To start comparing quotes and simplify insurance-buying, check out Policygenius: policygenius.com/mwbf. Thanks to Policygenius for sponsoring this video!
The part about your friends is gold. I have a friend who worked hard to develop his career and improve life for him and his family. It was a big influence on me to do the same.
Marko is the man. I've been in finance for over 12yrs and he is right about everything on this topic. When I use to review individuals bank statements and credit reports for hardship loans, I would notice 50-75% of their money was going towards...car payments, mortgage and cell phone bills, eating out daily and high credit card debt.I would simply had to deny some people, because they didn't really need an hardship loan, they just simply needed to ACT THEIR WAGE lol
Just to recap… 7 Reasons Why You Are Broke: 1. Low income 2. Don’t save enough 3. Too much car 4. Too much house 5. Too comfy 6. Think short term (No goals) 7. FOMO (Keeping up with the Joneses)
Low income is the biggest problem. When was the last time any of you meet a millionaire who made really close or at the legal minimum and lived close to it? Even the exceptions online typically made at least 2X the legal minimum so yeah income is the biggest issue of them all.
Marko, another great one. Robot noises on point. Everyone that's watching and is in a position that they are not happy with. TAKE ACTION NOW. I've completely changed my life over the last 2 years after changing careers. My income has 4x (wasn't making much before) and I don't worry about paying bills anymore. Like he said - you will do the same shit everyday and next thing you know, your life has gone by. Discomfort means growth and new experience. Make more money and live your best life. And of course, keep watching WBF w Marko
Marko, can you do a video on how you in particular buy cars? I've heard you mention your method before. Show us an example of what you can buy doing it your way. As a car guy, I think it would make for great content.
You can only cut/save money so much...so a high income is definitely necessary to create that surplus to build wealth. BUT, this only works if you don't become a victim of lifestyle inflation. Most people get their first big-boy or big-girl job and the first thing they buy is a brand new car. No bueno.
You helped me change my uncle's life with these videos. He was broke and could not save money! He always had too much car and no house. Your channel put this into perspective for him. Thank you Marko!
Car guy here. Bought my 15 BMW 435i basically cash. I financed about 6k and paid it off in 6 months. Its the way to go. Payments suck. I still drive my 12 year old Honda civic to work and see no reason to waste money on a new car.
12:03 yeah my friends are trying to get me to buy a 1200 car thats manual... could be jeep could be scion or what every just a cheap manual car... mainly cause they want to work on it with me lol also manual transmissions are fun.
Not sure if you will even see this, can you apply the 20/4/10 rule to buying an EV? If my car payment is $443 (Subaru WRX) and I spend $170 on gas per month (8K miles per year), I'm really paying $613 per month. If my EV car payment is $600 and I spend $15 on charging, technically you can afford a more expensive vehicle with instant savings. Right?
Maaannn!!! This is a great video. I highly appreciate it. Marko, do you think you can make some subtitles in Spanish?? This is one of the videos that I would like to share with some of my friends and family that do not speak English. Well that is a free advice for a huge market tat really need this advice. Thanks for your material. I will keep following and sharing your content.
I did exactly what you recommended in #1 and quadrupled my income in 5 years. Left a low paying job at a small company for an entry level job at a F250 Company that offered tuition reimbursement. I immediately started on my MBA part time and switched roles internally every 18 months getting a small raise every time. When I graduated with my MBA I was hired for a Director level role and haven’t looked back. Best decision ever
11:21 "The Joneses can Kiss my Assets." Priceless! 🤣 More than 25 years ago a friend, who was also an ex, was trying to purchase his first home. He was a high wage earner and was formerly in the military, yet he was denied a VA loan due to his poor credit. His credit was bad, but he sure could dress. So, this gent contacted friends and family seeking loans so that he could pay off his outstanding debts, making it appear that he was debtless, so that he could get into more debt. In my email reply to him, I recall writing that if he had to borrow money to borrow money, then he could not afford to purchase a house. I concluded my email by saying, Stop trying to keep up with the Joneses, because your last name is not Jones. My comment went right over dude's head. He had no clue what my comment meant. This gent went on to buy that house, without me help, continued to be a high wage earner for many years, buy a more expensive car than he needed, to go with his nice clothing of course, eventually lost his high paying job, had no savings, and ultimately lost his house. He has never had a spouse, or children, or college loans, all his spending was on his personal lifestyle. This gent has continued to struggle financially since. And as he aged, getting high paying jobs was no longer easy to do.
Yeah that’s my weakness point… looking what others have and feel bad about myself and not appreciate what i have . Like i drive a 10 year prius at the moment. And everyone from work seems to drives new cars lately. And that i’m like what the hell??? What’s going on??? Is everyone became rich or something??? Did I missed something? But i also have this with TH-cam. I watched a youtube family for a while and it was like a family that promoted Tesla’s so they had a model s for dad and a model x for mom.. and they talked about hoe great the cars are and stiff and next to that they doing nice things with their kids like going to Disney roadtrips with their kids or other trips. With the Tesla’s. And i always was like… how do they do that!?!? All that free time.. having a nice house. 2 tesla’s 4 kids.. 2 times to disney per year next to other vacations… and the latest gadgets in the house It even gets me frustrated
Marko I have to physically go to your channel to see your videos. For some reason TH-cam does not notify me when you post videos or come up on my recommendations.
The car part... ouch! I felt that on a personal level. Thought I heard my name being called for a second 😅😅 Literally EVERYTHING matched up. Around $67k income, $640 car payment.
You know, Marko, I've been watching you for a while now and I often wonder why you don't have more views and likes. You constantly release quality, value-ad content. By far, I think you're the most underrated creator in the finance space. Thanks for the great videos, and look forward to seeing more! *smashed the like*
I am close to retirement and a couple of my positions are depleting. I am still making my employees match but currently confused as to what to continue doing. I have 300k set aside to invest for early retirement
I am retired with a 6.2 M portfolio outside IRAs I still work with a financial planner, Mary Freed Lorenz she works with Fidelity where I have an account, I also own Tradestation and EToro. She controls 80% of my portfolio. Research her she could advice you in the right capacity.
@@benjaminlee876 It’s not reckless to be aware of what’s going on. Most so busy working 9-5 on the hamster wheel they don’t have time to study our complex financial system.
@@benjaminlee876 I just want to say thanks for this. I am currently working with Dorothy, signed up to hire her as an account manager. I love how she presents herself and her methods that are rather innovative than traditional investing. I'm glad.
Marko, long time subscriber. Maybe not the right venue to ask this question but it's gotta be you. I can't ask good ole "better than I deserve" this one. Can I put a REIT (o) realty income, inside a roth and not pay taxes on it?
Great video Marko. Remember we spoke about how I wanted to get a 997.2 911. Bro have you seen these Porsche prices? I want one but don't need one at those prices lol.
@@WhiteBoardFinance The beauty of knowing I can get one but don't. Thanks to your channel I learned that. I got smarter with age. Keep up the great work
Hey man that Honda Accord you are talking about still got me from point A to point B for the past 22 years! Better than buying FCA products for sure since I got my money worth.
As a Jones, I take offense 😂😂. Great tips, man. This video literally gives all the tips I've learned over the years. Wish this video was avaliable years ago. Would have saved me some time.
I make pretty good money. 2 years ago, I let go of my fully equipped Infiniti that I was making payments on, and I picked up an old 1999 BMW for $3500 (from a rich person who maintained it). Best decision I've ever made.
Me too. I got rid of 2019 Mustang and bought a 06 bmw 330i. I had it for two years now and loving it. A lot more than the Mustang. No payments feels good
@@willy08bm agreed. I've been able to up my other investments and splurge a little more on my hobbies. also, 1 marshmallow now, or 2 later. I want 2 later.
Hey Marko great video! Did you post the home affordability spreadsheet in the comments? I’m looking for a house and would love to use your spreadsheet to help with my choices! Thanks!
Excellent video, transparent and clear. Basically, most of these reasons are based on simple thing, what I call ego purchase. Most of the people always want a better, nicer, bigger house and car and any time they get some extra cash they immediately fulfill their very first desires. If you can control this, then nothing can stop you to finally be rich.
So like id you earn like between €2.000 and €3,000 per month . Than it would be not smart to go for a Private Lease car that would costs €500 per month? Can you tell me more about that?
Excellent video, Marko! To be fair, what you invest in is not the most important thing when you have a small amount of money to invest each month. It will not make you rich no matter what you invest it in. Instead, what will make you rich is constantly investing, optimizing your spending/saving habits and improving your sources of income.
I’m glad that at a young age I developed extreme discipline when it came to finances. Like right now I use my incentive based pay to enjoy extra things. My hourly rate goes towards bills, savings etc. the incentive for dates and gifts
TIL that Marko only counts me as an acquaintance 😔 Serious note, neighbors just got a brand new Telluride about a month ago. Good for them. I still have my rapidly approaching 2 decade old Avalon 😇
Every time I watch these videos it further shows me that I'm making rhe right moves. I've seen many people try to keep up with the Joneses and fail. Same with getting too much car and home. Then when they get older you hear of a lot of regrets. Never knew the median income was that much. I thought it would have been higher.
To start comparing quotes and simplify insurance-buying, check out Policygenius: policygenius.com/mwbf. Thanks to Policygenius for sponsoring this video!
That after the credits scene with Kia got me rotfling ;)
The part about your friends is gold. I have a friend who worked hard to develop his career and improve life for him and his family. It was a big influence on me to do the same.
Marko is the man. I've been in finance for over 12yrs and he is right about everything on this topic. When I use to review individuals bank statements and credit reports for hardship loans, I would notice 50-75% of their money was going towards...car payments, mortgage and cell phone bills, eating out daily and high credit card debt.I would simply had to deny some people, because they didn't really need an hardship loan, they just simply needed to ACT THEIR WAGE lol
I found him recently and I love David Ramsey but he really gives u the data and is correct blessed to have found this channel
Thanks! Always great content.
Thanks for watching and sharing your thoughts 💭 message me now on my number 👆👆👆let’s talk.
I just came for the Kia Telluride outro. It's amazing 😍
Just to recap…
7 Reasons Why You Are Broke:
1. Low income
2. Don’t save enough
3. Too much car
4. Too much house
5. Too comfy
6. Think short term (No goals)
7. FOMO (Keeping up with the Joneses)
Low income is the biggest problem. When was the last time any of you meet a millionaire who made really close or at the legal minimum and lived close to it? Even the exceptions online typically made at least 2X the legal minimum so yeah income is the biggest issue of them all.
Good tips. Especially the complacent part and the long term goals. Very under appreciated.
Marko, another great one. Robot noises on point.
Everyone that's watching and is in a position that they are not happy with.
TAKE ACTION NOW.
I've completely changed my life over the last 2 years after changing careers.
My income has 4x (wasn't making much before) and I don't worry about paying bills anymore.
Like he said - you will do the same shit everyday and next thing you know, your life has gone by.
Discomfort means growth and new experience.
Make more money and live your best life.
And of course, keep watching WBF w Marko
Thank you!
Marko, can you do a video on how you in particular buy cars? I've heard you mention your method before. Show us an example of what you can buy doing it your way. As a car guy, I think it would make for great content.
Marko one of the financial advisors out there... we got value... for sure...
You can only cut/save money so much...so a high income is definitely necessary to create that surplus to build wealth. BUT, this only works if you don't become a victim of lifestyle inflation. Most people get their first big-boy or big-girl job and the first thing they buy is a brand new car. No bueno.
This is good perspective. A lot of practical reminders to avoid the temptation of trying to live like everyone else and stay the course.
You helped me change my uncle's life with these videos. He was broke and could not save money! He always had too much car and no house. Your channel put this into perspective for him. Thank you Marko!
Thanks for watching and sharing your thoughts 💭 message me now on my number 👆👆👆let’s talk.
Underrated bro! "The Joneses can kiss my assets!" 🤣
Car guy here. Bought my 15 BMW 435i basically cash. I financed about 6k and paid it off in 6 months. Its the way to go. Payments suck. I still drive my 12 year old Honda civic to work and see no reason to waste money on a new car.
Another good one. Everyone should watch this!!!
12:03 yeah my friends are trying to get me to buy a 1200 car thats manual... could be jeep could be scion or what every just a cheap manual car... mainly cause they want to work on it with me lol also manual transmissions are fun.
You always make such profound vids. You also crack me up with your clever puns and remarks. Haha. I'll have to share this video.
Marko, thank you for this awesome video. Your interpretation of robot alarm was also awesome.
⤴️📊 I’m glad you like it. Send me a direct msg
Awesome vid Marko , thank you for this!
⤴️📊. Thanks Dain. Send me a direct msg right away
Not sure if you will even see this, can you apply the 20/4/10 rule to buying an EV? If my car payment is $443 (Subaru WRX) and I spend $170 on gas per month (8K miles per year), I'm really paying $613 per month. If my EV car payment is $600 and I spend $15 on charging, technically you can afford a more expensive vehicle with instant savings. Right?
Simply the best video you have published, thanks!
⤴️📊send me a direct msg
Thank you Marko!
⤴️📊 thanks for watching, send me a direct msg right away
Maaannn!!! This is a great video. I highly appreciate it.
Marko, do you think you can make some subtitles in Spanish??
This is one of the videos that I would like to share with some of my friends and family that do not speak English.
Well that is a free advice for a huge market tat really need this advice.
Thanks for your material. I will keep following and sharing your content.
I did exactly what you recommended in #1 and quadrupled my income in 5 years. Left a low paying job at a small company for an entry level job at a F250 Company that offered tuition reimbursement. I immediately started on my MBA part time and switched roles internally every 18 months getting a small raise every time. When I graduated with my MBA I was hired for a Director level role and haven’t looked back. Best decision ever
Mind blown! So succinct, absolute gold. This needs to be taught to every Junior/Senior in high school. Thanks Marko. You have a real gift.
But I like going for midnight car drives for an hour. I shouldn't since fuel is too high in the UK.
Great video Marko! 💯
11:21 "The Joneses can Kiss my Assets." Priceless! 🤣 More than 25 years ago a friend, who was also an ex, was trying to purchase his first home. He was a high wage earner and was formerly in the military, yet he was denied a VA loan due to his poor credit. His credit was bad, but he sure could dress. So, this gent contacted friends and family seeking loans so that he could pay off his outstanding debts, making it appear that he was debtless, so that he could get into more debt. In my email reply to him, I recall writing that if he had to borrow money to borrow money, then he could not afford to purchase a house. I concluded my email by saying, Stop trying to keep up with the Joneses, because your last name is not Jones. My comment went right over dude's head. He had no clue what my comment meant. This gent went on to buy that house, without me help, continued to be a high wage earner for many years, buy a more expensive car than he needed, to go with his nice clothing of course, eventually lost his high paying job, had no savings, and ultimately lost his house. He has never had a spouse, or children, or college loans, all his spending was on his personal lifestyle. This gent has continued to struggle financially since. And as he aged, getting high paying jobs was no longer easy to do.
HECTIC!!!
Good advise Marko!
Marco, you are simply the best, thanks for your work!
My guy! I love your channel keep it goin 😎🔥
But my 2016 Accord has appreciated by over $6,500 - since I purchased it below trade-in value from a private seller a few years ago!!
Yeah that’s my weakness point… looking what others have and feel bad about myself and not appreciate what i have . Like i drive a 10 year prius at the moment. And everyone from work seems to drives new cars lately. And that i’m like what the hell??? What’s going on??? Is everyone became rich or something??? Did I missed something?
But i also have this with TH-cam. I watched a youtube family for a while and it was like a family that promoted Tesla’s so they had a model s for dad and a model x for mom.. and they talked about hoe great the cars are and stiff and next to that they doing nice things with their kids like going to Disney roadtrips with their kids or other trips. With the Tesla’s. And i always was like… how do they do that!?!? All that free time.. having a nice house. 2 tesla’s 4 kids.. 2 times to disney per year next to other vacations… and the latest gadgets in the house It even gets me frustrated
I love the tweed plaid blazer as a built-in meta reference to being broke, Marko! Genius!
That ending was hilarious 😂
You should try stand up. I got an eye for talent and I think you can be a good stand up comedian.
Marko I have to physically go to your channel to see your videos. For some reason TH-cam does not notify me when you post videos or come up on my recommendations.
Appreciate all your informative videos.
The car part... ouch! I felt that on a personal level. Thought I heard my name being called for a second 😅😅
Literally EVERYTHING matched up. Around $67k income, $640 car payment.
So is the car for sell yet?
Same! Even though my payment is $317 that’s money I could be investing. We live and learn!
Hello , you are amazing... I love all your videos. thanks
Great advice.
Thank u 🙏🏻 bro for the advice
Thanks for the video
Marko's jacket is pretty sweet.
You know, Marko, I've been watching you for a while now and I often wonder why you don't have more views and likes. You constantly release quality, value-ad content. By far, I think you're the most underrated creator in the finance space. Thanks for the great videos, and look forward to seeing more! *smashed the like*
Thank you I wonder the same thing lol
It’s because he doesn’t like making click bait titles and thumb nails and I respect him for that
Hes doin alright 😏.... Nearly 1M.
The no nonsense format goes a long way these days.
Not really. My view counts are much lower than other finance creators who provide much less value and real world experience IMHO
@@WhiteBoardFinance meet Kevin is trash agreed
You are very good. I just subscribed your channel
Thank you so much sir.
very good video, Marko.
This is awesome info thanks.
Thank you for providing such an interesting explanation.
Glad it was helpful!
I am close to retirement and a couple of my positions are depleting. I am still making my employees match but currently confused as to what to continue doing. I have 300k set aside to invest for early retirement
I am retired with a 6.2 M portfolio outside IRAs I still work with a financial planner, Mary Freed Lorenz she works with Fidelity where I have an account, I also own Tradestation and EToro. She controls 80% of my portfolio. Research her she could advice you in the right capacity.
@@benjaminlee876 I'll definitely be writing her shortly, looked her up and found her webpage. I hope to hear back from her fingers crossed.
@@benjaminlee876 I'm not sure, use her website and provide details she requires. It should be clear to you once you have gotten in touch
@@benjaminlee876 It’s not reckless to be aware of what’s going on. Most so busy working 9-5 on the hamster wheel they don’t have time to study our complex financial system.
@@benjaminlee876 I just want to say thanks for this. I am currently working with Dorothy, signed up to hire her as an account manager. I love how she presents herself and her methods that are rather innovative than traditional investing. I'm glad.
Love the tweed bro.
Good whiteboard presentation!
Glad you liked it!
Loved it! Short, to the point, and really valuable. Probably should also add "Don't gamble in a stock market"
thank you marko!
Marko, long time subscriber. Maybe not the right venue to ask this question but it's gotta be you. I can't ask good ole "better than I deserve" this one. Can I put a REIT (o) realty income, inside a roth and not pay taxes on it?
⤴️📊 send me a direct msg right away
Thanks for your videos Marko 👏🏽👌🏽
Thanks for watching :)
🤔"danger danger.. I may leave that in".... makes me wonder what he cuts out! lol
Great video Marko. Remember we spoke about how I wanted to get a 997.2 911. Bro have you seen these Porsche prices? I want one but don't need one at those prices lol.
Lol yes. I'm selling a mint 2005 Carrera S soon. Has ~23k miles. Will most likely make $10-15k on it.
@@WhiteBoardFinance The beauty of knowing I can get one but don't. Thanks to your channel I learned that. I got smarter with age. Keep up the great work
My man
Hey man that Honda Accord you are talking about still got me from point A to point B for the past 22 years! Better than buying FCA products for sure since I got my money worth.
I own a Honda Accord and completely agree. Have the 911 offset the depreciation and enjoy it on the weekend ;)
I have a 98. Gotta love it
Hondas keep their worth, German cars are worth 1 10th of they’re value in 5 years 😂
I’ve made thousands of dollars on many German cars lol
@@WhiteBoardFinance which ones and how much?
Gracias amigo!!!!!
⤴️📊Send a direct msg to me Antonio. I got something to share
btw... freaking amazing video!! Where would Millennials and Gen Zs be without you?
Thanks for watching and sharing your thoughts 💭 message me now on my number 👆👆👆let’s talk.
👍🏽 good stuff
LOVE the videos. I am a CNA and going to school for nursing :)
As a Jones, I take offense 😂😂.
Great tips, man. This video literally gives all the tips I've learned over the years. Wish this video was avaliable years ago. Would have saved me some time.
I appreciate that!
You're awesome Marco and greatly underappreciated 🚀🚀
I’ve been telling my wife this for years!
Problem #2 used to be mine. Now with a family, it's a bit easier to have some discipline. Great videos brothuh!
you break things down so easily!
This is a rare gem on the nowadays Internet!
Should we save in bank or just have a emergency fund for 6 months and then invest after u have emergency fund
GREAT video! Down to earth and simple for anyone to comprehend. That's why I'm subscribed! Thank you for breaking it down.
⤴️📊 thanks mate!!! Shoot me a direct msg
Why watch Netflix for 3 hours after work when I can watch it while at work!
Smart
Love that you mentioned blue collar work. 4 years as a diesel mechanic and I'm making 65k a year.
Awesome 👍🏾
It's your simplicity and genuineness for me 👌🏾👌🏾👌🏾
I make pretty good money. 2 years ago, I let go of my fully equipped Infiniti that I was making payments on, and I picked up an old 1999 BMW for $3500 (from a rich person who maintained it). Best decision I've ever made.
Me too. I got rid of 2019 Mustang and bought a 06 bmw 330i. I had it for two years now and loving it. A lot more than the Mustang. No payments feels good
@@willy08bm agreed. I've been able to up my other investments and splurge a little more on my hobbies. also, 1 marshmallow now, or 2 later. I want 2 later.
The "DANGER DANGER" robot should become a part of your videos. Too funny!
Marko THE MEN ..😎
Hey Marko great video! Did you post the home affordability spreadsheet in the comments? I’m looking for a house and would love to use your spreadsheet to help with my choices! Thanks!
Sorry nvm I saw it! Thank you!
It’s in the description! Ty
Marko, you’re the best.
lol ty Aaron
Excellent video, transparent and clear. Basically, most of these reasons are based on simple thing, what I call ego purchase. Most of the people always want a better, nicer, bigger house and car and any time they get some extra cash they immediately fulfill their very first desires. If you can control this, then nothing can stop you to finally be rich.
I am 24 I am a learning a lot from you I love your content I am a new subscriber
my man! welcome aboard
So like id you earn like between €2.000 and €3,000 per month . Than it would be not smart to go for a Private Lease car that would costs €500 per month? Can you tell me more about that?
Don't see the house buying link
It’s in the description
I'm gonna watch this video at least 3 times a week! Thanks Mark!
You got me at too much house-classic! Ha ha
⤴️📊 thanks for watching, endeavors to Reachout and send a direct msg to me
8:00 this man became a wholeass robot!🤣
I really would love to book a session with you I have so many questions on stocks and bonds and a bubble they added to my mortgage when I refinanced
Grow your income. Spend less. Save and invest the difference. Very simple.
Simple in summary, complex in execution.
Excellent video, Marko! To be fair, what you invest in is not the most important thing when you have a small amount of money to invest each month. It will not make you rich no matter what you invest it in. Instead, what will make you rich is constantly investing, optimizing your spending/saving habits and improving your sources of income.
I’m blessed I have my car paid Volkswagen 2015 but no car payment is amazing
I’m glad that at a young age I developed extreme discipline when it came to finances. Like right now I use my incentive based pay to enjoy extra things. My hourly rate goes towards bills, savings etc. the incentive for dates and gifts
You don't have to keep the car, sell it.
This video spoke to me. I need to stop being so comfortable. Ugh. 😬
⤴️📊Right?? Send me a direct msg right now
TIL that Marko only counts me as an acquaintance 😔
Serious note, neighbors just got a brand new Telluride about a month ago. Good for them. I still have my rapidly approaching 2 decade old Avalon 😇
Pay your self first I started to do that life changing but in my 41k
Every time I watch these videos it further shows me that I'm making rhe right moves. I've seen many people try to keep up with the Joneses and fail. Same with getting too much car and home. Then when they get older you hear of a lot of regrets. Never knew the median income was that much. I thought it would have been higher.
I believe "household income" assumes two earners. Technically its the income of everyone in the house over age 15.
I drive a 06 GTI golf. Bought a house and will buy assets instead of a monthly car payment. #sats
Ouch. Thanks.
It may not be what ya wanna hear, but ya need to 😆
@@A6Legit Just like castor oil as a kids... Didn't want it in my mouth but boy could it send the bad stuff packing.
Hold my beer, on my way to Gucci to max out my credit card
How to obtain a 98 Corolla?