No.1 Money Saving Experts: Do Not Buy A House! Putting Money In A Bank Makes You Poorer!

SPEAKER_1 (0:01)

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Steven Bartlett (0:30)

When I grew up, everyone said to me that to generate wealth, get a job, get money, then get a mortgage.

Jaspreet Singh (0:34)

That's one of the worst pieces of advice you can give somebody.

Raoul Pal (0:37)

And your future self is going to be poorer because of it.

Steven Bartlett (0:39)

But that's what everyone's doing.

Raoul Pal (0:41)

Because we're not taught this stuff.

Steven Bartlett (0:42)

So what do you think the biggest money mistake the average person makes is?

Raoul Pal (0:45)

Being a saver.

Steven Bartlett (0:46)

So just having your money sat in a bank account.

SPEAKER_5 (0:47)

Yeah.

Jaspreet Singh (0:48)

It's a guaranteed loss to becoming poorer every single day.

Humphrey Yang (0:51)

But there are plenty of ways to retire early and be financially independent.

Raoul Pal (0:55)

And that's including secret hack that makes people fortunes.

Humphrey Yang (0:58)

So let's talk about making more money.

SPEAKER_5 (1:00)

This is the ultimate money making master class. As we are joined by three financial gurus. With very different opinions and methods to build future wealth.

Steven Bartlett (1:09)

So I want to talk about pensions, credit cards, renting, bad money habits, debt, passive income, spending money to look rich. But first, what is it that rich people know that the average person doesn't know?

Humphrey Yang (1:20)

Rich people are more disciplined and they're doing the little things that compound into huge results like investing.

Jaspreet Singh (1:25)

But for example, the average American spent more money on Netflix than they do on their investments. And if I invest $1,000 a month for 30 years in something like the S&P 500, I will have about $1.9 million.

Raoul Pal (1:35)

Or there's no asset in all human history that's ever generated as much wealth in short period of time than Bitcoin.

Jaspreet Singh (1:40)

There's one problem. Bitcoin is high risk. And if any of those risks happen, let me finish. Do you want to have hope that you have the Bitcoin or would you rather have more security?

Raoul Pal (1:49)

You can reduce risk. That was our job to educate them.

Steven Bartlett (1:52)

So if someone is $1,000, what would you suggest they did?

Humphrey Yang (1:55)

I have a different take on this. If you're trying to make more money, I would.

Steven Bartlett (1:58)

What about bad money habits? Because when you look at the stats, money is the number one source of stress for Americans topping work, family and town.

Jaspreet Singh (2:05)

There's a three step framework. So I want to get into that. Number one.

Steven Bartlett (2:10)

Just give me 30 seconds of your time. Two things I wanted to say. The first thing is a huge thank you for listening and tuning into the show week after week. Week means the world to all of us and this really is a dream that we absolutely never had and couldn't have imagined getting to this place. But secondly, it's a dream where we feel like we're only just getting started. And if you enjoy what we do here, please join the 24% of people that listen to this podcast regularly and follow us on this app. Here's a promise I'm going to make to you. I'm going to do everything in my power to make this show as good as I can now and into the future. We're going to deliver the guests that you want me to speak to and we're going to continue to keep doing all of the things you love about this show.

I think the first place to start is people want to know how they can make more money, because if you don't feel like you have money, saving and investing in these kinds of things appear to be pointless. I also understand that that's not necessarily true. I think you can start investing and saving with very small amounts of money. But for those people that are asking that question, they're listening to this now and going, how does one make money? Like, you know, I've got this job, I'm working a nine to five, it's paying me 30,000 pounds a year or 40,000 dollars a year, whatever it might be. Is the right question to be asking, how do I make more money? And if so, how do I do that?