I knew I had "made it" when I could go to the grocery store, put things in the basket, and not have to do math. That's was a very liberating moment in my life.
If anything like me .. that comes from a place where we had to add up all the tax before leaving an item in the basket ... coming from that place, your damn right it feels good!! Congrats and all the best man !!
I genuinely enjoy food shopping for this reason. Even though it’s been several years, I remember very clearly deciding what groceries were essential and fit under that weeks allotted amount, and now, I can just grab stuff.
Ha, he’s gone from $4 million to $5,000,000.00 in a month ...next month he’ll be reaching Steve Austin status...how cool would that be....hearing the theme to the six million dollar man in my head as I type this 😃
The line a friend said to me once about some one like that was "sell a ketchup Popsicle to a woman in white gloves", that one had me laughing pretty hard. I'm pretty sure Ed could pull that one off too.
Ed your the man. He is so modest and realistic. I met him in atl at a car meet about a year ago and yes he is just as down to earth as he is in these videos. I honestly think he one of just a few people in this world that could hit like a huge amount of money in the lotto and it wouldnt change him a bit. Keep up the amazing work ed.
Man it is just a pleasure to hear you talk about ANYTHING, whether its cars, or financial health or car stories. I think I can listen to you talk about yoga for 30 mins straight and it would still be worth my time. Ed is a bloody legend.
As a Vinwiki fan and as a pastor it was really neat hearing you speak about tithing. Giving really changes your perspective on money whether you are a Christian or not. Thanks for the discussion on this and for the fun stories. I’m probably not going to be running any rally’s in my 10 year old Hyundai or purchasing any exotics but your channel has allowed me to enjoy my love of all things automotive vicariously through you and all the story tellers, keep up the good work!
I remember reading Malachi 3:8-12 and that convicting me of my previous behavior. I think that is the only thing God says to test Him on. Thanks Ed for the reminder on why I do what I do with the money I have been given.
My grandmother grew up dirt poor. Literally they couldn't afford floors in their house and couldn't afford good soil for their crops. When she got older and married, they had 6 kids. Each of them also grew up not worrying about money. Later in life she had money, but she was about experiences. That meant more to her than money. Money was a way to get an experience. She got rides in supercars because she was able to teach the guy across the street that had them, how to care for his expensive plants. She rode horses because she tutored some kids in math and reading and their parents had horses so that was her payment. She baked Southern desserts for parties at expensive homes where she didn't fit in, but she didn't care. It was an experience. At the end of the day, that's all everything is. Experiences
That's easy. Pump up your credit score, and then finance a ruinously expensive lifestyle. A Supercar (or several), a massive house, pricy vacations you share on your social media. You'll be up to your eyeballs in debt, but at least everyone will be asking how you can afford that, and what your net worth is. And then you just humbly brush off the question until you get to a point where you have to declare bankruptcy, or much less likely, manage to make so much money you can actually service and pay back the ridiculous amount of debt you incurred, in effect catching up to your lifestyle.
Shit im wearing an addidas tracksuit and sportchek Hoodie but I spend 60m a month on insurance for everything I pay the cops 10k an hour to ignore me when I'm speeding as well Ed will get shot for a smartwatch by a crack fiend one day I can tell
I really appreciate the fact the @Ed Bolian doesn't shy away from discussing his faith, but then at the same time he's not pushy or judgemental. Love ya Ed!
My parents taught me young about money, they told us when they were broke, barely able to pay the electric bill, etc, my biggest take away was this, you may only have a single digit number of cash to your name but as long as you got electric,Food, and housing and the ability to get to and from work, it don't matter, yeah you can't buy that new gun or go out to eat but your ahead of so many others in the exact same situation
This is by far the biggest surprise from this channel for me personally. Ed I have so much respect for you, this is hands down my favorite video. Props to you dude
My ? is why would you even suggest that one "tithe" or donate money to any church, when the Catholic Church is one if not THE wealthiest organizations on earth? I'm not tryna be a dick, it's an honest question.
Thanks for sharing your personal opinions on wealth. There are so many financial guys on TH-cam selling the dream, and the reality is that the dream is different for everybody. Society has tricked themselves into thinking that symbols of wealth indicate actual wealth when in reality many of the individuals that flaunt it are the closest to losing everything. For us, staying humble, staying focused and sharing with others is what will lead to long term success.
Ed, I am teaching a Dave Ramsey Financial Peace course at my church and it has been a big lesson to me how many people get bad financial advice. Thank you for having conversations like this on your channel. Fantastic value for your audience!
There is certainly plenty of bad advice floating around. I don't believe in everything Ramsey said but it is a great starting point for Financial Peace.
I read Ramsey's book and followed most of it to become debt-free (expect for a refinanced mortgage) in less than 10 years. Like Ed, I don't agree with everything Dave says, but if you're starting from nothing, it's a good place to start.
@@EdBolian Definitely. I work in the finance industry and am not permitted under UK Regs to supply any advice. There is so much on the Internet I read and just want to scream.
This was a genuinely inciteful video on the mindset of the perception of net worth. I've found in my own journey to my current place of net worth is BSI (Big stick ideology). Break free of what others see as the goal and do what works for you. Everyone doesn't need a 30mil dollar house and 20mil in cars. Having a realistic goal and always having it balanced between attainable and slightly overly optimistic has always been the sweet spot for me. It keeps you striving to achieve the possible, and gives you the satisfaction of knowing that once you achieved it was actually a meaningful accomplishment.
I appreciate this outlook! I’m a single guy with only myself and my dog to worry about. I want to be able to possibly get sick or pay a vet bill and say “let’s just do it!” without worrying about the pocket hit. I know I’m going to be by myself for the long haul since I stick to my decisions and I’m okay with it, I just want to be comfortable. Much respect and thanks Ed!
I have loved the Vinwiki channel for some time, but I'd like to say, my respect for Ed with this video just went up vastly! Good on you brother and all great advice! Much respect!
Interesting subject. My girlfriend and I share a single credit card, primarily for groceries and gas. She recently had to get about $150 worth of groceries. Didn’t ask. And I didn’t care. It was a small but liberating feeling knowing that $150 meant nothing to me. Then this video pops up. I’m not quite at $500. But, steady investing and living well below our means will lead to it. Thanks for the video!
This may be the first time I've been so happy with the content of a video not matching a click-bait style title. Massive respect for taking the question a lot were obviously wondering about, and giving fantastic advice rather than a direct dollar answer.
My memory isn't as good as it was in years gone by so I am shocked every time I see this channel has just under a 100k in subs. There is something wrong here Ed, you need to concentrate more on getting the subs up. The channel is capable of having millions of subscribers, and I would have thought by this point in time you'd have at least a million. The channel is professional , informative, and entertaining, and should be gaining subs at a higher rate than currently. Kudos, I love the channel, and wish you nothing but the best.
I love how wholesome this video was. Ed handled the issue of people recently being increasingly curious about his net worth in the best way possible. Also as a finances student, a Christian and someone who wants to increase his net worth, I am really motivated by what Ed said. The advice is just heartwarming and helps to go forward and deal with money issues that sometimes get too much in our head when we aspire to improve our financial situation. Thank You, Ed. Greetings from Poland ☺️
Completely blown away when you said tithing. I agree completely with you there. When giving 10% of the income away to church, ministries and charity it totally helps keep a person from obsessing about every dollar spent.
Ed, I wish I could give this video two likes! We've all heard this kind of advice before but you've gone and put it in a way no other has and it just makes sense. Most of what you said, I already knew but I never thought about it that way before and sure didn't think about sharing it. And, you spoke about tithing with his so critical in life. Our pastor jokes that church math is like toilet paper math; it doesn't add up but it works! The Lord always gives it back in multiples!
Perfectly perfect. I have consistently hijacked much of your language as a financial advisor of 10 years. You’re an inspiration to many. Please don’t stop working hard.
I really appreciate this video. Thanks for your thoughts and insights. You’re one of the very few people I have heard talk about tithing and how liberating it is to donate. I couldn’t agree more that there is something soothing about that generosity. It helps me see the ways that I have been blessed and giving back to others that might not have been helps keep me humbled. Glad to hear you’re a believer too
i love that you included tithing, ever since i started working my dad told me to donate about 10% of what i’ve made and it really has given me a different perspective
Respect! Amazingly solid advice. Particularly for the younger audience of the channel. I'm happily retired. And money is no longer a concern. That is because I own all the stuff I need such as a home, car and the basic stuff of life. And I know what I need/like to spend each year and I know I can do that to the end of my days without concern. And it is liberating. I can add some tips that worked for me. 1. Develop a spreadsheet that lays out where you spend. Not to restrict but just honestly understand. Line items for groceries, each utility, entertainment, hobbies, clothes etc 2. Once you understand where the money goes each month, eliminate junk you don't care about. At one time that was subscriptions or services you just don't care about 3. Pay down all debt except leveraged appreciating assets. (home if appreciating) 4. Find a way to put away some money every month 5. Always keep 6 months of living expenses ready in a cash reserve. You will get fired and this is handy 6. Find a way to make more than you need and simply save it in diversified investments. 7. Work at jobs that are fun but pay well. Don't confuse hobby with income. 8. As Ed suggests, track your net worth. The first million takes forever, but it gets easier over time.
Almost just skipped this video because of the title and my lack of concern for a persons net worth. Glad I watched it though, it's probably one of your top 3 videos I've seen. Great perspective Sir.
It's been fascinating to watch different people's relationships with money. I've been able to work at Large well known corporations with people who founded them. One time I watched an 80 year old man pay for his lunch with space change in a bag, a man who was worth somewhere in the 9 figure range. He gave generously to local hospitals but never strayed far from his humble upbringing. I've also seen the opposite and it never this is too amaze me how differently people view money. Sound like Ed has a super healthy appreciation and view of money without falling into obsession. Keep up the great videos!
Been avoiding this video as I do not like wealth. Watched it to stop TH-cam suggesting it. Pleased I did. It was really nice to hear your take on it all. I am not in a position to not worry about any amount of money. I have bad health. Spent too much time collecting stories instead of money. The best thing I have ever done is to live in vehicles. Building one at the minute, whilst living in it. This takes away so many financial ties and makes life much less stressful.
I am worth no where near millions, but have paid a 10% tithing since I was 12. It was a bit shocking to hear a TH-cam personality admit to doing such a thing. It was truthfully refreshing. Regular people doing what they feel is right and are willing to spread that message is fantastic. Thank you.
Great way to think about money. Right now I'm at the point where I don't care a bit about $150 and less. I'm adopting this thought process as a part of my financial goals. Next is $1000. Thanks Ed.
Ed, thank you for making this. I did not realise you were a Christian and it's really encouraging to hear. I picked up that Doug was, but I admit I do not watch every VinWiki video, so must have missed that somehow about you. I too am a Christian and I find it financially freeing to give money away to God's work and bless people who have a genuine need. I have been working on our net worth as a family for years through property, shares and yes, cars that appreciate. Right now I am out of work after many years working for a large household name in well paid IT roles. This is not a disaster, I see this as a massive blessing as I am able to spend more time with my family and working on my cars for a while. God has ensured we are provided for and I don't need to hurry to find another job. I don't know what I will do next, but I hope it will be something to do with cars. Thanks again and greetings from Australia.
Love this message Ed. As a Christian with goals so similar to mine it was refreshing to hear you say these things publicly. So many people would be blessed to follow your thought process. My goal was simple, to make enough money to make decisions based on the merit of that decision and not my bank balance and to be able to give freely as God has and does instruct me. The giver is always more blessed than the receiver!! Hope to meet you someday! God bless you and your family!
Hey Ed, I am so glad you mentioned tithing! It is always omitted by so many "financial advisors", but it is such a great thing! From my own experience, giving tithe never left me in a position where I didn't have the means to pay my bills, feed my family or get things we want. Huge respect to you for talking about Biblical principles and using your platform to encourage others and be a real example.
Ed's philosophy on this subject is spot on. Giving 10% is especially liberating and has been part of our process all along. Take your pay cheque, move the decimal over once to the left and give!
intentionally wasn't going to watch this one.....but after the most recent purchases...I thought Id check it out. GREAT ANSWERS! totally didn't see the last part coming...and I'm impressed and agree. you moved up 2 notches in my eyes today, and I already thought you were a great guy.
I started watching Ed’s videos because of well, cars. In my career i have used so much of Ed’s words influence and demeanor. Thank you for all the advice and help man.
Most people don’t want to share this stuff and I like that Ed shared this. This was one of my favorite videos ever by him. I do a lot of personal finance videos and help the community. Even started a scholarship at my local HS and I’ve actually learned so much about finances from Ed’s videos
I've had a vague grasp of this concept, but this video really helped me put it into words. You talk a lot about personal finance and goals in your book, and a lot of conversation that happens around finance on the VinWiki Channel. It's really helped me grasp my own finances, keep up the good work!
You're 100% correct that tithing makes a you think about money differently. Like you and your wife, we have never missed the money that we donate. I also really like your emphasizing the metric of financial peace by how much money you can lose without it affecting your mood (assuming you don't dig yourself into a financial hole through apathy). I'm sharing this video with many of my friends. Godspeed Bolians!
It truly is a gift!! It’s not something you can learn per say but if you have the gift then over time you have the ability to learn how to really master the gift and delivery techniques to really tailor that delivery to each individual or crowd at the drop of a hat. How the story gets delivered is just as important and critical as the story is itself and is one reason why when you find a great story teller like Ed, you are unable to disconnect from them until their story time is over! They are mesmerizing and seem like they take temporary control over your soul until they decide to release you at the end of the story! Lol, it’s truly amazing at the power someone like Ed can truly have over another person or their mind for a few minutes even if it was a subject that you thought you had no interest in. Well done Ed !! There aren’t many folks that have truly conquered the gift, but you definitely have my friend! Your in the same group of greats such as Paul Harvey and a few others that have walked the stages be before you and Geordi, I wish you luck in your pursuit buddy!!
This is a very honest and insightful video. A few takeaways though, one, the government takes more than 50% of my income in various taxes, I have to consider that my charitable contribution... Another 10% and I'd be broke. Two, that concept is actually something I completely forgot about, I used to actually have a similar goal. Specifically my way of putting it as a kid was "I want to make enough so I never have to save up for anything"... That's kinda along the lines of your "not worried about $1000, $2000, $5000" idea. Sadly now that I'm 40, I've come to accept that just isn't going to happen. Third, I think the making of this video is quite brilliant and well executed, especially not getting into the details. No one should ever be worried about how much someone else has. Worry about your own wealth, not other people's. Final point, the flip side of your perspective is actually lost on most people... You can quite simply just want LESS. That is also a very liberating thing
Ed you are such a humble, kind person and God has blessed you so much and rightfully so and its so awesome that you continue to bless others with so much! Thanks for all the knowledge brother
Personally, I really appreciate your comment about tithing. It's nice to consider such things when it comes to talking about money, net worth, and the money you "don't miss". It's a hard concept for most people to grasp until you experience it yourself. Thanks Ed... keep making great videos and I hope to see you around Atlanta at some point (I live up near Road Atlanta myself).
Man this was really helpful advice. Like I’m in school now for welding and fabricating and have been nervously thinking about my future. But this gave me some peace of mind
Net worth is always such a moving target for anyone that works for a living. I appreciate your perspective and the similarities and differences compared to finance focused channels.
Good stuff... my dad has always told me that “the difference between us is just a handful of zeros”... meaning my folks have the same issues as me, but just more liability..
NO ONE in the financial investment world talks about paying tithes. They talk about "Paying yourself first." I feel the same way about the importance of paying tithes as you do...after all, GOD is the ONE WHO gives us what we have. All we really are is stewards of assets, debts, etc. When we die, we leave it all behind anyway. But that point right there, is why I liked and subscribed! Thanks for sharing.
Man that first ad placement almost had me clicking off the video but glad I stayed for the rest of it. Totally agree on everything that you talked about!!
This reminded me of the time someone stole one of my expensive pairs of shoes (~$500). I decided that it wasn’t worth me freaking out over because I knew very soon I would be able to recoup it. Now I have a few pairs of those expensive shoes.
I really enjoyed what you had to say about tithing. You are absolutely correct. If you’re committed to giving that 10%, it really does force you to be a little less attached to the whole thing.
As a non-practicing Christian, I honestly think Ed has found the true purpose in life and has the balance to still enjoy it, while still doing things to impact others positively. Kudos Ed!
I’ve just found a new respect for you. In your car businesses you have to encounter some seriously shallow and materialistic people, I’m glad your faith and focus have stayed true through your success. Great video
I have a slightly different version of a similar concept: I give myself an per hour allowance of what my free time is worth. Being in a regular well payed job with regular hours, I can calculate the amount of free time I have (I use free days, as you rarely spend a lot on working days in a regular job). After taking away the things I need to spend on (morgage, living, etc.) and the savings I want to do per year, I know the amount of money I have to have fun with. This gives you an hourly rate for fun, travel etc. This really gives perspective on what a ski vacation costs...
Just gained a ton of respect for you with this. Great advice to people who have a false sense/view of money and it’s nice to see you grounded in faith!
When I was younger my mom would always fret over gas being a few pennies cheaper the day after filling up (maybe 30 cent 'loss'). Filling up the car is one thing I never worry about, I am comfortable enough for that to not bother me. Ed's words here speak volumes.
I like your perspective. I too focus on net worth, maybe more than you but I'm a lot closer to retiring. The focus for us is deciding when to do that because I don't want to do the work I'm doing now forever. My bride tends to focus on cash flow, but we have the view that as long as it's even slightly positive and net worth is still increasing we are OK. We haven't had the formal 'how much can I spend' talk until very recently after 30 years of marriage. Turns out that $400-600 is comfortable for both of us. Finally having that talk was pretty liberating and I encourage all couples to do it sooner than later.
Ed's net worth is not measured in $ bills, Ed's is measured in Lambos and VINs.
It's measured in best stories.
"I need to be able to get a $20k repair...so we settled on $100"
Turns out your wife was the shrewdest negotiator of them all
This comment made me laugh so hard. I immediately had to explain to my wife 😬
Pissed my pants
Unfortunate typo.
Well played sir.
I don't get the unfortunate typo comment. What am i missing out on?
I came here for the cars but stayed for the financial advice
True
Same
BIG TIME!
I knew I had "made it" when I could go to the grocery store, put things in the basket, and not have to do math. That's was a very liberating moment in my life.
I know that feeling.
If anything like me .. that comes from a place where we had to add up all the tax before leaving an item in the basket ... coming from that place, your damn right it feels good!! Congrats and all the best man !!
This is all I really want.
Couldn't agree more. You have put it perfectly.
I genuinely enjoy food shopping for this reason. Even though it’s been several years, I remember very clearly deciding what groceries were essential and fit under that weeks allotted amount, and now, I can just grab stuff.
“The amount of money I can afford to not care about.” That is the important statement here. All about risk tolerance. Excellent video Ed👍🏼👍🏼
This video ended up being way better than "I'm worth 4 million"
Came here for a comment like this, thank you, I'll be on my way
Me too, didn’t realize Ed was a Christian and tithes faithfully. Subscribed.
Ha, he’s gone from $4 million to $5,000,000.00 in a month ...next month he’ll be reaching Steve Austin status...how cool would that be....hearing the theme to the six million dollar man in my head as I type this 😃
I swear to God that Ed could sell ice to the Eskimo's. He's got such a smooth, reassuring voice!
The line a friend said to me once about some one like that was "sell a ketchup Popsicle to a woman in white gloves", that one had me laughing pretty hard. I'm pretty sure Ed could pull that one off too.
I agree..I love to hear Ed narrate !
*laughs in rabbit*
@@paul3180 That sounds like something Rabbit would say.
Man I love this dude he sounds so logical and that Segway to your sponsor was smooth. I’m subscribing here as well !!
Unbelievably smooth..
@@steeveomcjameson8673 sure was man lol 😂
Segue. Segway is the ride on scooter thing.
Ed your the man. He is so modest and realistic. I met him in atl at a car meet about a year ago and yes he is just as down to earth as he is in these videos. I honestly think he one of just a few people in this world that could hit like a huge amount of money in the lotto and it wouldnt change him a bit. Keep up the amazing work ed.
As smooth as liquid butter on ice he is..
Man it is just a pleasure to hear you talk about ANYTHING, whether its cars, or financial health or car stories. I think I can listen to you talk about yoga for 30 mins straight and it would still be worth my time. Ed is a bloody legend.
As a Vinwiki fan and as a pastor it was really neat hearing you speak about tithing. Giving really changes your perspective on money whether you are a Christian or not. Thanks for the discussion on this and for the fun stories. I’m probably not going to be running any rally’s in my 10 year old Hyundai or purchasing any exotics but your channel has allowed me to enjoy my love of all things automotive vicariously through you and all the story tellers, keep up the good work!
I remember reading Malachi 3:8-12 and that convicting me of my previous behavior. I think that is the only thing God says to test Him on. Thanks Ed for the reminder on why I do what I do with the money I have been given.
GOD BLESS YOU MY FRIEND
GOD BLESS ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️
My grandmother grew up dirt poor. Literally they couldn't afford floors in their house and couldn't afford good soil for their crops. When she got older and married, they had 6 kids. Each of them also grew up not worrying about money. Later in life she had money, but she was about experiences. That meant more to her than money. Money was a way to get an experience. She got rides in supercars because she was able to teach the guy across the street that had them, how to care for his expensive plants. She rode horses because she tutored some kids in math and reading and their parents had horses so that was her payment. She baked Southern desserts for parties at expensive homes where she didn't fit in, but she didn't care. It was an experience. At the end of the day, that's all everything is. Experiences
You really can't eat experiences though.
it really goes to show that it's building your skills that's important, then you can always make money
Just want to say, I'm really enjoying all the new videos on your personal channel recently
Today is the day I realized I would listen to a financial course from Ed.
Honestly really interesting take on this subject Ed. Being at peace really is the most important thing.
I'm your 69th like
My net worth goal is to look wealthy enough that anyone cares to ask what my net worth is
That's easy. Pump up your credit score, and then finance a ruinously expensive lifestyle. A Supercar (or several), a massive house, pricy vacations you share on your social media. You'll be up to your eyeballs in debt, but at least everyone will be asking how you can afford that, and what your net worth is. And then you just humbly brush off the question until you get to a point where you have to declare bankruptcy, or much less likely, manage to make so much money you can actually service and pay back the ridiculous amount of debt you incurred, in effect catching up to your lifestyle.
Bro you literally turned yourself into a Parrot, idk how much that costs but I would love to know the net worth of someone that can afford that!
My goal is not look the part but to be able to surprise a banker or car salesman if they thought too highly of themselves
Shit im wearing an addidas tracksuit and sportchek Hoodie but I spend 60m a month on insurance for everything
I pay the cops 10k an hour to ignore me when I'm speeding as well
Ed will get shot for a smartwatch by a crack fiend one day I can tell
Ed's smooth-talking self always gets me halfway through a sponsor plug before I even realize I'm in a sponsor plug.
That transition into the Policygenius ad was so smooth I think I’m now pregnant with Policygenius’ baby
What I learned after I heard "we settled on $100" is that Mrs. Bolian is a very shrewd negotiator! Lol! Great video Ed.
I really appreciate the fact the @Ed Bolian doesn't shy away from discussing his faith, but then at the same time he's not pushy or judgemental. Love ya Ed!
My parents taught me young about money, they told us when they were broke, barely able to pay the electric bill, etc, my biggest take away was this, you may only have a single digit number of cash to your name but as long as you got electric,Food, and housing and the ability to get to and from work, it don't matter, yeah you can't buy that new gun or go out to eat but your ahead of so many others in the exact same situation
You a sad person who laments the inability to buy a gun.
You have to respect how Ed is unapologetically himself. From being honest about finances to being open in his Faith. Genuine people are rare!
This is by far the biggest surprise from this channel for me personally. Ed I have so much respect for you, this is hands down my favorite video. Props to you dude
Ed crept into wealth through the back door during the recession. Genius. Everything to gain
Let me know what questions you have about money and financial goals and I will do my best to answer them.
How do you balance spending money on cars while also saving money for family and retirement?
@@SLAPindaTRU7VK by buying cars that don't lose value.
What % of yearly income do you keep in savings for emergencies?
My ? is why would you even suggest that one "tithe" or donate money to any church, when the Catholic Church is one if not THE wealthiest organizations on earth? I'm not tryna be a dick, it's an honest question.
Thanks for sharing your personal opinions on wealth. There are so many financial guys on TH-cam selling the dream, and the reality is that the dream is different for everybody. Society has tricked themselves into thinking that symbols of wealth indicate actual wealth when in reality many of the individuals that flaunt it are the closest to losing everything. For us, staying humble, staying focused and sharing with others is what will lead to long term success.
Ed out here giving better advice than my financial literacy class
VERY underrated advice given here, topics not often touched by many others.
Clear, clean and concise.
Best of luck to you, Ed.
Ed, I am teaching a Dave Ramsey Financial Peace course at my church and it has been a big lesson to me how many people get bad financial advice. Thank you for having conversations like this on your channel. Fantastic value for your audience!
There is certainly plenty of bad advice floating around. I don't believe in everything Ramsey said but it is a great starting point for Financial Peace.
I just came across Dave Ramsey a few weeks ago. Just finished his Total Money Makeover book. Hope one day to take the FPU course.
I read Ramsey's book and followed most of it to become debt-free (expect for a refinanced mortgage) in less than 10 years. Like Ed, I don't agree with everything Dave says, but if you're starting from nothing, it's a good place to start.
@@EdBolian Definitely. I work in the finance industry and am not permitted under UK Regs to supply any advice. There is so much on the Internet I read and just want to scream.
Dave Ramsey is financial training wheels. Good place to start for people who have little to no control of their finances.
This was a genuinely inciteful video on the mindset of the perception of net worth. I've found in my own journey to my current place of net worth is BSI (Big stick ideology). Break free of what others see as the goal and do what works for you. Everyone doesn't need a 30mil dollar house and 20mil in cars. Having a realistic goal and always having it balanced between attainable and slightly overly optimistic has always been the sweet spot for me. It keeps you striving to achieve the possible, and gives you the satisfaction of knowing that once you achieved it was actually a meaningful accomplishment.
I appreciate this outlook! I’m a single guy with only myself and my dog to worry about. I want to be able to possibly get sick or pay a vet bill and say “let’s just do it!” without worrying about the pocket hit. I know I’m going to be by myself for the long haul since I stick to my decisions and I’m okay with it, I just want to be comfortable. Much respect and thanks Ed!
I have loved the Vinwiki channel for some time, but I'd like to say, my respect for Ed with this video just went up vastly! Good on you brother and all great advice! Much respect!
Thank you for the time and effort you put into entertaining and educating us through these lockdowns
Interesting subject. My girlfriend and I share a single credit card, primarily for groceries and gas. She recently had to get about $150 worth of groceries. Didn’t ask. And I didn’t care.
It was a small but liberating feeling knowing that $150 meant nothing to me. Then this video pops up.
I’m not quite at $500. But, steady investing and living well below our means will lead to it.
Thanks for the video!
Ed how did you become so articulate? Your word choice, ease of speaking, quick wit is so remarkable. I dont think I’ve ever heard you stutter.
This may be the first time I've been so happy with the content of a video not matching a click-bait style title. Massive respect for taking the question a lot were obviously wondering about, and giving fantastic advice rather than a direct dollar answer.
My memory isn't as good as it was in years gone by so I am shocked every time I see this channel has just under a 100k in subs. There is something wrong here Ed, you need to concentrate more on getting the subs up. The channel is capable of having millions of subscribers, and I would have thought by this point in time you'd have at least a million. The channel is professional , informative, and entertaining, and should be gaining subs at a higher rate than currently. Kudos, I love the channel, and wish you nothing but the best.
I love how wholesome this video was. Ed handled the issue of people recently being increasingly curious about his net worth in the best way possible. Also as a finances student, a Christian and someone who wants to increase his net worth, I am really motivated by what Ed said. The advice is just heartwarming and helps to go forward and deal with money issues that sometimes get too much in our head when we aspire to improve our financial situation. Thank You, Ed. Greetings from Poland ☺️
Completely blown away when you said tithing. I agree completely with you there. When giving 10% of the income away to church, ministries and charity it totally helps keep a person from obsessing about every dollar spent.
I didn’t know you’re a born again Christian. I googled you & read a few of your blog posts from a while ago. Very encouraging. Keep up the good work!
Ed, I wish I could give this video two likes! We've all heard this kind of advice before but you've gone and put it in a way no other has and it just makes sense. Most of what you said, I already knew but I never thought about it that way before and sure didn't think about sharing it. And, you spoke about tithing with his so critical in life. Our pastor jokes that church math is like toilet paper math; it doesn't add up but it works! The Lord always gives it back in multiples!
Perfectly perfect. I have consistently hijacked much of your language as a financial advisor of 10 years. You’re an inspiration to many. Please don’t stop working hard.
I’m Ed bolian...
That will never get old
Bro that transition into the sponsor was the slickest transition I have ever heard
Nobody-NOBODY-segways into sponsorship promotion as smoothly as Ed.
Legendary.
I really appreciate this video. Thanks for your thoughts and insights. You’re one of the very few people I have heard talk about tithing and how liberating it is to donate. I couldn’t agree more that there is something soothing about that generosity. It helps me see the ways that I have been blessed and giving back to others that might not have been helps keep me humbled. Glad to hear you’re a believer too
i love that you included tithing, ever since i started working my dad told me to donate about 10% of what i’ve made and it really has given me a different perspective
Respect! Amazingly solid advice. Particularly for the younger audience of the channel.
I'm happily retired. And money is no longer a concern. That is because I own all the stuff I need such as a home, car and the basic stuff of life. And I know what I need/like to spend each year and I know I can do that to the end of my days without concern. And it is liberating.
I can add some tips that worked for me.
1. Develop a spreadsheet that lays out where you spend. Not to restrict but just honestly understand. Line items for groceries, each utility, entertainment, hobbies, clothes etc
2. Once you understand where the money goes each month, eliminate junk you don't care about. At one time that was subscriptions or services you just don't care about
3. Pay down all debt except leveraged appreciating assets. (home if appreciating)
4. Find a way to put away some money every month
5. Always keep 6 months of living expenses ready in a cash reserve. You will get fired and this is handy
6. Find a way to make more than you need and simply save it in diversified investments.
7. Work at jobs that are fun but pay well. Don't confuse hobby with income.
8. As Ed suggests, track your net worth. The first million takes forever, but it gets easier over time.
Almost just skipped this video because of the title and my lack of concern for a persons net worth. Glad I watched it though, it's probably one of your top 3 videos I've seen. Great perspective Sir.
It's been fascinating to watch different people's relationships with money. I've been able to work at Large well known corporations with people who founded them. One time I watched an 80 year old man pay for his lunch with space change in a bag, a man who was worth somewhere in the 9 figure range. He gave generously to local hospitals but never strayed far from his humble upbringing. I've also seen the opposite and it never this is too amaze me how differently people view money. Sound like Ed has a super healthy appreciation and view of money without falling into obsession. Keep up the great videos!
Been avoiding this video as I do not like wealth. Watched it to stop TH-cam suggesting it.
Pleased I did. It was really nice to hear your take on it all.
I am not in a position to not worry about any amount of money. I have bad health. Spent too much time collecting stories instead of money.
The best thing I have ever done is to live in vehicles. Building one at the minute, whilst living in it.
This takes away so many financial ties and makes life much less stressful.
These personal channel videos are great, keep em coming!
I am worth no where near millions, but have paid a 10% tithing since I was 12. It was a bit shocking to hear a TH-cam personality admit to doing such a thing. It was truthfully refreshing. Regular people doing what they feel is right and are willing to spread that message is fantastic. Thank you.
Great way to think about money. Right now I'm at the point where I don't care a bit about $150 and less. I'm adopting this thought process as a part of my financial goals. Next is $1000. Thanks Ed.
Ed, thank you for making this. I did not realise you were a Christian and it's really encouraging to hear. I picked up that Doug was, but I admit I do not watch every VinWiki video, so must have missed that somehow about you. I too am a Christian and I find it financially freeing to give money away to God's work and bless people who have a genuine need. I have been working on our net worth as a family for years through property, shares and yes, cars that appreciate. Right now I am out of work after many years working for a large household name in well paid IT roles. This is not a disaster, I see this as a massive blessing as I am able to spend more time with my family and working on my cars for a while. God has ensured we are provided for and I don't need to hurry to find another job. I don't know what I will do next, but I hope it will be something to do with cars. Thanks again and greetings from Australia.
Love this message Ed. As a Christian with goals so similar to mine it was refreshing to hear you say these things publicly. So many people would be blessed to follow your thought process. My goal was simple, to make enough money to make decisions based on the merit of that decision and not my bank balance and to be able to give freely as God has and does instruct me. The giver is always more blessed than the receiver!! Hope to meet you someday! God bless you and your family!
Hey Ed,
I am so glad you mentioned tithing! It is always omitted by so many "financial advisors", but it is such a great thing!
From my own experience, giving tithe never left me in a position where I didn't have the means to pay my bills, feed my family or get things we want.
Huge respect to you for talking about Biblical principles and using your platform to encourage others and be a real example.
That transition to the PolicyGenius ad was so seamless, I actually loved it lol
Really interesting take on financial peace and all that goes along with that. Great video Ed!
Ed's philosophy on this subject is spot on. Giving 10% is especially liberating and has been part of our process all along. Take your pay cheque, move the decimal over once to the left and give!
I think that this video is about Ed. That's good because that's why we come here- we like Ed and hope that Ed will always be Ed.
intentionally wasn't going to watch this one.....but after the most recent purchases...I thought Id check it out. GREAT ANSWERS! totally didn't see the last part coming...and I'm impressed and agree. you moved up 2 notches in my eyes today, and I already thought you were a great guy.
I started watching Ed’s videos because of well, cars. In my career i have used so much of Ed’s words influence and demeanor. Thank you for all the advice and help man.
Most people don’t want to share this stuff and I like that Ed shared this. This was one of my favorite videos ever by him. I do a lot of personal finance videos and help the community. Even started a scholarship at my local HS and I’ve actually learned so much about finances from Ed’s videos
I've had a vague grasp of this concept, but this video really helped me put it into words. You talk a lot about personal finance and goals in your book, and a lot of conversation that happens around finance on the VinWiki Channel. It's really helped me grasp my own finances, keep up the good work!
This video worth more than most business, success and self-motivation books.
You're 100% correct that tithing makes a you think about money differently. Like you and your wife, we have never missed the money that we donate. I also really like your emphasizing the metric of financial peace by how much money you can lose without it affecting your mood (assuming you don't dig yourself into a financial hole through apathy). I'm sharing this video with many of my friends. Godspeed Bolians!
I one day hope to have the story telling ability that Ed has. It is a god given gift.
It truly is a gift!! It’s not something you can learn per say but if you have the gift then over time you have the ability to learn how to really master the gift and delivery techniques to really tailor that delivery to each individual or crowd at the drop of a hat. How the story gets delivered is just as important and critical as the story is itself and is one reason why when you find a great story teller like Ed, you are unable to disconnect from them until their story time is over! They are mesmerizing and seem like they take temporary control over your soul until they decide to release you at the end of the story! Lol, it’s truly amazing at the power someone like Ed can truly have over another person or their mind for a few minutes even if it was a subject that you thought you had no interest in.
Well done Ed !! There aren’t many folks that have truly conquered the gift, but you definitely have my friend! Your in the same group of greats such as Paul Harvey and a few others that have walked the stages be before you and Geordi, I wish you luck in your pursuit buddy!!
This is a very honest and insightful video. A few takeaways though, one, the government takes more than 50% of my income in various taxes, I have to consider that my charitable contribution... Another 10% and I'd be broke. Two, that concept is actually something I completely forgot about, I used to actually have a similar goal. Specifically my way of putting it as a kid was "I want to make enough so I never have to save up for anything"... That's kinda along the lines of your "not worried about $1000, $2000, $5000" idea. Sadly now that I'm 40, I've come to accept that just isn't going to happen. Third, I think the making of this video is quite brilliant and well executed, especially not getting into the details. No one should ever be worried about how much someone else has. Worry about your own wealth, not other people's. Final point, the flip side of your perspective is actually lost on most people... You can quite simply just want LESS. That is also a very liberating thing
Ed you are such a humble, kind person and God has blessed you so much and rightfully so and its so awesome that you continue to bless others with so much! Thanks for all the knowledge brother
Personally, I really appreciate your comment about tithing. It's nice to consider such things when it comes to talking about money, net worth, and the money you "don't miss". It's a hard concept for most people to grasp until you experience it yourself. Thanks Ed... keep making great videos and I hope to see you around Atlanta at some point (I live up near Road Atlanta myself).
Love hearing you talk about money, would like to see more finance talks like this
Man this was really helpful advice. Like I’m in school now for welding and fabricating and have been nervously thinking about my future. But this gave me some peace of mind
Love the pre-marital counseling and tithing suggestions! Giving creates gratitude and humility.
Net worth is always such a moving target for anyone that works for a living. I appreciate your perspective and the similarities and differences compared to finance focused channels.
Good stuff... my dad has always told me that “the difference between us is just a handful of zeros”... meaning my folks have the same issues as me, but just more liability..
Thank you Ed. 6:32-6:50 is key messaging for those aspiring.
NO ONE in the financial investment world talks about paying tithes. They talk about "Paying yourself first." I feel the same way about the importance of paying tithes as you do...after all, GOD is the ONE WHO gives us what we have. All we really are is stewards of assets, debts, etc. When we die, we leave it all behind anyway. But that point right there, is why I liked and subscribed! Thanks for sharing.
Love the perspective, I appreciate not worring about a certain amount of money all the time.
Man that first ad placement almost had me clicking off the video but glad I stayed for the rest of it. Totally agree on everything that you talked about!!
This reminded me of the time someone stole one of my expensive pairs of shoes (~$500). I decided that it wasn’t worth me freaking out over because I knew very soon I would be able to recoup it. Now I have a few pairs of those expensive shoes.
Great stuff, Ed. Rich Dad attitude. Can't chase the loss all of the time. And that's all too common. I see it every day.
This was the most sense anybody has made on how to think about how wealth works
I really enjoyed what you had to say about tithing. You are absolutely correct. If you’re committed to giving that 10%, it really does force you to be a little less attached to the whole thing.
I like money.I keep it in a jar on my refrigerator. I want more of it. That’s where you come in. Adam Sandler- ie.. The Wedding Singer
As a non-practicing Christian, I honestly think Ed has found the true purpose in life and has the balance to still enjoy it, while still doing things to impact others positively. Kudos Ed!
It's all about Christ.
I’ve just found a new respect for you. In your car businesses you have to encounter some seriously shallow and materialistic people, I’m glad your faith and focus have stayed true through your success. Great video
Wow that was probably the best financial advice I’ve heard. Thank you Ed
I have a slightly different version of a similar concept: I give myself an per hour allowance of what my free time is worth. Being in a regular well payed job with regular hours, I can calculate the amount of free time I have (I use free days, as you rarely spend a lot on working days in a regular job). After taking away the things I need to spend on (morgage, living, etc.) and the savings I want to do per year, I know the amount of money I have to have fun with. This gives you an hourly rate for fun, travel etc. This really gives perspective on what a ski vacation costs...
Ed thanks for that. I couldn't have said it better. Also giving and tithing is not spoken enough by public figures, thank you.
i dont know why schools dont teach things like this. Great video Ed!
Just gained a ton of respect for you with this. Great advice to people who have a false sense/view of money and it’s nice to see you grounded in faith!
This is 100 percent how people should think about their personal, and business financial situation/ aspirations
When I was younger my mom would always fret over gas being a few pennies cheaper the day after filling up (maybe 30 cent 'loss'). Filling up the car is one thing I never worry about, I am comfortable enough for that to not bother me. Ed's words here speak volumes.
i can relate, my net worth is approximately 0.84 buttermilk chicken sandwiches from mcdonalds
Better than negative.
I like your perspective. I too focus on net worth, maybe more than you but I'm a lot closer to retiring. The focus for us is deciding when to do that because I don't want to do the work I'm doing now forever. My bride tends to focus on cash flow, but we have the view that as long as it's even slightly positive and net worth is still increasing we are OK. We haven't had the formal 'how much can I spend' talk until very recently after 30 years of marriage. Turns out that $400-600 is comfortable for both of us. Finally having that talk was pretty liberating and I encourage all couples to do it sooner than later.
Didn’t know you had a personal channel! I subbed! Great advice/video!
Man he slid that policy genius ad in there smooth as he could
Ed bolian posting on his personal channel lately yay more videos please and review of your cars like the murcielago video
Thanks. I will do my best to keep them coming. I think you will really enjoy next week's video.
Thank you ed for the tithing reminder. It’s so easy to forget or get caught up in life
Absolutely legend Ed. Love to hear people talking about their faith. Great video much respect
I though Ed’s net worth would be measured in murciealgo vin’s