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  • - Hey sifu, I actually recently was looking up

  • a lot of articles and I know the fans,

  • they know we're filming

  • and I just wanted to take this kind of intimate moment

  • to address this where,

  • you know, I'm making a lot more money now

  • and I, seeing so many articles and advice online

  • and I just wanted to know, you know, from your perspective,

  • when you were younger and you were kind of in my position,

  • in my age, - Right.

  • - What are some of the kinda money mistakes that

  • you wish you would have known that I could look out for,

  • or the audience could look out for and things like that.

  • - Good question.

  • I think there's so many mistakes young people make

  • and because they think they have time and they think money

  • and money is not taught in school,

  • so when they first make a little bit more money,

  • they get their first paycheck

  • and then just like when you get a first paycheck,

  • you're not so sure what to do especially as you work harder,

  • maybe you rise up and you make more right,

  • now you're smarter, so I think first mistake is

  • paying interest on credit card debts.

  • So some people they talk about

  • make sure you don't get a credit card,

  • I don't think you should not not get a credit card

  • because a credit card builds up your credit score.

  • In the future when you want to buy a house,

  • when you want to buy a car, you need your credit score.

  • So it's not so much about cutting on your credit card

  • or never use credit card, always use debit,

  • no, use credit card

  • but just make sure you pay off that balance

  • every single month.

  • Because when you're paying that 18 or 20% interest rate,

  • it may not seem like a big deal, but when

  • you're not saving money - Over time.

  • - And you are paying interest rate on 18, 20%,

  • that's a big deal.

  • So pay off that balance every month.

  • - Got it.

  • - And then get a credit card, but get one,

  • do your research, there's so many credit cards out there

  • where you accumulate points.

  • Some of them give you cash back.

  • Some of them you can do different shopping.

  • - I think sometimes it's,

  • you get like five times points for flights

  • and things like that. - That's right, that's right.

  • - But don't get sucked into it, I'm gonna get a credit card

  • because I get all these points, but do your research.

  • If you like to travel,

  • yeah get one that's like very advantageous

  • when it comes to travel points but if not, then,

  • like example for me,

  • a lot expenses I run through my corporate card.

  • If you have a business, you can get a corporate credit card,

  • so you can accumulate points and you can use that

  • to buy things or to book hotels

  • and travel things like that so - Got it.

  • - that's mistake number one. - Got it.

  • - Number two is young people, I see this a lot,

  • they try to impress other people, right.

  • So they buy stuff, I did that.

  • - I probably would do that once or twice.

  • - You're right, you know, you buy stuff to impress people

  • that you don't even like, you don't really care.

  • But because I wanna look a certain way,

  • I wanna drive a nicer car

  • then you get into the habit of buying things

  • you can't afford, right.

  • Maybe, your earning only allows you to buy a car that is,

  • you're comfortable with 300 bucks a month car payment.

  • But like you know, I want that cool car, I wanna be cool,

  • so, you get the sport car.

  • - Drive on the highway. - Highway.

  • - People look at you.

  • - They think you think they'll

  • attract girls that way, right, I think.

  • By the way, that's all like marketing, right.

  • No girl's gonna come up to you and say,

  • "Oh you're so cool, what car is that?"

  • Like, unless you drive maybe

  • something like extremely luxurious.

  • - And then you gotta think if that's the girl you wanted.

  • - Yeah, that's not even the girl, that's,

  • you see these pranks on YouTube

  • like the gold digger prank, right, so that's

  • I don't recommend that.

  • So don't get into debt and buy stuff that

  • maybe you don't really need, right.

  • So that's mistake number two.

  • Third mistake is not just a money mistake

  • but also a time mistake.

  • Because young people just like myself, when I was younger,

  • you would spend time on playing video games, right.

  • And you would spend a lot of time watching

  • like following sports, right.

  • Watching this game and that game and before you're knowing,

  • you are wasting a lot of time

  • instead of using that time to improve yourself.

  • Because when you are 20 years old,

  • you don't think about 30, 40, 50 years, right.

  • When you're 50, when you're 55,

  • but I'm telling you,

  • it feels like yesterday I was 21.

  • A blink of an eye, you're now like 30.

  • A blink of an eye, you're like 40.

  • Time pass by so fast and you will wish

  • that, hey you know what, if I didn't waste that time

  • doing all those stupid things

  • and I'm not saying don't play games,

  • I've got a PS4 and Xbox, right.

  • I play it from I don't know, couple times a month.

  • You just don't wanna, I do three hours of gaming

  • every day. - Day.

  • - Unless you are streamer,

  • that's how you're making your money then, you know what,

  • no problem with that.

  • - I think it's mostly the mobile games too,

  • that's what really gets you,

  • your mobile games take oh, 10 minutes here, 10 minutes here.

  • - And know especially those mobile games

  • where you gotta buy more coins.

  • - The microtransactions. - Oh microtransactions!

  • - You know it, you know it. - You know it, right?

  • Where, hey, they hook you in with free game,

  • before you know it, you use spending

  • hundreds of dollars. - Oh yeah.

  • - There was a game that I bought which is a Chinese game,

  • like a Three Kingdoms, like a strategy game, free download.

  • Before you know it, I was blowing

  • hundreds and hundreds of dollars, right.

  • It's stupid, right, and that money is something that

  • you could use towards educating yourself,

  • not just formal education, but self education,

  • reading books, taking online courses or even going to events

  • or learning from someone who's successful, right.

  • That would be mistake number three.

  • And I would say mistake number four is

  • leaning on your parents too much.

  • Where you see kids, teenagers

  • that the parents work very hard, pay for the education,

  • giving them a home to live in, maybe their basement,

  • things like that and you notice they...

  • mature little bit later.

  • Right, took them a little bit long a time,

  • they kind of live in this bubble

  • because the parents are too protective,

  • especially from Asia, right, Asian parents,

  • India, China, Taiwan, very protective

  • versus kinda pushing them out there and say,

  • "Hey, you gotta figure this out on your own."

  • So then, you can see even like 24, 25, especially guys.

  • Girls, like they mature liberally,

  • but guys you can see at the age of 28, 27,

  • they still behave like 18 because they live in this bubble

  • so, leaning on their parents too much.

  • One of the worst thing but also the greatest thing

  • that ever happened to me is when I was 16,

  • my mom and dad got divorced

  • and when I was 17, my dad went bankrupt.

  • If my dad didn't go bankrupt, 'cause know,

  • I have allowance coming in, I wasn't thinking about money,

  • wasn't thinking about becoming successful.

  • But because of that happened, it forced me to do that.

  • Not pleasant, right, I don't recommend it for everybody,

  • but it was one of the greatest things that ever happened.

  • That was a turning point for me.

  • - It's like that adversity that helps you--