Full Transcript
https://www.youtube.com/watch?v=A9Xq3FGjpZA
[00:00] Taxes.
[00:00] Picture this.
[00:02] Imagine you just had a hard month at work, slaving away flipping burgers at your local McDonald's.
[00:07] You're in bed when you get an email from them.
[00:09] It says you've been paid $2,000, but your bank account only gets $1,456.
[00:14] You scroll down the stub.
[00:16] Federal income tax, state tax, social security, Medicare.
[00:21] This is the modern ritual of giving away a chunk of your money to invisible forces, and they expect you to say thank you.
[00:26] Here's the deal.
[00:26] Taxes are the cost of civilization.
[00:28] You pay.
[00:30] The government builds roads, funds schools, makes sure your favorite taco truck isn't infested with rats, and sends billion-dollar missiles to places you've never been.
[00:36] But there are different types of taxes.
[00:38] Income tax, which hits the money you make, sales tax, which hits the money you spend, capital gains tax, which hits the money your investments made while you were asleep.
[00:46] The government takes a little bit of every dollar.
[00:47] Nearly everyone also pays social security tax, and Medicare tax.
[00:51] Basically, social security tax is like the government forcing you to save for your retirement.
[00:55] They force you to save money now and you get it paid back to you over time when you retire.
[00:58] Medicare, however, is a health
[01:00] retire.
[01:02] Medicare, however, is a health insurance tax that goes to supporting older people or people with serious health issues.
[01:05] Now comes filing your taxes. Oh boy.
[01:07] The government knows how much you owe, but it makes you guess.
[01:09] How cool.
[01:11] If you're right, no worries.
[01:13] But if you're wrong, you're cooked.
[01:15] When it comes to actually paying taxes, some people pay every few months.
[01:16] Some people pay yearly.
[01:18] And then there's those people that don't pay at all and end up in documentaries.
[01:21] I get that taxes are annoying, but it's not all bad.
[01:23] Countries with higher tax rates generally have a higher quality of life all round.
[01:29] Banks. So you walk into a bank, hand the cashier your money, they count it, smile, and tell you it will be added to your account.
[01:32] You walk out and think, "Great, now it's sitting in a vault somewhere being guarded by a dragon."
[01:36] But in reality, that money's already gone.
[01:40] Most people think of banks like a big safe with only one job, guarding people's money.
[01:44] But in reality, they are just a middleman or a matchmaker for financial transactions.
[01:49] When you deposited that $1,000, the bank took $900 of it and gave it to someone who wants to buy a jet ski.
[01:53] That system is called fractional reserve banking, which basically relies on the idea that they only actually need to keep a fraction of the money on hand because not everyone is going to show up at the
[02:01] Not everyone is going to show up at the same time asking to withdraw 100% of their account.
[02:05] That is unless it's 2008, of course, when people lined up to withdraw the entirety of their account, which caused the entire system to crumble.
[02:10] Banks make money by lending your money at a higher interest rate than they are giving you.
[02:14] That's really it.
[02:17] You're the supply of money and the person borrowing is the demand.
[02:19] The banks entice you to deposit your money because of a few reasons.
[02:22] It's much easier and more convenient to spend on a card or transfer than carrying around cash all the time.
[02:27] They are literally paying you to hold your money with them in the form of interest.
[02:31] It is much safer to keep your money in a bank than in a shoe box in your room.
[02:34] In the US, most banks are insured up to $250,000 per person, meaning no matter what, the government assures you that your money up to 250k is safe.
[02:45] Interest. Imagine you borrow $1,000.
[02:47] You have to pay back $1,280.
[02:50] Why? because of interest.
[02:52] Interest is money's way of charging rent to exist in someone else's hands.
[02:54] When you borrow, interest is the price tag for using someone else's cash.
[02:58] When you lend or save, interest is the reward for being
[03:03] save, interest is the reward for being patient and boring.
[03:04] There are two main types.
[03:06] Simple interest is like, "Here's a flat fee. Thanks for playing."
[03:08] Compound interest is every dollar I gave you now has clones and they also want rent.
[03:13] Let's say you owe 20% interest on a credit card.
[03:15] You miss a payment.
[03:17] Now your interest is earning interest.
[03:19] Soon, your $12 burrito turns into a $50 regret.
[03:24] On the flip side, investing at 7% annual compound interest.
[03:26] That's your money duplicating itself like a cheat code.
[03:28] $100 becomes $200, then $400, then one day you wake up and you're old, rich, and a little smug about it.
[03:36] This is why interest is the silent engine behind both wealth and debt.
[03:38] In loans, it's the slow burn that turns small mistakes into financial fires.
[03:43] In investments, it's the time bomb that turns small gains into massive wins.
[03:47] So, what's the hack?
[03:49] If you're paying interest, kill it fast.
[03:51] If you're earning interest, let it sit, feed it, and give it time.
[03:55] Interest is either your worst enemy or your best unpaid employee.
[03:57] The choice is in who's collecting it.
[04:00] Inflation.
[04:01] Okay, so you
[04:04] Collecting it. Inflation.
[04:06] Okay, so you bought a bag of chips, open it up, and it looks like it's already been halfeaten.
[04:11] You check what you paid, 30% higher than last time.
[04:13] Then you realize you've just been hit by inflation.
[04:15] Inflation is what happens when money slowly gets less valuable over time.
[04:17] Not overnight, not with fireworks, just a slow erosion.
[04:22] Your $5 bill still technically $5, but it buys less instant noodles, less gas, and doesn't actually have as much value as it did before.
[04:30] So, what actually causes it?
[04:33] Sometimes people just have too much money.
[04:35] Everyone's got cash, and they all want to spend it on the same stuff.
[04:38] Let's say 2,000 people want this $500 TV, but the business only has $1,000 TVs for sale.
[04:44] So, the business goes, "Oh, everyone wants this TV. That'll be $800."
[04:46] Now, sometimes it's supply chains with hiccups or problems, making the cost of producing a good or service more expensive, meaning the cost of that good or service must rise, or sometimes just cause.
[05:00] Expectations can cause inflation.
[05:03] If people think prices are rising,
[05:05] If people think prices are rising, they'll spend more now, driving prices up faster.
[05:07] It's a self-fulfilling economic prophecy.
[05:09] A little inflation is normal, even good.
[05:11] 2% a year, that's fine, predictable.
[05:14] But if it spikes, savings die, wages lag.
[05:16] The government tries to fight inflation when this occurs by raising interest rates.
[05:18] When the government raises interest rates, people are paying more interest or it's more expensive to get a loan, meaning they have less money to spend on things like TVs.
[05:20] This causes a reduction in the amount of spending, pretty much cooling off the economy.
[05:22] Recessions.
[05:24] A recession is when the economy decreases for at least two quarters or six months in simple terms.
[05:26] One day you're fine, you've got a job, bills are paid, you might even be planning a trip with the family, but suddenly there's layoffs, the stock markets only going down.
[05:28] In a recession, jobs vanish, companies cut costs, and everyone saves their money for necessities instead of buying things they don't need.
[05:30] Why does a recession happen?
[05:33] It could be a range of things.
[05:35] Could be high interest rates making
[06:05] Could be high interest rates making borrowing too expensive.
[06:07] Could be a global crisis, war, pandemic, rogue containership.
[06:12] Could just be the economic cycle doing what it does best.
[06:15] Boom, peak, bust, reset.
[06:18] Think of the economy as a party.
[06:20] In the boom phase, everyone's dancing, drinks are flowing,
[06:25] but eventually the lights flicker.
[06:27] Reality hits.
[06:30] Someone checks their bank account.
[06:32] And suddenly the DJs playing sad low-fi beats about corporate downsizing.
[06:34] Recessions aren't forever, they're resets, painful ones.
[06:38] Governments might lower interest rates, send out stimulus, or just hope people start buying overpriced coffee again.
[06:44] Eventually, spending returns, businesses rebuild, growth resumes, but not without scars.
[06:50] Credit scores.
[06:52] A credit score is a shadowy algorithm that knows your name, your past, and how many times you paid your credit card late in college.
[06:58] a three-digit number that decides whether you get a house, a car, or a soul crushing 27% interest rate on your new TV.
[07:05] This number isn't about wealth. It's about trust.
[07:05] Lenders want to know, "If I
[07:08] About trust.
[07:08] Lenders want to know, "If I give this person money, will they actually pay me back?"
[07:11] The score has a range from 300 to 850.
[07:15] Below 580, you're a walking red flag.
[07:18] Over 750, you're sparkling with adult credibility.
[07:21] Most people stuck somewhere between 640 and 790.
[07:25] How is a credit score calculated?
[07:27] Payment history.
[07:27] Do you pay on time?
[07:30] This is the big one.
[07:30] Credit utilization.
[07:32] How much credit are you using versus how much you could?
[07:34] Credit age.
[07:34] How long you've had accounts?
[07:37] Credit mix.
[07:37] Cards, loans, mortgages.
[07:39] Variety helps.
[07:39] New credit.
[07:42] Too many recent applications.
[07:43] All of these things are the ways it is calculated.
[07:45] But to actually increase your score, you have to make the required payments on each of your loans before you enter the late period.
[07:50] If you enter the late period, your score decreases.
[07:52] Your credit score is like a pet dog.
[07:54] Ignore it and it poops all over your life.
[07:57] Take care of it and someday it might help you buy a house.
[07:59] It's not about being good with money.
[08:01] It's about looking good to lenders.
[08:02] You can have zero debt and still have a trash score if you don't have a credit history.
[08:07] So yes, the game is rigged, but if you
[08:09] Yes, the game is rigged, but if you learn the rules, you can rig it back.
[08:11] Learn the rules, you can rig it back.
[08:14] Currency or money.
[08:14] The weird part about currency andor money is that it's actually not real.
[08:19] Humans have developed money in order to make the world better.
[08:21] Money makes trading easier.
[08:23] Makes it easier to build systems and to organize society.
[08:25] In saying that, there is no more legitimacy between a dollar bill and a bitcoin.
[08:30] People believe a dollar bill has more legitimacy.
[08:32] And maybe it does for now, but only because people believe it does.
[08:37] The same can be said for a dollar bill and a stick.
[08:39] The only reason a dollar bill can buy something and a stick cannot is the fact that we as a society have agreed that a dollar bill is worth something while a stick is not.
[08:50] So how does money actually work?
[08:52] Well, the government prints it.
[08:53] The central banks regulate it and everyday people trade it in exchange for goods andor services.
[08:59] The reason the banks have to regulate it is because if the government prints too much, then inflation kicks in and everyone's money becomes monopoly money.
[09:07] If the banks make it so there is too little money, no one can afford to live.
[09:09] Currency or
[09:11] One can afford to live.
[09:14] Money is a social construct built on a shared belief and trust.
[09:17] Investing. So you know what inflation is now.
[09:18] And the best way to combat inflation so your money doesn't become less valuable is investing.
[09:22] Investing is what happens when your money stops sitting around and starts working for you.
[09:25] Instead of trading your time for money, you're trading money for more money.
[09:30] The problem is there is risk involved.
[09:33] What can you actually buy?
[09:35] Stocks. Tiny ownership slices of companies.
[09:37] If the company grows, your slice becomes more valuable.
[09:40] Bonds, basically, you loan money to a government or company and they pay you back with interest.
[09:44] Funds, collections of stocks and bonds so you don't have to play financial games one by one.
[09:49] Real estate, property you hope someone else pays to live in forever.
[09:53] Of course, there are other things, but they are considered the main ones.
[09:55] Investing isn't about being lucky.
[09:57] It's about being early, diversified, and patient.
[09:59] Most wealthy people didn't win the lottery.
[10:01] They just gave compound growth 30 years to do its thing.
[10:03] And yes, investing comes with risk.
[10:05] Markets go up, markets go down.
[10:07] But the real danger isn't losing money.
[10:09] It's never investing.
[10:13] Isn't losing money.
[10:13] It's never investing and watching inflation quietly steal your future.
[10:17] Value.
[10:17] This one is more complex, but everyone should understand it.
[10:22] Imagine you pick up a rock.
[10:22] It's just a rock.
[10:24] Now, imagine that rock is shiny and yellow.
[10:24] That's gold.
[10:26] It's rarer than an average rock, so there's a higher value placed on it.
[10:30] Gold is not actually worth more than the average rock.
[10:32] It's just worth more to humans because we place a higher value on it.
[10:36] Understanding this is what allows people to become rich.
[10:37] If you provide a lot of value, you will earn a lot of money.
[10:42] Steve Jobs created the iPhone you're most likely watching this on right now.
[10:45] He created something with a large amount of value.
[10:47] So millions of people gave him thousands of dollars for that bit of value.
[10:51] It's the same reason that doctors and lawyers earn so much money.
[10:53] The value they provide is large and people are willing to pay a large amount of money for their service.
[10:58] Value is the same reason Gucci or Louis Vuitton can sell the same handbag as Target but charge 100 times the price.
[11:04] People perceive it as more valuable.
[11:06] So it is.
[11:08] If you can figure out how to create value, even if it's not real value, you can make a lot of money.
[11:10] Time.
[11:10] Time is
[11:15] can make a lot of money.
[11:15] Time.
[11:15] Time is the most valuable asset in the world.
[11:17] the most valuable asset in the world.
[11:19] And the best part, almost everyone starts with a lot of it.
[11:20] You probably have a lot of it left.
[11:22] But no one gets an unlimited supply.
[11:25] Most people work jobs where time is traded directly for money.
[11:27] 1 hour, one paycheck.
[11:29] Simple math.
[11:29] The top earners have figured out how to make their time worth millions.
[11:34] And the difference isn't magic.
[11:35] It's skills, leverage, and how well you've trained your hours to work for you.
[11:40] But nowhere does time work harder than in investing.
[11:43] There is no greater force in wealth building.
[11:45] Not luck, not income, time.
[11:48] Because wealth isn't built in days, it's built in decades.
[11:51] Money that sits quietly in an investment doesn't just grow, it multiplies.
[11:53] Slowly at first, then faster.
[11:55] That's why ordinary people with modest paychecks can retire with seven figures.
[11:58] They didn't beat the system, they used the system.
[12:01] A little money invested consistently given enough time becomes a lot of
Full Transcript (Bilingual)
https://www.youtube.com/watch?v=A9Xq3FGjpZA
Translation: zh-CN
[00:00] Taxes.
税收。
[00:00] Picture this.
想象一下。
[00:02] Imagine you just had a hard month at work, slaving away flipping burgers at your local McDonald's.
想象一下，你辛辛苦苦工作了一个月，在当地的麦当劳辛苦地翻汉堡。
[00:07] You're in bed when you get an email from them.
你躺在床上，收到了他们发来的电子邮件。
[00:09] It says you've been paid $2,000, but your bank account only gets $1,456.
邮件说你收到了2000美元，但你的银行账户只收到了1456美元。
[00:14] You scroll down the stub.
你向下滚动工资单。
[00:16] Federal income tax, state tax, social security, Medicare.
联邦所得税、州税、社会保障税、医疗保险税。
[00:21] This is the modern ritual of giving away a chunk of your money to invisible forces, and they expect you to say thank you.
这是将你的一部分钱交给看不见的力量的现代仪式，他们还期望你表示感谢。
[00:26] Here's the deal.
情况是这样的。
[00:26] Taxes are the cost of civilization.
税收是文明的代价。
[00:28] You pay.
你支付。
[00:30] The government builds roads, funds schools, makes sure your favorite taco truck isn't infested with rats, and sends billion-dollar missiles to places you've never been.
政府修建道路，资助学校，确保你最喜欢的墨西哥卷饼车没有老鼠，并向你从未去过的地方发射价值数十亿美元的导弹。
[00:36] But there are different types of taxes.
但是有不同类型的税收。
[00:38] Income tax, which hits the money you make, sales tax, which hits the money you spend, capital gains tax, which hits the money your investments made while you were asleep.
所得税，针对你赚取的钱；销售税，针对你花费的钱；资本利得税，针对你在睡梦中投资所赚取的钱。
[00:46] The government takes a little bit of every dollar.
政府会从每一美元中抽取一部分。
[00:47] Nearly everyone also pays social security tax, and Medicare tax.
几乎每个人还支付社会保障税和医疗保险税。
[00:51] Basically, social security tax is like the government forcing you to save for your retirement.
基本上，社会保障税就像政府强迫你为退休储蓄。
[00:55] They force you to save money now and you get it paid back to you over time when you retire.
他们强迫你现在存钱，然后等你退休后，这笔钱会随着时间慢慢返还给你。
[00:58] Medicare, however, is a health
然而，医疗保险是一项健康
[01:00] retire.
退休。
[01:02] Medicare, however, is a health insurance tax that goes to supporting older people or people with serious health issues.
然而，医疗保险是一项健康保险税，用于支持老年人或有严重健康问题的人。
[01:05] Now comes filing your taxes. Oh boy.
现在该报税了。我的天。
[01:07] The government knows how much you owe, but it makes you guess.
政府知道你欠多少钱，但却让你去猜。
[01:09] How cool.
多么酷啊。
[01:11] If you're right, no worries.
如果你猜对了，就不用担心。
[01:13] But if you're wrong, you're cooked.
但如果你猜错了，你就麻烦了。
[01:15] When it comes to actually paying taxes, some people pay every few months.
说到实际缴税，有些人每几个月交一次。
[01:16] Some people pay yearly.
有些人每年交一次。
[01:18] And then there's those people that don't pay at all and end up in documentaries.
还有那些根本不交税，最终出现在纪录片里的人。
[01:21] I get that taxes are annoying, but it's not all bad.
我明白税收很烦人，但并非全是坏处。
[01:23] Countries with higher tax rates generally have a higher quality of life all round.
税率较高的国家通常拥有更高的整体生活质量。
[01:29] Banks. So you walk into a bank, hand the cashier your money, they count it, smile, and tell you it will be added to your account.
银行。所以你走进一家银行，把钱交给出纳员，他们数了数，微笑着告诉你钱会存入你的账户。
[01:32] You walk out and think, "Great, now it's sitting in a vault somewhere being guarded by a dragon."
你走出去，心想：“太好了，现在它就放在某个由龙守护的金库里了。”
[01:36] But in reality, that money's already gone.
但实际上，那笔钱已经不见了。
[01:40] Most people think of banks like a big safe with only one job, guarding people's money.
大多数人认为银行就像一个大保险箱，只有一个工作，就是保管人们的钱。
[01:44] But in reality, they are just a middleman or a matchmaker for financial transactions.
但实际上，它们只是金融交易的中间人或媒人。
[01:49] When you deposited that $1,000, the bank took $900 of it and gave it to someone who wants to buy a jet ski.
当你存入那1000美元时，银行拿走了900美元，给了想买水上摩托艇的人。
[01:53] That system is called fractional reserve banking, which basically relies on the idea that they only actually need to keep a fraction of the money on hand because not everyone is going to show up at the
这种制度叫做部分准备金银行制度，它基本上依赖于这样一个理念：银行实际上只需要保留一小部分钱在手头，因为不是每个人都会在...
[02:01] Not everyone is going to show up at the same time asking to withdraw 100% of their account.
并非每个人都会在同一时间出现，要求提取其账户的100%。
[02:05] That is unless it's 2008, of course, when people lined up to withdraw the entirety of their account, which caused the entire system to crumble.
当然，除非是2008年，那时人们排队提取了他们账户的全部资金，这导致整个系统崩溃。
[02:10] Banks make money by lending your money at a higher interest rate than they are giving you.
银行通过以高于支付给你的利率来放贷你的钱来赚钱。
[02:14] That's really it.
真的就是这样。
[02:17] You're the supply of money and the person borrowing is the demand.
你是资金的供给方，借款人是需求方。
[02:19] The banks entice you to deposit your money because of a few reasons.
银行出于几个原因吸引你存款。
[02:22] It's much easier and more convenient to spend on a card or transfer than carrying around cash all the time.
刷卡或转账比一直携带现金要容易和方便得多。
[02:27] They are literally paying you to hold your money with them in the form of interest.
他们实际上是以利息的形式支付你保管你的钱。
[02:31] It is much safer to keep your money in a bank than in a shoe box in your room.
把钱存在银行比放在你房间的鞋盒里要安全得多。
[02:34] In the US, most banks are insured up to $250,000 per person, meaning no matter what, the government assures you that your money up to 250k is safe.
在美国，大多数银行对每人最高提供25万美元的保险，这意味着无论发生什么，政府都向你保证你的25万美元以下的钱是安全的。
[02:45] Interest. Imagine you borrow $1,000.
利息。想象一下你借了1000美元。
[02:47] You have to pay back $1,280.
你必须偿还1280美元。
[02:50] Why? because of interest.
为什么？因为利息。
[02:52] Interest is money's way of charging rent to exist in someone else's hands.
利息是金钱在他人手中存在的租金。
[02:54] When you borrow, interest is the price tag for using someone else's cash.
当你借款时，利息是你使用他人现金的价格标签。
[02:58] When you lend or save, interest is the reward for being
当你放贷或储蓄时，利息是你获得回报的原因
[03:03] save, interest is the reward for being patient and boring.
储蓄，利息是对耐心和无聊的奖励。
[03:04] There are two main types.
主要有两种类型。
[03:06] Simple interest is like, "Here's a flat fee. Thanks for playing."
单利就像，“这是一笔固定费用。谢谢参与。”
[03:08] Compound interest is every dollar I gave you now has clones and they also want rent.
复利是，我给你的每一美元现在都有了克隆，它们也想要租金。
[03:13] Let's say you owe 20% interest on a credit card.
假设你欠信用卡20%的利息。
[03:15] You miss a payment.
你错过了一次付款。
[03:17] Now your interest is earning interest.
现在你的利息正在产生利息。
[03:19] Soon, your $12 burrito turns into a $50 regret.
很快，你12美元的墨西哥卷饼就会变成50美元的遗憾。
[03:24] On the flip side, investing at 7% annual compound interest.
另一方面，投资于7%的年复利。
[03:26] That's your money duplicating itself like a cheat code.
那是你的钱像作弊码一样复制自己。
[03:28] $100 becomes $200, then $400, then one day you wake up and you're old, rich, and a little smug about it.
100美元变成200美元，然后400美元，然后有一天你醒来，你老了，有钱了，并且对此有点得意。
[03:36] This is why interest is the silent engine behind both wealth and debt.
这就是为什么利息是财富和债务背后的无声引擎。
[03:38] In loans, it's the slow burn that turns small mistakes into financial fires.
在贷款中，它是缓慢燃烧，将小错误变成财务危机。
[03:43] In investments, it's the time bomb that turns small gains into massive wins.
在投资中，它是定时炸弹，将小收益变成巨额胜利。
[03:47] So, what's the hack?
那么，诀窍是什么？
[03:49] If you're paying interest, kill it fast.
如果你在支付利息，要尽快摆脱它。
[03:51] If you're earning interest, let it sit, feed it, and give it time.
如果你在赚取利息，让它在那里，滋养它，并给它时间。
[03:55] Interest is either your worst enemy or your best unpaid employee.
利息要么是你最大的敌人，要么是你最好的无薪雇员。
[03:57] The choice is in who's collecting it.
选择权在于谁在收取它。
[04:00] Inflation.
通货膨胀。
[04:01] Okay, so you
好的，所以你
[04:04] Collecting it. Inflation.
收集它。通货膨胀。
[04:06] Okay, so you bought a bag of chips, open it up, and it looks like it's already been halfeaten.
好的，所以你买了一袋薯片，打开它，看起来它已经被吃了一半了。
[04:11] You check what you paid, 30% higher than last time.
你看看你付的钱，比上次高了30%。
[04:13] Then you realize you've just been hit by inflation.
然后你意识到你刚刚受到了通货膨胀的打击。
[04:15] Inflation is what happens when money slowly gets less valuable over time.
通货膨胀是指随着时间的推移，货币的价值会慢慢降低。
[04:17] Not overnight, not with fireworks, just a slow erosion.
不是一夜之间，不是伴随着烟花，只是一种缓慢的侵蚀。
[04:22] Your $5 bill still technically $5, but it buys less instant noodles, less gas, and doesn't actually have as much value as it did before.
你的5美元纸币技术上仍然是5美元，但它能买到的方便面更少，汽油更少，而且实际上不像以前那样有价值了。
[04:30] So, what actually causes it?
那么，它到底是由什么引起的呢？
[04:33] Sometimes people just have too much money.
有时人们只是拥有太多的钱。
[04:35] Everyone's got cash, and they all want to spend it on the same stuff.
每个人都有现金，他们都想把钱花在同样的东西上。
[04:38] Let's say 2,000 people want this $500 TV, but the business only has $1,000 TVs for sale.
假设有2000人想要这台500美元的电视，但商家只有1000台电视可供销售。
[04:44] So, the business goes, "Oh, everyone wants this TV. That'll be $800."
所以，商家会说：“哦，每个人都想要这台电视。那将是800美元。”
[04:46] Now, sometimes it's supply chains with hiccups or problems, making the cost of producing a good or service more expensive, meaning the cost of that good or service must rise, or sometimes just cause.
现在，有时是供应链出现问题或故障，导致生产商品或服务的成本更高，这意味着该商品或服务的成本必须上涨，或者有时仅仅是原因。
[05:00] Expectations can cause inflation.
预期会导致通货膨胀。
[05:03] If people think prices are rising,
如果人们认为价格正在上涨，
[05:05] If people think prices are rising, they'll spend more now, driving prices up faster.
如果人们认为物价在上涨，他们现在就会花更多的钱，从而更快地推高物价。
[05:07] It's a self-fulfilling economic prophecy.
这是一个自我实现的经济预言。
[05:09] A little inflation is normal, even good.
一点点通货膨胀是正常的，甚至是好的。
[05:11] 2% a year, that's fine, predictable.
每年2%，那很好，可以预测。
[05:14] But if it spikes, savings die, wages lag.
但如果它飙升，储蓄就会消失，工资就会滞后。
[05:16] The government tries to fight inflation when this occurs by raising interest rates.
当这种情况发生时，政府会通过提高利率来试图对抗通货膨胀。
[05:18] When the government raises interest rates, people are paying more interest or it's more expensive to get a loan, meaning they have less money to spend on things like TVs.
当政府提高利率时，人们支付的利息更多，或者获得贷款的成本更高，这意味着他们用于购买电视等商品的钱更少了。
[05:20] This causes a reduction in the amount of spending, pretty much cooling off the economy.
这导致支出减少，基本上使经济降温。
[05:22] Recessions.
衰退。
[05:24] A recession is when the economy decreases for at least two quarters or six months in simple terms.
简单来说，衰退是指经济连续至少两个季度或六个月下降。
[05:26] One day you're fine, you've got a job, bills are paid, you might even be planning a trip with the family, but suddenly there's layoffs, the stock markets only going down.
有一天你还好好的，有工作，账单都付了，你甚至可能在计划和家人一起旅行，但突然出现了裁员，股市一直在下跌。
[05:28] In a recession, jobs vanish, companies cut costs, and everyone saves their money for necessities instead of buying things they don't need.
在衰退期间，工作机会消失，公司削减成本，每个人都把钱省下来用于必需品，而不是购买他们不需要的东西。
[05:30] Why does a recession happen?
为什么会发生衰退？
[05:33] It could be a range of things.
可能有很多原因。
[05:35] Could be high interest rates making
可能是高利率导致
[06:05] Could be high interest rates making borrowing too expensive.
可能是高利率导致借贷成本过高。
[06:07] Could be a global crisis, war, pandemic, rogue containership.
可能是一场全球危机、战争、疫情、失控的集装箱船。
[06:12] Could just be the economic cycle doing what it does best.
可能只是经济周期在做它最擅长的事情。
[06:15] Boom, peak, bust, reset.
繁荣、顶峰、衰退、重置。
[06:18] Think of the economy as a party.
把经济想象成一场派对。
[06:20] In the boom phase, everyone's dancing, drinks are flowing,
在繁荣阶段，每个人都在跳舞，酒水畅饮，
[06:25] but eventually the lights flicker.
但最终灯光会闪烁。
[06:27] Reality hits.
现实来临。
[06:30] Someone checks their bank account.
有人查看他们的银行账户。
[06:32] And suddenly the DJs playing sad low-fi beats about corporate downsizing.
突然间，DJ们播放着关于企业裁员的悲伤的低保真节拍。
[06:34] Recessions aren't forever, they're resets, painful ones.
衰退并非永恒，它们是重置，是痛苦的重置。
[06:38] Governments might lower interest rates, send out stimulus, or just hope people start buying overpriced coffee again.
政府可能会降低利率，发放刺激措施，或者只是希望人们再次开始购买价格过高的咖啡。
[06:44] Eventually, spending returns, businesses rebuild, growth resumes, but not without scars.
最终，支出恢复，企业重建，增长恢复，但并非没有伤痕。
[06:50] Credit scores.
信用评分。
[06:52] A credit score is a shadowy algorithm that knows your name, your past, and how many times you paid your credit card late in college.
信用评分是一个神秘的算法，它知道你的名字、你的过去，以及你在大学时多少次信用卡还款逾期。
[06:58] a three-digit number that decides whether you get a house, a car, or a soul crushing 27% interest rate on your new TV.
一个三位数的数字决定了你是否能买到房子、汽车，或者为你的新电视支付高达27%的令人绝望的利率。
[07:05] This number isn't about wealth. It's about trust.
这个数字与财富无关。它关乎信任。
[07:05] Lenders want to know, "If I
贷款人想知道，“如果我
[07:08] About trust.
关于信任。
[07:08] Lenders want to know, "If I give this person money, will they actually pay me back?"
贷款人想知道，“如果我把钱借给这个人，他们会还钱给我吗？”
[07:11] The score has a range from 300 to 850.
分数范围从 300 到 850。
[07:15] Below 580, you're a walking red flag.
低于 580，你就成了行走的危险信号。
[07:18] Over 750, you're sparkling with adult credibility.
超过 750，你就闪耀着成年人的信誉。
[07:21] Most people stuck somewhere between 640 and 790.
大多数人卡在 640 到 790 之间。
[07:25] How is a credit score calculated?
信用评分是如何计算的？
[07:27] Payment history.
付款历史。
[07:27] Do you pay on time?
你按时付款吗？
[07:30] This is the big one.
这是最重要的。
[07:30] Credit utilization.
信用利用率。
[07:32] How much credit are you using versus how much you could?
你使用了多少信用额度与你可能使用的额度相比？
[07:34] Credit age.
信用年限。
[07:34] How long you've had accounts?
你拥有账户多久了？
[07:37] Credit mix.
信用组合。
[07:37] Cards, loans, mortgages.
信用卡、贷款、抵押贷款。
[07:39] Variety helps.
多样性有帮助。
[07:39] New credit.
新信用。
[07:42] Too many recent applications.
最近的申请太多了。
[07:43] All of these things are the ways it is calculated.
所有这些都是计算它的方式。
[07:45] But to actually increase your score, you have to make the required payments on each of your loans before you enter the late period.
但要真正提高你的分数，你必须在进入逾期期之前支付你每笔贷款的规定款项。
[07:50] If you enter the late period, your score decreases.
如果你进入逾期期，你的分数会下降。
[07:52] Your credit score is like a pet dog.
你的信用评分就像一只宠物狗。
[07:54] Ignore it and it poops all over your life.
忽视它，它就会在你生活中到处排泄。
[07:57] Take care of it and someday it might help you buy a house.
照顾好它，总有一天它可能会帮助你买房。
[07:59] It's not about being good with money.
这与擅长理财无关。
[08:01] It's about looking good to lenders.
这关乎在贷款人面前看起来好。
[08:02] You can have zero debt and still have a trash score if you don't have a credit history.
如果你没有信用记录，即使没有债务，你的分数也可能很糟糕。
[08:07] So yes, the game is rigged, but if you
所以是的，这个游戏是不公平的，但如果你
[08:09] Yes, the game is rigged, but if you learn the rules, you can rig it back.
是的，游戏是操纵的，但如果你学会了规则，你就可以把它操纵回来。
[08:11] Learn the rules, you can rig it back.
学会规则，你就可以把它操纵回来。
[08:14] Currency or money.
货币或金钱。
[08:14] The weird part about currency andor money is that it's actually not real.
关于货币或金钱的奇怪之处在于它实际上并非真实。
[08:19] Humans have developed money in order to make the world better.
人类发展货币是为了让世界变得更好。
[08:21] Money makes trading easier.
金钱使交易更容易。
[08:23] Makes it easier to build systems and to organize society.
使建立系统和组织社会更加容易。
[08:25] In saying that, there is no more legitimacy between a dollar bill and a bitcoin.
话虽如此，美元和比特币之间已没有多少合法性可言。
[08:30] People believe a dollar bill has more legitimacy.
人们认为美元具有更高的合法性。
[08:32] And maybe it does for now, but only because people believe it does.
也许现在确实如此，但这仅仅是因为人们相信它如此。
[08:37] The same can be said for a dollar bill and a stick.
同样的情况也适用于美元和一根棍子。
[08:39] The only reason a dollar bill can buy something and a stick cannot is the fact that we as a society have agreed that a dollar bill is worth something while a stick is not.
美元可以买东西而棍子不能的唯一原因是，我们作为一个社会已经同意美元有价值而棍子没有。
[08:50] So how does money actually work?
那么金钱到底是如何运作的呢？
[08:52] Well, the government prints it.
嗯，政府印制它。
[08:53] The central banks regulate it and everyday people trade it in exchange for goods andor services.
中央银行对其进行监管，而普通人则用它来交换商品或服务。
[08:59] The reason the banks have to regulate it is because if the government prints too much, then inflation kicks in and everyone's money becomes monopoly money.
银行必须对其进行监管的原因是，如果政府印制过多的货币，就会导致通货膨胀，使每个人的钱都变成垄断货币。
[09:07] If the banks make it so there is too little money, no one can afford to live.
如果银行使得货币过少，没有人能够负担生活。
[09:09] Currency or
货币或
[09:11] One can afford to live.
一个人可以负担得起生活。
[09:14] Money is a social construct built on a shared belief and trust.
金钱是一种社会建构，建立在共同的信念和信任之上。
[09:17] Investing. So you know what inflation is now.
投资。所以你现在知道什么是通货膨胀了。
[09:18] And the best way to combat inflation so your money doesn't become less valuable is investing.
而对抗通货膨胀，让你的钱不至于贬值的最好方法就是投资。
[09:22] Investing is what happens when your money stops sitting around and starts working for you.
投资就是当你的钱不再闲置而是开始为你工作时发生的事情。
[09:25] Instead of trading your time for money, you're trading money for more money.
你不是用时间换金钱，而是用金钱换取更多的金钱。
[09:30] The problem is there is risk involved.
问题是其中存在风险。
[09:33] What can you actually buy?
你实际能买到什么？
[09:35] Stocks. Tiny ownership slices of companies.
股票。公司的一小部分所有权。
[09:37] If the company grows, your slice becomes more valuable.
如果公司增长，你的份额就会变得更有价值。
[09:40] Bonds, basically, you loan money to a government or company and they pay you back with interest.
债券，基本上就是你把钱借给政府或公司，他们会连本带息地还给你。
[09:44] Funds, collections of stocks and bonds so you don't have to play financial games one by one.
基金，股票和债券的集合，这样你就不用一个一个地玩金融游戏了。
[09:49] Real estate, property you hope someone else pays to live in forever.
房地产，你希望别人永远支付租金来居住的房产。
[09:53] Of course, there are other things, but they are considered the main ones.
当然，还有其他的东西，但它们被认为是主要的。
[09:55] Investing isn't about being lucky.
投资不是关于运气。
[09:57] It's about being early, diversified, and patient.
它是关于尽早、多元化和耐心。
[09:59] Most wealthy people didn't win the lottery.
大多数富人不是中了彩票。
[10:01] They just gave compound growth 30 years to do its thing.
他们只是让复利增长了30年，让它发挥作用。
[10:03] And yes, investing comes with risk.
是的，投资伴随着风险。
[10:05] Markets go up, markets go down.
市场有涨有跌。
[10:07] But the real danger isn't losing money.
但真正的危险不是亏钱。
[10:09] It's never investing.
而是从不投资。
[10:13] Isn't losing money.
这不是亏钱。
[10:13] It's never investing and watching inflation quietly steal your future.
这是从不投资，任由通货膨胀悄悄地侵蚀你的未来。
[10:17] Value.
价值。
[10:17] This one is more complex, but everyone should understand it.
这一点更复杂，但每个人都应该理解它。
[10:22] Imagine you pick up a rock.
想象一下你捡起一块石头。
[10:22] It's just a rock.
它只是一块石头。
[10:24] Now, imagine that rock is shiny and yellow.
现在，想象那块石头闪闪发光，呈黄色。
[10:24] That's gold.
那就是黄金。
[10:26] It's rarer than an average rock, so there's a higher value placed on it.
它比普通石头更稀有，所以人们对它的价值评价更高。
[10:30] Gold is not actually worth more than the average rock.
黄金实际上并不比普通石头更有价值。
[10:32] It's just worth more to humans because we place a higher value on it.
它对人类来说更有价值，仅仅因为我们对其评价更高。
[10:36] Understanding this is what allows people to become rich.
理解这一点是人们致富的关键。
[10:37] If you provide a lot of value, you will earn a lot of money.
如果你提供很多价值，你就会赚很多钱。
[10:42] Steve Jobs created the iPhone you're most likely watching this on right now.
史蒂夫·乔布斯创造了你现在很可能正在观看此内容的 iPhone。
[10:45] He created something with a large amount of value.
他创造了一个具有巨大价值的东西。
[10:47] So millions of people gave him thousands of dollars for that bit of value.
所以数百万人给了他数千美元来换取那份价值。
[10:51] It's the same reason that doctors and lawyers earn so much money.
医生和律师之所以赚那么多钱，也是出于同样的原因。
[10:53] The value they provide is large and people are willing to pay a large amount of money for their service.
他们提供的价值很大，人们愿意为他们的服务支付一大笔钱。
[10:58] Value is the same reason Gucci or Louis Vuitton can sell the same handbag as Target but charge 100 times the price.
价值也是古驰或路易威登能够以比塔吉特高出 100 倍的价格出售相同手袋的原因。
[11:04] People perceive it as more valuable.
人们认为它更有价值。
[11:06] So it is.
事实确实如此。
[11:08] If you can figure out how to create value, even if it's not real value, you can make a lot of money.
如果你能弄清楚如何创造价值，即使不是真正的价值，你也能赚很多钱。
[11:10] Time.
时间。
[11:10] Time is
时间是
[11:15] can make a lot of money.
可以赚很多钱。
[11:15] Time.
时间。
[11:15] Time is the most valuable asset in the world.
时间是世界上最有价值的资产。
[11:17] the most valuable asset in the world.
世界上最有价值的资产。
[11:19] And the best part, almost everyone starts with a lot of it.
而且最棒的是，几乎每个人一开始都拥有很多。
[11:20] You probably have a lot of it left.
你可能还剩下很多。
[11:22] But no one gets an unlimited supply.
但没有人能获得无限的供应。
[11:25] Most people work jobs where time is traded directly for money.
大多数人从事的工作是将时间直接换取金钱。
[11:27] 1 hour, one paycheck.
一小时，一份薪水。
[11:29] Simple math.
简单的数学。
[11:29] The top earners have figured out how to make their time worth millions.
顶尖的收入者已经想出了如何让他们的时间价值数百万。
[11:34] And the difference isn't magic.
而区别不在于魔法。
[11:35] It's skills, leverage, and how well you've trained your hours to work for you.
是技能、杠杆以及你如何有效地让你的时间为你工作。
[11:40] But nowhere does time work harder than in investing.
但在投资领域，时间发挥的作用是最大的。
[11:43] There is no greater force in wealth building.
在财富积累方面，没有比这更强大的力量了。
[11:45] Not luck, not income, time.
不是运气，不是收入，而是时间。
[11:48] Because wealth isn't built in days, it's built in decades.
因为财富不是在几天内建立起来的，而是在几十年内建立起来的。
[11:51] Money that sits quietly in an investment doesn't just grow, it multiplies.
安稳地存在于投资中的钱不仅仅是增长，它还会成倍增长。
[11:53] Slowly at first, then faster.
起初缓慢，然后加速。
[11:55] That's why ordinary people with modest paychecks can retire with seven figures.
这就是为什么普通人即使收入不高，也能退休时拥有七位数的财富。
[11:58] They didn't beat the system, they used the system.
他们没有打败系统，而是利用了系统。
[12:01] A little money invested consistently given enough time becomes a lot of
少量资金持续投资，假以时日，就会变成一大笔钱。
