Why Young People Are Poorer Than Ever | Humphrey Yang

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Feb 28, 2024

Humphrey Yang discusses financial challenges for young people, emphasizing saving, investing in index funds, and reaching $100K net worth. He talks about owning assets, diversification, avoiding new car purchases. Also covers money-saving hacks, living at home benefits, mindset's impact on money, and gaming in life and business.

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INSIGHT

Home Affordability Has Fallen Sharply

Home affordability has worsened dramatically since 1950, making younger generations relatively poorer.
Median wages rose but house prices grew faster, increasing years of income needed to buy a home.

ADVICE

Use The Internet To Increase Income

Use the internet to create multiple income streams and scale beyond traditional local jobs.
Pursue remote work, side gigs, and online businesses to access higher, scalable earnings.

ADVICE

Job-Hop To Compound Your Salary

Job-hopping every ~two years often produces much larger raises than internal raises.
Plan career moves to compound salary growth rapidly rather than passively waiting for small promotions.

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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.

Watch the full interview here: https://youtu.be/V4iPHetTgaI

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TIME-STAMPED SHOW NOTES:

(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

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