Why All Millionaires Follow The Feynman Technique

this video is made possible by expressvpn according to the federal reserve the top 10 percent in the us own almost 70 percent of the nation's wealth let that number stick in your head the top 10 percent literally control almost the entire country but that number gets even scarier when you look at how much wealth is controlled by the top 1 32 percent of the country's wealth is owned by the top one percent which is almost 16 times more than the bottom 50 percent who owns only 2 percent of it wealth inequality seems bad and ideally wealth should be distributed equally however we do not live in a utopia and people are different so wealth equality is something impossible to achieve you can't reward two people equally when one of them works hard while the other not but it's not enough to work hard in the world of capitalism what matters more is understanding the game of money and even if you do not work as hard as other people you can end up being in the top 10 that owns 70 percent of the wealth if you play the game correctly here is the beautiful part wealth is not something that forever stays in your pocket it constantly moves if you want to keep it in your pocket then you have to keep working for it otherwise someone else will snap it right under your nose even if you become a trillionaire god forbid 90 of that wealth will disappear and vanish by the third generation take the richest man in american history john rockefeller he had an estimated net worth of 400 billion dollars adjusted to inflation but the rockefeller family today has a net worth of around 11 billion dollars and the next generation of rockefellers will probably won't even be billionaires who could have thought that 400 billion dollars will turn to just 11 billion dollars less than 100 years later with every new technology or change comes a new wave of innovation that transforms a certain industry or the entire world and transfers wealth from one group to another as it was with the internet for example whoever wrote that wave ended up making a fortune amazon made shopping online so easy that for the past five years or so malls have been closing down one by one and you do not have to be the first to take advantage out of that wealth transfer you can enter the game much later but present a better product skype was once a dominant video calling app 10 years ago no one could have imagined competing with skype but today barely anyone uses skype a company like zoom came up with identical products but with better features and took the entire industry by storm skype isn't a unique case yahoo myspace kodak and the lease goes on and on in the past banks were the backbone of financial services but internet companies made financial transactions so easy that new companies such as paypal stripe robinhood grabbed a big chunk of that industry and a lot of that wealth was transformed to a different group of people and that's not the end of this industry people are disrupting this industry again by decentralizing the entire financial market through blockchain and cryptos and in the next 10 years people who are billionaires today might barely make ends meet and startups who are working on the next big thing in this industry will prevail but the question is how do you take advantage out of this wealth transfer how do you know which technologies are going to be relevant five or ten years from now the good news is that there isn't going to be one or two technologies the world is constantly developing there are going to be multiple technologies and that's why you need to learn how to learn back in school you're not taught how to self-educate yourself the entire point of the educational system is to push you to memorize a bunch of facts for a brief moment to pass a certain test the moment you leave your examination hole you'll forget absolutely everything but the famine technique is the absolute opposite it's a simple and yet effective way to master anything before you invest in a certain company or start a business the famine technique will help you to make a better decision there are three steps to the payment learning technique number one pretend to teach a concept you want to learn to a sixth grade student let's say you want to invest in tesla check out a blank sheet of paper at the top write the subject you want to explain remember you're not explaining to your smart adult friend who is also investing in tesla but rather a child who just have enough vocabulary and attention span to understand basic concepts that will force you to use the most basic words possible because one of the ways we mask our lack of understanding is by using complicated vocabulary if you can't define the words and terms you're using you don't really know what you're talking about back in college i had a friend who barely attended any classes and before every exam i would make sure i explained to him the entire subject in an hour or so and if i find something difficult to explain i would go back and study it again because that's where my flows are and that's the second step in feyman's technique identify gaps in your explanation if you can't explain clearly using exact numbers and simple terms how tesla's autonomous technology for example will take tesla from 500 billion dollar company to a trillion dollar company or how exactly bitcoin would rise from thirty thousand dollars to a hundred thousand dollars or a million dollars then you're not investing you're gambling the problem with most people is that they don't go deep into the subjects but rather skim through the basics bitcoin is all over the news so let's invest in bitcoin why would it rise to a million dollars because there is a limited number of bitcoin oh really that's your reason to invest in bitcoin i can create a cryptocurrency with a limited number of currencies is it also going to worth a million dollars well maybe there is a little bit more to it than basic demand and supply i'm not saying bitcoin should worth more or less the point is if you can't explain it in simple words then you're speculating so go back and read more about the subject study the parts that you don't fully understand and then move to the third step organize and simplify now that you have mastered the subject and can explain it to anyone try to simplify your explanation in such a way that it would also sound interesting turn it into a little short story maybe like an elevator speech in fact that's what i did when i was working on my investing course i've been in the stock market for many years but when creating this course i made sure that it's simple straightforward and can be understood by sixth grade kid it doesn't matter if you're a professional investor or have never purchased a stock this course will give you a deeper understanding of the market the link will be in the description now the question is why should you follow the famous technique to become financially independent blockchain for example is now where the internet was in 2002 and 2003. it had its astronomical rise back in 2017 and crushed but we'll find out the true benefits of this technology in 10 or 15 years but theoretically it doesn't only has the potential to change the financial industry but pretty much every other industry back in the 2000s most people couldn't have imagined what internet would be in 20 years and yet here we are our lives depend on internet we can't go into the details of how blockchain works but it's easy to imagine how the world of business will be running on smart contracts for example but to understand how blockchain could change every aspect of our lives you have to understand this subject so deeply that you can explain it to a little child how his life will depend on blockchain in 10 years that's when you will have a million dollar idea for a startup that could earn you more money than you could possibly spend if you could go back in time to the 2000s what business would you start most certainly an internet company because the last 20 years were the golden era of the internet and blockchain is about to have its own golden period but be careful because there are a lot of scammers in this industry especially in the comments section please ignore them all and don't tell me that i did not warn you but blockchain is just one out of many examples you can apply the same strategy to other technologies and you will find out how they are going to shape the world in the coming future and you will be able to take advantage out of them but what you can certainly take advantage of right now is expressvpn internet is big but whenever you use internet the only places you visit are google wikipedia and social media websites like youtube but internet is much bigger than that over ninety percent of it is hidden and one of the ways to access much more of the internet is to use a virtual private network and that's why you need expressvpn it makes you much more anonymous when browsing the internet you can access the swedish netflix for example while you're in florida and what shows that are popular there like lupine that i personally lately have been watching and at the same time it protects you from hackers who try to steal your private information anytime you are on an uncrypted connection it even protects you from corporations who constantly surveil you and collect your data for their own agendas expressvpn puts a stop to that by encrypting your data and hiding your location it's easy to use with servers in 94 countries with best-in-class encryption you can browse the internet without restrictions find out how you can get 3 months of expressvpn for free by visiting expressvpn.com proactive thinker or by clicking the link in the description below go to expressvpn.com proactive thinker

Channel: Proactive Thinker

Views: 224,020

Keywords: Proactive Thinker, thomas frank, college info geek, college tips, studying, university, feynman technique, richard feynman, nobel prize, study tips, revision, learning, learn faster, study faster, how to learn math, science tips, graham stephan debt, robert kiyosaki, real estate investing, how to make money in real estate, other peoples money, real estate investing for beginners, how to sell real estate, how to make passive income, how to be a millionaire

Id: efmbqmzGq04

Length: 10min 55sec (655 seconds)

Published: Sat Jun 26 2021