How I Stopped Feeling Poor

In this video I share my journey of how I grew up with a poverty mindset, the struggles I had to overcome feeling poor, and how eventually it made me a better investor.


Disclaimer: All content on this channel is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor. No guarantee is given regarding the accuracy of information on this channel. Author is long TSLA, SQ and other stocks at time of original video publish date.

[mxbreed]

Dave, I wrote to you recently as you were beginning your 3-month vacation. I told you that I was an African-American born and raised in Osaka, Japan, in an orphanage run by Sisters of Charity Catholic nuns. I've never known my biological parents. The point to your video regarding "How I Stopped Feeling Poor" is that I never felt deprived. I was too young to even know what "poor" meant because I never had anything. The beautiful friendship with other boys in the orphanage was everything. We had no toys, but we used our imagination to build little cardborad and scraps of wood to build little 5 feet by 5 feet shack, including a scrappy rainproof roof.
Attitude about my life moving forward was the same as the past. Of course, I was too young to think of a career. I went with the flow. Whichever way the wind blew, there I was.
Jumping forward a few decades, I've always had an interest in the visual arts. I loved to draw. Not very good initially, but with a degree from The Art Center College of Design, I excelled. I began to understand and appreciated having a marketable skill that would allow me to work at what I enjoyed most. Even before graduation, an offer for an art director position with Chicago's Leo Burrnett advertising agency was made. After a two week trial, I declined the offer only to accept a similar position at New York's Ogilvy & Mather advertising agency. My career in the ad biz has lasted for 48 years. Throughout my life, I've never had the feeling of "being poor." Of course, like most, I've endured moments of depression but not because of feeling miserable. In fact, during these times, I've experienced most creative euphoria.

[MichaelOrtega]

My fear of money got away when I stopped caring about other people outside of my wife and kid. They are the only ones I try to please. Other than than, if I have old clothes, or an old car, or never buy anything expensive, I don’t care. All that matters is that I am not in debt and that I can provide a decent living.

[pandiyanp]

Dave, I am from India and not an investor. I like to listen to your voice. It brings me peace and happiness! Good luck and God bless!!!

[fiddlerJohn]

Thank you Dave. I was raised in the government "projects" (Baltimore ghetto). Very poor, but didn't feel it because everyone was poor. My parents hated education. We had no books at home, except the Bible, which mom read everyday. To this day I have trouble reading. In school, I was stupid until the 3rd grade. The teacher was showing us long division and I was the only student who "got it." From then on I liked education. When my parents refused to sign school grant/loan papers, I paid my own way though grad school by working a lot. A Johns Hopkins U. class in economics changed my life. Paying off my mortgage was emotional, because I was no longer poor. Who am I now? My wife and I are still very careful about spending, but I invested most of our retirement in TSLA and we paid cash for our Model X. We're now far from poor but still think that way sometimes. Our house has no heat or central air conditioning. Dave, you're the best. Love your talks.

[KeyboardSourceError]

It’s great to see how you’ve grown out of that fear and renew your mindset!

[sonpham]

Thanks for sharing. My personal experience is I was able to live in a Buddhist temple for couple of years when I was a kid around 12 years old. Living with the monks gave me a sense of peace and calmness. I never really thought about money or being poor until I got married and take on the responsibilities of a husband.

[MattArseno]

This is amazing! I have a similar story where I came from a family with lots of scarcity, and I had that. I was lucky because my first business venture almost led me to bankruptcy. It was in that context, that I had a conversation with a friend and realized "what would happen if I went bankrupt?" Answer: not a whole lot. You still are the same person, same knowledge, same skills, if anything, less burdened. I ditched the failing business and figured out a path forward from there. Anyway, I love this story. And the only point I disagree is at the start of the video where you don't recommend the path you took. I personally would recommend the path you took as a useful tool to understand that we have little to lose, and much to gain! lol. I do understand the intent of what you're saying: it's unconventional, and maybe you don't need to go to that extreme to discover this. Great storytelling! Thanks for the share. LOVE the channel. In this world of "ra ra ra/ Look-at-me" types on the internet, it's refreshing to hear someone calm, composed, and thoughtful. A+! Keep it up!

[stuartabel]

Thank you for sharing your journey Dave. I share many similarities and echoes of your story.My family unintentionally passed down a perverse idolisation of the interaction with money - my brother and I often talk about this as adults. What it means, how many hours worked to justify buying x, etc .I really like that you refer to money as a resource. Fear of financial insecurity is not the same as financial insecurity - I know of millionaires that still have fear of financial insecurity- and you certainly can’t call them financially insecure. You have definitely learned that very important lesson that starts with your own perception. Overcoming fear requires personal work and a good bit of courage and discipline . I am glad ( if a little unsurprised )to hear that you gave, and are still giving, of yourself to others - that is where the real lessons worth learning dwell.
Keep what you’ve got - by giving it away :)
Love your videos and I am glad you are living free and helping others to find their own way there.

[Bonjevalien]

I stopped feeling poor when I started listening to DAVE LEE, on INVESTING!!
TBH, it is quite powerful to get the insights from one who is fearless and has conquered the fear of the lack of money. We learn facts, but also learn attitudes and gain confidence by choosing powerful role models.

[nemesis]

Your clarity during this time your message is very heartfelt, I can relate.  It is at times bittersweet that while many people are going through great difficulty while I have benefitted incredibly from this Tesla upswing. I never realized that there are so many challenges in dealing with your own perceptions towards money, fears and self imposed limitations. The first time I tried investing right before 911 I had horrible advice lost most of my hard earned money,   I was also always subconsciously afraid to face the problem of not having money resources.  Possibility now is a new emotion that for me really started in 2012 when I came across a used Nissan Leaf when I was helping my sister look for her Prius in San Antonio, I was not looking for a car - long story short - I sold myself a used Leaf electric with very little mileage (the dealer really knew nothing about the car)  I felt scared but I went through anyway.  By the second week, a day when I got stuck in traffic and it was just very relaxing, I knew and thought 'I'm never driving a gas car again'   Years go by, I still always felt amazing about my car. I became a less quiet EV proponent with all my friends etc and the typical EV spiel with details that were truly heartfelt.  


 Then in 2018, had a really bad week, then on a long trip outside the city I was not able to charge my car in the nonworking charger - barely made it home, while the Tesla next to me charged comfortably and left with the sunset behind it. That night something very strange happened, I was not able to go to sleep all night, I almost always sleep like a baby. That night I started thinking deeply and a thought came strongly to my mind.  This EV dream might not happen, something is wrong, its really in danger. I spent all night thinking, sensing, and did some writing, and I realized that this is really just up to Tesla and that I needed to cast my vote because it was in a real fight. Next day I woke up early and researched on how to invest on my own (no investments of any kind, went with Ally) and soon opened an account and put everything I had as a way to help the company, realizing that it was like an insignificant small drop compared to real investors… but it was very important for me I’d rather lose everything than not try to help when it matters.  The following year I found out that it was around that time the company almost went under with the model 3 problems and continuous attacks. I only invested in Tesla because I did not want EV’s to die and I will always have such a good feeling towards that. That was my letting go moment.  Of course I added to my Tesla position every chance I got since then without selling a share and really gave me freedom to generate other income sources.  But I’ve never had this relationship with money before. Now I want to be clear about the limitations that are not really there, and understand the purpose of those that remain. Yeah there is something light about it.  Thanks Dave!

[samludmer]

Your story brought tears to my eyes. It reminded me of the influence of my Mother whose Mother had died when my Mother was at an early age and was abandoned by her Father. Her lack of self confidence stuck with me for many decades until I went through a divorce. Lucky, I befriended the right people to pull me out to the other side, much wiser and self confident than I ever could imagine. Also, I am much richer lately with Tesla than I ever dreamed about. Thank you for sharing your story and your thoughts. You are so amazing!

[Golfholics]

This is great Dave. Please do more videos like this. I've gone through something similar but different in the sense that I grew up in a family that didn't have money but also didn't save so there was a constant fear that we'd lose everything. This drove me to be a creative problem solver and earner to break away from the bad habits my parents had. Some amazing wisdom in this video so thank you. Also, really digging your Leisure Van. My wife and I are looking at getting one ourselves but they are almost impossible to find now that everyone is hitting the road. Safe travels!

[MyDarling]

I couldn't find a therapist to help me heal my financial anxiety so I googled for ideas and ended up here. WOW...this is exactly what i needed to know : face my fears. I will work on it starting today ! Thank you so much for this video !

[jimschuman]

I was the kid who wore shoes from Payless shoe source and got teased and made fun of at school. I remember being mad at my parents for not buying me name brand shoes like the other kids had. I remember being very envious. Needless to say my parents were very frugal with money and both went through the Great Depression as kids. Now looking back I thank my parents for being that way because it taught me that saving money is important and material things are not so important. As a child I always liked the feeling of having a buck or two in my pocket instead of spending it. It gave me a sense of purpose and power. Today at 56 I still watch my spending but don’t go without and through investing I became a millionaire at age 54. Thank you Mom and Dad for the many lessons you taught me. Well done. And thank you Dave for your videos . As a Tesla shareholder I have done remarkably well.

[jrb_sland]

I'll be 72 in August. My parents grew up during the 1930's Great Depression, and had thrifty habits that they passed to me and my siblings. I never experienced real poverty, except for a couple of years as a student at university, but always considered frivolous purchases to be wasteful. This worked well for me in my professional life - I learned to be creative - making some of my own tools to assist in my electronic design & manufacturing business, but also spending serious money on quality equipment that I truly needed in my work. Life is a delicate balance between worrying too much and partying too much. Do a little of each, but don't get trapped in either extreme. Tomorrow is always a new day.

[ohanlojh]

Totally IDENTIFY. It's taken me years, but I don't feel poor Basically used the same process. By giving to the poor, you TAKE YOURSELF OUT of that category! Thanks for sharing!

[banjofrailing]

Me too. Joined the navy in ‘59 with .38 cents. We used shoes to hold cardboard. Never had shoes without holes in tops sides and bottom. Earned all my own money as a kid helping the family get by. I use money as a tool to get sustainable wealth and enjoy my self along the way!

[minhduong]

Dave - I find your financial insights and the educational spirit of your channel endearing. Thank you for sharing your childhood stories. To add to your "ideas" are the antidote to "feeling poor" message, I also find your approach to "teach others to fish" very refreshing. Keep up the good work!

[turrafirmaguitarchannel]

Thanks Dave. I am with other viewers who really enjoy tuning in. You are a gentleman in the truest sense. I would like to add that I have felt empowered in recent months to begin investing in stocks, inspired by Tesla. For me it is important that I am supporting positive change. I would not dream of investing in oil stocks to just make a dollar for instance. I think it a very exciting development that small investors can now trade on the stock market more easily and express our social responsibility in a real way. I see it as a democratisation.

[DenHenson]

Same. It took me years to pull the trigger on my investments. Great video, my favorite so far. Thank you Dave