Lessons - Success Takes Sacrifice | Wilbur Ross - Commerce Secretary & Billionaire Investor

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