In 2003, professional boxer and heavyweight champion Mike Tyson filed for bankruptcy with $30 million in debt, despite accumulating over $300 million during the course of his career, which poses a great question about money itself, because a great deal of our
actions or our motivations in life have an underlying desire or need to acquire it.
行為或動機都潛藏著獲取金錢的慾望或需求。
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But what's the point in acquiring it if the great issue seems to be with our ability to manage it?
但如果關鍵問題在於我們管理金錢的能力，那麼獲取金錢又有何意義？
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Americans now have the highest credit card debt in issue, translation.
美國人現在的信用卡債務問題最為嚴重，翻譯。
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You didn't learn anything!
你什麼都沒學到！
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Debt is an invisible burden being carried by the country's most vulnerable.
債務是國家最弱勢群體所承受的無形負擔。
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Of course, these statistics are reflective of the UK and the US, but consider for a moment your own attitude towards money and how money exists in your own life.
Does it seem to enter your life and immediately leave once you have it?
它是否會進入你的生活，然後在你拿到後立即消失？
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Has it ever placed you in a vulnerable position?
它是否曾讓你處於弱勢地位？
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A vulnerability that drew you closer to a get rich quick scheme or a guru telling you that you can get rich if you just bought their course.
這種弱勢讓你更容易被「快速致富」的騙局或那些聲稱只要購買他們的課程就能致富的導師所吸引。
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Whilst my entire channel aims to tackle these topics to some degree or another, I realize that our perceptions of money are sometimes more crucial than our ability to generate it, especially when our very brains are wired in such a way that prevents us from being financially sensible. Does it really matter if you're earning more than six figures a year if by the
end of that year you have nothing left to show for it? Where is the disconnect?
年底卻一無所有，這還有意義嗎？問題出在哪裡？
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It's time we solve that mystery and not only that but explore a better framework for understanding money, a framework commonly taught in personal finance but oftentimes missed in formal education.
Or rather, what does money represent when you make a purchase from Amazon when you're paid for your time working at a job? What is the significance of money in these transactions?
或者更確切地說，當你從亞馬遜購物，或者在你工作賺取薪水時，金錢代表什麼？金錢在這些交易中有何意義？
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Money is commonly defined as a medium of exchange. An instrument that facilitates the sale, purchase or trade of goods between parties. But I don't think this says much about what money actually represents. I think a better way of looking at money is an expression of value.
You hand over a certain amount of money to purchase something because you perceive it to value to be equivalent to the amount of money that you handed over. Of course, the price is often not determined by you as an individual but the market as a whole.
But hone in on this one point, money equals value. Why is that so important? Because often we give money a moral significance. We quote that I'm sure you've heard, money is the root of all evil. We look at someone who seems to have a large amount of wealth and think. They got lucky. Who did they take advantage of to get to that position? Who had to lose in
order for them to gain? And never what value was created in order to generate that money.
而從未考慮過為了創造這些金錢而創造了什麼價值。
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Understanding that money is simply value is the best way to understanding that money is not necessarily evil nor does it make a person evil. Sure, there are things such as scammers who convince you that what they have to sell is worth value. But that doesn't say much about money more so
than it does their own morals. Money simply opens your options and broadens your horizons.
說明他們自身的道德問題。金錢只會擴大你的選擇範圍，開闊你的視野。
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The choices you make with that money have everything to do with your own moral dispositions.
你如何運用這些金錢，完全取決於你自身的道德傾向。
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So, money is an expression of value. Now what? How does this change the reality of a person living paycheck to paycheck or someone who is consumed by credit card? The simple mention of money equals value changes and nothing. It may make me see money in a different light but what part of that is actionable advice? To answer that question, I'll post you another question.
Money will come into your life and it will leave. This is a relationship that is often expressed by your income and expenses. Another practical way of expressing this, which I particularly like, is your production versus your consumption. For the most part, money will enter your life because you have produced some form of value and for most of us,
this value will come in the form of labor, a job. Money will leave when you have consumed something, a Netflix subscription, a new car, a house. In many ways, we can look at the net worth of an individual as a metric for determining their relationship between consumption and production.
Now, cast your mind back to those statistics I mentioned at the start of this video.
現在，回想一下我在影片開頭提到的那些統計數據。
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What part of the consumption versus production relationship do you think is at fault with it?
在消費與產出的關係中，你認為哪個環節出了問題？
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Consider yourself for a moment. Think about all the money that has entered your life and left.
暫時考慮一下你自己。想想所有進入你生活又離開的金錢。
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How much of that do you still have in possession today or invested into some sort of asset?
你今天還擁有多少？或者投資了多少到某種資產中？
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And which part of this relationship do you feel is unbalanced or needs improving?
在這段關係中，你覺得哪個部分是不平衡的或需要改進的？
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The likelihood is both. But for most of us, the biggest issue lies in our consumption.
很可能兩者都是。但對我們大多數人來說，最大的問題在於我們的消費。
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Remember the career builder study that found that 78% of American workers were living paycheck to paycheck? Well, it also found that over the workers who made $100,000 or more a year, one in ten of them were living paycheck to paycheck. Now, you could argue that someone earning six figures a year may still like to earn more, but when you are paid a figure that is well
above the average wage and the cost of living, and yet you still somehow find a way to spend it all, I'd argue that your relationship with consuming must be fixed before you even consider your relationship with production. As any wealthy celebrity who has filed for bankruptcy can show us, production means nothing when you have a problem with consumption.
一場老鼠賽跑。無止盡的自我毀滅或毫無意義的追求。
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A right race. An endless self-defeating or pointless pursuit.
Sometimes the right race is conflated with working a nine to five job. It's a comparison often used by certain individuals to guilt you into buying programs and books for them, but this seems extremely unfair. Mostly because it aims to villainize a job and excludes the fact that there are those who either love or are perfectly fine with their jobs or have other
aspirations aside from their nine to five. A real rat race is one that is living on a financial edge, being one paycheck away from broke constantly. A feeling as though the moment money enters your life it immediately disappears and the more responsibilities you have the more dangerous
this relationship becomes. The loss of a job, an unexpected health accident or any unexpected circumstance for that matter can throw your entire financial position into turmoil and consider the mental consequences of living on this financial edge. Your job no longer becomes an option,
而是為了維持你的生活方式或償還債務的必需品。
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it becomes a necessity in order to keep funding your lifestyle or to keep paying off debt.
你的工作不再是選擇，而是為了維持你的生活方式或償還債務的必需品。
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To quote Tyler Durden from Fight Club, the things you own end up owning you.
What's the silver lining? It doesn't have to continue like that.
那好的一面是什麼？情況不必一直如此。
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The first stepping stone in personal finance will have you drawing an awareness to your relationship with money. This is often done by journaling your monthly expenses, categorized as housing, transportation, food, utilities, entertainment and so on. It's about understanding yourself as
a consumer, but this part is tough. In behavioral finance this feeling can often be labeled as the ostrich effect, which is our tendency to want to avoid negative financial information. It's that feeling you get when you refuse to look at your bank account after a night out fearing what it
might show and yet once you pass this stage it's time for you to take control over your behavior as a consumer. This often involves the idea of budgeting, deciding each month how much you aim to spend on each of these categories and sticking to it. It's about systematically looking at what you consume and finding ways in which you can minimize these things to ultimately live below
your means. In other words, having a lifestyle that still leaves you with enough money to save and invest in some form or another. It's also important to note that before you ever decide to invest, one of the most common practices in personal finance is to keep an emergency fund. A specific
amount of savings that you hold on to in case of an emergency. This fund would typically hold three to six months worth of expenses. The idea however of living below your means is an important one. Because why would we choose to do otherwise? Why would we choose to live a lifestyle that we
cannot afford or one that places us on this financial edge? I could make an entire video on our cognitive biases. The ostrich effect is just one of which can affect your financial position.
Then there's hyperbolic discounting, a tendency to favor short-term rewards as opposed to greater rewards in the future. This is you choosing to purchase a new pair of shoes instead of saving that money towards a future investment or their social proof or tendency to think and act as
Or when the people around you establish money as a means of evil, you're likely to assume the same thing too. The phrase keeping up with the Joneses summarizes this great problem of consumption.
根據 Google 的定義，這句話是指試圖模仿或不被鄰居超越。
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It's a phrase defined by Google is trying to emulate or not be outdone by one's neighbors.
They buy a new Porsche. You buy one too. They have nice clothes. You get some too. They renovate their home. You do it too. All in the attempt of impressing or trying to keep up with others due to some form of social pressure. Only in today's world, the Joneses are not literal neighbors.
他們無處不在。我們都容易受到社會認同的影響。
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They're far more present than not. We are all vulnerable to social approval.
We really care what other people think of us. But the problem is we're measuring our self-worth by how many people like what we're posting. Governor of the Bank of Canada stated it's
be clear. I'm not saying that purchasing an expensive piece of clothing, jewelry or sports car is a bad thing. Nor do I think consuming is a bad thing. The aim of this video isn't to philosophize about the repercussions of a materialistic view of the world. It's about drawing an awareness to
who you are as a consumer. Do you care more about appearing as though you have money or actually having money? The rat race isn't about working a nine to five job, but living life on such an edge that it means that you are chasing the next thing. Whether a paycheck or a material possession,
such that your greater life goals and ambitions are placed in the background in order to continue this race. A budget and keeping account of your expenses have proven time and time again to work and draw you out of this race. It's fun to talk about making money or imagining having as much wealth as possible. But what's the point when your relationship with money as a consumer means
失去一切，或者必須不間斷地工作才能維持那種生活方式時，又有什麼意義呢？這才是真正的老鼠賽跑。
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losing it all or having to work non-stop in order to fund that lifestyle? That is the real rat race.
但話雖如此，讓我們來談談賺錢。
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But with all of that being said, let's talk about making money.
但話雖如此，讓我們來談談賺錢。
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Now the stuff we teach here and have for almost 30 years is proven. What's up you guys? It's Graham here. So we got to think a moment and talk about what's going on in the stock market because as we're finishing up the week, personal finance channels like Graham Stephan or Dave Ramsey are great for
我們在這裡教授的內容，以及近 30 年來一直教授的內容，都是經過驗證的。大家好嗎？我是 Graham。所以我們需要思考一下，談談股市正在發生的事情，因為隨著本週即將結束，像 Graham Stephan 或 Dave Ramsey 這樣的個人理財頻道對於
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learning how to work on your consumption side of the equation. But if there was one thing I wish they spoke more about, it would be their ability to make money. And I understand why they don't do this. It's easier to reduce your expenses and the amount that you consume than it is to increase your income. When speaking to a mass audience, giving the advice that will work for most people
is typically the best choice. We see that there are entire communities built up around focusing on frugality. The fire community is one example of this, a movement that adopts the strategy of living extremely frugally, saving and investing as early as possible with the intentions of
retiring as early as possible. Minimalists also share a similar view to the fire community, although more deep rooted in philosophical positions about the world and materialism at large.
盡早退休。極簡主義者也分享與 FIRE 社群相似的觀點，儘管更深植於對世界和整體物質主義的哲學立場。
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People like Graham Stephan or Dave Ramsey promote strategies that fall in the spectrum of living frugally, saving a lot of money and investing in the long run. And there's nothing inherently wrong with this strategy. It works for a wider range of people with varying degrees of income.
像 Graham Stephan 或 Dave Ramsey 這樣的人推廣的策略，屬於節儉生活、大量儲蓄和長期投資的範疇。這種策略本身並沒有什麼問題。它適用於收入不同的人群。
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But let's be honest, Graham Stephan doesn't rely on cutting coupons or living an incredibly frugal lifestyle to be making 100 to 200 thousand dollars a month from YouTube. Not as Dave Ramsey rely on these strategies to have an estimated net worth of 55 million dollars. These people
are utilizing a means of production at mass scale. In my video, The Untold Truth About Money, I talked about money being equivalent to your perceived value in the market. And the most impactful way of increasing your value is finding a problem in the market, creating a solution for that problem
and selling that solution to the market at scale. This is the entrepreneurial route. A successful business at scale is able to produce a large amount of value to a society such that your production side of the equation grows exponentially in comparison to a standard job. But this isn't
a route that everyone can take, nor should they try to. It's about reflecting on your own capabilities and whether entrepreneurship is best suited to your direction. With that being said, increasing your production doesn't have to just come from the strict definition of a business.
Graham Stephan uses YouTube as a vehicle to produce something, in this case videos about personal finance at mass scale. It's one reason that I chose to create videos on YouTube as well.
Graham Stephan 利用 YouTube 作為載體來生產東西，在這個例子中是關於個人理財的影片，並且是大規模生產。這也是我選擇在 YouTube 上製作影片的原因之一。
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It's a vehicle to produce something, in this case documentary style videos, at a mass scale, to a point where I can now do it full time and build a business around it.
Producing is about providing relative value to the market in some shape or form. I utilized my skills with acting, presenting, storytelling, and video editing to create videos that I hope to be somewhat entertaining and educational. And thankfully, the market responded positively.
Your form of production may be developing an app or software that is solving a problem you believe the market would pay money for its solution. Or perhaps a fitness brand that has branded extremely well and utilizes its community better than most other fitness brands, as I believe is the case with Ben Francis and what he did with Gymshark. For most people,
你生產的形式可能是開發一款應用程式或軟體，解決你認為市場願意為其解決方案付費的問題。或者，也許是一個品牌形象極佳的健身品牌，並且比大多數其他健身品牌更好地利用了其社群，我認為 Ben Francis 和他對 Gymshark 所做的就是如此。對大多數人來說，
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labor in the form of a standard nine to five job will be their means of production. But this doesn't mean that your ability to produce stops there. Understanding yourself as a producer is about understanding ways in which you can produce value to the market. If you can produce value at a large scale, then it means earning money at a large scale. The internet has thankfully
provided a great deal of opportunity for us to be able to produce something and put it out to the market. Whether the market actually wants what you've produced can only be determined once you've released whatever it is that you've produced. So to summarize, it's first important to bring awareness to yourself as a consumer, understanding what you purchase and why you purchase by journaling
your consumption and then giving yourself a budget to manage and control that consumption.
你的消費來了解你購買什麼以及為什麼購買，然後給自己設定預算來管理和控制你的消費。
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Producing then becomes a matter of maximizing the amount of value you can bring into society through a job, a business, or some other means of production. This is a framework that has helped me greatly, as I'm sure it's helped countless others who have a vested interest in making money.
Add up to something big, like this isn't just sushi we're talking about anymore, like this is this is substantial. Yeah, and then to go from that to like this focusing, is that a hundred seventy thousand four hundred fifty four dollars? Yeah, that's insane.
Hello, hello my friends. Before you click off the video just yet, I want to say one thing, thank you so much for watching to the end of this video. You watch into this point is hopefully proof that I've provided some kind of value to you in some way or another. So be sure to hit the
like button and if you want to see more videos around the topics of business, money, finance, in general, then be sure to hit the subscribe button. I've also got a Patreon where I post behind the scenes stuff and I do questions and answers and I've got a bunch of other exciting plans for it. So if that interests you and you'd like to support the channel further, do check it
out. The link is in the description below. Now for me personally, combining what I know about personal finance and entrepreneurship has really helped me the most. And as I mentioned, this YouTube channel was one way in which I knew I could produce some kind of value into the market
at scale. If you want to do more extra reading on these subjects, if it interests you, there's two really good books on personal finance related stuff, the millionaire next door and your money or your life. These are really good personal finance books. And of course, if you know me, you know, I really love MJ DeMarco's work. So check them out if you want to also see the
entrepreneurship side of stuff. But with all of that being said, my friends, I hope you have a wonderful rest of the day. I will catch you in the next video or on my Instagram or Twitter if you have me on there. As usual, hands ahead, salute.
