Don't Make These Mistakes | Brutally Honest Money Advice from One of the World's Wealthiest Jews

Рет қаралды 194,976

Күн бұрын

If you started from $0 today and wanted to get wealthy, what would you do?
What money mistakes prevent people from making money?
What is a smart approach to investing?
What should you do if three people approach you in a dark alley?
Who's gonna win the presidency in 2024?
Meet Dr. Rich Roberts, an entrepreneur and philanthropist from Lakewood, NJ who sold his pharmaceutical business in 2012 for $800 million.
We asked him those questions and more at a sit-down in his home.
You can find Dr. Rich Roberts' KZfaq channel here: / @drrichardroberts
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__________________________________
CHAPTERS:
0:00 Introduction
1:21 Meet Mr. Rich
1:52 #1 Mistake: Working With Unregulated Resources
3:46 #1 Advice: Diversify Your Investments
6:15 Invest with Caution
7:59 Choosing Index Funds
14:49 Managing Investments
18:24 Twillory - Sponsor
20:28 Starting Out in Finance
22:06 Starting Your Own Business
24:43 Capitalizing on AI
26:10 The Future of Technology
32:20 The Donors fund
34:24 Levels of Wealth
37:50 Maintaining Wealth
43:00 Motivations for Advancing Wealth Levels
46:12 The Negative Effects of Power
50:49 Managing and Balancing Charitable Contributions
56:14 Colel Chabad - Sponsor
58:44 Self-Defense
1:03:41 Protect Your Health
1:05:11 What To Do in a Dangerous Situation
1:07:03 Better Than Books
1:09:38 2024 Election Predictions
1:13:34 Thank You, Mr. Rich
1:13:45 Outro
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Oh, and all investment strategies and investments involve risk of loss. Nothing contained in this episode or any of our episodes, ads and videos should be construed as investment or actual life advice.
#KosherMoney #KosherMoneyPod #Money #JewishMoney #LakewoodNJ
[If you listened to the end of the outro, here's my new favorite song from the Thank You Hashem team » • Back of the Wagon | Ma... ]

Пікірлер: 315

@CastleHassall 2 ай бұрын

i wish you would be my honorary Uncle and Cousin! my family fragmented so much over the generations.. you seem like really good hearted folks and it would be great to have you here for dinner sometime and be my guests if you are ever in Scotland.. thanks for doing this video Best wishes to you all from Rolland at Castle of Hassall on the edge of The Atlantic

@anibalperez3358 2 ай бұрын

M 0

@kwilliams1958 3 ай бұрын

Young Man, your wisdom in allowing a wise man to discuss life and wealth is appreciated and wise. Thanks for not interrupting in every sentence as many do in this realm of advice.

@camels9654 3 ай бұрын

I work 16 hour days, running my business, and every word this man spoke I felt in my heart. You will seldom hear truth like this anywhere, hands down one of the finest interviews I have ever listened to! Thank you for this!

@eleanormaitha5698 3 ай бұрын

❤

@EricBoston1992 3 ай бұрын

Wow, Working your butt off! Keep working hard, learning, & adapting strategically, and your success will compound & accelerate over time. - I’ve been working 7-days a week, 60-80 hours a week, so I can allocate the extra money to assets like tech equities, a little to index funds, but since Summer ‘23 I mostly buy crypto (VERY selectively though, bc most are scams) while the prices are still quite cheap for many of the actual high-quality new alt-coins. - Thanks to my hard work, relentless research, & patience, I’ve been able to triple my net worth in 9 months. Never give up! It’s a lifelong journey, to ever-expanding fulfillment & financial freedom 💰😇🛩️🏝️🛥️🎶

@EricBoston1992 3 ай бұрын

Wow, you’re working your butt off! Keep working hard, learning, & adapting strategically, and your success should continue to compound & accelerate over time. - I’ve been working 7-days a week, 60-80 hours a week, so I can allocate the extra money to assets I’m personally confident in. For example, tech equities, a little to index funds, but since Summer ‘23 I mostly buy crypto (VERY selectively though, bc most are scams). - Life keeps getting better, thanks to my decision to get MUCH more serious about my future (after wasting most my 20’s on hedonism), & thanks to my hard work, relentless research, & patience. Never give up! It’s a lifelong journey, to ever-expanding fulfillment & financial freedom

@richardamiss192 2 ай бұрын

I'm 60. No one taught me about money. Learning as much as I can now. I love it!

@mattsarac9920 3 ай бұрын

Better than any book I bought in business. Listen this 2-3 times, will change your life for sure. Incredible interview congrats. Worth thousands of dollars for free.

@DrRichardRoberts 3 ай бұрын

I'm glad to have been helpful.

@user-wo8bh7dh5c 3 ай бұрын

Dr. Rich Roberts is one of the most generous and humble person I have ever had the privilege to know! He is a true inspiration to all of Klal Yisroel!

@nyisles87 3 ай бұрын

100%

@fugu-hx7xq 3 ай бұрын

❤

@gcohn 3 ай бұрын

Dr. Roberts may not remember me, but his pharmaceutical company was one of our insurance clients! Incredible man.

@molo8657 3 ай бұрын

Please bring your Uncle back as a regular guest. Fascinating!

@anomanderrake8693 3 ай бұрын

Im not jewish, but I have to tell you thank you for your channel, and this great interview with Dr. Rich. Keep up the good work friends! :)

@tone0757 3 ай бұрын

I followed this concept since 2018. I started with $100 as mentioned here and invested in companies I knew and trusted. To this day I still don’t do much in chart analysis. I just invest no matter what an amount I’m willing to burn. If it goes up I invest if it goes down I invest why because I trust in those companies to move in the right direction. Since then I was able to grow my overall investments to over $100,000 close to $200k. It works I just wish I did this in my 20s rather than my 30s. I take more risk and invest more on the side of individual stocks however still invest in ETFs.

@jay_stack1270 3 ай бұрын

Smart! I am also just starting out late 30's ....also investing heavily in individual stocks especially: Air Taxis, Quantum computers and Battery lithium companies for electric cars

@nathanielamakye3933 3 ай бұрын

What companies did you invest in?

@Zensci18 3 ай бұрын

Impressive, but 200k will get you 3 maybe 4 years of private day school tuition at most schools in observant areas located in high cost of living areas. So, what you’ve done is super impressive but unfortunately a drop in the bucket for living an upper middle class frum life in most major USA cities like New York, Teaneck, Boston, or LA.

@tone0757 3 ай бұрын

@@Zensci18I’m actually from NY. Degree in Computer Science with a yearly income over 200k. I will be ok 😊

@zensci 3 ай бұрын

@@tone0757 I make over 200k a year and live in a high cost of living area as well but it is not so much us I'm concerned about. It's the next generation. If you got rich parents or trust fund -Kol HaKovod. I didn't but managed (though my retirement 401k etc is nowhere near where it should be) but will my kids? I frankly will advise my kids to move to a lower cost of living area, so they don't have to put 300-400k on a down payment for a decent home that isn't a "fixer upper". Living in Manhattan, Pico or DC just isn't worth it anymore.

@katereznikov8792 3 ай бұрын

I am 65. Never late to learn ❤

@davidc4408 2 ай бұрын

@@rarecase3666 2% rule and do not trust none regulated

@georgeleles3710 3 ай бұрын

What an outstanding interview. I really enjoy listening to wonderfully intelligent people speaking logically.

@susanjaneleitner7670 3 ай бұрын

I’m a fan and almost 77 years old! Loved your Uncle Rich! Thank you again for a meaningful and enjoyable conversation! See you soon!

@LivingLchaim 3 ай бұрын

Love. It. Thank you!

@ricardofigueroa2086 3 ай бұрын

So much great information, this podcast is better than an MBA!

@SriJ007 3 ай бұрын

Excellent podcast as always! Priceless! Thank you guys and keep up the great work. Love from India!

@nocheastral8219 3 ай бұрын

I love your channel , So glad The Eternal blessed you with a Great Uncle , Humble and wise , I admire and Respect, I would also recommend to watch your words , don't say you are bad at your finance , don't say you would probably shoot your leg if you had a Gun...Because you're attracting that! and also It shows you don't have self esteem because you Don't value your capacity and capabilities instead you make yourself less and not enough...Wich is not true , "we become what we think" , so start thinking your capable of having good finances and capable of caring and handling a Gun correctly and efficient ly. Start aproving yourself instead of desaproving and feeling not enough or capable. God Bless🇲🇽🇮🇱✡️💯👍🥂

@regnalnevets 3 ай бұрын

Excellent

@shareecundall1403 3 ай бұрын

Wonderful information! Thank you for interviewing such incredible people! I also want to thank these folks for sharing their wisdom ❤

@benz500r 3 ай бұрын

That's what being a true Jew is all about, a great and smart man. It was a pleasure to listen to him.

@DrRichardRoberts 9 күн бұрын

I appreciate your kind words. I try to be helpful.

@user-md4dh7nb1j 3 ай бұрын

Thank you so much ❤❤❤

@OHR36 3 ай бұрын

The best interview..so far..being rich and knowledge amd humble and smart..wow..I liked what he said..even i say that..Need money for family and Tzedkah..BH! Excercise and eat healthy...its a Mitzvah from Torah

@user-bm6be8lx7c 2 ай бұрын

Not sure how I found your channel.... but your guest is spot on!!

@jamesmsalilwa8733 3 ай бұрын

I liked the 2% rule. God bless you!

@brook9303 3 ай бұрын

Incredible episode! Best episode on this channel!!!

@user-uu4rq8rz9l 3 ай бұрын

Thank you 😊😊😊😊

@stoneone4838 3 ай бұрын

I love my employees, i dont talk to them. But i love them

@marksoberay2318 3 ай бұрын

did he say that? I missed...hilarious

@jgonzalez372 3 ай бұрын

Wow so much knowledge, so much wisdom, please need a second interview with your uncle Dr. Roberts. Thank this is one of the best interview so far in your channel. Muchisimas Gracias ✡️🇮🇱❤

@Rrg29 3 ай бұрын

Fantastic video! Great advice! Thank you

@zacharyarmenti2833 3 ай бұрын

Thank you! One of best podcast interview on KZfaq

@DrRichardRoberts 9 күн бұрын

Thanks you. You're very kind.

@teddmented 3 ай бұрын

That aquarium is amazing

@DrRichardRoberts 9 күн бұрын

Thank you. It's not much work now that it's all set up.

@victokirabo2409 3 ай бұрын

Listening from uganda. Thanks for the podcast.

@michaelduane4454 3 ай бұрын

Beautiful country

@apophisxo4480 3 ай бұрын

Great interview!!! Thank you!

@tornike8593 2 ай бұрын

I love this channel im from Georgia,tbilisi my early 20s watching and listen wise Jewish people about money my school doesn't teach me anythi g about this or my family my friends doesnt talkabout this but this thi g is so important thank u so much!!

@behappy528 3 ай бұрын

Fascinating as always!!

@efulton9 2 ай бұрын

I love that you guys translated the Yiddish and Hebrew being used. Thank you!

@realdeal139 3 ай бұрын

Great episode! Dr. Robert’s is. Gem!

@adams2385 3 ай бұрын

Thank you! Great show!

@kamilstrygner3994 3 ай бұрын

No shortcut to greatness. Interviews with very rich people are not spectacular. No magic recipes, only prudence, work and patience.

@DrRichardRoberts 9 күн бұрын

You understand everything! Don't be misled by get-rich-quick schemes, or stories, that result in you paying someone else for what isn't true.

@kiranwingelaar7009 3 ай бұрын

Many advisers recommend index funds. During Covid I made money buying individual stocks. My IRA soared then. I’ve had poor returns with mutual funds. I remember investing in the much touted Magellan fund with Fidelity. Those returns were not as good. It was predicted that it would double. It did not.

@USetareh 3 ай бұрын

One of the best podcasts you have made !

@imohjackson6191 3 ай бұрын

Thank you so much

@lifehacksandlessons920 3 ай бұрын

Thank you for the interview, humility goes a long way. Well done.

@randomobserver683 3 ай бұрын

Thank you🙏

@patrickbrady4729 3 ай бұрын

Fantastic, Ty

@plannerqueen 3 ай бұрын

I adore your fish tank.. 🐠🙏 and the interview is excellent too.. thankyou for sharing

@DrRichardRoberts 9 күн бұрын

Thank you for your kind words.

@marcel440 3 ай бұрын

Amazing podcast Thank You

@ronellsmoothlewis 3 ай бұрын

Someone thats is black and voting he is 100% correct. More and more of the community understands financially benefits now. And understand policy now

@righteousdivine 2 ай бұрын

Same boat, and I absolutely agree. I've personally been saying this for over 20 yrs. I believe this is why there is such a focus on an open border policy. Democrats know that we are 🤔, and are setting up for a new voting base.

@DrRichardRoberts 9 күн бұрын

@@righteousdivineThat's an intriguing insight. I will think more about that.

@DrRichardRoberts 9 күн бұрын

I can't fully express my deep pleasure at seeing how black people have progressed in America over the last 50 years in so many ways. Social media, and the ubiquity of cell phones, have given platforms to black people who were previously silenced (as well as everyone else but that's not the topic here). I LOVE IT!!!

@righteousdivine 8 күн бұрын

@DrRichardRoberts when you say most ideas fail, how do you know the line between sunk cost fallacy and being "3 feet from gold" ?

@nickguillaume4250 3 ай бұрын

Thank you for this information

@mojo08701 3 ай бұрын

Great stuff.... smart advice build wealth is the term

@MonsieurCashow 3 ай бұрын

Wow Dr. Roberts really is a gem and a Mensch. Great talk!

@tim46387 3 ай бұрын

So good. Such wisdom. Thanks so much. God bless.

@dagreatstoney.5869 3 ай бұрын

This man is wisdom, thank you 👍

@cathypaz3555 3 ай бұрын

Excellent information! ❤

@EliCohen1 3 ай бұрын

WOOOW! This is your best interviewee by far! He’s so good and on the money!

@DrRichardRoberts 9 күн бұрын

Thank you for your kind words.

@jgonzalez372 3 ай бұрын

I listened for the second time!, please with demanding a second podcast 🙏🏽 with your uncle.

@vooch 3 ай бұрын

Great video! Thank you so much for sharing.

@AniBAretz 3 ай бұрын

Impressively educational. Very appreciated!

@A91367 3 ай бұрын

Correction: Small error about gains from money market accounts. They generate interest income, not capital gains (which come from selling assets). Interest income is taxable as ordinary income at the federal and state (depending on your state) level. It’s an important distinction because it’s taxed annually and it’s higher tax than long term capital gains (assets held for over a year such as home, equities, businesses … Beautiful comments on mental health, peace and happiness in relation to wealth.

@sionjajate 3 ай бұрын

Really enjoyed your financial perspective and enjoyed this podcast. Sion Jajate, CPA.

@Mmlip358 3 ай бұрын

loved this interview

@jeffcokenour3459 3 ай бұрын

Wonderful insight, thank you. Something interesting related to the discussion of technology is that the people I know who are now the most financially successful have nothing to do with technology, but are in landscaping, construction and even animal husbandry. Has fewer and fewer people know and want to work with their hands I believe these fields will become even more successful

@Meirele 3 ай бұрын

His name says it all! RICH!

@private464 3 ай бұрын

41:36-42:00 and 1:03:46-1:04:15 are GOLDEN pieces of advice! Thanks for this great interview. Common sense is just not that common!

@luisrojas7987 3 ай бұрын

Thank you so much for this great interview. Interesting to notice that a veey wealhty man can be risk averse and with a down to earth approach instead of being a risk lover.

@hlathaung368 3 ай бұрын

Thanks!

@BeNNzuFG 3 ай бұрын

Diversification coupled with monthly investing coupled with buy and hold is the gold standard for the average joe investor. It is so easy with stocks nowadays. Buy a FTSE All World ETF every month, some physical gold, some fractional real estate assets and there you go. Funny that he says exactly the same stuff that the German ETF goods I know have been saying for years (Gerd Kommer, Andreas Beck). What he says holds truth. Not only in the US, but worldwide.

@jasonyitzie 3 ай бұрын

Beautiful advice

@henrylewin7046 3 ай бұрын

fantastic interview!

@rb1384 2 ай бұрын

I’ve learned so much from your podcasts, thank you! I hope Dr. Roberts would be the next ambassador to Israel. God bless you both !

@JoJo-ie8sl 2 ай бұрын

Fantastic episode, really appreciated everything this gent had to say

@theonewhoknows9615 3 ай бұрын

Excellent Podcast!!!!😀

@davidwollenberg1758 3 ай бұрын

Pretty good advice never thought about how giving to charities could backfire. Very interesting

@NecTeezay 3 ай бұрын

Nice show and subject. Keep up the good work

@stessassss2695 3 ай бұрын

Billionaire is what i see myself being and most of that will go to helping people in need .. 😊

@easternhair 3 ай бұрын

great talk thanks lot!

@coincollectingfun 2 ай бұрын

Crushed the like and subscribe buttons! EXCELLENT information and thank you so much for sharing!

@chewie1355 3 ай бұрын

Thanks

@PAULSEFAMILY 3 ай бұрын

Love love loved it❤❤

@noni6656 2 ай бұрын

Real wisdom of life not only money. grt job

@DrRichardRoberts 2 ай бұрын

Thank you

@EcomCarl 2 ай бұрын

his emphasis on the principles of diversification and regular investment is a timeless reminder that patience and prudence are the bedrock of successful personal finance. Excellent points on maintaining discipline even when the market seems against you! 👍

@CC-kl4nh 2 ай бұрын

Love this. Dr. Rich Roberts has great advice. I’d like to know what he thinks about making money without working to the bone because I am burnt out. My joints are killing me. What can I do?

@TheNimaldez 3 ай бұрын

Good stuff 👏

@seanalderson653 2 ай бұрын

Shalom thank you guys so much🎉

@KravMaster 3 ай бұрын

Fantastic video Rich ,great information as always from you , thanks ,Much Love and Nachas Bratha , Zalman Wid.

@user-zh6lg6uf4j 3 ай бұрын

I found you by accident. I'm glad I did. Time to practice what I heard. Gotta see what else you have to digest. Thank you !!! 9/10/2024

@LivingLchaim 3 ай бұрын

Oh, you’re in for a treat! Welcome aboard!

@IIIIALBYIIII 2 ай бұрын

amazing content, inspirational and great life lessons. thank you

@maxflight777 3 ай бұрын

super-compelling ! ❤

@judahross 3 ай бұрын

I love your show man.

@bengeorge69 3 ай бұрын

He addressed the great challenge we face obesity from sugar and carb.

@alexandrebeinotti3359 3 ай бұрын

Great interview. Greetings from Brazil 🇧🇷

@LivingLchaim 3 ай бұрын

We love Brazil! I did a school project on Brazil in 2nd grade. :) - eli

@jad1714 3 ай бұрын

Great interview

@PascalPascual-rn6fx 3 ай бұрын

Listening from Tanzania.

@cnce145 3 ай бұрын

great vid. keep it up

@ulhasarolkar 3 ай бұрын

Good advice... thanks

@indranidasgupta1511 3 ай бұрын

So valuable talk… people loosely spk about Risk.. I encounter such ignorant talk from my clients who really don’t understand the basic premises of investment…