Hey BTB, I'm 21 and just want to thank you for these videos. I learned a lot from your videos than school(in the finances genre), keep these coming! I like how you respond to pretty much every comment too.
Don’t usually leave comments, but wanted to say. I have been watching your videos for a long time now and I enjoy hearing your mindset on things, very similar to my own. I especially find it very respectable how you respond to every comment consistently. I like how you remain positive through it all also! Keep up the good work!! Thanks for my daily/weekly reminders of my financial goals/curiosity. Btw I think your shirt idea is awesome.
Ahhh.. all in a day's work. I get inspiration from the comments so I enjoy it. =D Yeah? I'm thinking between a graphic art of the honey badger or t-rex... hmmm not sure which.
I never do this, but I would for sure buy a t-shirt to support you as you are one of my favorite content creators on the entire internet. I also have a clothing brand myself so t-shirts are something I really appreciate.
Whoa.. thanks for that! I think you are number #14 or something that showed interest. I am working on the shirt. I will have a sample to show and obtain feedback before actually offering it.
I would definitely buy your T-shirt if you make one. If you can make them different sizes, I would appreciate because I’m a woman and I don’t like to wear too big T-shirt. A white shirt would be nice. I like your videos , it just inspired me to be frugal and enjoy my life at the same time. Keep up the good work.
you are talking about how much money do you have, and what worries you is the kind of people it can attract... so much wisdom in that. now I like your channel even more
Level 8-9 myself with index funds, no side hustle. Will be leaving the rat race soon - at least the type of work I am currently doing. I have quit jobs in the past I was not happy at without being fully financially independant. Frugal living gives empowerment to do this. Congrats on taking the leap early. Follow your bliss!
Ahhh... I really should do that again. I made one on making 1 video a day while working here: th-cam.com/video/sVAXvWib4To/w-d-xo.html But now that I'm not working... I should make another one.
I would think most people already can assume what level you're at based on the advice you've given on your channel, but it should help your dating life haha - i think i'm around a 7 in your levels here. the thing i always took for granted was having no debt, loans, or student loans - but it's the best feeling ever to not have those over your head.
Those debts are a leach to your finances. Without them, you build wealth very rapidly. Yeah, I figure too from the videos I make, you can sort of guess already.
A lot of the older engineers turn into general contractors, mechanics, or electrician starting with projects in their own house. They enjoy solving problems and tinkering things and those projects give them more flexibility. Wage is great too in north America due to labour shortage . It's more about experience and being able to fix the issue in trades. No formal retraining needed unless you decide to be red seal certified
Feeling pretty good I'm around the level 5/6 area I rent an apartment at the moment so once I buy a house I'll be at level 5 but I save and invest 30 percent of my income minimum so I'll hit that level 10 before I know it.
K Weis Investments i’ve never lived in an apartment, so i have no idea what i’ll be in for. this cold snap we had froze a water line and i had to move into an extended stay apartment-type hotel. so far it is the noise from people up stairs. brand new house and i’m in a rental! grrr
Nice. Thank you for this video, BTB. It is very impressive that you are able to generate so much money passively. Kudos to you. I am actually surprised that your burn rate is so high. I also live in the SF Bay Area and my burn rate is anywhere between 30k-35k, depending on how lavishly I want to live. This includes standard cost of living items, plus extra expenses like plane tickets back home for the holidays, presents for friends and family, and a little fun money for myself.
Hi Beat the Bush, thank you for this. What about having a sense of levels where we are in/at more than one level at time? For instance: I am focusing on Wealth Building (level 7)while I am paying off my student loan (level 5). When I have an amount going out for a debt, say $200 for some credit card or for a student loan, I transition that money to wealth building aspirations after that particular debt is completely paid. I think you have spoken before about the handling of consumer debt and loans while also saving and thinking toward prosperity. I bring this up because for many people, it can be depressing to have a life mission of simply erasing debt. I think that some energy focused on upper levels while dealing with lower levels can be a good thing. I am interested in the t-shirt!
You pass each level IF you can pay for it if you liquidate your investing assets or rental or what not. Then pay off your debts. You can focus a bit on upper levels but you are hindered by the lower levels in interest payments. So ask yourself if you can pay off all your student loan if you liquidate some things.
i’ve been a life long saver and at age 27 i went into savings overdrive. so, when i was into forced retirement at age 40, i was okay. no house or car payments, children’s college funds in place and i had a good retirement income, even if i had zero savings, i still lived comfortably. it came down to priorities. did i want that new TV MORE than a vacation with my children? my daughter was already in medical school and my son was in elementary school. i arrived at age 50, young by retirement standards and both children completed medical and law schools. with no student loans. i’m just passing the time watching them enjoy life. vacations and travel are not high on my list, since i’ve been around the world twice. i still buy diamonds and other gemstones as a hobby. most i don’t set, just look at them.
Curiously, what is the education level of your parents? How did you fund college and grad school? Obviously, answer at your discretion. I appreciate your warmth and the generosity with which you share your knowledge.
Hi! new subbie here and I am appreciating your channel very much. Congratulations for your focus and ability in reaching your goals and thanks for the inspiration and tips and ideas. I was wondering about these levels, about being at a place where there are no loans/credit cards/mortgage whatsoever (house paid for) and money going into retirement, BUT self-employed (which for me is the only way and I love my "work") and living paycheck to paycheck, while building up emergency fund, so mostly enough to cover up all fixed expenses mostly, with some juggling, but no real margin (no holidays and no major crazy spending, financial security is a priority over the rest) SO I am not sure where I am in the levels, as I do not feel I am at a place where I am building wealth, but more on trying to remain in balance. I need to increase my income and to shave more and more of my spending, at this moment I have no side hustle, other than decluttering my house and selling the stuff (for very little, but everything counts, right?) I feel that the only negative for me to really fully enjoy my freedom to chose how to spend my time while enjoying my work is that I am not at a position where I have solid foundations. I must add that I am over forty, so time is not on my side, but still I am focusing on being positive.
Doesn't having a house paid for really lowers your burn rate? Being self-employed but sort of breaking even with expenses. It sounds like you need to earn more to build up enough of a retirement fund to really retire. Being self-employed do you not have the ability to scale up your income? Is it something you enjoy doing? Sounds like you are not really retired because you cannot stop working and be fine the rest of your life.
Hi! thanks for replying. I guess I am quite low on my "burn rate" but I live in an expensive city in an expensive neighbourhood, I am working on trying to do what I can to lower the fixed expenses as much as possible, I earn a little more than what I spend and since it's self employed it is very very variable. No, I can absolutely not retire, my goal is to be earning a lot more to be comfortable, not necessarily to spend a lot, but to feel more secure,and allow for a lot more ease of well being, now it's very tight (but I am still grateful for all I have) and if for some reason I cannot work I am in trouble. After that to be able to possibly grow enough passive income so that if I want to I could not work, (which is not my real goal since I do like my work) and can focus more on other things as well, on the side...I need to find a way/ways to increase what's coming in, and probably finding other streams of income would relief some worry. thanks again
I guess I'm at level 7. However I can't pay off my mortgage. But the interest is low (1,4%), so I'd rather put my money towards investments that has been giving returns of around 8%. I also still have my student debt, which I could pay off. But the interest is so ridiculously low (0,13%) that I'll never pay it off ahead of time. I could probably advance to level 8 within a year. But my plan is to stick around at level 7 for a few more years and then get to level 9. My burn-rate is pretty low, and I'm going to work on lowering it further this year.
Just look at the cost of diapers...it's insane. Sure, you can get washable ones but that's quite a lot of work aswel + it costs water/detergent and I don't think you want to wash shitty stuff with anything else. The costs will only increase from then on :D you shouldn't base having (or not having) kids on anything financial because then the answer is always no.
I don't really draw from anything because I make more than my burn rate. The investments inside and outside of retirement vehicles stays put and grows. I add to it.
So close to level 6! Hoping to get there in the next year. So glad I didn’t buy a luxury home as I had planned. Would have increased the length of my working life. Not worth it!
Not sure if its just me but I noticed a slight issue with focus in this video. I could notice it every few seconds. Its more noticeable if you focus on the lamp.
You have arrived! There's a guy on youtube who is now quoting your stuff and critiquing it! The channel Meet Kevin ....ha ha ha ha. Keep up the good work. You're one of the few people who goes over how to make money off credit cards which I totally agree with bec I don't carry a balance either. I've made $35 on my no fee credit card in just 3 months on stuff I pay for anywhere. Thanks. :)
I'm at a level 10 on your chart but I'm still not where I want to be. I actually want to drastically step up my spending during retirement. So, I will work another 4 1/2 years.
If you don’t mind me asking how are you able to get by on daily basis if you quit you’re job ?. I’m barely making it . I wish I was able to quit my job with enough money to go by without working
I think that your qualifications for level 6 no mortgage being able to count if you have the money to pay it off should also apply to car loans and student loans. For instance, I still have a car loan and student loans, but all are under 3% interest, so I choose instead to invest money instead of paying both off early, simply because I make more in investment interest long term than I would save in interest by paying of a 2% student loan early, especially when you consider that over time the balance on these super low interest loans gets lower and lower over time, yielding less and less interest savings.
Sure. That can do it if you can pay it off but do not want to for other reasons. But if you hold investments, you are holding more risk. Not having debts is a huge burden and annoyance off your back. It does cost money to do this but the peace of mind is worth a few percent a year I think.
My frd who is fi now have trouble dating lol, even after he moved to HK and Philippines. I think Engineers in Bay Area have dating problems in general though. My expenses are around the same since my company covers a lot of day to day expenses. Perhaps you can make a video talking about health care. I feel healthcare in US is extortion. I considered moving away after fi
I agree! HA HA! Healthcare? I just pay for it outright. No subsidy from your employer. Yes... extortion in healthcare, agreed. Considering they wrongly diagnose you and before you know it, you get screwed somehow from wrong medical procedures or something.
I live in US, despite being Canadian. As you know, in Canada, the wages are quite low. I'd say engineers in Silicon Valley make 1.5 -2x than Canadian engineers.
Retire in Canada? I know there are too many Canadians in the bay! Hey there fellow 🇨🇦 Are you ahead in US after the rent ? Do u recommend younger Canadians continue the trek to silicon valley when it's so hard to get into the real estate market evens with 2 tech engineer salary couple it's still bidding wars everywhere.
You still make more than Canada after rent. I think it's still doable to buy to real estate in silicon valley. It is prime real estate. If you can afford it, don't haggle over the 10-20k. BTB has videos on $1 lunches. And you can always find a way to save money and move back to Canada. I can spend $10/day if I really want. Financial Samurai would say buy real estate now!!!. A couple makes 200k a year minimum, so if you buy a 1.2 million home, it's still reasonable. Of course, for me, I 'm a risk taker so my focus is not real estate but mining, and crypto.
Live your Channel. Where are you acquiring your dividend from which stocks or mutual symbols. I am wondering how your are supporting yourself with said dividend what percentage of returns to stocks are producing. I am very much interested in putting my money right next to yours in the market. I would like to know what companies your invested in so I can do some research of my own before I invest where you have your money at. I currently can't seem to find more companies to invest in.
Just wondering, but considering how frugal you are, why did you choose to live in the bay area knowing how expensive it is? I'm considering moving to California but the cost of living is a major deterrent for me.
Really? One can optimize health for longevity and quality of life, but we are guaranteed a decline in health if we plan to die in old age. Fear of the cost of catastrophic illness for me or a loved one and the cost associated with it is probably the 1 thing that will keep me working way beyond level 8/9 of your scale.
CryptoQueen Crypto is taking a beating right now. I only put 0.25% of my NW in Crypto, thankfully. 80% is in real estate property/equity :p I like assets which produce cash flow.
I think it's wise because you offer financial advice so it proves what you talk about is proven method. Where did you get the 10 steps from? Thanks for sharing!
Very interesting, I'm at a similar level as you. Just bought my first house with a big deposit, if I scraped all my investments together I could pay it off but instead I will have it paid off in about 5 years and invest as I have been
What do you think about new tax bill?? Also I think based on your video I can guess where you live... New property at your area costs around 700-800K. How were were you able to payoff mortgage so early? Can you please do that video?
When you calculate whether you can pay off the mortgage, do you count money in your retirement accounts (the ones where you cant withdraw without penalty until 59.5 years old) or is it just your non-retirement investments and cash? Honey badger shirt sounds cool!
i cashed my 401k and paid off my mortgage. i didno't care about the penalty. i did not want to watch my life's saving going up and down. now i am completely debt free. i also feel better because i own a house vs owning a number on a computer screen (401k)
That's a really interesting way of thinking about it! You can always build that 401k back up but you get to enjoy that peace of mind of having a paid for house much sooner. Congrats on paying off your house!
I'm from Colombia and have tried to buy some altcoins on exchanges but they all say that they're not supporting their services on my country. Any one know how to get around this? Or does any one know an exchange that works on Colombia and has a good Rep.? Thank you.
Why don't you use the equity in your home to get a cash flowing investment property. You can get better tax benefits that way, particularly through an LLC.
beat the bush. if you gave more details about your TH-cam income and how that has increased over time. Be specific. (by the way. love the specifics about your expenses you gave at the end your video) The specific details and numbers help to put your situation in perspective. i have 3 young kids, wife, 4 grandparents that i support. so $40k/yr expenses would be impossoble even if i lived in a lower cost area (not SF bay area like i do now)
If you went back to working as an engineer and were able to save/invest your entire salary as you were in the last bit of your career, how long do you think it would take you to get into level 10/FI with Abundance? Would that even be worth it to you considering your current lifestyle compared to working full time with side-gigs?
As you can imagine, saving your entire salary will not take long to fully retire. I think I held out as long as I could. In fact, I should have done it a few months earlier.
Thanks for the reply. I'm at level 3, like most people in the U.S., but I'm starting to make changes to improve my situation. I've been watching your videos for a couple of weeks now and I feel like they're really helpful. Growing up I didn't have people in my life who would share this type of information with me, probably because they were also ignorant of it. I appreciate that you're sharing so openly. Thank you!
BTB: I would sell the house and move into a condo or coop. Maintenance fee is much lower and so is all your utilities and real estate taxes. Unless you have your parents living with you, it would be good to down size and live with fewer stuff.
Yes I agree that your TH-camr life style is better than a real job, but don’t underestimate a $50-100k+ salary times 20 years, would that be more or less than your burn rate after expenses and would the extra money help for future planning like pension scheme? Also, if you are level 10 I think your lifestyle must change or start to be different from when you were below that level, if you have money then why continue to live so frugally?
What are your plans in regards to starting a family? Do you want one or are you content without one? It’s perfectly fine either way but does your financial level only reflect a single life?
If I had a popular U tube channel and wanted to market a T shirt to my viewers, I would solicit suggestions from them for the design/motto on the shirt and offer a commission on sales for the winning submission. This would potentially be a win win proposition since the collective ingenuity of the audience would likely result in a more popular design. Evening it didn't, you could still go ahead with any other design ideas of your own. BTW I don't currently have an idea for the design. BTW2 what is the origin/meaning of your channel name?
I will most certainly get feedback on the design. Here is what the name means: Beat The Bush is short for "Beat Around The Bushes" which means not getting to the point. Later on, it seemed appropriate to assume getting to the point of not getting to the point and you get Beat The Bush.
I think being able to live life on your own terms is amazing, and it seems to work great at the current stage of your life. curious to know how you fact a partner and children in the mix I'm sure you have but it seems that your burn rate will increase significantly if these things were to come into play.
Have you thought about being a big brother to a young man? Big Brothers Big Sisters of America would be a great organization for somebody like you. You're a great teacher and a kid would be lucky to have you as a big brother:)
You often mention in your videos that you worked as an "Engineer at Google". So you mean software engineer, right? Because Google doesnt really hire a lot of actual electrical engineers and thats what most people mean when they see engineer with no software attached to it. Could you tell me what kind of degree you have? I am assuming it was a CS degree. Could you tell me what college you went to? Or at least if it was Ivy League? And could you tell me what kind of work you did at Google?
I do like the no products thing. I may have t-shirts soon though. =D Ha ha... as long as TH-cam can sustain my living, I am fine with it. I am as happy as I have ever been the past 10 years.
@@BeatTheBush So, will you be able to say the same in 2029? I would really like to hear about the arguments and a bit of discussion on plans for a family (wife+kids). ... and how you plan to potentially protect your lifestyle and assets from your future 'Mrs. BeatTheBush', who may or may not be a Tiger Mom as per @JWC 's comment above. I am 42 +3 kids... so I also find it hard to 'put the brakes on' with my non-asian Tiger Mom wife :-)
i am at 9-10 but still working, just wanna test my System a bit longer term like 3 years period, + it is easy to tell what u need to have now, but much harder to tell what you need to have 20 years later. 30 years ago there was a lot less stuff u bought for yourself (cell phone, internet, tablets, drone) or in my country lik diswashers or dryers was not in every household(still not) +no idea how much will cost my life if i need someone to look after me so cant predict such easily how much i will really need to keep the average level as at least normally i calculate the average wage +30-50% as a good income minimum wich put me somewhere the top 15-20 of 100 meanwhile i started to learn sg to be able to work at home at least 5-20hours a week when i am retire and planning the same amount to spend with nonprofit activities
Yup... I agree. You need a good buffer room. But there is no shame in needing to go back and make some side money. It's entertaining and rewarding too if you do it the right way.
If you don't mind me asking, how old are you? You're going quite well for yourself. I thought you were the cheapest person on TH-cam but this shows that it helps.
BeatTheBush Well personally I thought you were being excessively frugal. I think many wouldn't do what you do to save money whilst having that financial status. The haircuts, the meals and coupons.
Hey BTB, I'm 21 and just want to thank you for these videos. I learned a lot from your videos than school(in the finances genre), keep these coming! I like how you respond to pretty much every comment too.
Love your honesty. Thanks for the great content. Subscribed. My finance channel started because of guys like you, so thank you
Always re-invest your dividends, that compound interest pays off in long term investment.
Ur gonna have to down grade from a 3 bulb lamp to a 1 bulb. Im thinking u should do a vid on the new TAX BRACKET just an overview
28 likes.. wow. Okay, noted. =D
Danielakasmart not the lamp tho! It matches the peas
Don’t usually leave comments, but wanted to say. I have been watching your videos for a long time now and I enjoy hearing your mindset on things, very similar to my own. I especially find it very respectable how you respond to every comment consistently. I like how you remain positive through it all also! Keep up the good work!! Thanks for my daily/weekly reminders of my financial goals/curiosity. Btw I think your shirt idea is awesome.
Ahhh.. all in a day's work. I get inspiration from the comments so I enjoy it. =D Yeah? I'm thinking between a graphic art of the honey badger or t-rex... hmmm not sure which.
Thanks for uploading this. UR a god for being transparent and even more credible than you were yesterday.
I never do this, but I would for sure buy a t-shirt to support you as you are one of my favorite content creators on the entire internet. I also have a clothing brand myself so t-shirts are something I really appreciate.
Whoa.. thanks for that! I think you are number #14 or something that showed interest. I am working on the shirt. I will have a sample to show and obtain feedback before actually offering it.
I would definitely buy your T-shirt if you make one. If you can make them different sizes, I would appreciate because I’m a woman and I don’t like to wear too big T-shirt. A white shirt would be nice. I like your videos , it just inspired me to be frugal and enjoy my life at the same time. Keep up the good work.
Thank you for your time.
I would like to have a T-shirt.
I appreciate your time and effort put into making these videos.
you are talking about how much money do you have, and what worries you is the kind of people it can attract... so much wisdom in that. now I like your channel even more
Level 8-9 myself with index funds, no side hustle. Will be leaving the rat race soon - at least the type of work I am currently doing. I have quit jobs in the past I was not happy at without being fully financially independant. Frugal living gives empowerment to do this. Congrats on taking the leap early. Follow your bliss!
Keep doing what you are doing. I benefit from your channel a lot.
Will do. And a dino in your icon! HA!
Nappa: Vegeta what does the scouter says about his financial independence level?
Vegeta: it's over 9000!!!!
$25000 burn rate for a single guy in the Bay area ain't low my friend. I have done much much lower here during my time in the Bay area.
Agree. Its not that low, I live in san jose as well. Its about right.
It sounds really low to me, as a socal guy. Most of this depends on housing situation, of course.
I can do 12k in tennessee with internet and cable
Can you make a video of how to stay busy or what your typical day looks like?
Ahhh... I really should do that again. I made one on making 1 video a day while working here: th-cam.com/video/sVAXvWib4To/w-d-xo.html But now that I'm not working... I should make another one.
I would think most people already can assume what level you're at based on the advice you've given on your channel, but it should help your dating life haha - i think i'm around a 7 in your levels here. the thing i always took for granted was having no debt, loans, or student loans - but it's the best feeling ever to not have those over your head.
Those debts are a leach to your finances. Without them, you build wealth very rapidly. Yeah, I figure too from the videos I make, you can sort of guess already.
Hope everything goes to plan.
Can you imagine having to find work as an engineer after being unemployed for 5 or 10 years?
Lol... I cant. I wonder if I'll get hired. But it should be fine. =D
A lot of the older engineers turn into general contractors, mechanics, or electrician starting with projects in their own house. They enjoy solving problems and tinkering things and those projects give them more flexibility. Wage is great too in north America due to labour shortage . It's more about experience and being able to fix the issue in trades. No formal retraining needed unless you decide to be red seal certified
Feeling pretty good I'm around the level 5/6 area I rent an apartment at the moment so once I buy a house I'll be at level 5 but I save and invest 30 percent of my income minimum so I'll hit that level 10 before I know it.
As long as you increase your networth consistently and more and more, you'll get there. Paying attention to it really helps too.
K Weis Investments i’ve never lived in an apartment, so i have no idea what i’ll be in for. this cold snap we had froze a water line and i had to move into an extended stay apartment-type hotel. so far it is the noise from people up stairs. brand new house and i’m in a rental! grrr
Jobelle Collie it's the same as a house really just luck of the draw when it comes to if your neighbors are good or not
I appreciate this content because it's getting me ready to save money when I start living on my own. T-shirt I'm game 👌
TEE SHIRT! I want to wear something like this honey badger thing for sure
Thanks for your vote! =D
Nice. Thank you for this video, BTB. It is very impressive that you are able to generate so much money passively. Kudos to you.
I am actually surprised that your burn rate is so high. I also live in the SF Bay Area and my burn rate is anywhere between 30k-35k, depending on how lavishly I want to live. This includes standard cost of living items, plus extra expenses like plane tickets back home for the holidays, presents for friends and family, and a little fun money for myself.
Ahhh it includes mortgage that's why. It really depends how much you pay for that. Some people pay 40k in rent alone a year in SF.
You do have a condo or a house. I am just renting.
And that's why your the only channel that I don't skip the add at the beginning of the video 😎
I’ll buy your t-shirt. I think you’re a shining example of what normal everyday people can do to live a more sensible and prosperous life.
I'm level 5 right now, still trying to pay off my mortgage. I'm down to 150k but it's taking forever.
Hi Beat the Bush, thank you for this. What about having a sense of levels where we are in/at more than one level at time? For instance: I am focusing on Wealth Building (level 7)while I am paying off my student loan (level 5). When I have an amount going out for a debt, say $200 for some credit card or for a student loan, I transition that money to wealth building aspirations after that particular debt is completely paid. I think you have spoken before about the handling of consumer debt and loans while also saving and thinking toward prosperity. I bring this up because for many people, it can be depressing to have a life mission of simply erasing debt. I think that some energy focused on upper levels while dealing with lower levels can be a good thing.
I am interested in the t-shirt!
You pass each level IF you can pay for it if you liquidate your investing assets or rental or what not. Then pay off your debts. You can focus a bit on upper levels but you are hindered by the lower levels in interest payments. So ask yourself if you can pay off all your student loan if you liquidate some things.
i’ve been a life long saver and at age 27 i went into savings overdrive. so, when i was into forced retirement at age 40, i was okay. no house or car payments, children’s college funds in place and i had a good retirement income, even if i had zero savings, i still lived comfortably. it came down to priorities. did i want that new TV MORE than a vacation with my children? my daughter was already in medical school and my son was in elementary school. i arrived at age 50, young by retirement standards and both children completed medical and law schools. with no student loans. i’m just passing the time watching them enjoy life. vacations and travel are not high on my list, since i’ve been around the world twice. i still buy diamonds and other gemstones as a hobby. most i don’t set, just look at them.
Curiously, what is the education level of your parents? How did you fund college and grad school? Obviously, answer at your discretion. I appreciate your warmth and the generosity with which you share your knowledge.
I will add that into about me video. I fund it with loans. Grad I paid for some myself using money I earned in summer internship jobs.
"infinite vacation" sounds really nice on a T shirt. Thanks for sharing your financial info.
Level 11 - more income than you can figure out how to spend
Wow 4k makes your T Rex look Real! haha
=D Thanks! It does make things look wayyy better. About 5x more data coming in.
Are you covering your risk of having an accident or getting sick with medical bills stacking up sky high or taking your chances ?
I don't have enough for that. Running pretty lean. But then insurance will cover part of it.
Hi! new subbie here and I am appreciating your channel very much. Congratulations for your focus and ability in reaching your goals and thanks for the inspiration and tips and ideas. I was wondering about these levels, about being at a place where there are no loans/credit cards/mortgage whatsoever (house paid for) and money going into retirement, BUT self-employed (which for me is the only way and I love my "work") and living paycheck to paycheck, while building up emergency fund, so mostly enough to cover up all fixed expenses mostly, with some juggling, but no real margin (no holidays and no major crazy spending, financial security is a priority over the rest) SO I am not sure where I am in the levels, as I do not feel I am at a place where I am building wealth, but more on trying to remain in balance. I need to increase my income and to shave more and more of my spending, at this moment I have no side hustle, other than decluttering my house and selling the stuff (for very little, but everything counts, right?) I feel that the only negative for me to really fully enjoy my freedom to chose how to spend my time while enjoying my work is that I am not at a position where I have solid foundations. I must add that I am over forty, so time is not on my side, but still I am focusing on being positive.
Doesn't having a house paid for really lowers your burn rate? Being self-employed but sort of breaking even with expenses. It sounds like you need to earn more to build up enough of a retirement fund to really retire.
Being self-employed do you not have the ability to scale up your income? Is it something you enjoy doing? Sounds like you are not really retired because you cannot stop working and be fine the rest of your life.
Hi! thanks for replying. I guess I am quite low on my "burn rate" but I live in an expensive city in an expensive neighbourhood, I am working on trying to do what I can to lower the fixed expenses as much as possible, I earn a little more than what I spend and since it's self employed it is very very variable. No, I can absolutely not retire, my goal is to be earning a lot more to be comfortable, not necessarily to spend a lot, but to feel more secure,and allow for a lot more ease of well being, now it's very tight (but I am still grateful for all I have) and if for some reason I cannot work I am in trouble. After that to be able to possibly grow enough passive income so that if I want to I could not work, (which is not my real goal since I do like my work) and can focus more on other things as well, on the side...I need to find a way/ways to increase what's coming in, and probably finding other streams of income would relief some worry. thanks again
I guess I'm at level 7. However I can't pay off my mortgage. But the interest is low (1,4%), so I'd rather put my money towards investments that has been giving returns of around 8%. I also still have my student debt, which I could pay off. But the interest is so ridiculously low (0,13%) that I'll never pay it off ahead of time.
I could probably advance to level 8 within a year. But my plan is to stick around at level 7 for a few more years and then get to level 9. My burn-rate is pretty low, and I'm going to work on lowering it further this year.
can you do a video on cost to have kids? And why you should and should not have kids?
Oh man... what do they say... $1million each by the time they are 18? I think if you are frugal you can get by with much less.
BeatTheBush 233,610 until the age of 18. y i k e s of course it can be a lot less or a lot more depending on how you raise the kid
That sounds... low. Well depends on how yup. Do you want them to go to private school? Or how about dance lessons after school?
Just look at the cost of diapers...it's insane. Sure, you can get washable ones but that's quite a lot of work aswel + it costs water/detergent and I don't think you want to wash shitty stuff with anything else. The costs will only increase from then on :D you shouldn't base having (or not having) kids on anything financial because then the answer is always no.
You need to post a picture of the shirt graphics.
Duane Jaeger agreed
Will do.
Are most of the investments you draw from outside of retirement investment vehicles? Retirement funds cannot be touched until 59 1/2
I don't really draw from anything because I make more than my burn rate. The investments inside and outside of retirement vehicles stays put and grows. I add to it.
BeatTheBush Excellent, being debt free with a low burn rate is essential then! I’m working on it.
So close to level 6! Hoping to get there in the next year. So glad I didn’t buy a luxury home as I had planned. Would have increased the length of my working life. Not worth it!
Not sure if its just me but I noticed a slight issue with focus in this video. I could notice it every few seconds. Its more noticeable if you focus on the lamp.
You have arrived! There's a guy on youtube who is now quoting your stuff and critiquing it! The channel Meet Kevin ....ha ha ha ha. Keep up the good work. You're one of the few people who goes over how to make money off credit cards which I totally agree with bec I don't carry a balance either. I've made $35 on my no fee credit card in just 3 months on stuff I pay for anywhere.
Thanks. :)
I'm at a level 10 on your chart but I'm still not where I want to be. I actually want to drastically step up my spending during retirement. So, I will work another 4 1/2 years.
If you don’t mind me asking how are you able to get by on daily basis if you quit you’re job ?. I’m barely making it . I wish I was able to quit my job with enough money to go by without working
I know you did not want to speculate in Stee But have you considered cross posting your videos there for extra monetization? about.d.tube
I think that your qualifications for level 6 no mortgage being able to count if you have the money to pay it off should also apply to car loans and student loans. For instance, I still have a car loan and student loans, but all are under 3% interest, so I choose instead to invest money instead of paying both off early, simply because I make more in investment interest long term than I would save in interest by paying of a 2% student loan early, especially when you consider that over time the balance on these super low interest loans gets lower and lower over time, yielding less and less interest savings.
Sure. That can do it if you can pay it off but do not want to for other reasons. But if you hold investments, you are holding more risk. Not having debts is a huge burden and annoyance off your back. It does cost money to do this but the peace of mind is worth a few percent a year I think.
My frd who is fi now have trouble dating lol, even after he moved to HK and Philippines. I think Engineers in Bay Area have dating problems in general though. My expenses are around the same since my company covers a lot of day to day expenses. Perhaps you can make a video talking about health care. I feel healthcare in US is extortion. I considered moving away after fi
I agree! HA HA! Healthcare? I just pay for it outright. No subsidy from your employer. Yes... extortion in healthcare, agreed. Considering they wrongly diagnose you and before you know it, you get screwed somehow from wrong medical procedures or something.
Marry a Canadian!
I live in US, despite being Canadian. As you know, in Canada, the wages are quite low. I'd say engineers in Silicon Valley make 1.5 -2x than Canadian engineers.
Retire in Canada? I know there are too many Canadians in the bay! Hey there fellow 🇨🇦
Are you ahead in US after the rent ? Do u recommend younger Canadians continue the trek to silicon valley when it's so hard to get into the real estate market evens with 2 tech engineer salary couple it's still bidding wars everywhere.
You still make more than Canada after rent. I think it's still doable to buy to real estate in silicon valley. It is prime real estate. If you can afford it, don't haggle over the 10-20k. BTB has videos on $1 lunches. And you can always find a way to save money and move back to Canada. I can spend $10/day if I really want. Financial Samurai would say buy real estate now!!!. A couple makes 200k a year minimum, so if you buy a 1.2 million home, it's still reasonable. Of course, for me, I 'm a risk taker so my focus is not real estate but mining, and crypto.
Down to earth question Bush, when you become famous, will you remember the early subscribers?
Lol... when... will I ever? Hard to say. I remember a handful of subs by icon and name.
like me :D
Live your Channel. Where are you acquiring your dividend from which stocks or mutual symbols. I am wondering how your are supporting yourself with said dividend what percentage of returns to stocks are producing. I am very much interested in putting my money right next to yours in the market. I would like to know what companies your invested in so I can do some research of my own before I invest where you have your money at. I currently can't seem to find more companies to invest in.
Can you talk more about what stocks/bonds and such to invest in?
Just wondering, but considering how frugal you are, why did you choose to live in the bay area knowing how expensive it is? I'm considering moving to California but the cost of living is a major deterrent for me.
Love your videos!! Great info and encouragement!
Thanks!
I am level 7 right now. This video is so interesting. I would be a higher level if I lived differently; in my 20's.
Great video. Your honesty and openness will get you more subscribers. Keep it up!
Only as I am comfortable. It took a long time in the making for me to decide to do this one.
Can you do a video on health insurance during early retirement?
Tinkerbot Level 9 and still working. Also interested in health insurance options.
I don't have much to say. I just pay for it myself without help from an employer.
Really? One can optimize health for longevity and quality of life, but we are guaranteed a decline in health if we plan to die in old age. Fear of the cost of catastrophic illness for me or a loved one and the cost associated with it is probably the 1 thing that will keep me working way beyond level 8/9 of your scale.
I do think I'm pushing it very hard and a bit on the edge here. But one thing that gets me to do it is fear of not living life true to myself.
living your life true to yourself is the biggest one that many people regret in their death bed. Glad you realized this now
I’m at level -3 🤷🏾♀️
Are you actively trading crypto?
Less than bankrupt? Wow... that's like getting sued with nothing in the bank, in jail waiting to get sentenced.
BeatTheBush tell me about it , I’m typing from my cell right now 😂
CryptoQueen Crypto is taking a beating right now. I only put 0.25% of my NW in Crypto, thankfully. 80% is in real estate property/equity :p I like assets which produce cash flow.
I think it's wise because you offer financial advice so it proves what you talk about is proven method. Where did you get the 10 steps from?
Thanks for sharing!
I just divided the progression I see from bankruptcy to FI into steps. So I created it.
Very interesting, I'm at a similar level as you. Just bought my first house with a big deposit, if I scraped all my investments together I could pay it off but instead I will have it paid off in about 5 years and invest as I have been
What do you think about new tax bill??
Also I think based on your video I can guess where you live... New property at your area costs around 700-800K. How were were you able to payoff mortgage so early? Can you please do that video?
When you calculate whether you can pay off the mortgage, do you count money in your retirement accounts (the ones where you cant withdraw without penalty until 59.5 years old) or is it just your non-retirement investments and cash? Honey badger shirt sounds cool!
i cashed my 401k and paid off my mortgage. i didno't care about the penalty. i did not want to watch my life's saving going up and down. now i am completely debt free. i also feel better because i own a house vs owning a number on a computer screen (401k)
That's a really interesting way of thinking about it! You can always build that 401k back up but you get to enjoy that peace of mind of having a paid for house much sooner. Congrats on paying off your house!
thanks. i figured, even if my house loses values, i can still live in it or rent it out. with 401k, if it loses value, you are pretty much screwed.
I guess I'll leave that for later. But I advise against cashing out since the 10% penalty isn't something I would enjoy.
Do you have a video on how to start your TH-cam channel?
Here is something that will help: th-cam.com/video/sVAXvWib4To/w-d-xo.html
This is the way.
=D
Please tell us what's the name of your new camera or what did you do with your lighting setup Canto David Ramsey?
I list all my equipment here: www.amazon.com/shop/Beatthebush First row.
Can we get a house tour? And you said this is your house you bought? Could you talk about your housing process?
House tour soon but I will likely release this on a limited basis. This is the home I bought yet. What housing process? I just live in it.
I am in level 11. wondering whether I will have enough to send my own kids to college.
Level 11 is what?
Level 5 but afraid to get a mortgage. Don't like debt over my head
I'm from Colombia and have tried to buy some altcoins on exchanges but they all say that they're not supporting their services on my country. Any one know how to get around this? Or does any one know an exchange that works on Colombia and has a good Rep.? Thank you.
Hmmm, not sure how you can do it. You could try mining some yourself?
Wow! I am at a higher level than I thought! I'm still poor, but totally debt-free and I'm happy living a minimalist lifestyle.
Debt-free is very important. It keeps you from being dragged down by interest.
"Sleepovers" usually involve getting your pants removed... ;)
Why don't you use the equity in your home to get a cash flowing investment property. You can get better tax benefits that way, particularly through an LLC.
I like it SIMPLE. I hate how there is so much payments and transfers and accounts everywhere.
No idea why he would want to achieve financial independence somewhere so expensive. I get he used to work there but still...
I respect your honesty it must not be easy to admit that you need the youtube money. Best regards.
People expect I am retired... or rather assume that I am already. So I had to get that cleared up.
beat the bush. if you gave more details about your TH-cam income and how that has increased over time. Be specific. (by the way. love the specifics about your expenses you gave at the end your video) The specific details and numbers help to put your situation in perspective. i have 3 young kids, wife, 4 grandparents that i support. so $40k/yr expenses would be impossoble even if i lived in a lower cost area (not SF bay area like i do now)
At what point will you payoff your home since your waiting
What if you rent instead of mortgage?
I think I'm around level 9 give and take one level. I live in San Diego.
Nice one! And san diego??? dude... what nice sunny-ness!
What do you invest in? I'm curious to learn from a guru like you!
The peas are cheeky today.😃 I might go for the T-shirt. I'd have to see it first. Part of me feels like T-Rex would be a better logo choice though.
I lost count... Vote #4? Will show an example and have subscriber input first. Hmmm great idea with T-rex appearing on it.
Awesome video!
Going forward do you to plan to continue with only alt source of income? Is your idea not to earn regular income from a typical job?
I feel like ur subscribers are exponentially rising !
If you went back to working as an engineer and were able to save/invest your entire salary as you were in the last bit of your career, how long do you think it would take you to get into level 10/FI with Abundance? Would that even be worth it to you considering your current lifestyle compared to working full time with side-gigs?
As you can imagine, saving your entire salary will not take long to fully retire. I think I held out as long as I could. In fact, I should have done it a few months earlier.
Thanks for the reply. I'm at level 3, like most people in the U.S., but I'm starting to make changes to improve my situation. I've been watching your videos for a couple of weeks now and I feel like they're really helpful. Growing up I didn't have people in my life who would share this type of information with me, probably because they were also ignorant of it. I appreciate that you're sharing so openly. Thank you!
=D I'm glad! Information is out there but you are the one who is ultimately applying it. Congrats to you!
I love the t shirt idea but the pic should be you with that white t shirt on your head! Ahahahaa
BTB: I would sell the house and move into a condo or coop. Maintenance fee is much lower and so is all your utilities and real estate taxes. Unless you have your parents living with you, it would be good to down size and live with fewer stuff.
Even better is to live in a tiny house.
Hey BTB, based on your lifestyle, wouldn't moving out of the Bay Area be one of the best moves you could make financially?
Yes but it's a one way street.
Wow 20k for mortgage is kinda low for Bay area..
Yes I agree that your TH-camr life style is better than a real job, but don’t underestimate a $50-100k+ salary times 20 years, would that be more or less than your burn rate after expenses and would the extra money help for future planning like pension scheme? Also, if you are level 10 I think your lifestyle must change or start to be different from when you were below that level, if you have money then why continue to live so frugally?
What are your plans in regards to starting a family? Do you want one or are you content without one? It’s perfectly fine either way but does your financial level only reflect a single life?
If I had a popular U tube channel and wanted to market a T shirt to my viewers, I would solicit suggestions from them for the design/motto on the shirt and offer a commission on sales for the winning submission. This would potentially be a win win proposition since the collective ingenuity of the audience would likely result in a more popular design. Evening it didn't, you could still go ahead with any other design ideas of your own. BTW I don't currently have an idea for the design. BTW2 what is the origin/meaning of your channel name?
I will most certainly get feedback on the design. Here is what the name means: Beat The Bush is short for "Beat Around The Bushes" which means not getting to the point.
Later on, it seemed appropriate to assume getting to the point of not getting to the point and you get Beat The Bush.
BeatTheBush Ahh, very clever, those Chinese - or are you Chinese? If not, what is your ancestry?
Living the dream!
I think being able to live life on your own terms is amazing, and it seems to work great at the current stage of your life. curious to know how you fact a partner and children in the mix I'm sure you have but it seems that your burn rate will increase significantly if these things were to come into play.
Have you thought about being a big brother to a young man? Big Brothers Big Sisters of America would be a great organization for somebody like you. You're a great teacher and a kid would be lucky to have you as a big brother:)
The financial guru speaks!
You are too kind. =D
Good video beatthebush. I've been around the channel for a while hope you hit abundance stage or fatfire.
Thanks! I do hope so too.
Do you have a health care coverage while you’re unemployed?
Of course. You just buy it without employer subsidy.
If your t-shirt is a v-neck, I'll buy. I have not been wearing round neck t-shirt for a while
Ahhh v-neck shirts seems limited in color. Maybe I'll have to add a third option.
I’m going to take an educated guess and say you’re worth somewhere between 400-750K
What is the use?
damn
Too many inaccuracies in your extrapolation lead to an extremely inaccurate end result. Wasted time.
Penny Budget you're still way off. there's no point in him telling anyone.
You often mention in your videos that you worked as an "Engineer at Google". So you mean software engineer, right? Because Google doesnt really hire a lot of actual electrical engineers and thats what most people mean when they see engineer with no software attached to it. Could you tell me what kind of degree you have? I am assuming it was a CS degree. Could you tell me what college you went to? Or at least if it was Ivy League? And could you tell me what kind of work you did at Google?
Yes, t-shirt sounds fun!
Vote #7? I think. =D
With ur 100k subs amount and no products for sale. TH-cam is probably only paying you a couple grand per month not including sponsorship $
I do like the no products thing. I may have t-shirts soon though. =D Ha ha... as long as TH-cam can sustain my living, I am fine with it. I am as happy as I have ever been the past 10 years.
A couple grand per month is not bad...
BeatTheBush make the shirt say "Beat the Haters"
@@BeatTheBush So, will you be able to say the same in 2029? I would really like to hear about the arguments and a bit of discussion on plans for a family (wife+kids). ... and how you plan to potentially protect your lifestyle and assets from your future 'Mrs. BeatTheBush', who may or may not be a Tiger Mom as per @JWC 's comment above. I am 42 +3 kids... so I also find it hard to 'put the brakes on' with my non-asian Tiger Mom wife :-)
Just subbed, my brotha!!
Level 11....He finally hooks up with the girl from Disney world and his earnings are gone... :-) Tee shirt yup sign me up ...
i am at 9-10 but still working, just wanna test my System a bit longer term like 3 years period, + it is easy to tell what u need to have now, but much harder to tell what you need to have 20 years later. 30 years ago there was a lot less stuff u bought for yourself (cell phone, internet, tablets, drone) or in my country lik diswashers or dryers was not in every household(still not) +no idea how much will cost my life if i need someone to look after me
so cant predict such easily how much i will really need to keep the average level as at least
normally i calculate the average wage +30-50% as a good income minimum wich put me somewhere the top 15-20 of 100
meanwhile i started to learn sg to be able to work at home at least 5-20hours a week when i am retire and planning the same amount to spend with nonprofit activities
Yup... I agree. You need a good buffer room. But there is no shame in needing to go back and make some side money. It's entertaining and rewarding too if you do it the right way.
If you don't mind me asking, how old are you? You're going quite well for yourself. I thought you were the cheapest person on TH-cam but this shows that it helps.
That's the name I got for myself? Lol... fair enough.
BeatTheBush Well personally I thought you were being excessively frugal. I think many wouldn't do what you do to save money whilst having that financial status. The haircuts, the meals and coupons.
Lol. I am sort of weird.
emikami1 I've been on and off watching videos from this community. I'm currently focusing on my GCSE revision. It's been like that for about 3 months.