I have paid my 10% tithes to my church for the last 35 years and God always blesses me. There were times when we lived paycheck to paycheck and could’ve used the tithes to pay towards something else, but living on 90% is better than not having anything at all.
As a once poor person, I didn't believe this would work for me. All you said I told myself it just won't work for me. Then I had no choice but to do what you said because no one was coming to help me.
I think your last sentence said it all. "Then I had no choice but to do what you said because no one was coming to help me." Instead of helping yourself you were always expecting someone else to do the heavy lifting for you, until you realized no one was coming to your aid. Congrats on your decision.
Awesome! I sent this to my kids to watch. They're very young adults, and I've tried to teach them these sorts of things, but it's wonderful to have this resource available for them.
8 Money Habits That Are Keeping You Poor: 1) Fail to direct their money 70 / 30 2) No emergency fund 3) Not knowing the difference between investing vs saving 4) Hesitation, procrastination and waiting, get started NOW! 5) Debt vs Leverage 6) Compounding (receiving it or paying it) 7) Overspending, see #1 8) Do not understand taxes I’m really starting to love your channel. I wish there was a Canadian equivalent.
I am in the same situation . My home is paid off & we do save as much as we can . We made our basement in a full apartment . May one day rent it , for extra income or have some one living there to help with our care .
Convenience stores are the death of me.... The small mundane things in life leave me empty at the end of the week. Death by a 1000 cuts. Overcoming this issue will have my Emergency Fund complete by the end of the year. TY! Good stuff...
Great show lots of good info. The one piece of advice I would give someone is to learn about taxes. Once I learned a bit about taxes and got the right help it literally changed my life.
These advices are good till the next big crisis. I went through a total collapse of my country, and this type of event would make you strategy leading to a total loss of all funds. The world is changing fast.
what do you suggest for older folks who didn't put into retirement and do not have time for investments to grow. Have emergency fund and mortgage almost paid off.
I would figure out your budget. And never use a debit card again. I quit using a debit card years ago. And now only use a credit card that builds points. And put that towards my payment. But you must have discipline to not just go crazy
With the current economy I don't think that your advice applies to most of us. Maybe the part about having an emergency fund but holy Moly people are losing their jobs. Left and right. 330 people just lost their job In our town at a call center in Minnesota.!. Talk about the impact on the local store is in the day care centers and the landlords.
It applies. Think about it. What if all 330 people that lost their jobs had been saving their 30% in savings and investments while they were working. They had 3 to 6 months of salary saved up so when they lose their job they can still pay their rent and car payment out of that savings instead of going into debt or getting evicted. Maybe some of them take their savings and start a business and as their business grows they take on employees adding to the job market in your town. Because they have savings they don’t go into debt during the job search so when they get a new job they can save even more. Even the poorest people make poor financial decisions that can make a difference in what they can save. For example, most poor people buy processed foods, meat and dairy, which are the most expensive foods, or they eat at fast food restaurants wasting even more money. Switch to the natural human diet of fruits and salads and the grocery bill drops by 75%. That is hundreds of dollars a month saved by most people right there. Always shop at the grocery store, never buy from a convenience store or dollar general, that is a huge savings again. Quick alcohol and cigarettes if they use them and that is another $1000 to $10000 in the savings at the end of the year.
You are very good at explaining that the poor don't understand this and that. The poor does understand how taxes work. Please explain how not to be poor anymore.
18:35 - Rental income is not taxable? I have a married couple renting my home in North Carolina for $1500 a month. I rent an apartment in San Diego. Do I not have to report that as income on my income tax return? Thanks
Question. When you say invest 10%, this is to a retirement account tor brokerage account? Or should the emergency fund should be in the brokerage account and the 10% in a retirement IRA account t? Thank you
The first three and a half minutes were confusing to me lol For those who may not get it til a few minutes after... 30% breaks down into 10% give it away (charity) + 10% investment account + 10% pay down debt
Really well explained. Loved your passive income empire video as well. Its saved as a favorite for me. I use it everyone once in a while as motivation to not buy stupid things 😂
You need to spend more time making money! One strategy is work more hours. I meet so many people that think 40 hours is the max they will work a week. Buy a house and rent a room out to help pay the mortgage! These strategies he is talking about are for people who have money.
The First of Charities is?...to not be a burden on others. Put your fires out first, before trying to put out other's fires. There will always be others. Jim Rohn put it like this: I will take of me for you. And you take care of you for me.
Yes, sure but you need to have a decent paid job or have a job at all !!! Many people just barely survive today and everything is so expensive just to get by....
The biggest advice is to invest in yourself. If you don't understand anything, learn more about. The more you learn the more you will know how to diversify your investment.
It's funny. Obviously if he grossed roughly about 160 on a weekly paycheck as a teen, he meant to say 115 for the net after Sam proved what a great uncle he is. Out of habit likely said thousand because these days he's used to bigger dollar amounts
Have to be smart with money like stocks and bonds investment with banks in exchange trade funds me my sister very wealthy people in Canada could make you multibillionaire
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I have paid my 10% tithes to my church for the last 35 years and God always blesses me. There were times when we lived paycheck to paycheck and could’ve used the tithes to pay towards something else, but living on 90% is better than not having anything at all.
As a once poor person, I didn't believe this would work for me. All you said I told myself it just won't work for me. Then I had no choice but to do what you said because no one was coming to help me.
It feels hopeless at first, but after about five years, if you can stay the course, you'll start to see results
I think your last sentence said it all. "Then I had no choice but to do what you said because no one was coming to help me." Instead of helping yourself you were always expecting someone else to do the heavy lifting for you, until you realized no one was coming to your aid. Congrats on your decision.
The Wealthy raise the Poor's property taxes, then use that public money to finance private enterprises.
Awesome! I sent this to my kids to watch. They're very young adults, and I've tried to teach them these sorts of things, but it's wonderful to have this resource available for them.
Excellent advice. Compound interest and leverage are the biggest difference makers to growing wealth.
Dividends and reinvesting those dividends
Budget; know how much you bring home and where your money goes then everything else can become real.
Great video.
8 Money Habits That Are Keeping You Poor:
1) Fail to direct their money 70 / 30
2) No emergency fund
3) Not knowing the difference between investing vs saving
4) Hesitation, procrastination and waiting, get started NOW!
5) Debt vs Leverage
6) Compounding (receiving it or paying it)
7) Overspending, see #1
8) Do not understand taxes
I’m really starting to love your channel. I wish there was a Canadian equivalent.
I dont know where to give, my church has gone liberal and its breaking my heart
Saint Jude (kids) organization
Im scared to tie up money in an investment, any advice im on a pension with not a big income
I am in the same situation . My home is paid off & we do save as much as we can . We made our basement in a full apartment . May one day rent it , for extra income or have some one living there to help with our care .
Convenience stores are the death of me.... The small mundane things in life leave me empty at the end of the week. Death by a 1000 cuts. Overcoming this issue will have my Emergency Fund complete by the end of the year. TY! Good stuff...
Coach!! You're the man
Appreciate the support =)
Great show lots of good info. The one piece of advice I would give someone is to learn about taxes. Once I learned a bit about taxes and got the right help it literally changed my life.
Where can I learn about taxes, I feel like that's the area I need to learn the most
These advices are good till the next big crisis. I went through a total collapse of my country, and this type of event would make you strategy leading to a total loss of all funds. The world is changing fast.
I assume these advices work the best in the US or other western countries. Not in unstable unpredictable, authoritative societies.
@@EllyL-sr7uv Soviet Union looked absolutely stable in 1984, collapsed in 7 years.
"Hey Guys" is one of the most sophomoric starts to TH-cam videos.
You are changing my life, thinking. I wish I had learned these principles in my youth... but it's ok. I know now. Thank you so much.
👍 I love this video! Great info 😊
People who wait to save are just delaying their success. Great video
Thank you for your valuable information. Appreciate it ❤
what do you suggest for older folks who didn't put into retirement and do not have time for investments to grow. Have emergency fund and mortgage almost paid off.
Save and invest your mortgage payment once the mortgage is paid off. You'll probably have to keep working, though.
I would recommend setting up a free consultation to talk about some strategies and how they apply to your unique situation. Sign up here: aba.link/tby
Good guy, so enthusiastic 👏🏻
Great stuff, Toby - love a good chalkboard teaching session
More to come!
I would figure out your budget. And never use a debit card again. I quit using a debit card years ago. And now only use a credit card that builds points. And put that towards my payment. But you must have discipline to not just go crazy
With the current economy I don't think that your advice applies to most of us.
Maybe the part about having an emergency fund but holy Moly people are losing their jobs. Left and right.
330 people just lost their job In our town at a call center in Minnesota.!. Talk about the impact on the local store is in the day care centers and the landlords.
It applies. Think about it. What if all 330 people that lost their jobs had been saving their 30% in savings and investments while they were working. They had 3 to 6 months of salary saved up so when they lose their job they can still pay their rent and car payment out of that savings instead of going into debt or getting evicted. Maybe some of them take their savings and start a business and as their business grows they take on employees adding to the job market in your town. Because they have savings they don’t go into debt during the job search so when they get a new job they can save even more.
Even the poorest people make poor financial decisions that can make a difference in what they can save. For example, most poor people buy processed foods, meat and dairy, which are the most expensive foods, or they eat at fast food restaurants wasting even more money. Switch to the natural human diet of fruits and salads and the grocery bill drops by 75%. That is hundreds of dollars a month saved by most people right there. Always shop at the grocery store, never buy from a convenience store or dollar general, that is a huge savings again. Quick alcohol and cigarettes if they use them and that is another $1000 to $10000 in the savings at the end of the year.
Fixed incomes, and the cost of living is way too much!
Thank you. Your videos always seem so well thought out.
Glad you like them!
You are very good at explaining that the poor don't understand this and that. The poor does understand how taxes work. Please explain how not to be poor anymore.
Just loved the way you delivered your message. Direct and simple. Thanks.
My pleasure!
18:35 - Rental income is not taxable? I have a married couple renting my home in North Carolina for $1500 a month. I rent an apartment in San Diego. Do I not have to report that as income on my income tax return? Thanks
It first starts with the mind. You must, and i mean must, change the mindset before any lasting change to take effect.
A great vid. Very well done and presented.
Thanks for watching =)
Thanks sir!
Nobody explained debt and leverage like you did.
Question. When you say invest 10%, this is to a retirement account tor brokerage account? Or should the emergency fund should be in the brokerage account and the 10% in a retirement IRA account t? Thank you
The first three and a half minutes were confusing to me lol For those who may not get it til a few minutes after... 30% breaks down into 10% give it away (charity) + 10% investment account + 10% pay down debt
A great video! Thank you from Canada!
Thank you!!
Excellent advice.
Thanks a ton
Glad it was helpful!
I never invested.I opened my Roth but how to invest from there?do the government automatically invest it for me?
What tax book do you recommend for a high paying W2 earner? I want to learn about loopholes and create an LLC to do so.
I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/tby
Really well explained. Loved your passive income empire video as well. Its saved as a favorite for me. I use it everyone once in a while as motivation to not buy stupid things 😂
I'm glad you found the video helpful
excellent material as always, Toby
Great Video. What about diversifying into Life Insurance also.
excellent. gonna show this video to my high schoolers.
Thank you for sharing the video with your high schoolers. It's great they're learning about this at a young age.
Great info! Basic knowledge but so many people don’t understand it.
Glad it was helpful!
Brilliant, thank you Toby.
Amazing
Bonus: we don't have budget problems, we have income problems. (That's not mine, but I like it!)
I like that:-) Thank you.
I’d say we have a spending problem, not an income problem.
Giving is a must to perserve wealth. Karma
Free book
Do wealthy "give" to write off and get it back?
Excellent video Brother
You need to spend more time making money! One strategy is work more hours. I meet so many people that think 40 hours is the max they will work a week. Buy a house and rent a room out to help pay the mortgage! These strategies he is talking about are for people who have money.
The First of Charities is?...to not be a burden on others. Put your fires out first, before trying to put out other's fires. There will always be others. Jim Rohn put it like this: I will take of me for you. And you take care of you for me.
Somebody get this man a milkshake from In And Out
Most families don’t have 10 percent to invest
Sure, but those same people have $$ for cigarettes, convenience store purchases, and Netflix subscriptions
Great share!!!
I live off of social security& I need 80% to n cover my house& bills. For me it would have to be 80/20
thank you
Take a shot every time he says "the poor" ...
Yes, sure but you need to have a decent paid job or have a job at all !!! Many people just barely survive today and everything is so expensive just to get by....
Many people are way too poor to do this!
Make it automatic as much as possible so you don’t miss the money
Start a budget Now, if you not doing so already. See where your your money is going.
I have been doing my employer match for over 30 years in a taget date fund that matures in 2035 thats on pace to make me a millionaire
Target date fund lol
For one having a good tax guy.
I put 10% a month into investments. Can't afford it. But it always works out somehow.
I wonder why this information isn’t taught in High School…
🤔
Is private school considered an investment?
It depends. Does it lead to more income?
Depends on the major and the programs that the private school had to offer
Ha Ha !
The only thing keeping me poor is the Canadian government.
What would happen if a crash happens?
Call the police, make sure there are no
injuries, ask favorable witnesses to give
a statement
I don't understand the concept of " Giving it away" - money, or time. Is it a moral thing, or is there something else that I don't understand?
Great video! New subie here, tfs.
Thanks for subbing!
It’s funny as I watch this I just got a notification that FICO hit a 52 week high ! INVEST YOUR MONEY PEOPLE
It's time to sell some and buy a different beaten-down value stock
What keeps you poor is keep going to the casinos.
Or lottery tickets, energy drinks, cigarettes, alcohol, coffee, soda, shopping at convenience stores…
Give it away😅😅😅😅😅😅😅😅give it non profit so the ceo gets ticher😅😅😅😅😅😅red cross ceo makes 300,000$ a year😅😅😅😅😅
The biggest advice is to invest in yourself. If you don't understand anything, learn more about. The more you learn the more you will know how to diversify your investment.
Live off of 50% and create a flywheel with 50% in your own hedge fund.
You lost me at give it away.
He is just saying what he sees wealthy people doing.
Way too many adds
2 not having a TH-cam channel 😅😅
115,000 working at McDonald’s?!
$4.15 per hour:-)
It's funny. Obviously if he grossed roughly about 160 on a weekly paycheck as a teen, he meant to say 115 for the net after Sam proved what a great uncle he is. Out of habit likely said thousand because these days he's used to bigger dollar amounts
Live off of 70 keeps u poor
Get someone else to write on the chalk board.
Thanks. ...Ezekiel 2:1-3:27; 7:1-27; 14:1-23; ...18:1-32 ( King James Bible ONLY! ); ...20:1-22:31; and 33:1-33!! ( I Tim. 6:3-10; Jer. 6:13-14; 8:10-11; Daniel 11:15; Luke 14:11; ...Rev. 3:14-18; ...9:20-21; ...17:1-18:24; ...22:18-19; Prov. 1:1-33; 4:18-27; 8:1-36; ...Zephaniah 1:1-3:20; Nahum 1:1-4:19; Malachi 1:1-4:6; ...Matt. 4:4; I Tim. 4:13-26; Luke 24:25-27, 44-45; Acts 24:14; Rev. 1:3; Isa. 34:16; 8:20 ( but who pays ATTENTION to the details of God's holy written word, in THESE LAST DAYS?? ...Matt. 24:1-25:46; II Thess. 2:1-12; and Rev. 13:1-18; ...Daniel 1:1-12:13, for details. ...P.S. Prov. 28:4-7, 22; Dan. 12:3, 10. ...Amen.
Have to be smart with money like stocks and bonds investment with banks in exchange trade funds me my sister very wealthy people in Canada could make you multibillionaire
And when the stock market crashes, you lose everything!
Buy Bitcoin
Id rather go to Vegas and roll some dice.