THE TRUTH WHY I LOVE MONEY

 What's up guys josh ulford back with

another video today and i want to tell

you guys why

i love money. Time to think like an

investor.

Welcome back to the channel my name is

josh and if you're new here

what i do for a living is i'm in a

business called wealth management

and there's so many different terms that

get thrown around it's like there's

money and there's currency and there's

dollars and there's wealth and there's

assets and

there's bitcoin gurus it's like how do

we take advan how do we really keep our

eyes and our ears on all of these

different things at once what do all

these things

even just mean but there are some

important distinctions

and that's kind of what i want to talk

about today is there's a big difference

between

you know this whole idea of money and

money is the root of all evil

and and wealth is this terrible thing

and hey i get it

trust me but there's a big difference

between

let's say unfettered ambition at all

costs no matter the destruction

you know you could think of like what

you think of when you think of like

donald trump

or dan bilzerian with a boat and a yacht

like a multi-million dollar yacht with

you know women in bikinis and champagne

everywhere in cigars and

donald trump having all this political

power because he's wealthy

whatever it might be that's kind of this

whole idea of like

unfettered ambition at all costs

and i don't run a company called haven

unfettered ambition at all costs

management that's not

the business i'm in i'm in the business

of

seeing wealth as how can we improve the

quality of our life how can we take the

resources the job or the assets that we

have

and make the quality of our life a

little bit better or maybe a lot better

so today i want to talk about the two

major reasons why i love

wealth and i think that there's two

things that i can really do it's what it

can do for

other people of the people around us and

it's what it can do for our own lives

and ourselves so if we're looking at

just a life let's say we're a living

person what are the things that

make life really great or what are the

things that we want to get out of our

life i mean for me it's like i'd love to

have a long life

i prefer that it's longer than shorter

typically and i prefer that i'm healthy

right and i want to be able to do those

things that i want to do and have some

freedom and

maybe get a great education and be able

to afford those things that are

meaningful and exciting to me

now i want to go into a little bit of

data here something that's interesting

and it's the fact that if we were to

think about what would be a good

life for me the first thing i said was

well hopefully you know we have a long

life one that isn't cut super short or

it's probably better for us if you think

about it

it's better for me to have a life that

goes to 70 or 80 versus one that goes to

like 30 or 35.

well here's an interesting thing i want

to look at gdp per capita and what that

really means is

how much economic output how much

productivity how much stuff is being

exchanged and traded and produced

how much value is being produced in a

country per person that's really what

gdp per capita means

and what we find are some crazy

correlations

across the world for how gdp can improve

our life and how gdp per capita actually

makes living standards better for a lot

of people

first thing i want to look at what was

what did i say i said life expectancy

how long is this life well

this is crazy if we look at this chart

here life expectancy versus gdp per

capita

we find this beautiful upward sloping

trend as countries get more and more and

more wealthy in terms of gdp per capita

production per person we see that their

life expectancy goes up and up and up

so on the worst possible end of the

spectrum you have a country like the

central african republic or sierra leone

these places have less than a thousand

dollars in gdp per capita that's not a

lot of production per person

and their life expectancy is just over

50 years the average person in this

country lives to 50 years

where we see this trend start to rise is

when we have

increases in gdp per capita more wealth

more production per person

we find ourselves with a country like

switzerland which has

a little over 50 000 in gdp per capita

and the average life expectancy is over

80.

so it's crazy to think about how wealth

how the production of

value or productivity in a country or an

economy can make

the lives of those people so much better

now i know what you're thinking you're

probably thinking hey josh it's not just

about

longer life i mean maybe people are

struggling maybe it's a longer life but

it's got more suffering and more

illness and more pain and all that okay

okay well

let's look at another one what about

self-reported

life satisfaction okay a survey of all

these people and they rate their life

let's say you and i get a survey

and we have to rate how happy we are

about our life

now if we compare the results of how

happy people are about their life

to the country's per capita gdp we see

something that is

exactly the same if not more

there's more correlation if anything and

the same thing we see that countries

with

very low gdp per capita also report

very low scores on overall life

satisfaction and this

increases as gdp per capita goes up it's

it's a beautiful correlation you can see

all the different countries on here and

you can see how again united states and

canada no big deal norway all these

different countries

are very high in gdp per capita and are

also very high in life satisfaction

and lastly one of the most stunning

findings is the correlation between gdp

per capita

wealth let's say per person in your

economy and the human development index

which takes all these things into

account do people have access to good

health care

good access to education do people have

access to long living standards

long lifes and high standards of living

and if we look at the correlation

there's something even more interesting

here which is the fact that it compounds

you see this almost

exponential correlation where the more

gdp per capita you get

the more the better and better and

better things get for the human

development of your country

so it's really fascinating to see and

when i say you know what i love money

and i love

wealth this isn't about i love yachts

and private jets i mean i do love

lamborghinis i'm gonna be completely

honest i do love those i think they're

very cool

but i'm not talking about this this

status seeking high

lifestyle where you're just doing

nothing but partying and having fun all

the time i'm talking about increasing

living standards for

for people in your country now i know

what you might be thinking okay there's

all this great news

fantastic that that's great you know gdp

wealth makes people happier and all this

sort of thing

but what about the 1 all the richest of

the people have all the money you need

to give some

money to the other people the people who

are struggling yes

absolutely absolutely inequality

is a massive problem and countries that

become

very unequal actually become very

unstable so it's important to think

about that too

but here is something really fascinating

about gdp per capita and the wealth that

you have per person if we look at the

bottom quintile in any economy the

quintiles like the bottom fifth the

people who you would say are

struggling and it's the people who you

know just got a bad

deal in life and they're having trouble

getting on their feet financially or

economically speaking

we find this insanely positive

correlation between growth in gdp per

capita growth and wealth of a country as

a whole

and accelerated growth of the bottom

quintile and what this means is

the data doesn't confirm that as

countries get wealthier it leaves people

in

in the dust it actually confirms that

all people kind of rise together

although some at varying rates of growth

so when i talk about loving wealth this

is what i mean of what it can do

for other people it can actually lift

countries out of poverty it can make

people's lives a lot better

of course the problem is that on country

on their way to industrializing let's

say a country like

india or china they tend to wreak a

little bit of havoc on the environment

they tend to be very unequal as they're

coming out of poverty but once they get

there

life in capitalist western societies

actually becomes very very good

so that is what wealth can do for other

people obviously but what can it do for

us and i mean my experience confirms

this for me

it's this idea that as i got wealthier

let's say as i had business ventures

that actually started to work out after

having a ton that really didn't

have after having investments that went

nowhere and then over time having

investments that started to go my way

what i found as i started to achieve

some semblance of financial independence

where my assets started paying me

instead of me having to go work for them

all the times i realized

that wasn't everything there was it was

like i got over this hill

of the whole financial struggle of you

know trying to make ends meet and

going into jobs i didn't really love and

always having to move money around to

just kind of make things

work having investments that didn't go

my way and all this sort of stuff

once things started to work out i

realized yeah

that takes care of the resources and the

money and the debt's gone and all this

sort of stuff but

there's so much more development i have

to do as a person because i've realized

now wow okay

having the money i need doesn't

necessarily bring me to this finish line

this place in life where i feel like

i've achieved the goal

i feel like there's so much more that i

have to do there's so much more that i

could be in my relationships there's so

much more i could be in in my own mind

there's so much more i could be as an

athlete and all these different things

so much more i could be physically and i

think for most people we go through

life and i certainly felt this way i

went through life always thinking the

money thing was the big thing

and for me personally i found that i was

just so distracted like there's so many

areas of life that we need to improve at

but the money one is just the most

pressing because if you don't pay it the

debt collectors come and if you can't

make ends meet there's no roof over your

head so

it's the kind of the front and center of

everyone's mind it's trying to get that

right

but once you have the magical experience

of kind of getting over that where the

finances are taken care of

you realize there's so much more to do

it's almost like this hill you get over

and then you see for myself i saw oh my

goodness there's

all these other areas that i'm just not

what i could be

and getting over it's like money is like

these blinders and it's all you can

think about

until it's not a problem and then you

see how much more there really is to get

into so

in my view for me self-development at

all like so much of it really came

after achieving the financial freedom

little bit and now there's just this

whole new world that i have to uncover

but anyways guys

that's my view on wealth that's my view

on why i love money i think it can

really help bring people out of poverty

and create better standards of living

for people

and for ourselves it can help us kind of

self-actualize and become the best

version of what we can be

but anyways if you guys got any value

out of this video whatsoever i

appreciate you spending your time with

me today when there's so many of the

things you could be watching

i know i scroll youtube way too much but

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