This is quite educational. It's crucial for newcomers to keep in mind that the financial markets are highly irrational in the short run. You should constantly be ready for the unexpected. That is how chance operates. Because of the inherent risks in the market, I always favor long-term investments.
These uncertainties will always be there. Thing is, every once in a while, the market does something so stupid it takes your breath away. If youre not ready for it, you shouldnt be in the market business. or get you a skilled practitioner.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
There are a lot of independent advisors you might look into. But I work with Lisa Ann Moberly and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
This reference seems valid.. Just looked up her full name on my browser and found her webpage no sweat, over 13 years of experience is certainly striking! very much appreciate it
Habits keeping me poor. 1. No pay rises with increased inflation. 2. Insurances increasing year on year. 3.Home loan rates increasing due to inflation. 4.Periodic tax increases. 5. Companies increasing prices to boost profits. 6. Countries being idiots and declaring war. 7. Cost of fuel/gas increasing year on year. 8. Cost of groceries increasing year on year. 9. Internet scammers selling products and not delivering. 10. Useless, over charging accountants who are unable to give you information on how to minimise tax burden.
Yeah it's rough right now, sorry to hear you're having a hard time. I'd say the one thing on your list that you can avoid is buying things online from shady sources - only buy from sources you really trust, and when it comes to certain things (ALL electronics) you always buy them from a physical store so you can easily bring products back and complain. That one rule has saved me a lot of angst and anger and money over the years, trust me, it's not worth the lower price of ordering electronics online to miss out on in-person customer service.
Well said! Governments can spend like drunken sailors but we're expected to "tighten our belts". 😂 Any money saved now will have lost its purchasing power tomorrow.
So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am 46 no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!
Well, I recommend you make a diversification plan because it's been harder to build a good financial portfolio since COVID. My colleague suggested I hire an advisor. I did and I've actually made over $926K with my advisor's help during this market crash. She uses defensive strategies to protect my portfolio and make profits despite the ups and downs.
Sure. There are a lot of independent advisors you might look into. But I only work with ‘Margaret Johnson Arndt’. and we have been working together for nearly four years. She has since provided entry and exit points on the securities I concentrate on. She's well-grounded and known, shouldn't be a hassle finding her page.
The 1% of rich people think of how to invest their money to increase their wealth during the recession. While 99% of struggling hard-luck people think of how to survive without food and daily necessities in the recession and the coming hyperinflation
In my taxable account I went into dividend investing route. In my Roth I did the buy and hold route with an S&P 500 etf and total market etf along with some Berkshire B stock and SCHD.
With the help of an investment advisor, I was able to diversify my $550K portfolio across multiple markets, and in just a few months, I was able to earn over $950K in net profit from high dividend yielding stocks, ETFs, and mutual funds
My advisor is “Vivian Carol Gioia”, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the fina-cial market.
#6 isn't true necessarily. A lot of rich people did not start at the bottom. They came from weathly families who were able to give them opportunities that people who are truly at the bottom could never have. Yes, it's good advice to apply yourself and work your way up, but don't believe the myth of rich people who "started from nothing". For most of them this simply isn't true.
Most rich people stay rich by spending like the poor and investing without no stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
I'm glad I was introduced to forex trading and got the best teacher and mentor who helped me understand the financial market l'm grateful to Mrs Shanita 🙏🏻
Go to college they said...to get a decent paying job they said....still broke and have nothing to show for all the hard work put into those useless courses.
I planned to save 50% and within 15 years, I am financially free. Never had a debt !! 👉 Old age is relaxed, doing what makes me happy. Glory be to GOD 🙏 Regards,
The Bible actually has a number of criticisms of money and the rich. I suppose the parts about not worshipping money get lost when people would rather obsess over the bits that they use to justify discriminating against homosexuals and hitting children.
Most people dream of being millionaires, but not everyone knows how to build lasting wealth. Wealth gives you freedom from waiting for delayed trains, soulless jobs, financial stress, and more. So go out there, buy your financial freedom, and enjoy life! Have a great life! Cheers! I don't think I could retire with less than $3 million in income-producing investments. I have already achieved 60% of my goal.
Everyone needs to hear this, you need to create your own process, manage risk and stick to the plan, thick or thin, while continually learning from mistakes and improving.
"A good process" is all that is required. When I needed a good push to assist my firm stay afloat, I went to a fiduciary CFA. So I sought for financial advisors and found someone who did their homework and helped me build my reserve from $75,000 to almost $850,000 so far, despite inflation.
I started out with a CFA called "JILL MARIE CARROLL". Her honest approach gives me complete ownership and control of my position, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a CFA.
1. Not caring about money 2. Not having goals 3. Paying yourself (savings) last 4. Being an expensive person 5. Keeping debt (of any kind) 6. Kind of the same as 1, but he said income instead of money. 7. Not investing, putting it off till later. Goes along with putting into savings. 8. Not having an employer that cares about your retirement. Let's face it, none of us have an employer that will contribute to a 401k. 9. Being afraid to invest. Wait, isn't this the same as 7? Let's change this to not being born rich. 10. Not trying to dodge or avoid taxes. So, being fucked by the tax code that favors the rich and bleeds the poor dry.
Here’s one that I don’t often see on these lists, but belongs there: Do your best to maintain your health. Why? Because our health insurance (especially in the US) is terminally broken, and you’ll become bankrupt in an attempt to make yourself well. So avoid obvious deterrents to health, and try to stay out of a hospital or an emergency room.
Well on 5 it’s not any debt, there is good debt as he stated and many very rich people use good debt to become even richer. 9 isn’t the same and I think this a big mistake people make. People tend to leave their money in one kind of investing vehicle but it may give you a mediocre return. Get interested so you can get better returns. I invest in the stock market and have had some stocks more than double. At the same time I have a company group plan that is getting me 1% return so far. I’m looking into moving this into something else for better returns.
@@sharinglungs3226 "good debt" doesn't exist to everyone. And even so, it's for the rich, so the poor need to stop trying to use debt. Debt allows the rich to dodge taxes and the poor to be even poorer.
For you guys in your 20s (or late bloomer 30s), don't invest as much in the S&P500, but instead invest in the "S&-ME-500" i.e. get skills/knowledge and upgrade your punching power. "Don't major in minor things"
The long term investment only has worked for the past 15 years just because the North American market has grown exceptionally steady. But that has not been truth always. So expecting those numbers after 10-20-30 years is very risky, specially when the US government has been growing the national debt to an astronomical number. That bubble will burst sooner than later.
That is the problem. It's been manipulated by wealthy vested interests that make most of the money. Stock trading is mostly just moving money around. They don't produce anything. This can't possibly last and it is going to be very ugly when the whole edifice comes crashing down.
@@loganmedia1142 I am worried about the amount of TH-camrs that promote this type of “invest and forget” strategies and/or tell us that we should not be afraid of being in the market. There is a risk of losing money for those folks like me who are not equipped with the best education on economics. I see no shortage of videos where “experts” exhort the audience to enter the market.
i would go with bitcoin at this point, look at its price chart history, also not to mention its solid white paper. The way tech is advancing, cash will be a thing of the past, so you might as well get a head of the game before we do the switch, its not a matter of if but when.
BUILDING WEALTH INVOLVES DEVELOPING GOOD HABITS LIKE REGULARLY PUTTING MONEY AWAY IN INTERVALS FOR SOLID INVESTMENTS. FINANCIAL MANAGEMENT IS A CRUCIAL TOPIC THAT MOST TEND TO SHY AWAY FROM, AND ENDS UP HAUNTING THEM IN THE NEAR FUTURE. PUTTING OUR TIME AND EFFORT IN ACTIVITIES AND INVESTMENTS THAT WILL YIELD A PROFITABLE RETURN IN THE FUTURE IS WHAT WE SHOULD BE AIMING FOR.
The way you describe investments is not initially true. Interest and stocks never stay the same. Throughout life can dramatically change. When I was just 26 years old I took a private pension, which I was told at 60 my pension would grow at 12% pa for all those years ill🎉never worry about money. With 350,000 in my pot. Well now that I'm 😢60 the pot is nothing like that because of life's economy ups and downs.
Try to be debt free & don't buy into frivolous stuff. Have an emergency fund (six months to a year or so). Compound interest to build your long-term wealth & different investment strategies.
I started a very detailed spreadsheet 4 years ago to track many aspects of my finances, savings, investments etc , including targets (goals) and I can honestly say it has been life changing. I am not exaggerating. The only thing is I was late 40s when I started that spreadsheet. If you are younger and watching this, take note, you are lucky!
I didn't become financially independent till I was 40 ,in addition to buying my second house, I'm also making money on a monthly basis through passive income, and I've also met some of my goals. I really hope this motivates someone to know that it doesn't matter if you don't have any of these things yet; no matter your age, you can start today. Investing can help you change your future! By participating in the financial market, I took a significant decision.
Generally, investing requires higher knowledge. For this reason, it's important to have a solid support structure to guide you through especially in asset picking. I operate with (Alex martin tarlor) an investment specialist who partners with a licensed wealth management firm. For the record, his experience has been the best for my finance
Wow I'm surprised you know Alex Martin Tarlor, he has been my financial advisor for over a year now and I have been receiving large payouts monthly through his strategic plans
I don't think that's a valid excuse. The book stores and public libraries are filled with books on personal finance - even 40 years ago. And many community colleges had continuing education personal finance courses at night - I took one at 19 years old... one of the first things I did when I got out on my own.
Believe it or not, many people learn these things along the way. My parents weren't the best with money either and one of my siblings learnt about money and retired at 55! I'm just starting to implement these lessons in my 30s and I'm glad I'm starting now rather than later.
It's hard, but don't get discouraged. There's an expression that (approximately) says don't worry about about getting results in the short-term, focus on working the process, because over the long term following the process (probably) gets the desired results. That's not to say "don't fix what's not working", just that the power comes from following the process.
I agree with most of these except for vacations and having fun. I have an expensive hobby i greatly enjoy and like to travel, i want to enjoy myself while i am still able to.
Travel is my top priority! We moved about 45min out of the city and got a house half of what the bank was willing to lend us so we had have the money to travel when we want. People think the move was us living under our means but to us it was no brainer. I've visited over 60 countries and never took a trip I regretted.
I am very generous....I donate money every month. I hope "karma" will pay me back (and make me super rich) some day..... So, what'ya think about my strategy ?
I absolutely LOVE your content but it does bother me seeing people jumping on the 'ACCOUNTANT EXPLAINS' trend when they're not accountants (ACA or CPA qualified).... I see a lot of people that are in the business/finance space claim this when they are bankers or in corporate finance. I'm pretty sure yourself and others would not feel anywhere near comfortable claiming you're an accountant on LinkedIn or on a resume, just like I wouldn't feel right claiming I'm a financial analyst without having the CFA, so it just feels a little wrong that so many people feel like they can throw this on their titles and mislead their audiences. With that being said, you have such an incredible wealth of knowledge and experience as a CFO that I (and I'm sure many others) would be far more inclined to click if it was 'CFO Explains' not to mention it would be factual!
As i use to say to the boys at work ' Keep more of what you make and make more of what you keep ' stop buy lunches stop eating out stop buying your wants and only buy your needs .
One of the dumbest things Americans love to do is pay for stuff “because they can afford it”. I’m always making the most practical money move for a given situation. That means opting for water and doing no deserts which reduce the bill by half at a restaurant for example.
Some of the points are correct however bank investments are terrible idea for growth. When I was young the bank took 10% and 27% tax to gov.. Dont pay the banks. Go outside.
Money is not only for essentials in life, but also for pleasures spending, like traveling, treating ourselves once in awhile a Michelin meal, buy a nice car, luxury accessories and feel great, or simply helping someone in need. It's about balance between essential needs, savings and enjoying.
@@rodrigo.gibsonand living on the lower end must be so fun for you. I don’t even care for those things OP mentioned but wanting them means you have a void that needs to be filled? And you don’t have a void that needs to be filled by just going to work, eating, sleeping, shitting, and repeating? You must not have a good life either.
Yeah I call BS. I had money in RRSPs for 16 years. I made exactly zero. Lost a bit overall. What he isn't telling you is that the buying power of the money changes a lot. In 16 years in the Canadian system of RRSP's and mutual funds I had less buying power with the money that I had even though the dollar amount was quite a bit more. He touched on the truth here but he isn't telling you is that the inflation rate they tell the public isn't the reality, In Canada right now we are supposed to be at 8% inflation. However in the last few years almost everything has doubled in price. Food is double, fuel is double, utilities have doubled. Not sure but my math says that's at least 100% inflation. I took my money out after 16 years and put it to work myself and doubled it within a year. Everyone has to remember that the government isn't doing you any favors. If you believe the government is on your side then you are a lost cause and you should absolutely listen to all financial advisors because you deserve what you get.
The arbitrary 10% savings is the stupidest thing. Poor people blow it on a broken car and are always behind the eightball! I don't think there is anything practical. You have to find ways to earn more and make money work for you. Ratchet!
stop eating breakfast, lunch dinner. You can save more money if you just eat a peace of bread. Don't have a home, create your workplace a home. Invest in a mattress. You will be surprised how much money you can save that way when you don't have to drive to work. 9:59 there is no such thing as free money. You may have an MBA in finance but not an MBA in life.
Hi Sir William! Thank you for the video, I learned a lot. Would you happen to have a video that can teach us how to invest? My goal is when I retire I can rely on the investments that I made. Thank you so much in advance. God Bless you and your channel. :)
I might add one big thing to this topic! The thing is Patience! Patience is key to making money over the long term. In long term investing it can be very discouraging and trying when the market is going through periods of down turns. And there will always be periods of down turns. And it can be rough seeing your portfolios value being cut down in a major way month to month during bear markets and corrections/crashes. The 8 - 10% average return on a stock market index fund is an AVERAGE! And I don't think that can be stressed enough. There will be down years and flat years along the way. You will NOT make 8 - 10% every year like clockwork. Look at 1973, 1974, 1987, 2000, 2001, 2002, 2008, 2020, 2022 and probably 2024.
@@arcabuz Then your "patience" will be renamd "long suffering". You'll have to decide that for yourself. But your age and future time frame have a lot to do with such a decision. The older you get the more conservative your investments should be for safety just in case some bad circumstance or unforeseen situation happens. Look how long it took the stock market to regain its high from 1929 after the crash and depression. It took a generation before it reached that level again.
I'd say returns on the market have been unreasonably high for an extended period. Unfortunately people have come to expect those returns over the long term, but to me it isn't sustainable over any term.
Be like the real happy misers and hang onto every shekel and totally invest your mind into the material. Truly believe that is all there is. You will be happy for a time, until you are not. Good luck on your journey!
On the contrary, i dont care about money beyond its utility. Obsessing over money will make you extremely unhappy and a horrible person to be around. Life is so much more than a paycheck.
Unfortunately, they don’t do that two month payment anymore. It has to be one full amount so what is my option? Right now, I don’t know how old this video is, but yeah, I was thinking the same thing but I try to split my payments and it wasn’t allowed. Any ideas?
‘All of those people who earn over £100k all started at the bottom and had to work their way up’. There are many privileges in life that some people have and some people don’t, and that makes things easier or harder for them. Unfortunately, it is easier to get richer, the richer you are, and easier to get poorer, the poorer you are. That being said some really good principles here albeit mostly relevant to the US. I am so glad that, in the uk we are taxed at pay source rather than submitting a tax return each year.
3:41 This is something that I personally have a conflict with. I spent a lot of time & money on building & painting scale models to the point that I started to do it on a competitive level. Looking back it provided me with the opportunity to be creative & learn new things & meet new people within the community. On the the other hand, the money that have spent over the past 10 years could have easily paid for a car or deposit on a house.
Yet another financial guru offering advice whilst allowing commerical spam attempting to scam people in their comments. The irony of him talking about ethics when he's letting spam comments on here because the interactions are good for the algorithm.
I know this might be wrong thinking but this is what i think iam stilll young give me a break what i think you work 8 to 10 hours right some times weekend everyday i know you got pay taxes rent gas and electric what ever you got buy food stay alive got buy clothes they Say got save money for emergencies fund then retirement ok i just feel like iam alive just to survive not be happy i feel like life not worth liveing
The habits keeping me poor are, wages are to low, tax is too high , rent is too expensive and the vile corporations putting up their prices and not lowering them when inflation goes down, and I’m suppose to be the one doing something different……
Money are not bad or good, they are a terrible thing. All that the mankind needs is collect all the money in one huge heap and throw a match. The private right for the means of production inevinable keeps the majority of people poor.
Here's what nobody says; child support is the big killer. They will take 1/3 of your pretax money until the "child" is 23. And you'll have to pay for half of the college. That's 33% of your check until the "child is 23 plus college and medical.
if you are young, your primary focus should be increasing your income as far as you reasonable can by switching jobs, learning new skills etc i went from 40k first job out of college to 140k in 5 years. If i stayed at that first job though, wouldn’t have happened
Thanks for keeping us informed! I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot with your advice imagine I invested $2,000 and received $15,700 in 3 days with the help of Ms Donna Grable.🇺🇲🇺🇲
If I enjoy this privilege all alone,it shows how ungrateful I am. Because I got my breakthrough from a post posted online as well and I want to recommend her to you. All thanks to Her good work and effort.
I think going to Ms Donna has brought me great success too! Regardless of the economic downturn, I can boast over $14,500 dollars every week on my investment.
Her success stories are everywhere. No doubt Ms Donna service is very good, I also invested $2,500 with her and got $18,700 in 5 days, her analysis is great!.
The rich actually die having a full life the poor die with a full bank account is what i hear but to each there own i am definitely aomewear inbettween this system
I had a friend who I tried to help by pointing out she had terrible spending habits. She didn’t want to hear this and ghosted me. She’d shop for groceries at Whole Foods, paid interest every month on her credit card bills, and had nothing saved for retirement. She is 62 and only makes $40k a year as a dental assistant. Your video is filled with good advice!
Excellent video, well said! No one taught us in school how to simply be mindful of managing/saving our money. My simple rule is Tithing 10% to the Lord, for without Him, none of this is possible, then I pay myself 20% (for savings and investing) 10% for an emergency buffer and 60% to pay bills and live on. It's possible by taking 20 minutes to write out your plan. God bless the person reading this!!!
Hello@@timwin7155 Disclosure: I am an unapologetic Jesus follower, Praise the Lord! God, the designer/author of life gave us our fleshly bodies, abilities and money to steward. We own nothing, we are stewards of the things He gives us. To that end, in an act of faith and obedience Malachi 3:10 says, "Bring the full tithe (10%) into the storehouse, that there may be food in my house. And thereby put me to the test, says the LORD of hosts, if I will not open the windows of heaven for you and pour down for you a blessing until there is no more need." Sure, that was in the Old Testament and the New Testament does not hold us accountable to the "Law" but rather tells us to give with a generous heart. However, the principle of giving 10% first, to the Church is still an act of faith. God can and has done a LOT more with the 90% left than I could have done with 100%. God bless you and your wonderful channel, in Jesus's name, Amen 🙏
HI - Thanks! Re. consultancy, no, it's not legal to provide consulting about personal finances without being licensed to do so. Everyone who is doing so is risking some pretty serious legal ramifications if they get caught. I'm sorry - wish I could!!
Caffeine alone adds up overtime. I have a bad habit of energy drinks that I just can’t stop drinking and when I track of how much I spend in a month it runs up to $80. My father died a year and a half ago we had a life insurance check of $400.000 and in less than a year it was all gone because the person spent it all on useless things and doesn’t know what they order with packages everyday.
I think it's a balance. People I know who saved everything gave up the opportunity to do things you can really only do when you're young. On the other hand those who spent like there was no tomorrow are now in financial trouble in their 50s and 60s.
@@loganmedia1142I agree. Also health is a big one. You never know when your health can change and no one is guaranteed a long life. I feel sad for the people who saved all their life and died suddenly or got so sick they never got a chance to enjoy it.
Really the easiest 2 steps that helped me is to think twice "do i need this/do i really need this asap" and opening another bank account that doesn't have a card linked to it. Its easier to spend stupidly when you got 10-20k lying around ready to go rather than having like 500-800 or what ever you think will make to next month.
And how about inflation? Orange juice for a gallon is $7! I make 100k. Wife , 2 kids. Mortgage, car payment. Put 15% in my 401k. And yet I still have no money. My generation won’t even be able to retire because it’ll be too expensive
This is quite educational. It's crucial for newcomers to keep in mind that the financial markets are highly irrational in the short run. You should constantly be ready for the unexpected. That is how chance operates. Because of the inherent risks in the market, I always favor long-term investments.
These uncertainties will always be there. Thing is, every once in a while, the market does something so stupid it takes your breath away. If youre not ready for it, you shouldnt be in the market business. or get you a skilled practitioner.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
There are a lot of independent advisors you might look into. But I work with Lisa Ann Moberly and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
This reference seems valid.. Just looked up her full name on my browser and found her webpage no sweat, over 13 years of experience is certainly striking! very much appreciate it
Habits keeping me poor.
1. No pay rises with increased inflation.
2. Insurances increasing year on year.
3.Home loan rates increasing due to inflation.
4.Periodic tax increases.
5. Companies increasing prices to boost profits.
6. Countries being idiots and declaring war.
7. Cost of fuel/gas increasing year on year.
8. Cost of groceries increasing year on year.
9. Internet scammers selling products and not delivering.
10. Useless, over charging accountants who are unable to give you information on how to minimise tax burden.
Yeah it's rough right now, sorry to hear you're having a hard time. I'd say the one thing on your list that you can avoid is buying things online from shady sources - only buy from sources you really trust, and when it comes to certain things (ALL electronics) you always buy them from a physical store so you can easily bring products back and complain. That one rule has saved me a lot of angst and anger and money over the years, trust me, it's not worth the lower price of ordering electronics online to miss out on in-person customer service.
Well said! Governments can spend like drunken sailors but we're expected to "tighten our belts". 😂 Any money saved now will have lost its purchasing power tomorrow.
I hear you brother
#1 on your list should be your victim mentality.
Zero Accountability 😂
So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am 46 no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!
Well, I recommend you make a diversification plan because it's been harder to build a good financial portfolio since COVID. My colleague suggested I hire an advisor. I did and I've actually made over $926K with my advisor's help during this market crash. She uses defensive strategies to protect my portfolio and make profits despite the ups and downs.
Really? I’ve actually been looking to switch to an advisor for a while now. Just never made up my mind. Any help pointing me to who your advisor is?
Sure. There are a lot of independent advisors you might look into. But I only work with ‘Margaret Johnson Arndt’. and we have been working together for nearly four years. She has since provided entry and exit points on the securities I concentrate on. She's well-grounded and known, shouldn't be a hassle finding her page.
@@hersderawho and where?
@@cb4664 search her on google
The 1% of rich people think of how to invest their money to increase their wealth during the recession. While 99% of struggling hard-luck people think of how to survive without food and daily necessities in the recession and the coming hyperinflation
In my taxable account I went into dividend investing route. In my Roth I did the buy and hold route with an S&P 500 etf and total market etf along with some Berkshire B stock and SCHD.
My portfolio is made up of dividend etf’s, dividend stocks, growth stocks, it allows a bit more freedom in specific areas
With the help of an investment advisor, I was able to diversify my $550K portfolio across multiple markets, and in just a few months, I was able to earn over $950K in net profit from high dividend yielding stocks, ETFs, and mutual funds
Pls who is this Advisor that guides you? I’m in dire need of one
My advisor is “Vivian Carol Gioia”, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the fina-cial market.
#6 isn't true necessarily. A lot of rich people did not start at the bottom. They came from weathly families who were able to give them opportunities that people who are truly at the bottom could never have. Yes, it's good advice to apply yourself and work your way up, but don't believe the myth of rich people who "started from nothing". For most of them this simply isn't true.
Most rich people stay rich by spending like the poor and investing without no stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
You are right.!
That is why I had to start forex trading 2months ago and I now am making benefits from it..
My first investment was with Shanita Creswell, it gave me profit of over $80,000 Us dollar...
I'm glad I was introduced to forex trading and got the best teacher and mentor who helped me understand the financial market l'm grateful to Mrs Shanita 🙏🏻
A common mistake we newbies make is venturing into the market without help and legit guidance
Go to college they said...to get a decent paying job they said....still broke and have nothing to show for all the hard work put into those useless courses.
Even with a decent paying job, the cost of living keeps increasing making it less noticeable.
I planned to save 50% and within 15 years, I am financially free. Never had a debt !!
👉 Old age is relaxed, doing what makes me happy.
Glory be to GOD 🙏
Regards,
Car payments keep so many people poor. I’ll never be a sucker and get one again, all cash for all my purchases
Not Giving to the poor will keep you poor its in proverbs
The Bible actually has a number of criticisms of money and the rich. I suppose the parts about not worshipping money get lost when people would rather obsess over the bits that they use to justify discriminating against homosexuals and hitting children.
Most people dream of being millionaires, but not everyone knows how to build lasting wealth. Wealth gives you freedom from waiting for delayed trains, soulless jobs, financial stress, and more. So go out there, buy your financial freedom, and enjoy life! Have a great life! Cheers! I don't think I could retire with less than $3 million in income-producing investments. I have already achieved 60% of my goal.
Everyone needs to hear this, you need to create your own process, manage risk and stick to the plan, thick or thin, while continually learning from mistakes and improving.
"A good process" is all that is required. When I needed a good push to assist my firm stay afloat, I went to a fiduciary CFA. So I sought for financial advisors and found someone who did their homework and helped me build my reserve from $75,000 to almost $850,000 so far, despite inflation.
I started out with a CFA called "JILL MARIE CARROLL". Her honest approach gives me complete ownership and control of my position, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a CFA.
1. Not caring about money
2. Not having goals
3. Paying yourself (savings) last
4. Being an expensive person
5. Keeping debt (of any kind)
6. Kind of the same as 1, but he said income instead of money.
7. Not investing, putting it off till later. Goes along with putting into savings.
8. Not having an employer that cares about your retirement. Let's face it, none of us have an employer that will contribute to a 401k.
9. Being afraid to invest. Wait, isn't this the same as 7? Let's change this to not being born rich.
10. Not trying to dodge or avoid taxes. So, being fucked by the tax code that favors the rich and bleeds the poor dry.
Thank u..
Here’s one that I don’t often see on these lists, but belongs there: Do your best to maintain your health. Why? Because our health insurance (especially in the US) is terminally broken, and you’ll become bankrupt in an attempt to make yourself well. So avoid obvious deterrents to health, and try to stay out of a hospital or an emergency room.
Well on 5 it’s not any debt, there is good debt as he stated and many very rich people use good debt to become even richer. 9 isn’t the same and I think this a big mistake people make. People tend to leave their money in one kind of investing vehicle but it may give you a mediocre return. Get interested so you can get better returns. I invest in the stock market and have had some stocks more than double. At the same time I have a company group plan that is getting me 1% return so far. I’m looking into moving this into something else for better returns.
@@sharinglungs3226 "good debt" doesn't exist to everyone. And even so, it's for the rich, so the poor need to stop trying to use debt. Debt allows the rich to dodge taxes and the poor to be even poorer.
Thank god the guy mentioned his MBA and CFA.
How about getting to the root cause..
-Women
-Kids
-Marriages
-Child support
-Alimony
-Credit cards
For you guys in your 20s (or late bloomer 30s), don't invest as much in the S&P500, but instead invest in the "S&-ME-500" i.e. get skills/knowledge and upgrade your punching power.
"Don't major in minor things"
#1 Having a wife or girlfriend.
Cash is king.
The long term investment only has worked for the past 15 years just because the North American market has grown exceptionally steady. But that has not been truth always. So expecting those numbers after 10-20-30 years is very risky, specially when the US government has been growing the national debt to an astronomical number. That bubble will burst sooner than later.
That is the problem. It's been manipulated by wealthy vested interests that make most of the money. Stock trading is mostly just moving money around. They don't produce anything. This can't possibly last and it is going to be very ugly when the whole edifice comes crashing down.
@@loganmedia1142 I am worried about the amount of TH-camrs that promote this type of “invest and forget” strategies and/or tell us that we should not be afraid of being in the market. There is a risk of losing money for those folks like me who are not equipped with the best education on economics. I see no shortage of videos where “experts” exhort the audience to enter the market.
i would go with bitcoin at this point, look at its price chart history, also not to mention its solid white paper. The way tech is advancing, cash will be a thing of the past, so you might as well get a head of the game before we do the switch, its not a matter of if but when.
saving a certain percentage in physical gold and silver coins will protect you if digital money, paper assets and banks collapse.
BUILDING WEALTH INVOLVES DEVELOPING GOOD HABITS LIKE REGULARLY PUTTING MONEY AWAY IN INTERVALS FOR SOLID INVESTMENTS. FINANCIAL MANAGEMENT IS A CRUCIAL TOPIC THAT MOST TEND TO SHY AWAY FROM, AND ENDS UP HAUNTING THEM IN THE NEAR FUTURE. PUTTING OUR TIME AND EFFORT IN ACTIVITIES AND INVESTMENTS THAT WILL YIELD A PROFITABLE RETURN IN THE FUTURE IS WHAT WE SHOULD BE AIMING FOR.
Assets that can make one successful in life
1.forex
2.stocks
3.shares
But i don't know why people remain poor due to ignorance
Forex is profitable and lucrative investment online
Natural, there's a lot of math involved in forex trading. but this is often presented in forms of daunting technical charts, indicators, patterns.
Very nice library !!!
I've listened too many youtube videos like this but all i can say, this is the BEST❤ of all videos I've watched so legit and relatetable.
The good old USA is not that great at caring for its citizens.
The way you describe investments is not initially true. Interest and stocks never stay the same. Throughout life can dramatically change. When I was just 26 years old I took a private pension, which I was told at 60 my pension would grow at 12% pa for all those years ill🎉never worry about money. With 350,000 in my pot. Well now that
I'm 😢60 the pot is nothing like that because of life's economy ups and downs.
"Investing" and "saving" are not the same thing.
Just tracked my spending 😢 it's a disaster
Your poor parents are the number one thing why you are poor. You can go up and down but on general you will repeat your parents steps.
Try to be debt free & don't buy into frivolous stuff. Have an emergency fund (six months to a year or so). Compound interest to build your long-term wealth & different investment strategies.
Cool man, tell us more about your youtube journey, these are my favourite videos. Good luck my friend💪🏻🙏🏻
I started a very detailed spreadsheet 4 years ago to track many aspects of my finances, savings, investments etc , including targets (goals) and I can honestly say it has been life changing. I am not exaggerating. The only thing is I was late 40s when I started that spreadsheet. If you are younger and watching this, take note, you are lucky!
get a good job - live within your "proper" budget - get rid of friends. That will get you 95% there
Is your car payment around half of what your mortgage payment is? Maybe that’s what’s keeping you poor.
I didn't become financially independent till I was 40 ,in addition to buying my second house, I'm also making money on a monthly basis through passive income, and I've also met some of my goals. I really hope this motivates someone to know that it doesn't matter if you don't have any of these things yet; no matter your age, you can start today. Investing can help you change your future! By participating in the financial market, I took a significant decision.
I have been on the financial market for a while now but it seems like I'm unlucky how did you make it so well
Generally, investing requires higher knowledge. For this reason, it's important to have a solid support structure to guide you through especially in asset picking. I operate with (Alex martin tarlor) an investment specialist who partners with a licensed wealth management firm. For the record, his experience has been the best for my finance
Wow I'm surprised you know Alex Martin Tarlor, he has been my financial advisor for over a year now and I have been receiving large payouts monthly through his strategic plans
Pls how can I contact Alex martin tarlor?
Thanks fin, I just googled him up and made contact
I wish that I could have learned this from my parents, but unfortunately my parents had no clue how to manage money. So yeah, I grew up poor.
I don't think that's a valid excuse. The book stores and public libraries are filled with books on personal finance - even 40 years ago. And many community colleges had continuing education personal finance courses at night - I took one at 19 years old... one of the first things I did when I got out on my own.
Believe it or not, many people learn these things along the way. My parents weren't the best with money either and one of my siblings learnt about money and retired at 55! I'm just starting to implement these lessons in my 30s and I'm glad I'm starting now rather than later.
I do a lot of this but my rent has tripled in the last five years since I live in a state where this is happening so I get discouraged.
It's hard, but don't get discouraged. There's an expression that (approximately) says don't worry about about getting results in the short-term, focus on working the process, because over the long term following the process (probably) gets the desired results. That's not to say "don't fix what's not working", just that the power comes from following the process.
I agree with most of these except for vacations and having fun. I have an expensive hobby i greatly enjoy and like to travel, i want to enjoy myself while i am still able to.
Travel is my top priority! We moved about 45min out of the city and got a house half of what the bank was willing to lend us so we had have the money to travel when we want. People think the move was us living under our means but to us it was no brainer. I've visited over 60 countries and never took a trip I regretted.
I am very generous....I donate money every month.
I hope "karma" will pay me back (and make me super rich) some day.....
So, what'ya think about my strategy ?
I absolutely LOVE your content but it does bother me seeing people jumping on the 'ACCOUNTANT EXPLAINS' trend when they're not accountants (ACA or CPA qualified).... I see a lot of people that are in the business/finance space claim this when they are bankers or in corporate finance. I'm pretty sure yourself and others would not feel anywhere near comfortable claiming you're an accountant on LinkedIn or on a resume, just like I wouldn't feel right claiming I'm a financial analyst without having the CFA, so it just feels a little wrong that so many people feel like they can throw this on their titles and mislead their audiences. With that being said, you have such an incredible wealth of knowledge and experience as a CFO that I (and I'm sure many others) would be far more inclined to click if it was 'CFO Explains' not to mention it would be factual!
Taxes: We seem to pay way too much in taxes. Just for the state you live and federal government to hand it out.
As i use to say to the boys at work ' Keep more of what you make and make more of what you keep ' stop buy lunches stop eating out stop buying your wants and only buy your needs .
I don't see any accountant having a $10M house in my country. skipped.
Is it possible to live on 1/3 and save 2/3rds?
One of the dumbest things Americans love to do is pay for stuff “because they can afford it”. I’m always making the most practical money move for a given situation. That means opting for water and doing no deserts which reduce the bill by half at a restaurant for example.
Some of the points are correct however bank investments are terrible idea for growth. When I was young the bank took 10% and 27% tax to gov.. Dont pay the banks. Go outside.
Money is not only for essentials in life, but also for pleasures spending, like traveling, treating ourselves once in awhile a Michelin meal, buy a nice car, luxury accessories and feel great, or simply helping someone in need. It's about balance between essential needs, savings and enjoying.
Michelin meal, Nice car, and luxury accessories??? You must have a big void in your life you need to fill. God help you.
@@rodrigo.gibsonand living on the lower end must be so fun for you.
I don’t even care for those things OP mentioned but wanting them means you have a void that needs to be filled? And you don’t have a void that needs to be filled by just going to work, eating, sleeping, shitting, and repeating? You must not have a good life either.
Get an accountant also make you poor… damn those are expensive…
Yeah I call BS. I had money in RRSPs for 16 years. I made exactly zero. Lost a bit overall. What he isn't telling you is that the buying power of the money changes a lot. In 16 years in the Canadian system of RRSP's and mutual funds I had less buying power with the money that I had even though the dollar amount was quite a bit more. He touched on the truth here but he isn't telling you is that the inflation rate they tell the public isn't the reality, In Canada right now we are supposed to be at 8% inflation. However in the last few years almost everything has doubled in price. Food is double, fuel is double, utilities have doubled. Not sure but my math says that's at least 100% inflation. I took my money out after 16 years and put it to work myself and doubled it within a year. Everyone has to remember that the government isn't doing you any favors. If you believe the government is on your side then you are a lost cause and you should absolutely listen to all financial advisors because you deserve what you get.
I think this will be a big and succesful channel. Thanks for sharing your knowledge
The arbitrary 10% savings is the stupidest thing. Poor people blow it on a broken car and are always behind the eightball! I don't think there is anything practical. You have to find ways to earn more and make money work for you. Ratchet!
stop eating breakfast, lunch dinner. You can save more money if you just eat a peace of bread. Don't have a home, create your workplace a home. Invest in a mattress. You will be surprised how much money you can save that way when you don't have to drive to work. 9:59 there is no such thing as free money. You may have an MBA in finance but not an MBA in life.
I don't see any accountant having a Lambo in my country. skipped.
Hi Sir William! Thank you for the video, I learned a lot. Would you happen to have a video that can teach us how to invest? My goal is when I retire I can rely on the investments that I made. Thank you so much in advance. God Bless you and your channel. :)
One,. No money
I might add one big thing to this topic! The thing is Patience! Patience is key to making money over the long term. In long term investing it can be very discouraging and trying when the market is going through periods of down turns. And there will always be periods of down turns. And it can be rough seeing your portfolios value being cut down in a major way month to month during bear markets and corrections/crashes. The 8 - 10% average return on a stock market index fund is an AVERAGE! And I don't think that can be stressed enough. There will be down years and flat years along the way. You will NOT make 8 - 10% every year like clockwork. Look at 1973, 1974, 1987, 2000, 2001, 2002, 2008, 2020, 2022 and probably 2024.
But what if that period of down market spans over 10 or 20 years (which already happened in the past)?, is that worth the patience?
@@arcabuz Then your "patience" will be renamd "long suffering". You'll have to decide that for yourself. But your age and future time frame have a lot to do with such a decision. The older you get the more conservative your investments should be for safety just in case some bad circumstance or unforeseen situation happens. Look how long it took the stock market to regain its high from 1929 after the crash and depression. It took a generation before it reached that level again.
@@rosenasser5943 then I am a little bit in trouble since I am 43 years old and started investing just last year
I'd say returns on the market have been unreasonably high for an extended period. Unfortunately people have come to expect those returns over the long term, but to me it isn't sustainable over any term.
Be like the real happy misers and hang onto every shekel and totally invest your mind into the material. Truly believe that is all there is. You will be happy for a time, until you are not. Good luck on your journey!
One more thing: choose your spouse EXTREMELY CAREFULLY. Divorce will literally suck you dry, not just financially.
Yes, well said. I had to start again at age 50 due to a gambling ex who’s motto was ‘Let’s live for today, we could all be dead tomorrow’.
make a prenup before getting married ? Or better yet, dont get married ?
@@sergiolandz6056 yeah, get a prenup!! Definitely.
Apply this same principle to having kids. They too can become adults who will drain you dry-if you allow it.
Don't get married.
On the contrary, i dont care about money beyond its utility. Obsessing over money will make you extremely unhappy and a horrible person to be around. Life is so much more than a paycheck.
Unfortunately, they don’t do that two month payment anymore. It has to be one full amount so what is my option? Right now, I don’t know how old this video is, but yeah, I was thinking the same thing but I try to split my payments and it wasn’t allowed. Any ideas?
‘All of those people who earn over £100k all started at the bottom and had to work their way up’. There are many privileges in life that some people have and some people don’t, and that makes things easier or harder for them. Unfortunately, it is easier to get richer, the richer you are, and easier to get poorer, the poorer you are.
That being said some really good principles here albeit mostly relevant to the US. I am so glad that, in the uk we are taxed at pay source rather than submitting a tax return each year.
3:41 This is something that I personally have a conflict with. I spent a lot of time & money on building & painting scale models to the point that I started to do it on a competitive level. Looking back it provided me with the opportunity to be creative & learn new things & meet new people within the community. On the the other hand, the money that have spent over the past 10 years could have easily paid for a car or deposit on a house.
Buy a 3d printer and make your own models? If it's 40k you can use 3d printed terrain, otherwise use OPR rules
Yet another financial guru offering advice whilst allowing commerical spam attempting to scam people in their comments.
The irony of him talking about ethics when he's letting spam comments on here because the interactions are good for the algorithm.
I know this might be wrong thinking but this is what i think iam stilll young give me a break what i think you work 8 to 10 hours right some times weekend everyday i know you got pay taxes rent gas and electric what ever you got buy food stay alive got buy clothes they Say got save money for emergencies fund then retirement ok i just feel like iam alive just to survive not be happy i feel like life not worth liveing
The habits keeping me poor are, wages are to low, tax is too high , rent is too expensive and the vile corporations putting up their prices and not lowering them when inflation goes down, and I’m suppose to be the one doing something different……
Money are not bad or good, they are a terrible thing. All that the mankind needs is collect all the money in one huge heap and throw a match.
The private right for the means of production inevinable keeps the majority of people poor.
Here's what nobody says; child support is the big killer. They will take 1/3 of your pretax money until the "child" is 23. And you'll have to pay for half of the college. That's 33% of your check until the "child is 23 plus college and medical.
Even if you're together and looking after the children they still consume about that much of your income.
Everyone knows that having children is one of the most expensive decisions.
if you are young, your primary focus should be increasing your income as far as you reasonable can by switching jobs, learning new skills etc i went from 40k first job out of college to 140k in 5 years. If i stayed at that first job though, wouldn’t have happened
Good advice except the investing part. In this day and age your investment advice is not relevant or useful
If we only used money to pay for the things we need the world would not be an ecological nightmare in the making.
Thanks for keeping us informed! I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot with your advice imagine I invested $2,000 and received $15,700 in 3 days with the help of Ms Donna Grable.🇺🇲🇺🇲
Ms Donna is a trader with a different approach entirely, I can't figure out how he does it, her strategies work the magic.
If I enjoy this privilege all alone,it shows how ungrateful I am. Because I got my breakthrough from a post posted online as well and I want to recommend her to you. All thanks to Her good work and effort.
I think going to Ms Donna has brought me great success too! Regardless of the economic downturn, I can boast over $14,500 dollars every week on my investment.
Her success stories are everywhere. No doubt Ms Donna service is very good, I also invested $2,500 with her and got $18,700 in 5 days, her analysis is great!.
Investing puts money to work. The only reason to save money is to invest it with a known and reliable source like Ms Donna Grable.
The rich actually die having a full life the poor die with a full bank account is what i hear but to each there own i am definitely aomewear inbettween this system
I’m saving 33% and I’m retired 😂
I got this information too late !!!!!
Why put all my money away in banks that are hanging on by threads. Isn't that what the great depression was about?
Buying cheap plastic crap from dollar stores that ends up on your trashy lawn keeps you poor.
How do hubby and I invest? Were 65/58 on a budget. Ty
Great video, I'm already doing most of these things, but good to check I'm not missing anything.
people should know better that this advice will only work if you have money lol
#7. What exactly do I invest in? I always here about investing but I have no idea where to actually put that money.
great video
My bald head is holding me back, but I guess you don't have the answer for that......
I live in the uk on 1 wage. Im poor because of the government end of
Probably my crack habit.
I appreciate how these were unique and not the typical ones. Good lsit
The most American thing in this video: “if you hope to retire” 😅
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I had a friend who I tried to help by pointing out she had terrible spending habits. She didn’t want to hear this and ghosted me. She’d shop for groceries at Whole Foods, paid interest every month on her credit card bills, and had nothing saved for retirement. She is 62 and only makes $40k a year as a dental assistant. Your video is filled with good advice!
Believe it or not, Pedestrian accounts as a normal financial instrument.
In the name of WHITE JAH JAHOVAH God Almighty Christ gesus blessings
Awesome tips. Thank you
No.. save a minimum of 30% of your income. To be rich
Excellent video, well said! No one taught us in school how to simply be mindful of managing/saving our money. My simple rule is Tithing 10% to the Lord, for without Him, none of this is possible, then I pay myself 20% (for savings and investing) 10% for an emergency buffer and 60% to pay bills and live on. It's possible by taking 20 minutes to write out your plan. God bless the person reading this!!!
10 % to the lord? *___*
Hello@@timwin7155 Disclosure: I am an unapologetic Jesus follower, Praise the Lord! God, the designer/author of life gave us our fleshly bodies, abilities and money to steward. We own nothing, we are stewards of the things He gives us. To that end, in an act of faith and obedience Malachi 3:10 says, "Bring the full tithe (10%) into the storehouse, that there may be food in my house. And thereby put me to the test, says the LORD of hosts, if I will not open the windows of heaven for you and pour down for you a blessing until there is no more need." Sure, that was in the Old Testament and the New Testament does not hold us accountable to the "Law" but rather tells us to give with a generous heart. However, the principle of giving 10% first, to the Church is still an act of faith. God can and has done a LOT more with the 90% left than I could have done with 100%. God bless you and your wonderful channel, in Jesus's name, Amen 🙏
Hi William. Great content, thank you! Do you practice any consultancy work?
HI - Thanks! Re. consultancy, no, it's not legal to provide consulting about personal finances without being licensed to do so. Everyone who is doing so is risking some pretty serious legal ramifications if they get caught. I'm sorry - wish I could!!
Average home prices is $440K. The inflation is making everyone rich. Unfortunately, no one's selling it.
That's not wealth though, because you need the house to live in.
@@loganmedia1142 Inflation doesn't equate wealth.
You dont even need to ask us hit the like button. video is too good not to hit that button
Great tips. Thank you.
Caffeine alone adds up overtime. I have a bad habit of energy drinks that I just can’t stop drinking and when I track of how much I spend in a month it runs up to $80. My father died a year and a half ago we had a life insurance check of $400.000 and in less than a year it was all gone because the person spent it all on useless things and doesn’t know what they order with packages everyday.
Thanks for that great video!
Money must be spent, life is short
I think it's a balance. People I know who saved everything gave up the opportunity to do things you can really only do when you're young. On the other hand those who spent like there was no tomorrow are now in financial trouble in their 50s and 60s.
@@loganmedia1142I agree. Also health is a big one. You never know when your health can change and no one is guaranteed a long life. I feel sad for the people who saved all their life and died suddenly or got so sick they never got a chance to enjoy it.
Really the easiest 2 steps that helped me is to think twice "do i need this/do i really need this asap" and opening another bank account that doesn't have a card linked to it. Its easier to spend stupidly when you got 10-20k lying around ready to go rather than having like 500-800 or what ever you think will make to next month.
And how about inflation? Orange juice for a gallon is $7! I make 100k. Wife , 2 kids. Mortgage, car payment. Put 15% in my 401k. And yet I still have no money. My generation won’t even be able to retire because it’ll be too expensive