Personlig ekonomi 101

ekonomier the money trap

Personlig ekonomi som skolan aldrig lärde ut

5:39 for bankruptcy can show us

5:40 production means nothing when you have a

5:42 problem with consumption

6:03 a rat race an endless self-defeating or

6:06 pointless pursuit

6:08 sometimes the rat race is conflated with

6:10 working a nine-to-five job it’s a

6:12 comparison often used by certain

6:14 individuals to guilt you into buying

6:15 programs and books for them but this

6:17 seems extremely unfair

6:19 mostly because it aims to villainize a

6:21 job and excludes the fact that there are

6:22 those who either love or are perfectly

6:24 fine with their jobs or have other

6:26 aspirations aside from their nine to

6:28 five

6:28 a real rat race is one that is living on

6:31 a financial edge

6:32 being one paycheck away from broke

6:34 constantly a feeling as though the

6:36 moment money enters your life

6:38 it immediately disappears and the more

6:40 responsibilities you have

6:41 the more dangerous this relationship

6:43 becomes the loss of a job

6:45 an unexpected health accident or any

6:47 unexpected circumstance for that matter

6:49 can throw your entire financial position

6:51 into turmoil and consider the mental

6:53 consequences of living on this financial

6:56 edge

6:56 your job no longer becomes an option it

6:58 becomes a necessity in order to keep

7:00 funding your lifestyle

7:02 or to keep paying off debt to quote

7:04 tyler durden from fight club

7:06 the things you own end up only you

7:11 what’s the silver lining it doesn’t have

7:13 to continue like that

7:15 the first stepping stone in personal

7:17 finance will have you drawing an

7:19 awareness to your relationship with

7:20 money

7:21 this is often done by journaling your

7:23 monthly expenses

7:24 categorized as housing transportation

7:26 food utilities entertainment and so on

7:29 it’s about

7:30 understanding yourself as a consumer but

7:32 this part is tough

7:33 in behavioral finance this feeling can

7:35 often be labeled as the ostrich effect

7:38 which is our tendency to want to avoid

7:40 negative financial information it’s that

7:42 feeling you get when you refuse

7:44 to look at your bank account after a

7:45 night out fearing what it might show and

7:47 yet once you pass this stage

7:49 it’s time for you to take control over

7:51 your behavior as a consumer

7:52 this often involves the idea of

7:54 budgeting deciding each month how much

7:56 you aim to spend on each of these

7:58 categories and sticking to it it’s about

8:00 systematically looking at what you

8:01 consume and finding ways in which you

8:03 can minimize these things to ultimately

8:06 live below your means in other words

8:08 having a lifestyle that still leaves you

8:10 with enough money to save and invest in

8:12 some form or another

8:13 it’s also important to note that before

8:15 you ever decide to invest

8:16 one of the most common practices in

8:18 personal finance is to keep an emergency

8:21 fund

8:21 a specific amount of savings that you

8:23 hold onto in case of an emergency

8:25 this fund would typically hold three to

8:27 six months worth of expenses

8:29 the idea however of living below your

8:31 means is an important one

8:33 because why would we choose to do

8:35 otherwise why would we choose to live a

8:37 lifestyle that we cannot afford or one

8:39 that places us

8:40 on this financial edge i could make an

8:42 entire video on our cognitive biases the

8:44 ostrich effect is just one of which can

8:46 affect your financial position then

8:48 there’s hyperbolic discounting

8:50 a tendency to favor short-term rewards

8:52 as opposed to greater rewards in the

8:54 future this is you choosing to purchase

8:56 a new pair of shoes instead of saving

8:58 that money towards a future investment

9:00 or their social proof

9:01 our tendency to think and act as others

9:03 around us think and act

9:04 when the people around you are buying

9:06 one thing you buy it too

9:08 or when the people around you establish

9:09 money as a means of evil you’re likely

9:11 to assume the same thing too

9:13 the phrase keeping up with the joneses

9:15 summarizes this great problem of

9:17 consumption it’s a phrase defined by

9:19 google as trying to emulate or not be

9:22 outdone by one’s neighbors

9:23 they buy a new porsche you buy one too

9:25 they have nice clothes

9:27 you get some too they renovate their

9:28 home you do it too all in the attempt of

9:31 impressing or trying to keep up with

9:32 others due to some form of social

9:34 pressure only in today’s world the

9:36 joneses

9:37 are not literal neighbors they’re far

9:39 more present than that

9:41 we are all vulnerable to social approval

9:43 we really care

9:44 what other people think of us but the

9:47 problem is

9:48 we’re measuring our self-worth by how

9:50 many people

9:51 like what we’re posting governor of the

9:55 bank of canada stated it’s succinctly

9:57 for most canadians debt is a fact of

10:00 life

10:00 at least at some point

10:08 to be clear i’m not saying that

10:09 purchasing an expensive piece of

10:11 clothing

10:11 jewelry or sports car is a bad thing nor

10:14 do i think consuming is a bad thing the

10:16 aim of this video isn’t to philosophize

10:18 about the repercussions of a

10:19 materialistic view of the world

10:21 it’s about drawing an awareness to who

10:23 you are as a consumer

10:25 do you care more about appearing as

10:27 though you have money or actually having

10:29 money

10:30 the rat race isn’t about working a

10:32 nine-to-five job

10:33 but living life on such an edge that it

10:35 means that you are chasing the next

10:36 thing whether a paycheck or a material

10:38 possession

10:39 such that your greater life goals and

10:41 ambitions are placed in the background

10:43 in order to continue this race

10:44 a budget and keeping account of your

10:46 expenses have proven time and time again

10:48 to work and draw you out of this race

10:51 it’s fun to talk about making money or

10:53 imagining having as much wealth as

10:54 possible but what’s the point when your

10:56 relationship with money as a consumer

10:58 means losing it all or having to work

11:00 non-stop in order to fund that lifestyle

11:02 that is the real rat race but with all

11:06 of that being said

11:07 let’s talk about making money

11:11 now the stuff we teach here and have for

11:14 almost 30 years

11:16 is proven what’s up you guys it’s graham

11:19 here so we got to take a moment and talk

11:20 about what’s going on in the stock

11:22 market because as we’re finishing up the

11:24 week

11:24 stocks personal finance channels like

11:26 graham stefan or dave ramsey are great

11:28 for learning how to work on your

11:30 consumption side of the equation but if

11:32 there was one thing i wish they spoke

11:34 more about

11:34 it would be their ability to make money

11:37 and i understand why they don’t do this

11:39 it’s easier to reduce your expenses in

11:41 the amount that you consume than it is

11:43 to increase your income

11:44 when speaking to a mass audience giving

11:47 the advice that will work for most

11:48 people is typically the best choice

11:50 we see that there are entire communities

11:52 built up around focusing on frugality

11:55 the fire community is one example of

11:57 this a movement that adopts the strategy

11:59 of living extremely frugally

12:01 saving and investing as early as

12:03 possible with the intentions of retiring

12:05 as early as possible

12:06 minimalists also share a similar view to

12:08 the fire community although

12:10 more deep-rooted in philosophical

12:11 positions about the world and

12:12 materialism at large

12:14 people like graham steffen or dave

12:16 ramsey promote strategies that fall in

12:18 the spectrum of living frugally saving a

12:20 lot of money and investing in the long

12:22 run

12:22 and there’s nothing inherently wrong

12:24 with this strategy it works for a wider

12:26 range of people with varying degrees of

12:28 income

12:29 but let’s be honest graeme stefan

12:31 doesn’t rely on cutting coupons or

12:33 living an incredibly frugal lifestyle to

12:35 be making a hundred to two hundred

12:36 thousand dollars a month

12:38 from youtube nor does dave ramsey rely

12:40 on these strategies to have an estimated

12:42 net worth of 55 million dollars

12:44 these people are utilizing a means of

12:47 production at mass scale

12:48 in my video the untold truth about money

12:51 i talked about money being equivalent to

12:53 your perceived value in the market and

12:55 the most impactful way of increasing

12:56 your value is finding a problem in the

12:58 market

12:59 creating a solution for that problem and

13:01 selling that solution to the market at

13:03 scale

13:03 this is the entrepreneurial route a

13:05 successful business at scale

13:07 is able to produce a large amount of

13:08 value to a society such that your

13:10 production side of the equation grows

13:12 exponentially in comparison to a

13:14 standard job

13:15 but this isn’t a route that everyone can

13:17 take nor should they try to

13:18 it’s about reflecting on your own

13:20 capabilities and whether

13:21 entrepreneurship is best suited to your

13:23 direction

13:24 with that being said increasing your

13:26 production doesn’t have to just come

13:27 from the strict definition of a business

13:29 graeme stefan uses youtube as a vehicle

13:32 to produce something

13:33 in this case videos about personal

13:35 finance at mass scale

13:36 it’s one reason that i chose to create

13:38 videos on youtube as well

13:40 it’s a vehicle to produce something in

13:41 this case documentary style videos at a

13:43 mass scale

13:44 to a point where i can now do it full

13:46 time and build a business around it

13:48 producing is about providing relative

13:50 value to the market in some shape or

13:52 form i utilized my skills with acting

13:54 presenting storytelling and video

13:56 editing to create videos that i hope to

13:58 be somewhat entertaining and educational

14:00 and thankfully the market responded

14:02 positively your form of production may

14:04 be developing an

14:05 app or software that is solving a

14:07 problem you believe the market would pay

14:08 money for its solution

14:10 or perhaps a fitness brand that is

14:11 branded extremely well and utilizes its

14:14 community better than most other fitness

14:16 brands as i believe is the case with ben

14:17 francis and what he did with gymshark

14:20 for most people labour in the form of a

14:22 standard 9-5 job will be their means of

14:24 production

14:25 but this doesn’t mean that your ability

14:26 to produce stops there

14:28 understanding yourself as a producer is

14:30 about understanding ways in which you

14:32 can produce value to the market

14:33 if you can produce value at a large

14:35 scale then it means earning money

14:37 at a large scale the internet has

14:39 thankfully provided a great deal of

14:40 opportunity for us to be able to produce

14:42 something and put it out to the market

14:44 whether the market actually wants what

14:46 you have produced can only be determined

14:48 once you’ve released whatever it is that

14:49 you’ve produced

14:50 so to summarize it’s first important to

14:53 bring awareness to yourself

14:54 as a consumer understanding what you

14:56 purchase and why you purchase by

14:58 journaling your consumption and then

15:00 giving yourself a budget to manage and

15:01 control that consumption producing then

15:04 becomes a matter of maximizing the

15:05 amount of value you can bring into

15:07 society

15:08 through a job a business or some other

15:10 means of production

15:11 this is a framework that has helped me

15:13 greatly as i’m sure it’s helped

15:15 countless others who have a vested

15:16 interest in making money

15:19 like this isn’t just sushi we’re talking

15:21 about anymore like this is this is

15:22 substantial

15:23 yeah and then to go from that to like

15:25 this focusing

15:27 is that 170 454 dollars yeah

15:31 that’s insane

15:41 hello hello my friends before you click

15:44 off the video just yet i want to say one

15:46 thing thank you

15:47 so much for watching to the end of this

15:49 video you watching to this point is

15:51 hopefully proof that i’ve provided some

15:53 kind of value to you in some way or

15:55 another so

15:56 be sure to hit the like button and if

15:58 you want to see more videos around the

16:00 topics of

16:00 business money finance in general then

16:03 be sure to hit the subscribe button i’ve

16:05 also got a patreon where i post behind

16:07 the scenes stuff and i do

16:09 questions and answers and i’ve got a

16:11 bunch of other exciting plans for it so

16:13 if that interests you and you’d like to

16:14 support the channel further do check it

16:16 out the link is in the description below

16:18 now for me personally combining what i

16:20 know about personal finance

16:22 and entrepreneurship has really helped

16:24 me the most and as i mentioned

16:26 this youtube channel was one way in

16:28 which i knew i could produce some kind

16:30 of value

16:30 into the market at scale if you want to

16:33 do more extra reading on these subjects

16:35 if it interests you there’s two really

16:36 good books

16:37 on personal finance related stuff the

16:40 millionaire next door

16:41 and your money or your life these are

16:43 really good personal finance books

16:45 and of course if you know me you know i

16:47 really love

16:48 mj demarco’s work so check them out if

16:50 you want to also see the

16:51 entrepreneurship side of stuff but with

16:53 all of that being said my friends i hope

16:55 you have a wonderful rest of the day

16:57 i will catch you in the next video or on

16:59 my instagram or twitter if you have me

17:02 on there

17:02 as usual hands ahead salute

17:06 too many days is yet to come

17:12 too many times has come to pass

17:19 too many moments put aside

17:23 getting out alive

17:26 getting out of

17:32 letters in the sand