To go deeper, pre-order my new book, Building Your Money Machine: How to Get Your Money to Work Harder For You Than You Did For It! When you do you’ll also get over $1300 in wealth resources & bonuses for FREE! CLICK YourMoneyMachineBook.com
The new rich is to be debt free and have less bills while lowering your expenses. I have reduced my expenses to 13 and zero debt. 1. Electric. 2. Natural gas 3. Trash/recycle 4. Water/sewer 5. cell phone 6. internet 7. Property tax 8. home insurance 9. auto insurance 10. gasoline 11. food. 12. entertainment. 13. Auto/home repair budget. (No cable TV, No subscriptions, no pets, no debts.)
You can save a lot on clothes by buying returns of new clothes, even good brands, on Ebay auctions. I purchase about 10 items (tops, jeans, sweaters, jackets) in auctions of one dealer within ten days and have them sent in one package, so only paying once for shipping. Average costs for these approx. 10 new items including shipping is about 80 dollars
You seem like a really educated man Sir. Good Talk... That's what I've been doing regardless of certain things don't get paid right away. I pay myself first. Invest first. Then pay what bills I can. The bill collectors aren't going to help you, but you need to pick and choose what can be pushed out a bit.
We choose to live at poverty spending level now to retire early to more relaxing work. Minimalism and living debt free is just a lovely lifestyle. We enjoy one wonderful experience per month. Concert, comedy show, Sumo wrestling, boxing match etc. Totally affordable when you are debt free with only food and gas to buy. Meals at home with family and friends are better than restaurants anyway.
We have never and will never count our home in our net worth. Doesn’t matter if we are mortgage free, your monthly costs spread over time match the local monthly rental rate after taxes, insurance, roof, hvac, appliances, utilities, maintenance and repair. Even if your home goes up in value, those fixed costs also go up at the same rate🤮
Assets - liabilities = net worth. Yes, you include your house. However, just know it's not an investable asset and doesn't generate income until sold or leveraged.
Hi i really like your videos gives me inspiration to move forward in a positive direction. Especially when you talk from experience too. When your father had nothing as well. Keep up the good work as im learning alot from you. Im still looking for my financial freedom one day soon I hope.
Mel , there's a lady on You Tube, Kathleen Cameron talking about manifestation especially money! She has a millionaire program and I honestly feel she's getting people to pay for a $10,000 course in order to live a wealthy life. She encourages to be in debt! No way . I'd rather invest that money in blue chip stocks!
No, I'm mad about when they changed the rules for Roth from just for your kids college. GGGRRR! 7K a year isn't enough when your in your 50s. Converting 1000s of dollars in reg IRA isn't possible. We'll be dipping into the IRA before 70.5 to keep our lifestyle, traveling. Last car I bought, What is the price? without disclosing my trade. Small Roth and checking is liquid $$ enough in retirement.
Buying a house is wayy better than renting. It is tougher for younger folks today. About 1/2 of younger folks make notably more than we did when younger. Home values shot up too fast & the mortgage rates are too high still. Consumerism is younger folks problem instead of saving overall.
No prices are an issue.... People can't cheap their way into stuff. Think about this when my parents were starting off they made 38K while now many leaving school will make similar while the houses have doubled in price. There is a problem obviously as long as income does not keep pace with expenses regardless of reason.
@@patcurrie9888 Dude more work will not solve the issue.... Everyone I know either has very high income compared to average OR they live with others who also work..... It should be obvious that the median income can't afford everything at 40 hours..... which was not easy before but was more possible if one looks at the numbers....
@@donaldlyons17 okay, but we had it tough too in the mid 90s. If I didn't have my tax shelter acct from my 20s with a union job. We couldn't afford our house too. We got into one but I had to get a 2nd job to make it with two kids. I worked that job for 12 yrs. That's my personal example of hustling. If I had to start out now, I'd live with parents as long as I could and bank a nest egg. Then move out with a reliable roommate to share costs as I continued to save some.
@@patcurrie9888 Dude yeah I see it was not easy but that is like saying well I worked 2 jobs in 2008 to 2013 but the housing prices were still cheaper compared to my income vs. working two jobs now!!! WTF it is way harder now after Covid!!!!
This new generation is gonna rock the boat. It's gonna be interesting, kinda like the "great resignation" we had employers begging workers. That's wild if u think about it. 😂
To go deeper, pre-order my new book, Building Your Money Machine: How to Get Your Money to Work Harder For You Than You Did For It! When you do you’ll also get over $1300 in wealth resources & bonuses for FREE! CLICK YourMoneyMachineBook.com
Thanks!
I'm saving for my next car from each pay check. I plan to buy in 6 years and I want to pay for it in full cash! No financing or leasing.
I did that and just paid cash for a new Toyota a few months ago. Great feeling but be prepared for your insurance to go up.
Why will the insurance go up
The new rich is to be debt free and have less bills while lowering your expenses. I have reduced my expenses to 13 and zero debt. 1. Electric. 2. Natural gas 3. Trash/recycle 4. Water/sewer 5. cell phone 6. internet 7. Property tax 8. home insurance 9. auto insurance 10. gasoline 11. food. 12. entertainment. 13. Auto/home repair budget. (No cable TV, No subscriptions, no pets, no debts.)
No life 😢
@@iati6294you can still have a life without all those expenses.
Survive until things get better
Sorry, but that's definitely not the "new rich". It sounds like a poor man's life, and I'm not talking money wise poor. 🤷
Pets, particularly dogs, make you happier, healthier and live longer (daily walks)!
You've got all the makings of a great personal finance channel. Keep going, man! I'm going through all your videos one at a time.
You can save a lot on clothes by buying returns of new clothes, even good brands, on Ebay auctions. I purchase about 10 items (tops, jeans, sweaters, jackets) in auctions of one dealer within ten days and have them sent in one package, so only paying once for shipping. Average costs for these approx. 10 new items including shipping is about 80 dollars
Just came across your channel, love it!
Thank you for sharing ❤❤
You seem like a really educated man Sir. Good Talk... That's what I've been doing regardless of certain things don't get paid right away. I pay myself first. Invest first. Then pay what bills I can. The bill collectors aren't going to help you, but you need to pick and choose what can be pushed out a bit.
When a product is free, you are the product.
Suggestions for small business budget system? I’m a handyman but I’m always short on cash…
Pay Yourself First Automatically Before You Start Paying Anyone Else.
Just find you.. and I think you are very inspirational. I appreciate your advices.. I really need help!!
We choose to live at poverty spending level now to retire early to more relaxing work. Minimalism and living debt free is just a lovely lifestyle. We enjoy one wonderful experience per month. Concert, comedy show, Sumo wrestling, boxing match etc. Totally affordable when you are debt free with only food and gas to buy. Meals at home with family and friends are better than restaurants anyway.
Thanks so much for sharing this! It's educative!🙏🙏
You are so welcome
Thank you Sir.
Real estate is an investment if it's for rental only
We have never and will never count our home in our net worth. Doesn’t matter if we are mortgage free, your monthly costs spread over time match the local monthly rental rate after taxes, insurance, roof, hvac, appliances, utilities, maintenance and repair. Even if your home goes up in value, those fixed costs also go up at the same rate🤮
Thanks for the great videos Mel! Do I include my home value when calculating my net worth?
Not unless you own it. If you have debt or a mortgage, no.
Assets - liabilities = net worth. Yes, you include your house. However, just know it's not an investable asset and doesn't generate income until sold or leveraged.
Can u talk about crypto please
What are your thoughts?
Love your content btw!
Hi i really like your videos gives me inspiration to move forward in a positive direction.
Especially when you talk from experience too. When your father had nothing as well.
Keep up the good work as im learning alot from you.
Im still looking for my financial freedom one day soon I hope.
The money machine. Awesome!
Great video buddy I love it.
Mel , there's a lady on You Tube, Kathleen Cameron talking about manifestation especially money! She has a millionaire program and I honestly feel she's getting people to pay for a $10,000 course in order to live a wealthy life. She encourages to be in debt! No way . I'd rather invest that money in blue chip stocks!
She’s the only one getting rich. 😅
No, I'm mad about when they changed the rules for Roth from just for your kids college. GGGRRR! 7K a year isn't enough when your in your 50s. Converting 1000s of dollars in reg IRA isn't possible. We'll be dipping into the IRA before 70.5 to keep our lifestyle, traveling. Last car I bought, What is the price? without disclosing my trade. Small Roth and checking is liquid $$ enough in retirement.
Never buy brand new cars, never buy cars in credit
Middle class are the people who plan for retirement by downsizing.
Very good point
Just about everything requires you to pay monthly or yearly. I miss when Microsoft office was a program you buy once and update it when needed.
Two words: truck payment
Buying a house is wayy better than renting. It is tougher for younger folks today. About 1/2 of younger folks make notably more than we did when younger. Home values shot up too fast & the mortgage rates are too high still. Consumerism is younger folks problem instead of saving overall.
No prices are an issue.... People can't cheap their way into stuff. Think about this when my parents were starting off they made 38K while now many leaving school will make similar while the houses have doubled in price. There is a problem obviously as long as income does not keep pace with expenses regardless of reason.
@@donaldlyons17 Time to get a part time job to hustle & save more, rates will come down.
@@patcurrie9888 Dude more work will not solve the issue.... Everyone I know either has very high income compared to average OR they live with others who also work..... It should be obvious that the median income can't afford everything at 40 hours..... which was not easy before but was more possible if one looks at the numbers....
@@donaldlyons17 okay, but we had it tough too in the mid 90s. If I didn't have my tax shelter acct from my 20s with a union job. We couldn't afford our house too. We got into one but I had to get a 2nd job to make it with two kids. I worked that job for 12 yrs. That's my personal example of hustling. If I had to start out now, I'd live with parents as long as I could and bank a nest egg. Then move out with a reliable roommate to share costs as I continued to save some.
@@patcurrie9888 Dude yeah I see it was not easy but that is like saying well I worked 2 jobs in 2008 to 2013 but the housing prices were still cheaper compared to my income vs. working two jobs now!!! WTF it is way harder now after Covid!!!!
The American dream is financial freedom ❤❤❤❤❤
The richs are loaded with debt. The rich don't pay taxes on debts.
No one pays taxes on debt, interest is another story
CEO's make too much.
So become one and make too much.
This new generation is gonna rock the boat. It's gonna be interesting, kinda like the "great resignation" we had employers begging workers. That's wild if u think about it. 😂
@@jakeconkling8259 I'm trying