I reviewed your videos for some time now. Your information you provide is great for everyone making decision about finances, like business starters, employees, investors etc. This specific video should be subject of a financial literacy class in our schools ( grade 8 and again in grade 11). In return, we will see less financial and social problems in our upcoming generations.
I really love your videos. I don't invest in real estate (unless you count the REITS in my mutual funds), but listening to you and being glad that I have a good emergency fund , I cannot recommend your videos enough. EVERYONE should listen to you.
I recently found your channel and greatly appreciated the knowledge you’re sharing. I often wonder is I’m doing the right things. I’ve learned so much from you in a short amount of time. The benefits are tremendous.
Really great video Toby, thank you! I’ve wasted so much time and money chasing shiny carrots I’ve needed a video like this to recalibrate and get back to basics. Love your wise and practical advice and appreciate!
Thank you so much for your kind words and suggestions. I'll definitely take your feedback into consideration and work on providing more detailed examples.
Not taught in school by design. Can’t have educated consumers and borrowers know how to live without being mired in debt. The majority of our economy is run off of debt.
Do you suggest we max out the Roth IRA first and then put $50,000 into stocks at Step 1 of the Infinity Investing method? I’d like to max my Roth out first and then put money into dividend stocks.
If I'm doing something like Frank and Sherri's shared housing, wouldn't it make more sense to prioritize saving for that type of house since the returns are so high? As opposed to putting my money into dividend stocks?
I would always start saving the liquid assets first. Love Frank and Sherri, but you can be an operator with little to no money. Buying a home requires a bit of liquidity to be safe (ie - you need a new roof)
Money/income spread simple explained everone should understand this. Me for example, I do a weekly budgeting and attempt to accumulate as much as I can. Then quarterly I review it and place it into sjort term savings and 1/3 into investments.
Yes, thank you to tell the truth not a dream. Pay off your debt, create a rainy days fund ( emergency) , the rest invest in yourself ( education), and invest in your future ( create passive income). The rest, if there is, short term savings for your vacation, of fancy shirt.
It is not “No debt equals no or low credit” - it is “no credit experience equals low credit”. I have perfect or close to perfect credit (825-850 score) with zero balances on my personal credit cards and lines of credit. There are so many types of credit scores - so many different calculation - but they all boil down to mitigating risk for the lender. Think like a lender and what assurances you would want, and that is what they likely want to see: history - faithful payback - not using all credit available etc. This boosts scores. Rule of thumb - use 10-20% of the revolving credit you have access to and lenders will want to give you more…
Wrong. I have extremely low debt and never paid a dime of interest in my life. My score is 785. Whoever told you that is just looking to get you into debt to pay them interest
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/o3c
I agree that a car or primary house don't put money in your pocket, but in terms of calculating your net worth they should show up on both the asset and liability side??? You could have half a million dollars in equity in house. You could owe $1000 left on your car payment but the car is worth $6k if you sold it.
Wow. I have subscribed to your channel for a long time. This is one of the best videos and to think you do not have to share valuable info. You already made it yet you share valuable info. Thank you.
like your videos, but it baffles me how one can get to the place you are talking about. In order to feed a family, of say 4 people, you need probably around 100k a year and to live modestly. You would need a huge amount of money to invest in order to generate that amount from assets and what not. So in order to build this construction you need either a very large income, or a lot of time and saving. I don't see how I could build this, honestly. It is almost as if these videos are for single people who work all the time and save a lot of money. This may be a good source of information for people who are getting into their 20s and are willing to dedicate next 10-15 years of their life to absolutely go military style discipline and hard work. For others, I don't see it happening. At least not now in this difficult times.
We see people do it all the time. It will require a combination of increasing income (think side hustle like flipping mobile homes, wholesaling, etc.) and lower expenses (every dollar saved can be invested into something that produces income). I have seen people simply leverage a credit card with low interest to buy and sell property. It can be done - although the easiest is to simple live off of less than you make and start very young.
@@TobyMathis But how do you do this? I'll tell you right now, even though I am a relatively high income earner, I can't save more than couple of hundred dollars a month, at best. Simply can't. So if I save say 5-6k per year, I can't build this wealth generating construction in a millennia. Please, give me a figure how much one needs to save per year in order to be able to scale this up slowly? Because the only way we were able to scale up is by asset appreciation, so we've managed to buy a rental property and buy a house that has a mortgage helper. No matter how I slice this cake, I can't afford to scale up more than this. If the interest rates were low, maybe. I spoke to several people who are kind of successful and have numerous rentals and what not, but no one is actually saying how they did it. My best guess is they bought something long time ago, which got up in value substantially, and they sold it, split those gains into several income properties and so on. I don't know a single person who generates enough income to grow the asset portfolio. One broker told me "you can put money in a fund, take those gains at the end of the year so it counts as an income, put the money back and buy more of the stock, then with that income on paper you are able to borrow more", great, but where do I get the 200k or so in order to generate meaningful income? I mean, it all comes down to savings you have. As I said, this is not for families, unless they have some equity in their homes. I'd really like to know how much do you need to save per year in order to be able to move upwards.
Anybody can do it simple rules, live below your means, get out of dept , get an emergency fund and sacrifice now so you can live like no one else later. Personal finance is 20% head knowledge and 80% behavior.
Emergency fund $1000 don't touch; Dave Ramsey, pay all of the utilities and rent or mortgage if behind catch up step 2, make list of all your debts in order smallest to largest and start paying one off at a time making regular required payments on outstanding debts. When debts paid off, continue paying rent or mortgage and save up 9 months of living expenses. Sept 4 pay off mortgage if you have one. Step 5 buy physical gold, silver coins from reputable sources; Step 6 consider researching and investing in bitcoin.
No the reality is personal finance is 20% head knowledge and 80% behavior. Most peaple don't want to change their behavior to become wealthy. It's a choice.
I agree that a car or primary house don't put money in your pocket, but in terms of calculating your net worth they should show up on both the asset and liability side??? You could have half a million dollars in equity in house. You could owe $1000 left on your car payment but the car is worth $6k if you sold it.
I agree that a car or primary house don't put money in your pocket, but in terms of calculating your net worth they should show up on both the asset and liability side??? You could have half a million dollars in equity in house. You could owe $1000 left on your car payment but the car is worth $6k if you sold it.
Would you like to learn more about investing? Join Infinity Investing as a Basic Member and Unlock Your Free Training Today! inf.link/c7dcf2
😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊❤aaaaaaaaaa😊
As
I reviewed your videos for some time now. Your information you provide is great for everyone making decision about finances, like business starters, employees, investors etc. This specific video should be subject of a financial literacy class in our schools ( grade 8 and again in grade 11).
In return, we will see less financial and social problems in our upcoming generations.
Thank you - anything would be better than the status quo
Geez, every kid should see this and take note before graduating high school. Appreciate you!
This is your best one yet. And that’s a high bar based on your other videos.
This is informative, thank You
Thanks for the super thanks!
I really love your videos. I don't invest in real estate (unless you count the REITS in my mutual funds), but listening to you and being glad that I have a good emergency fund , I cannot recommend your videos enough. EVERYONE should listen to you.
Glad you like them! Thank you for watching my content.
I hope you subscribe for future videos. 👍
Thank you, Tobby! I love learning from you. Simple steps but so many people fail to know and to do it.
Thank you so much, Toby! Watching this video has change my thought process on being financially free.
Toby, “ THANK YOU, THANK YOU, THANK YOU “!!!!!!! I will implement these strategies ASAP!
Great video and information! What do you think of wholelife insurance?
The borrower is servant to the lender 🔥
That's the word.
I recently found your channel and greatly appreciated the knowledge you’re sharing. I often wonder is I’m doing the right things. I’ve learned so much from you in a short amount of time. The benefits are tremendous.
I hope you consider visiting my website for more free resources. andersonadvisors.com/
THANK YOU TOBY ❤
Good information 👍
Really great video Toby, thank you! I’ve wasted so much time and money chasing shiny carrots I’ve needed a video like this to recalibrate and get back to basics. Love your wise and practical advice and appreciate!
Love you man!
Great video.
Could you please use descriptive examples when you say asset's.
Thank you for all your videos.
Thank you so much for your kind words and suggestions. I'll definitely take your feedback into consideration and work on providing more detailed examples.
What matters more is what you do with what you know...
THANK YOU
My pleasure:-)
Not taught in school by design. Can’t have educated consumers and borrowers know how to live without being mired in debt. The majority of our economy is run off of debt.
So True!
Just like not teaching about American greatness or cursive writing.
Excellent topic & commentary.
Thank you kindly!
Do you suggest we max out the Roth IRA first and then put $50,000 into stocks at Step 1 of the Infinity Investing method? I’d like to max my Roth out first and then put money into dividend stocks.
I like the living off 70% of your income and investing the rest.. Excellent advice
Toby can you please do a video on the Roth IRA being able to buy investment property? I saw some videos of that and it seems interesting
Absolutely- Great idea.
If I'm doing something like Frank and Sherri's shared housing, wouldn't it make more sense to prioritize saving for that type of house since the returns are so high? As opposed to putting my money into dividend stocks?
I would always start saving the liquid assets first. Love Frank and Sherri, but you can be an operator with little to no money. Buying a home requires a bit of liquidity to be safe (ie - you need a new roof)
Can you do a video on how to become your own lender while shielding the fact you are the lender?
Thanks for the suggestion!
Money/income spread simple explained everone should understand this. Me for example, I do a weekly budgeting and attempt to accumulate as much as I can. Then quarterly I review it and place it into sjort term savings and 1/3 into investments.
Yes, thank you to tell the truth not a dream. Pay off your debt, create a rainy days fund ( emergency) , the rest invest in yourself ( education), and invest in your future ( create passive income). The rest, if there is, short term savings for your vacation, of fancy shirt.
10:45 gold
in one year my credit cards went from 8% to 29.9% and as of Aug 11 I heard that they are raising the interest rates again!! it is ridiculous.
Question: No debt equals no or low credit score. It’s structured this way. I’m in a little debt just to keep a score. What is the solution to this?
It is not “No debt equals no or low credit” - it is “no credit experience equals low credit”.
I have perfect or close to perfect credit (825-850 score) with zero balances on my personal credit cards and lines of credit. There are so many types of credit scores - so many different calculation - but they all boil down to mitigating risk for the lender. Think like a lender and what assurances you would want, and that is what they likely want to see: history - faithful payback - not using all credit available etc. This boosts scores. Rule of thumb - use 10-20% of the revolving credit you have access to and lenders will want to give you more…
Wrong. I have extremely low debt and never paid a dime of interest in my life. My score is 785. Whoever told you that is just looking to get you into debt to pay them interest
Can I make personal purchases from my LLC if I don’t expense it at tax time?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/o3c
Do you need a broker to buy stock that pay dividend ?
No - you can use any brokerage - Robinhood, Fidelity, Schwab etc. All Free. All work.
I agree that a car or primary house don't put money in your pocket, but in terms of calculating your net worth they should show up on both the asset and liability side??? You could have half a million dollars in equity in house. You could owe $1000 left on your car payment but the car is worth $6k if you sold it.
D E B T is a four letter word. I have none.
Don't have any consumer debt
Then you don’t know how to make real money ..
When you say put 10% aside....do you mean Save it in a Bank account??
Read Dave Ramsey book “ total money makeover”
Wow. I have subscribed to your channel for a long time. This is one of the best videos and to think you do not have to share valuable info. You already made it yet you share valuable info. Thank you.
Too much time wasted on how I "feel" about being poor. It sucks, OK? Now can we get on with it?
Noted. Apologies - I was very poor when I started out. Sometimes the recollection is a tad vivid.
@@TobyMathis 👍👍
like your videos, but it baffles me how one can get to the place you are talking about. In order to feed a family, of say 4 people, you need probably around 100k a year and to live modestly. You would need a huge amount of money to invest in order to generate that amount from assets and what not. So in order to build this construction you need either a very large income, or a lot of time and saving. I don't see how I could build this, honestly. It is almost as if these videos are for single people who work all the time and save a lot of money. This may be a good source of information for people who are getting into their 20s and are willing to dedicate next 10-15 years of their life to absolutely go military style discipline and hard work. For others, I don't see it happening. At least not now in this difficult times.
We see people do it all the time. It will require a combination of increasing income (think side hustle like flipping mobile homes, wholesaling, etc.) and lower expenses (every dollar saved can be invested into something that produces income). I have seen people simply leverage a credit card with low interest to buy and sell property. It can be done - although the easiest is to simple live off of less than you make and start very young.
@@TobyMathis But how do you do this? I'll tell you right now, even though I am a relatively high income earner, I can't save more than couple of hundred dollars a month, at best. Simply can't. So if I save say 5-6k per year, I can't build this wealth generating construction in a millennia. Please, give me a figure how much one needs to save per year in order to be able to scale this up slowly? Because the only way we were able to scale up is by asset appreciation, so we've managed to buy a rental property and buy a house that has a mortgage helper. No matter how I slice this cake, I can't afford to scale up more than this. If the interest rates were low, maybe. I spoke to several people who are kind of successful and have numerous rentals and what not, but no one is actually saying how they did it. My best guess is they bought something long time ago, which got up in value substantially, and they sold it, split those gains into several income properties and so on. I don't know a single person who generates enough income to grow the asset portfolio. One broker told me "you can put money in a fund, take those gains at the end of the year so it counts as an income, put the money back and buy more of the stock, then with that income on paper you are able to borrow more", great, but where do I get the 200k or so in order to generate meaningful income? I mean, it all comes down to savings you have. As I said, this is not for families, unless they have some equity in their homes. I'd really like to know how much do you need to save per year in order to be able to move upwards.
Anybody can do it simple rules, live below your means, get out of dept , get an emergency fund and sacrifice now so you can live like no one else later. Personal finance is 20% head knowledge and 80% behavior.
Emergency fund $1000 don't touch; Dave Ramsey, pay all of the utilities and rent or mortgage if behind catch up step 2, make list of all your debts in order smallest to largest and start paying one off at a time making regular required payments on outstanding debts. When debts paid off, continue paying rent or mortgage and save up 9 months of living expenses. Sept 4 pay off mortgage if you have one. Step 5 buy physical gold, silver coins from reputable sources; Step 6 consider researching and investing in bitcoin.
Heh, at my age 20,000 days is indistinguishable from infinite!
I just found and like your videos, but you have so many ads that it is distracting and hard to do something else while listening.
U'r Rich
Dividends are just a forced sale because the stock price always goes down by the dividend.
You are out of touch with reality.
How so?
No the reality is personal finance is 20% head knowledge and 80% behavior. Most peaple don't want to change their behavior to become wealthy. It's a choice.
I agree that a car or primary house don't put money in your pocket, but in terms of calculating your net worth they should show up on both the asset and liability side??? You could have half a million dollars in equity in house. You could owe $1000 left on your car payment but the car is worth $6k if you sold it.
I agree that a car or primary house don't put money in your pocket, but in terms of calculating your net worth they should show up on both the asset and liability side??? You could have half a million dollars in equity in house. You could owe $1000 left on your car payment but the car is worth $6k if you sold it.