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

Success Story with Scott D. Clary

Success Story Media

Business, Careers, Self-improvement, Education, Entrepreneurship

4.6 • 1.9K Ratings

🗓️ 17 March 2025

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this "Lessons" episode, Wilbur Ross, former US Secretary of Commerce, shares his insights on why renting is ruining your future. He explains how the modern pursuit of instant gratification undermines long-term financial stability by shifting our focus from building wealth through ownership to sustaining a cycle of perpetual renting. Ross argues that relying on rentals—not only for homes but increasingly for everyday items—erodes financial independence and accelerates government dependency, ultimately jeopardizing economic freedom for future generations.

Transcript

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0:00.0	In this lesson's episode, discover how shifting away from traditional ownership is reshaping our culture.
0:04.8	Learn why the pursuit of instant gratification undermines long-term financial stability.
0:09.1	Understand how a reliance on renting over owning jeopardizes future independence
0:13.2	and uncover the risks of growing government dependency in modern society.
0:17.0	Oh, you're going, I mean, I think that if you've, 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.
0:37.7	that take up these positions again, which is great.
0:40.6	But you do have to have a culture of entrepreneurship, of a hardworking, of not being afraid
0:48.8	to build things and fail.
0:50.8	And I think that we're moving so far from people being willing to do uncomfortable
0:59.0	work that we're not even talking about like you said entrepreneurship, we're just talking about
1:04.6	people working a nine to five Monday to Friday job. Because if you're going to be a successful
1:10.8	entrepreneur, like I came
1:12.2	from a nine to five environment and I worked hard there then I realized that I wasn't moving fast enough
1:19.1	and my career wasn't progressing as quick as I wanted to so then I'm going to take that into
1:22.7	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 Monday to Friday, I'm working 24-7, 365, but at least I can now move at my own pace.
1:30.4	But the nine to five was, because I didn't have entrepreneurial parents, the nine to five was 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
1:45.8	had exposure to the 9 to 5 or if I was, I see some people traveling all over the world and
1:51.5	working in the gig economy, again, there's nothing inherently wrong with that. But if a culture
1:57.8	promotes that and social media promotes lifestyle and all that. I think that, I think that,
2:06.3	again, another component that you didn't mention is we look on social, we think other people's lives
2:11.5	are so great and how can they work two hours a week and make, you know, a million dollars a year.
2:17.4	Well, that's not reality.
	...

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