7 Lies About Wealth Building You Probably Believe

In this video, Chelsea debunks several myths we carry about wealth-building, from thinking we’ll get rich from one lump sum to thinking you need a “traditional” bank to do it.

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[nadja]

1:07 Myth number 1: Wealth building requires a windfall of cash
3:07 Myth number 2: You need to be hands-on in order to build wealth
5:00 Myth number 3: If you work hard and are loyal to your company you will be rewarded
7:22 Myth number 4: You need to own a home in order to build wealth
9:47 Myth number 5: You need to time the stock market in order to make money
11:45 Myth number 6: You need an advanced degree in order to build wealth
13:56 Myth number 7: You can build wealth by keeping your money in savings

[tannazdolatshahi]

I agree with job hopping! I doubled my income by changing jobs when I was 26 even though a lot of people told me it’s too risky. Best decision of my life and it completely changed the trajectory of my lifestyle and finances.

[melisosh]

Not only willI not be receiving an inheritance, I have begun supporting my mother financially at age 40. I’d love to hear advice for elder care when your parents aren’t financially stable and will need to be supported, potentially for decades. And separately, how to unlearn poor financial habits we “inherit” from our parents based on what they modeled as their money mindset when we were young. I’m still struggling to overcome some of these bad decision making values.

[silvia]

As a female working for the same company for 30 yrs., I realized too late about being under paid. Something to consider -- it affects your social security benefits as well since the amount you receive is based on your earned income.

[carolinerussell]

"Why is Congress still allowed to trade stocks?!" Amen Chelsea.

[hopehowell]

My husband's grandma(87) told her kids she's not doing inheritance for them to fight over. She's spending her money on the family as she pleases while she's alive and can enjoy it. She off loaded the sentimental furniture and piano on the right family and downsized to a senior apartment. She doesn't want to have tons of strings to deal with in her old age.

[arelihobbs]

We need a video about what careers you can jump into without a college degree. Pretty Please :)

[oliviaburke]

Honestly videos like this are really refreshing. A lot of financial advice videos are very guilt tripping but I come back to the financial diet because these videos are not.

[dominiquetheeasyminimalist]

I’m 53 and have worked in 11 different companies from age 18, without a university degree. Starting at minimum wage, I soon increased my salary by 20-25% per year. Twice I changed job not for the money, but for the opportunities that pushed me forward. I always knew what my value is on the market, and never hesitated to negotiate. Even today, my salary has increased by 20% over the last two years. So I totally agree that staying in the same company for 30 years isn’t the way to increase our income.

[yourlocalbi]

God, that third point hit home.

I know a girl who has been working with the same retail employer for a little under 10 years. She has a major role in the employer's marketing for the region we live in: she oversees multiple stores in our city, and often drives to stores in nearby cities to oversee them. She also manages employees at her home location. It isn't unusual for her to work well over 40 hours a week.

Her employer pays her less than $2 over our province's minimum wage. TEN YEARS of faithful service, and that's what they think she's worth.

All her friends keep telling her to quit her job. I really hope that she works up the courage one day.

[mutantmagnet]

After this year's expose from Hbomberguy about plagiarism I've been thinking more youtubers need to have their citations credited properly and thankfully your 2 year old vid was already ahead on that point. Great video. I "knew" 6 out of these 7 ideas but just explaining them well is not easy to do.

Your vid and with the backing sources makes my job easier explaining this to other people. Thanks.!

[vulpixelful]

It's pretty messed up that college has become a purely economical proposition. When I was a teenager, I went away to college to escape my bad neighborhood and messed up home life at the time. The "cost/benefit analysis" there was to finally live in a place where I didn't have to hit the ground when the shooting started anymore. Idk, the debt seems like the cost I would otherwise pay in healthcare for the stress and lack of healthy choices around me.

Edit: No shade on Chelsea here, I was just lamenting in general

[PaperRaines]

7:05 "These ho's ain't loyal".... 🎶 no they 🤣🤣🤣🤣

I am so dead 💀💀💀💀💀💀

[natalial]

Oh the timing of this video in re. To not being loyal to your job is so true!! Be loyal to yourself!!

[clickypens]

The only thing I would add about your house only being worth money if you sell it: you can sometimes get a home equity line of credit or cash out refinance to use those funds in other areas. I've personally used the equity in my first home to buy my second. Then I used the equity in my second home by way of cash out refi, to pay off the first one and keep as a rental, consolidate to one mortgage with a better rate. And now I have the option to use the equity in my second home to leverage another investment property. All without selling a home.

[elmateo]

It's funny how "you don't need to buy a home, renting is fine" seems to be something rich people tell poor people, while at the same time buying homes to rent out...

[the_kbc]

Company loyalty is such BS... been laid off 3 times from 'loyal' companies who tried to move tech jobs offshore to go cheap. Needless to say I found out later it didn't work well for them. Moving around and controlling your own 'promotion' is the best route and steadily stack 401k's has proven to work for us.

[addictedmako]

My father always compared investing in the stock market to riding a roller coaster: just because it’s going down doesn’t mean you should try to get off the ride yet.

[MisterKelisi]

LOL I love how she went from super cool and calm to clapping some sense into Congress @11:34

[nazikiwe]

I thought the main benefit to home ownership is that in retirement years your monthly costs will be reduced if you live in a paid off home, not necessarily a wealth benefit.