Don’t make these 4 personal finance mistakes.
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- เผยแพร่เมื่อ 2 ก.ค. 2024
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Thanks for watching! - ภาพยนตร์และแอนิเมชัน
Did I miss any money mistakes? Let me know in the comments below. Here’s some additional viewing and reading on personal finance…
Simple Steps to Financial Freedom: th-cam.com/video/ATDYLTnGJV0/w-d-xo.html
How I manage my personal finances as a minimalist: th-cam.com/video/YyaVya4YSwU/w-d-xo.html
Ramit Sethi’s book (great practical personal finance book): www.amazon.com/dp/0761147489
Barefoot Investor's book (good for Aussies but solid advice all around): www.amazon.com.au/dp/0730324214
Hey Matt, off topic but did you watch the nba finals last night?
No I am a kid
I'd say that another mistake people make with money is that they don't equate money to time. They just think of it as 1k instead of considering how many hours it took them to work attheir job, then pay tax, to accumulate that 1k they have in their account. If you consider how much time it took you to get that, then your less likely to spend it frivolously...well less likely at least, haha
Maybe, having a credit card? Maybe, it's better to have a debit card?
Good to see you on that stache Matt! 😃😄❤️
A phrase that helped me significantly reduce buying new things is "It doesn't matter what we want, once we get it, we will want something else."
Yes... same here.
good one.! My inner voice says "Do I really need this, or do I want it"
There is this short comic that goes like
"New thing purchase" :)
"New thing arriving" :)
"The word "new" disappears after a while so now it's just "Thing". :(
:(
That was so relatable to me. New purchases doesn't feel like a new purchase within a week.
👌
The one that stuck with me was:
"Buying more things won't make you happy"
Yeah I know it's pretty basic
Guys, this is SERIOUS, Matt has a new T-shirt.
Yeah, noticed it too. 😊
He finally could afford it
@@MarioRafaelM 🤣🤣🤣 LoL
Great video!
I am by no mean a beginner and I learned a lot!
That was one of the finance mistakes.
1. 0:47 - People don't confront the truth about their finances.
2. 4:08 - People lease a luxury lifestyle.
3. 6:41 - People never plan ahead.
4. 10:30 - People think personal finance is all about numbers.
+
Bless
Thanks for saving my time
🙌🏻
W
"It is not the man who has too little, but the man who craves more, that is poor." -Seneca
Bro you took this quote from Dhruv Rathee treeman video na😂😂😂😂😂
@@divyamagarwal197 Exactly 😁😂😂
@N D true 💯
@@msalik3231 bruhh😂😂😂😂
said a person with slaves and tons of money :|
I'd like to add......pack a lunch for work!! I've been at a desk job for 24 years.
My home made lunch is about $3-4, so I figure I save about $5 /work day by not getting take out. Some quick math...
$5x240 workdays per year. $1,200 per year! So far that tallies up to $28,800 I have saved! AND by eating homemade food, I am the healthiest among co-workers since I eat a salad every day, and they eat Wendy's MCDonald's etc.
Double that amount if you make your own coffee and don't go to Starbucks every day!
Coffee's a no-brainer here - why buy at coffee shops if you can be fueling your Coffee addiction at home for 10th of a price
THIS
Cana Dude did the math! :)
For the record...The money wasn't saved under the mattress either. It was diverted to retirement investment (compounding nicely btw) AND, there are several other ways I trim spending. A huge one is my car! I've owned just 4 cars in my 30 years of driving. I bought all of them 3 years old and kept them for 8-10 years, with small loans, all Honda's. I'd love a BMW, but financially it's a HUUUUGE drain. (more cash outlay, higher depreciation, maintenance, insurance and of course premium fuel)
@@canadude6401 I've owned one can my whole life. I keep fixing it up and I'm good to go. Saved a tone.
mustache combing B roll is the new coffee brewing montage. get with it folks!
And the ever-present coffee that never gets consumed. I'm starting to think it is a glass full of coffee-colored resin.
Haha yes!!
@@capedcrusader1619Well both are correct as far as I know
No matter how much you earn, you can always spend more than that and be technically poor
This is quite true sadly...
Yeah people never stop to consider the cost of living tends to scale with our income unless we learn to live well within our means.
This is so true, lifestyle creep is a huge factor in keeping people poor no matter how much money they make.
Simple truth right there.
I think being born poor was the best financial education I got
Don't know about that, the people who are most ignorant about money are poor. A lot of the time they're poor for a reason, so growing up in that environment isn't much benefit
Great fortunes are often lost one dollar at a time. It may not seem like a big deal when you pick up that double-mocha cappuccino or have dinner out or order that pay-per-view movie, but every little item adds up.
Ask yourself if you really need items that keep you paying every month, year after year.
If you do not get your money working for you in the markets or through other income-producing investments, you may never be able to stop working. invest on the right platform and earn good returns.
which one will you propose? been looking out for one to work with.
@ Sophia, I work with Tamara Diane Hagan. Look her up on the web
Your financial future depends on what is going on right now. People spend countless hours watching TV or scrolling through their social media feeds, but setting aside two hours a week for their finances is out of the question.
I think the hardest part for me has been learning how to separate my emotions from my buying habits. Instead of making impromptu decisions to purchase things, I try to wait a few days to see if it's something that I actually want.
I do this too! It's so helpful to not end up surrounded by 'shiny objects' that I don't actually want. I keep a to buy list on my phone for this, and don't buy anything unless it's been on the list for a few weeks and still find I need it.
Took me quite a while to really make myself stick to it, but by now it's become a habit, for anything under 50,- I wait 2 days, anything over that it's a week.
Early retirement is a dream.. I got to understand that I have to be at the end of my life to enjoy time freedom, let's work hard to financial independence.
I am 43 years old with no retirement plan yet. Any suggestion on accumulating a million dollar portfolio within 12 - 18 months? I have currently saved the capital of $225k.
Such gains are very achievable, you just need to commit to it and do your R&A.
@@williamsconcord9267 A very functional way to achieve your goal is to get a market consultant, that you can copy their trade pattern and avoid making expensive mistake.
@@patriciaallaband3493 That sounds good and straight forward, have you used the service of such consultant before?
@@louiscaroline5582 I still use my consultant, I found her through a Bloomberg newsletter sometime in August the last year and she has guided me through my portfolio from $85k to $278k
An emergency fund turns a crisis into an inconvenience.
Buen vídeo. Pero permítanme hablar de algo importante, veo a muchos jóvenes y viejos cometiendo errores que creo que no deberían cometer. Creo que todos, jóvenes o mayores, deberían tener un plan de inversión que aumente su rendimiento financiero entre tres y seis cifras. La inversión puede ser tu plan de jubilación o tu plan de futuro, lo que hayas querido, pero lo más importante es que tengas una inversión rentable.
@BB-yr8ev invirtiendo en forex, el mercado de criptomonedas necesita un profesional que lo guíe para evitar pérdidas las señales no son realmente de
Es la mejor experta que puedo recomendar, he obtenido buenas ganancias invirtiendo con ella y sigo contando
@BB-yr8ev puedes contactarla en
INSTAGRAM
Roseannshursen
My biggest mistake was eating out all the time, cooking at home is so much cheaper!
I can relate to that!
And I'm making the same mistake right now 🤦🏽♂️
Cooking at home takes a lot of time
@@skyline120397 so does making reservations, waiting in line, waiting to be served at table, waiting for the bill, waiting for the parking spot, driving to and from. Think about it. Cooking at home is actually is faster.
and healthier to eat at home too.
I can’t stop thinking about the irony and insanity of Elon Musk becoming the richest person in the world why they individual who has spent $20billon.
Prince of Brunei’s spent it all maybe he would have been among the rich if he invested his money
Another interesting presentation…. Elon Musk technological development is mind-blowing…
His investment in Bitcoin because he is aware of the profit he would make
Millionaire like Warren buffet and Bill gates, never made it depending on paycheck neither were they salary owners. I think investment should be on every wise one’s list and currently all of it is online. In a month or two you’d be ecstatic about the decision you’ve made
@@dustireller3953 My advice for everyone right now is to invest into crypto currency 💲💲as it more profitable.
I found out that financial literacy is one of the most important skills in life. We can do anything for life, be successful or not at work, but as long as we know how to manage our finances, our life will be less stressful and more protected.
As an Eastern European, I'm always so sorry to hear about Americans having their student debt. My University was about $500 total for 3 years of technical education. Still dropped it because I didn't want to spend this much lol
Tuition in all English speaking nations are crazy expensive. They are banking on international students paying international tuition - even higher than regular tuition fees 😔
As a Scot 🏴 I got paid £500 a month to go to college. And even when covid hit i still got paid while sitting around in my house
As a New Yorker from a low income household, I uh, got public college debt-free. Many Americans have the choice of not going into debt but would rather get the same major from a "prestigious" private experience. Imo this makes sense for high ROI, "name brand matters" degrees. But I study environ science & communications. My associates was a "dual major" technical program and business admin. I had an offer from privates for the exact same programs- but RIT, for example, wanted $65k tuition per year. Dorm and extras? I don't wanna imagine. I didn't even need to pay for meals at SUNY as we had a common kitchen.
@@yahooboi261 I'm from India (non-english speaking country) and college is expensive here too.
Which country are you from Paul?
So many sentiments expressed in this video that I've tried to drive home with friends of mine, as I watch them spend thousands of dollars per year on fast food and toys that collect dust after a week worth of use, while asking themselves; "Why don't I have any money? Oh look! A new video game!"
I like buying things just as much as the next person, and I too am guilty of the occasional frivolous expenditure, but I try to keep those things to a healthy minimum. And ya know what...maybe I don't have as much fun as some of the people I know, but I don't have near the amount of stress or financial worry, either.
Thanks for tackling this subject.
Recently I was fired from my job and because I apply minimalism to my daily habits and control my expenses I didn't freak out been laid off because of the money support I have accumulated.
Good job and good luck looking for a new job man✊✊✊
@@youraveragepasser-by7367 Appreciate it.
this is one of my goals now, I don't have debts and I'm just saving my money to invest and also to make my emergency fund, maybe in a future I can even leave my current job if posible with my investments.
I would also recommend the book "it's not about the money" by Brent Kessel. it explains money is tied to so many more things than just finances - it affects our family dynamic, our emotions, our upbringing etc. and the book talks about how becoming debt free is not the only picture, but ultimately, we can become emotionally at ease with the way we spend and view money. It honestly changed my relationship with money.
I feel blessed that finance videos started getting recommended to me a few years back - Videos like this one truly helped me 🙌
Plan for a wedding, see how much it'll cost, promptly elope and use that wedding budget on a down payment on a house or a kickass month long vacation!
Yes indeed. I spent $18,000 on a wedding 20 years ago. Now divorced and that money for one stupid day=wasted. We had a line of credit for 10 years that took forever to pay off.
This guy's gets it. I eloped. Wedding and honey moon cost maybe £2500 to £3000. I still wear the suit.
Honeymoon is really the thing I'm willing to spend on (nothing crazy expensive though, 5k maximum for both of us for at least a month of vacation) because traveling brings both of us so much joy. But the thought of spending that amount or even more on a single day would just not be worth it to me.
You have changed my Life Matt. Thank you for making this content. Don't ever stop making videos. ❤️
Super inspiring, right?
@@nsporiginals888 yes!
The best thing to have happened to me during the pandemic was stumbling upon your channel. I started off watching one video and now I religiously wait for every new one to release. Not sure if this would be acknowledged but thank you Matt for the videos you make. I look at life a lot differently than I used to all thanks to you and your videos.
The mustache looks good but honestly if you had round glasses you’d look like ned flanders🤣 thanks for all the information matt! Its super helpful actually. I’m lucky enough to be debt free but i still struggle with managing my money and still live paycheck to paycheck 😕
He just need children like Todd & Rod Flanders lol
Ok now I need round glasses.
😂 😂 😂 😂 😂 😂 😂 Laughing so hard at this I forgot about spending money for a while and saved thousands!
@@mattdavellaAsk yourself before - Are you buying them for yourself, or to impress others? 😜
Now im only 18, but I finally started looking at my spending habits seriously. I got curious one sleepless night as to how investing worked, after briefly doing research i was rewatching some of your old finance videos i had watched with little interest before. This motivated me a lot. SO, I took my past months spending and compared it to my bi-weekly pay check and realized generally over half of that money is out the door on food, hobbies, and entertainment before i even check my account. With that in mind, i have started working towards a budget that is reasonable and should result in healthier habits in the future. The hardest part is actually sticking to it.
Omg Matt always coming thru worth he topics I need to hear about
Matt's videos about finances changed my life. Thank you!
This channel is the only and the biggest stepping stone that made me start reading personal development books. Thanks, Matt.
"By sowing frugality we reap liberty, a golden harvest" Agesilaus
I started rethinking my purchases, started reading The Minimalists in 2010, saved as much as I could, and quit work at 51. One thing that was super helpful was creating a budget spreadsheet that projected out over 20 future years, including what regular savings would grow to. Seeing that spurred me to take my savings up to 11. Now I travel full time.
The slight change in your narrative is truly amazing Matt!
You have moved on from directing us what to do.
You now tell a story, your story, and it has made all the difference.
I was literally thinking the other day that you haven’t done a finance video for a while and you’ve just released one. Awesome!
Your channel continues to be ace and insightful 😀
Matt you honestly have helped me so much with my finances, at the start of the year I lost my job but because of you I was able to survive about 6 months of unemployment with my rainy day money (and a bit extra) now I am working in a job that's paying me twice as much as my last. which is exciting for many reasons as well as terrifying. do you sometimes feel like you are an imposter with all your success (imposter syndrome) I get it all the time. keep making amazing content!
I know what you mean 😌
@@camilamart114 Its a strange world when your doing well and don't know if you deserve it ha ha
It's crazy that I've been watching you since I was a senior in high school and now I'm a senior in college. Your money tips and minimalism came at the best time for me and it helped me stay financially stable. Thanks Matt!!
I have learned so much since watching your videos and have been so inspired to up my TH-cam Game. I love how efficient you are with content. You are a huge inspiration. THANKS.
I think Matt really hit the nail on the head. I find myself spending money to impress others or I try to mimic what others are spending their money on.
"Sponsored by Google Pay"
*Well, that's new*
No google pay for me.
Google pay better sponsor me one day
First off, the mustache is looking good!
Secondly, great video! So many people fall into the trap of "spending money we don't really have to buy things we don't really want, to impress people we don't really like".
Loved this!!! So I’m going through a journey that I was forced into by divorce. Now I watch my finances and this had led me to a minimalist journey.
I am following you since 2019 and your videos have helped me alot. Thanks to you I am able to manage and navigate my financial life through this difficult time.
Thanks a lot
Matt, this video really needed a disclaimer at the beginning. Something along the lines of "Some of this advice only applies if you have a job and your basic needs covered."
Very glad to see you creating more content! I love your channel and what you are about. Also, the mustache looks mint!
Always bringing valuable knowledge and tips to my lackluster financial management skills , thanks Matt!
"If you are not willing to risk the usual, you will have to settle for the ordinary."
I hope you have a good day, I might not know you but I believe in you.
Really love your finances videos Matt! Watching this inspires me again to keep myself on track with my impulsive spendings and financial goals
I love when you share personal finance videos
Having become dept free recently and now having a lot in savings. One thing I’d say is, look at savings as paying for yourself to have financial peace of mind, because it’s a damn relief when you have that and worth every penny. Long term will make you way happier then any other purchase.
03:07 good visual composition!
Matt!! Congrats on your partnership with Google Pay! That's huge! I'm so happy for you! And also thank you for the advice and value you provided over the years. Can't wait to see what you do next!
woah I was just thinking about getting some books on finance when this popped up! Great advice Matt 🙌🏼
Do something today that your future self will thank you for. 🙏
Exactly!
Not gonna lie, I learned how manage my money by playing GTA V Online when I was a kid. All the financial mistakes I could've made in real life, I made in that game. I made sure to learn from them.
After your comment I feel like I'm old
Are you playing PUBG now ?
I needed this video. Thank you. I will be coming back to this multiple times
I just want to say Thank you, Matt. I've recently started fixing up my finances and this video just helped strengthen my resolve towards it ❤️
Love from India btw!
Matt looks like Joaquin Phoenix in Her and I’m loving it
what a FLEX, sponsored by google pay, awesome stuff!
Very interesting, thank you!
Timely video! I've got on top of my personal finance situation recently, I'm lucky I've never had debt, but still never had an idea of what I was working towards. Thanks!
To summarize: DONT PAY WHAT YOU DONT HAVE!
''Emergency midnight trip to the dentist'' Yes totally expected. 😂
Very practical advice and exactly what I need to hear today. Thank you for this.
Thanks Matt I needed this! Saved me from almost losing track of my true financial goal!
Lots of love from India 🇮🇳🇮🇳
"That we don't have friends"
"That our finances are terrible"
NAILED IT. BOTH.
I love how engaging you make personal finance sound. 👌🏼.
I would add working on your own identity around money and confronting any unhelpful belief systems which are often huge drivers for how we do money.
Love this guy! Great content at all times. Thank you!!!!
"Don't be afraid to give up the good to go for the great."
Whoever is reading this I am believe in you, you will succeed.
Growing up, you were either a Limp Bizkit or Linkin Park fan.
Sorry Matt, we can't be friends anymore.
I was inadvertently a Lincoln park fan because my parents wouldn't buy limp bizkit but for some reason they got lp.
Now I like both 🤷
True, but I was both. Couldn’t pick either side!
Damnnnn lol
I was both lol
Linkin Park all the way!!
Thanks for making these videos. Straight to the point.
Your vids are always helpful and informative. Excellent job Matt
We do this on a individual level.. but also on a societal level… we are going into massive personal debt but also government debt to live above our means.. many individuals lifestyles are not sustainable and our system is not sustainable…
WE WOULD NEED 5 PLANETS TO IF EVERYONE ON EARTH LIVED LIKE AN AMERICAN.
The key to success is to focus on goals, not obstacles. 💪
Don't agree, sometimes you have to think why you are having that obstacle and the best way to get over it.
So focusing on goals is also focusing on how to get over obstacles
@@hugoantunesartwithblender Yes you are right. What i meant was that some people just focus on the obstacles too much. Like " I can never reach that goal, because i am not talented (obstacle) enough" and stuff like that.
SIGMA SEXTILLIONAIRE GRINDSET 🤑🤑🤑
Great video Matt !! Thank you for sharing
Love the part of constantly refreshing your knowledge by reading a finance book once a year even though you may already know it . It’s always good to continuously sharpen the blade
Such a cleanly edited, highly valuable and easy to follow video. I just applaud your skill level.
I strive to get to get to this level of art, thank you Matt for another great video 👍🏾.
Keep going!
i am convinced that this mustache is a financially wise decision
I like moustache-new-t-shirt Matt!
Def needed to hear this from my other purchases... thank you Matt
Thank you Matt. Love your advice and videos so much. I get a lot of mindset shifts with them.
Limp bizkit, ohh so I am not the only one still listening to them :D
The incoming apocalypse is my retirement plan ✌🏻
Love your mustache and the video, I love that you mention that there is that emotional connection to money! It’s so true!
Well done! I just begun a side hustle as a Financial Coach, I'm totally sharing this with my clients. Thanks Matt!
*began
Matt's burly elbow near his cup of coffee is giving me low-key anxiety.
Dear person, who reads it. Yes, I mean exactly you! Maybe we don't know each other. Still, I want to say, that I believe in you! You will certainly achieve your dreams and your happiness! Just don't give up and be honest with yourself! Now you have at least one person who constantly believes in you, which means you are fated to realize your dreams! No doubts here ^)
*Best wishes for you ❤️ from a small TH-camr*
If really meant what you said, your personality type is definitely ENFJ or ESFJ
That last sentence really shows you are just pandering for views
@@randomizednamme 100%
Good to see you back!
very motivating as usual. you are an absolute legend matt.
Guess the podcast was accurate, the ever changing number floating from $90,000 to $114,000👀😂
90,000 was just the student debt. He is talking about his total net worth with all his debt combined
@@xmotomitchx4213 nah, this guy is right. Matt has been quoting this number differently every time for years. I think it's an inside joke now.
Lmao omg I need to hire a forensic analyst to get to the bottom of this. I have a screenshot that I shared on twitter (see below) where my student loans were close to the highest ($97,930.41). Add $20k for my car loan and you've got $117k. Give or take. I'm not perfect lol.
twitter.com/mattdavella/status/1083541224080863232
For weddings I recommend:
1. No more than $3k
2. Invite 10-15 people only. The congregation should be people who will minister to your marriage when your marriage gets hard.
3. Use the money on goals like debt payoff or maybe a better honeymoon.
We started on our personal finance journey almost 4 years ago and have come so so far! And the peace of mind it brings is awesome. Paid off our consumer debt, don’t buy on monthly payments anymore, build up an emergency fund and started investing to work towards early retirement. Life has never been better ❤️
'I thought about the clients I could say no to'. I felt this! When I started my business that's what drove me to create a financial safety net as well. I worked with a couple dodgy clients early on and realized I needed the financial freedom to say no and keep those people out of my business life, it was a huuuuge motivator to manage my money well early on.
3:11 the greatest advice I have ever seen 👨🏻🦰
what?
@@xXRedErrorXx 👨🏻
@@freshasdaisies3350 Chickenburger2
fuck yes. always comb your mustache downwards
Why do you need a macbook pro (that too in space grey and with touchpad) when you can get the job done using a acer/lenovo?
Was buying hundreds of dollars worth of Dogecoin a personal finance mistake? yes😂
If you didn't sell at the peak/held on too long, then yeah.
@@michaelgee568 which is exactly what I did😂
some people win but some people will loose
Lol
stay away from crypto man, that is not a good financial decision...
Thank you for this!
Thanks, Matt for this reminder! Currently in a situation right now where I am burning through my savings (finding a new job), and this helps a lot. This also applies to photographers and videographers, "you do not need the most expensive gear to be the best" (Gear Acquisition Syndrome is real) :D
okay but why when Matt said "financial freedom" did I think he was about to pitch us an MLM?
Matt: "Live a less luxurious life". Also Matt: "Your wedding is going to cost 2x what you plan for". 🤣
Thank you for this video. You are so good at getting your point across. Really appreciate your content!!
Love all your videos about handling finances, your advices are so helpful
Thanks for your comments.
For good financial tips,advice and information
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