[0:00]
if I are asked some questions about if I are asked some questions about if I are asked some questions about personal finance I don't have a ton I personal finance I don't have a ton I personal finance I don't have a ton I want to say about it but I have some want to say about it but I have some want to say about it but I have some other things to say other things to say other things to say you can read mainstream books on you can read mainstream books on you can read mainstream books on personal finance and read Reddit and personal finance and read Reddit and personal finance and read Reddit and it's okay you can find decent advice it's okay you can find decent advice it's okay you can find decent advice I'm not driven by money I've never been I'm not driven by money I've never been I'm not driven by money I've never been and I don't think you should be and I don't think you should be and I don't think you should be in our society in our society in our society been making a lot of money been making a lot of money been making a lot of money does not correspond well with productive 
[0:31]
does not correspond well with productive does not correspond well with productive achievement achievement achievement the attitude you find to money in Atlas the attitude you find to money in Atlas the attitude you find to money in Atlas Shrugged Shrugged Shrugged has some reasonable points to it but it has some reasonable points to it but it has some reasonable points to it but it is not very applicable in our world is not very applicable in our world is not very applicable in our world today most rich people did not become rich by most rich people did not become rich by most rich people did not become rich by doing something very productive or doing something very productive or doing something very productive or valuable valuable valuable I'm in short anti-consumerism I'm in short anti-consumerism I'm in short anti-consumerism I think people buy a lot of junk that I think people buy a lot of junk that I think people buy a lot of junk that clutters up their home and then they clutters up their home and then they clutters up their home and then they throw too much away and generate too throw too much away and generate too throw too much away and generate too much trash and that whole thing is bad 
[1:03]
much trash and that whole thing is bad much trash and that whole thing is bad and they shouldn't be wasting their and they shouldn't be wasting their and they shouldn't be wasting their money like that money like that money like that and then a bunch of businessmen and then a bunch of businessmen and then a bunch of businessmen spend their time supporting that bad spend their time supporting that bad spend their time supporting that bad lifestyle lifestyle lifestyle or not just the party but frequently or not just the party but frequently or not just the party but frequently encouraging at trying to cause it encouraging at trying to cause it encouraging at trying to cause it um purchasing propaganda ads um purchasing propaganda ads um purchasing propaganda ads to get people to do it trying to to get people to do it trying to to get people to do it trying to manipulate people into doing more of it manipulate people into doing more of it manipulate people into doing more of it than they want to than they want to than they want to rather than helping people have better rather than helping people have better rather than helping people have better lives lives lives or if not helping people have better 
[1:33]
or if not helping people have better or if not helping people have better lives directly at least only selling lives directly at least only selling lives directly at least only selling things that are actually good things that are actually good things that are actually good just don't participate in the bad things just don't participate in the bad things just don't participate in the bad things in Atlas struct Lily and Reardon said in Atlas struct Lily and Reardon said in Atlas struct Lily and Reardon said she didn't care about money but later she didn't care about money but later she didn't care about money but later when she faces the possibility of actual when she faces the possibility of actual when she faces the possibility of actual poverty and having to worry about paying poverty and having to worry about paying poverty and having to worry about paying for groceries and rent for groceries and rent for groceries and rent it turns out she does care about money it turns out she does care about money it turns out she does care about money when I say I'm not driven by money I'm when I say I'm not driven by money I'm when I say I'm not driven by money I'm not pretending that I don't care about not pretending that I don't care about not pretending that I don't care about money at all having enough money to pay money at all having enough money to pay money at all having enough money to pay your rent and buy groceries without 
[2:04]
your rent and buy groceries without your rent and buy groceries without being stressed about it is really nice being stressed about it is really nice being stressed about it is really nice that is a good thing that's valuable it that is a good thing that's valuable it that is a good thing that's valuable it makes your life better being poor is bad makes your life better being poor is bad makes your life better being poor is bad I don't mean it makes you a bad person I don't mean it makes you a bad person I don't mean it makes you a bad person it's just a hassle it's worse for you it's just a hassle it's worse for you it's just a hassle it's worse for you but I don't think being rich is but I don't think being rich is but I don't think being rich is significantly better than being middle significantly better than being middle significantly better than being middle class class class if you have an average income you can if you have an average income you can if you have an average income you can buy mass-produced and Mass available buy mass-produced and Mass available buy mass-produced and Mass available things so mass-produced is like they things so mass-produced is like they things so mass-produced is like they make in a factory really efficiently make in a factory really efficiently make in a factory really efficiently they turn out tons of them so it is 
[2:34]
they turn out tons of them so it is they turn out tons of them so it is Affordable to Affordable to Affordable to people with below average incomes people with below average incomes people with below average incomes and Mass available and Mass available and Mass available is not manufacturing but is available to is not manufacturing but is available to is not manufacturing but is available to many many many people an example it many many many people an example it many many many people an example it would be Medical Services when you see a would be Medical Services when you see a would be Medical Services when you see a doctor he gives you individual personal doctor he gives you individual personal doctor he gives you individual personal attention that's not mass-produced like attention that's not mass-produced like attention that's not mass-produced like a factory with an assembly line but it a factory with an assembly line but it a factory with an assembly line but it is Mass available so I think that the things rich people so I think that the things rich people so I think that the things rich people can buy can buy can buy that the masses cannot are not very good 
[3:06]
that the masses cannot are not very good that the masses cannot are not very good apple does not make better computers for apple does not make better computers for apple does not make better computers for rich people Coca-Cola does not make rich people Coca-Cola does not make rich people Coca-Cola does not make better drinks for rich people better drinks for rich people better drinks for rich people I think Coke is bad by the way I think Coke is bad by the way I think Coke is bad by the way but even if Coke were good rich people but even if Coke were good rich people but even if Coke were good rich people don't get a better version don't get a better version don't get a better version Ikea and Costco and Craigslist for used Ikea and Costco and Craigslist for used Ikea and Costco and Craigslist for used furniture sell perfectly good furniture furniture sell perfectly good furniture furniture sell perfectly good furniture you don't need to spend five thousand you don't need to spend five thousand you don't need to spend five thousand dollars on a desk like some rich people dollars on a desk like some rich people dollars on a desk like some rich people do do do that will not make your life better even 
[3:37]
that will not make your life better even that will not make your life better even if you have the five thousand dollars I if you have the five thousand dollars I if you have the five thousand dollars I would not recommend buying that desk would not recommend buying that desk would not recommend buying that desk wanting your stuff to look nice wanting your stuff to look nice wanting your stuff to look nice um and impress people is one of the main um and impress people is one of the main um and impress people is one of the main reasons for spending five thousand reasons for spending five thousand reasons for spending five thousand dollars on a desk dollars on a desk dollars on a desk is not done primarily for utility is not done primarily for utility is not done primarily for utility and I think having those kind of and I think having those kind of and I think having those kind of expensive tastes either for yourself or expensive tastes either for yourself or expensive tastes either for yourself or to impress others either way is bad to impress others either way is bad to impress others either way is bad huge waste of money not productive huge waste of money not productive huge waste of money not productive an atlas frog Jon gold has offered a big an atlas frog Jon gold has offered a big an atlas frog Jon gold has offered a big pile of money near the end and he says 
[4:09]
pile of money near the end and he says pile of money near the end and he says what good will it do him what can he buy what good will it do him what can he buy what good will it do him what can he buy with that with that with that if he's if he's going to buy anything if he's if he's going to buy anything if he's if he's going to buy anything with it he would have to produce it with it he would have to produce it with it he would have to produce it first he'd have to run the economy Get first he'd have to run the economy Get first he'd have to run the economy Get It produced and then he'd get some of It produced and then he'd get some of It produced and then he'd get some of the stuff he just produced but it the stuff he just produced but it the stuff he just produced but it wouldn't be able to buy anything else wouldn't be able to buy anything else wouldn't be able to buy anything else because there's nothing to buy that he because there's nothing to buy that he because there's nothing to buy that he wants he already has the things he wants wants he already has the things he wants wants he already has the things he wants in other words I do not envy the in other words I do not envy the in other words I do not envy the luxuries of the wretch I don't think luxuries of the wretch I don't think luxuries of the wretch I don't think they're all that nice they're all that nice they're all that nice and you hear a lot of stories about how and you hear a lot of stories about how and you hear a lot of stories about how the rich aren't actually happier 
[4:40]
the rich aren't actually happier the rich aren't actually happier I think that's partly because all that I think that's partly because all that I think that's partly because all that money doesn't actually buy them very money doesn't actually buy them very money doesn't actually buy them very nice things if the things were actually nice things if the things were actually nice things if the things were actually really all that awesome then more money really all that awesome then more money really all that awesome then more money would to some extent bring happiness would to some extent bring happiness would to some extent bring happiness because having much better stuff would because having much better stuff would because having much better stuff would make you happier make you happier make you happier it would make your life better it would make your life better it would make your life better but money doesn't buy them happiness but money doesn't buy them happiness but money doesn't buy them happiness because of the stuff they buy is not because of the stuff they buy is not because of the stuff they buy is not especially better than middle class especially better than middle class especially better than middle class people have people have people have or at least have access to there are or at least have access to there are or at least have access to there are middle class people who buy low quality middle class people who buy low quality middle class people who buy low quality things things things and make poor purchasing decisions 
[5:13]
and make poor purchasing decisions and make poor purchasing decisions but but but if they were Frugal and prudent and did if they were Frugal and prudent and did if they were Frugal and prudent and did reasonable product research than middle reasonable product research than middle reasonable product research than middle class people could have nice things class people could have nice things class people could have nice things I don't think you should be ultra I don't think you should be ultra I don't think you should be ultra minimalist but I think clutter actually minimalist but I think clutter actually minimalist but I think clutter actually gets in your way and it makes your life gets in your way and it makes your life gets in your way and it makes your life subtly worse subtly worse subtly worse it's harder to do things when there's it's harder to do things when there's it's harder to do things when there's clutter in the way in your home clutter in the way in your home clutter in the way in your home I think the quiet quitting movement has I think the quiet quitting movement has I think the quiet quitting movement has some good points that you should not do some good points that you should not do some good points that you should not do extra work and take on extra 
[5:44]
extra work and take on extra extra work and take on extra responsibility and pour your creativity responsibility and pour your creativity responsibility and pour your creativity into helping a company into helping a company into helping a company that does not respect you does not pay that does not respect you does not pay that does not respect you does not pay you for extra work will not treat you you for extra work will not treat you you for extra work will not treat you honorably we'll just let you off for no honorably we'll just let you off for no honorably we'll just let you off for no particular reason because their particular reason because their particular reason because their management are idiots who don't really management are idiots who don't really management are idiots who don't really plan ahead like that could be why you plan ahead like that could be why you plan ahead like that could be why you got fired got fired got fired after you put in a bunch of extra work after you put in a bunch of extra work after you put in a bunch of extra work that no one bothered to notice or care that no one bothered to notice or care that no one bothered to notice or care about about about so quiet quitting is about just doing so quiet quitting is about just doing so quiet quitting is about just doing the minimum without actually quitting the minimum without actually quitting the minimum without actually quitting and that is just what you should do as and that is just what you should do as and that is just what you should do as your default at a job in general 
[6:15]
your default at a job in general your default at a job in general do the actual job description don't do do the actual job description don't do do the actual job description don't do extra work without being paid extra extra work without being paid extra extra work without being paid extra I'm semi on strike like John gold I I'm semi on strike like John gold I I'm semi on strike like John gold I think that think that think that doing unique creative differentiated doing unique creative differentiated doing unique creative differentiated work that they couldn't easily get from work that they couldn't easily get from work that they couldn't easily get from someone else which helps power someone else which helps power someone else which helps power structures or Elites is actually bad structures or Elites is actually bad structures or Elites is actually bad that you shouldn't tell your unique that you shouldn't tell your unique that you shouldn't tell your unique brain morality Integrity creativity Etc brain morality Integrity creativity Etc brain morality Integrity creativity Etc if you're actually really good at that if you're actually really good at that if you're actually really good at that stuff stuff stuff to help Society 
[6:45]
to help Society to help Society meaning current power structures meaning current power structures meaning current power structures I think you should avoid helping evil I think you should avoid helping evil I think you should avoid helping evil corporations like Google Amazon Coke corporations like Google Amazon Coke corporations like Google Amazon Coke Nestle big Pharma big Banks Big Oil Nestle big Pharma big Banks Big Oil Nestle big Pharma big Banks Big Oil tangentially tangentially tangentially Alex Epstein gets accused of being a Alex Epstein gets accused of being a Alex Epstein gets accused of being a shill for Big Oil and he thinks that's shill for Big Oil and he thinks that's shill for Big Oil and he thinks that's ridiculous but he does in fact get paid ridiculous but he does in fact get paid ridiculous but he does in fact get paid by the industry he has lots of access by the industry he has lots of access by the industry he has lots of access and he never talks about how bad they and he never talks about how bad they and he never talks about how bad they are he only says how good they are he are he only says how good they are he are he only says how good they are he only says things they like to hear he only says things they like to hear he only says things they like to hear he never says oh I know a ton of negative 
[7:17]
never says oh I know a ton of negative never says oh I know a ton of negative stories about them let me share some I stories about them let me share some I stories about them let me share some I will share both sides of this picture will share both sides of this picture will share both sides of this picture and give a complete picture with and give a complete picture with and give a complete picture with everything good and everything bad I everything good and everything bad I everything good and everything bad I know about them he never researches and know about them he never researches and know about them he never researches and then shares results about what is wrong then shares results about what is wrong then shares results about what is wrong with those companies and what flaws they with those companies and what flaws they with those companies and what flaws they have have have maybe he's done a little of it somewhere maybe he's done a little of it somewhere maybe he's done a little of it somewhere but like as far as major themes go I am but like as far as major themes go I am but like as far as major themes go I am quite confident without even doing the quite confident without even doing the quite confident without even doing the research that big oil companies have research that big oil companies have research that big oil companies have huge flaws just like all other big huge flaws just like all other big huge flaws just like all other big companies in our society companies in our society companies in our society and Alex Epstein never talks about that and Alex Epstein never talks about that and Alex Epstein never talks about that so he kind of is a show 
[7:49]
so he kind of is a show so he kind of is a show and I think that what he's doing is and I think that what he's doing is and I think that what he's doing is actually really bad and dangerous and actually really bad and dangerous and actually really bad and dangerous and anti-objectivism because he has some anti-objectivism because he has some anti-objectivism because he has some brains that most of them don't have he's brains that most of them don't have he's brains that most of them don't have he's actually providing some unique value to actually providing some unique value to actually providing some unique value to oil companies that they could not get oil companies that they could not get oil companies that they could not get elsewhere he's telling them how to make elsewhere he's telling them how to make elsewhere he's telling them how to make certain arguments that they didn't know certain arguments that they didn't know certain arguments that they didn't know how to present themselves as more moral how to present themselves as more moral how to present themselves as more moral than they even thought they were in than they even thought they were in than they even thought they were in their own opinion their own opinion their own opinion and he has some good points to that he's and he has some good points to that he's and he has some good points to that he's put some some decent thinking into that put some some decent thinking into that put some some decent thinking into that and then he's selling out to these bad and then he's selling out to these bad and then he's selling out to these bad people and helping them 
[8:21]
people and helping them people and helping them and he thinks he's um helping a good and he thinks he's um helping a good and he thinks he's um helping a good cause because energy itself is good cause because energy itself is good cause because energy itself is good electricity is good gasoline for our electricity is good gasoline for our electricity is good gasoline for our cars is good I agree with that cars is good I agree with that cars is good I agree with that industrial societies industrial societies industrial societies definitely better than primitive Society definitely better than primitive Society definitely better than primitive Society having having having energy to replace muscle power energy to replace muscle power energy to replace muscle power with machine power as a good thing with machine power as a good thing with machine power as a good thing manual labor sucks so I agree with him manual labor sucks so I agree with him manual labor sucks so I agree with him on that on that on that but I think helping the big oil but I think helping the big oil but I think helping the big oil companies when they're pretty damn evil 
[8:53]
companies when they're pretty damn evil companies when they're pretty damn evil and doing it in a very one-sided way and doing it in a very one-sided way and doing it in a very one-sided way is really bad I don't think that they're is really bad I don't think that they're is really bad I don't think that they're particularly worse than other parts of particularly worse than other parts of particularly worse than other parts of our society like our society like our society like probably big Pharma and big banking are probably big Pharma and big banking are probably big Pharma and big banking are worse than big oil if I had to wager a worse than big oil if I had to wager a worse than big oil if I had to wager a guess without really looking into it guess without really looking into it guess without really looking into it but I don't think that's much of a but I don't think that's much of a but I don't think that's much of a defensive Big Oil defensive Big Oil defensive Big Oil so I think most people it doesn't matter so I think most people it doesn't matter so I think most people it doesn't matter that much they don't do work that's very that much they don't do work that's very that much they don't do work that's very special or creative or whatever special or creative or whatever special or creative or whatever but Alex Epstein had enough Merit that 
[9:26]
but Alex Epstein had enough Merit that but Alex Epstein had enough Merit that him helping him helping him helping current bad power structures is actually current bad power structures is actually current bad power structures is actually harmful harmful harmful and that he ought to be more on strike and that he ought to be more on strike and that he ought to be more on strike more like John gold more like John gold more like John gold he has enough virtues that it makes a he has enough virtues that it makes a he has enough virtues that it makes a difference difference difference in using it in service in using it in service in using it in service of evil is evil of evil is evil of evil is evil some types of work are safer than others some types of work are safer than others some types of work are safer than others so science is an example of something so science is an example of something so science is an example of something that's particularly dangerous if you that's particularly dangerous if you that's particularly dangerous if you make scientific breakthroughs make scientific breakthroughs make scientific breakthroughs the powers that be can use those for the powers that be can use those for the powers that be can use those for their agenda 
[9:57]
their agenda their agenda the worst example probably in general is the worst example probably in general is the worst example probably in general is weapons research if you help them build weapons research if you help them build weapons research if you help them build new weapons new weapons new weapons they can use that to oppress people they can use that to oppress people they can use that to oppress people and getting paid a lot of money does not and getting paid a lot of money does not and getting paid a lot of money does not solve this problem solve this problem solve this problem if the people who made nuclear bombs had if the people who made nuclear bombs had if the people who made nuclear bombs had gotten paid millions of dollars each gotten paid millions of dollars each gotten paid millions of dollars each which they weren't and that's kind of which they weren't and that's kind of which they weren't and that's kind of lame lame lame but even if they had been paid millions but even if they had been paid millions but even if they had been paid millions of dollars of each it wouldn't really of dollars of each it wouldn't really of dollars of each it wouldn't really make much difference it wouldn't solve make much difference it wouldn't solve make much difference it wouldn't solve the problem the problem the problem that now governments have nuclear 
[10:28]
that now governments have nuclear that now governments have nuclear weapons and governments cannot be weapons and governments cannot be weapons and governments cannot be trusted trusted trusted On a related note On a related note On a related note um I used to just be in favor of nuclear um I used to just be in favor of nuclear um I used to just be in favor of nuclear power but now I think governments are so power but now I think governments are so power but now I think governments are so irresponsible irresponsible irresponsible that nuclear power might be kind of that nuclear power might be kind of that nuclear power might be kind of unsafe and maybe we shouldn't have it unsafe and maybe we shouldn't have it unsafe and maybe we shouldn't have it I'm not sure I'm not sure I'm not sure I I think that a well-run nuclear plant I I think that a well-run nuclear plant I I think that a well-run nuclear plant is fine and safe enough is fine and safe enough is fine and safe enough but that governments do not maintain but that governments do not maintain but that governments do not maintain power lines and infrastructure and Roads power lines and infrastructure and Roads power lines and infrastructure and Roads very well and cannot be trusted with very well and cannot be trusted with very well and cannot be trusted with nuclear plants and cannot be trusted to 
[11:00]
nuclear plants and cannot be trusted to nuclear plants and cannot be trusted to regulate nuclear plants run by the same regulate nuclear plants run by the same regulate nuclear plants run by the same kinds of CEOs that run Facebook kinds of CEOs that run Facebook kinds of CEOs that run Facebook or Johnson and Johnson or Johnson and Johnson or Johnson and Johnson nuclear plants are only safe if the nuclear plants are only safe if the nuclear plants are only safe if the workers who run them have a significant workers who run them have a significant workers who run them have a significant amount of morality of Integrity of work amount of morality of Integrity of work amount of morality of Integrity of work ethic of being responsible reasonable ethic of being responsible reasonable ethic of being responsible reasonable people who will be careful people who will be careful people who will be careful and I'm not sure that our society our and I'm not sure that our society our and I'm not sure that our society our government our big companies can be government our big companies can be government our big companies can be trusted with that kind of thing and to 
[11:31]
trusted with that kind of thing and to trusted with that kind of thing and to maintain that over time for decades and maintain that over time for decades and maintain that over time for decades and for it to just be safe day after day for it to just be safe day after day for it to just be safe day after day after day after day after day I think it is bad that Alex Epstein has I think it is bad that Alex Epstein has I think it is bad that Alex Epstein has a large monetary incentive not to think a large monetary incentive not to think a large monetary incentive not to think that way not to say that not to come up that way not to say that not to come up that way not to say that not to come up with that idea not to recognize that with that idea not to recognize that with that idea not to recognize that risk risk risk not to listen if I told him about that not to listen if I told him about that not to listen if I told him about that idea idea idea anyway so science anyway so science anyway so science especially like hard Sciences especially like hard Sciences especially like hard Sciences can help current Elites and people in 
[12:02]
can help current Elites and people in can help current Elites and people in power power power and there's a significant risk there but and there's a significant risk there but and there's a significant risk there but if you're doing some kind of science if you're doing some kind of science if you're doing some kind of science that doesn't matter much or social that doesn't matter much or social that doesn't matter much or social sciences then it's a lot less helpful to sciences then it's a lot less helpful to sciences then it's a lot less helpful to them them them social sciences is a bit more like my social sciences is a bit more like my social sciences is a bit more like my next example art which can help them next example art which can help them next example art which can help them with propaganda but doesn't help them in with propaganda but doesn't help them in with propaganda but doesn't help them in very practical ways other than very practical ways other than very practical ways other than propaganda purposes propaganda purposes propaganda purposes there's less of a danger of being an there's less of a danger of being an there's less of a danger of being an artist artist artist there is a danger I think artists do there is a danger I think artists do there is a danger I think artists do frequently propagandize in favor of the 
[12:32]
frequently propagandize in favor of the frequently propagandize in favor of the status quo the establishment of people status quo the establishment of people status quo the establishment of people and power often without realizing it and and power often without realizing it and and power often without realizing it and there are subtle incentives like they're there are subtle incentives like they're there are subtle incentives like they're trying to figure out how to sell work trying to figure out how to sell work trying to figure out how to sell work and it turns out and it turns out and it turns out that um pro-society work sells better that um pro-society work sells better that um pro-society work sells better than anti-society work than anti-society work than anti-society work and sometimes they fool themselves or and sometimes they fool themselves or and sometimes they fool themselves or they're like anti some like specific they're like anti some like specific they're like anti some like specific little bit of society so they think it's little bit of society so they think it's little bit of society so they think it's like a counterculture thing however like a counterculture thing however like a counterculture thing however it also implicitly endorses some other it also implicitly endorses some other it also implicitly endorses some other part of society so they think they're part of society so they think they're part of society so they think they're making like anti-society work and making like anti-society work and making like anti-society work and standing up to the man but they're 
[13:03]
standing up to the man but they're standing up to the man but they're actually endorsing some other aspect of actually endorsing some other aspect of actually endorsing some other aspect of the man the man the man philosophy is an interesting case philosophy is an interesting case philosophy is an interesting case because it's potentially very powerful because it's potentially very powerful because it's potentially very powerful kind of like science kind of like science kind of like science but but but abstract philosophy is hard to use abstract philosophy is hard to use abstract philosophy is hard to use without actually learning a lot of stuff without actually learning a lot of stuff without actually learning a lot of stuff yourself in other words basically being yourself in other words basically being yourself in other words basically being a good person it's hard for the bad a good person it's hard for the bad a good person it's hard for the bad people to actually learn and use people to actually learn and use people to actually learn and use abstract philosophy the more you turn it abstract philosophy the more you turn it abstract philosophy the more you turn it into practical tips into practical tips into practical tips then the more they might be able to use then the more they might be able to use then the more they might be able to use it the more you break it down into like it the more you break it down into like it the more you break it down into like flow charts they might be able to use it 
[13:33]
flow charts they might be able to use it flow charts they might be able to use it and get value out of it there's a danger and get value out of it there's a danger and get value out of it there's a danger there and also it can be used for there and also it can be used for there and also it can be used for propaganda propaganda propaganda a lot of bad philosophers a lot of bad philosophers a lot of bad philosophers uh definitely along with other artists uh definitely along with other artists uh definitely along with other artists and intellectuals and stuff and intellectuals and stuff and intellectuals and stuff are in the propaganda Realm are in the propaganda Realm are in the propaganda Realm another example I wanted to talk about another example I wanted to talk about another example I wanted to talk about is a hair stylist or just any kind of is a hair stylist or just any kind of is a hair stylist or just any kind of person working in fashion like say that person working in fashion like say that person working in fashion like say that you do hair or makeup or clothing for you do hair or makeup or clothing for you do hair or makeup or clothing for mainstream celebrities of course if you do undifferentiated 
[14:04]
of course if you do undifferentiated of course if you do undifferentiated normal work it doesn't particularly normal work it doesn't particularly normal work it doesn't particularly matter someone else could do the same matter someone else could do the same matter someone else could do the same thing but suppose that you're really thing but suppose that you're really thing but suppose that you're really creative and you're passionate about creative and you're passionate about creative and you're passionate about your work and you do a really great job your work and you do a really great job your work and you do a really great job and so you help these celebrities better and so you help these celebrities better and so you help these celebrities better Dazzle the masses they are more Dazzle the masses they are more Dazzle the masses they are more effective at looking really cool and effective at looking really cool and effective at looking really cool and impressing people that impressing people that impressing people that helps with propaganda it helps make them helps with propaganda it helps make them helps with propaganda it helps make them more effective as icons more effective as icons more effective as icons and does that matter very much is that and does that matter very much is that and does that matter very much is that actually a thing you need to avoid or is actually a thing you need to avoid or is actually a thing you need to avoid or is it not really a big deal because 
[14:35]
it not really a big deal because it not really a big deal because they're just promoting I don't know they're just promoting I don't know they're just promoting I don't know being pretty and being sexy and I don't being pretty and being sexy and I don't being pretty and being sexy and I don't know they do some like TV ads for some know they do some like TV ads for some know they do some like TV ads for some consumers and stuff consumers and stuff consumers and stuff um um um I don't know what else they do you know I don't know what else they do you know I don't know what else they do you know is that actually important and something is that actually important and something is that actually important and something you need to avoid or is it not that big you need to avoid or is it not that big you need to avoid or is it not that big a deal a deal a deal compare whereas like helping them build compare whereas like helping them build compare whereas like helping them build new weapons would be really bad new weapons would be really bad new weapons would be really bad it's hard to say like I don't have a it's hard to say like I don't have a it's hard to say like I don't have a strong clear strong clear strong clear line of delineation I just think there line of delineation I just think there line of delineation I just think there are concerns here 
[15:06]
are concerns here are concerns here fortunately fortunately fortunately I don't think you need to get really I don't think you need to get really I don't think you need to get really rich so rich so rich so the dangers that a lot of the ways of the dangers that a lot of the ways of the dangers that a lot of the ways of getting really rich would support getting really rich would support getting really rich would support existing power structures existing power structures existing power structures it's not like you have to sacrifice it's not like you have to sacrifice it's not like you have to sacrifice getting rich in order to avoid getting rich in order to avoid getting rich in order to avoid supporting power structures because you supporting power structures because you supporting power structures because you didn't need to be rich anyways didn't need to be rich anyways didn't need to be rich anyways also most of you weren't going to end up also most of you weren't going to end up also most of you weren't going to end up rich even if you tried your very best to rich even if you tried your very best to rich even if you tried your very best to suck up to existing power structures suck up to existing power structures suck up to existing power structures a few more thoughts on financial a few more thoughts on financial a few more thoughts on financial Independence which was part of the 
[15:36]
Independence which was part of the Independence which was part of the original question original question original question so money ownership of things passive so money ownership of things passive so money ownership of things passive income other wealth are not safe over income other wealth are not safe over income other wealth are not safe over time The Government Can conscious data time The Government Can conscious data time The Government Can conscious data they can inflate the currency you can they can inflate the currency you can they can inflate the currency you can make the wrong investment stocks or make the wrong investment stocks or make the wrong investment stocks or bonds can crash bonds can crash bonds can crash there are scams fraud phishing theft there are scams fraud phishing theft there are scams fraud phishing theft you can be the victim of a lawsuit of a you can be the victim of a lawsuit of a you can be the victim of a lawsuit of a natural disaster of medical bills there natural disaster of medical bills there natural disaster of medical bills there are a lot of ways to lose your money or are a lot of ways to lose your money or are a lot of ways to lose your money or have your plans for the future not work have your plans for the future not work have your plans for the future not work out how you wanted them to out how you wanted them to out how you wanted them to capability to earn as broadly safer not 
[16:07]
capability to earn as broadly safer not capability to earn as broadly safer not entirely entirely entirely that's a lot harder to be confiscated or that's a lot harder to be confiscated or that's a lot harder to be confiscated or inflated away because if you do work inflated away because if you do work inflated away because if you do work in the future you're going to get paid in the future you're going to get paid in the future you're going to get paid future Market rates if they inflate the future Market rates if they inflate the future Market rates if they inflate the currency a bunch currency a bunch currency a bunch and then you do work after the inflation and then you do work after the inflation and then you do work after the inflation you'll get paid you'll get paid you'll get paid wages that are going to buy you food at wages that are going to buy you food at wages that are going to buy you food at current market prices current market prices current market prices I think it's bad to try to work really I think it's bad to try to work really I think it's bad to try to work really hard now in order to not need to work hard now in order to not need to work hard now in order to not need to work later later later I think you shouldn't try to plan ahead I think you shouldn't try to plan ahead I think you shouldn't try to plan ahead quite that much it's not safe and 
[16:37]
quite that much it's not safe and quite that much it's not safe and you should try to have a nice life now you should try to have a nice life now you should try to have a nice life now don't sacrifice your life now work a don't sacrifice your life now work a don't sacrifice your life now work a reasonable amount now and also do some reasonable amount now and also do some reasonable amount now and also do some things you like things you like things you like and then plan to work a reasonable and then plan to work a reasonable and then plan to work a reasonable amount later and do things you like amount later and do things you like amount later and do things you like rather than trying to put all the work rather than trying to put all the work rather than trying to put all the work now and all the like fun or benefit or now and all the like fun or benefit or now and all the like fun or benefit or Hobbies or whatever it is you care about Hobbies or whatever it is you care about Hobbies or whatever it is you care about later later later don't try to skew things and try to have don't try to skew things and try to have don't try to skew things and try to have the good things in the future try to the good things in the future try to the good things in the future try to have a good life now try to learn about have a good life now try to learn about have a good life now try to learn about rationality now if that's something you rationality now if that's something you rationality now if that's something you want to do fit it into your life today want to do fit it into your life today want to do fit it into your life today anyway I'm not sure if I ever stated anyway I'm not sure if I ever stated anyway I'm not sure if I ever stated before that advertising tries to 
[17:09]
before that advertising tries to before that advertising tries to manipulate people into buying a bunch of manipulate people into buying a bunch of manipulate people into buying a bunch of junk they don't need and that kind of junk they don't need and that kind of junk they don't need and that kind of consumerism and rat race stuff is bad consumerism and rat race stuff is bad consumerism and rat race stuff is bad and I think you should opt out and I think you should opt out and I think you should opt out my lifestyle in many ways looks more my lifestyle in many ways looks more my lifestyle in many ways looks more like a leftist anti-capitalist like a leftist anti-capitalist like a leftist anti-capitalist than some pro-capitalist pro-business than some pro-capitalist pro-business than some pro-capitalist pro-business person even though as far as economic person even though as far as economic person even though as far as economic theory goes I agree with capitalism hi guys I'm back the next day to add two hi guys I'm back the next day to add two hi guys I'm back the next day to add two more points first of all the government 
[17:40]
more points first of all the government more points first of all the government encourages consumerism it's not just encourages consumerism it's not just encourages consumerism it's not just companies and advertising companies and advertising companies and advertising it's also their keynesianism and it's also their keynesianism and it's also their keynesianism and stimulus stuff like that stimulus stuff like that stimulus stuff like that the government thinks it's important the government thinks it's important the government thinks it's important that there is high consumer spending and that there is high consumer spending and that there is high consumer spending and an active economy and stuff like that an active economy and stuff like that an active economy and stuff like that the government is not encouraging the the government is not encouraging the the government is not encouraging the capitalist approach of accumulating capitalist approach of accumulating capitalist approach of accumulating capital of saving capital of saving capital of saving in order to have more capital in order to have more capital in order to have more capital accumulation in order to increase the 
[18:11]
accumulation in order to increase the accumulation in order to increase the productivity of Labor productivity of Labor productivity of Labor they actually have anti-savings policies they actually have anti-savings policies they actually have anti-savings policies including intentional inflation they including intentional inflation they including intentional inflation they have a goal rate for inflation have a goal rate for inflation have a goal rate for inflation that's maybe two percent per year we'll that's maybe two percent per year we'll that's maybe two percent per year we'll look it up if you actually care look it up if you actually care look it up if you actually care so having an inflation rate on purpose so having an inflation rate on purpose so having an inflation rate on purpose discourages savings and courageous discourages savings and courageous discourages savings and courageous spending not a ton because it's spending not a ton because it's spending not a ton because it's reasonably small but it is some reasonably small but it is some reasonably small but it is some incentive incentive incentive and it is just one policy of many and it is just one policy of many and it is just one policy of many all right and then point number two that 
[18:41]
all right and then point number two that all right and then point number two that I wanted to add was to talk about I wanted to add was to talk about I wanted to add was to talk about passive income which is overrated passive income which is overrated passive income which is overrated so there are a few errors people make so there are a few errors people make so there are a few errors people make about passive income about passive income about passive income and there's also two comparisons I want and there's also two comparisons I want and there's also two comparisons I want to make so the first one is passive to make so the first one is passive to make so the first one is passive income versus active income income versus active income income versus active income this is the main point of it and active this is the main point of it and active this is the main point of it and active income means income where basically income means income where basically income means income where basically you're trading time for money you're you're trading time for money you're you're trading time for money you're working like a regular job and you get working like a regular job and you get working like a regular job and you get paid for the work you do paid for the work you do paid for the work you do it doesn't necessarily have to be paid it doesn't necessarily have to be paid it doesn't necessarily have to be paid in terms of time but you have to keep 
[19:12]
in terms of time but you have to keep in terms of time but you have to keep doing new work to get new money doing new work to get new money doing new work to get new money so passive income is nice so passive income is nice so passive income is nice because you just get money without because you just get money without because you just get money without having to do more work you're not always having to do more work you're not always having to do more work you're not always stuck whenever you need money you have stuck whenever you need money you have stuck whenever you need money you have to do more work to do more work to do more work so there is a benefit to passive income so there is a benefit to passive income so there is a benefit to passive income there's a reason people like the idea of there's a reason people like the idea of there's a reason people like the idea of it however it however it however the error here the error here the error here is people overestimate how passive a lot is people overestimate how passive a lot is people overestimate how passive a lot of income is most things they call of income is most things they call of income is most things they call passive income are partially passive passive income are partially passive passive income are partially passive income or less active income or easier income or less active income or easier income or less active income or easier income income income so there's something positive to it but 
[19:44]
so there's something positive to it but so there's something positive to it but it's not as Extreme as they make it out it's not as Extreme as they make it out it's not as Extreme as they make it out it'd be better to conceptualize it as it'd be better to conceptualize it as it'd be better to conceptualize it as lower effort income rather than passive lower effort income rather than passive lower effort income rather than passive income income income so I'll give some examples if you own a so I'll give some examples if you own a so I'll give some examples if you own a rental property it takes work to rental property it takes work to rental property it takes work to find people to rent it and to get their find people to rent it and to get their find people to rent it and to get their check every month and then to bug them check every month and then to bug them check every month and then to bug them if they don't pay and then to deal with if they don't pay and then to deal with if they don't pay and then to deal with repairs and maintenance and property repairs and maintenance and property repairs and maintenance and property taxes taxes taxes all of those things are work and if you all of those things are work and if you all of those things are work and if you Outsource it it's still work to find a Outsource it it's still work to find a Outsource it it's still work to find a management company and a repair guy and 
[20:15]
management company and a repair guy and management company and a repair guy and so on so on so on but less work but you also get less but less work but you also get less but less work but you also get less passive income because you're passive income because you're passive income because you're Outsourcing you have to pay for a bunch Outsourcing you have to pay for a bunch Outsourcing you have to pay for a bunch of those services and if you're a very of those services and if you're a very of those services and if you're a very small landlord it can often cost a lot small landlord it can often cost a lot small landlord it can often cost a lot of your profit to pay for that stuff of your profit to pay for that stuff of your profit to pay for that stuff instead of doing it yourself it's common instead of doing it yourself it's common instead of doing it yourself it's common for really small landlords to do those for really small landlords to do those for really small landlords to do those things themselves and not have the things themselves and not have the things themselves and not have the overhead of trying to deal with some overhead of trying to deal with some overhead of trying to deal with some Rental Management agency Rental Management agency Rental Management agency so if you're trying to like rent your so if you're trying to like rent your so if you're trying to like rent your spare room on Airbnb spare room on Airbnb spare room on Airbnb that is more passive income than working 
[20:46]
that is more passive income than working that is more passive income than working at McDonald's but it is not passive at McDonald's but it is not passive at McDonald's but it is not passive income it takes effort income it takes effort income it takes effort you're going to have to deal with stuff you're going to have to deal with stuff you're going to have to deal with stuff it's going to be some work it's going to be some work it's going to be some work so other examples include Investments so other examples include Investments so other examples include Investments these take some work you have to decide these take some work you have to decide these take some work you have to decide what to invest and you have to monitor what to invest and you have to monitor what to invest and you have to monitor your investment some what if the market your investment some what if the market your investment some what if the market crashes what if there's a lot of crashes what if there's a lot of crashes what if there's a lot of inflation inflation inflation what if you have the wrong ratio of what if you have the wrong ratio of what if you have the wrong ratio of stocks to bonds stocks to bonds stocks to bonds if you put absolutely no thought and if you put absolutely no thought and if you put absolutely no thought and effort into these things effort into these things effort into these things things could go wrong 
[21:18]
things could go wrong things could go wrong if you have a digital product an ebook if you have a digital product an ebook if you have a digital product an ebook that you sell that you sell that you sell your sales will probably go down over your sales will probably go down over your sales will probably go down over time if you do nothing if you do no time if you do nothing if you do no time if you do nothing if you do no additional marketing ever additional marketing ever additional marketing ever so it's somewhat passive income but if so it's somewhat passive income but if so it's somewhat passive income but if you don't keep up some level of you don't keep up some level of you don't keep up some level of marketing it's probably going to decline marketing it's probably going to decline marketing it's probably going to decline a lot of ebooks have to be updated every a lot of ebooks have to be updated every a lot of ebooks have to be updated every few years to stay relevant few years to stay relevant few years to stay relevant the thing you're writing about changes the thing you're writing about changes the thing you're writing about changes in some way and you have to keep your in some way and you have to keep your in some way and you have to keep your book up to date 
[21:49]
book up to date book up to date there can be new trends or new there can be new trends or new there can be new trends or new scientific research that is relevant or scientific research that is relevant or scientific research that is relevant or if it's software related there can be if it's software related there can be if it's software related there can be software updates software updates software updates that you have to cover new features and that you have to cover new features and that you have to cover new features and stuff stuff stuff okay then there's another distinction okay then there's another distinction okay then there's another distinction related to passive income which is related to passive income which is related to passive income which is passive income versus wealth or cash so passive income versus wealth or cash so passive income versus wealth or cash so a lot of people think passive income is a lot of people think passive income is a lot of people think passive income is better than cash better than cash better than cash and that is basically wrong and that is basically wrong and that is basically wrong I think the conceptual idea is that it's I think the conceptual idea is that it's I think the conceptual idea is that it's like a renewable resource and you just like a renewable resource and you just like a renewable resource and you just keep getting cash infinitely into the 
[22:20]
keep getting cash infinitely into the keep getting cash infinitely into the future future future which you usually don't actually if you which you usually don't actually if you which you usually don't actually if you put no work in passive income streams put no work in passive income streams put no work in passive income streams tend not to last forever tend not to last forever tend not to last forever but even if hypothetically they did but even if hypothetically they did but even if hypothetically they did it's still not better than cash it's still not better than cash it's still not better than cash can be used to bypassive income streams can be used to bypassive income streams can be used to bypassive income streams you can buy a bond you can put in a bank you can buy a bond you can put in a bank you can buy a bond you can put in a bank account that pays interest account that pays interest account that pays interest you can buy stocks that pay dividends or you can buy stocks that pay dividends or you can buy stocks that pay dividends or grow grow grow you can buy a small business with a you can buy a small business with a you can buy a small business with a passive income stream 
[22:51]
passive income stream passive income stream cash can be converted into income cash can be converted into income cash can be converted into income streams and income streams can be streams and income streams can be streams and income streams can be converted into cash you can sell converted into cash you can sell converted into cash you can sell a passive income stream you can sell the a passive income stream you can sell the a passive income stream you can sell the rights to an ebook you can sell a small rights to an ebook you can sell a small rights to an ebook you can sell a small business with a website that mostly runs business with a website that mostly runs business with a website that mostly runs itself itself itself in general cash is more liquid more in general cash is more liquid more in general cash is more liquid more flexible so if you had to pick one or flexible so if you had to pick one or flexible so if you had to pick one or the other cash tends to be better the other cash tends to be better the other cash tends to be better on average in general on average in general on average in general income streams have a net present value income streams have a net present value income streams have a net present value of how much cash they're worth today the 
[23:22]
of how much cash they're worth today the of how much cash they're worth today the reason is that money in the future is reason is that money in the future is reason is that money in the future is worth less than money today worth less than money today worth less than money today so suppose hypothetically but so suppose hypothetically but so suppose hypothetically but the value of money went down every year the value of money went down every year the value of money went down every year into the future by 10 percent into the future by 10 percent into the future by 10 percent so a hundred dollars today so a hundred dollars today so a hundred dollars today is worth around the same amount as is worth around the same amount as is worth around the same amount as getting a hundred and ten dollars getting a hundred and ten dollars getting a hundred and ten dollars a year from today a year from today a year from today and it's around the same amount as 121 and it's around the same amount as 121 and it's around the same amount as 121 dollars two years from today and so on dollars two years from today and so on dollars two years from today and so on so we have a discount rate of ten 
[23:53]
so we have a discount rate of ten so we have a discount rate of ten percent per year of how much money is percent per year of how much money is percent per year of how much money is losing value losing value losing value the real discount rate allegedly is the real discount rate allegedly is the real discount rate allegedly is lower more like three percent or five lower more like three percent or five lower more like three percent or five percent or something people debate what percent or something people debate what percent or something people debate what it actually is it actually is it actually is anyway so if you have an income stream a anyway so if you have an income stream a anyway so if you have an income stream a passive income stream of 100 per year passive income stream of 100 per year passive income stream of 100 per year how much is that worth how much is that worth how much is that worth well you can add it up it is a hundred well you can add it up it is a hundred well you can add it up it is a hundred dollars this year's worth a hundred dollars this year's worth a hundred dollars this year's worth a hundred dollars and then next year the hundred dollars and then next year the hundred dollars and then next year the hundred dollars was worth ninety dollars in dollars was worth ninety dollars in dollars was worth ninety dollars in today's money then the year after that today's money then the year after that today's money then the year after that it's worth around eighty one dollars in 
[24:24]
it's worth around eighty one dollars in it's worth around eighty one dollars in today's money and the year after that today's money and the year after that today's money and the year after that it's worth around seventy two dollars it's worth around seventy two dollars it's worth around seventy two dollars and you can keep going year by year and and you can keep going year by year and and you can keep going year by year and if you got to say a million years in the if you got to say a million years in the if you got to say a million years in the future it's gonna be worth less than a future it's gonna be worth less than a future it's gonna be worth less than a penny in today's dollars penny in today's dollars penny in today's dollars and you can either use math to compute and you can either use math to compute and you can either use math to compute the actual sum of this infinite series the actual sum of this infinite series the actual sum of this infinite series or you can just say you know what I or you can just say you know what I or you can just say you know what I don't care about a million years in the don't care about a million years in the don't care about a million years in the future getting less than a penny so I'm future getting less than a penny so I'm future getting less than a penny so I'm just going to round the rest of it down just going to round the rest of it down just going to round the rest of it down to zero and you just add up the value to zero and you just add up the value to zero and you just add up the value for the first million years and then you for the first million years and then you for the first million years and then you just stop and you find out that it's 
[24:55]
just stop and you find out that it's just stop and you find out that it's worth some amount of money today which worth some amount of money today which worth some amount of money today which might be say a million dollars might be say a million dollars might be say a million dollars and so you would have this income stream and so you would have this income stream and so you would have this income stream is worth the same as a pile of cash with is worth the same as a pile of cash with is worth the same as a pile of cash with a certain size a certain size a certain size [Music] [Music] [Music] a million dollars is unrealistic for the a million dollars is unrealistic for the a million dollars is unrealistic for the value of a hundred dollars a year value of a hundred dollars a year value of a hundred dollars a year it is way too high it is way too high it is way too high actual values on these things are more actual values on these things are more actual values on these things are more like times 25 like if you're getting a like times 25 like if you're getting a like times 25 like if you're getting a hundred dollars per year of pure profit hundred dollars per year of pure profit hundred dollars per year of pure profit that might be worth like twenty five 
[25:26]
that might be worth like twenty five that might be worth like twenty five hundred dollars today hundred dollars today hundred dollars today it was a very rough estimate it was a very rough estimate it was a very rough estimate if you invest twenty five hundred if you invest twenty five hundred if you invest twenty five hundred dollars today and you're getting a one dollars today and you're getting a one dollars today and you're getting a one percent return that would be twenty five percent return that would be twenty five percent return that would be twenty five dollars per year if you got a four dollars per year if you got a four dollars per year if you got a four percent return that would be a hundred percent return that would be a hundred percent return that would be a hundred dollars per year dollars per year dollars per year so if you could get a four percent so if you could get a four percent so if you could get a four percent return return return it would give you that hundred dollars it would give you that hundred dollars it would give you that hundred dollars per year and be equal to the hundred per year and be equal to the hundred per year and be equal to the hundred dollars per year dollars per year dollars per year so cash or wealth should be looked at as so cash or wealth should be looked at as so cash or wealth should be looked at as somewhat equivalent to passive income a somewhat equivalent to passive income a somewhat equivalent to passive income a certain amount of passive income is 
[25:58]
certain amount of passive income is certain amount of passive income is worth a certain amount of cash worth a certain amount of cash worth a certain amount of cash this comes up with the lottery lotteries this comes up with the lottery lotteries this comes up with the lottery lotteries are actually advertised and basically a are actually advertised and basically a are actually advertised and basically a fraudulent way they say 100 million fraudulent way they say 100 million fraudulent way they say 100 million dollar jackpot and then you win the dollar jackpot and then you win the dollar jackpot and then you win the lottery and they will not hand you a lottery and they will not hand you a lottery and they will not hand you a check for 100 million dollars instead check for 100 million dollars instead check for 100 million dollars instead what they do is they say we'll give you what they do is they say we'll give you what they do is they say we'll give you payments over the next 30 Years that payments over the next 30 Years that payments over the next 30 Years that total 100 million dollars or you can total 100 million dollars or you can total 100 million dollars or you can take a lump sum of 60 million dollars take a lump sum of 60 million dollars take a lump sum of 60 million dollars today today today the net present value of the payments is the net present value of the payments is the net present value of the payments is about the same as the lump sum and so 
[26:29]
about the same as the lump sum and so about the same as the lump sum and so the real jackpot is 60 million but it's the real jackpot is 60 million but it's the real jackpot is 60 million but it's advertised at 100 million advertised at 100 million advertised at 100 million those are just made up numbers those are just made up numbers those are just made up numbers but that is my understanding of how a but that is my understanding of how a but that is my understanding of how a lot of water is work probably not all of lot of water is work probably not all of lot of water is work probably not all of them them them so related to this there's a common bias so related to this there's a common bias so related to this there's a common bias towards interest and dividends over towards interest and dividends over towards interest and dividends over growth stocks growth stocks growth stocks suppose that you had a stock that pays suppose that you had a stock that pays suppose that you had a stock that pays no dividends you've got no cash returned no dividends you've got no cash returned no dividends you've got no cash returned from it but it grew two percent every from it but it grew two percent every from it but it grew two percent every year just reliably consistently which is 
[27:00]
year just reliably consistently which is year just reliably consistently which is not very realistic but we'll just not very realistic but we'll just not very realistic but we'll just pretend it's an average or whatever pretend it's an average or whatever pretend it's an average or whatever a lot of people would say well this a lot of people would say well this a lot of people would say well this gives me no income I get no passive gives me no income I get no passive gives me no income I get no passive income from this growth stock so what am income from this growth stock so what am income from this growth stock so what am I going to do with it I would rather I going to do with it I would rather I going to do with it I would rather have a stock that pays two percent have a stock that pays two percent have a stock that pays two percent dividends every year but doesn't grow or dividends every year but doesn't grow or dividends every year but doesn't grow or a bond that pays two percent interest a bond that pays two percent interest a bond that pays two percent interest every year but doesn't grow every year but doesn't grow every year but doesn't grow however these things are actually equal however these things are actually equal however these things are actually equal you can convert either one into the you can convert either one into the you can convert either one into the other pretty trivially if you have a other pretty trivially if you have a other pretty trivially if you have a stock that pays two percent dividends stock that pays two percent dividends stock that pays two percent dividends every year you can turn it into a growth 
[27:31]
every year you can turn it into a growth every year you can turn it into a growth stock by reinvesting the dividends every stock by reinvesting the dividends every stock by reinvesting the dividends every year you buy two percent more of it year you buy two percent more of it year you buy two percent more of it using the dividend money using the dividend money using the dividend money and you can do it in reverse if it is a and you can do it in reverse if it is a and you can do it in reverse if it is a growth stock that grows two percent growth stock that grows two percent growth stock that grows two percent every year then you sell two percent of every year then you sell two percent of every year then you sell two percent of it it it and now you have a two percent dividend and now you have a two percent dividend and now you have a two percent dividend effectively effectively effectively and people get the math wrong they think and people get the math wrong they think and people get the math wrong they think well if I sold two percent of it every well if I sold two percent of it every well if I sold two percent of it every year then in 50 years I would have none year then in 50 years I would have none year then in 50 years I would have none left that is incorrect if it's growing left that is incorrect if it's growing left that is incorrect if it's growing at two percent per year and you sell two at two percent per year and you sell two at two percent per year and you sell two percent per year you're actually gonna percent per year you're actually gonna percent per year you're actually gonna have the same amount in 50 years as you 
[28:01]
have the same amount in 50 years as you have the same amount in 50 years as you do now you sell you sold off the same do now you sell you sold off the same do now you sell you sold off the same amount that it grew by amount that it grew by amount that it grew by the growth can counteract the sales the growth can counteract the sales the growth can counteract the sales this is in terms of the value of the this is in terms of the value of the this is in terms of the value of the stock so your number of shares will go stock so your number of shares will go stock so your number of shares will go down although never to zero but the down although never to zero but the down although never to zero but the value of those shares will stay constant value of those shares will stay constant value of those shares will stay constant and we're ignoring inflation at the and we're ignoring inflation at the and we're ignoring inflation at the moment moment moment if you want to look at things more if you want to look at things more if you want to look at things more accurately you have to look at how much accurately you have to look at how much accurately you have to look at how much do they grow above inflation so if do they grow above inflation so if do they grow above inflation so if inflation is two percent per year then inflation is two percent per year then inflation is two percent per year then to make an actual two percent return it to make an actual two percent return it to make an actual two percent return it has to grow four percent per year two 
[28:33]
has to grow four percent per year two has to grow four percent per year two percent just to keep up with inflation percent just to keep up with inflation percent just to keep up with inflation and then two more percent for your and then two more percent for your and then two more percent for your actual profit actual profit actual profit so if you sell two percent per year if so if you sell two percent per year if so if you sell two percent per year if you started with 100 shares you started with 100 shares you started with 100 shares then after the first year you'll have 98 then after the first year you'll have 98 then after the first year you'll have 98 shares however their value went up two shares however their value went up two shares however their value went up two percent so you come out the same percent so you come out the same percent so you come out the same and then after and then after and then after a bunch more years a bunch more years a bunch more years the amount you sell will be less than the amount you sell will be less than the amount you sell will be less than two shares per year because you're two shares per year because you're two shares per year because you're selling selling not two percent of the selling selling not two percent of the selling selling not two percent of the original shares but two percent of the original shares but two percent of the original shares but two percent of the current shares so when you get down to current shares so when you get down to current shares so when you get down to 50 shares and you sell two percent 
[29:03]
50 shares and you sell two percent 50 shares and you sell two percent you're only going to show sell one share you're only going to show sell one share you're only going to show sell one share that year not two shares that year not two shares that year not two shares when you get down to 10 shares and you when you get down to 10 shares and you when you get down to 10 shares and you sell two percent you're going to be sell two percent you're going to be sell two percent you're going to be selling 0.2 shares that year so you will selling 0.2 shares that year so you will selling 0.2 shares that year so you will never hit zero shares never hit zero shares never hit zero shares it would keep going down but only over a it would keep going down but only over a it would keep going down but only over a very long time period in which case the very long time period in which case the very long time period in which case the value of a single share would have gone value of a single share would have gone value of a single share would have gone way way up so it makes up for it way way up so it makes up for it way way up so it makes up for it so you should not be biased towards so you should not be biased towards so you should not be biased towards dividend stocks or interest over growth dividend stocks or interest over growth dividend stocks or interest over growth stocks it doesn't particularly matter stocks it doesn't particularly matter stocks it doesn't particularly matter they're equally good 
[29:34]
they're equally good they're equally good according to First principles or math according to First principles or math according to First principles or math so the point about passive income so the point about passive income so the point about passive income overall is that it is overrated it's overall is that it is overrated it's overall is that it is overrated it's generally not as passive as people generally not as passive as people generally not as passive as people really think it is it's more work more really think it is it's more work more really think it is it's more work more risk it's not just risk it's not just risk it's not just you got plenty of money forever don't you got plenty of money forever don't you got plenty of money forever don't have to think about it anymore have to think about it anymore have to think about it anymore there's generally some sort of risk or there's generally some sort of risk or there's generally some sort of risk or downside or ongoing work some way things downside or ongoing work some way things downside or ongoing work some way things could go wrong could go wrong could go wrong so it's nice there are definitely so it's nice there are definitely so it's nice there are definitely advantages advantages advantages but you should think of it as like 
[30:05]
but you should think of it as like but you should think of it as like better income or easier income or better income or easier income or better income or easier income or something compared to a job something compared to a job something compared to a job but not just passive automatic risk-free but not just passive automatic risk-free but not just passive automatic risk-free guaranteed anything like that guaranteed anything like that guaranteed anything like that and you should not be biased in favor of and you should not be biased in favor of and you should not be biased in favor of income streams over wealth or interest income streams over wealth or interest income streams over wealth or interest in dividends over stock growth in dividends over stock growth in dividends over stock growth anything that raises your net worth anything that raises your net worth anything that raises your net worth is to a first approximation equally good is to a first approximation equally good is to a first approximation equally good and income streams have a net present and income streams have a net present and income streams have a net present value 
[30:35]
value value okay that's the end bye-bye