Success is redefined as gaining fulfillment from freedom, spending time with family, and pursuing passions. Money is viewed not as a means for acquiring material possessions, but as a tool for achieving freedom and experiences. This perspective challenges conventional notions of wealth and happiness, sparking conversations about personal values and the true meaning of success.
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- I really need the Transcript!(19 votes)
- Since it is a relatively small video you can write down what he says by using the subtitles (the cc button)!(2 votes)
- At2:16what does he mean by live below your means?(4 votes)
- living below your means is a phrase that means you should not spend more than you have or need. When you don't need it, then don't spend on it. Having something less or not having your "wants" fulfilled is better than having an empty pocket.(3 votes)
- how do you budget when so much is needed?(3 votes)
- A nicer car and a nicer house is only truly enjoyable if you aren't at all struggling to pay for it. Same with clothes, jewelry, etc.
If you need anything more than a 5-year loan to get a car, you cannot afford that car. And most people are better off buying a certified pre-owned 1-2 year old car. The only exception is buying a bike given the savings on a not-new bicycle isn't worth not getting the latest technology and not having any wear and tear on the bicycyle.
You cannot afford the houseIf if: you cannot afford proper insurance, property taxes, and a down payment of at least 20%. The only exception to that is if you have a high income that is stable (such as you're a law firm partner). Even then, it's better financially to wait another year or so to put down that 20% down payment.(13 votes)
- The Personal Finance: the only video that will play for me is the "What is the bare minimum I need to know to avoid ruining my life?" The rest say: "can't support this video type or invalid video path"(7 votes)
- so now I should spend money on freedom?(3 votes)
- I believe what Sal is saying here is to, instead of maximizing your money, you should try to maximize your freedom to fulfill your desires and happiness, which is achieved partly with money, but also with other things(3 votes)
- how do i learn how to invest my money(2 votes)
- Study the types of savings/investment vehicles and the strategies involved in investing your money wisely. Khan Academy has classes on this later on in this subject.(2 votes)
- A lot of times in modern society you see movies, or you read about people in magazines and they have fancy cars and big houses, and there's kind of this implication that, hey maybe those people have made it. Maybe that's what I wanna be like. But the real reality is, yeah, maybe a nice car or this and that might make you on the margin a little bit feel good but in the big picture of things, those aren't what's going to really fulfill your soul. The things that are gonna fulfill your soul is the freedom to do things you want, the time with your family, getting to do intellectually interesting things, things that really cater to your passions. That's where I always view money not as something to buy thing, but money that will help you have the freedom to do the things that you want, to have experiences. Don't optimize for money. Optimize for the freedom that money might be able to get you.