The problem with being debt free, is you still need cash flow to live. So your time isn't your own until your assets can generate enough cash flow to pay the bills. That should be the final baby step.
Invest for Cash Flow or Pay off your Mortgage? There are several ways to generate "Cash Flow" (capital gain, dividends, small business income, landlording). That cash flow can be used to pay off debt. But once you spend your hard earned money on paying off your mortgage, it's dead money. It doesn't earn or compound - ever. However I do recommend being mortgage free before retirement, once your cash flow goals have been met.
Inspiring video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Williams002 However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments..
The joy of getting out of debt is probably the most satisfying feeling there is. From there, money grows faster as more and more money goes to you instead of debts.
Houses (even paid off ones) have a way of generating their own expenses. Maybe the caller has some projects that he put off while he was paying down his mortgage, like a bathroom remodel or some fancier landscaping. Now he has the cash flow to do those.
Of course BUT there is no mortgage which is usually the largest expense to a home. You got Real Estate Taxes (which is becoming a killer), insurance (which is getting expensive), repairs and maintenance (which can kick you really hard sometimes) and upgrades (which is also really expensive). BUT I disagree with you, the caller now needs to build wealth... hence the fear. I feel the things you mentioned are after you build up some wealth ($250K or even 1 million in wealth after you have a paid house, regardless of the value).
For me its getting to a position to retire early...I really have no desire to work past my mid 50s. So since we are pretty minimalist we can save over 50% with ease a month. But gotta find a happy medium and make sure you live in the present cause future not always guaranteed.
Agree. We are 40 and debt free (including mortgage) we both work full time and save half our income. I also have no desire to work full time past 55. I will probably always have something going as far as side projects as long as physically able, for purpose and enjoyment.
As humans we want goals, and I think besides generosity I think people in step 7 or dare I say step 8 should go into real estate investment, because it’s goal oriented and requires monthes of saving and hard work
Budget... You know what you need to live on. Now it's time to save for retirement and kid's education. And you can take part of what you have been using to pay off debt for improved lifestyle. It's not time to go nuts with spending. It's time to reward yourself a little and prepare for the future. Yes you can start giving. . But don't overdo it.
It's important to note that life after debt moves from intense to intentional. They should be intentional about not going back into debt and continue the habits that made them debt free
If all goes well, I should be mortgage free in 3 1/2 years, and then my next 'goal' will be to invest like crazy. If I ever reach a financial stage in my life where I'm wealthy and lack goals, I'll probably look to help family more and support other causes close to my heart.
What is the difference between increasing net worth at that point vs building bigger barns? Not trolling or anything. I’m genuinely curious. I want to know that I’m aiming at something godly.
So you build a bigger barn and you lose your job... then what? You build up wealth and you lose your job... but you have enough wealth to either 1. never work again or 2. time to find a new job. When you are 50 years old or older, it really becomes HARD to find a good job due to the fact that you are competing against 30 year olds. My dad lost his job in his 50's and he never found a job again. And I have seen my wife look for a job, it took her 7 years... she did about 50 interviews a year FOR SEVEN YEARS and she has a resume of gold. She found her dream job about 4 years ago and I am so happy for her. My wife makes more money then me! And she has an amazing job.
don't forget to live along the way - otherwise you will be debt free but empty - heck multimillionaires but empty - don't discount present so much you are only skeleton later.
Great full. Well done. Good job Dave. How about.., invest, learn to trade, take some time to travel, buy a holiday house. Keep adding goals that you think you might enjoy. Keep aiming higher. God bless.
Dave I'm the author of EIGHT DAYS IN AN INNER CITY SCHOOL please talk about the out of control OCCUPATIONAL LICENSING for k-12 teachers that's why we have teacher shortages
My wife and I are retired and have the funds to pay off our house. We purchased our house 2 years ago and have a 30 year mortgage. Should we pay off our home? If we do, it would limit what we can do next.
What do you want to do next that you couldn’t if you paid off the house? If you do that something else and a worst case scenario happens (death, disability, divorce), could you lose your house?
what more can i do on a disability check? i am debt free,, i paid off my mothers house after she passed away 3 years ago,, i have a small emergency fund, and i give to the offering box on sundays when i go to church services,, my monthly bills are paid up to date,, so what is next?? can you guys help a wreck like me?
Increase your emergency fund to 6-8 months. Rebudget and any money left over after bills. Decide fun money / invest money. Best investment if your under 40 is you. Learn a new skill or get a certificate to work for better pay. Use your fun money on something productive that allows you to meet new people and friends.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
You give bad advice investing in the beast system spoken of in Rev 13. And to aid it on is like taking the mark of the beast system. just a thought do with it what you want.
The problem with being debt free, is you still need cash flow to live. So your time isn't your own until your assets can generate enough cash flow to pay the bills. That should be the final baby step.
FYI, when you're debt free, you'll still have bills.
Good point.
No it shouldn’t that’s stupid! Paying off debt dramatically reduces your monthly costs
@@RealGalaxyGamers I agree. But after all the debt is paid off, most folks still "have to" work to pay bills. I'm just saying, set a higher goal (FI).
Invest for Cash Flow or Pay off your Mortgage? There are several ways to generate "Cash Flow" (capital gain, dividends, small business income, landlording). That cash flow can be used to pay off debt. But once you spend your hard earned money on paying off your mortgage, it's dead money. It doesn't earn or compound - ever. However I do recommend being mortgage free before retirement, once your cash flow goals have been met.
Bejng debt free feels like your soul leaves your body towards heaven just peace and joy
I just get less mail.
10K left on my condo!
Inspiring video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Williams002 However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments..
@@bridgtte Oh please I’d love that. Thanks!
@@Williams002 Judith Ann peace is her name
Lookup with her name on the webpage
The joy of getting out of debt is probably the most satisfying feeling there is. From there, money grows faster as more and more money goes to you instead of debts.
Actually, compound interest lost focusing on low interest debt costs you a ton in the long run. To each their own though :)
Possibly the most unnecessary comma ever used in a sentence hahaha
Great caller. I can understand that it’s tough to switch gears when you’ve been focused so long on debt removal.
Then perhaps the secret is not to switch gears. Apply that same intensity towards becoming financially free.
Rice is pretty filling anyway
This shows that people who isn’t use to freedom don’t know how the live freely.
Harriet Tubman said: “I freed a thousand slaves I could have freed a thousand more if only they knew they were slaves.”
GET OUT OF DEBT BRUH
I like that lol
I’m going to be debt-free by the end of the day!!!!! I selling the car lol
Ur cute
Did this attractive young woman sell the car. We may never know.
Houses (even paid off ones) have a way of generating their own expenses. Maybe the caller has some projects that he put off while he was paying down his mortgage, like a bathroom remodel or some fancier landscaping. Now he has the cash flow to do those.
Of course BUT there is no mortgage which is usually the largest expense to a home. You got Real Estate Taxes (which is becoming a killer), insurance (which is getting expensive), repairs and maintenance (which can kick you really hard sometimes) and upgrades (which is also really expensive). BUT I disagree with you, the caller now needs to build wealth... hence the fear. I feel the things you mentioned are after you build up some wealth ($250K or even 1 million in wealth after you have a paid house, regardless of the value).
Time to live freely and build wealth and give. Take a trip. Enjoy life.
@@steviejd5803 hi stevie, your comments are always unnecessary
@@steviejd5803 - He's a SPAMMER! Only wants like and subs!
Casey the SPAMMER!
@@appleforever6664 thanks for enlightening me.
I’ve been struggling with this same issue for 5 years…Now my goal is to become a millionaire. I still struggle with purpose though.
Gotta listen to these for the hope.
Build wealth!!!
For me its getting to a position to retire early...I really have no desire to work past my mid 50s. So since we are pretty minimalist we can save over 50% with ease a month. But gotta find a happy medium and make sure you live in the present cause future not always guaranteed.
Agree. We are 40 and debt free (including mortgage) we both work full time and save half our income. I also have no desire to work full time past 55. I will probably always have something going as far as side projects as long as physically able, for purpose and enjoyment.
good to see dave has arms
The right to bare arms is very important!
Invest. Diversify. Good for you.
Step 1. Get Debt Free
Step 2. *DEBT FREE SCREAM*
Step 3. Investing, Prosperity, Giving, and tracking towards Measurable Goals
Put more into investment and have options in life. I'm right there. It's priceless.
But where do you invest your money? Exactly where? This is what the call is about.
Dave you changed my life, i read your the total money make over
As humans we want goals, and I think besides generosity I think people in step 7 or dare I say step 8 should go into real estate investment, because it’s goal oriented and requires monthes of saving and hard work
A noble goal is to leave your kids and grandkids enough money so they won't have to financially struggle
Budget...
You know what you need to live on.
Now it's time to save for retirement and kid's education.
And you can take part of what you have been using to pay off debt for improved lifestyle.
It's not time to go nuts with spending. It's time to reward yourself a little and prepare for the future.
Yes you can start giving.
. But don't overdo it.
It's important to note that life after debt moves from intense to intentional. They should be intentional about not going back into debt and continue the habits that made them debt free
Christy's face while Dave is bragging about giving out a million 😆
If all goes well, I should be mortgage free in 3 1/2 years, and then my next 'goal' will be to invest like crazy. If I ever reach a financial stage in my life where I'm wealthy and lack goals, I'll probably look to help family more and support other causes close to my heart.
What is the difference between increasing net worth at that point vs building bigger barns? Not trolling or anything. I’m genuinely curious. I want to know that I’m aiming at something godly.
So you build a bigger barn and you lose your job... then what? You build up wealth and you lose your job... but you have enough wealth to either 1. never work again or 2. time to find a new job. When you are 50 years old or older, it really becomes HARD to find a good job due to the fact that you are competing against 30 year olds. My dad lost his job in his 50's and he never found a job again. And I have seen my wife look for a job, it took her 7 years... she did about 50 interviews a year FOR SEVEN YEARS and she has a resume of gold. She found her dream job about 4 years ago and I am so happy for her. My wife makes more money then me! And she has an amazing job.
Great caller
don't forget to live along the way - otherwise you will be debt free but empty - heck multimillionaires but empty - don't discount present so much you are only skeleton later.
Well said.
Great full. Well done. Good job Dave. How about.., invest, learn to trade, take some time to travel, buy a holiday house. Keep adding goals that you think you might enjoy. Keep aiming higher. God bless.
😭 that's so awesome 🤟🏾. I wanna give away what we net in a year right now(every year) by the time I'm 45.
wen I get debt free and starting saving and it was almost boring but I just bought my 1st so that will keep me focused for a awhile
Dave you are so generous 🙄
Lol
Dave I'm the author of EIGHT DAYS IN AN INNER CITY SCHOOL please talk about the out of control OCCUPATIONAL LICENSING for k-12 teachers that's why we have teacher shortages
My wife and I are retired and have the funds to pay off our house. We purchased our house 2 years ago and have a 30 year mortgage. Should we pay off our home? If we do, it would limit what we can do next.
What do you want to do next that you couldn’t if you paid off the house? If you do that something else and a worst case scenario happens (death, disability, divorce), could you lose your house?
once i b ecame debt free i stopped my desire for working Overtime so i completely understand.
what more can i do on a disability check? i am debt free,, i paid off my mothers house after she passed away 3 years ago,, i have a small emergency fund, and i give to the offering box on sundays when i go to church services,, my monthly bills are paid up to date,, so what is next?? can you guys help a wreck like me?
Increase your emergency fund to 6-8 months. Rebudget and any money left over after bills. Decide fun money / invest money.
Best investment if your under 40 is you. Learn a new skill or get a certificate to work for better pay.
Use your fun money on something productive that allows you to meet new people and friends.
Now what? Finance a new truck! You deserve it.
I am debt free now what?! Oh my goodness!
This is a good problem to have.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,
Easy....Get lots of good debt that makes you money....I have 1.5 million of good debt that pays me $262k a Year.....
Yeah because you have privilege
Wrong channel for this comment, your looking for that Robert kiyosaki, the guy who recommends what you do and whose company just filed bankruptcy 2021
Yea worked well with my family members that lost all of rental homes due to renters that stopped paying. Have fun with that.
@@BrezzyBoi33 Hard work and discipline are not “privilege.”
I'm just gonna enjoy life save money build a gaming channel travel
You give bad advice investing in the beast system spoken of in Rev 13. And to aid it on is like taking the mark of the beast system. just a thought do with it what you want.
Buy another house