Time Stamps! 1:04 - Trying to look successful 2:52 - Still having our fun, but quite expensive friends 3:53 - Buying an expensive home 5:07 - Continuously ignoring financial literacy 6:39 - Not investing in the market 7:50 - Not investing in your career 9:41 - Not starting the money conversation with your aging parents
The one about Ignoring financial illiteracy really hit hard on me. I went through my 20s completely ignorant of all the financial cues i came across, on ads, on the news etc, but at the same time always had a nagging feeling that I am missing something important and yet kept IGNORING it . Only till recently I fully realised how much me and my family had been missing out. So I start teaching myself and my 8 year old son now. It's kinda late for us but at least my son won't make the same mistake (well, hopefully).
Thank you so much for this video!! I just recently entered my 30ies and I'm trying to learn as much as possible about handling my personal finances and building wealth. Discovering your channel has been so helpful and this video is another great one! Thank you for your work, you're doing a fantastic job!! 👏🏼
@@hazyy47 I agree, used Toyota/Honda SUV. Want something more luxurious? Lexus/Infinity. The more luxury you want the more you’ll spend on up-keeping it so I’d recommend sticking to Toyota and Honda
It is so wonderful for you to live with your parents. I wish more of us as we were trained in the US yo leave them. I learn so much from you Tae, thank you!
Unfortunately my wife still thinks investing is gambling, even though we have a dividend portfolio that sends us a check every month, not even relying on growth for our primary investment engine.
Because it is gambling unless you're investing it into an index fund. No one knows if a single stock will go up or down, but everyone knows that the S&P 500 returns an average 8% return per year.
@@keaten52 this is false, the S&P is less risk than a single stock but has no garuntee of 8% average. While still not gambling all index fund investment does is give you built in diversification. There is an element of chance in everything we do in life but managing risk is what separates it from gambling. Curious if you buy an S&P index and I buy every single stock in the S&P, who's taking more risk?
On the topic of buying stuff to look successful, I think its still a nice feeling (obviously) which is why people fall into it. However, that 70K car could easily be found low mileage a few years old for 40k or less. In my scenario, my car was just over £50,000 rrp, at 6 years old and 29,000 miles on the clock, I nabbed it for £17.4k. There are ways to have nice things but make cuts elsewhere. Even if I had a million in the bank, I honestly don't think I'd have an ounce of temptation to buy brand new.
A few years ago, paid $1,000 for a high mileage rust bucket truck with some minor mechanical issues that I was able to repair myself. Best truck I've ever owned.
@@TaeKimFinancialTortoise As some other comments on here have mentioned as well, I really like your videos but I've watched like 20-30 by now and there's a lot of overlap of quotes and other info that you use over and over. I know that info and advice is always relevant, but I'd really appreciate it, as I'm sure other subscribers would as well, if you tried to have more unique content in videos and avoid repeating things over and over.
Makin money can be easy by having a job, but making money out of money is a game, Learn the Game of money and always have money, even if you are not doing any job.~~~~
Great content. I don't know if you're 'chuckling' every 3 or 4 seconds or so because someone recommended it to break up a monotone voice, but it's pretty distracting. If that's naturally you, then do you.
I agree with most of what you said, but I disagree that knowing how to improve your credit score is a necessary part of financial literacy. Borrowing is not a necessary part of growing your wealth, only investing is. There are many ways to invest without borrowing. Even if you want to invest in real estate, you can do so via REITs. In fact, I would argue that borrowing to buy houses is a highly leveraged, and therefore risky type of investment.
i think the counter argument is not paying mortgage for your house is like saying no to free money because of the rate of inflation. the only worry is if we ever went to the gold standard
All strong money traps are silent in one way or another... Usually as silent as a phone swype. Anyway I used to drive a XC90 that was a wealthy ex-girlfriend's car. That thing drove like a barge. I can't imagine it being more expensive than a Subaru Forester honestly. Ridiculous price for that thing.
How to advice to invest in own career capital? Do you advice to specialize in the single part of a work? For example, if I work in a bank in a Risk Management department, the advice is to specialize in a single part of this world (better if in this part you worked before)?
I've noticed that a lot of TH-cam channels fall into this trap where they recycle segments to get more content on the channel. Probably because they benefit more from subscribers than views and having a lot of videos on your channel is a way to attract subscribers.
Good thing I don't have asian parents 😂. All jokes aside. I am first generation Mexican, so I get it. I don't know about your culture. But maybe it's similar to Hispanic/Latino (at least for us Mexicans) it's somewhat taboo to talk about finances.
problem is I don't care about having a career. Working 30+ years for someone else is not my goal. I rather just live frugally now, and then live minimally later and maybe do a part-time job. Giving my life away to enrich my employers board of directors doesn't matter at all to me. I don't even care about having a house, I'm good with a small apartment.
Something is not right with your US index funds, for some reason we in Europe have like 18% index growth in 20 years, Japan more but its only in the US where those index funds really work because for some reason your index is going to the moon.
@@kcm1060 if you look 20 years its only USA doing that. Some economies like China are unregulated governments can make numbers whatever they feel like so you can only really compare western economies. fts went from 6k in 200 to 5,1k - 7,7k in 19-2022
One question...I know you save money on not buying lots of clothes, but it does not look like you cut your own hair. That saves me money. Have you considered that? I have done it since the pandemic started. Your hair looks like it was done by a professional. That adds up!
If the constant chuckle is a medical condition, I apologize in advance, but if it's some kind of trademark speech enhancing technique, it sounds horrible. Very distracting and has a condescending undertone.
@@CentristRN no. It's called criticism. I like the content but the delivery needs work. That's what's wrong with this generation. Everybody is perfect at everything and how dare anyone say otherwise
Sounds like that's just how he talks naturally, but maybe that's just me. Never noticed any "condescending" undertones. If you're threatened by the way he speaks, nobody told you to stay.
Homeownership ain’t a flex if u paying mortgage on a tiny (under 5000sqft) old (pre-2014) unit in a sus neighborhood in a coastal state. Renting a luxury penthouse tho ❤❤
Time Stamps!
1:04 - Trying to look successful
2:52 - Still having our fun, but quite expensive friends
3:53 - Buying an expensive home
5:07 - Continuously ignoring financial literacy
6:39 - Not investing in the market
7:50 - Not investing in your career
9:41 - Not starting the money conversation with your aging parents
The one about Ignoring financial illiteracy really hit hard on me. I went through my 20s completely ignorant of all the financial cues i came across, on ads, on the news etc, but at the same time always had a nagging feeling that I am missing something important and yet kept IGNORING it . Only till recently I fully realised how much me and my family had been missing out. So I start teaching myself and my 8 year old son now. It's kinda late for us but at least my son won't make the same mistake (well, hopefully).
I love your style. Clear, concise and relevant. Thank you.
Mr. Kim, you are very knowledgable and I am really enjoying this channel filled with great advice! Keep up the great work my friend!
Thank you so much for this video!! I just recently entered my 30ies and I'm trying to learn as much as possible about handling my personal finances and building wealth. Discovering your channel has been so helpful and this video is another great one! Thank you for your work, you're doing a fantastic job!! 👏🏼
2:00 hits hard. Currently 32 and expecting my first child next month. Really fighting the urge to buy a new SUV for the family.
If you need a vehicle just buy a used Toyota or Lexus SUV they will not let you down and you will save your wallet!
@@hazyy47 I agree, used Toyota/Honda SUV. Want something more luxurious? Lexus/Infinity. The more luxury you want the more you’ll spend on up-keeping it so I’d recommend sticking to Toyota and Honda
You can get by with a sedan or wagon. You don’t need an oversized gas guzzling SUV for a family!
@@jonm.678you can get a hybrid SUV. And some of us need cars like that (i live in Minnesota)
It is so wonderful for you to live with your parents. I wish more of us as we were trained in the US yo leave them. I learn so much from you Tae, thank you!
Unfortunately my wife still thinks investing is gambling, even though we have a dividend portfolio that sends us a check every month, not even relying on growth for our primary investment engine.
🤣
Because it is gambling unless you're investing it into an index fund. No one knows if a single stock will go up or down, but everyone knows that the S&P 500 returns an average 8% return per year.
@@keaten52 this is false, the S&P is less risk than a single stock but has no garuntee of 8% average. While still not gambling all index fund investment does is give you built in diversification. There is an element of chance in everything we do in life but managing risk is what separates it from gambling.
Curious if you buy an S&P index and I buy every single stock in the S&P, who's taking more risk?
Great video I love this thank u bro
4% interest - *laughs/cries in 2023 rates*
On the topic of buying stuff to look successful, I think its still a nice feeling (obviously) which is why people fall into it. However, that 70K car could easily be found low mileage a few years old for 40k or less. In my scenario, my car was just over £50,000 rrp, at 6 years old and 29,000 miles on the clock, I nabbed it for £17.4k.
There are ways to have nice things but make cuts elsewhere. Even if I had a million in the bank, I honestly don't think I'd have an ounce of temptation to buy brand new.
A few years ago, paid $1,000 for a high mileage rust bucket truck with some minor mechanical issues that I was able to repair myself. Best truck I've ever owned.
Great content 👍😁
Thanks 😁
@@TaeKimFinancialTortoise As some other comments on here have mentioned as well, I really like your videos but I've watched like 20-30 by now and there's a lot of overlap of quotes and other info that you use over and over. I know that info and advice is always relevant, but I'd really appreciate it, as I'm sure other subscribers would as well, if you tried to have more unique content in videos and avoid repeating things over and over.
An I the only one how hears "ageing parents" as "Asian parents"?? :p
No, but you’re the only one bold enough to say it publicly 😂
I thought so too, lol. I thought maybe he thinks his audience was mostly Asian. His further explanation clarifies it for me.
No, I came down here to say the same thing 😂
Yes, you are.
@@wilfriedvomacka1783 clearly he isn't...
I’m so greatful for my parents. They have taken care of their finances so well they have paid for their resting place.
Boy that last one….. the money conversation with your aging “Asian” parent is gold
Makin money can be easy by having a job, but making money out of money is a game, Learn the Game of money and always have money, even if you are not doing any job.~~~~
Great content. I don't know if you're 'chuckling' every 3 or 4 seconds or so because someone recommended it to break up a monotone voice, but it's pretty distracting. If that's naturally you, then do you.
I also noticed this. Good content
I agree with most of what you said, but I disagree that knowing how to improve your credit score is a necessary part of financial literacy. Borrowing is not a necessary part of growing your wealth, only investing is. There are many ways to invest without borrowing. Even if you want to invest in real estate, you can do so via REITs. In fact, I would argue that borrowing to buy houses is a highly leveraged, and therefore risky type of investment.
i think the counter argument is not paying mortgage for your house is like saying no to free money because of the rate of inflation. the only worry is if we ever went to the gold standard
Very nice! Thank you!
All strong money traps are silent in one way or another... Usually as silent as a phone swype. Anyway I used to drive a XC90 that was a wealthy ex-girlfriend's car. That thing drove like a barge. I can't imagine it being more expensive than a Subaru Forester honestly. Ridiculous price for that thing.
Subaru Foresters are pretty damn nice, imo lol. Laughed at “barge.”
According to most the studies SUV’s are actually dangerous to own, especially if you have kids. so you dodged a bullet on that in more ways than one.
I really like your videos. They are very informative.
This video is very helpful, thank you.
I'm getting anxious about my career, about to turn 30 and I'm not in the right place as far as my career is concerned.
How to advice to invest in own career capital? Do you advice to specialize in the single part of a work? For example, if I work in a bank in a Risk Management department, the advice is to specialize in a single part of this world (better if in this part you worked before)?
Unrelated, but what hair product do you use?
He does have some great hair
just turned this video on and buying a $90k tesla better not be one of the things not to do
are you using the David Dobrik laugh at the beginning of each sentence or am I crazy?
I think you have some great advice. However, your videos start to get redundant really fast as you share segments between videos.
Just like his investment strategy, redundant. That's the point. Learn to love reinforced cyclical investing. Boring, but steady. Your learning!
Just like anyone, take D. Ramsey: sell car, work more, eat beans, you don’t see inside of a restaurant unless you work there.
Simple ≠ easy
I've noticed that a lot of TH-cam channels fall into this trap where they recycle segments to get more content on the channel. Probably because they benefit more from subscribers than views and having a lot of videos on your channel is a way to attract subscribers.
Good thing I don't have asian parents 😂. All jokes aside. I am first generation Mexican, so I get it. I don't know about your culture. But maybe it's similar to Hispanic/Latino (at least for us Mexicans) it's somewhat taboo to talk about finances.
I think he said "ageing parents" but I also heard asian parents and I think we all did lmao
problem is I don't care about having a career. Working 30+ years for someone else is not my goal. I rather just live frugally now, and then live minimally later and maybe do a part-time job. Giving my life away to enrich my employers board of directors doesn't matter at all to me. I don't even care about having a house, I'm good with a small apartment.
I'm honestly so glad my parents kicked me out at 18. I handled all of these in my early 20's. Way ahead of my peers #timeinthegame
I love how he plugs the VTSAX fund and then puts up a graphic showing a -9% YTD return... LOL
a multi generational family sounds like it would be great.
Moral of the story, sit and talk with your Asian parents asap.
You and your Volvos, man. 😂
Volvo for life
What if I don’t have Asian parents because I’m Mexican ?
Aging parents lol
Something is not right with your US index funds, for some reason we in Europe have like 18% index growth in 20 years, Japan more but its only in the US where those index funds really work because for some reason your index is going to the moon.
Maybe because Europe and Japanese economy slowed down. In developing countries, market index returns average 8~10% p.a.
@@kcm1060 if you look 20 years its only USA doing that. Some economies like China are unregulated governments can make numbers whatever they feel like so you can only really compare western economies. fts went from 6k in 200 to 5,1k - 7,7k in 19-2022
Just fell into trap 3....oops
❤I'm
I have to say you look so much like a Chinese actor
One question...I know you save money on not buying lots of clothes, but it does not look like you cut your own hair. That saves me money. Have you considered that? I have done it since the pandemic started. Your hair looks like it was done by a professional. That adds up!
Jokes on you - mortage rates are high for all of us poor n' rich souls alike.
mm try a 6% FHA product lol
If the constant chuckle is a medical condition, I apologize in advance, but if it's some kind of trademark speech enhancing technique, it sounds horrible. Very distracting and has a condescending undertone.
He should be medically diagnosed with an extreme case of the chuckles
I thought I was the only one who finds this aggravating. Could not get through the video
Really reaching to find something to be aggravated over. Sad existence.
@@CentristRN no. It's called criticism. I like the content but the delivery needs work. That's what's wrong with this generation. Everybody is perfect at everything and how dare anyone say otherwise
Sounds like that's just how he talks naturally, but maybe that's just me. Never noticed any "condescending" undertones. If you're threatened by the way he speaks, nobody told you to stay.
In Filipino, Tae means poop.
Homeownership ain’t a flex if u paying mortgage on a tiny (under 5000sqft) old (pre-2014) unit in a sus neighborhood in a coastal state. Renting a luxury penthouse tho ❤❤