One of the most important steps to a successful financial plan is paying back your debts, especially the bad ones. Because debt will only increase if you do not actively work to pay it off. You should include a significant amount of money for debt repayment in your budget.
Totally agree!! The younger generations of today do have a leg up in the area of investing than what I did at 20 years old 30 years ago due to the internet and financial information at their fingertips. Today I can pick up my phone and trade a stock instantly with a few touches, but back when I was much younger my phone was a 12 button device with a cord that hung on the kitchen wall. Not saying that we can't do the stuff yesterday that we can do today, it's just easier.
About evaluating expending, the last few days of December, a lot of Pickups (a very expensive car in my country) began to park near my car at home. It is my dream car since I was 7 yo and I thought: "why not?". Then I began doing some research. A used, 10 years old double cab diesel pickup is about 65000 BRL (~16k USD). That money, invested in government bonds would give me 260 BRL (65 USD) per month, so by buying the car right away I lose those 260 bucks/mo in opportunity cost (180 if I sold my current car). The mileage and maintenance cost would be basically the same as my current car, so no increased cost here. But both the theft insurance and the taxes are three times higher than my current car. Taxes here are paid per the car value, not per the car weight. In the end, buying that car would net me an increased cost of 780 BRL per month (180 op. cost + 600 in taxes/insurance). That would increase the amount of money I would need for my Financial Freedom by 195 000 BRL (5% yearly rate), delaying it by a few years. I can wait.
Can you upload a picture of what that would look like? I design financial reviews, so I'm really curious to see how that would work on one sheet of paper.
Hi can you please provide a similar video that considers a single person with a freelance/self employed/non-regular income that can be adapted for a relationship. Cheers
Stuntman117 yeah I’m wondering the same thing. Here in Canada we have the TFSA (tax-free savings account) that is the equivalent of the Roth IRA, but there is a limit to it. To have enough money for the 4% rule, some money must be either in an RRSP (401k) or a non-registered account which are taxable. Then we would need more than 25x the annual expense.
What are my goals? I want to be comfortable supporting myself and I want to save for retirement. I also want to pay off my house and make it a comfortable place to live.
@@Sqeptick Hi Sqeptick will it possible for me to have a copy as well. I understand it is for personal use and you are not giving authoritative financial advise.
Can you do a video without the subjects being married? Not all of us plan to be married in the future and I’d love having this information presented from the perspective of a single millennial 😊 please & thank you!
consider the possibility of marriage as something not planned, but quite realistic, as an accident. definitely, it is better to be ready for this than not ready
There are many holes in this. We need to account for inflation. Many people believe they can make it own their own without the help from a financial advisor but there are many variables to consider.
The 7% growth rate accounts for inflation. That's called an Inflation Adjusted Growth Rate. And almost every single person can do this without a Financial Advisor.
Man, this channel is almost as fervent as PragerU in preaching the virtues of early settling down and marriage - starting to dilute my interest in these lol
hahahahahaah what???????? Not cool man, try to help encourage people to fulfill their dreams rather than tear them down because we are scared we can't do it ourselves.
Desire is the starting point of all achievement.
Napoleon Hill
One of the most important steps to a successful financial plan is paying back your debts, especially the bad ones. Because debt will only increase if you do not actively work to pay it off. You should include a significant amount of money for debt repayment in your budget.
I wish these videos were around 30 years ago!!
Totally agree!! The younger generations of today do have a leg up in the area of investing than what I did at 20 years old 30 years ago due to the internet and financial information at their fingertips. Today I can pick up my phone and trade a stock instantly with a few touches, but back when I was much younger my phone was a 12 button device with a cord that hung on the kitchen wall. Not saying that we can't do the stuff yesterday that we can do today, it's just easier.
Im tryna become rich as ****
No kidding!
I liked it
Great advice! I truly wish I had heard this 30 yrs ago when I was younger! I'm playing catch-up! But doing well! Thank u for this message!!!
Thanks for the video. I tried M1 Finance, but at the end, I decided to use Fidelity instead. Since I quite like their mutual fund.
Fidelity is a great option, too!
agree
About evaluating expending, the last few days of December, a lot of Pickups (a very expensive car in my country) began to park near my car at home. It is my dream car since I was 7 yo and I thought: "why not?". Then I began doing some research. A used, 10 years old double cab diesel pickup is about 65000 BRL (~16k USD). That money, invested in government bonds would give me 260 BRL (65 USD) per month, so by buying the car right away I lose those 260 bucks/mo in opportunity cost (180 if I sold my current car). The mileage and maintenance cost would be basically the same as my current car, so no increased cost here.
But both the theft insurance and the taxes are three times higher than my current car. Taxes here are paid per the car value, not per the car weight. In the end, buying that car would net me an increased cost of 780 BRL per month (180 op. cost + 600 in taxes/insurance). That would increase the amount of money I would need for my Financial Freedom by 195 000 BRL (5% yearly rate), delaying it by a few years. I can wait.
What country do you live in?
@@hellsingghrey1532 Brazil
Ayyyyy a fellow Brazilian! I hope you luck becoming financially independent!
Can you upload a picture of what that would look like? I design financial reviews, so I'm really curious to see how that would work on one sheet of paper.
I almost spent 3200 on apple products it's a good thing I waited.
Thank you , good sir.
Subscribed, and liked.
I like video😊😊😊
Hi can you please provide a similar video that considers a single person with a freelance/self employed/non-regular income that can be adapted for a relationship. Cheers
This is great.
Thanks so much
You're very welcome!
I love your content! Four ads on a 12 minute video seems excessive though.
Same on the number of ads...
Stuntman117 yeah I’m wondering the same thing. Here in Canada we have the TFSA (tax-free savings account) that is the equivalent of the Roth IRA, but there is a limit to it. To have enough money for the 4% rule, some money must be either in an RRSP (401k) or a non-registered account which are taxable. Then we would need more than 25x the annual expense.
No ads for me
Go into Control your Google Add. Uncheck all the boxes. This will take a while. You'll get only the 2 ads at the beginning of the video.
That was awesome, thank you!
Glad you enjoyed it!
Great videos. Which program do you use for voice over?
For the voice overs I use Adobe Audition. For the drawing I use videoscribe 🙂
Next Level Life wow that’s great!Thanks.
owning your own stocks directly has an even lower MER than ETF's. Hard to do that for S&P500 but easy to clone other ETF's with fewer holdings.
Hi could anyone explain the equation given at 10:15?
What are my goals? I want to be comfortable supporting myself and I want to save for retirement. I also want to pay off my house and make it a comfortable place to live.
Já estou participando da financial plan
Awesome video and animation was ❤️❤️❤️
Thanks!
My personal one page financial plan: spend it all as soon as I get it. Maybe I should consider changing that...
Does anyone have an excel sheet to see how much to save for xyz retirement age?
@@Sqeptick
Hi Sqeptick will it possible for me to have a copy as well.
I understand it is for personal use and you are not giving
authoritative financial advise.
Can you do a video without the subjects being married? Not all of us plan to be married in the future and I’d love having this information presented from the perspective of a single millennial 😊 please & thank you!
💯
Trust JESUS improve yourself 🙏
God bless 🙏
consider the possibility of marriage as something not planned, but quite realistic, as an accident. definitely, it is better to be ready for this than not ready
Beautiful
Great video
Thanks, Michael! I'm glad you enjoyed it :)
What does an emotional balance sheet look like for someone who's single or a single parent?
You can learn to trade from Lewis Aron Coach.
make research about him..
in the Philippines, it's not just your family (parents and siblings) that you are going to take care of but your clan. lol
True.
Lol oh my goodness. I had no idea this video was designed for 18 year olds. 1.25 million by 55.
Absolutely breathtaking! I encountered content with a similar theme, and it was mind-boggling. "Mastering Money Mindfulness" by Benjamin Hawk
Quero sim comprar uma casa
Nice though!
agree
So where’s that one page? Or any actual finished plan?
3:51
Love the content but if you leave this many ADs per video, no more likes from me
I don't get ads other than those at the beginning, I went into Control My Ads and unchecked all the boxes.
There are many holes in this. We need to account for inflation. Many people believe they can make it own their own without the help from a financial advisor but there are many variables to consider.
The 7% growth rate accounts for inflation. That's called an Inflation Adjusted Growth Rate.
And almost every single person can do this without a Financial Advisor.
Man, this channel is almost as fervent as PragerU in preaching the virtues of early settling down and marriage - starting to dilute my interest in these lol
1:13 *conservatives intensify*
You will get profitable advice from lewis Aron coach
Google him
Hey! You should review Scott Papes The Barefoot Investor
👏🏻
finance your first home with a budget*
A round of applause for you
Glad you enjoyed it!
fiscal
I came here for financial advice. I dont need you throwing my shitty emotional life at me. T-T
lol
He did???
Divide the page into thirds or fourths. There are three or four parts of this video. NOPE. Thumb down.
Hate to tell you, but this is totally not unlike pure gibberish. Get a real day job.
hahahahahaah what???????? Not cool man, try to help encourage people to fulfill their dreams rather than tear them down because we are scared we can't do it ourselves.