and you never hold stocks if things don't go your way. You're talking about investing. They both use stocks, but are different ideas

[@bigbadbandana366]

ENTERUSERNAMEHERE555 Exactly, always cut losses quickly if a trade doesn't go your way.

[@AustinChubak]

True

[@fabfivepickers]

great video and couldn't agree more. It is also the exact reason why casinos use chips instead of cash.

[@fatetestarossa2774]

+Fab Five Pickers (FabFivePickers) indeed

[@bulldozer05zerofiver]

Great point!

[@Olivia-W]

Fab Five Pickers And that's why I decided to never ever step inside a casino in my life (if I can help it). Since I'm an impulsive 19 year old, I need plenty of restrictions on myself. :/. I still suck, but less :).

[@ICEDB4nk]

it takes extreme discipline to walk away. Especially when you are up on the house. Very good point.

[@kevin15776]

Potato chips?

[@GadgetEase]

The speaker is not only talking about educating children's financially, he also focuses on how it impacts on the economy of the country.

[@yardmasterswealtheducation8424]

That is what has been bugging me since the last time I watched this video. His experiment contained a fatal flaw. He used the real money instead of the monopoly money, but he ALSO added a $20 prize to the winner. That is 2 significant conditions.

[@devonjoanna9884]

Yardmaster's Wealth Education yeah but that’s not really the point. This has already been proven many times before with things like credit cards. When you pay with a credit card you never have to physically hand over cash which is how people can get so deep into credit card debt.

[@devilslamp7306]

@@devonjoanna9884 I always felt exactly the opposite. If I'm spending cash, it's already out of my bank account. It doesn't affect me. When I pull a card out of my wallet, I can /see/ my account balance dropping. I'm much more likely to spend frivolously if I have cash.

[@leansnscenes7806]

@@devilslamp7306 most people would disagree with that as seeing a bundle of cash in front of you makes it all the more real and you are much less likely to waste that money

[@devilslamp7306]

@@leansnscenes7806 I'm probably unusual in that regard. As a kid my parents never gave me cash or an allowance, and any cash I got from relatives for, say, birthdays or in christmas cards, they took and deposited in "my" bank account immediately. Anything I wanted to spend money on - if they couldn't talk me out of it - we went _into_ the bank and got a printed balance statement, withdrew the cash, and printed a new, lower balance statement.

[@GeorgeEdwards1]

I'd like to repeat this experiment. Please send me the cash

[@aschenbechermann1645]

Sent just now. The bird will arrive in about 2-3 weeks

[@yahyazouine8982]

😂

[@uniquelyqualified3676]

I can send you millions in monopoly currency

[@SS-pe4li]

Sure, you can buy it online for $12000 (Free monopoly set included)

[@GRBtutorials]

George Edwards Yep, send me 5 Bitcoins and I'll send you $10 000, plus 5 Monopoly games.

[@005AGIMA]

Interesting. My kids also played a marathon game where they'd buy each other out of dept to keep the game going. The end result? The BANK ran out of money. There's a lesson in that.

[@hairohukosu433]

Well that must have been... Interesting... o-0

[@005AGIMA]

Nice well thought out response. I like your thinking. To me though, the lesson here is "Fk the system!". For the record, I'm quite well off. But I still see a system dependant on personal greed as highly flawed and currently holding mankind back. Give me the "Star Trek" utopia over capitalism any day of the week.

[@oldbatwit5102]

The lesson is.... print more money! Look at the success of Zimbabwe.

[@005AGIMA]

@@oldbatwit5102 lol Kudos.

[@sandb1867]

Is there a lesson? How often is it that everyone is paid by the bank for passing Go and one of the players is a banker?

[@dbuchino2677]

He nailed it. Parents are not teaching fiscal responsibility. My parents never did this. Yes, they budgeted their money and never overspent, but they didn’t give me any advice on balancing my check book

[@moopet8036]

Schools would be better if they taught basic life skills like laundry and how to save money.

[@enosfruit]

this talk becomes more relevant each year that passes by, and it started out being very very important back when it was first published.

[@Hoonsy2you]

Last year I found a wallet on the road. It contained several IDs, but no money. One of the IDs was a corporate card, so I went there and asked for the employee in order to give him his wallet back. The guy was furious. He said that the wallet contained a 20€ bill that was now gone. He didn't accuse me of taking it, but he didn't thank me for bringing him his wallet either - which contained passport, drivers license, health insurance card, credit card, ec card... in total about 150€ if he had to replace all those cards. Abstraction at its best IMO.

[@mskay7817]

Not to mention if their identity got stolen, way worse than losing €20

[@soulless_hm9058]

You are correct in every way.

[@robertvandeneijk1284]

He should be angry at himself for losing the wallet. And he should be glad that at least some of it came back. Those are the people that never learn and always blame others.

[@martinjamieson]

Who keeps their passport in their wallet?

[@ianfischer8813]

Kommst du aus Deutschland

[@joebrad275]

God how smart is his 7 year old!

[@ogi22]

Kids are usually smart if the adults don't stop their curiosity but as he said they are "subtly guided". Child capacity for learning is incredible.

[@benjaminle7714]

James Bond k

[@andrew_owens7680]

Someone attempted to sell my 7 year-old a pair of goggles. She refused to buy. When asked why, she said, "Opportunity cost." Yeah, they are smart.

[@Bobby.Kristensen]

Carl Sagan, how smart is he?!

[@OzzyTheGiant]

+ogi22 agreed 100%. It's not about preventing them, it's about guiding them in the right path

[@mm-ih6um]

Recommended has brought us together See you in 5 years

[@TheMrdenton]

dark web getting us bezos money

[@m1nr493]

i'm scared

[@RCOATES89]

15/02/2020 - 60,000 in student loans, and £3k in consumer debt... someone reply to this in 5 years time and I'll tell you where I'm at.

[@austinjobst4154]

@@RCOATES89 got it.

[@ighvteluna8170]

alright

[@paulvella7120]

Not a sob story: me and my two older brothers grew up in a single parent household. If we wanted anything we had to go out and earn it. Paper rounds, Window cleaning. Setting up and stripping out of the towns market stall every Wednesday (Before and after school ) and Saturday . Kitchen Porter in a Hotel. Set us on the right track from the start. When you earn it you look after it and dont take it for granted!!

[@IDarkCalibur]

I played resident evil 4 when I was 15 and I learned how to manage my money

[@sartanko]

Man I'm gonna play that game again.

[@zeke1220]

You can pretty much buy everything as it becomes available in that game if you loot everything tho :/

[@briaormead4239]

Kids play CS:GO to learn management of economy... Im an example for it.

[@briaormead4239]

AntVision I said *PLAY* and gambling skins isn't playing. So im not wrong. Even if I am, that is not the proof :P

[@xYonowaaru]

I got some good things on sale, stranger!

[@tonybeadle8392]

I also have to agree with the speaker, when my daughter was around 10 years old I would take her to the Sunday market and before we walked around I would give her £20 and tell her that she could buy anything that she wanted but she was not allowed to ask me for a penny more, before I started doing this she would nag me the whole way round, can i have this, can i, can i, oh please (insert puppy dog eyes) after I gave her her own money to spend she suddenly didnt want anything because she could not bear to spend her own money, she is now 18 and has a nice amount of savings. so yes this guy makes sense to me.

[@SharukhSaifi]

I don't think every kid is going to react same way but it's still a good way to know the nature of kid they have nature of responsibility or carelessness.

[@SharukhSaifi]

@@popebender1351 I also want to know

[@entealdenteytk7127]

20£ each sunday. So 80£ per month .. that's sick for a 10year old

[@yourmajesty3569]

@@entealdenteytk7127 If she's able to afford that, then that's her business. It's often in relation to how much the family makes a year, so to some that might be allot and to others not so much. In the end, it's the best money every spent because it bought a LESSON.

[@Mayur7Garg]

When I was a teenager, I noticed that I had two kinds of friends. One kind was like me who got a fixed monthly or weekly allowance from their parents and not a Rupee (Indian currency) more for their needs such as eating out, going out with friends, buying cheap gadgets etc. The other kind didn't get any such fixed allowance but they asked their parents whenever they needed money and more often than not they got what they asked. Interestingly, even though the second kind got more money on average than the first, they had way less savings. Me and my friends with fixed allowance often made more intelligent and strategic decisions as to what to do with our money and plan for the future. So if there was a game or a gadget which we wanted which was to be released in the future, we would start saving accordingly. The other kind just felt that they would ask for money right when they needed it and mostly never bothered saving.

[@michaelzheng5250]

My parents were never keen on the idea of an allowance, if I ask for something and provide a perfectly logical explanation, they would agree. Although that might sound like the recipe to the problems the video describes, what really kept me away from the path is the fact that my parents would talk to me for at least half an hour every time I spent money without consulting them or the reason is heavily illogical. There was this one time that I spent 99 Chinese cents which at the time was probably around 15 US cents on a mobile game, and that was when my parents explained to me how no matter the amount, always think about the worth before spending the money. It has now been approximately 10 years and I am now in my teenage years, and to be frank, my parents had been recently thinking that I spend too little money as it took them about half a year to convince me to buy a phone. Anyways, I got a little off-topic, great lecture as always!

[@SleepyPanda-co3iy]

My mum told me that games are abstract but money is real. (obviously you must say this from time to time.) Also let kids know the economic situation of the family(as in bills, taxes, and income), and when they grow up (to like 16), kindly persuade them to seek out jobs like McDonalds to teach them that money is earnt through blood, sweat and tears. I don't even want to buy a $2.99 game now

[@wanderingwizard1361]

The reason why this isn't ideal is that you haven't learned how to manage money on your own without them. An allowance for chores system gives kids a chance to learn how to manage money. When kids mismanage their allowance, they get to learn their own lesson from that experience as well.

[@Mr.Masquerade]

I actually really like this concept. I've never been good at saving money but I know I need to start or I'll never be able to start my own independent life. I've tried various methods but always end up back at square one. I just wish I could keep myself accountable and be responsible with it. But I will try this for sure. Thank you, if nothing else, for the inspiration

[@xMoonlove]

Digital currency makes you spend more is so true, I realized it when I started manually recording each transaction I made in a handbook I carry around with me. Before, I usually spend about $1,200 a month (I'm only a student). Now, I only spend $650 a month on average, that's almost a 50% reduction in spending just by becoming more self aware in what I spend my money in!

[@ashtreylil1]

the fact this guy can go to the atm and get out 10k is amazing.

[@thegrouchization]

Most banks restrict the amount you can withdraw in a single day (mine is limited to £300, though digital transactions aren't counted toward that), so it's likely that it was a bit more complex than just strolling up to the hole-in-the-wall. Since he was intending to put it all back (minus the prize money), it's not too much of a shock.

[@jodywalker9330]

ash G. He is speaking on a subject matter expert platform here on financial success. Maybe the point is made even better by showing he could pull that money out. He is a practice what you preach kind of guy.

[@bw5187]

Not an ATM, when you go inside the bank they will give you the larger sums. Most ATM's are restricted to $300 -$400 a day

[@joeycarrillo7023]

ash G. He never said atm

[@naturalallnaturalwhitepist1789]

ash G. It's not your in a limited mindset

[@zeljosarajevic]

Trough my high school, my mom always gave me the same amount of money every month. But here was the catch. In that amount, there were also bills for the home included, so I had an obligation to pay the bills, and keep the rest of the money. First month, we were without cable TV, and that was the best lesion ever learned. After that, I was hardcore energy saver in my home, turning boiler only when someone needs to take a bath, turning off lights when they aren't needed, and trying not to overheat the home during winter. Best lesion ever.

[@RayBlack321]

Your mom sounds exceptional!

[@SharatS]

You're the first person I know who enjoys lesions.

[@thierrydebrunhoff5869]

@@SharatS Skkfjdjsksncxjfk

[@wownewstome6123]

Disease can result from not keeping your hot water hot enough. Water heaters harbor the organism that causes Legionnaires Disease, then you breath in the micro water droplets while showering or washing dishes, and other activities.

[@wownewstome6123]

I suggest following the CDC guidelines for water heater settings, plus adding the anti-scalding devices, as the CDC recommends, so that especially children and the elderly aren't harmed while showering, etc.

[@brettmueller9369]

I feel it's because when you turn to the legal age in your country, sharing and caring goes out the window. Then instead of helping you with your future they expect you to pay them... I feel we need now more than ever to start working together to help fix all our broken people.

[@NANA-nig]

You should always buy everything you land on. Wheelbarrow kid was right all along

[@richard6440]

You should always buy everything you land on.....................want to play me at monopoly? i'll bet you $20 :)))

[@AA-100]

I will raise the bet to $50 that he will beat you with the wheelbarrow kid's strategy, assuming you don't have the exact same strategy.

[@mqrkusbrand5494]

@@xxtradamxx but to get them you have to trade you can't really expect to get them all the time. FYI I do this too.

[@ni3070]

I play that strategy

[@wolftreetruck4946]

@@mqrkusbrand5494 I do this strategy two, but adding the reds. The reds are a little more expensive, but much more acquirable with good odds to land on them.

[@AwesomeEth9]

I know this is not the point BUT buying every property you land on is the best strat in Monopoly.

[@OfficialSeccour]

Nop. In some property you have a bigger probability to land there than any other on the map. That these one you should buy and put houses or hotels first to increase your chance of winning. Not buying everything no matter what ^^

[@underdoneelm7721]

No, it isn't. Some of the properties will likely never return the money you spent on them in a game of reasonable length.

[@flyingpenandpaper6119]

Yeah, it's the best strategy. My mind was blown when my maths teacher told me another strategy for Monopoly. Dice are most likely to roll 6s, 7s, and 8s - I mean, I already knew dice worked like this but I hadn't applied it to Monopoly. So you should build houses on groups like Orange, because every time you go to jail, you are likely to land on Orange. Light Blue, because every time you go round to Go, you're likely to land on Light Blue.

[@Oscar-qi9jg]

Flying Swordfish my strategy, albeit very evil, was to get houses down as quickly as possible. I did this because there was a limit on how many houses there is, and if you use them all up, and never turn them in to hotels, the other players will never get down a hotel, or even have enough houses at the banker to cost me enough to sell a house. Evil, yes, but I usually always win.

[@flyingpenandpaper6119]

John Christian No, I think you do. Your chance of rolling a 7 with a pair of dice is 1/6. Your chance of rolling a 2 is 1/36. The dice are still fair.

[@Mattjki]

No, he missed the lesson his kids taught him at 1:40: Playing just outside the rules, lending cash so others can buy property and settling up later when they are flush with cash. (Why give it to some bank?) Share and keep the money with your own friends and family who have our best interests at heart. When they use grown up rules only 1 of the 3 kids is happy.

[@spontaneousworship]

About 15 years ago at age fifty I was visiting my 30 year old daughter, that evening she and her husband had a couple of friends over with which they played monopoly on a weekly with basis. They invited me to join them. Normally, I not a gamer but found myself saying yes to have some fun. I played the game the way his kids were playing with each other at 1:40. After bailing someone out of jail and paying rent for some who could not afford it one of my daughters friends said “I don’t think your dad knows how to play this game.” She said oh he knows.” When the game was over, I was the winner both financially and spiritually. And her friends sat there in disbelief! Saying, What just happened here? This is not possible!” Oh yes it is more so in real life than in some game. Love and compassion for others always wins!

[@Mattjki]

YES! I Love it! When you start to give just a little it is so empowering. Once in perspective, the less important tools like money seem to follow. But only when you are ready.

[@ricky6foot]

Exactly! And that is how co-ops can and do operate. Take out the financial bullies and sort it out between adults.

[@RamonNZ]

Nice ideal, but most of my early friends never paid me back. Not joking.

[@ICYPROFITS]

Baha what a liberal comment. Good luck with that. Time tells the story. Love doesnt pay the bills. Work does. and one will always outwork another. And man is infested with the desire for more which creates power and greed

[@micharogalewicz6249]

Great talk. Confirms what I've been teaching my son to be right direction for now. Thank you.

[@scorpiusjones5436]

Actually that marathon, days long game of Monopoly is just the regular time it takes to play a game of Monopoly.

[@sean3533]

I miss these good talks. I don't care much for the "Why we need to rethink the way finger painting is taught in western Somalia and how it is a paradigm shift for humanity." type of talks.

[@knoxwatson5360]

Haha yeah

[@itsiwhatitsi]

nice example lol

[@janaebert3059]

lmao

[@ramellyde6232]

facts

[@williampatterson7494]

There actually isn't really much of a western Somalia lol.

[@seanc2213]

After my debit card was hacked for the 3rd time. I have switched back to using cash. I have to say I'm a lot more conservative about spending. Money is so weird

[@polsh]

Its probably because you trick yourself into thinking that you'll be all out of money when you spend the last bit of cash in your wallet. Or because you realise you have to pick up some more if you're out of cash.

[@Ciscogrande]

I guess you live in the US and your card does not have a chip code yet?? The old ones are so much easier to be hacked...

[@chrisr5462]

If your like me when you use cash it hurts a little in your gut when you physically had money to someone.

[@THEVL0GPOD]

+Chris R I was thinking about that whilst watching that wince that passes through you as you hand an amount of money over

[@lilpooh9708]

+Chris R that's me I get norves when I buy stuff and sometimes I regret it

[@teachkidsmoney]

I love this video. It's sad that I only came accross it now. This is exactly what we teach in our workshops. It is important to teach our kids financial literacy by providing them with experiences to learn from, especially because we live in mainly cashless society.

[@stratocentric4114]

When I was young, I told my dad I wanted a car when I turned sixteen. He said great... go buy one. When I asked him how... I didn't have any money, he said figure it out. That's what everyone else does....lol

[@mikegreenwood3967]

You had a wise father, Strato

[@nordenrana9696]

You have a great father

[@robin_birdie_]

@@nordenrana9696, @Mike Greenwood, the great and wise father would taught his kids how to do it for sure, and for this to be done he of course would have needed to learn it himself in the first place. The example above is like trying to teach somebody to swim by merely pushing them into the water from a pier and saying just swim. It works sometimes, sometimes it kills ppl and very often it makes em feeling fear for deep water for the rest of their life. Being a good parent is a bit more complicated than this. ;)

[@MitchBurns]

In high school my parents gave me $10 a week for lunch money. I only spent $8.50 of it on lunch, and then every other week I would buy a pack of yu-gi-oh cards. That is probably when I first learned how to save. I have been really good about that ever since, well the saving part that is. I have been struggling with the whole making money part though. I do know how to survive on a bare bones budget though.

[@elijahb1117]

Mitch Burns I used to sell candy for yu-gi-oh cards in grade school lol Seto Kaiba is the reason I'm in business today

[@cm01]

Mitch Burns wait, like a pack of 5? Every other week? That's rough...

[@MitchBurns]

Caleb McCall I think the packs had more than that in them. And not really. I was buying cards way faster than any of my friends. I was the rich kid in my group. You just must be really rich or something, or spoiled.

[@danielthompson8646]

Mitch Burns grow bud!

[@1123pawel]

Mitch Burns I did the same thing but I would buy weed and sell most of it, making all my money back.

[@baesuke]

WOW I agree with all of this. I had my own "Jose" experience, if you will, earlier this year. I'm also 20, and I spent the better part of 2014 and all of 2015 saving up to study abroad. My parents said I was free to travel, but that they wouldn't pay a penny for such a "luxury". So, I pinched pennies from work and spent an incredible semester in Europe that I wouldn't trade for the world (radically different from my California hometown) and while the travel was amazing, I learned more about finances and balancing budgets than I did about the places I went to. All the things I'd taken advantage of suddenly weren't there anymore: free food, clothing, cleaning supplies (and someone to do it!) transportation, it was all something I had to learn to balance, and I hated it at the time. Now though, I feel a lot more prepared for when I re-enter "the real world" as a full-fledged adult, and I absolutely believe that it's the most important life lesson I've ever had.

[@jaym3566]

He speaks only of spending money and not about earning money. The key to financial success isn't in budgeting or frugality, it's in understanding value. Money isn't real and cash is just paper backed by nothing but the value we ascribe to it. Like energy, money flows equally in both directions, in and out, and your relationship with it depends on how you align yourself with that energy. Generating wealth isn't about collecting and saving pieces of paper. It is about creating something of value which can often require taking risks like spending, investing, etc. Knowing your value and investing in yourself is the key to success.

[@kairon156]

I think every one of my family members need to see this. Though in unison they'll go "I know I'm broke, what does this have to do with me?"

[@leejones2557]

All I got when I was younger was a small loan of a million dollars from my father.

[@Qsfd142]

Lee Jones yup that's it building the wall

[@smasher.338]

Must have been ruff...at least you can say you are self made.

[@karlabc9251]

😂

[@sefspanjo7773]

A million yen.

[@Babroham]

loan

[@silverlight7961]

Only 500k in gta? Are any of us supposed to be impressed? smh

[@MrShaheer123456789]

i have around a 100M

[@duckduck7189]

SilverLight I can make 500k with one 8 minute sale lmaoo

[@final7581]

This was gta 4

[@killmepls7480]

u r the perfect example of stupidity lol

[@calebjaymes9710]

I have 40 mill

[@trueblue37]

The game of monopoly was played and won many years ago. The winners have the true control of the world.

[@KoolMonkE]

Idk if I agree with this one. There have been many rises and falls of companies. But I will agree, that most people who get rich don't loose it.

[@Ray2311us]

LoL

[@Ray2311us]

LoL they have ZERO control over the world 😂😂😂 If you only knew the laws that govern this place, you would be shaking in your boots ready to give all the money and ‘power’ away.

[@topsecret1837]

Not really, at least for the Rockefellers. At least some people got control.

[@ernest160772]

Thank you for your share of thought Adam.., very very inspiring.., and thank you for TEDx Talks for a lot inspirations

[@kennedysan1045]

Learning of compound interest at a young age and realising your money could grow, while doing nothing, was one of the best lessons I learned.

[@thetawaves48]

That used to be true. Have you checked interest rates recently? Compound interest only works if it is higher than inflation, otherwise, you are giving your money away.

[@FrankTheTank1007]

​@@thetawaves48 Well, no. The money experiences inflation whether it is in a bank or not. So you aren't giving it away at all. At the very least you are maintaining the REAL value of the currency you own. And I am not going to get into how loans and reserve requirements work, but you get the point.

[@lukebland407]

FrankTheTank1007 better to invest rather than let money sit in a bank. If one invests, depending on what in, there is the potential to have a return more than you would get with money in a bank. (Almost a certainty if one knows what they are doing)

[@inomad1313]

A few weeks ago I walked into the bank and spoke to a “financial advisor”. We were discussing CD. To keep the numbers simple, I asked if I put $100 in a one year CD, how much would she give me back at the end of the year. She actually had to do the math. Then she did the math again. At the end her face went a little sour. She said $101. I said, thank you, I’ll be putting my money somewhere else. She shook her head and looked back at her calculator. She shook her head again as though unable to believe what she was seeing...

[@keplerTycho]

The sister was the real clever one because she realized that 20 bucks isn't worth playing a whole game of strategic monopoly.

[@GaryLiseo]

The study you mention reminds me of student teaching. As someone who is finishing the last weeks of 16 student teaching, I have seen how much more is learned through applying what is taught and developing a further understanding through personal development.

[@BMgreekyoutuber]

I have watched this like 2 years ago and KZbin again recommends it

[@leydensjar]

I would argue his kids were playing Monopoly altruistically, and should be applauded for that.

[@rebeccahicks4949]

When Monopooly was first invented it had a cooperative version, and the point was supposed to be to show how much better things were if everyone cooperated.

[@MrMasterNorris]

U commie

[@leydensjar]

🙄

[@virvisquevir3320]

Sean Elliott - And were being creative instead of just zombie slaves to the rules.

[@RamonNZ]

I saw that as well, but I think his point was very valid nonetheless. Imagine them lending money to people like that when they're older. Money doesn't work like a boomerang unfortunately, and from my experience you should never lend to friends or family unless you have a signed agreement, if at all.

[@ChenelleAvallone]

Very excellent speech. I'm only 16 and this has definitely helped me make better choices for my near future

[@alghanekar313]

+EseKanayo2 That's wonderful to hear.

[@ccyungin]

+EseKanayo2 just dont let yourself forget..

[@thegreatape3622]

as long as your not a little girl who can't make an educated decision then you will do fine

[@mgmartin51]

+Pavel Sivi I wonder why you needed your response to be so abusive to others? If you have experience to share, share it. The world is full of people who have not had the same life experiences as you. Do you condemn them so easily?

[@pavels8890]

Mike Martin i know that was mean. sorry. but from my perspective they look really spoiled

[@neverbeforeseenvideos2249]

In May 2020 in America with COVID 19 in full effect .... most Americans have no money. It’s too late for this lesson.

[@noex100]

Adults who haven't learned this lesson early on need to learn it the hard way. That leads to lasting change.

[@MarianoSolanoOrtiz]

Amazing. A fantastic reflexion. Congratulations and thanks.

[@Nick-kh5xs]

"I tried an unsanctioned unsupervised pychological expirement... on my children... Hehehe" *No one laughs*

[@RamonNZ]

Haha I liked him right away.

[@mohitthakur150]

its because who doesn't

[@deanwalker3956]

Oversimplifying things, how parents do trials and errors with parenting styles on their first child to see what works and what doesn't to use as a basis for their other coming children can also be called as "unsupervised psychological experiment".

[@michaeloaks9905]

Isn't that what children are for?

[@luke.0620]

@@bethyelise.x Don't you think it's rude to laugh when someone is speaking? Especially at an important speech.

[@brianmillerspeaks]

This is absolutely terrific. One of the best TEDx talks I've seen in ages!

[@davidmadisontheguardian]

+Brian Miller Magic I just saw your OWN TEDx talk. It was amazing. And even though I would question the comment you just made on THIS one; I would not say that you are wrong. What I would ask you is WHY you made this comment? What were you considering that perhaps I was not? or maybe others commenting on this video, are not? After hearing you speak on perspective and connection...something of which I think about all the time; though I have not gone through the trouble/joy of becoming a high-quality magician - I came to sense that you are a THINKING person. One who maybe directs his thoughts with initiative, rather than falling prey to the thoughts that might come un-bidden into your head. But even if I'm wrong...you gave me certain insights that I had never considered in quite the way you had. For that, I am very thankful. I am the type of person who will argue or discuss things with someone NO MATTER their qualifications. If Einstein were sitting across from me RIGHT NOW, and made a comment which I felt did not align with my own experience - I would call him on it. But I would not discount his own experience or viewpoint simply because it differed from mine. In your Tedx Talk video, you spoke a little on that - at least on the idea of getting into the hearts and minds of those you want to share an experience with. This keeps you from being limited to your own, unique way of seeing things. You go from being a closed-limited system with FINITE possibilities for understanding relationship, to an INFINITE OPEN system, allowing fresh possibilities to spring up and surprise you.

[@davidmadisontheguardian]

+Carlos DICK IZAS Thanks so much for your opinion! There is a charge on both sides of this equation, isn't there? The wise man sees both sides. The fool clings to his limited viewpoint, claiming that that's all there is to the Universe. The trick is to be both the wise man and the fool at once! You must hold on to your beliefs with all your power - because that creates the POWER in the first place...and yet, you must discard a belief that doesn't WORK in an instant, in order to TRANSCEND the need for that power in the FIRST place! *laughing at self*. The desire for power comes from our belief that we are SEPARATE from ALL THAT IS; and that this ALL THAT IS somehow seeks to destroy us. Once we truly realize that this is not the case...power-seeking will cease! I'm still in the stage of seeking power, though! An interesting side note - try using contractions like don't, won't, isn't...post your comment. Then, go back and edit your comment. You'll notice that those contractions are replaced by KZbin with shifted number characters. The change remains constant even when you click to re-save!

[@danieltorresdeluna4844]

Brian Miller Magic , 😌 de qué se trata

[@simonwittmann2114]

Brian Miller Magic der

[@ashishkalam9337]

indeed

[@Alex-cw3rz]

Just to point out it has become very clear, it was stagnant wages, which have not been increasing with worker productivity that caused debt to increase. Not money becoming sort of more intangible.

[@asturiasnatural7318]

That was just exceptional to watch this video and changed a lot of things at home...Thank you

[@banton9368]

400,000 kids just showed this to their parents to try and get an allowance

[@Technologendt]

Alex Banton now 2 500 000

[@adriankyles9708]

Im part of it

[@weirdguygtz]

Not me

[@liaslife1651]

I’m next

[@arohakhan2098]

What my dad has been doing for the past year with my brothers and I is that he would give us each 100 dollars at the beginning of the month to spend how ever we wanted for the whole month. Of course he did sometimes buy us movie tickets or something which we didn’t have to use our money of but for the most part we had to some how find a way to manage the money we were given and decide what was more important to us. Like one time I wanted a pair of these shoes but they were like $60. So each month I would set aside 20 dollars until three months later I was able to buy the shoes. Like yes it was a long process but it has taught my brothers and I a great deal in how to save money and the consequences of spending it all on one go. If I did buy the shoes with the $100 the first month I would only have $40 left for the rest of the month.

[@toddinthemiddle]

when i was young, my grandmother, who raised me, always told me to save my money. a much better idea would have been to...INVEST my money. my advice to you...start now, and continue to increase what you INVEST. keep doing so and don't focus on how little it seems that you put in or how little it seems to grow. INVEST your money.

[@toddinthemiddle]

@Nick Gurr agreed, Nick. and avoiding debt is huge, especially when it comes to the random and useless.

[@justas423]

I should save...

[@mikeoxhuge]

Brilliant! Not only does your message have the power you claim It also holds single handedly the importance of the Cash system. Anonymity Self preservation

[@teddyvoncruger6467]

This applies on so many subjects. Very interesting Ted talk 👍

[@rockstarvedme]

Personal health and financial prowess are the most underrepresented topics in education today but lo and behold, our nation's biggest issues. Thanks for this, I'll be implementing with my 7 and 9 year old.

[@lockeandrand]

This is so true. When I lived in China for a couple years, I used WeChat and Alipay (their forms of Apple Pay) all the time at the bars, restaurants, etc. and I ended up spending way more money than I would have. I spoke to my friends and coworkers and they all agreed with me. I ended up switching back to using only cash and I spent way less. There's something about pulling out your wallet, taking the money from your wallet and giving it to the other person that's just so painful and really makes you think twice about the purchase that you don't get with electronic payments.

[@mikegreenwood3967]

This is an excellent example as to how people differentiate themselves, either by nuture or nature, in that your three children have such divergent approaches to winning

[@Ghost-my1tr]

When this video came out, I was 19. I had no idea what to do with money. I didn't know a single thing about money. It took me a repo'd car, student loans, and defaulted cell phone bills to realize money isn't a toy, it's a tool. So I studied money on my own. Now, I'm pretty well off and I don't have to worry about messing up my credit because I know how to use debt to my advantage. I wish I would've learned this in the American schools I went to. It would've saved me 3 years of headache.

[@theswingingdoor2157]

When rich people can just take out $10,000 to play Monopoly.

[@Damascuss07]

If you can't come up with $10k, you probably shouldn't have kids.

[@oknarub3038]

Just take a load of this socialist commie

[@jaem.1565]

The fact that he equates student debt which is for tuition with consumer debt is proof that he is out of touch. Students have debt because they cannot afford to go to university otherwise. IF they opt not to go into debt and take a low paying job instead of getting an education that gives them upward mobility they are more likely to be in a worse financial position in the long run.

[@michaelearthur93]

It's called being financially smart. The average male and female in their 20's spends ~25% of the income on food alone. One person can live on $25 a week in food. People buy at work and on the road and eat out all the time.

[@theshaunsta]

@@jaem.1565 not just that. Most high school students are also very much in debt. Some debt is indeed for uni but some is unreasonable. There are adults too who have a high consumer debt because they just spend lavishly

[@alovelylifex]

Man, I wish I had 10k laying around like that.

[@Danuxsy]

Man, I wished I had a girl like that layin around.

[@sacmanxman2515]

alovelylifex he probably had it in emergency savings and just temporarily took it out (he put back all but $20)

[@zeke1220]

I wish I had 10k in emergency savings. Hell, I wish I had 1k in emergency savings.

[@walkerdaniela3799]

zeke1220 y

[@snowpuffxx]

You're probably earlier on in your career than he is though! :)

[@AaronMeighoo]

I watched some stand-up comedy before coming here. Not hearing the audience laugh at his jokes was weird.

[@eldovrghese1706]

I think they lost the actual audio and had to take it from the microphone data.

[@EricToTheScionti]

@@nedboase7909 lol

[@hridaymeka8521]

Ned Boase this is more of a serious type thing hence the X BUSINESS SCHOOL. Laughing is a little less appropriate

[@gabrielsatter]

So many people missed Aaron's true joke. What this guy was saying is a big joke, but nobody was laughing.

[@doablefilms9380]

what jokes? this guy is a clown

[@vic.6443]

Incredible talk, thank you.

[@stellasdoesstuff]

This reminds me of when I was little and went to Shakeys with my family. My brother and I always wanted to play on the game machines that were there, so my parents gave us both an equal number of quarters. My brother, who is 4 years older than me, was always more conservative with his quarters, and when he had some left afterwards and I didn't, I thought it was unfair. But it wasn't, and I learned the value of that money, even though it was small, and the amount I was willing to spend.

[@owenloh9300]

the title of the video: dad teaches kids gambling

[@lloydvicedo1340]

One of the best Ted Talks I've seen in a while.

[@SpontaneousPost]

Watched this talk 3 times now. Still right Everytime.

[@whatdidclaysay8325]

In any of those viewings did you pick up that his whole talk is based around a flawed experiment? It wasn't the "real" money that changed behavior. It was the changing of the incentive of the game. Before it was for fun where keeping their sibling in the game was good because it helped the game continue forward and didn't end up leaving someone out. He added a $20 prize for the winner, which meant that the "have fun and keep my brother/sister in the game" incentive was gone and replaced by wanting that money. And from a behavior economic perspective, that is the variable that makes sense in changing behavior.

[@juanpico2808]

Adam Carroll 's book winning the money game affected the way I thought about money and debt. I am glad he continues to spread his knowledge around the world. I want to highlight the fact he reinvents the presentation of his message so that it may be more relevant and impactful. Watching this video reminded where my foundation for making great decisions with my money came from! You rock Adam.

[@adamcarroll9816]

Juan Pico Thanks for your comments, Juan! Your success is well deserved, my friend!

[@schluckaufzwolf5710]

I actually think this Monopoly metaphor is a great way to visualize how our economic system destroys social aspects. The fact, that there was not a gain from winning the game made everybody play kind of together - bending the rules to archive an enjoyable time for everybody. Shouldnt that be a goal of society? More than having one guy/country/whatever dominating the other ones due to their economy power? And its not like you can escape this game and start all over. The System thrives on domination and achieving individual success.

[@DW-vl2wi]

Great takeaway.

[@tommychoppa7564]

Its the best method of living to demoralize a majority

[@cloudwolf3972]

Isn't that your perspective? Most people would not work if it were possible. And you should also know that when you work, you are creating products or rendering services to others, everyone likes to be treated well when going to a store. Work is a way to satisfy the desire of other people (consumers), money is a tool to exchange your work for something you want to. You wouldn't like to receive a chicken as payment in your job lol.

[@anthonyt7673]

Yes comrade we must apply the teachings of the beloved Karl marx to our flawed capitalist system

[@iseeicyicetea]

"Most people would not work if it were possible" i highly doubt that. being unemployed is a common cause of depression and other psychological problems even among financially secure people.

[@patricksandrononn8309]

The tips you gave... That's what my parents did back in the 1980's. Good for me.

[@MarkHudson2]

This is an excellent talk. And all with no slide deck! But the vivid storytelling paints a pretty clear picture. A compelling explanation of generational money attitudes.

[@DeviousToster]

This scares me dearly, not because we are moving further from the idea that money is king and key, but because people like him fear that. He saw his children sharing wealth to accomplish a goal together and instead of pride decided to instill a ruthlessness into the game. Gone are the days of helping those whose goals are different, who want to enjoy the game rather then win, and hail profit. I hope that at-least if we do remove the tangibility of money we also remove some of the greed. And shame on this man for missing such a important point.

[@Yonkage]

Given that he can walk over to the bank and withdraw $10,000 with the aplomb most of us would spending $2 on a candy bar indicates that he is probably a multimillionaire. Nobody ever makes that kind of money without being ruthless, and most are even sociopaths.

[@wilfdarr]

Yonkage He didn't necessarily have the money. $10000 personal credit is not that hard to get if you have a mortgage, and would cost you about $5 for the weekend. What bothers me is that many never know they have this money available to them and end up paying credit card debt or the like instead of managing their debt and overcoming it.

[@noneofyerbisness8702]

Yeah, like when we ousted Hussein because he wanted to adopt the Euro! Forget the fact that he'd been committing atrocities for years. The U.S. only intervened when their precious petrodollars were threatened. And we came out richer...oh wait, no, that war drove up our debt astronomically, didn't it?

[@I_am_Jek]

My exact thought ...

[@BenandJessQT]

I am thankful that I learned through my mentor that money is NOT abstract, has realworld consequences and have a real chance at wealth! THANK YOU!!!! Without this education, i would be like all my friends who live paycheck to paychekc without savings. so thankful. This guys 1s 100% right.

[@sonjapeterson8064]

As a "millennial", I think financial abstraction isn't the main problem here, but I think it definitely adds to the overall debt crisis. It is an important lesson to learn that you're not spending any less money because it's a loan, or on a credit card (not to mention interest!). However, factors such as economic inflation, cost of housing, student loans, and daily necessities such as food and gas are at unattainable prices for someone who is just starting out. I've personally got $48K in student loans and I'm just starting out a career in cosmetic nursing. I used to have a job that paid $14/hr, which is hard to find these days without an education. I quit because I had a baby and couldn't juggle between being a full-time student, working and being a mother. It's not enough that my husband is working full time, and we are racking up debt on credit cards. How on earth are you supposed to save up enough money to afford an education, a house, food, babysitting, and entertainment (to keep you sane through it all)? Most places pay around $10-12/hr (based on my 3 years of research trying to find a job). It simply isn't plausible. We have to rely on debt to be able to afford the cost of living. A man used to be able to support his family, have a house, and a decent car with a simple factory job. Today, having two jobs will allow you to afford food and pay for housing for yourself.

[@skylernathan]

Sounds like you made a huge life decision, having a child, before you were financially ready to do so. That's a poor decision you and many others make just before you complain about the costs you face. Sorry buy it negates your entire argument.

[@555Trout]

I remember when I slowly amassed 20 $1 bills as a child. And how thoughtfully I would down that money. Maybe bey is very real to me to this day. Excellent talk here

[@rady7273]

I understand his point and agree but at one thing I disagree. It's easier for me to buy some ice cream for a few bucks cash than buy an app for $1. No way I do that. It hurts too much.

[@toffeentea6064]

Agreed. $5 really fun game on steam? No. Tiny little souvenir that I'll only look at every once in a while for 30$? *H E C C I N Y E S*

[@Aaron565]

this is a logical decision process and you shouldnt change it. digital isnt inherently valuable.

[@rady7273]

@@Aaron565 i know but you have to know what I mean, compared to other prices in the digital world $1 is pretty much, especially as you often don't pay anything

[@hairohukosu433]

my reasoning for acting like this is that my parents arent exactly fond of online purchasing...

[@noodlekeeper5150]

That's all about how you value things. But that isn't his point. Buying an app on the phone is so easy, and you could do it with barely a thought. While buying ice cream w/ cash requires pulling a physical amount of colored paper out of your wallet (and seeing how much other colored paper you have left) and then giving it away, mentally these two things feel different for most people.

[@xh0rsex]

Best way to understand how money works: Grow up poor...

[@TheBIOSStar]

How can I go back and grow up poor, though? :(

[@TheBIOSStar]

***** Can I also receive an education in insulting random strangers? :|

[@Mr3121996]

James Bauer man thats is so true, i lost my jon, and since have started building my business, but when i lost my job it was a blessed curse because it taught me the VALUE of very little money, and how to be content with what I have! So true!

[@theaussieninja8176]

you don't have to grow up poor just experience it such as live on the street's (i'm not saying to go do this) i'm just saying that it's possible to experience being poor (fyi i grew up in a family with not much money at all)

[@flxfaber]

The speaker says "children see money as limitless". Must be nice.

[@veeti4210]

Wow. probably the most important speech I will hear.

[@Rob-fx2dw]

Best lesson of this great speach is the understanding of spending or saving money has' consequences'.

[@FairbrookWingates]

I've student debt for the first time BUT it's very, very manageable with my full time career related job and I've NO consumer debt. Thank you Mom and Dad for teaching me the importance and risks of money.

[@austinbauer3455]

Such a clever idea. As a millennial who rarely uses cash, this gets me thinking. Everyone who cares about where their money goes should watch this.

[@adamcarroll9816]

Austin Bauer Thanks for the comment, Austin!

[@user-zd6iu5wl3q]

Adam Carroll хуита

[@jdc516]

This was amazing, love the idea

[@keytostart7053]

Speaking as a previously bankrupt student, this guy knows what hes talking about.

[@Osjey]

the best strategy in monopoly is to buy everything you land on because you cant plan ahead on what properties youll land in the future. The strategic part comes in on when and where to build houses.

[@ShadowViewsOnly]

No it's not. The best strategy is to buy the most costefficient properties, which are in the middle of the board. Which is also reinfoced with the moving cards that say to go to said land.

[@RamonNZ]

@Shadow0013 you're wrong. You buy everything, then mortgage what you don't need to keep buying. Having one of every color prevents other players being able to build houses, and gives you a better chance to get a set, any set. The most cost efficient sets are the second set of every "street". I would beat you 3/4 times (barring perfect rolls) with your strategy by buying 1 of each of the sets you want, and setting up houses on the Mayfair/Boardwalk set or Pentonville Road/Connecticut Avenue set because you didn't buy any of them. GG.

[@stephenpeterson5857]

Buy all that you can then once you have 1 monopoly and one of every color you slowly choke everyone else out. And don't trade except for an obserd amount of $ and properties. Yes I am not fun to play monopoly with but I win most often.

[@ToaoTimmy]

@@RamonNZ nah, at the WC of monopoly they all did what the other guy said.

[@jasonpanusopone6250]

Osjey you’re joking right?

[@Z4RQUON]

Money *_IS_* merely an abstraction.

[@thesherbet]

yeah but at least its a physical thing, not numbers on yet another screen

[@loopyluu9302]

All money is FIAT. It's a mistake to forget that or over-look it. Glad you caught it! Tx

[@gregbennett794]

Really? Are my bills abstractions too?

[@smasher.338]

Greg, yes. Its paper/cloth people have placed value on. What that paper is actually worth (meaning what it will get you in trade) is constantly changing.

[@thetimebeforedawn]

So True!

[@DiaperDon]

I'll applaud this. It was filled with great advice, thanks 👍

[@buffsamson]

I was a freshman college student and I learned how to handle money when pandemic came. I got no allowance coz I am just homeschooling. Never save up when I was just in high school and I realized that I got nothing left to buy for my wants. That's where it hits me, and that's where I started to educate myself about money. Gladly I now know how to invest, freelance and establish a business. It's easy but I just don't have the people that will influence me back then

[@danielensor943]

A lot of this talk makes sense, however I don't see how college debt can be fully blamed on abstraction. College had gotten a lot more expensive than it used to be and a lot less affordable. This debt is caused by more people just not having the money to go to college and being forced to take out these loans, and then not being able to find a job because they aren't out there. Honestly if students had a greater understanding of money like Mr. Carroll says they probably wouldn't end up going to college, it just doesn't seem like enough return for the investment.

[@slpkntmggt06]

Daniel Ensor Thank you. I'm glad someone finally said it.

[@smasher.338]

And it almost all because of govt school loans and scholarships. By "helping" some, they screwed everyone.

[@deviantan021]

should make it free for everyone, like we have it in europe. boom.

[@AaronAshton]

College is expensive but doable. Community College and now cheap online options are available for everyone to get a quality education without going into debt

[@matttttttk4698]

There are plenty of good paying skilled trades that require maybe two years max mostly one year at a technical college and cost significantly less. There are loads of grants and aid options for trade schools and the pay is very good for the work. College became so expensive because everyone got told they had to go to college to be successful in life and that’s simply not true. College today is only a good return if you go to a field with job openings and very high starting pay, otherwise it’s useless debt.

[@Phi1Productions]

It's true. I myself find it easier to buy expensive stuff using digital money than cash.

[@scottashcraft7652]

My 6 year old daughter carries a $5 bill of hers every time we go to the store so that she can buy something if she wants. I was happy to see that she didn't waste it and still has it :)

[@jaymase3735]

Brilliant. Excellent presentation. Enlightening

[@EvieVermont]

Arguably one of the best Ted Talks ever! This guy is so smart and makes total sense. Great logical thinking. Great use of facts. Really good!

[@izabelaswa85]

actually his children are way smarter - he is just brain washed.

[@jamielusions]

This actually left an impression, I just hope it lasts. As I listened to a few talks, I was waiting for my check to go through so I could buy 50$ worth of virtual items, not realizing that I would NEVER pay 50$ for anything with actual cash. I have refrained from purchasing said items and now have a 50$ gain in my capital.

[@andyc1909]

Great simple obvious observation. So many other incredibly important aspects of life receive little or no attention in schools.

[@latelate1000]

Money has never been real. It's a product of collective imagination. It is "real" only as long as people believe in it.

[@courtjester1135]

True, it says right on the bill "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE." The bill 'represents' a value.

[@courtjester1135]

@Favel Konefka. Actually it's closer to the BALL in sports games. Everybody wants to have possession as long as they can. The better played (investments/durable goods) the higher the score. The speed of transaction is facilitated by the amount of 'currency'.

[@johnzimmer4446]

By definition " a medium of exchange" superseding the original cumbersome bartering system with,as is well known, silver and gold before banknotes. Also originally backed by government gold reserves which are lagging these days behind the 'quantitative easing policies' - just print more fiat money - then hope for the best.

[@stm7601]

This comment is very underrated. I bet only geniuses can truly understand this comment.

[@johnzimmer4446]

@@stm7601 Apparently there is a significant number of Mensa members interacting here who substituted Melbourne for that area north-east of Melbourne which went missing in that tweet. Thanks for bringing it to my attention.