The boomers’ generation was the richest generation in the history of the United States.
After World war 2, the entire world was recovering from the deadliest war in history but the
war didn't take place in US soil, so the United States took the best advantage out of it and
boosted it’s exports helping the rest of the world to recover and made a fortune in
the process. That's of the main reasons how the US dollar replaced the British pound as
the world currency reserve. However, as time went by, boomers passed their wealth to generation
X, who also enjoyed a pretty high standard of living. Homeownership was almost 70 percent.
But that prosperity didn't last long because when it came to millennials, things went south.
Despite their higher earnings, millennials still hold less wealth than previous generations
did at their age. When boomers were roughly the same age as millennials are now, they
owned about 21% of America's wealth, compared to millennials' 5% share today, according
to recent Fed data. What do you think is the average millennial
millionaire’s net worth? There are 618,000 millennial millionaires
in the United States, and 93% of them have a net worth ranging from $1 to $2.49 million.
Most of them probably live in states like California or New York where 1 or 2 million
dollars net-worth doesn't really mean much since home prices, for example in California,
are around a million dollars. If you are one of them, good for you, but if you are not,
then don’t worry because we all attain wealth at a different age.
It’s not like a step-by-step process that we all follow simultaneously as we did back
in school, moving from one grade to another. That school mentality doesn't work here. Some
people make it when they are still teenagers, others when they are in their 50s or 60s.
It's just a game that prolongs throughout your entire life. But the question is, how
do you know that you are on the right path? How do you know that you will become financially
free in the future? The truth is that, wealth is unpredictable.
Success, in general, is unpredictable. Have you ever heard the statistics that 9 out of
10 startups fail for example? So even if you try launching your own business, you are not
guaranteed to succeed. In fact, you will most probably fail. However, what you can do is
raise your chances of success by taking the right daily decisions that will accumulate
over time. Just compare someone who saves, let’s say 20 percent of his income and someone
else who doesn’t save anything. Let’s assume everything stays the same. Over the
course of a few years, one will have the capital to invest or take a break to start a business
while the other will have to keep his job because he won't be able to pay the bills.
So here are 5 signs that you will make a lot of money in the future.
If you are ready, give this video a thumbs up and let’s start with the first one.
you know how to tell stories
If you take a look at the most successful companies in the world, they all have one
thing in common - they know how to tell stories. You can build the most amazing product or
service in the world, but if you do not know how to market it, then there is no use in
it because people won’t give it a shot. Steve Jobs was the master of story telling.
If you have watched his first iPhone presentation, you could clearly see that. Steve begins the
presentation by masterfully building suspense. A touchscreen iPod? A phone? An internet communicator?
What is he up to? Then, even as the audience is starting to catch on, he lingers in suspense
a bit longer before making the reveal: a three-in-one mobile phone that would change the world forever.
The same applies to youtube. Most successful creators are the ones who know how to tell
great stories. people enjoy when its’ presented in an interesting
story, that’s why we watch Netflix, go to movies and watch bloggers like Casey Neistat,
who, by the way stopped uploading videos for a while now.
2. You are always curious
If you take a look at the history, you will find out that what makes people really rich
is the fact they solved a simple problem. What led them to think about these problems
is their curiosity. When the internet first started, it was all over the place. The only
way you could find something is by knowing the name of that website. If you didn’t
know about Amazon, you would never be able to find it unless you heard about it in the
news or someone would tell you. So these two guys, Sergei Brin and Larry Page, who were
Stanford students back then, asked themselves a simple question, why not make it easy to
find things online? Thats how they invented google. It wasn't a complicated question,
but their curiosity led them to ask the right questions, which led them to build a 2 trillion-dollar
company. Take the example of Snapchat. Back then, when Facebook was cool, if you would
post something on Facebook, it would stay there forever unless you deleted it, but if
you delete it, people would think that you are hiding something, something must be wrong
that you deleted that picture or video or a statement. So Evan Spiegel decided to create
a platform where you don’t have to explain to people why you deleted that picture because
its going to be deleted automatically. He called it Snapchat. That’s where stories
came from, and then facebook simply copied stories across all of its platforms like it
always does. 3. you admire successful people
It’s easy to feel resentful when you are barely paying the bills while someone else
is driving a Lambo or flying private. It’s easy to point fingers at ultra-wealthy people
and mock them for spending so much money on things that are not important. But if we are
going to be honest, the vast majority of people would do the same if they were in their position.
It's true that most wealthy people, if not all, have done shady things to be where they
are now. But that's the brutal truth of life. Business is war, and war has no rules. You
are either going to crash others, or you will be crashed! You are left with no other option!
But if you constantly look down at these people thinking that you are better than them because
you are morally a better human being. Then that mindset will always keep you where you
are. I am not telling you to cheat people, but you shouldn’t look down at strong people
who can make tough decisions. Sometimes when I go through youtube comments,
people just mock for example Bezos for divorcing his wife and dating Lauren Sánchez. Here
is the thing, he has got one life, let him enjoy what's left of it, he has changed our
lives for the better. Just imagine how life would be without amazon.
4. you understand accounting When i graduated from high school, I had no
idea what to do with my life like many of you. So I decided to major in accounting and
finance because the only thing that interested me back then was the stock market. I can confidently
tell you that understanding accounting is one of the key principles to succeed in business.
Understanding accounting means understating capitalism. You learn how business works from
a financial perspective. If you haven't majored in accounting, don’t worry. There are some
great courses online that can teach you everything you need to know in a few months, you don't
have to go back to school to learn all of that. We should be grateful that we live in
such an age
5. you have mastered your emotions Emotions play the most important part in our
lives. Most of what we do is driven by our emotions. We become friends because we feel
comfortable being round these people. We fall in love because he or she makes us feel special.
When we look back at our lives, we remember the moments where we felt great. The problem
is that when these emotions lead us to make horrible financial decisions when your emotions
lead you to impulsive spendings. When you feel bad because your friend got a better
car so you end up buying a car you can’t afford on credit just to impress your friends.
Especially if you're starting a business. Business is like a rollercoaster and it's
an adventure. Every single day things can go down in an instant even though you have
planned absolutely everything perfectly. You never know what is going to go wrong and you
can’t just be mad at it because that is not going to help out. You can’t simply
complain about it. You have to be able to accept the reality how it is. You have to
learn how to accept chaos and not react to it emotionally and solve the problem right
there at the moment. The same goes for investing. When you buy
stocks, they just go up and down every single moment. Sometimes, a crisis hits and everything
goes down. You need to have the patience and self-control to not sell all of your stocks
while this chaos goes away. The same applies when you're dealing with
people. People come from different backgrounds with different sets of skills and mindsets.
It is easy to get angry at people, it is easy to hate people for who they are because they
are just different. That is why it's important to control your emotions if you want to build
valua sble connections to be able to build meaningful things.
A good place to start making money is the stock market. But if you are new to the tock
market, then I have created a short, fully animated course that will teach you everything
you need to know about the stock market. The best part of it is that if you use the link
in the description, you will get two weeks of Skillshare premium which means you can
get the course for free. On top of that you can get two free stocks from Webull using
the link in the description. If you have enjoy this video make sure to
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thanks for watching and I'm sure next time.