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Lessons - Success Takes Sacrifice | Wilbur Ross - Commerce Secretary & Billionaire Investor · Success Story with Scott Clary

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  for thousand dollars off in this lessons episode discover how shifting away from traditional
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  ownership is reshaping our culture learn why the pursuit of instant gratification undermines
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  long-term financial stability understand how reliance on renting over owning jeopardizes future
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  independence and uncover the risks of growing government dependency in modern society
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  I mean you you've seen you I mean I think that if you look at some of the CEOs of major tech
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  companies you see people that come from other parts of the world that move to the U.S. that
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  take up these positions again which is great but you you do have to have a culture of entrepreneurship
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  of of a hard working of not being afraid to build things and fail and I think that we're so we're
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  moving so far from people being willing to do uncomfortable work that we're not even talking
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  about like you said entrepreneurship we're just talking about people working in nine to five
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  Monday to Friday job because if you're going to if you're going to be a successful entrepreneur like
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  I came from a nine to five environment and I worked hard there then I realized it I wasn't moving
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  fast enough my career wasn't progressing as quick as I wanted to so then I'm going to take that
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  into my own hands and instead of working nine to five Monday to Friday I'm working 24 7 365 but
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  at least I can now move at my own pace but the nine to five was because I didn't have entrepreneurial
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  parents the nine to five was this this a little bit of like an incubation for me as a professional
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  to then say okay this is great but I want to go farther if I had never even had the exposure to the
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  nine to five or if I was I see some people traveling all over the world and working the gig economy
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  again there's nothing inherently wrong with that but if a culture promotes that and social media
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  promotes lifestyle and all that I think that I think that again another component that you didn't
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  mention is we look on social we think other people's lives are so great and how can they work
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  two hours a week and make you know a million dollars a year well that's not reality but
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  social media is the megaphone and it broadcasts this reality and people assume it's the reality
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  so then they try and architect their lives like that and amongst all the other things you mentioned
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  it's just a very um we're gonna we're in a dangerous place I think because there's so much
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  influence telling us how we should live or what hard work should be or shouldn't be and I think
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  that it's I think we're kind of messing up the minds of a younger generation as to what life
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  can look like well I agree with that and I think you see it in another context it used to be
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  people's dream was own your own home that was a big big dream get married have a kid own your own
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  home was part of the cultural scene now people are not so interested in owning things they've
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  seen this settle for having the use of things there's even an industry now where people are
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  renting their clothes rather than buying I mean what could be more weird and what could be
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  girls actually efficient than renting your clothes because you know the guy renting them to you
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  is making a high rate of return well whereas his rate of return coming from was coming from you
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  because you're such a fool you won't even run up front end the price of your clothing and so I
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  think it's gotten to a very very extreme point there's nothing wrong with wanting to own things
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  and for most families owning the home was central to their ability to develop some semblance of
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  wealth because homes tend to appreciate over time my father had a pretty good saying even though
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  he was not wealthy he said I know a lot of people have gotten rich collecting rent I don't know
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  anybody who got rich paying rent and that's a philosophy that the people don't seem to have
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  everything is measured in terms of monthly payment not am I earning something not am I getting
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  somewhere not am I getting your head it's a whole attitude little thing that as you point out
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  you know what i've actually i'm really concerned because it seems to be compounded with short-sighted
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  ness what will happen is people will make enough money to rent their whole life and then what happens
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  when you can't work anymore or when you have some when you when you get sick or or when you do just
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  of old age you can't put in those hours or the cognitive performance just isn't there or the
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  physical performance isn't there i mean we haven't really seen that generation get to that age yet
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  and that's going to be scary unless something is done because the generation that is of the age
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  that can no longer work most of them will have pensions or they'll have some sort or they came
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  from the mentality of i want to buy my house i want to invest um yeah it's it's very scary the people
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  that are you know 70 80 90 now did not rent their clothes when they were growing up well as
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  sociologists that i met at a cocktail party had an interesting encapsulation of that he said one
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  of the real problems of the younger generation is the inability to postpone immediate gratification
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  that's what leads to they want everything quick easy they are very accessible the idea of
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  saving up to buy a home is quite different from that that generally especially for younger people
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  used to mean some postponement of immediate gratification because you put away a little money put
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  away a little money and then you got to do something uh by way of a home with it but they'll they're
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  happy to rent the house happy to run a car what they need it happy to rent even their clothes
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  and it's a dead end street because what they're doing is raising their current cost of living
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  to the point where they're not going to be able as you point out to have something to take care of
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  later on and that in turn is producing and encouraging the very unfortunate relationship between
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  the population and government remember the old communist manifesto the way to make socialism
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  permanent is first of all get to where a majority of the adult population pays no tax well we're
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  just about there second is get to the point where a majority of the adult population depends on
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  government for its livelihood that's where we're starting to head with all these programs and once
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  we get through that second thing if we do unfortunately and most people pay low tax and or dependent
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  on government forget it society as we've known it our culture as we've known it and tragically our
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  economies we've known it will be no more talk to me about it actually just a point I have I want to
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  talk about your transition to public service but can you just explain that point that because I
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  understand being dependent on government but can you explain the pay no tax point well it is
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  theoretically true that almost half the battle in Americans do not pay any tax because they have
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  all these tax credits in refund when the government says I'm going to give you a tax credit
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  for having a child let's say now that may be a worthwhile idea to help people have children
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  but what it works works works out too in reality is if you don't have enough income that you really
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  paying tax you get that money directly and so instead of being what it's presented as which is
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  just a tax credit lot it's an actual gift to the people who don't have taxable income
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  and in some cases even if they do it small and again it becomes a tax a cash payment rather than a
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  tax credit so it encourages the wrong behavior basically yes yes and I'm not opposed to child
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  care I'm not opposed to people having families obviously those are important but
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  when you create those two things nobody pays tax and people are dependent on government
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  though you've changed the whole society and it is a very very slippery slope because the theory of
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  it is that somehow the rest of society can afford not only to maintain themselves but pay the
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  bills to government to maintain the half that aren't working then aren't productive well that's a
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  very different world from the world that we used to have thanks for tuning in if you found this
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  valuable don't forget to hit that subscribe button so you never miss an episode and if you
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  want to dive deeper into this conversation check out the links in the description to watch the
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  full episode see you in the next one