richardon<00:00:00.480> like<00:00:00.599> according<00:00:00.840> to<00:00:00.960> times<00:00:01.199> Rich<00:00:01.400> L

richardon like according to times Rich L

richardon like according to times Rich L is<00:00:01.640> worth<00:00:01.800> 700<00:00:02.120> million<00:00:02.360> quid<00:00:02.760> right<00:00:03.560> he'll

is worth 700 million quid right he'll

is worth 700 million quid right he'll make<00:00:03.959> 5%<00:00:04.319> a<00:00:04.400> year<00:00:04.560> on<00:00:04.680> that<00:00:04.880> you<00:00:05.000> know<00:00:05.600> let's<00:00:05.799> be

make 5% a year on that you know let's be

make 5% a year on that you know let's be conservative<00:00:06.399> say<00:00:06.520> he<00:00:06.600> makes<00:00:06.799> 3%<00:00:07.200> a<00:00:07.359> year<00:00:07.839> that

conservative say he makes 3% a year that

conservative say he makes 3% a year that means<00:00:08.160> he's<00:00:08.280> making<00:00:08.559> 21<00:00:08.960> million<00:00:09.240> pound<00:00:09.440> a

means he's making 21 million pound a

means he's making 21 million pound a year<00:00:10.080> passive<00:00:10.360> income<00:00:11.160> passive<00:00:11.559> income

year passive income passive income

year passive income passive income you're<00:00:12.759> rich<00:00:13.000> turn<00:00:13.280> you<00:00:13.360> spend<00:00:13.519> a<00:00:13.639> million

you're rich turn you spend a million

you're rich turn you spend a million pound<00:00:14.120> a<00:00:14.280> year<00:00:15.040> and<00:00:15.200> that<00:00:15.360> 20<00:00:15.599> million<00:00:15.879> pound

pound a year and that 20 million pound

pound a year and that 20 million pound you<00:00:16.720> use<00:00:17.000> that<00:00:17.160> to<00:00:17.359> buy<00:00:17.680> assets<00:00:18.400> right<00:00:19.400> and<00:00:19.600> you

you use that to buy assets right and you

you use that to buy assets right and you know<00:00:20.080> if<00:00:20.199> it's<00:00:20.359> a<00:00:20.480> growing<00:00:20.880> if<00:00:20.960> you're<00:00:21.080> in<00:00:21.199> a

know if it's a growing if you're in a

know if it's a growing if you're in a rapidly<00:00:22.039> growing<00:00:22.400> economy<00:00:23.000> they<00:00:23.119> can<00:00:23.279> use

rapidly growing economy they can use

rapidly growing economy they can use that<00:00:23.560> to<00:00:23.640> build<00:00:23.880> new<00:00:24.080> assets<00:00:24.359> but<00:00:24.439> we<00:00:24.519> are<00:00:24.599> not

that to build new assets but we are not

that to build new assets but we are not in<00:00:24.760> a<00:00:24.880> rapidly<00:00:25.160> growing<00:00:25.480> economy<00:00:26.119> so<00:00:26.279> what

in a rapidly growing economy so what

in a rapidly growing economy so what happens<00:00:26.640> if<00:00:26.720> your<00:00:26.880> economy<00:00:27.160> is<00:00:27.279> not<00:00:27.439> growing

happens if your economy is not growing

happens if your economy is not growing and<00:00:28.279> this<00:00:28.439> guy<00:00:28.599> is<00:00:28.720> getting<00:00:28.960> 20<00:00:29.199> million<00:00:29.599> in

and this guy is getting 20 million in

and this guy is getting 20 million in assets<00:00:30.039> every<00:00:30.240> year<00:00:30.679> Well<00:00:30.800> it<00:00:30.880> has<00:00:31.000> to<00:00:31.400> come

assets every year Well it has to come

assets every year Well it has to come from<00:00:31.759> somewhere<00:00:32.599> you<00:00:32.719> know

from somewhere you know

from somewhere you know so<00:00:34.440> if<00:00:34.680> you<00:00:34.800> know<00:00:35.120> I<00:00:35.280> always<00:00:35.520> think<00:00:35.719> people

so if you know I always think people

so if you know I always think people need<00:00:36.079> to<00:00:36.360> look<00:00:36.480> at<00:00:36.640> their<00:00:36.840> family<00:00:37.360> you<00:00:37.440> know

need to look at their family you know

need to look at their family you know and<00:00:38.079> what<00:00:38.239> percentage<00:00:38.600> of<00:00:38.680> your<00:00:38.840> home<00:00:39.040> did

and what percentage of your home did

and what percentage of your home did your<00:00:39.399> dad<00:00:40.039> own<00:00:40.600> when<00:00:40.719> he<00:00:40.840> was<00:00:41.000> your<00:00:41.200> age<00:00:41.719> it's

your dad own when he was your age it's

your dad own when he was your age it's going<00:00:42.160> down<00:00:42.520> right<00:00:42.960> it's<00:00:43.120> going<00:00:43.399> down<00:00:43.719> if<00:00:43.840> you

going down right it's going down if you

going down right it's going down if you look<00:00:44.039> at<00:00:44.200> like<00:00:44.399> the<00:00:45.399> youth<00:00:45.680> home<00:00:46.000> ownership<00:00:46.399> is

look at like the youth home ownership is

look at like the youth home ownership is collapsing<00:00:47.079> right<00:00:47.280> those<00:00:47.440> houses<00:00:47.680> are<00:00:47.800> not

collapsing right those houses are not

collapsing right those houses are not disappearing<00:00:48.840> look<00:00:48.960> at<00:00:49.079> government<00:00:49.399> debt

disappearing look at government debt

disappearing look at government debt it's<00:00:49.719> going<00:00:49.879> through<00:00:50.000> the<00:00:50.120> roof<00:00:50.520> look<00:00:50.640> at

it's going through the roof look at

it's going through the roof look at Mortgage<00:00:51.079> Debt<00:00:51.239> it's<00:00:51.320> going<00:00:51.480> through<00:00:51.600> the

Mortgage Debt it's going through the

Mortgage Debt it's going through the roof<00:00:52.039> someone<00:00:52.359> is<00:00:52.440> on<00:00:52.559> the<00:00:52.640> other<00:00:52.800> side<00:00:52.960> of

roof someone is on the other side of

roof someone is on the other side of that<00:00:53.199> debt