These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $289k now to put in the market.
Although stocks are now rather volatile, you should be okay if you perform the proper calculations. There have been stories of people making over $250,000 in a matter of weeks or months, according to Bloomberg and other finance media, so if you know where to look, I believe there are many wealth transfers during this recession.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that’s the most effective way to enter the business at the moment.
I won't pretend to know everything, though. Her name is Sharon Ann Meny but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
@@hasede-lg9hj Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Different objectives IMO, but both were great for their purpose. RDPD opened millions of eyes to a completely different way to 'work', invest and recognize opportunities daily.
I read her book over a decade ago. I was already well on my way to « fire » but I really liked the book. My inner values were similar. I was able to work part time at the age of 51. I fully retired at 58. The objective is to accumulate enough money to live off of the interest and dividends and then some more money available for extras. My life is so much better, very little stress, I do what I like when I want.
I read it years ago and it made me target financial independence, the best idea ever. Very few people thought like this at the time and I had to deal with ridicule for not living up to the last dollar of my paycheck. Much later I learned that you could put on a show of appearing wealthy without spending-that’s another great skill to have. If you don’t (at least appear to) spend money you earn the ire of those around you who do and your boss may become lukewarm on giving appropriate raises…
Adopting the ideas in this book enabled us to quit our jobs at 50. We had to adapt to a UK scenario as some of the financial advice was about US based vehicles but following the principles we questioned everything, managed to accrue considerable savings and live a less media-driven and less consumerist lifestyle. I can highly recommend this book. Don't just read it: live it.
Vicki's wisdom is such a gift, especially to those in the FIRE movement. Learn to live below your means and invest the rest is the road to riches. See you all there one day:).
That's why it's so important to make money in ways that aren't an exchange of time, your time in finite but selling products (for example) can be scaled
@@Oneloveonelove111 Only other thing I know of is investment, dividend paying stocks, index funds, BTC. The crucial thing is to use a compound interest calculator, input say 10% annual yield (the average stock market return), and your monthly investments, play around with it and see that 20 years or so is pretty reasonable to become financially independent, in my opinion
When you think about it tax isn’t just theft, it’s slavery! We’re forced to give over our labour. If you pay 20% tax and work 10 hours a day you’ve been a slave for 2 hours! Madness we put up with it.
Taxes are for pubic services and specially for macro economic management, the greatest theft comes from us not getting a fair share of the revenue is our work and that's on your boss and the companies owners
I remember reading Your Money or Your Life years (and years) ago. A passage stuck with me that a guy just got a job driving a propane truck (or similar) and just stepped off the treadmill. That was so removed from my situation. My (now ex) husband was a climbing corporate controller. In the end I removed the corporate corporate controller and all the trappings. The money didn't lead to happiness, it lead almost to a dissatisfaction wondering if there wasn't more. I'm now sorta retired at 59 living a decent quiet life. I think I even owned Transforming your Relationship with Money on cassettes? I highly recommend listening to Joe's voice. :) Timeless.
I have been so much happier traveling and experiencing adventures compared to any "thing" I have ever bought. I wish I knew this 20 years ago, I have so much CRAP in my house... Also, if I didn't waste so much money on CRAP, I could have put more into my retirement and investments and I would be so much better off financially.
i would love to "keep money" in a bank , but these days, i,m nervous to know that banks take your wealth and can legally do with it as they please you don,t own it anymore as soon as I deposit it, you are merely in a long line of shareholders,...:(
Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life 🙏🙏🙏
People should remember: poverty is not an accident, a coincidence or an inevitability. It is something which is manufactured by the step or action we takes
you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too". This sentence is the secret of most successful investors. I once attended similar and ever since then been waxing strong financially, and i most tell you the truth..investment is the key that can secure your family future.
I urge everyone to start somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too
I’m an economist, I agree 100% with this lady. But the flip side is, if we all lived that way ... we would have an economy and standard of living more akin to the pre industrial era. People wou’nt take a step back in living standards. Consumerism and the dark side of human nature ..... “my dogs 🐶 better than your dog” mentality is what drives the economy. So, you have to decide, your red pill / blue pill moment. ‘Do you want peace or the rat race’.
I get the gist of the idea, however I disagree with the notion that work==money. Work also motivates change and provides inspiration. These things power your life force. Find something you love to do and then find a way to make money doing it. Then you'll never work a day in your life.
Insightful reflection on the true cost of money as an exchange for our life's time! To truly harness financial independence, it's important to also consider the quality of the assets you're investing in-those that generate reliable, passive income can significantly accelerate the journey from wage earning to capital ownership. 🌟
It is very short-sighted to think of wealth as a set sum of money or the means of accumulating or consuming various goods and services. Wealth, as it turns out, is best defined as the confluence of means and opportunity. If you have enough money to do what you want, when you want to do it, in perpetuity, then you are exceedingly wealthy. Any other measure of wealth misses the real value of money.
Don’t go into debt, don’t buy new cars every 5 years, don’t smoke or drink, don’t get married, don’t have kids, don’t eat out, invest what you have after you pay your bills and buy groceries and spend the rest responsibly.
Savings is the only way, the people that say Savings is stupid because its debased mostly never have money or are poor, ive been saving since i was a kid, i work, and have security. Take time off work, etc...if you save for 1-2 yrs, living below your means, you'll be set, even if you have a mortgage or car debt, its better to live day by day with 50k in Savings then broke, pay checks to pay check
Looking to be mortgage free (and reduce my day job) later this year by moving away and downsizing-my time freedom is more important so that can spend more time with my daughter
Money is a complicated subject, not just dollars and cents. If i loan you money , its done on trust, if you repay that money, it gives me my returned money but you have earned more of my Trust! Apart from the reward within yourself of pride, our friendship. If i give you money to you? It is saying that I care for you providing you spend it wisely. Your success is my reward! The opposites are true also! Something to consider.?😊
The only way to unlock true wealth is to understand the laws of the kingdom of God. Everything in this reality is his even our bodies. We own nothing. We are giving things to manage and those who manage correctly will reap an abundant harvest.
In the modem monetary system: The more "passive" income you receive, the more you are "taking" from others who have to work for it. When "Shareholder" income increases, someone else weath, health & security decreases. ....but it doesn't have to be this way.
I agree with this to a certain degree but having wealth buys you time because you have the freedom to take time off from work and gain experiences if you first build the wealth or have the money to do that. Lots of time but no money to do much with the time isn't as appealing to most people as having time and money.
Your relationship and how you think about money can tell a lot about you and your success. It's not that easy though to change that thought process. Vicki and FI can help!
" we thought of life by analogy, that there was something to gain, success or maybe heaven after your dead. But, we missed the point all the way down the line. We were supposed to dance and sing as the music was being played" Allan Watts
I look around here and I see a lot of people upside down in homes and vehicles. Maybe things won’t come crashing down but when it does, it’s going to be bad. People are not mentally equipped to do without. Many won’t make it.
good advice, but only a few elitist, capitalist are totally free, look at the devalued money, now. I am retired, I drive a 17 yr old highlander and dont have alot of money, but I invest in my health, buy non gmo food, organic and cook 99 % at home. You are right your money is earned through your time, that once gone, is gone.
In our old State $$$ was the true God. People had epoxy floors put into their garage. They had their garbage totes steam cleaned. One family had this for two people: a camper van, two dirt bikes, two four wheelers, two pickup trucks, a restored car a toy hauler and an SUV. Do you own the stuff or does it own you?
Its very easy to say build wealth, all these slogans are great about buy time and not stuff..but for alot of people they are buying everyday items they NEED. Along with basic bills. So what do people actually do in order to build wealth!!? what do we invest or save into. There is never any structure to what these so called experts have to say. Invest in business!! How??? with what using what tools...explain how im buying freedom ? If i have a spare £300 a month do i put it into a fund that takes 30years to grow by the time i have the money im too old to give a toss.
I desire to work a 40 hour job I need the discipline to achieve this goal coz I'd like to buy some clothes and a car and otha items as well more money gives me more options
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $289k now to put in the market.
Although stocks are now rather volatile, you should be okay if you perform the proper calculations. There have been stories of people making over $250,000 in a matter of weeks or months, according to Bloomberg and other finance media, so if you know where to look, I believe there are many wealth transfers during this recession.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that’s the most effective way to enter the business at the moment.
I won't pretend to know everything, though. Her name is Sharon Ann Meny but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
@@hasede-lg9hj Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Good health is really all that matters in the end. So many people end in a nursing home.
Exactly ❤
Need good money for good health 😊
Very true however if you have no money you'll end up in the worst of nursing homes
Gotta have money for that nanny! 😅
@@marika7782 No, there are government programs lol
Vicki and Joe’s book “Your money or your life” is better than the Rich dad poor dad books. IMO.
Adamantly agree!
Yes, that author R.Kiyosaki is playing his audience.
Different objectives IMO, but both were great for their purpose. RDPD opened millions of eyes to a completely different way to 'work', invest and recognize opportunities daily.
I read her book over a decade ago. I was already well on my way to « fire » but I really liked the book. My inner values were similar. I was able to work part time at the age of 51. I fully retired at 58. The objective is to accumulate enough money to live off of the interest and dividends and then some more money available for extras. My life is so much better, very little stress, I do what I like when I want.
Your life will turn upside down 👉 The Connections (2021) [short documentary] 💖
Thankfully this dawned on me when I was 16 and every decision I made thereafter was to reap myself time, not money.
Everyone should read the book “Your Money or Your Life”.”
I read it years ago and it made me target financial independence, the best idea ever. Very few people thought like this at the time and I had to deal with ridicule for not living up to the last dollar of my paycheck. Much later I learned that you could put on a show of appearing wealthy without spending-that’s another great skill to have. If you don’t (at least appear to) spend money you earn the ire of those around you who do and your boss may become lukewarm on giving appropriate raises…
Thank you, Will do
Your life will turn upside down 👉 The Connections (2021) [short documentary] 💖
Adopting the ideas in this book enabled us to quit our jobs at 50. We had to adapt to a UK scenario as some of the financial advice was about US based vehicles but following the principles we questioned everything, managed to accrue considerable savings and live a less media-driven and less consumerist lifestyle. I can highly recommend this book. Don't just read it: live it.
Congrats on the well deserved early retirement!
Vicki's wisdom is such a gift, especially to those in the FIRE movement. Learn to live below your means and invest the rest is the road to riches. See you all there one day:).
Her honesty is brutal, honest and true all in the same breath 👍
I read "Your money or your life" in 1994: what a life changer it was for me: thank you a thousand times!❤
That's why it's so important to make money in ways that aren't an exchange of time, your time in finite but selling products (for example) can be scaled
Any other examples that ont involve more material objects we don't need?
@@Oneloveonelove111 Only other thing I know of is investment, dividend paying stocks, index funds, BTC.
The crucial thing is to use a compound interest calculator, input say 10% annual yield (the average stock market return), and your monthly investments, play around with it and see that 20 years or so is pretty reasonable to become financially independent, in my opinion
Thank you for this, your content is one of the reasons for us to keep going on TH-cam.
I wished I had read this book in high school!! Didn't know about it then.
Same here
Her book changed my life, and I'm forever grateful. freedom > junk
When you think about it tax isn’t just theft, it’s slavery! We’re forced to give over our labour. If you pay 20% tax and work 10 hours a day you’ve been a slave for 2 hours! Madness we put up with it.
AGREED
Or solidary with sick and old ones...
And when you learn they don't even need your money then you start to truly understand how deep in this sh1t we really are.
Taxes are for pubic services and specially for macro economic management, the greatest theft comes from us not getting a fair share of the revenue is our work and that's on your boss and the companies owners
Her book changed my life and relationship with money ❤
I remember reading Your Money or Your Life years (and years) ago. A passage stuck with me that a guy just got a job driving a propane truck (or similar) and just stepped off the treadmill. That was so removed from my situation. My (now ex) husband was a climbing corporate controller.
In the end I removed the corporate corporate controller and all the trappings. The money didn't lead to happiness, it lead almost to a dissatisfaction wondering if there wasn't more. I'm now sorta retired at 59 living a decent quiet life.
I think I even owned Transforming your Relationship with Money on cassettes? I highly recommend listening to Joe's voice. :) Timeless.
new formula... FI=passive income = needs met... plus extra money for travel and fun = RE 😎
I read that book in 1991 at the encouragement of my supervisor at the time. Great recommendation to a 30 something.
I have been so much happier traveling and experiencing adventures compared to any "thing" I have ever bought. I wish I knew this 20 years ago, I have so much CRAP in my house... Also, if I didn't waste so much money on CRAP, I could have put more into my retirement and investments and I would be so much better off financially.
Never too early to start!
i would love to "keep money" in a bank , but these days, i,m nervous to know that banks take your wealth and can legally do with it as they please you don,t own it anymore as soon as I deposit it, you are merely in a long line of shareholders,...:(
Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life 🙏🙏🙏
People should remember: poverty is not an accident, a coincidence or an inevitability. It is something which is manufactured by the step or action we takes
you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too". This sentence is the secret of most successful investors. I once attended similar and ever since then been waxing strong financially, and i most tell you the truth..investment is the key that can secure your family future.
I urge everyone to start somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too
exactly! That's my major concern and what kind of profitable business or investment can someone do with the current rise in economic downturn
Financially it's not how much you make but how much you spend that is important.
I’m an economist, I agree 100% with this lady.
But the flip side is, if we all lived that way ... we would have an economy and standard of living more akin to the pre industrial era.
People wou’nt take a step back in living standards.
Consumerism and the dark side of human nature ..... “my dogs 🐶 better than your dog” mentality is what drives the economy.
So, you have to decide, your red pill / blue pill moment.
‘Do you want peace or the rat race’.
Love Love Love this Video
I get the gist of the idea, however I disagree with the notion that work==money. Work also motivates change and provides inspiration. These things power your life force. Find something you love to do and then find a way to make money doing it. Then you'll never work a day in your life.
Yes. In a perfect world. Most people don't like their jobs or waking up a 5-6 in the morning or working that night shift but they have to do it.
Not everyone can have a job they love. Then work equals money.
I'm convinced those who "love their jobs" have nothing else going for them
‘Smart’ shmart! Rich get richer, poor get tents on the outskirts of town. It’s a tale as old as time.
Insightful reflection on the true cost of money as an exchange for our life's time! To truly harness financial independence, it's important to also consider the quality of the assets you're investing in-those that generate reliable, passive income can significantly accelerate the journey from wage earning to capital ownership. 🌟
Very articulate woman. Like the way she translated time vs money.
It is very short-sighted to think of wealth as a set sum of money or the means of accumulating or consuming various goods and services. Wealth, as it turns out, is best defined as the confluence of means and opportunity. If you have enough money to do what you want, when you want to do it, in perpetuity, then you are exceedingly wealthy. Any other measure of wealth misses the real value of money.
I can live with plenty money, and live with freedom and peace ,rather than fancy car, expensive cloths, jewellery etc
Don’t go into debt, don’t buy new cars every 5 years, don’t smoke or drink, don’t get married, don’t have kids, don’t eat out, invest what you have after you pay your bills and buy groceries and spend the rest responsibly.
This is why I refuse to que or wait unless absolutely unavoidable.
Beautiful 😍 I love your honesty! ❤😊 God Bless
Savings is the only way, the people that say Savings is stupid because its debased mostly never have money or are poor, ive been saving since i was a kid, i work, and have security. Take time off work, etc...if you save for 1-2 yrs, living below your means, you'll be set, even if you have a mortgage or car debt, its better to live day by day with 50k in Savings then broke, pay checks to pay check
👍🏾
Awesome , thank you ...
Money equals my life
We couldn’t agree more with this!!! 😊
🙂
Thanks Vicki
Thank you ❤🙏❤️
Looking to be mortgage free (and reduce my day job) later this year by moving away and downsizing-my time freedom is more important so that can spend more time with my daughter
Bank of Life is another good book to reflect on
Money is a complicated subject, not just dollars and cents. If i loan you money , its done on trust, if you repay that money, it gives me my returned money but you have earned more of my Trust! Apart from the reward within yourself of pride, our friendship. If i give you money to you? It is saying that I care for you providing you spend it wisely. Your success is my reward! The opposites are true also! Something to consider.?😊
Absolutely TRUE!!👍🏻👍🏻👍🏻
Buy your health then your wealth.
🙌
The only way to unlock true wealth is to understand the laws of the kingdom of God. Everything in this reality is his even our bodies. We own nothing. We are giving things to manage and those who manage correctly will reap an abundant harvest.
In the modem monetary system:
The more "passive" income you receive, the more you are "taking" from others who have to work for it.
When "Shareholder" income increases, someone else weath, health & security decreases.
....but it doesn't have to be this way.
where to invest...
Wisest words.
Golden words
I agree with this to a certain degree but having wealth buys you time because you have the freedom to take time off from work and gain experiences if you first build the wealth or have the money to do that. Lots of time but no money to do much with the time isn't as appealing to most people as having time and money.
very well said......i love it....
☺️
A job is never just $20 an hour; it's $20 for an hour of your life that you will never get back!
Oh I’m really thinking about what she said life abroad isn’t easy
Your relationship and how you think about money can tell a lot about you and your success. It's not that easy though to change that thought process. Vicki and FI can help!
" we thought of life by analogy, that there was something to gain, success or maybe heaven after your dead. But, we missed the point all the way down the line. We were supposed to dance and sing as the music was being played"
Allan Watts
That's why I love the bitcoin concept of 'long (low) time preference'.
Money is good for me. I live in abundance, so it's not a problem for me to waste money. Money is my servant 😉
Not on a high salary but always worked. Savings into my pension every week also through my employment.
She is relieved, at 70 i am stuck with issues, which i could talk to someone.
I hear you…but with recent inflation FI is nearly impossible for the average worker.
I look around here and I see a lot of people upside down in homes and vehicles.
Maybe things won’t come crashing down but when it does, it’s going to be bad. People are not mentally equipped to do without. Many won’t make it.
good advice, but only a few elitist, capitalist are totally free, look at the devalued money, now. I am retired, I drive a 17 yr old highlander and dont have alot of money, but I invest in my health, buy non gmo food, organic and cook 99 % at home. You are right your money is earned through your time, that once gone, is gone.
In our old State $$$ was the true God.
People had epoxy floors put into their garage.
They had their garbage totes steam cleaned.
One family had this for two people: a camper van, two dirt bikes, two four wheelers, two pickup trucks, a restored car a toy hauler and an SUV.
Do you own the stuff or does it own you?
Smart ladie
All the vids from this channel are just small snacks of knowledge. I wish they did something more Substantial
Kids?
🎉❤❤❤
One day you’ve enough money to not work. What will you do with your time?
❤
Money is a tool used for trade...
You can’t buy freedom lol it is earned through knowing thy self and surrendering to existence through meditation, true freedom one must work for
Can everyone get out of wage-slavery? Or the system would probably just fall apart if so.
In other words you Don't have to Work! 🙂
Are you Mel Robbins sister ?
he who needs the least is the richest
Its very easy to say build wealth, all these slogans are great about buy time and not stuff..but for alot of people they are buying everyday items they NEED. Along with basic bills. So what do people actually do in order to build wealth!!? what do we invest or save into. There is never any structure to what these so called experts have to say. Invest in business!! How??? with what using what tools...explain how im buying freedom ? If i have a spare £300 a month do i put it into a fund that takes 30years to grow by the time i have the money im too old to give a toss.
stop complaining start investing
The original lecture series that Joe Dominquez gave in the ‘80s are on TH-cam th-cam.com/video/BYn-JaChPC8/w-d-xo.htmlsi=XIJL3Jh0C5A_ZamC 2:38
Capitalism definitely lights her up and makes her smile
Why isn’t this obvious?
Btc is the way.
I desire to work a 40 hour job I need the discipline to achieve this goal coz I'd like to buy some clothes and a car and otha items as well more money gives me more options