If You Have $5,000 Do These 5 Steps NOW
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- เผยแพร่เมื่อ 8 ธ.ค. 2022
- Have $5,000 in the bank? Do this now!
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I have a Junk Removal side hustle - main hustle now that brings in about 5-10-15k monthly! It’s fun and active and everyone I come across is always so cool and nice!
🧢
Yes! You have a trailer? What was start up cost? Great job man!
@@jhildebrand7447 7k for the trailer I got a killer deal on a truck off my friend for 9k but I see people start with very low costs. There was no way I was gonna hand offload everything so that’s why I went with a dump trailer.
@@clearitjunkremovalmay I ask what market you are in, I live in a city with about 10k people and dont know if this can be successful or not!
-Thanks
@@unuesokami8736 I’m in Los Angeles / mostly Long Beach CA. I have a friend working in a very small market in Northern California and he does very well. I say go for it!
My side hustle is teaching kid’s guitar. Now thanks to u. I completely bank every check towards goals.
First video I've seen of yours and you got my attention right off the bad with good audio, proper editing and nice scenery changes and even your camera angle adjustments. I dig your methods. The info was helpful as well. Ill be watching more for sure!
We paid off our house that we've been in for 36 yrs but have a home equity loan that is bigger than the original mortgage (which was a fraction of what mortgages are today). That payment along with taxes is still under $600/month.
I chose a traditional IRA for the tax write off and the presumption that we will be making less money in our retirement and be in a smaller tax bracket.
I've also been interested in flipping furniture in my retirement (soon) as I enjoy painting furniture and making it beautiful again.
Excellent video, Gabe!
Interesting content. Is it still advisable to leave idle money in a savings account at an average interest rate of 0.85%? I want a better way to diversify my portfolio and with current inflation, crypto gain taxes are no joke. I also have to ask, due to the current crash in stock prices, housing, and the financial market in general, I would like to know the most efficient way to make my money work for me without falling due to market fluctuations as we are in a bear market. Any tips?
Ngl I've literally been thinking about market turbulence for 1 year now and most people wouldn't know what to do because this is the first bear market for them, hitting an all time high and now so many losses they might even scream, but then have you tried to consult a cfa to establish a diversification plan adapted to your portfolio? Basically, I just made my first $170,000 in a time of high Fed pivots, you should consider investing in mutual funds like Vanguard, Schwabs, or Fidelity. Crypto is also good because the returns are quite high, but to be on the safe side. Choose stock-based mutual funds
I should retire in a few months, any tip would be nice, and yes i have also tried to get a cfa but it is hard to find one that truly grasps the entirety of the different sectors, i am very open-minded Plus if I can't have it all then there is no point, if you get what I mean
Yeah, it took a while to find the best cfa for me but when I finally got connected with the right bunch and it was just uphill from there honestly, my cfa has been great so all my profit margin success is just honestly him
You had luck on your corner, it has always been difficult to get in touch with good people that have actual investment ethics. after all these months I have lost over £81k, so I'd like you to plug me up, to your cfa, I really need a good diversification option right now and I would appreciate it so much
I get what you’re saying so imma drop you some sauce, I’d recommend Robert Carlos Wright. His knowledge of the general market and his asset management skills are actually top-tier. when you do your research you’d know that the geezer is pretty skilled and his work ethic is impressive, He is pretty dedicated to his work too, at least more than my wife is to me lol(I didn’t really laugh), especially when it comes to his beneficiary’s growth.
Thanks for the awesome video Gabe! 💪🦁
Thanks for another great video, Gabe! Always appreciate you 💜
Blessings, Joseph and Meridith
If you do. DRIP function in your Roth, your dividends are automatically used to purchase more of the same fund without even a trade fee. Your investments are basically on auto-pilot. If you only pick EFTs (exchange traded funds) that pay dividends, your money grows even faster.
Normally I hate the ads within content, but Mint is awesome. Just know though for 12 months, they say $180, but it will be $202.19 after fees etc. Still WAY, WAY lower than anything else out there.
For sure! We have switched over and loved it. It’s super simple and saves money. Can’t ask for more lol
Great video Gabe...I wish young people would learn these lessons in school. Luckily now we all have TH-cam.
This video was super helpful to me. I am late to the investing/ retirement game. I’m 41! Can you give some advice for those of us who starting in our 40’s to catch up the best we can. If I do a Roth IRA for 30 years I’ll be 70, and I anticipate I may need those funds before that. Thank you in advance, I love your videos, they are so motivating!
I'm 69 yo. Your superpower is diet, exercise and sleep. Maximize preventing health problems with all your might. Some of those are part genetic but some of the genetics can be switched off. Keep out of Big Med!
@@downbntout😊 Agreed! I’m 43 this year and have some retirement savings but not nearly as much as I thought I would by now. My hubby and I started renting out space in our home to kickstart our first business while both working full time. Unfortunately, I had a life event this year that altered my exceptional eating habits that I hadn’t realized were substantially slowing aging. Sugar and fats soothed me during my healing process. In about 6 months, my body started expanding a bit. I have since resumed eating more vegetables and exercising more consistently. This is the best investment we can give ourselves plus a little bit of strategic intermittent fasting based on our own personal needs so we will have our mobility and health later. We’ll have options to continue earning income later in life to offset the late start up. I’m also attempting to limit EMF exposure(especially from my phone) as we’re all in an experimental bubble being zapped by unnatural frequency changes constantly. 😢 It may end up like cigarettes later as the truth emerges. 😅 Know and grow folks!
Does your job offer a matching 401k or retirement plan? If so, I would suggest putting as much into that as the company will match and after that maxing out your Roth IRA if you are able to. If you have additional money after that you can invest, put that additional money into the company provided retirement account. Next year the max contribution for the Roth IRA increases from a max of $6000 to a max of $6500 and the max contribution for 401k's goes from a max of $20,500 to a max of $22,500.
@@NaturalDrAmanda good thinking. Stay in shape, inside and out. I have the most trouble with phone addiction. What works? Not holding it against my brain, just viewing it. Tips?
@@tliryc79 Company-matched deposits into any financial instrument are a thing of the past for all but the pantheon of corporate heads.
very informative
Thank you
Great video as always!😊 Thanks
"if you have $5000, do this"
"Pay your debt"
Now Gabe... Gabe. If I could pay my debt with just $5000....
That’s the problem with most of these simplistic personal finance videos.
My situation for example is already way more complicated than that. Mortgage, student loans, car loan, little bit of credit card debt, etc. - since I’m 31.
So I wish that kind of thing was considered.
Most of these vids act like you’re basically 18 years old and just getting your first job lol.
@@RacksonRacksonRibss These vids are definitely for views so they cut a TH-cam pay check. I can relate to what you're saying. I have been doing my own videos of owning property, how i paid off my truck etc. but i also have debt so its something i have to consider when trying to trade in the markets and make extra cash also while i work a full time job.
@@RacksonRacksonRibss 18 year olds getting their first jobs don't have 5 grand.
@@johnclaybaugh9536 Also true lol
It isn't easy, or sexy, but it is worth it. Even if you have to work extra shifts or a side job for a while. I worked extra shifts for a couple of months and used profit sharing to pay off my car note about a year ago. I was able to take a vacation and treat myself to a Red Wings game because I convinced myself to pay off the car. I am going to bank profit sharing and take it a little easier than I did this year.
Yum! Bonus video. Lol
I opened an account with Ally and my Roth IRA the other day as I am Completing my debt free journey.
I am also a mint mobile customer as of 3 months ago! The service is a touch spotty in the mountains but it works well and is worth the $20 I pay.
Clearly I get value out of these videos. I don’t think I’ve ever identified with another human being this much.
My side hustle is serving tables after work 2 nights a week and on Saturdays. It pays all my bills + some. So my 40 hours are for building now.
While I am full time self employed with my e-commerce business, I work two shifts a week at a restaurant (4:00 - 9:00pm) and this pays all of my bills!
I additionally sell digital graphics on Amazon, Etsy & Red Bubble and freelance graphic design work! I am presently getting my real estate license as well, so I can build a referral network and make referral income just by utilizing my network! Even will all of this on my plate, I have never had more time or financial freedom in my life. Life is good!
how would you make refferral income? can you please share?
I work full time Monday to Friday in social services and work Saturdays in a coffee shop - coffee shop 10-4. Money is spending $ etc
Another great video! Please make some videos on how to get into real estate, your advise on types of properties to look for, how much you need to start, how to get financing for those properties etc! I would love to see a video on this!
Go to real estate network meetings around your area. You can meet investors & get on their whole selling email list. And sometimes there are hard money lenders there too.
Same here.
wonderful :) right strategies can create wealth ...
I haven’t even got £50 at the moment, or a laptop, it broke this morning. $5,000 !
This video literally is GOAT.!
Health and knowledge is your wealth.
I have saved up some money, but I am using a part of it as an emergency fund and another part to invest in myself/my craft (Skillshare/Editor for my novel/Cover design). I hope to save up enough in 2023 to move out comfortably and work for myself through my art and writing projects :)
*_One Of The Best Speech In The World_*
Once you’ve set your goals, striving for success is vital. There may be setbacks along the way, Don’t wish it were easier. Wish you were better, Always bear in mind that your own resolution to success is more important than any other one thing.
God Bless You
Always great tips 😍 you are my number one on TH-cam!
Thanks! Appreciate it
Can’t have him, he’s my favorite 😂
what keyboard do you have? Love it since I found your channel
Thank you Gabe, I will be looking into creating that Roth IRA. 59.5 is far away but at the same time it isnt. :) I definitely do not want to work forever and do not want to struggle when I am older. I can't wait to start creating my cushion fund.
start a roth ira at 35 not before that
@@jordancypihot496 why not
You know what you are talking about . I'll say that for you bet you made heaps from that episode. Good on yer!
Just a side note: I travel alot and can say only 1 negative thing about Mint Mobile. It does not have coverage in alot of rural places. Still a great service
Slowing down life to transition to retirement, enjoy life with my husband, time with grandchildren. Time and energy are the two greatest gifts with a simplified life.
You forgot something. Before you start a business make sure your people skills are leveled up.
Really good video. Enjoyed the part about investing in yourself and your brain. We hear often about stocks or investment strategies etc but often overlooked or not mentioned at all is the point of increasing what you know and continue learning/growing. This will in hand make you more marketable and increase your income. That is extremely valuable esp in volatile markets such as the one we are currently in.
Oh this was a commercial for mint mobil
heath ledger here has some good points.
I know that talking to elderly for comfort is someone’s side hustle! People pay $200 for you to call their grandparents for a hour’s time, when they cannot make time for them. I think you already know cuddling is a job lol
Do you know how they get business for that? Craigslist? I love the elderly, I could do that easily.
Buying properties is my goal after reaching a certain milestone in our financial journey. 🙏🏻
That’s a good one .. Building generational wealth
Im 19 with over 20k saved.. 5k invested… 730 credit score.. what would you specifically recommend me? Im already in my career job… Just trying to figure out whats next because everything is going great rn which makes me want to stay ahead.. maybe a TH-cam channel??
Oh wow, congratulations! My son is 18 and learning how to save. May I ask what is your career?
@@mbyrd6713 i work at the postal service but the position is a sales associate (clerk)
Personally, getting house hacks have changed my life. I’ve done a few videos on those so that’s super important and then having a scalable job is great as well.
@@GabeBult Sounds great, my son loves working on cars. I’m thinking that this is a skill he can use to grow wealth. He’s pretty good at making money but he’s not so good with saving it.
@@mbyrd6713 if cars are his hobby then that will be hard but what helped me was minimalism
Hi question. You said you don't want to pay off good debt because it lowers your return on investment. Can you explain that more? I'm confused by that. This was at around 1:45.
I still don’t understand how people can buy stocks and lose money. The ones that lose are those that want to buy and expect profit next day, if your position is on a loss just hold to it, market rebounds, sectors rebound, you will have an exit on that position eventually. No such thing as “ is a loss” , shouldnt be an excuse .
Can you spell out how $5000 ends up $87,000? I've heard this before, but I don't understand. When you go to the bank or broker, their so busy trying to sway you toward their products. Its had to trust the information. At one point you suggest compound interest, how do you know the product has compound interest.
180 into a Milly 👌✨ can't beat that
Thanks, though would have appreciated the US-only advice lumped together at the end. (Things like a 'ROTH IRA' and mobile phone carriers only in US are meaningless for those of us who aren't American.) Glad I am doing the other things.
Hi Gabe! Your videos are so informational. I'm wondering what you would do in our situation. We are 54 yrs and recently sold our home to rent temporarily. We have paid off all debt and have 100k to invest for retirement. What would you do today?
crypto
I follow and love your videos. sadly, it's been a while since i visited it has been a very rough year... i am experiencing one of the toughest phases of my life... Lost a fortune lnvesting in emerging companies. Hopeful, for a turnaround.
Do you have a referral for Ally? What was the income doubler?
**Does emergency saving account of 3-6 months include a furnace breaking ($10k repair), a roof replacement ($15k replacement) or other huge house repairs
I love your videos, but I don’t even have £500! 😂
The dollar isn’t money, its value decreases until eventually zero, some should be converted into gold while its still in use. Alot of retirees will be blindsided by the pyramid scheme that they were in denial of the existence of, because its too big of a loss to them to accept.
I’m looking for seriously minded people that are ready to make money trading from home ✅
This is actually what most families are going through, tax and rents takes almost what they got monthly, leaving them with no savings...
That's why we need to plan ourselves making extras in all we do because depending on paycheck that can give us our comfort and peace till we die is not guaranteed
I'm new to cryptocurrency trading and I've been making huge losses but recently see a lot of people earning from it. Please can someone tell me what to do?🙏
How can someone know a professional account manager that is trustworthy because genuine one's are so difficult to find these days?
It’s hard to trust a total stranger
this video was made year ago. any changes to best high interest banks I should put my emergency fund in? thank you
Vio bank. 3.62% apy. A great savings account.
I’m very hesitant to switch to Mint Mobile. It looks very easy on the website. I don’t like that there aren’t any stores to speak to someone. I have an iPhone so maybe it’s fine since I have apple care🤷🏻♀️
Mint uses T-Mobile's towers, so if TMo is good in your area, you'll do fine with Mint. I have used Mint for almost three years and don't have any major complaints.
@@stephenroberts2526 Thank you! I joined this week. They’re having a deal, buy 3 mths and get 3 free. Can’t beat that😊👏!
@stephenroberts2526 do they nickel and dime you for data space? (ie texts, international and memory storage)
@@hildagarcia4555 I have no idea about international. But, I went with the unlimited plan and pay for the whole year at once. I have never had any limits on text or voice at all. Data is only 10 Gigs of high speed, but unlimited at slower speeds after that. Overall, Mint is a bargain at any tier.
The issue is that Mint mobile does NOT own there own towers they borrow from Tmobile. Not your towers not the priority so Tmobile users will get data superiority over you and you get the bottom of the barrel data connection.
10% of the video is just an ad. WTF!?
Where was this video when I had $5,000 in savings
More important where did the $5K in savings go?? Get it back ASAP!
💖💖💖
For the ROTH IRA S&P, do I have to wait until 59 ? What happens if I need it earlier?
You pay taxes on it if you pull out early
Next time, be a little more honest and don’t play the blame game with inflations rising the real solutions are more government cuts.
As a newbie about to invest, you must have these three things in mind
1. Have a long term mindset.
2. Be willing to take risk.
3. Never claim to know - Ask questions and it's best you work with a financial advisor
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
Trading without any guide is so risky you need to get a good mentor to help you with strategies to navigate the market.
Oh please, how can someone get to speak with a legit expert?
CHRISTOPHER SCOTT TRADING
Why a Roth IRA over an IUL?
Thanks for this amazing information!! If you don't find a means of mult'iplying your mo'ney , you will wake up one day and real'ize that the money you tho-ught you had, had been exhau-sted. Inves-ting is a lad'der to cli'mb the finan-cial wall
@Charlotte Tremblay Wow someone menti-oned Ellis Gregory Carson Fx, made hu-ge pro-fits tra_ding with him, never bothered about my tra-des as he mon-itors them for me, while I just chill 💯
@Amos Henry Stephen F a c e B o o k
@Amos Henry Stephen G00gle
@Amos Henry Stephen 👆Ellis Gregory Carson fx 👆
I'm not lu-cky with tra'ding , made hu_ge loss_es when I trie-d it
How is your yatta bank account doing
❤️👍🏻
With the way the economy is now, I don’t know that putting money into “high interest/investments” accounts is the best.. I will pay off the rest of my debt and have some money on hand for now. 👍
I think you’ll actually earn more because interest rates are higher.
lol 1-2k in an emergency account.. Is that not what you call hasard?
6:24 is wrong calculations… because you invest gradually…
Hey Gabe would you suggest investing into collectibles? Over 2020 there has been a lucrative rise in the value of sports cards, pokemon cards, etc. and I wanted to see what your take on this is.
Discover bank is almost 4 percent
Dang yea it’s been going crazy
I bought som CDs earlier but now the savings account pays more than CDs 🙃 Double dang!
I didn't know that Enrique Iglesias does videos like this as well.
Hi gabe... looks like someone hacked your youtube photo/account? Not sure how, but they're using your profile photo with an advert for something with a phone #... anyways, check some of your recent comments & you'll see what I mean. It's happening on alot of other youtube channels too & it's a scam of some sort. I think you have to alert youtube? Not sure. I hope this helps? & thanks for your videos!
Yea they make new accounts all the time I’ve blocked like 100 of them there is nothing you can do but keep blocking them
@@GabeBult ok, thanks for the reply... I'm VERY protective of all my favourite creators! ;-)
Thanks I was just about to let him know that
I was scammed maybe, I agree with you.
Same with a youtuber Nate O’ Brien. Somebody using photo and numbers in Florida. He said he is Nate.
If you have 3k invest in the total stock market and invest every paycheck for 20 years and you’ll be free! School will never tell you this. Stay away from debt and stupid consumerism. ( never touch your investment money)! Until it’s time. You’ll know the right time.
Consumerism and pyramid schemes eat our resources. It bothers me that they try to act genuine so that people on the top can climb up the ladder. 😢
Peanut butter jelly time?
I have $4,000 for right now.
7:00
what if you have 5300 of disposable funds each month
I started with Christopher Scott a year ago and I am grateful to have met him.
He's on Instagram
CHRISTOPHER SCOTT TRADING
I would say even "good" debt is bad debt. It's a lot of weight to carry around. Pay it all off you still sleep better at night. Currently chopping away at the mortgage. Should be free of my mortgage by 2026 it's the last of our debt. We bought our home in 2020.
Exactly. There is no such thing as good debt.
@@alrbredwall
You have a poor mentality. There is a such thing as “good debt” when it’s generating passive income
@skywatcher7222 no there is not. There is simply consumer debt and debt you took out for an asset because you couldn't pay for it in full. This is why the goal of thevpaykent plan is to pay it off.
@skywatcher7222 the ideal situation is to pay off the asset in full and then have it generate income. Hence there is no such thing as good debt. Most people discovered this during covid when there were rent moratoriums.
@@alrbredwall
There is always some risk involved just like anything else in life worth doing. If you use debt to invest in to a business or real estate, historically speaking, and speaking from experience, it generates wealth greater than the interest you pay on it.
Weak Gains Bruh
Can I put money in a Rot ira if I’m in Europe? Or is this Americans only?
It’s not Americans only. It depends on the broker you will be using. Which of the info did you key into in the video?
Nah I'd better get this money asap to my coke dealer.
Why don’t you ever talk about dividend stocks?
I have only 200 USD
Stop bragging 😂😂
u know what_ i will invest my money foe example for 30 years....but....who know how long i will live_ so for me is better to live now
Invest in Roth just a little, say 1/10 of your free money, half in growth stocks, half in value quality stocks, and watch it grow, it’s so much fun!
Except for Mint Mobile you told me everything, every other youtuber repeats in every single video as well. Why Subscribe? Please give me a reason!
Investing in assets is the code for having a successful financial life, investing with the right expert would free you from modern financial slavery.
Investing in crypto now is really cool especially with the current price in the market for now
I definitely agree this current DIP is a huge opportunity to buy the DIP and also high volatility to yield more profit for day traders
Even with the current dip in crypto currency's I'm glad I can smile 🙂back at my portfolio of $78,160 built from my weekly trading I have received my sixth withdrawal which is every 14 business days per trade all thanks to my Advisor fergus Waylen
I wanted to trade crypto but got confused by the fluctuations in price
I have also been trading with him and the profits are secured and over a 100% return on investment directly sent to your wallet.
Lack of trade discipline is the primary reason for in day trade losses. It is estimated that nearly 80-85% of day traders end up losing money in the stock market
@@Richardson238 Same here, started with $3,000 now earning $28,300 bi-weekly profits with his trading program.
I don't know anyone that can make a click bait video better then this man right here didn't say one specific thing to invest 5000$ in 😂
Boy just turning around 😂 Meanwhile you didn’t get any beneficial idea at all? 😅
I started with Christopher Scott a year ago and I am grateful to have met him.
He's on Instagram
CHRISTOPHER SCOTT TRADING
trapping
If you have 5k, buy metals lol cash is absolute trassssssh. It is losing value everyday. Keep your money out of banks! Lol
Everyone’s trying to sell you something on YT anymore…..
Oh, well! Learn to ignore it, just double tap on the right hand screen to go through it faster and you’ll be fine 😊
This is all advertising 😂
All for Americans. ..most not useful the Europeans
God forbid that I actually may disagree with you, but most young bosses aren’t in the business of really knowing what they are doing. Experience always beats young whippa snappers.
10% return ? Keep dreaming lol
Why not lol
Clickbait
Jesus saves
Waste of my time
Going to the gym every day for 10 years? Where are the gains?
Ouch😊
He looks good to me. Why are you mean? Fitness shouldn’t be about huge muscles. Bodybuilders often have Napoleon complexes. And low self esteem. And care more about how their bodies look esthetically than how they feel on the inside.
Sponsored video. He's a shill
didn't say $5,000 once
just waste 9min of my life...
What camera and lens are you using using