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You Will Be Poor If You Do This - Bad Financial Advice - YouTube
Channel: Dan Lok
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I am pissed I was watching TV and this
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financial advisor on TV was telling
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people how money works how do you need
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to save money how do you become
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financially independent
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he was bull [聽__聽] there's so much better
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vice out there when it comes to money
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when it comes to financial advice it's
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amazing let me tell you this when it
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comes to money the most important thing
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you need to consider is consider the
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source how many of these advisors that
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you see on TV on social media how many
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of them are actually rich most of them
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they are struggling financially most of
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them actually represent and work on a
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mutual fund companies they tell you to
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put money aside say for the long term
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and put their money in mutual funds and
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don't touch it for 30-40 years and after
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that then somehow if the [聽__聽] market
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doesn't crash you'll be okay it is
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[聽__聽] stupid let me tell you this the
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adviser was saying on TV here's what you
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need to do I want you to to save money
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it's nothing wrong with saving money but
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here's what I want you to do I want you
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to you know their morning coffee you
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know cut that back right that that going
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out dinner with friends you need to yeah
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eliminate that in your life and what I
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want you to do I want to set up a budget
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and I want you to count every single
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expense that you have I want you to look
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at your fee single line and you look at
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it all the time we view it every month
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right and then cut all the stuff that's
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not necessary and then you're gonna have
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a few a few dollars a little bit of
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money there now you can save that up let
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me tell you this is how it's gonna work
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once I explain this you'll know why
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conventional wisdom is almost always
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wrong imagine this is how much you're
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making maybe you're making 2000 3000
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4000 5000 8000 a month now say you have
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a job you have a career even you have a
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business a small business to some what
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you're making at the end of the day so
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what the stupid financial adviser is
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saying I want you to watch
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money I want you to watch out for your
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money okay I'm looking at my money how
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does this help you make more how does
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saving their hundred dollars how would
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that secure your financial future let's
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say you do cut back that morning coffee
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let's say you do stop going out with
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your friends let's say you don't go to
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watch that movies let's say you don't go
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even take on they take a take their
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vacation okay good so you save a few
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hundred dollars per month in a year's
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time you save a few thousand dollars
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could you still buy the house that you
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want
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could you put even use that as a down
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payment could you buy it could you buy
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the car that you want could you provide
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for your family would their help go
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towards your kids education fund would
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that be enough
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you tell me comment below a penny safe
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is still a [聽__聽] penny it doesn't
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solve your problem is you yeah how would
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that's saving a few hundred dollars you
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put it in a mutual fund in stock market
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at the end of day it's still still not a
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lot of money it is still not enough to
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do anything significant to do to buy
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anything cific significant to invest in
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anything significant in your life what
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you need is this more how do you make
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more how do you create more value in the
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marketplace when you have this suddenly
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you don't need budget you need to think
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about all this [聽__聽] you'll need to think
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about oh I need to come my [聽__聽]
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pennies man I need to do this that
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doesn't solve your problem this does not
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solve your problem so what they're
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telling you this financial advisor is I
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want you to stay poor for your whole
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life put away a few dollars every single
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month for 10 20 30 years and then when
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you retire you will be okay not even
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comfortable because with inflation not
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even rich hopefully if the market
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doesn't crash that time that you retire
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you would have a little bit of money too
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off off you've seen that before maybe
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someone that you know just before we
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time it you remember what happened the
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market crashed their entire life savings
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paper eyes like that in days and not
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even their fault it's not their fault
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they just follow that advice and they
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thought and they're not even most people
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they're not even thinking that much
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they're just thinking I just want to
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decent comfortable retirement so I can
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enjoy my life a little bit because I
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work my entire life in this job in this
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career and I cannot even do that so you
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don't have a saving problem you have an
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income problem so what you need to do is
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now I know what you may be saying you
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may be saying to me that Dan but I just
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have a job or I make it to three four
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thousand dollars how do I make more
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money I don't care if you have a
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business I don't care if you have a job
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I don't care if you're working for
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someone else I'm telling you right now
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regardless of what you do you need to
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develop your high income skill you need
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a side hustle you need something on the
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side that you could do to generate more
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income so now when you're generating
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this much sure I spend this much doesn't
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matter I still could save and put away
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all the extra money to invest but I need
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to make more first so every single year
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you need to strive to make more money
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than your previous year every single
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year you should strive to increase the
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income having their high income skill
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read my book a few money I talked about
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it that is not the answer that is bad
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[聽__聽] advice
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there's the advice that mutual fund
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companies want to believe that's what
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they want you to buy into why because
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they want to keep your money for as long
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as possible for as long as possible and
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then they will invest and they make the
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management fee they will make a ton of
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money while you stay poor so if you want
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to be successful financially if you
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don't want to be poor forget this
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developed a high income skill develop
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decide hustle on
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decide your job is no longer enough your
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business is no longer enough you need
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something more if you want to secure
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your family's financial future
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