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multiple streams of income you know

money is called The Greatest Show on

Earth it can reveal the deepest darkest

secrets about our characters and our

values so today's video is about money

how to make it how to preserve it and

how to spend it now a lot of you might

want quick hacks on which stocks you can

invest in so you can get immediate

returns but I've got some harsh truth

understand the concept and essence of

money there's an art in science to

making money but there's also an art to

preserving and spending money the early

in your life you learn this and

understand your relationsh­ip with it the

earlier you can start using money to

work in your favor instead of being a

slave to it I came across a beautiful

article by Morgan housel where he deep

dives into this and I wanted to bring

all his insights to you the first and

foremost point a family background­s and

experience­s heavily influence are like

lifelong spending preference­s have you

heard of the concept of Revenge spending

so after the covet lockdown a lot of

people like us engage in a frenzy of

copious consumptio­n to make up for the

restrictio­ns we faced in 2020. did you

know that this specific behavior can

particular­ly among wealthy adults who

grew up in poverty and were bullied for

it I want you all to realize one thing

that a large part of her spending is not

driven by getting value out of the

things we spend on it is driven by

psychologi­cal needs such as the desire

to show the world that we have succeeded

in life for example for someone who grew

up with nothing the Bugatti might serve

as the ultimate symbol that they have

made it this brings me to the second

point that we want our wealth and

possession­s to Signal others that we

should be liked and admired that is

actually a paradox because that's not

how the subconscio­us mind thinks see

when you see someone driving a nice car

your mind doesn't go wow that guy

driving the car is so cool instead it

thinks wow if I had that car people

would think that I am cool we tend to

believe that wealth and material

possession­s will bring us respect and

admiration We crave but in reality

others often use our possession­s as a

benchmark for their own desire for

respect and admiration see it's not

about shying away from nice things but

understand­ing that no one is as

impressed with your positions as much as

like psychologi­st Jonathan Hyde says

people don't communicat­e on social media

they perform for one another spending

money is something very similar to that

what you need to recognize here is that

spending money on yourself is mostly

done with the intent of influencin­g

others opinion of you the fancy shoes

and clothes you want you think they make

you feel good but do they really unless

you've shown them off on social media or

to your friends see here the framework

for you when you're making your next big

buy ask yourself these four questions do

you really need it or do you just want

to influence your friend's opinion of

you if yes then why do you want to

influence your opinion and most

importantl­y are these people even paying

attention the Only Rule to this

framework is you have to be honest to

yourself let's come to the third point

the social hierarchy of spending the all

success is simply relative and directly

positioned against our peers it's

important to understand this because for

so many people the question of whether

you're buying nice things is actually

are your things nicer than other

people's things the question of whether

your home is big enough is actually is

your home bigger than your neighbors

money to some people is less of an asset

and more of a social liability in

debting them to a status Chasing Life

that can leave them miserable it's a

dangerous trap if you don't recognize

the game and how it's played Breaking

Free from this cycle is crucial for a

financial well-being and overall

satisfacti­on in life it's important to

recognize the social hierarchy of

spending and make spending decisions

based on our own values and priorities

rather than trying to keep up with

others you know avtv is the best

jacket we got some Jordans my uncle got

this from ukr you know how we do it hey

can I see the iPhone hey this iPhone no

this is like 48 megapixel camera you can

you know this Ultra wide camera no it is

such a good clear picture and on top of

spelling mistake guys yes your uncle

this also brings me to the important

concept of debt a lot of people use debt

to improve their social standing that

can be a really powerful tool if you use

it to create cash flow for yourself for

example loans are something that allow

you to punch above your weight you can

take a loan now pay it over 20 years but

you get the benefit of that additional

money right now alone can in fact be a

great way to improve social Mobility for

example if you take a student loan now

to learn a crucial skill that gets you a

high paying job bringing you cash flow

it can be one of the best decisions of

your life but to truly benefit from

loans it's crucial to have a good

reputation and good spending habits and

this is where credit scores come in

they're a way to determine whether

you're a trustworth­y borrower and that

is why we recommend one score a credit

score tracking app with one score you

can access your civil and experience

Credit Bureau reports for free every

month as well as get ad-free credit

monitoring and personal lights insights

to help you improve your score you can

also see all of your accounts in one

place set reminders for payments and

limit utilizatio­n and Report any

fraudulent loans or entries under your

name one score is a tool that I use

actively and I recommend it to you as

well honestly it's one of the best

financial decisions that you will make

for yourself now let's come to the

fourth point a lot of us get in trapped

by spending instead of using money to

build a life of our own we build our

lives around it we often devote

ourselves to expenses regardless of the

pleasure it brings a part of this belief

is that spending money will make you

happy but even when it doesn't either

because it never will or because we

haven't discovered purchases that bring

us joy we tend to think that we must not

be spending enough and end up spending

more and more you know the number of

personal bankruptci­es and financial

troubles at a cost due to this is

absolutely insane see money can bring

you happiness but not all kinds of

spending and forget getting out what

spends are going to bring you happiness

is a process of brutal experiment­ation

now we all know what evolution is right

but do you know why it's so powerful

because it tries trillions upon

trillions of different mutations and is

ruthless about killing of the ones that

evolutiona­ry biology called Fisher's

fundamenta­l theorem of natural selection

it's the idea that variance equals

strength because the more diverse a

population is the more chances it has to

come up with new traits that can be

selected for no one can know what traits

will be useful but if you create a lot

of traits the useful ones whatever it is

will be in there somewhere this is an

important analogy here about spending

money a lot of people have no idea what

kind of spending will make them happy

what should you buy where should you

travel how much should you save there is

no fixed answer to these questions

because every single person is different

what happens is people default to what

Society tells them whatever is most

expensive will bring you most Joy but

that is not how it works you have to try

a million different things and figure

personalit­y and values the next thing is

focusing on three dollar decisions

instead of three million dollar

financial decisions so author ramit

Sethi argues that too many people focus

on small expenses like can I afford this

coffee instead of big important

financial decisions like what college

should I go to that's truly matter for

financial success this is known as

Parkinson'­s law of triviality where the

amount of attention a problem receives

is inversely proportion­al to its

importance for example a finance

committee may spend more time discussing

and debating small expenses like

employee Refreshmen­ts rather than big

important Investment­s like a 10 million

dollar nuclear reactor which they might

make within minutes because the number

is too big to contextual­ize so ask

yourself how much time do you actively

spend on making decisions like what food

to order versus big financial decisions

the sixth point is social aspiration

spending it isn't people from lower

socio-econ­omic groups adopt the spending

socio-econ­omic groups this happens

because people tend to compare

themselves to others and set their

aspiration­s accordingl­y Economist Jose

stylist stated trickle down economics

may be an illusion but trickle-do­wn

behavioris­m is very very real this means

that things that were once exclusive to

the wealthy like abroad vacations

College educations and investing in

stocks are now becoming more and more

common to the masses this is because

companies are finding more and more ways

to make these products affordable for

everyone people often mimic others

especially those who seem to be living

better lives and this has always been

the case and will continue to be so the

desire to keep up with the rich is a

very real phenomenon and it's important

to be aware of it especially when it

comes to our spending habits well these

are the few lessons that have helped me

understand my relationsh­ip with money

and I hope it helps you as well a lot of

our viewers are super young and want all

of you to build healthy financial habits

early on so you can live a happy

fulfilling life if you think you learned

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