all right let's get right into it 10 tipss to help you stop acting rich and truly build lasting wealth instead number one tip to help you stop acting rich and truly build wealth be extra wary of those who look rich and successful those who flaun their success and richness for the world to see in 2015 Forbes named Elizabeth Holmes the youngest and the wealthiest self-made female billionaire in America on the basis of a $9 billion valuation of our Healthcare Company thonos 3 years later in 2018 she was arrested on fraud charges false claims about the
accuracy to the company's blood testing technology and 4 years after that in 2022 Elizabeth Holmes was convicted of defrauding investors and sentenced to 11 years in prison Sam bankman freed the founder and CEO of cryptocurrency exchange FTX was once named the 41st richest American in the for 400 he went around publicly stating how he was pursuing an altruistic career that he was earning to give the company went bankrupt in late 2022 and Sam B mree was arrested in the Bahamas soon after now I'm not saying that all those who who look rich or practicing outright
fraud however the examples of Elizabeth Holmes and Sam bankman freed does give me a pause now whenever I read an article about an upcoming hot new CEO or an investor especially if there seems to be an effort to be seen and to be recognized people who go to Great Lengths to appear a certain way often have alternate agendas and most often what we see on surface is not what's really going on under the hood number two tip to help you stop acting rich and truly build wealth in the line of being wary of those who
look rich and successful we have to stop comparing or at least cultivate a habit of minimizing comparison my 10-year-old son's dream is to One Day become a professional soccer player he wants to be the next Korean American Cristiano Ronaldo so he can make millions of dollars just like him now given that his dad's greatest athletic achievement was a second string benchwarmer in a junior varsity volleyball team I do have some doubts about his future in professional sports so I have to carefully straddle the line between encouraging him to pursue his dreams while instilling within him
some level pragmatism but let's say he proves me completely wrong and does achieve his dream of becoming a professional soccer player I'll be so proud even if he is a second string benchwarmer like his old man however even if he becomes a professional soccer player the probability that he will make millions overnight is still a farfetched dream the average salary of a professional soccer player is around $70,000 and this is a good amount of money in many places around the world a salary of $70,000 can feat a whole family and then some but let's say
my son starts playing the same team as his role model Cristiano Ronaldo Cristiano Ronaldo's latest contract with elur is estimated to be worth $200 million a year that's close to $550,000 every 24 hours he's literally making more money in one day than most professional soccer players does in a year becoming a professional soccer player is ridiculously hard and anyone who gets that level should be extremely proud but when you're playing on the same field as someone like Cristiano Ronaldo you can't help yourself but always feel poor and what's worse is that you will always want
more the ceiling of social comparison is so high that that if we constantly allow ourselves to compare our net worth or our income to other people we will never hit it so the only way to win is not to start the comparison game to begin with to accept the fact that we have enough even if that seems less than those around us number three tip to help you stop acting rich and truly build wealth in the line of the comparison habit we want to recognize our natural Greed for more and develop a habit of managing
it when we've tasted at having more it's interesting how instead of satisfying our desires it actually leads to wanting more it's Human Nature I remember getting my first car in college it was a used 1997 Nissan Ultima that I bought for $110,000 at the time I was just excited by the fact that I had a car I felt rich I felt like I had it all no more needing to ask my parents for a ride or bumming a ride from a friend I could get myself from point A to B like a real adult however
as time went by I couldn't help myself but noticed how the other cars in the car dorm lock were better than mine my car that I was so excited about just a few months prior now didn't seem good enough and this was even more more so when I was parked next to my friend's brand new BMW or Audi I became greedy and I wanted more I wanted a brand new car a better car a fancier car our minds weirdly Twisted that way and actually very dangerous the taste of having more toys more money and more
Prestige leads to increased desire versus actual satisfaction thus we take more unnecessary risks in order to satisfy this ambition and greet just look at the example of Jeff Skilling and Enron until greet completely took over Enron was a healthy company with healthy products however Jeff Skilling wanted more so he placed a livelihood of thousands of people at Enron at risk in order to satisfy his greed there's nothing wrong with having nice things and enjoying nice things but only if we can Define our enough only then can we really enjoy our wealth versus feeling constantly lacking
number four tip to help you stop acting rich and truly build wealth curate your Social Circle Jim Rome the motivational speaker said famously you are the average of The Five People You spend the most time with with the people that we spend the most time with not only occupy our time but also influence our minds and our daily behaviors so if your Social Circle is made up of people who are smart with money and are focused on growing their wealth it is highly likely that you will follow suit however if your Social Circle is made
up of people who love to act Rich it is a matter of time before those habits rub off on you I never thought about needing to upgrade my car but given all my friends are now driving the latest model Audi I can't seem to stop thinking about a new Audi before I know it I'm at the Audi car dealer testing out their latest model I was never into tech gadgets but given that seems to be what all my friends are constantly talking about I noticed myself upgrading to the latest iPhone Smartwatch and computers every year
so if we want to build wealth and success in our lives we must be very selective of who you allow into our Social Circle and even a few bad apples can cost us serly in the long run and if you have a hard time finding good Social Circle do what I do surround yourself with authors or whom Charlie merer likes to call the eminent dead get Timeless books and curate your Social Circle that way here are are some of my favorites Benjamin Franklin on personal development D Carnegie on effective communication Steven kovi on management jel
Collins on investment I'll have a link to a video where I review some of my most favorite books below number five tip to help you stop acting rich and truly build wealth in the line of creating your circle learn to curate your content diet we've all heard of the saying we are what we eat so if we follow the same line of logic to our information diet then we become what we consume we become the information that we feed into our brains according to latest media consumption statistics us consumers spend an average up to 8
hours a day watching digital media so if we go about our day without curating our content diet we run the risk of unintentionally filling our minds with who know what latest social media CIP why the latest model Tesla is the best yet 10 reasons why you need to visit the islands of Greece so get in the habit of curating your content diet be thoughtful about what information you're surrounding yourself with my best strategy to curate the content around me is to surround myself with quality Timeless books people don't just read for escape we read to
find New Paths for ourselves we think we're in this one room House books help us realize that we're in a mansion reading is a way to fund the Lost part of us rearrange your desktop your phone and your fysical environment so you're surrounded by the best content if you want a simpler way to curate the best content for information diet I highly recommend you check out short form short form is a platform that produce super high quality guides to non-fiction books books in categories like money in finance self-improvement and business whether you want to discover
new books or want to get deeper insights by some of your favorite books shortform is a perfect companion I especially love how it is so easily accessible via my computer phone or tablet they even have an audio version I can listen to while working out or driving making it super easy to always be consuming the best informational content to upgrade your life join through my special link and get a free trial of unlimited access to short form plus an additional 20% discount on the annual subscription all right with that said let's get back to the
video number six tip to help you stop acting rich and truly build wealth recognize that true wealth sustainable wealth is often what we don't see wealth is built when we don't buy the expensive 7 series BMW or the Armani suit or dying only at the fine Michelin star restaurants only when we have the self-control to limit our purchases and invest that save money do we have any chance of building real wealth but this is super hard to do in our modern capitalistic Society we equate someone's wealth with the image of what we believe is wealth
people's fancy cars and big homes our natural intuition brainwashed by modern media makes us believe that he or she has a lot of money Michael Jackson the King of Pop who lived in a multi-million dollar Ranch was sadly broke and in staggering amount of debt when he died in 2009 after all the money he made and the toys he had who could have imagined he was broke how about Nicholas Cage why did he take on so many cringeworthy bisted roles late in his career it was because he needed to pay off his debt about $6
million in total not being wise with his earnings at one point Nicholas C owned 15 homes ranging from a $25 million Waterfront in Newport Beach to a $16 million Countryside estate in Rhode Island on Surface Michael Jackson and Nicholas C looked wealthy but when we unveil the curtain we see that they weren't wealthy at all instead they were actually worse off than most of us don't believe everything you see often true wealth is what we don't see number seven tip to help you stop acting rich and truly build wealth invest in assets stop buying liabilities
Robert kosaki is famous for writing the bestselling book titled rich. poor that the basic premise of the book is that in order to become wealthy you should spend money on purchasing assets not liabilities assets are anything that grows your net worth think investments in the stock market real estate or a business liabilities are anything that takes money out of your pocket think expenses and debt there are basic expenses that we all have in order to survive but when too much liabilities prevent us from putting our money into appreciating assets we aren't getting any wealthier Robert
talks about his friend's dad the rich dad didn't look rich on Surface yet because he didn't spend money on looking Rich rather spent his money on purchasing assets such as real estate and business he eventually became wealthy the key driver to Building Wealth is to be wise on how we deploy our money buy assets don't buy things to make you look rich wealth is built when people choose not to buy the overly expensive home rather they buy the home they can afford it is built when people choose not to buy that car to impress people
rather a car to take him from point A to B and it is built when people choose to watch Financial tauris YouTube videos versus stranger things on Netflix number eight tip to help you stop acting rich and truly build wealth practice patient investing Benjamin Graham known as the father of value investing preach the importance of patience investing because to him in the end how your investment behaves is much less important than how you behave investing and patience naturally go handin hand good investing is naturally a long-term Endeavor many people like to call the short-term money-making
schemes also investing but the more appropriate label is either flipping or trading or sometimes just straight out gambling the benefit of true investing typically comes after many years not weeks or months therefore patience is a crucial skill that allows investors to endure short-term hardships for future reward and if you just step back life works the same way right anything worth his money took years in making not overnight Rome wasn't built in a day Apple struggled for decades before hitting the right stride and becoming the largest company in the world and you can probably identify from
your own life examples where real sustainable achievement came from long-term perspective and patience enduring the day-to-day so be wary of new and sexy Investments that promise to double your money in weeks and months like me invest in boring index funds and let your patients build true wealth number nine tip to help you stop acting rich and truly build wealth if you're going to spend spend on buying Back Time true life wealth is the ability to do things that you want to do whenever you want to do it however you see fit money can buy many
things but you get the greatest bank for the buck when you buy back time time allows you to have more control over your day and when you have more control more satisfaction this for me is one of the key reasons why I'm such a big proponent of mastering your money and one of the big reasons why I started this YouTube channel I experienced firsthand the liberating power that having enough money can provide money buys you Choice with enough money you can take unpaid days off from work without having to worry that you are making enough
to make ends meet if you're on the job search you can take your time to find the perfect fit instead of accepting the first company that offers you a job you have time because you have money you have control and companies are not used to dealing with such individuals if you work in an environment that is toxic or you have a terrible boss you have the option to quit you don't have to be afraid of your boss and ultimately when you have enough you can enjoy the freedom that having enough can provide and work if
you want to not because you have to using your money to buy time and options is the ultimate purchase that not even the most luxurious items can compete with imagine being to wake up every morning and say I can do whatever I want today imagine having full control of your life and not being beholden to a job because you need to number 10 tip to help you stop acting rich and truly build wealth learn to live a life true to yourself essentially develop the habit of not caring what other people think I wish I had
the courage to live a life true to myself not the life others expected of me this was one of the most common statements bronnie wear the author of book titled the top five regrets of dying heard as she worked in pal care for many years it was most people's key regrets as they laiden their deathbed too many of us live our lives thinking too much about what other people think I struggle for too many years trying to please others my parents my teacher my boss my colleagues whereas I should have spent more time looking into
myself and asking what is it that I want as children we do need adults to provide us with their views and opinions so we have something to model Our Lives against however as we get older we must learn to find our own pathway and have the courage to make our own decisions even when it deviates from what others expect of us or what Society expects of us don't care what other people think life is too short thank you guys for watching in the spirit of not caring what other people think please check out my video
here until next time all the best
