December 17, 2024 • 6 mins
Chris breaks down the critical distinctions between wealth, money, and social status. Highlighting the importance of creating assets that work for you, he emphasizes the value of building wealth over chasing temporary fame or monetary gains. With timeless insights, Markowski offers a roadmap for younger listeners and anyone looking to focus on true financial growth in the new year. www.watchdogonwallstreet.com
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Episode Transcript
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Speaker 1 (00:00):
The Watchdog on Wall Street podcast, explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact that we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski the.
Speaker 2 (00:16):
Difference between wealth, money and fame or status. I think
over the next next couple of weeks, head into the
new year, and I know I'm not a big fan
of the whole resolution concept.
Speaker 3 (00:34):
I get it. I get it.
Speaker 2 (00:36):
Not a fan of it, but I understand it. I'm
not going to go all out Tony Robbins on you
or anything like that, but We're going to go over.
Speaker 3 (00:48):
Some advance.
Speaker 2 (00:49):
I'm gonna give some advice, some tidbits, especially for some
of our younger viewers and listeners out there, some more.
I like my rule of the road, my simplistic rules
and laws and whatnot. Again, I didn't come up with
these things. They are timeless.
Speaker 3 (01:10):
I just use them, and the.
Speaker 2 (01:12):
More people that actually followed suit, the better off they're
going to be. Well anyway, neither hearing wealth money fame status.
I am in the uh wealth business. I'm in the
wealth building business. It's not about mallion money. I mean
(01:38):
money for your clients. I'm building wealth for my clients.
And let me tell you something, there is a major
difference between the two.
Speaker 3 (01:50):
Wealth.
Speaker 2 (01:52):
Let me expend. We do this this way, and I
make fun of it all the time. They always put
out the lists they just had. Uh what was it
was it?
Speaker 3 (01:59):
Uh?
Speaker 2 (01:59):
They were talking Elon Musk and he just recently got
now the wealthiest guy in the world. Again, I don't
know their neck and neck with various different people, richest
person or who's the richest person in the world. And
they take a look at the value of what he owns,
his wealth, the companies that he owns, what they generate,
what they're worth. Again, it's not money, Okay, it's not money.
(02:26):
He can't if he can't up and sell, there's nobody
that's going to buy him out of everything that he has.
It just doesn't work that way. Wealth is having an asset,
assets that work for you while you're sleeping, that are
(02:48):
working for you all the time. Money is what it's
It's basically how you go about in essence, paying for
time or transferring wealth at some point in time. Fame
(03:10):
or status. That's social nonsense. The whole concept of influencers
and all this, and well, look how many followers this
one's gone, Oh my god, look at that.
Speaker 3 (03:23):
It is an influencer. Yeah.
Speaker 2 (03:27):
No, that these people aren't really building any wealth, are they.
Speaker 3 (03:34):
They have to be more and more, I guess outrageous
as you go along, and more often than not, they
end up increasing or making their improving their status based
upon who they're tearing down, not who they are lifting up.
Speaker 2 (03:53):
Uh. You don't want to get into the whole status game,
if you will. Wealth creation is what you need to
focus on. You need to focus on building wealth. You
need to be to be crafty. I always talk about build, create, protect,
and teach. You want to be building and creating something
(04:16):
that's going to be paying you, that is going to
be worth, something that's going to have a multiple down
the road. That's again, people, you take a look of
these lists. Take every and I said richest person in
the world, They always say richest personal world. This one's
(04:39):
worth this, and this one's worth that. It's not in money, okay,
that is their wealth. That is that is what the
value in the businesses that they own. You create that
type of value that that's that's how that's how you're
(05:02):
gonna get somewhere. Don't focus so much on the money, Kenny.
You think about the people again, smart people back when
you go to go back to the dot com error
and a lot of these great companies and a lot
of kids that worked for Google or Apple or Amazon
(05:25):
or some of these places for not a hell of
a lot of money, not a hell of a lot
of money. They were getting big salaries, they got stock,
they got partial ownership in those companies.
Speaker 3 (05:40):
And guess what.
Speaker 2 (05:44):
They became, wealthy ownership society. That's wealth. Okay, money again,
it's how you transfer things to unit of measurement and
how we go about transferring things. This is why you
want to build wealth rather than look for money or
(06:06):
look for fame or status. Watchdog on Wall Street dot
Com
The Watchdog on Wall Street podcast, explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact that we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski the.
Speaker 2 (00:16):
Difference between wealth, money and fame or status. I think
over the next next couple of weeks, head into the
new year, and I know I'm not a big fan
of the whole resolution concept.
Speaker 3 (00:34):
I get it. I get it.
Speaker 2 (00:36):
Not a fan of it, but I understand it. I'm
not going to go all out Tony Robbins on you
or anything like that, but We're going to go over.
Speaker 3 (00:48):
Some advance.
Speaker 2 (00:49):
I'm gonna give some advice, some tidbits, especially for some
of our younger viewers and listeners out there, some more.
I like my rule of the road, my simplistic rules
and laws and whatnot. Again, I didn't come up with
these things. They are timeless.
Speaker 3 (01:10):
I just use them, and the.
Speaker 2 (01:12):
More people that actually followed suit, the better off they're
going to be. Well anyway, neither hearing wealth money fame status.
I am in the uh wealth business. I'm in the
wealth building business. It's not about mallion money. I mean
(01:38):
money for your clients. I'm building wealth for my clients.
And let me tell you something, there is a major
difference between the two.
Speaker 3 (01:50):
Wealth.
Speaker 2 (01:52):
Let me expend. We do this this way, and I
make fun of it all the time. They always put
out the lists they just had. Uh what was it
was it?
Speaker 3 (01:59):
Uh?
Speaker 2 (01:59):
They were talking Elon Musk and he just recently got
now the wealthiest guy in the world. Again, I don't
know their neck and neck with various different people, richest
person or who's the richest person in the world. And
they take a look at the value of what he owns,
his wealth, the companies that he owns, what they generate,
what they're worth. Again, it's not money, Okay, it's not money.
(02:26):
He can't if he can't up and sell, there's nobody
that's going to buy him out of everything that he has.
It just doesn't work that way. Wealth is having an asset,
assets that work for you while you're sleeping, that are
(02:48):
working for you all the time. Money is what it's
It's basically how you go about in essence, paying for
time or transferring wealth at some point in time. Fame
(03:10):
or status. That's social nonsense. The whole concept of influencers
and all this, and well, look how many followers this
one's gone, Oh my god, look at that.
Speaker 3 (03:23):
It is an influencer. Yeah.
Speaker 2 (03:27):
No, that these people aren't really building any wealth, are they.
Speaker 3 (03:34):
They have to be more and more, I guess outrageous
as you go along, and more often than not, they
end up increasing or making their improving their status based
upon who they're tearing down, not who they are lifting up.
Speaker 2 (03:53):
Uh. You don't want to get into the whole status game,
if you will. Wealth creation is what you need to
focus on. You need to focus on building wealth. You
need to be to be crafty. I always talk about build, create, protect,
and teach. You want to be building and creating something
(04:16):
that's going to be paying you, that is going to
be worth, something that's going to have a multiple down
the road. That's again, people, you take a look of
these lists. Take every and I said richest person in
the world, They always say richest personal world. This one's
(04:39):
worth this, and this one's worth that. It's not in money, okay,
that is their wealth. That is that is what the
value in the businesses that they own. You create that
type of value that that's that's how that's how you're
(05:02):
gonna get somewhere. Don't focus so much on the money, Kenny.
You think about the people again, smart people back when
you go to go back to the dot com error
and a lot of these great companies and a lot
of kids that worked for Google or Apple or Amazon
(05:25):
or some of these places for not a hell of
a lot of money, not a hell of a lot
of money. They were getting big salaries, they got stock,
they got partial ownership in those companies.
Speaker 3 (05:40):
And guess what.
Speaker 2 (05:44):
They became, wealthy ownership society. That's wealth. Okay, money again,
it's how you transfer things to unit of measurement and
how we go about transferring things. This is why you
want to build wealth rather than look for money or
(06:06):
look for fame or status. Watchdog on Wall Street dot
Com
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