The important thing to remember is that side hustles often take up so much of your free time that you're basically not even living. That's not much different than the guy who hoards money his entire life while eating only oatmeal and then dies before ever really using it. True wealth would be finding a way to balance securing your future with actually living your life here and now.
Depends on the side hustle… I play music with my band. I don’t have a huge interest in touring full time bc it’s a lot of work but I do love writing and playing music. I also love writing novels and feel fulfilled by this and sell them on the side. If that was full time then yah, I’d be happy with it… some side hustles are just to make money but others are about filling your soul, it’s more of a vocation.
With the right side hustle, you need to invest less time in it and compensate that with money. I started with an online business during my time I studied. I never finished the studies, but I have passive income of around 3,5-4k every month. The time I used to spend in this, is now done by two people I hired. After all costs, I might just have 1600$, but I barely have to work for it at this point. At the same time, the money I invest into the people I hired, is not to sustain my income, its to grow it. I could fire them immediatly and it would not impact my current income. However by keeping them work for me, I can help them making a living and increase my income for the future.
My great uncle was a junk collector. He had the worst house in town. It was an old dump that he never took care of (mental health), and in the back yard he basically had a junk yard. Old cars, piles of scrap metal, coffee cans filled with nuts and bolts. When he died his daughters learned that he at around $7 million..... in a checking account.... Turns out the junk yard was the primary sourcing grounds for local mechanics. Anything he couldn't sell he scrapped. He ate oatmeal and hotdogs for nearly every meal, and never did anything besides work and watch TV. He was the meanest person I ever knew and I didn't really like him. When he died and we learned about all of this my dad just said "That's one way to live, I guess." Point taken.
That's sad to hear. My neighbor is a scrapper and is having the tike of his life. He loves to share all of his experiences as a Carpenter as well as the oddities he treasures. Different strokes for different folks. I hope you find your own way to keep your cost of living low, your income at an acceptable range and your peace. Many blessings
Saving money doesn't work because it's constantly being devalued...you need a hedge against inflation. Investing is key to financial freedom. The problem is it's easier said than done.
SAVING MONEY ALLOWS YOU TO HAVE MONEY TO INVEST SO YOU CAN GET MORR MONEY, SO IT CAN WORK IN SOME WAY. only people who can't save money say what you said.
If you save cash for the long term I agree with you. It will devalue because of inflation. However, if you save cash for a shorter period then you have the money to 'invest' in an asset which over time increases in value.
@@stevenhull5025 my point was cash is useless if it's not invested. I didn't mean burn through your money. You have to save it but not in a savings or under your mattress...it's gotta go into an investment.
@@ladybird491maybe I didn't clarify thoroughly enough. I didn't mean dont save money literally...you save it to invest as opposed to it(cash) sitting in the bank losing value. I'm guilty of the latter because of wanting rainy day funds.
At the age of 47, I found that my financial "professional" had misappropriated my retirement funds ($250k) and lost it all. Didn't do one thing I said. I had to start over. with zero. I decided to manage my own money, and 12 years later I had 400k saved. Not enough, but hey. Still under the 8 ball, as covid caused a catastrophic loss in my income (I was forced to retire early). I had planned on working another 6 years to get to that million mark. well, life has a way of changing your plans, no? So now I just have to figure it out as always. I will, but it will take some time. Gotta tell ya though, after going from extreme poverty to middle class and back to poverty? I am one disgruntled camper.
Be careful in marriage. It can be the best decision to stabilize 2 people, and reach prosperity. But choose wisely, the best friend in life that is a loyal team member, because if you divorce, you will have to start over. There are very clear events in capitalism that are money killers.
You will young man you will. I'm absolutely positive about that because you are starting early not only that because you are interested in finance at such a early age.
@@Hvad-whatInDanish554 update after 2 years, got a fully paid off car now with good reliability and mileage, and just landed a really good internship at a corporation hopefully I get the long-term offer after the internship ends. Keep praying for me because I need it🙏
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
@@mariaguerrero08This is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
My parents always taught me to live below my means. It was hard when I was younger, because I always wanted the nicest things or coolest clothes. But now that I am in my late 30s, it doesn’t really seem to bother me anymore.
Is now a good time to invest in stocks? I know everyone says stocks are cheap, but how long will it take for us to recover? Obviously, there are strategies to be used in this market, but these strategies are not available to the average person, so am I better off putting my money elsewhere?
Indeed, many individuals minimize the importance of financial experts until they are in emotional distress. I can very clearly recall requiring encouragement to keep my business going. If the market has taught me anything, it's that it always recovers, but I can't seem to focus on the long run, when major factors like my retirement and my reserve are wreaking havoc on inflation.
Professionals are now dominating the market since they have access to both the essential strategy for making money in this industry and exclusive insider market information. . Hiring a skilled professional with a platform that offers a variety of investing possibilities can help you do this. You may even get more by doing this, and you leave little space for regrets
@@AnthonyHart34 It's funny you brought it up because I totally get it. Although I have dealt with several financial advisers, "sharon lee casey" has so far shown to be the most knowledgeable and capable. I'm not sure whether I can disclose this. She also manages my portfolio.
@@oscarjiron6974 I can see why she is so busy because she has a respectable career and strong credentials. So without waiting, I quickly copied Sharon's full name and entered it into my browser.
The whole concept of sacrifice now so that you can not worry later is novel but, I find that, like some others have said, that money is constantly losing its value, and you'll likely still be worried about it when you reach retirement age. I try to live in the moment more. Enjoy things while I can, because tomorrow isn't promised. That being said, I have gotten into the habit of investing a little bit whenever I feel like I've got some extra money lying around and I can see how saving a bit more can essentially make you more over the same period.
all of this advice is boomer tier before boomers wrecked the country. money is now losing 20% value per year and peoples housing costs alone cost their entire monthly paycheck so to cover food and utility bills they have to max out credit cards. the economy is over we are heading for the greatest depression in national history.
After a horrendous 2022, shell-stunned financial backers have misfortunes to recover and a lot to consider, as an expansion report and a pile of different information did close to nothing to change assumptions that the Central bank would probably keep climbing interest rates regardless of whether the economy dials back, And that implies more red ink for portfolios for the principal quarter of year 2023. How might I benefit from the ongoing unstable market, I'm currently at a junction choosing if to exchange my $250k security/stock portfolio
Centre around two key targets. In the first place, remain safeguarded by realising when to offer stocks to cut misfortunes and catch benefits. Second, get ready to benefit when the market turns around. I suggest you look for the direction a representative or monetary consultant.
I get that this is just an example, but if you're going to use a monthly salary/income figure, choose something that represents either the median income or better the income of the folks who desperately need financial help--not the people who already have financial advisors. According to US fed stats, the average salary in 2021 was ~ $50K before taxes. That's already a lot less than $5K per month. And since the vid's title suggests we're dealing with "a low salary," we're looking at something much less than $5K after taxes. Just makes people who don't make near $5K/month after taxes feel this, like most financial advice, won't help them. Add to this exploding housing costs, mandatory insurance premiums now, and college loans and that tiny savings burns up quickly. Too many YT financial vids are geared to people who already have a decent income. Everybody forgets the rest of the population which is growing.
What you say is true but you do realize many of the bigger youtubers had 40-50K while living on a lot less. It is almost impossible to make high quality stuff without money and those who did not make it are not the ones with the high view counts. Switching career paths is a lot more difficult than people make it seem because ability and skill are both needed.
@@donaldlyons17 Are you saying a lot of YTers had a lot of cash on hand while their living expenses were low? If so, I agree. I watched this vid by this multi-million dollar trader guy around my age. He said he got started when he graduated from high school and got a "gift" from his grandparents of $200K. (!!!) So he invested it in real estate and began a real estate company. Most of us don't have anyone to give us $200K to start. And a lot of these young people my age or younger started when they were living at home and had very low expenses. They could save $500-$1K each month and afford to invest and lose and invest again. That's not the typical US adult. You're also right that switching careers is expensive. If you're living off parents, then you can do it b/c THEY will pay for your survival needs. Again, not most American adults.
Here's what I do. I zeroed out my credit card so I didn't owe anything. Whenever I need to buy something it goes on the credit card and it's always paid off at the end. Every dollar afterward is invested. Took 3 years to saved a lil more than 100k
This is a good idea. I only have one credit card that I never max out but I don’t need to pay the balance off. I also think I should look at my account for subscriptions some of them are not needed but I don’t cancel them.
My income flow is $1900.00. My cash flow is $1000....I'm a janitor too and I'm investing🙏 and I budget too. I allocate where my money will go every 4 weeks (almost monthly): X% for bills and living, X% for short-term savings, X% for long term investments, and X% for ROTH IRA.....the percentages are always the same.
I have a system that helps me save money and also keeps me from buying things I don't need. I started by saving $5000. If I wanted to buy something big I would use the money out of that $5000 and I couldn't buy anything else until I payed that money back. I have more now but it really kept me grounded and helped me save alot of money without spending foolishly. I now invest my money with the money I dont spend.
@@oblitusunum69795k is nothing in the grand scheme of things. You should have at least half of your yearly income in savings for emergency plus whatever you’ve allocated in the stock market. If you fear putting more than 5k into the market you will never be financially free.
The answer is you can't. Basically if you are 20 and making 10 an hour you will not be a millionaire in 20 years. You will most likely not be one in 20 years after your 40th either. You have to make at least like 17 and up. Or get paid a better salary. 500 a week or more take home. If you don't make that, you will not become a millionaire.
Just brilliant Vincent! I’m gonna add watching your videos to my daily to do list. Till this day, I’m puzzled as to why money management is not one of the core subjects in school.
Liberals teach consumerism and individuality while giving you only the tools to work for someone else. If all these kids could manage their money, who's going to make your McDonalds?
I always found the idea of using spreadsheets very time consuming and unnecessary. I just dump a bunch of money into my savings/investment accounts each month and keep my spending money in a separate account and try to spend as little as possible. I don’t have a full time job, I’m just self-employed with various income streams and and regardless of how much I make each month I stick to the same budget and live below my means.
Same here. I don't budget. My friends budget each week because they get pay biweekly. Been telling them to increase their incomes, not let the income control them. They cannot get out of their comfort zone.
In a perfect world you might be right. There is inflation, covid, recessions, accidents, fires, taxes, health issues, maintenance, etc. you get the point. Besides, the economy and the markets are controlled. Don't save money in a bank that has 4 percent liquidly. You'll have to pay taxes on that earned income. Millionaires don't pay income tax because they reinvest.
Money is just a concept until you spend it. 8 million in the bank doesn’t do anybody any good until you spend it. Especially if you die with it still in the bank and nobody knows about it.
Yeah, what’s the point of working hard for all of your life for something you will never use I’m not saying we should live paycheck to paycheck, but being afraid to use even a single cent is not good either, there should be a decent balance
Actually, if you park 8 million into mutual funds that pay dividends, you can keep the 8 million in the bank and live off the interest from the dividend fund. I'm teaching my kids the theory of that lesson so if I get to that point where I can get my own dividend mutual fund and then get enough in there to cover my expenses, and more, when i depart this world, my wife and kids can split that money and re-invest it into their own Dividend fund, thus creating generational wealth. ...at least that's a plan.
Upstart helped me pay off my debt. It was hefty per month rate, but it was worth it. I am debt-free. Now I am trying to figure out how to invest. Thank you for this video.
The production of this video is absolutely amazing. Kudos to you and the team Vincent! The principle of the video is a simple one, but the way you tie in a story and make it understandable and very enjoyable to watch doesn’t go unnoticed. 10/10
Thank you, from the bottom of my bank account… This is probably the most valuable video I have seen on the subject and believe me I have been watching a lot of them lately.… I have been doing guided automation without knowing what it has been called all of my life mostly, trying to budget was simply impossible in the sense of tracking and spreadsheets because real life doesn’t follow those. my common sense and intuition has always told me that holding onto investments and riding the waves of ups and downs was the logical thing to do. i’m getting started very late in life, but I believe it is doable and I’m also starting with a lot of debt. My income options are limited because I have a severe disability… And I know the odds are against me but I still believe it’s possible and your video was very encouraging :-)
My budgeting Excel spreadsheet is quite simple and is updated once a month. The columns are just: Date | Savings | Investments | Total I don't pay too much attention to how my net worth tracks on a monthly period, but over the course of the long run, it should go up. If it doesn't, something's wrong.
Yeah, on average, regardless of whether its up or down, its best to just invest in an index fund as much as you can for as long as possible, or some rare earth mineral like gold or silver (basically the easiest to obtain and dispose of). The average return rate has always been above 5%, and its almost always outperforms everyone in the long run. This is especially so if you are young. However, if you are older, you may have to think about less risky ones like government bonds or something. If you are in your 30's to 40's, then index funds are your best bet.
Saving is only really good for short term purchases. Investing in the stock market can be tricky for new investors as the stock market can be temperamental and volatile. Even old time stock market investors can have a huge loss. Mutual funds are a more secure route to go and starting on the S&P 500 with $500 down and $125 a month can get you $2000 on the mutual fund each year. - Making a budget, paying off debt and knowing when your paychecks come in and when your expenses (And how much) go out each month is also very crucial. The more debt you pay off, the more of your money is not going to someone else and staying in your pocket. - Also, look into Mutual Funds that pay dividends. If you have enough money in those, you can live off the interest.
I don’t budget at all but I do only tend to buy necessities and I always try to find the best or atleast a good deal when shopping for them. Buying generic brands, etc. I have a spending problem but my most powerful implementation is that I only buy assets or collector’s items that I’ve researched and I’ve determined will hold or potentially go up in value. This satisfies both my impulsive buying habits AND investing
I turn 18 next month and i’m very excited to start investing. I been watching videos like these to help me understand more about stocks and stuff. Do you guys have any tips for me?
Dollar cost averaging is the way to go IMO. I buy fractional shares of a few different ETFS each week instead of using a savings account. I still keep enough cash liquid to cover rent for 3 months so I don’t have to sell shares in case I can’t work for some reason or if my business is slow. Hope that helps, it works for me.
If it's exciting you're probably doing it wrong. Be slow, well planned, and methodical. Don't even think of trying to put more than a paycheck into Bitcoin or penny stocks. But first you should save a $10,000 emergency fund, and then save even more if you are thinking of going to college or buying a house or car, or having a kid.
@@georgerh3955 technically, you can both start hustling with lawnmowers and things like that. The trick is to not spend on things you don't need and instead invest as much as possible and keep the investments diverse. I believe in you!
😂😂 Great video! You won me over with the pot pies!!! SO LOVING your videos! I’m learning so much with your videos and newsletter. Awesome content for a biologist that knows hardly anything about banking and finances! 👏🏻👏🏻
There’s no point in being a millionaire when your old, you’ve got a couple of years to live, it’s best to live your youth to the fullest now, spend & enjoy while your young.
Yea but there is nothing worst than not having any money when you are old since you can't work, you are sick all the time, you have to see doctors all the time and you have to worry about where to live and how to eat and how to heat your home. Not a good situation to be in. Yes ideally we're all millionaires in our early 20s but it doesn't work that way in most cases!
This 💯 Also, the more consistent we are with our investing, the more we are likely to be reaping big returns compared to those who failed to make the first move.
That’s all well and good. He raised a family, bought a house, etc on min wage. You cannot do that now. It’s literally impossible. He was also alive during the greatest, most prosperous time. We are not.
That's why most people fail. They always find excuses instead of trying to find opportunities. Also, as Vincent mentioned in the video, he lived through several recessions so saying it was the greatest time doesn't make sense..
You also live in a digital age, unlike him. You have WAY more options and opportunities to make extra income compared to him. Whether it be youtube, selling online classes that you have expertise in, selling tshirts/mugs/etc., doing business on Etsy/eBay/Amazon, etc. I also read those whom were born this millennium will be the richest generation ever. Your mind is your only limit.
@@wrathofgrothendieck I never said it was easy. My mind is my limit, but at least I know this. The original poster made it sound like the time period and the wage were the reasons - I believe the video said the janitor made $22k, which is not minimum wage (current minimum wage is like $7.25, which is maybe $15k/year...I'm going to assume cost of living was adjusted for the janitor's time period). The limitation and obstacles the person listed are all mental. This is the battle most people have to fight and overcome. If they lived in a country or during a time where the options are limited, then that's a different story...at least admit the opportunities are there, but the mental hurdles to financial freedom is all theirs. It's a victim mentality.
@Bonnie Gaither you are correct. Living on $1,800 a month will leave anyone, especially with a family in debt, not in a positive cash flow with money left over to save. Vincent even says there is a minimum amount you can live on. That amount is much higher now when rents have increased by 20% or even higher in some neighborhoods. Of course, IF you have a minimum wage job that has stable hours, you could work 60 - 80 hours at a second min wage job. But most jobs do not allow for that luxury. And just who is taking care of your kids while you work those hours? The myth of just work harder, longer is just that to keep employers from paying a livable wage and while putting their workers on social programs paid by taxpayers. The answer is to increase wages so that anyone working a full-time job can pay their modest living expenses and have something leftover to save. Most people that push the myth, do not have to survive on what they preach CURRENTLY, not years ago, when the equation was very different. People who are in a better financial position should be grateful and not judgmental about those stuck working at the bottom of our society.
Any tips, hints, tricks, or suggestions for those of us working rural poor making 900-$1000/ month? (No moving isn't an option. no money=no move and the pandemic didn't exactly make housing more affordable or available (and Michigan is mostly rural-ish with the exception of the bottom part of the state). I live hundreds of miles away from the nearest populated city of only 25,000 people so I'm trying to find alternative solutions to increase my earnings in my tiny town of 831 people. And at 44 with a back problem (from a sledding accident as a kid) there are a lot of menial labor jobs I physically cannot do and apparently my bachelor's degree means nothing. I love your videos. They're thoughtful and articulate. Thanks for all the great videos!
If you are properly prepared and knowledgeable, every crash/collapse/inflation or recession gives an equal market opportunity. I've seen folks amass up to $800,000 throughout crises and even do it with ease in a terrible economy. Without a doubt, someone has become enormously wealthy as a result of the crash.
You missed one key component to becoming a millionaire - longevity. Read, Buffet, and Munger all had one thing in common, they live(d) to a ripe old age. Same with the woman whose story just popped up in my newsfeed. She left several millions to her alma mater after a career as an IRS examiner. The bulk of her wealth didn't accumulate until she was in her nineties, and the stock market was on a roar. Moral of the story: don't die too early, or you will have denied yourself while you were young without being able to enjoy your money.
So many ads for a video with the most basic / rehashed content from other TH-camrs like Graham. The whatever secret is 1. Save money 2. Spend less than you earn 3. Invest the difference 4. Dont trade stocks. 5. Invest in good companies.
I shall use this and will try the other concepts on how to use this 4% rule. This is very useful for me now that I am planning and starting to have my retirement plan at an early age. Start early so I can finish early. Thank you for this.
Your teachings are helpfull to a certain degree... Problem is Im a disabled veteran on disability and my options for savin is limited because of the SSA rules regardin assets. You got anything for that kinda situation ???
Take around 20 percent and invest it into american markets. Even if you don't save one million, you will still be very comfortable if your country has a low cost of living
If you work 48 weeks fulltime a year, and save 20% for investment. You should be able to invest $128 per month. This will bring you to: 5 years: $8.500 - $10.000 10 years: $19.000 - $26.500 15 years: $31.000 - $53.000 20 years: $47.000 - $97.000 25 years: $66.000 - $169.000 30 years: $89.000 - $287.000 Enough for you to retire. And remember that you can NOT take any money out in this time!
Learn to appreciate reclining the driver seat of your car by a hill park watching the sunset while listening to music, or an audiobook, drinking coffee you made at home and you will NEVER have to budget.
I’ve been investing in the past year and my money has gone down due to the market rn 🥴 I’ll keep investing tho. I’m following the S&P 500 ETF and focusing on long term
I wish I could invest... But because I get some benefits I have to save in cash instead Hopefully soon I'll have enough money saved up to be able to take a leap into starting my own business and start investing!
I guess. If you want it be financial free not until you’re 80, live your life like that. I’d rather enjoy the small things in life, like going out, my Starbucks in the morning. Start your own business doing what you love and working until you die won’t be an issue.
@@gravitrek And who decided that? Are you going to march into the Federal Reserve Bank and tell them to only print 2% more money each year? They'll probably shoot you on sight.
TLDR: Story of Ronald Reid. What we get from it is the same stuff you've heard everywhere; 1. Be as frugal as you can. 2. Don't let your saved money sit, invest it. 3. Don't try to play the market, most will lose, the market moves incredibly fast. Buy when things are low, but don't try to time the bottom, and hold them till they're worth more. Play the long game. 4. Diversify. All your eggs in one basket is bad, mmmkay. Very well put together video, but honestly, very little info to take from it for it's run time. If you've watched any video on how to make money and get rich, you already know all of this. It's super surface level stuff, and doesn't teach you any of the in depth skills and knowledge you need to actually make it work.
really helpful video! would you please be able to do a video on understanding stocks and performance? eg why is understanding day gain important and what does that tell you about your investments.
10:40 if you get the idea of interest... now why no body speaks about inflation?? i believe , inflation is happen every months and years how much money the central bank printed in their first operation..and if it get inflation (it always does) what would it be in 200 years?? 300 years?? i am still wondering why no body care of it
Lesson #69 Make a video explaining financial common sense and shove as many cash apps sponsors as humanly possible and see your money grow exponentially.
Great video. I am most interested in the chess story and would like more information on it as it will be a reoccurring bedtime story for my kids. May you please tell me which emperor or dynasty it was? Thanks in advance.
Back in a day I took home ca $2k at my low salary job. The utilities and rent were $700. I had $500+ a month to invest. The same job would pay $4k now, but my bills are ca $2k. I would have $700+ left over to invest. I have very few expenses.
A common shred of advice I've been given by people I know that are extremely wealthy is that you'll never become a multi-millionaire solely working for someone else (i.e a 9 - 5)
If you're young and watching this.............start saving and investing NOW. If I start now I'll be in my 60's when I'm finished, still not too late, but would much rather have started earlier if I knew.
If you're 20 Year old you will need live 45 years to be 65 year old. If you do simple multiplication, 45y*12m=540m 540m*$204=$110160 at 65, won't have million. Chart at 2:34 is incorrect. Correct me if I am wrong.
those calculation are wrong. 443 x 12= 5,316$ saved each years 5,316 x 35= 186,060$ saved at 65 years old. please someone help me understand the math here
Once again, that was awesome. Loved the references, especially the books used along with the breakdowns. You provided clear and goal oriented details! Thanks Vin! 🙏🏾👍🏾💯
Day trading is bad if you don't know how to do it. As with any skills it needs expertise. If you start with zero or little trading is the best way to gain capital fast. Once you have enough then you can move into value investing. Please don't generalize stuff dude. Each of method has its own use 😁
The important thing to remember is that side hustles often take up so much of your free time that you're basically not even living. That's not much different than the guy who hoards money his entire life while eating only oatmeal and then dies before ever really using it.
True wealth would be finding a way to balance securing your future with actually living your life here and now.
Depends on the side hustle… I play music with my band. I don’t have a huge interest in touring full time bc it’s a lot of work but I do love writing and playing music. I also love writing novels and feel fulfilled by this and sell them on the side. If that was full time then yah, I’d be happy with it… some side hustles are just to make money but others are about filling your soul, it’s more of a vocation.
With the right side hustle, you need to invest less time in it and compensate that with money. I started with an online business during my time I studied. I never finished the studies, but I have passive income of around 3,5-4k every month. The time I used to spend in this, is now done by two people I hired. After all costs, I might just have 1600$, but I barely have to work for it at this point. At the same time, the money I invest into the people I hired, is not to sustain my income, its to grow it. I could fire them immediatly and it would not impact my current income. However by keeping them work for me, I can help them making a living and increase my income for the future.
That’s great but making $10 an hour and minimum rent is $1200 per month, there is no way to improve cash flow
My great uncle was a junk collector. He had the worst house in town. It was an old dump that he never took care of (mental health), and in the back yard he basically had a junk yard. Old cars, piles of scrap metal, coffee cans filled with nuts and bolts. When he died his daughters learned that he at around $7 million..... in a checking account.... Turns out the junk yard was the primary sourcing grounds for local mechanics. Anything he couldn't sell he scrapped. He ate oatmeal and hotdogs for nearly every meal, and never did anything besides work and watch TV. He was the meanest person I ever knew and I didn't really like him. When he died and we learned about all of this my dad just said "That's one way to live, I guess." Point taken.
but why did he never spend anything of this money? do your inherit it?
So he compromised his health and happiness for wealth that he never enjoyed to use - at least he had his daughters who would inherit it.
@@cioccolatamania3622 they live the same way.
That's sad to hear. My neighbor is a scrapper and is having the tike of his life. He loves to share all of his experiences as a Carpenter as well as the oddities he treasures. Different strokes for different folks. I hope you find your own way to keep your cost of living low, your income at an acceptable range and your peace. Many blessings
Ronald Read also didn't spend the money he made. He wore ragged clothes and once had someone buy a meal for him because they thought he was needy.
"It's not how much you make. It's how much you keep."
Saving money doesn't work because it's constantly being devalued...you need a hedge against inflation. Investing is key to financial freedom. The problem is it's easier said than done.
SAVING MONEY ALLOWS YOU TO HAVE MONEY TO INVEST SO YOU CAN GET MORR MONEY, SO IT CAN WORK IN SOME WAY. only people who can't save money say what you said.
If you save cash for the long term I agree with you. It will devalue because of inflation. However, if you save cash for a shorter period then you have the money to 'invest' in an asset which over time increases in value.
@@stevenhull5025 my point was cash is useless if it's not invested. I didn't mean burn through your money. You have to save it but not in a savings or under your mattress...it's gotta go into an investment.
@@ladybird491maybe I didn't clarify thoroughly enough. I didn't mean dont save money literally...you save it to invest as opposed to it(cash) sitting in the bank losing value. I'm guilty of the latter because of wanting rainy day funds.
If you invest in stocks they’ve all dropped/been choppy lately and cash would hand held value 😂 tricky times
At the age of 47, I found that my financial "professional" had misappropriated my retirement funds ($250k) and lost it all. Didn't do one thing I said. I had to start over. with zero. I decided to manage my own money, and 12 years later I had 400k saved. Not enough, but hey. Still under the 8 ball, as covid caused a catastrophic loss in my income (I was forced to retire early). I had planned on working another 6 years to get to that million mark. well, life has a way of changing your plans, no? So now I just have to figure it out as always. I will, but it will take some time. Gotta tell ya though, after going from extreme poverty to middle class and back to poverty? I am one disgruntled camper.
Be careful in marriage. It can be the best decision to stabilize 2 people, and reach prosperity. But choose wisely, the best friend in life that is a loyal team member, because if you divorce, you will have to start over. There are very clear events in capitalism that are money killers.
I’m 19 and saved up my first $10,000. Wish me luck everyone, I’m trying to make it in this world
Almost $10k soon and 19 as well!!
Can't waittt
Keep it up dog that’s great
You will young man you will. I'm absolutely positive about that because you are starting early not only that because you are interested in finance at such a early age.
Good luck, young man. I'll pray for your succes.
@@Hvad-whatInDanish554 update after 2 years, got a fully paid off car now with good reliability and mileage, and just landed a really good internship at a corporation hopefully I get the long-term offer after the internship ends. Keep praying for me because I need it🙏
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
@@mariaguerrero08This is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?
CAMILLE ALICIA GARCIA maintains an online presence. Just make a simple search for her name online.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
My parents always taught me to live below my means. It was hard when I was younger, because I always wanted the nicest things or coolest clothes. But now that I am in my late 30s, it doesn’t really seem to bother me anymore.
Me too
Is now a good time to invest in stocks? I know everyone says stocks are cheap, but how long will it take for us to recover? Obviously, there are strategies to be used in this market, but these strategies are not available to the average person, so am I better off putting my money elsewhere?
Indeed, many individuals minimize the importance of financial experts until they are in emotional distress. I can very clearly recall requiring encouragement to keep my business going. If the market has taught me anything, it's that it always recovers, but I can't seem to focus on the long run, when major factors like my retirement and my reserve are wreaking havoc on inflation.
Professionals are now dominating the market since they have access to both the essential strategy for making money in this industry and exclusive insider market information. . Hiring a skilled professional with a platform that offers a variety of investing possibilities can help you do this. You may even get more by doing this, and you leave little space for regrets
@@oscarjiron6974 Due to the significant dips, I want help in order to rebuild my portfolio and develop new tactics. Where is this adviser located?
@@AnthonyHart34 It's funny you brought it up because I totally get it. Although I have dealt with several financial advisers, "sharon lee casey" has so far shown to be the most knowledgeable and capable. I'm not sure whether I can disclose this. She also manages my portfolio.
@@oscarjiron6974 I can see why she is so busy because she has a respectable career and strong credentials. So without waiting, I quickly copied Sharon's full name and entered it into my browser.
The whole concept of sacrifice now so that you can not worry later is novel but, I find that, like some others have said, that money is constantly losing its value, and you'll likely still be worried about it when you reach retirement age. I try to live in the moment more. Enjoy things while I can, because tomorrow isn't promised. That being said, I have gotten into the habit of investing a little bit whenever I feel like I've got some extra money lying around and I can see how saving a bit more can essentially make you more over the same period.
Eventually compound interest and Your paycheck would catch up to inflation.
Inflation is not a serious negative contributor, but it's there
@@jamiebaxter9143 i see
all of this advice is boomer tier before boomers wrecked the country. money is now losing 20% value per year and peoples housing costs alone cost their entire monthly paycheck so to cover food and utility bills they have to max out credit cards. the economy is over we are heading for the greatest depression in national history.
After a horrendous 2022, shell-stunned financial backers have misfortunes to recover and a lot to consider, as an expansion report and a pile of different information did close to nothing to change assumptions that the Central bank would probably keep climbing interest rates regardless of whether the economy dials back, And that implies more red ink for portfolios for the principal quarter of year 2023. How might I benefit from the ongoing unstable market, I'm currently at a junction choosing if to exchange my $250k security/stock portfolio
Centre around two key targets. In the first place, remain safeguarded by realising when to offer stocks to cut misfortunes and catch benefits. Second, get ready to benefit when the market turns around. I suggest you look for the direction a representative or monetary consultant.
@lucid480 Insightful... I curiously looked up her name on the internet and I found her site, thanks for sharing
I get that this is just an example, but if you're going to use a monthly salary/income figure, choose something that represents either the median income or better the income of the folks who desperately need financial help--not the people who already have financial advisors. According to US fed stats, the average salary in 2021 was ~ $50K before taxes. That's already a lot less than $5K per month. And since the vid's title suggests we're dealing with "a low salary," we're looking at something much less than $5K after taxes. Just makes people who don't make near $5K/month after taxes feel this, like most financial advice, won't help them. Add to this exploding housing costs, mandatory insurance premiums now, and college loans and that tiny savings burns up quickly.
Too many YT financial vids are geared to people who already have a decent income. Everybody forgets the rest of the population which is growing.
What you say is true but you do realize many of the bigger youtubers had 40-50K while living on a lot less. It is almost impossible to make high quality stuff without money and those who did not make it are not the ones with the high view counts. Switching career paths is a lot more difficult than people make it seem because ability and skill are both needed.
@@donaldlyons17 Are you saying a lot of YTers had a lot of cash on hand while their living expenses were low? If so, I agree. I watched this vid by this multi-million dollar trader guy around my age. He said he got started when he graduated from high school and got a "gift" from his grandparents of $200K. (!!!) So he invested it in real estate and began a real estate company. Most of us don't have anyone to give us $200K to start.
And a lot of these young people my age or younger started when they were living at home and had very low expenses. They could save $500-$1K each month and afford to invest and lose and invest again. That's not the typical US adult.
You're also right that switching careers is expensive. If you're living off parents, then you can do it b/c THEY will pay for your survival needs. Again, not most American adults.
Budgeting has helped me get out of debt and have a plan for my income. I'm now saving & investing. Every dollar needs a job.
The best way to think of it
Here's what I do. I zeroed out my credit card so I didn't owe anything. Whenever I need to buy something it goes on the credit card and it's always paid off at the end. Every dollar afterward is invested. Took 3 years to saved a lil more than 100k
You still have to make the CC PAYMENT HOW ARE YOU MAKING MONEY OFF CREDIT?
@@redmen4real08I don't make money off credit? I pay it off at the end of the month and anything unspent gets invested
This is a good idea. I only have one credit card that I never max out but I don’t need to pay the balance off. I also think I should look at my account for subscriptions some of them are not needed but I don’t cancel them.
i save between 1000-3000 a month depending on overtime im 22 and work in warehouses
My income flow is $1900.00. My cash flow is $1000....I'm a janitor too and I'm investing🙏 and I budget too. I allocate where my money will go every 4 weeks (almost monthly): X% for bills and living, X% for short-term savings, X% for long term investments, and X% for ROTH IRA.....the percentages are always the same.
Open a brokerage account and invest in dividend stocks check out Ashley fox
I have a system that helps me save money and also keeps me from buying things I don't need. I started by saving $5000. If I wanted to buy something big I would use the money out of that $5000 and I couldn't buy anything else until I payed that money back. I have more now but it really kept me grounded and helped me save alot of money without spending foolishly. I now invest my money with the money I dont spend.
5 k is a lot. You do a major slip up and 5k is down the drain
@@oblitusunum69795k is nothing in the grand scheme of things. You should have at least half of your yearly income in savings for emergency plus whatever you’ve allocated in the stock market. If you fear putting more than 5k into the market you will never be financially free.
The answer is you can't. Basically if you are 20 and making 10 an hour you will not be a millionaire in 20 years. You will most likely not be one in 20 years after your 40th either. You have to make at least like 17 and up. Or get paid a better salary. 500 a week or more take home. If you don't make that, you will not become a millionaire.
Just brilliant Vincent! I’m gonna add watching your videos to my daily to do list. Till this day, I’m puzzled as to why money management is not one of the core subjects in school.
Otherwise the super rich would have a smaller share of the worlds wealth, the education system is a scam to keep you poor.
Because society wants you to spend spend spend and your trained to work for other people in school, not yourself.
Because US schooling system was funded massively by Rockefeller, who aimed to make employees rather than free thinkers
Liberals teach consumerism and individuality while giving you only the tools to work for someone else. If all these kids could manage their money, who's going to make your McDonalds?
I always found the idea of using spreadsheets very time consuming and unnecessary. I just dump a bunch of money into my savings/investment accounts each month and keep my spending money in a separate account and try to spend as little as possible.
I don’t have a full time job, I’m just self-employed with various income streams and and regardless of how much I make each month I stick to the same budget and live below my means.
Agreeed
Same here. I don't budget. My friends budget each week because they get pay biweekly. Been telling them to increase their incomes, not let the income control them. They cannot get out of their comfort zone.
In a perfect world you might be right. There is inflation, covid, recessions, accidents, fires, taxes, health issues, maintenance, etc. you get the point. Besides, the economy and the markets are controlled. Don't save money in a bank that has 4 percent liquidly. You'll have to pay taxes on that earned income. Millionaires don't pay income tax because they reinvest.
how do you not pay taxes?
@@liamk9906 be a rich person
@@liamk9906 Own a business or dump all your income into a tax incentived investment like a home.
@@robyhartland852 explain please?
Manage money, do not let it damage you. ✌🏾
Money is just a concept until you spend it. 8 million in the bank doesn’t do anybody any good until you spend it. Especially if you die with it still in the bank and nobody knows about it.
He donated it to local hospitals and schools I believe
Yeah, what’s the point of working hard for all of your life for something you will never use
I’m not saying we should live paycheck to paycheck, but being afraid to use even a single cent is not good either, there should be a decent balance
Actually, if you park 8 million into mutual funds that pay dividends, you can keep the 8 million in the bank and live off the interest from the dividend fund. I'm teaching my kids the theory of that lesson so if I get to that point where I can get my own dividend mutual fund and then get enough in there to cover my expenses, and more, when i depart this world, my wife and kids can split that money and re-invest it into their own Dividend fund, thus creating generational wealth. ...at least that's a plan.
Money isn't real in general it's people who make it valuable.
@@Dakidpepe You are right. Look at the Russian Ruble in the 1960`s (and possibly today too!)
Upstart helped me pay off my debt. It was hefty per month rate, but it was worth it. I am debt-free. Now I am trying to figure out how to invest. Thank you for this video.
The production of this video is absolutely amazing. Kudos to you and the team Vincent!
The principle of the video is a simple one, but the way you tie in a story and make it understandable and very enjoyable to watch doesn’t go unnoticed. 10/10
Yeah, and his commercials in between, you sheep.
@@corporatemcmahon2815 Why you out here people calling sheep bro that's cringy lmfao.
@@AhauLobo Did the reality hurt your lefty fee fees 😂 Meeeeehhhh Meeeeeeehhhhh Meeeeeehhhhhh. Sheep
wtf u talking abt
Thank you, from the bottom of my bank account… This is probably the most valuable video I have seen on the subject and believe me I have been watching a lot of them lately.… I have been doing guided automation without knowing what it has been called all of my life mostly, trying to budget was simply impossible in the sense of tracking and spreadsheets because real life doesn’t follow those. my common sense and intuition has always told me that holding onto investments and riding the waves of ups and downs was the logical thing to do. i’m getting started very late in life, but I believe it is doable and I’m also starting with a lot of debt. My income options are limited because I have a severe disability… And I know the odds are against me but I still believe it’s possible and your video was very encouraging :-)
Regarding "You can't time the market":
1. That depends on who the "you" is.
2. The janitor didn't have access to data and technology that we do now.
This was timed perfectly with where I’m at in my financial journey. Your videos help so much in developing a higher level of financial literacy.
thanks so much joshua im glad i was able to help :)
I had the same thought as I watched, THANK YOU 🙏🏼
Such usefull advice, unfortunately I don't have any cash flow lol
Real inflation is about 10-13% so every year you would need to increase your savings rate by that amount.
Why is it that people making videos forget about infraction when that effects purchasing power.
$10/hour is consider high earner in Indonesia, most people made $10/day or even less here.
Many are willing to work for $100/month, sadly
My budgeting Excel spreadsheet is quite simple and is updated once a month. The columns are just:
Date | Savings | Investments | Total
I don't pay too much attention to how my net worth tracks on a monthly period, but over the course of the long run, it should go up. If it doesn't, something's wrong.
Yeah, on average, regardless of whether its up or down, its best to just invest in an index fund as much as you can for as long as possible, or some rare earth mineral like gold or silver (basically the easiest to obtain and dispose of). The average return rate has always been above 5%, and its almost always outperforms everyone in the long run. This is especially so if you are young. However, if you are older, you may have to think about less risky ones like government bonds or something. If you are in your 30's to 40's, then index funds are your best bet.
Saving is only really good for short term purchases. Investing in the stock market can be tricky for new investors as the stock market can be temperamental and volatile. Even old time stock market investors can have a huge loss. Mutual funds are a more secure route to go and starting on the S&P 500 with $500 down and $125 a month can get you $2000 on the mutual fund each year. - Making a budget, paying off debt and knowing when your paychecks come in and when your expenses (And how much) go out each month is also very crucial. The more debt you pay off, the more of your money is not going to someone else and staying in your pocket. - Also, look into Mutual Funds that pay dividends. If you have enough money in those, you can live off the interest.
I don’t budget at all but I do only tend to buy necessities and I always try to find the best or atleast a good deal when shopping for them. Buying generic brands, etc. I have a spending problem but my most powerful implementation is that I only buy assets or collector’s items that I’ve researched and I’ve determined will hold or potentially go up in value. This satisfies both my impulsive buying habits AND investing
I turn 18 next month and i’m very excited to start investing. I been watching videos like these to help me understand more about stocks and stuff. Do you guys have any tips for me?
Dollar cost averaging is the way to go IMO. I buy fractional shares of a few different ETFS each week instead of using a savings account. I still keep enough cash liquid to cover rent for 3 months so I don’t have to sell shares in case I can’t work for some reason or if my business is slow. Hope that helps, it works for me.
Dave Ramsey and Robert Kiyosaki are my fave financial gurus. Read a lot too!
@@Lucky_charmz2.0 Yup same
If it's exciting you're probably doing it wrong. Be slow, well planned, and methodical. Don't even think of trying to put more than a paycheck into Bitcoin or penny stocks. But first you should save a $10,000 emergency fund, and then save even more if you are thinking of going to college or buying a house or car, or having a kid.
i work on 2 engineering job, and save 80% of take home income, and invest. I become millionaire when I was 30
I'm 14 rn and i know what I'm doing when i get a little older .
Same age my friend I can start working at 16 haha
@@georgerh3955 exactly!
@@georgerh3955 technically, you can both start hustling with lawnmowers and things like that. The trick is to not spend on things you don't need and instead invest as much as possible and keep the investments diverse. I believe in you!
I am glad i found this channel, especially i am in a situation in my life wherein I am so confuse what to do and how to be financially free.
😂😂 Great video! You won me over with the pot pies!!! SO LOVING your videos! I’m learning so much with your videos and newsletter. Awesome content for a biologist that knows hardly anything about banking and finances! 👏🏻👏🏻
There’s no point in being a millionaire when your old, you’ve got a couple of years to live, it’s best to live your youth to the fullest now, spend & enjoy while your young.
I agree but you can do both if your smart
Yea but there is nothing worst than not having any money when you are old since you can't work, you are sick all the time, you have to see doctors all the time and you have to worry about where to live and how to eat and how to heat your home. Not a good situation to be in. Yes ideally we're all millionaires in our early 20s but it doesn't work that way in most cases!
Thanks for the reality check. I was slipping for a minute after getting a better paying job.
Got to get back onto my side hustles.
"Time IN the market is far more important than trying to TIME the market! "
This 💯 Also, the more consistent we are with our investing, the more we are likely to be reaping big returns compared to those who failed to make the first move.
That’s all well and good. He raised a family, bought a house, etc on min wage. You cannot do that now. It’s literally impossible.
He was also alive during the greatest, most prosperous time.
We are not.
That's why most people fail. They always find excuses instead of trying to find opportunities. Also, as Vincent mentioned in the video, he lived through several recessions so saying it was the greatest time doesn't make sense..
You also live in a digital age, unlike him. You have WAY more options and opportunities to make extra income compared to him. Whether it be youtube, selling online classes that you have expertise in, selling tshirts/mugs/etc., doing business on Etsy/eBay/Amazon, etc. I also read those whom were born this millennium will be the richest generation ever. Your mind is your only limit.
@@doodahgurlie so get rich already… it’s easy
@@wrathofgrothendieck I never said it was easy. My mind is my limit, but at least I know this. The original poster made it sound like the time period and the wage were the reasons - I believe the video said the janitor made $22k, which is not minimum wage (current minimum wage is like $7.25, which is maybe $15k/year...I'm going to assume cost of living was adjusted for the janitor's time period). The limitation and obstacles the person listed are all mental. This is the battle most people have to fight and overcome. If they lived in a country or during a time where the options are limited, then that's a different story...at least admit the opportunities are there, but the mental hurdles to financial freedom is all theirs. It's a victim mentality.
@Bonnie Gaither you are correct. Living on $1,800 a month will leave anyone, especially with a family in debt, not in a positive cash flow with money left over to save. Vincent even says there is a minimum amount you can live on. That amount is much higher now when rents have increased by 20% or even higher in some neighborhoods. Of course, IF you have a minimum wage job that has stable hours, you could work 60 - 80 hours at a second min wage job. But most jobs do not allow for that luxury. And just who is taking care of your kids while you work those hours? The myth of just work harder, longer is just that to keep employers from paying a livable wage and while putting their workers on social programs paid by taxpayers. The answer is to increase wages so that anyone working a full-time job can pay their modest living expenses and have something leftover to save. Most people that push the myth, do not have to survive on what they preach CURRENTLY, not years ago, when the equation was very different. People who are in a better financial position should be grateful and not judgmental about those stuck working at the bottom of our society.
Any tips, hints, tricks, or suggestions for those of us working rural poor making 900-$1000/ month? (No moving isn't an option. no money=no move and the pandemic didn't exactly make housing more affordable or available (and Michigan is mostly rural-ish with the exception of the bottom part of the state). I live hundreds of miles away from the nearest populated city of only 25,000 people so I'm trying to find alternative solutions to increase my earnings in my tiny town of 831 people. And at 44 with a back problem (from a sledding accident as a kid) there are a lot of menial labor jobs I physically cannot do and apparently my bachelor's degree means nothing. I love your videos. They're thoughtful and articulate. Thanks for all the great videos!
Ecom is your best friend
Digital skills > freelance online jobs
thanks so much lynsey! definitely check out some gigs you can pick up online. i have a few videos on this that you can check out
Tax lien certificates
You realise that during recessing this is literally called the debt formula, right? And yes, we are in a recession.
This comment aged better than the vid
Stuff this method. It would be good if you’re doing solely for your kids and their futures
And set goals for yourself! I just set one!
If you are properly prepared and knowledgeable, every crash/collapse/inflation or recession gives an equal market opportunity. I've seen folks amass up to $800,000 throughout crises and even do it with ease in a terrible economy. Without a doubt, someone has become enormously wealthy as a result of the crash.
The hair is looking fantastic
Just goes to show that truly anyone can build long term wealth. Great video, Vincent! I enjoy talking about personal finance on my channel as well.
This was a lovely illustration except student loans is kicking my ass
You missed one key component to becoming a millionaire - longevity. Read, Buffet, and Munger all had one thing in common, they live(d) to a ripe old age. Same with the woman whose story just popped up in my newsfeed. She left several millions to her alma mater after a career as an IRS examiner. The bulk of her wealth didn't accumulate until she was in her nineties, and the stock market was on a roar.
Moral of the story: don't die too early, or you will have denied yourself while you were young without being able to enjoy your money.
Glad that I found ur channel.... Simple, on point, very helpful.👍 exactly what I needed
"We're gonna tell you this ONE, MUST-DO thing you NEED to know right now!! But first........."
This is financial accounting 101....college teaches you this
If ya make it there
So many ads for a video with the most basic / rehashed content from other TH-camrs like Graham. The whatever secret is 1. Save money 2. Spend less than you earn 3. Invest the difference 4. Dont trade stocks. 5. Invest in good companies.
Upstart has high interest rates up to like 29%, I wouldn’t recommend.
I'm starting to think this guy's a sellout. Oh u need money? Lemme offer you debt that has higher interest rates than most credit cards lmao
Only way an Upstart loan works is if you got it but pay it off early. Just like a car loan.
I shall use this and will try the other concepts on how to use this 4% rule. This is very useful for me now that I am planning and starting to have my retirement plan at an early age. Start early so I can finish early. Thank you for this.
Your teachings are helpfull to a certain degree...
Problem is Im a disabled veteran on disability
and my options for savin is limited because of the SSA rules regardin assets.
You got anything for that kinda situation ???
What if I earn like $4 every hour? I live in a poor country
Take around 20 percent and invest it into american markets. Even if you don't save one million, you will still be very comfortable if your country has a low cost of living
It's not about the number, it's about PERCENTAGES.
If you work 48 weeks fulltime a year, and save 20% for investment. You should be able to invest $128 per month.
This will bring you to:
5 years: $8.500 - $10.000
10 years: $19.000 - $26.500
15 years: $31.000 - $53.000
20 years: $47.000 - $97.000
25 years: $66.000 - $169.000
30 years: $89.000 - $287.000
Enough for you to retire. And remember that you can NOT take any money out in this time!
Learn to appreciate reclining the driver seat of your car by a hill park watching the sunset while listening to music, or an audiobook, drinking coffee you made at home and you will NEVER have to budget.
I’ve been investing in the past year and my money has gone down due to the market rn 🥴 I’ll keep investing tho. I’m following the S&P 500 ETF and focusing on long term
I hope you kept investing. How is it now in 2024? Because the market is booming now. 😉
You forgot to add an end screen!
I wish I could invest... But because I get some benefits I have to save in cash instead
Hopefully soon I'll have enough money saved up to be able to take a leap into starting my own business and start investing!
I guess. If you want it be financial free not until you’re 80, live your life like that. I’d rather enjoy the small things in life, like going out, my Starbucks in the morning. Start your own business doing what you love and working until you die won’t be an issue.
2% yearly inflation? More like 2% monthly inflation. I'd like to see what janitor's wages can keep up with that.
2% is correct, when you have a long term perspective!
@@gravitrek And who decided that? Are you going to march into the Federal Reserve Bank and tell them to only print 2% more money each year? They'll probably shoot you on sight.
TLDR: Story of Ronald Reid. What we get from it is the same stuff you've heard everywhere; 1. Be as frugal as you can. 2. Don't let your saved money sit, invest it. 3. Don't try to play the market, most will lose, the market moves incredibly fast. Buy when things are low, but don't try to time the bottom, and hold them till they're worth more. Play the long game. 4. Diversify. All your eggs in one basket is bad, mmmkay.
Very well put together video, but honestly, very little info to take from it for it's run time. If you've watched any video on how to make money and get rich, you already know all of this. It's super surface level stuff, and doesn't teach you any of the in depth skills and knowledge you need to actually make it work.
Thanks for explaining, great to see that I'm on the right way to be a millionaire! Now, make it happen :)
You sold viewers like 6 things in this video. Props to you good sir.
As long as your expenses do not exceed your income and you are able to save money you can build wealth.
really helpful video! would you please be able to do a video on understanding stocks and performance? eg why is understanding day gain important and what does that tell you about your investments.
So let’s see,if I make $2500 a month and spend $6500 a month when can I expect to call myself a millionaire??
Not bad only -20 years
10:40 if you get the idea of interest...
now why no body speaks about inflation??
i believe , inflation is happen every months and years
how much money the central bank printed in their first operation..and if it get inflation (it always does)
what would it be in 200 years?? 300 years??
i am still wondering why no body care of it
Lesson #69 Make a video explaining financial common sense and shove as many cash apps sponsors as humanly possible and see your money grow exponentially.
Lmao 😂😢😮😅😊😊
I started at 30 and im saving about $443 per month in my 401k
Great video. I am most interested in the chess story and would like more information on it as it will be a reoccurring bedtime story for my kids. May you please tell me which emperor or dynasty it was? Thanks in advance.
Back in a day I took home ca $2k at my low salary job. The utilities and rent were $700. I had $500+ a month to invest. The same job would pay $4k now, but my bills are ca $2k. I would have $700+ left over to invest. I have very few expenses.
You can never time the market, however you can reallocate your wealth based on the macro cycle
I will be honest I me will never be a millionaire but my goal is to be wealthy and be able to take of my family
A common shred of advice I've been given by people I know that are extremely wealthy is that you'll never become a multi-millionaire solely working for someone else (i.e a 9 - 5)
Great video, so many concepts I’ve learned in books compacted into one video! So much value!!
thanks so much for watching :)
I can bet that Warren Buffett has a budget. Telling people to not have a budget is probably the most irresponsible financial advice you can give.
Follow this guy and you will be working 2 jobs until you stop remembering your name.....
🤣
What’s the point of accumulating so much wealth and not spending it or even enjoy the freedom that comes with it when he’s in his retirement age…
Cause he donated it therefor making a real positive impact on the world
If you're young and watching this.............start saving and investing NOW. If I start now I'll be in my 60's when I'm finished, still not too late, but would much rather have started earlier if I knew.
If you're 20 Year old you will need live 45 years to be 65 year old. If you do simple multiplication,
45y*12m=540m 540m*$204=$110160 at 65, won't have million. Chart at 2:34 is incorrect. Correct me if I am wrong.
those calculation are wrong. 443 x 12= 5,316$ saved each years 5,316 x 35= 186,060$ saved at 65 years old. please someone help me understand the math here
They are assuming a 4% compounding each year.....
Once again, that was awesome. Loved the references, especially the books used along with the breakdowns. You provided clear and goal oriented details! Thanks Vin! 🙏🏾👍🏾💯
thank you erwin! that means a lot :)
I like how Vincent used a Pikachu Gameboy colour with Pokémon Blue cartridge to calculate the maths lol.
make it a goal...retire early. not 65. but dont forget to enjoy life bcoz many people too die early.
Also theres 1000s jobs not paying anywhere near $5k a month … avg income between. 2-3.5k monthly ..
Day trading is bad if you don't know how to do it. As with any skills it needs expertise.
If you start with zero or little trading is the best way to gain capital fast. Once you have enough then you can move into value investing.
Please don't generalize stuff dude. Each of method has its own use 😁
And this sums it up. You save and use the idea of compounding interest. Get a side income. Invest wisely.
compound interest is awesome | Also swag way of putting the like button in our horizon
I have no problem with the saving and budgeting part, but when it comes to the investment part, I am kinda lost.
right lol did he ever even say in this video what we should be investing our money into...
Watch joshua mayos video on the same topic.
His was better.
Sucks to say but get a cpa or cfp. They will actually help you
Just go for it learn by your mistakes you never know
Buy an ETF. A broad market index fund that invests in 100’s of different companies.
saving money is kinda lame its best to make your money work for you!
Nice video saludos desde monterrey , hi from Monterrey 🇲🇽
Thank you 👍