People Can’t Become Part of the 1% Unless They Do These Things | Humphrey Yang

Single Grain - Ad Agency focused on innovation

—-

Humphrey Yang discusses the financial challenges faced by younger generations and offers insights on building wealth. He highlights the significance of saving and investing, recommending a focus on index funds. He explains the compounding effect of wealth and the benefits of reaching $100K net worth. 

Timestamps:

00:00 - Introduction to Humphrey Yang
03:04 - Opportunities for making more money
04:56 - The benefits of job hopping
06:47 - Personal experiences with job changes
09:36 - Building wealth through saving and investing
13:16 - How to become rich
19:19 - Strategies to reach $100K net worth
21:13 - The importance of owning assets
23:40 - Asset allocation and real estate
25:30 - Diversification and portfolio concentration
28:18 - The role of financial advisors
30:37 - The number one wealth killer: new cars
31:59 - Money saving hacks
34:21 - The influence of mindset on money
35:44 - Taking risks and privilege
37:39 - The benefits of living at home
38:38 - The power of saving and investing
39:35 - Evaluating the macro economy
41:25 - The challenges of the middle class
43:12 - The influence of gaming on life and business
45:32 - The role of YouTube in financial education
49:45 - The breakout of the YouTube channel
57:27 - The challenges of YouTube and momentum
1:00:07 - The business expansion and diversification
1:04:06 - Growing a newsletter
1:05:01 - Monetizing YouTube
1:05:57 - Crypto experiences
1:08:15 - Blind spots and risks
1:10:24 - Personal finance YouTube community
1:11:47 - Starting a business with minimal risk
1:13:10 - Podcasting and content distribution
1:16:40 - Charging for brand deals
1:17:37 - Controversial takes on personal finance

[rtu]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[SlowrideHome]

I am 27 and i just started my ROTH IRA and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow for retirement?

[Rob_Lerch]

The best way to save money in your 20s is by living at home with your family, if given the opportunity to.

[cool-dev]

Times have changed. Especially in tech it's extremely hard to get a job at a tech company. Keep on changing jobs eventually you will learn the lessons the hard way. Quit the rat race early, live within your means, save and be happy with what you have, not chase after fluff

[probaballistics]

Worst financial killer is not cars but actually divorce

[eliot]

Job hopping doesn’t work in every industry. I know some people trying that and then the third job they get laid off. Then they get a job that pays half now you’re starting over again because no one wants to hire you because you’ve had too many short term jobs.

[mmmd]

Quitting your job every two years does not make sense for every single industry.

[AV-qfqn]

"I don't regret buying my own property. It's essential for the new generation to realize that the wealthiest individuals often come from real estate. Managing my property is a smart move that aligns with my financial goals."

[leadgenjay]

Humphrey Yang really nails the importance of saving and investing for wealth building. For entrepreneurs, remember that reinvesting profits into your business can often yield higher returns than traditional investments, especially when it's in areas that improve your operational efficiency or market reach. Always balance personal investment with strategic business growth to maximize your net worth.

[GOxHAM]

I always hear about this idea of job hopping. Would love to hear more specific details about that. Like are you hopping to completely different jobs? Similar jobs? Were you applying while still employed? Did you take career breaks in between? Did you have to negotiate that pay, or was their first offer? Did you disclose how much you were getting paid before or did you fluff it up?

More details please instead of simply saying job hopping means more pay.

[eliot]

The biggest barrier to wealth building is living in a high cost area. I have friends living in CA and they’re broke because they paid a million in rent . I live in the Midwest and have close to a million in assets because I don’t pay rent. So you can’t start building wealth if all your resources goes to surviving.

[dennishansbury]

This is the 2nd full video I’ve watched (Ms. Tu was the first) and despite the fact that I’m a self-employed artist, your conversations are so absolutely inspiring and motivational. I’ve already subscribed to Mr. Yang, and hope I can use the information you share to increase the wealth of my fiancée and I, and really command our future finances. Thank you!

[DontPraiseTheMachinePod]

This has become my favourite podcast and I look forward to new episodes every week. The guest selection is great and the guests are always so candid, and generous with their knowledge ands Eric asks great questions. I also love how Eric jumps into each episode with valuable questions right away. Value from the get-go, no fluff!

[MennyAnaya]

Your data is incorrect, you cannot expect a salary raise like that every two years, that’s so out of context. The problem with these type of creators that assume personal is general.

[michaelschiemer]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[justinm]

The job hopping is why there is so much incompetence. If you actually want to learn and master something you got to stay at least 5 years. Depending on job type.

[sherpamcderpa]

What a great interview. Good questions and Humphrey is an awesome guy. Have only watched like 1 or 2 videos but love his genuine character.

[arkadandfortuna]

Awesome post keep up the good work. Humphrey is one of my favorite YouTubers because he talks about financial topics in easy to understand plain English with examples. 👍 Great stuff guys!

[cyndeenguyen]

I like watching Humphrey, he's very humble.

[Chrisisthename]

Did I miss it, or where is the conversation about ditching the 401k?