Steven

I have a friend, Ben Carlson, who's a great financial writer. He came up, this is very subjective, there's no science behind this, but he was like, a net worth of seven to $10 million is you can live an amazing life in the United States, have an amazing house paid for, send your kids to great schools, go on great vacations, drive brand new cars. on seven to $10 million. And he brought that up.

I have a friend, Ben Carlson, who's a great financial writer. He came up, this is very subjective, there's no science behind this, but he was like, a net worth of seven to $10 million is you can live an amazing life in the United States, have an amazing house paid for, send your kids to great schools, go on great vacations, drive brand new cars. on seven to $10 million. And he brought that up.

Some people might wince at this, but he brought that up of, it's a lot less than people would think, because there'd be a lot of people who would be like, oh, I'm gunning for a hundred million. Even if that's just a fantasy, it's a dream. And seven to $9 million is out of reach for a lot of people, no matter how hard they're working.

Some people might wince at this, but he brought that up of, it's a lot less than people would think, because there'd be a lot of people who would be like, oh, I'm gunning for a hundred million. Even if that's just a fantasy, it's a dream. And seven to $9 million is out of reach for a lot of people, no matter how hard they're working.

But I think particularly for young people who their definition, I think about my son a lot. He watches Mr. Beast. Mr. Beast is an amazing guy. I think he's one of the great guys. But because of Mr. Beast, like my son's definition of wealth is a private island, a private jet, you know, keep your hand on the table and win a million dollars kind of thing. It's a different level.

But I think particularly for young people who their definition, I think about my son a lot. He watches Mr. Beast. Mr. Beast is an amazing guy. I think he's one of the great guys. But because of Mr. Beast, like my son's definition of wealth is a private island, a private jet, you know, keep your hand on the table and win a million dollars kind of thing. It's a different level.

Whereas when I was growing up, Like, ordinary people drove dirty pickup trucks, and rich people drove clean pickup trucks. That was the stratification of what I saw growing up. And I think because of social media and other things, kids have a very different view on what financial wealth actually is these days.

Whereas when I was growing up, Like, ordinary people drove dirty pickup trucks, and rich people drove clean pickup trucks. That was the stratification of what I saw growing up. And I think because of social media and other things, kids have a very different view on what financial wealth actually is these days.

This is less advice going forward more than just like something to remember next time, which is that if you are worrying about, if you're worried about being laid off, if you're a small business owner worried about going under, the need for room for error and cushion and savings and backup plans were just as important a month ago as they are today.

This is less advice going forward more than just like something to remember next time, which is that if you are worrying about, if you're worried about being laid off, if you're a small business owner worried about going under, the need for room for error and cushion and savings and backup plans were just as important a month ago as they are today.

You're just learning how important they are today. And I challenge you to remember that in the future when this is all over, whenever it's all over, that when the economy is going well and you feel stable in your job, stable in your career, that is when you also you absolutely need backup plans and room for error and savings and eschewing debt and whatnot.

You're just learning how important they are today. And I challenge you to remember that in the future when this is all over, whenever it's all over, that when the economy is going well and you feel stable in your job, stable in your career, that is when you also you absolutely need backup plans and room for error and savings and eschewing debt and whatnot.

I have a very high level of cash as a percentage of my net worth. And a lot of financial advisors would look at that and say, like, what are you saving for? Like, what's going on here? And I'm like, I don't know. I'm saving for a world that I know is very fragile. And I have no idea what's going to happen to me personally or what's going to happen to the economy.

I have a very high level of cash as a percentage of my net worth. And a lot of financial advisors would look at that and say, like, what are you saving for? Like, what's going on here? And I'm like, I don't know. I'm saving for a world that I know is very fragile. And I have no idea what's going to happen to me personally or what's going to happen to the economy.

But if you're a lay student of history, you know that things break all the time. And so my advice to you, if you're realizing that for the first time, that how fragile the world can be and how the job security that you thought you had might not have been as strong, remember this next time, how important room for error and backup plans are.

But if you're a lay student of history, you know that things break all the time. And so my advice to you, if you're realizing that for the first time, that how fragile the world can be and how the job security that you thought you had might not have been as strong, remember this next time, how important room for error and backup plans are.

It's so hard for that because everyone's in a... I'm sure people watching this will be in a massive range of incomes. I would say this is a bad answer that no one's gonna like, but pretty much as much as you can. I mean, I'll give you one example of this. When COVID first hit in March of 2020, the average restaurant I heard had enough cash on hand to last them for 14 days.

It's so hard for that because everyone's in a... I'm sure people watching this will be in a massive range of incomes. I would say this is a bad answer that no one's gonna like, but pretty much as much as you can. I mean, I'll give you one example of this. When COVID first hit in March of 2020, the average restaurant I heard had enough cash on hand to last them for 14 days.

And then all of a sudden they were looking at a six month lockdown. And so I think one answer to that question is however much you think you'll need, it's probably more. The other more practical example of this is in 2008 during the financial crisis. A lot of people were losing their jobs not for two weeks or one month, but they were losing their jobs for 12 months.

And then all of a sudden they were looking at a six month lockdown. And so I think one answer to that question is however much you think you'll need, it's probably more. The other more practical example of this is in 2008 during the financial crisis. A lot of people were losing their jobs not for two weeks or one month, but they were losing their jobs for 12 months.