I agree with most of your points, except the one about never retiring. Absolutely not. I am nearing 60. I’ve been working since 17 years old (except during college) and I can’t wait to retire, and I will do guilt free. I am an ER doctor. I’ve worked the last 20 years in an incredibly stressful job, always with the threat of a lawsuit if I make any mistake, or even if I don’t! I work days, nights, holidays, birthdays, anniversaries, etc. I have saved countless lives. But I cannot do this “until I’m 99” as your grandfather put it. I have contributed to society. I can’t wait to say, “I’m done”. It’s my turn now to relax and enjoy the fruits of my hard work. If you choose to work until you drop, be my guest. More power to you.
I get what you mean, but I think your definition of retirement is different than his. Making “fun money” by doing something that contributes to others and brings you joy doesn’t mean you need to continue with a high stress “career job”. Hope that makes sense. God bless.
Check out retiring in The Villages, FL where you can play, volunteer and create your best retirement life. We’ve been living here in our retirement for 9 years and for us, it’s the best decision we’ve ever made.
Totally agree! I am an Internal Medicine trained Hospitalist, highly stressful position! Looking forward to the day I can contribute to society in a LOW STRESS fashion! Have a blessed day
My favorites : 1) Live below your means. 2) Don't drink alcohol. Great life choices all around - for health and finances. I am retired from a paid job. I have created a daily schedule where I can do good. Nice talk :)
I bought a small house that was a foreclosure and got it for $60k. I only pay cash for cars. Bought my current one for $800. Because i live this way, when i ended up in a wheelchair, I was still able to afford my mortgage payments. I don't drink either and don't buy alcohol. I may be in a wheelchair but i do all the work around the house and the yard and i taught myself to paint so i could sell my paintings and make extra money. It worked!! I pay with cash. I don't have any credit cards. Yeah, giving away. I'm currently working on a series of paintings that I will sell at the animal shelter and the profits go to the shelter. I loved accounting in college. I do the finances and I'm the spender. I don't compulsively shop. I track every dollar. Great video. Guess I'm doing well managing my money.
We moved 10 years ago to an older neighborhood. We got the same sized house, bigger yard for a garden, less taxes, was closer to work + all of our recreational activities in addition to costing less. Downsized our mortgage, saved on gas, and was more suitable for walking and cycling for day to day activities. Made sense to own 1 vehicle, too. Zero debt.
I can't wait to retire. I am so burned out on hustle culture, Protestant work ethic. I wore out my body from 40 years of construction. You guys do it. I'll play my guitar now.
I disagree about working till you die….im retired….but raising my young grandson….hes high functioning autistic and has a hard time keeping up with school….so my evenings are spent doing a ‘homeschool’ time supplemental reinforcing the things he learns at school and helping him keep up with reading, math and spelling…..during the daytime I spend some time studying birds, ornithology, and piano….i do not ‘get paid’ for these activities but. Finally, after retiring from a grueling job I have time and energy to do, study, learn the things I love….yes, retirement is a very good thing!
I see it as actually switching up careers. You are still very active and productive. I've stayed pretty active since retiring even though I seldom get a pay check. My work saves me money and gives me self-respect. It's important to stay active as possible doing worthwhile things even though we're retired.
I love all of these. Thank you so much. My husband and I paid off our first and only house in 9.5 years. We celebrate 29 years in it this November. Fighting against the culture and defining contentment early pays dividends for life.
WOW Joshua - just love every word. THANK you. My wife & I worked right up to our 75th year - & we just sold our home & moved into a small condo. It feels cozy & we are thankful we can rest in the Lord. But we plan to volunteer now. WE feel ready to work for others.
My family switched banks to one that is small and local. Yesterday, I asked them if they have a credit card option...my adult sons each want one to make gas purchases to pay off each month in order to build up a credit score so that they can rent an apartment. The bank told me that they use to have a credit card but they noticed that people were going into credit card debt so they discontinued them. What a breath of fresh air. Their moto is "live life wisely."
I got a gasoline credit card (it was my first credit card) to SAVE me from ever running out of gas when I had no money in my pocket; which was common due to low pay and living in an area that started booming. I still have that same card. I have never been stranded on the side of the road due to no gas (even when someone siphoned a lot of my tank), I had enough to get to a gas station. I have paid it off in full every month. Did it build my credit - absolutely. But I quit stressing out about gasoline, completely, for the last 45 years. I recommend a gasoline card to your sons for so many reasons, but mostly for safety. To use a gasoline card to build credit, the charges on the card must be less than half of the value of the maximum amount.
I really like your video format: No needless stock video footage, no extra sound effects or background music. 95% of the time in videos, it's just clutter. I like your clean, straightforward approach. I think adding text of the 8 topics to the bottom of the screen while you're discussing would be helpful, but otherwise, I would not change a thing.
A while back I was an overspender, and my husband and I went to marriage counselling. The counsellor who is a psychologist suggested I became in charge of the finances... My husband was appaled at the advice but we did it anyway. And it seriously worked!!! We have been debt free for years now, mortage included, and I have no longer shopping impulses. For anyone who reads this, give it a try indeed, and thank you Joshua for mentioning it I have never seen it mentioned on any channel ever.
A tip for someone who may be in a situation where they use credit cards (we do because my husband travels a lot for work). Pay your credit card bill off WEEKLY. With the advent of online bill pay, this is so easy to do and it keeps you from getting a horrible surprise when the bill comes due. It also keeps you from buying things you don't need to or can't afford.
Great content. I don't agree with the "never retire" philosophy. We can be useful to others outside of traditional work, as I'm sure you're aware. Having savings to live on for retirement gives us the freedom to volunteer and find other ways to be useful to others. That said, all the points you raise are excellent.
@@valcooke375 I believe you and Joshua are in agreement on continuing a life of purpose and contribution, though I would encourage people in their 60’s who contemplate retiring to rethink their next chapter in life. I retired from business to become a pastor and have been one for ten years. It isn’t physically demanding like being in construction, yet I’ve enjoyed a life of purpose, kept sharp and active, and put a bit of money in the bank as well, which had come in handy helping grandkids who are entering college.
Perhaps it's the definition of retiring that's different. He said his grandfather worked full-time until he passed away, but he didn't say if he was taking a paycheck or volunteering full time. I don't ever plan to retire but I do plan to stop taking a paycheck here soon.
@@lauramonahan9343 yes, I don't know for sure but his grandfather was a pastor, so perhaps he really enjoyed his work of shepherding people. If you're in a profession which you truly feel fulfilled that would certainly make a strong case for staying in it. But sadly, for many people that isn't the case. And in retirement we open ourselves up to creating space and time to help family and friends in times of need.
I retired in my 60s and moved to my family homestead out in the country. So I still "work" hard every day of my life. While I don't gain a great deal of financial benefit directly, I have learned to do many tasks for myself that I would have paid somebody else to do and do a lot of bartering of goods and services with family members and neighbors. For years, my oldest brother traded me a bushel of his beets for a bushel of our cabbage. My other brother would buy a couple of bushels of peaches when he was visiting friends in the orchards area of our state. I would work them up and can, freeze or make peach preserves. Then we'd split the finished goods down the middle. If I must use credit, I pay it off in a month or two. I do a lot of no spend months in which I only shop for groceries and absolute supplies. If my checking account gets below a certain point, I simply quit spending for the rest of the month! After awhile, shopping doesn't seem like fun so I don't spend much time in the stores or on line browsing.
Alcohol has been the source of much grief and sadness in my upbringing. The decision to not drink is like a decision to wear a seatbelt. It can save you from a lot of physical and mental damage, even your life.
So countries like France, Italy and Spain have been in griefs and sadness for centuries? Alcohol is not guilty, people who use alcohol to mask or numb their feelings are to blame.
All of these are great. I’d add stay healthy and out of the sick care system. Ditch processed foods and eat a whole food diet; meat, some veggies and tubers if you want and fruit if you’re metabolically healthy. Add in moderate exercise. That’ll help with the don’t retire part.
These are all excellent suggestions. Most of us have no idea of anyone else’s financial condition. When we see people with fine houses, nice cars, memorable vacations, etc., we “assume” they have enough money to afford these things. According to the statistics you cite, this is rarely true. Most of these people must be drowning in debt. They need to hear your message. Thank you.
Having worked in a bank and later utilities, I can tell you that your assessment is spot on. I tried to explain this to someone I knew who was constantly jealous of what others had. It made no sense, if they did it honestly and worked hard for it, we should be happy for them and if they are up to their eyeballs in debt, why would anyone be jealous of that?
I also disagree with never retire. I am retired, in my early 60s, and now am able to contribute to my family and community more than I ever was able to when working. Stay involved, but if you are financially able to stop working for money there are many many needs for volunteer work.
Great tips! I do want to add, as I'm sure you know, that Biblically we don't just "give away" 10%, we're to bring it to the storehouse. The tithe goes to where we're spiritually feed... our church, with no dictates as to how it's to be spent. If you want to give to the poor, a charity, etc., it's above and beyond the 10% tithe. As Christians we should do both. It all belongs to God anyway. We can either be good stewards of what's His or we can be selfish with it, but the blessing always rests in obediently and cheerfully giving.
Planning ahead can really minimize taxes! I’ve made a smart reinvestments, especially with some great guidance from a pro for a half year now, and it’s been a game changer. I was able to reinvest my RMD strategically, and I’m now pulling in about $25k a week, despite doing very little trading myself. It’s a nice cushion against financial stress. Best of luck with your RMD decisions!
You and your wife took a mature approach to money early on in your lives. It amazes me how many new video ideas you come up with. I think it's great as we all need reminders on how to live a logical life with as little stress as possible.
At 50 I realized alcohol was holding me back in every aspect- after pretty much quitting- my business has skyrocketed. My anxiety is gone. My fear of missing out is gone! It’s been amazing. My boyfriend has quit too! We both love our lives without the distraction of it. Also I completely agree about retirement- which too many on here aren’t understanding what that means. Have a purpose - learn things- get out and enjoy life and be present. Too many think work is a waste of time after a certain age but I disagree- you should always be striving to learn new things and apply them to your life. You add value to yourself and others that way.
Wonderful content in this video …thank you! The housing discussion hit home. I purchased my current home in 2000. While I was preapproved for $230K I chose a home that was $104K. One of the best decisions I’ve ever made in my adult life! There is no way I could have afforded what the bank approved me for…unless I chose to never furnish the home or buy groceries. Stay in your lane and buy what you can comfortably afford. I find that at 59 with no debt…a paid for car…and no credit card debt I’m incredibly satisfied with my life and am the “oddity” in my circle friends who live with the “excessive is better” mindset. Your videos are blessing Joshua. Thank you for sharing your wisdom and experiences with the rest of us. 💜🙏
@@ritabutler1951 I LOVE the FIT! I had a 2008 Honda Element …I gave it to my brother when it had 285K miles…he still has it and it now has over 300K miles….the Fit is an insanely roomy wee little car. Can’t beat a Honda 💜💜💜
I love this video! I think it's important to note that the reason this is seen as a "Countercultural decision", is because the traditional cultural decision leads many to not find financial freedom, so of course to achieve financial freedom, it's the inverse of what many of us grew up believing. :) I especially like "purchase based on necessity, not opportunity", as once we define what's a necessity and meet it, we're satisfied. Opportunities are everywhere in life and if we base our purchases off of that, we'll never stop purchasing or feel satisfied.
It would be great if the millionaires and billionaires would spend 10 % of their financial resources instead of buying elections and politicians. Thank you for your thoughts and reflections. ❤
This is excellent advice Joshua! I appreciate your courage to speak countercultural wisdom and challenge the status quo. I think a video unpacking your thoughts on not retiring would be beneficial. I agree with you on not retiring, but that does not at all mean I plan to continue to do the job I have been doing for most of my life. I plan to continue to add value to the lives of others through meaningful work for my entire life while at the same time prioritizing family relationships. Also, you account for the wisdom in saving for later years and understanding a decline in health and ability to do some work is a factor. Thank you for what you do - this is my first comment, but I have been inspired and encouraged by your videos and books - so I am truly grateful and have made some significant changes in my lifestyle and plan to continue to do so.
We bought our first used cars with cash. Then we made a “car payment” to ourselves each month to save the cost of the car in 3 years. We always held our cars until they died - usually longer than 3 years. By that point we would have enough savings to cover the cost of a replacement, even with inflation. The key to making this work is keeping your car until it is no longer cost effective to fix it. Trading in (and usually also trading up) cars frequently can eat up a lot of money.
@@mindiwilhelm4322 You can compare the cost of fixing to the blue book value of the car. For me it also depended on whether or not the repair was a normal wear and tear item like brakes or something seriously wrong like transmission. Also, consider whether the car is becoming unreliable. Both our cars were purchased before Covid, so the market is different now. Most important is to find a mechanic you can trust to check the car before you buy.
@@mindiwilhelm4322 When the repairs exceed the value of the car it’s probably time to start saving for a new used car. My winning combo to buying great used cars: Google “most reliable used cars for: (insert your budget). For example: Most reliable used vehicle for $10K….or $5K…whatever. You’ll likely find it’s Toyota, Honda, Mazda….when you find a one you really like in your budget ask them permission to have them take to a mechanic of your choice. If they refuse, keep looking. I’ve had all three of those makes of cars and all have been trouble free other than normal maintenance for well over 200K miles…
We did a similar thing and we now have enough saved to buy each of us replacements when the time comes. I was recently involved in an accident in my 8 year old vehicle. I have family that is trying to tell me I should immediately trade it in once I get it back from repairs. WHY? I'm going to drive it through the winter and see how it does and if it's fine, I will continue driving it until it's no longer cost effective or I feel it's not safe. It's paid for, I like the car and even after the accident I was able to drive it until it went into the shop, so obviously there is nothing seriously wrong with it, most of the damage was cosmetic. It just seems wasteful to me too.
@@mindiwilhelm4322 depending on your budget, I highly recommend buying certified pre-owned. These cars are usually only a couple of years old and the companies selling them have strict guidelines for the cars to fall into this category. Mine was a year old when I bought it and it saved me about $6000 (maybe more) over buying the same vehicle brand new, plus it had a better warranty! As for when to get rid of a car--I agree with Betsy, normal wear and tear items fine, but when the car literally starts falling apart and it's costing you thousands in repairs all the time, perhaps you'd be better off buying a different car. We got into that with a 2012 Accord that had 220,000 miles on it, every time we turned around something was going wrong and it was no longer simple repairs. It was literally just wearing out.
Love your work! I even agree about not retiring if you don't have to. My dad always said "keep moving." I think today people worry so much about being able to retire and this is a good mindset shift. I like having a purpose and their is a social aspect of work that is healthy. I work on maintaining a simpler life and while I may slow down on my workload as I get older, I like having money in the bank, living below my means, and I can still volunteer in the community. I have seen a lot of people fall apart once they retire and I want to stay vital! As long as I have enough vacation time to travel, I will likely work a looooooong time.
We absolutely did the live on one income while I was making money working at first. You are 100% right. I stayed home with my children and the transition to one income wasn't hard. No, we didn't have a lot of money but it was very well worth it . I will never regret that. Great advice all around. Thank you.
I told the bank that my husband and I were married, but I did not want to buy a house that both of us could afford but just him. They weren’t pleased since they wanted us to take a much larger mortgage. I was able to quit when we had my son two years later and I had about six weeks of vacation time to cash it when I left. It turned into a blessing.
Great video, thankyou. My husband will never retire and luckily with his job he can do that, he will just reduce his days so we can have more time together. In our early days of marriage we lived of my wage which was smaller and saved my husband's for our first house ~ you really don't need alot to live on if you set your mind to it. Now we owe nothing to no-one, support some missionaries overseas and give 10% to church. We are blessed ❤
Put the spender in charge???? Did this and after his sudden death, found out he had blown through the savings AND left $50,000 in credit card debt. He had maxed out his 3 credit cards but no monthly bills ever made it into the house. He had been secretly grabbing them and barely paying minimum. Why didn't I intervene? Vision loss kept from actually seeing just about anything and fighting cancer. Several surgeries later, I used a surprise insurance policy to pay off his debts and vehicle. Pay via debit only to help with record keeping. I'm retired, live off what I get from govt and my reduced portion of his pension. This month (Aug.) my bookkeeping shows that I've saved $2,800.
I'm sorry that happened to you. I stand by the advice however. Although there is certainly an assumption here that both members of the family are working together for what's best.
On the topic of alcohol savings--even as an adult, I haven't drunk alcohol, coffee or tea (for religious reasons). Like you said, money isn't the main reason to make the choice, but personally I am glad for the money and health problems it has saved me.
My grandparents had a similar financial dynamic. My grandmother was primarily the one tracking and addressing the household’s needs, so she managed the money. She also happened to be the more practical of the two, so it worked out for them.
Regarding retirement, I believe it makes a huge difference who you're working for. If you're self employed, your motivation is different than if your time is consumed enriching others. Also, many have their use of time dictated by the rigid schedules of their jobs. In this case, retirement can be like getting out of prison.
I bought my present home with cash. The cash came from the sale of my previous home. My new home is slightly smaller and was very much more affordable so was able to pay cash and have money left over to save and/or invest. I have always worked within a budget. It really shows everything you are spending and where, in black and white. I am not so sure about " never retire". I find I am able to provide assistance and support in areas that can not afford to pay ( volunteering), services important to me that I never had the time while working full time. I consider this my "work" now, but I also consider it my giving of 10% to my community. Even tho' I had cash to pay off my car loan because I had negoiated 0% interest. my financial advisor advised me to make payments thereby using the money I had in my savings to invest. I did make money during this 2 year period while making monthly payments.. Did I explain that well enough? So I guess I mainly agree with your 8 pts to financial success. Thanks for sharing your practices.
I’am 72 and have retired , since then I have started doing a cleaning job for 3 hours a week , it gives me money to renovate my 3 bedroom unit , I have added a back deck the length of my unit , added fake grass so I don’t have to mow , I have a small vegetable garden , make my own bread , yoghurt and most of the staples , I cook from scratch , in bulk and freeze in portion saves cooking every night . I don’t drink or smoke , my vise is getting my hair cut and dye every 6 weeks .
One that saves us loads of money is not eating meat. We have fish once a week but otherwise it's vegetarian or vegan. I know it's all about personal choice but even just reducing meat consumption really helps.
My husband and I bought our home based on one income and like you banked the lesser one. When he died at a young age I was able to afford the mortgage on my income alone.
10% to charity was invented BEFORE government taxes. I pay over 30% tax as a self employed. Add another 10 to charity and I will need a charity myself to survive. I think we all should donate (I do myself) but 10% is too much these day if you also pay taxes. No matter how much, just give something. And be careful to who you give. I personally do NOT donate to organizations and churches. I find someone in the neighborhood who is in need and help directly. It stretches my dollar. Every dime goes to where I want it to be.
@@j.m.7056 there is always a mind body connection. When one is well the other follows. You reduce a lot of stress just by exercising. Being healthy helps one cope with stress a lot better. There are other things you can do to reduce the stress but just exercise alone is great therapy.
Great points. Unfortunately, it's impossible to survive on one income in GTA, Ontario , Canada. If you earn $ 55 000 a year, you can only afford a tiny closet which costs to rent $700 ( I'm not joking, closet) or half of the queen bed in the basement in Brampton, ON for $450 in Toronto. And what if someone has a family? Of course people saying you can move up north where rent or property costs less ,but where is no jobs, higher rates of unemployment. Our parents could live ,not survive on one income, and even have three children and a car and own a house. May be in the US it's different, but Canadian reality is not so bright.
Socialism….its not the “gift” that those who wish for it believe it to be….I’m American and the Democrats are pushing Socialism….and they are finding g out with the current Administration how CRUSHING it is to their finances..
Thank you for giving me permission to never retire.I want to be vibrant.I want to be relevant all the way to 120 when I die.Thank you for giving me permission to believe God for that.Especially since he promised to heal all of our diseases in Psalm 103:3, that is definitely a reality!
Good stuff! But disagree w/ “putting the spender in charge!”😳The BEST advice we got was to put “the nerd” in charge BUT always partner w/ the finances!
It’s why I’m considering going either tiny or as small as I can that’s not tiny. (400-800 sq ft). I can prob “afford” twice as much but I wanna hold onto it. Although who knows how I’m gonna get land that zoning allows it. This country now does seem to be trying to keep everything geared toward the larger, unaffordable more expensive McMansions. Anyone trying to do anything to help just gets so much flack from all those so heavily invested in making a killing off the regular guy’s back. Irks me so much. Not to mention all the exploitative sharks out there trying to take advantage of this very real affordable housing crisis. After it’s all said and done, not sure I COULD really afford 1000+ sq ft. So I have to go live in a condo, apartment or trailer park? Or under a bridge perhaps? Idk. I’m just a bit frustrated right now…but what else is new. 🙄 It’s been like that since Covid. Ugh. Whatever. I’m so sick of this corrupt, greedy, selfish, unempathetic world.
Hello Joshua, The biggest current financial issue is the cost of housing. Smaller houses are usually more practical in many ways, but I'd say the market is rather overflown with large houses that are expensive and maybe, not even needed/wanted. (What to do with huge, dated, impractical "mansions" this country is full of...?)
I live in a house that is too large for me, so i gradually renovated it so as to make it into two seperate apartments, i.live in one and rent out the other. A lot of bigger homes could be divided up this way to make n income. I downsized my stuff from 1,200 sq ft to 510 sq ft and I'm loving it. 😊
@@feedogmummy496 Good for you, and don't take me wrong, it's okay, but I would rather see 2 separate, let's say, 600-700 sq ft affordable houses with two owners than one 1500 sq ft split in two apartments with one owner and one renter. Nothing against landlords, especially when they have a passive income from one extra unit only, as you do. I am rather saying that this country has enough room for every family to have their own small-ish and affordable house. Renting should be mainly for companies' traveling employees, modern nomads, professional travelers, and people who voluntarily prefer renting to ownership. Renting shouldn't be the only option to have a roof over one's head as it is now for many Americans.
@@j.m.7056 I do! That's the way how banks, reality companies, municipalities, and other entities make their money on the American people! Heck, I am a designer, and after proper thinking and careful counting of everything one really needs, I came to the point that I am sure - if the space is well designed, one person objectively needs 300-400 sq ft. If they are two people living together, 600 sq ft is plentiful! With 2-3 children 800-900 sq ft is enough, especially if the house has at least a small yard/garden/some other safe outside space kids can play and adults can entertain when weather allows. Everything else is extra that can be pleasant, but it's not necessary. Especially when it costs the family the money they don't have. Up to 1000 sq ft house with small downpayment/mortgage we can afford and pay stress-free is way better than 2500 sq ft we only can pay if we work 80 hours/week on double income. That's ridiculous and doesn't make any sense to me!
I remember my brother back in the 70s looking at home that was about $85K . At the bank, he was told they would lend him $150K. My brother related that he asked the guy at the bank if he had looked at his income.
We retired from F/T work when our youngest finished college. We worked P/T for a while. I've been doing various volunteer activities in my neighborhood and meeting interesting people. My husband has lots of hobbies and interests. We also keep up with family and long-term friends. Tina, Al's wife
Counterculteral is correct! A local credit union in the Knoxville, TN area is advertising for members to use a home equity loan to go on vacation. What the heck? Not responsible advice for certain!
The statistic of average credit card debt per family and how many live paycheck to paycheck was staggering. Just scary that people think that is somehow normal. Jaw dropping. Wow.
Average credit card debt per family doesn't say much. Some abuse it with high debt and intentionally file for bankruptcy. The median credit card debt per family would be the more interesting figure.
I would bet that a good chunk of that debt is for necessities such as school supplies and groceries because inflation (really more like corporate abuse/price gouging) and the high cost rentals and mortgages plus groceries does not leave much extra money to cover all the other expenses.
I’d guess most excessive debt is because statistics say more people will book airline tickets to “celebrate” Labor Day and book cruises than ever in history…and too often school “supplies” aren’t necessary supplies at all but replacements with the latest emoji or Disney character…..simply wants not needs…
Many probably bulked at "Don't Retire", but, as with your grandfather, my grandfather too worked until cancer didn't allow him to. I remember him telling me, after a few months into retirement at 65, that boredom was driving him crazy into senility. He decided to continue his profession, auto mechanic, and offered his services to friends and referrals - from checking a vehicle before purchase to regular maintenance to installations, etc. He did what he enjoyed, filled his late days with purpose, and earned complementary income to his pension (which was not enough to stave off inflation).
You know Joshua…I always watch your videos and agree mostly, but your retirement comments are flat out silly. I worked construction for 40 yrs and am now living on Cape Cod w/ a hefty nest egg, never having to trade time for money. You want to go off and waste your time(which isn’t replaceable) working til your 99, GOOD LUCK. I’m going fishing.
Thanks for the comment. The video was about decisions somebody could make to find financial freedom. Sounds like you found that some other way. But if someone does not have the means, seeing work as joyful and life-giving and not something to stop doing at a certain age, deciding to enjoy work rather than retire from it IS a decision that can lead to greater financial freedom. I hope to do work that I live until the day that I love. But that might not be the case for everyone. But in the context of this video, not retiring is absolutely a viable countercultural decision that can lead to financial freedom. Hope that makes sense.
@@JoshuaBecker Yes that does make sense. I think most people don’t love what they do, I didn’t, but I loved the pay:). Couldn’t wait to quit so we lived way below our means and now enjoying a life a frugality and freedom. Keep the content coming sir. Have a great LD weekend
I buy 2 bottles of wine a year... one for my birthday and one for Christmas. I used to have a credit card, which I paid off in total each month, never paying any interest..... it worked out cheaper than using cheques (very out of date now).
Credit card usage has to be disciplined otherwise you can easily get tempted to spend beyond your means n then get caught in a sticky mess called DEBT.
Some of these I already follow, like the no alcohol and never have a car payment. Always pay with cash? No. I get the concept, but I pay off my credit cards monthly and I get stuff cheaper or 'for free' with rewards points. I don't have debt, but these concepts are still useful in being more efficient with my finances, avoiding debt and making it easier to build wealth.
1. Purchase based on necessity and not on opportunity. 2. Never take car loan. Buy with cash. 3. Save one of the dual incomes. 4. Avoid alcohol (addiction) 5. Never retire 6. Pay with cash 7. Donate atleast 10% 8. Put the spendee incharge of finances
My sister and her husband spent a lot of $$$ on a fancy Rivian. After putting two car seats in the middle seats, any one else who needs to ride has to climb in through the trunk to sit in the back row. Imagine paying $90k for a car and grandma and grandpa have to climb in through the tailgate. I’ll stick with my totally unsexy, uncool, uber practical minivan.
Regarding never retiring, although that may work with a cushy white collar job (and I'd include pastors in that category), there is no way blue collar workers can do back breaking work until they die. Most should actually retire far earlier than they are able. We're living modestly and planning to be able to retire at 55, if needed. That said, we were made for work! You can officially retire and yet volunteer (things less physically demanding), serve people on a personal level, etc. I don't believe in retiring to spend your days selfishly and lazily (well, some of that is good...just not 100%!), but retiring is a lot more needed when you're a blue collar worker. We can't all be Moses 😉
I fine your video so helpful I totally agree give what you can work until your body says enough if you listen it.And live below your means is so less stressful.Now I do enjoy and meal out and a day of shopping with friends but as all things in life there is a right time for it all..
Considering the cheapest rent is $1,500/month and the cheapest house in a quarter million in my town, you can scratch shelter out of being financially covered.
I'd urge caution about putting the biggest spender in charge of finance. If that person is serious about staying out of debt and is organised and reliable, then it could work, but if they're not, the risk is that the person will just spend up to the credit/overdraft limit and the other family members won't realise until it's too late.
I really appreciate your efforts! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
I am going to retire at 59.5 I am not going to work until I die. I can probably enjoy 20+ yrs with the money I've stockpiled. I earned that time off and what was the point of piling up all that cash and sacrificing during working years?
Some of your points are dead on 👍, however your list is not for everyone and not complete, it’s driven by your personal experience and beliefs. The 10% giving away is for most people a bit much, retirement was perhaps invented by governments yes but we are getting much older and nobody wants to work until they drop dead. There are many things you can do in retirement that gives you for fuliment part-time work or volunteering is one of them. My list would include … buy only what you need, no car loans, create emergency funds, donate to your favorite charity, create a long term budget /goals, YES reduce financial stress .
We do have a bank credit card but ea month the entire balance is automatically deducted & paid out of our portfolio. Never had a late payment or any interest. If u can work up to that point, the credit card company has some nice benefits. Couldn't have done this when very young, though!
A couple with regulary 20 times our incomes (we were living simply and frugally) maintained with envy all over their voices and faces: "It is so easy for you, but we could never afford to live like you." I could tell they really believed their statement, but I could never figure it out, it is such a riddle to me. Can you?
Strongly disagree with never retire. I agree with the notion of always have something to do, whether that be photography, woodworking, cooking, etc. but working for a company until the day you die is not healthy. In America, we have jobs to pay the bills, not because we inherently enjoy the work. If your work is something you love and creative, by all means never retire.
There are some people who enjoy their work. In fact, I’d rather do work that I love for my entire life than work a job I hate just to make enough money to stop working at 65. Live your whole life the way you want it or just your last 15 years? Count me in for the former. Hope that helps - I appreciate the comment.
Depends on your job..... i work in a very busy Accident and Emergency department. I don't want to stay in my job till I drop dead. I have a lot of hobbies and interests and two very busy grandchildren. I want to travel and see places with my friends. BRING IT ON......
I agree with most of your points, except the one about never retiring. Absolutely not. I am nearing 60. I’ve been working since 17 years old (except during college) and I can’t wait to retire, and I will do guilt free. I am an ER doctor. I’ve worked the last 20 years in an incredibly stressful job, always with the threat of a lawsuit if I make any mistake, or even if I don’t! I work days, nights, holidays, birthdays, anniversaries, etc. I have saved countless lives. But I cannot do this “until I’m 99” as your grandfather put it. I have contributed to society. I can’t wait to say, “I’m done”. It’s my turn now to relax and enjoy the fruits of my hard work. If you choose to work until you drop, be my guest. More power to you.
I get what you mean, but I think your definition of retirement is different than his. Making “fun money” by doing something that contributes to others and brings you joy doesn’t mean you need to continue with a high stress “career job”. Hope that makes sense. God bless.
@@Santaheckler Yes, that does make sense. Point well taken.
Check out retiring in The Villages, FL where you can play, volunteer and create your best retirement life. We’ve been living here in our retirement for 9 years and for us, it’s the best decision we’ve ever made.
Well said. A lot of us feel the same way as you.
Totally agree! I am an Internal Medicine trained Hospitalist, highly stressful position! Looking forward to the day I can contribute to society in a LOW STRESS fashion! Have a blessed day
My favorites : 1) Live below your means.
2) Don't drink alcohol. Great life choices all around - for health and finances.
I am retired from a paid job. I have created a daily schedule where I can do good. Nice talk :)
I bought a small house that was a foreclosure and got it for $60k. I only pay cash for cars. Bought my current one for $800. Because i live this way, when i ended up in a wheelchair, I was still able to afford my mortgage payments. I don't drink either and don't buy alcohol. I may be in a wheelchair but i do all the work around the house and the yard and i taught myself to paint so i could sell my paintings and make extra money. It worked!!
I pay with cash. I don't have any credit cards.
Yeah, giving away. I'm currently working on a series of paintings that I will sell at the animal shelter and the profits go to the shelter.
I loved accounting in college. I do the finances and I'm the spender. I don't compulsively shop. I track every dollar. Great video. Guess I'm doing well managing my money.
I love my retirement! I was a nurse, which totally exhausted me and ruined my back. I am thoroughly enjoying not having to go to work.
We moved 10 years ago to an older neighborhood. We got the same sized house, bigger yard for a garden, less taxes, was closer to work + all of our recreational activities in addition to costing less. Downsized our mortgage, saved on gas, and was more suitable for walking and cycling for day to day activities. Made sense to own 1 vehicle, too. Zero debt.
I can't wait to retire. I am so burned out on hustle culture, Protestant work ethic. I wore out my body from 40 years of construction. You guys do it. I'll play my guitar now.
I disagree about working till you die….im retired….but raising my young grandson….hes high functioning autistic and has a hard time keeping up with school….so my evenings are spent doing a ‘homeschool’ time supplemental reinforcing the things he learns at school and helping him keep up with reading, math and spelling…..during the daytime I spend some time studying birds, ornithology, and piano….i do not ‘get paid’ for these activities but. Finally, after retiring from a grueling job I have time and energy to do, study, learn the things I love….yes, retirement is a very good thing!
I agree! Thanks for sharing.
I see it as actually switching up careers. You are still very active and productive. I've stayed pretty active since retiring even though I seldom get a pay check. My work saves me money and gives me self-respect. It's important to stay active as possible doing worthwhile things even though we're retired.
Bless you for being that for your grandson! Also, technically being that for him is a type of work 😉
@@ashleyc595 thank you. I don’t get paid in money but I get the satisfaction of seeing him succeed
Maybe put it like this it is important to have the freedom to retired or work only if you want to at a certain age.
I love all of these. Thank you so much. My husband and I paid off our first and only house in 9.5 years. We celebrate 29 years in it this November. Fighting against the culture and defining contentment early pays dividends for life.
WOW Joshua - just love every word. THANK you. My wife & I worked right up to our 75th year - & we just sold our home & moved into a small condo. It feels cozy & we are thankful we can rest in the Lord. But we plan to volunteer now. WE feel ready to work for others.
My family switched banks to one that is small and local. Yesterday, I asked them if they have a credit card option...my adult sons each want one to make gas purchases to pay off each month in order to build up a credit score so that they can rent an apartment. The bank told me that they use to have a credit card but they noticed that people were going into credit card debt so they discontinued them. What a breath of fresh air. Their moto is "live life wisely."
I got a gasoline credit card (it was my first credit card) to SAVE me from ever running out of gas when I had no money in my pocket; which was common due to low pay and living in an area that started booming. I still have that same card. I have never been stranded on the side of the road due to no gas (even when someone siphoned a lot of my tank), I had enough to get to a gas station. I have paid it off in full every month. Did it build my credit - absolutely. But I quit stressing out about gasoline, completely, for the last 45 years. I recommend a gasoline card to your sons for so many reasons, but mostly for safety. To use a gasoline card to build credit, the charges on the card must be less than half of the value of the maximum amount.
Which bank is this?
Considering that a bank is a business, they don't mind if one goes into debt! This is refreshing....
@@planetwalker798
First United Bank...OK/TX
I really like your video format: No needless stock video footage, no extra sound effects or background music. 95% of the time in videos, it's just clutter. I like your clean, straightforward approach.
I think adding text of the 8 topics to the bottom of the screen while you're discussing would be helpful, but otherwise, I would not change a thing.
declutter youtube videos themselves!
😂🎉@@mattrandall1808
No background music! ❤❤❤
A while back I was an overspender, and my husband and I went to marriage counselling. The counsellor who is a psychologist suggested I became in charge of the finances... My husband was appaled at the advice but we did it anyway. And it seriously worked!!! We have been debt free for years now, mortage included, and I have no longer shopping impulses. For anyone who reads this, give it a try indeed, and thank you Joshua for mentioning it I have never seen it mentioned on any channel ever.
Wow, this is a great personal story. Thank you for sharing your experience with us!
A tip for someone who may be in a situation where they use credit cards (we do because my husband travels a lot for work). Pay your credit card bill off WEEKLY. With the advent of online bill pay, this is so easy to do and it keeps you from getting a horrible surprise when the bill comes due. It also keeps you from buying things you don't need to or can't afford.
Great content. I don't agree with the "never retire" philosophy. We can be useful to others outside of traditional work, as I'm sure you're aware. Having savings to live on for retirement gives us the freedom to volunteer and find other ways to be useful to others. That said, all the points you raise are excellent.
Amen to that!
@@valcooke375 I believe you and Joshua are in agreement on continuing a life of purpose and contribution, though I would encourage people in their 60’s who contemplate retiring to rethink their next chapter in life. I retired from business to become a pastor and have been one for ten years. It isn’t physically demanding like being in construction, yet I’ve enjoyed a life of purpose, kept sharp and active, and put a bit of money in the bank as well, which had come in handy helping grandkids who are entering college.
Perhaps it's the definition of retiring that's different. He said his grandfather worked full-time until he passed away, but he didn't say if he was taking a paycheck or volunteering full time. I don't ever plan to retire but I do plan to stop taking a paycheck here soon.
@@lauramonahan9343 yes, I don't know for sure but his grandfather was a pastor, so perhaps he really enjoyed his work of shepherding people. If you're in a profession which you truly feel fulfilled that would certainly make a strong case for staying in it. But sadly, for many people that isn't the case. And in retirement we open ourselves up to creating space and time to help family and friends in times of need.
@@kevinmcgrane4279 that's wonderful.
I retired in my 60s and moved to my family homestead out in the country. So I still "work" hard every day of my life. While I don't gain a great deal of financial benefit directly, I have learned to do many tasks for myself that I would have paid somebody else to do and do a lot of bartering of goods and services with family members and neighbors. For years, my oldest brother traded me a bushel of his beets for a bushel of our cabbage. My other brother would buy a couple of bushels of peaches when he was visiting friends in the orchards area of our state.
I would work them up and can, freeze or make peach preserves. Then we'd split the finished goods down the middle. If I must use credit, I pay it off in a month or two. I do a lot of no spend months in which I only shop for groceries and absolute supplies. If my checking account gets below a certain point, I simply quit spending for the rest of the month! After awhile, shopping doesn't seem like fun so I don't spend much time in the stores or on line browsing.
Alcohol has been the source of much grief and sadness in my upbringing. The decision to not drink is like a decision to wear a seatbelt. It can save you from a lot of physical and mental damage, even your life.
People don’t realized how alcohol is extremely bad for your health. It’s actually keeps you fat, destroy your brain, organs the list go on.
So countries like France, Italy and Spain have been in griefs and sadness for centuries? Alcohol is not guilty, people who use alcohol to mask or numb their feelings are to blame.
@@tea98988 Thank you for clarifying. I should have said that the addiction to alcohol by my parent was the source of much grief and sadness for me.
@@tea98988she was speaking for herself not for everyone.
All of these are great. I’d add stay healthy and out of the sick care system. Ditch processed foods and eat a whole food diet; meat, some veggies and tubers if you want and fruit if you’re metabolically healthy. Add in moderate exercise. That’ll help with the don’t retire part.
Your vocabulary reflects cult
@@M_SC ha!
These are all excellent suggestions. Most of us have no idea of anyone else’s financial condition. When we see people with fine houses, nice cars, memorable vacations, etc., we “assume” they have enough money to afford these things. According to the statistics you cite, this is rarely true. Most of these people must be drowning in debt. They need to hear your message. Thank you.
Having worked in a bank and later utilities, I can tell you that your assessment is spot on. I tried to explain this to someone I knew who was constantly jealous of what others had. It made no sense, if they did it honestly and worked hard for it, we should be happy for them and if they are up to their eyeballs in debt, why would anyone be jealous of that?
I also disagree with never retire. I am retired, in my early 60s, and now am able to contribute to my family and community more than I ever was able to when working. Stay involved, but if you are financially able to stop working for money there are many many needs for volunteer work.
Indeed. But if you do not have the financial freedom to retire, continuing to work joyfully is a decision that can help your financial freedom.
I agree, free to help others
@@JoshuaBecker yes, and I think that shifting the frame of work from a have-to to a want-to can help people find more sustainable work opportunities…
I pay 10% of my income to my church. The Lord has blessed me so much, and the joy of helping others in a small way is incredible.
Good for you! I hope your church honors your commitment and does good things with it. May you continue to be blessed :)
😮 oh dear
That sounds very transactional.
One can give 10% to a charitable organization of their choice, and even you aren't blessed, hopefully the recipients of your donation will be.
@@cheryljackson5354🎯🎯
Great tips! I do want to add, as I'm sure you know, that Biblically we don't just "give away" 10%, we're to bring it to the storehouse. The tithe goes to where we're spiritually feed... our church, with no dictates as to how it's to be spent. If you want to give to the poor, a charity, etc., it's above and beyond the 10% tithe. As Christians we should do both. It all belongs to God anyway. We can either be good stewards of what's His or we can be selfish with it, but the blessing always rests in obediently and cheerfully giving.
Planning ahead can really minimize taxes! I’ve made a smart reinvestments, especially with some great guidance from a pro for a half year now, and it’s been a game changer. I was able to reinvest my RMD strategically, and I’m now pulling in about $25k a week, despite doing very little trading myself. It’s a nice cushion against financial stress. Best of luck with your RMD decisions!
25k a week? Amazing! how did you get started?
Yes, I signed up for a 1-on-1 trading session. It's like copy trading, but with personalized guidance.
the session was secure and a supportive way to improve your trading skills while earning, the best part is there's no upfront payment required at all
Well I'll suggest consulting with Dave for guidance, This way you can get strategies designed to address your unique long/short-term goals
who is Dave, if you dont mind me asking?
You and your wife took a mature approach to money early on in your lives. It amazes me how many new video ideas you come up with. I think it's great as we all need reminders on how to live a logical life with as little stress as possible.
At 50 I realized alcohol was holding me back in every aspect- after pretty much quitting- my business has skyrocketed. My anxiety is gone. My fear of missing out is gone! It’s been amazing. My boyfriend has quit too! We both love our lives without the distraction of it.
Also I completely agree about retirement- which too many on here aren’t understanding what that means. Have a purpose - learn things- get out and enjoy life and be present. Too many think work is a waste of time after a certain age but I disagree- you should always be striving to learn new things and apply them to your life. You add value to yourself and others that way.
Wonderful content in this video …thank you! The housing discussion hit home. I purchased my current home in 2000. While I was preapproved for $230K I chose a home that was $104K. One of the best decisions I’ve ever made in my adult life! There is no way I could have afforded what the bank approved me for…unless I chose to never furnish the home or buy groceries. Stay in your lane and buy what you can comfortably afford. I find that at 59 with no debt…a paid for car…and no credit card debt I’m incredibly satisfied with my life and am the “oddity” in my circle friends who live with the “excessive is better” mindset. Your videos are blessing Joshua. Thank you for sharing your wisdom and experiences with the rest of us. 💜🙏
There are also a lot of people in Europe who live on a budget. Thank you for your tutorial. ❤
I have one last car payment in September. I paid it off ahead of schedule.
🎉🎉🎉🎉CONGRATULATIONS ‼️
BTW, I bought a Honda Fit. How glamorous?
@@ritabutler1951 I LOVE the FIT! I had a 2008 Honda Element …I gave it to my brother when it had 285K miles…he still has it and it now has over 300K miles….the Fit is an insanely roomy wee little car. Can’t beat a Honda 💜💜💜
Wow.. I'm working out how I can pay off our vehicle by December. I'm getting excited at the thought of being free 🎉
I love this video! I think it's important to note that the reason this is seen as a "Countercultural decision", is because the traditional cultural decision leads many to not find financial freedom, so of course to achieve financial freedom, it's the inverse of what many of us grew up believing. :)
I especially like "purchase based on necessity, not opportunity", as once we define what's a necessity and meet it, we're satisfied. Opportunities are everywhere in life and if we base our purchases off of that, we'll never stop purchasing or feel satisfied.
It would be great if the millionaires and billionaires would spend 10 % of their financial resources instead of buying elections and politicians. Thank you for your thoughts and reflections. ❤
This is excellent advice Joshua! I appreciate your courage to speak countercultural wisdom and challenge the status quo. I think a video unpacking your thoughts on not retiring would be beneficial. I agree with you on not retiring, but that does not at all mean I plan to continue to do the job I have been doing for most of my life. I plan to continue to add value to the lives of others through meaningful work for my entire life while at the same time prioritizing family relationships. Also, you account for the wisdom in saving for later years and understanding a decline in health and ability to do some work is a factor.
Thank you for what you do - this is my first comment, but I have been inspired and encouraged by your videos and books - so I am truly grateful and have made some significant changes in my lifestyle and plan to continue to do so.
We bought our first used cars with cash. Then we made a “car payment” to ourselves each month to save the cost of the car in 3 years. We always held our cars until they died - usually longer than 3 years. By that point we would have enough savings to cover the cost of a replacement, even with inflation. The key to making this work is keeping your car until it is no longer cost effective to fix it. Trading in (and usually also trading up) cars frequently can eat up a lot of money.
How do you decide when it is no longer cost effective to fix it? How do you find a worthwhile used car? Any advice?
@@mindiwilhelm4322 You can compare the cost of fixing to the blue book value of the car. For me it also depended on whether or not the repair was a normal wear and tear item like brakes or something seriously wrong like transmission. Also, consider whether the car is becoming unreliable. Both our cars were purchased before Covid, so the market is different now. Most important is to find a mechanic you can trust to check the car before you buy.
@@mindiwilhelm4322 When the repairs exceed the value of the car it’s probably time to start saving for a new used car. My winning combo to buying great used cars: Google “most reliable used cars for: (insert your budget). For example: Most reliable used vehicle for $10K….or $5K…whatever. You’ll likely find it’s Toyota, Honda, Mazda….when you find a one you really like in your budget ask them permission to have them take to a mechanic of your choice. If they refuse, keep looking. I’ve had all three of those makes of cars and all have been trouble free other than normal maintenance for well over 200K miles…
We did a similar thing and we now have enough saved to buy each of us replacements when the time comes. I was recently involved in an accident in my 8 year old vehicle. I have family that is trying to tell me I should immediately trade it in once I get it back from repairs. WHY? I'm going to drive it through the winter and see how it does and if it's fine, I will continue driving it until it's no longer cost effective or I feel it's not safe. It's paid for, I like the car and even after the accident I was able to drive it until it went into the shop, so obviously there is nothing seriously wrong with it, most of the damage was cosmetic. It just seems wasteful to me too.
@@mindiwilhelm4322 depending on your budget, I highly recommend buying certified pre-owned. These cars are usually only a couple of years old and the companies selling them have strict guidelines for the cars to fall into this category. Mine was a year old when I bought it and it saved me about $6000 (maybe more) over buying the same vehicle brand new, plus it had a better warranty! As for when to get rid of a car--I agree with Betsy, normal wear and tear items fine, but when the car literally starts falling apart and it's costing you thousands in repairs all the time, perhaps you'd be better off buying a different car. We got into that with a 2012 Accord that had 220,000 miles on it, every time we turned around something was going wrong and it was no longer simple repairs. It was literally just wearing out.
Love your work! I even agree about not retiring if you don't have to. My dad always said "keep moving." I think today people worry so much about being able to retire and this is a good mindset shift. I like having a purpose and their is a social aspect of work that is healthy. I work on maintaining a simpler life and while I may slow down on my workload as I get older, I like having money in the bank, living below my means, and I can still volunteer in the community. I have seen a lot of people fall apart once they retire and I want to stay vital! As long as I have enough vacation time to travel, I will likely work a looooooong time.
We absolutely did the live on one income while I was making money working at first. You are 100% right. I stayed home with my children and the transition to one income wasn't hard. No, we didn't have a lot of money but it was very well worth it . I will never regret that. Great advice all around. Thank you.
I told the bank that my husband and I were married, but I did not want to buy a house that both of us could afford but just him. They weren’t pleased since they wanted us to take a much larger mortgage. I was able to quit when we had my son two years later and I had about six weeks of vacation time to cash it when I left. It turned into a blessing.
Great video, thankyou. My husband will never retire and luckily with his job he can do that, he will just reduce his days so we can have more time together. In our early days of marriage we lived of my wage which was smaller and saved my husband's for our first house ~ you really don't need alot to live on if you set your mind to it. Now we owe nothing to no-one, support some missionaries overseas and give 10% to church.
We are blessed ❤
Ditto - I have worked since I was 16 and am now 80 and retired and enjoying my hiking, trail walking , reading and card playing with friends.
Put the spender in charge???? Did this and after his sudden death, found out he had blown through the savings AND left $50,000 in credit card debt. He had maxed out his 3 credit cards but no monthly bills ever made it into the house. He had been secretly grabbing them and barely paying minimum. Why didn't I intervene? Vision loss kept from actually seeing just about anything and fighting cancer. Several surgeries later, I used a surprise insurance policy to pay off his debts and vehicle. Pay via debit only to help with record keeping. I'm retired, live off what I get from govt and my reduced portion of his pension. This month (Aug.) my bookkeeping shows that I've saved $2,800.
I'm sorry that happened to you. I stand by the advice however. Although there is certainly an assumption here that both members of the family are working together for what's best.
We also Put the Spender in Charge”. It was a disaster. You can’t PTSC if the spender neither knows what to do nor is motivated to do so.
On the topic of alcohol savings--even as an adult, I haven't drunk alcohol, coffee or tea (for religious reasons). Like you said, money isn't the main reason to make the choice, but personally I am glad for the money and health problems it has saved me.
My grandparents had a similar financial dynamic. My grandmother was primarily the one tracking and addressing the household’s needs, so she managed the money. She also happened to be the more practical of the two, so it worked out for them.
Regarding retirement, I believe it makes a huge difference who you're working for. If you're self employed, your motivation is different than if your time is consumed enriching others. Also, many have their use of time dictated by the rigid schedules of their jobs. In this case, retirement can be like getting out of prison.
I bought my present home with cash. The cash came from the sale of my previous home. My new home is slightly smaller and was very much more affordable so was able to pay cash and have money left over to save and/or invest.
I have always worked within a budget. It really shows everything you are spending and where, in black and white.
I am not so sure about
" never retire". I find I am able to provide assistance and support in areas that can not afford to pay ( volunteering), services important to me that I never had the time while working full time. I consider this my "work" now, but I also consider it my giving of 10% to my community.
Even tho' I had cash to pay off my car loan because I had negoiated 0% interest. my financial advisor advised me to make payments thereby using the money I had in my savings to invest. I did make money during this 2 year period while making monthly payments.. Did I explain that well enough?
So I guess I mainly agree with your 8 pts to financial success.
Thanks for sharing your practices.
I’am 72 and have retired , since then I have started doing a cleaning job for 3 hours a week , it gives me money to renovate my 3 bedroom unit , I have added a back deck the length of my unit , added fake grass so I don’t have to mow , I have a small vegetable garden , make my own bread , yoghurt and most of the staples , I cook from scratch , in bulk and freeze in portion saves cooking every night . I don’t drink or smoke , my vise is getting my hair cut and dye every 6 weeks .
One that saves us loads of money is not eating meat. We have fish once a week but otherwise it's vegetarian or vegan. I know it's all about personal choice but even just reducing meat consumption really helps.
@JoshuaBeckerr sorry. What does that mean? You're going to delete it? Fine. Sorry if I broke the rules.
@@timecoachsamPay no attention, that’s not Joshua, it’s a spammer. Notice the extra R the spammer has in the name.
@@nieladrew thank you
My husband and I bought our home based on one income and like you banked the lesser one. When he died at a young age I was able to afford the mortgage on my income alone.
10% to charity was invented BEFORE government taxes. I pay over 30% tax as a self employed. Add another 10 to charity and I will need a charity myself to survive. I think we all should donate (I do myself) but 10% is too much these day if you also pay taxes. No matter how much, just give something. And be careful to who you give. I personally do NOT donate to organizations and churches. I find someone in the neighborhood who is in need and help directly. It stretches my dollar. Every dime goes to where I want it to be.
Damn dude you nailed it. I’ve always tried to stay healthy, now I know it can serve me to work as long as I physically can.
But what about any emotional toll on your well being? It is not just physical strength. Stress?
@@j.m.7056 there is always a mind body connection. When one is well the other follows. You reduce a lot of stress just by exercising. Being healthy helps one cope with stress a lot better. There are other things you can do to reduce the stress but just exercise alone is great therapy.
Great points. Unfortunately, it's impossible to survive on one income in GTA, Ontario , Canada. If you earn $ 55 000 a year, you can only afford a tiny closet which costs to rent $700 ( I'm not joking, closet) or half of the queen bed in the basement in Brampton, ON for $450 in Toronto. And what if someone has a family? Of course people saying you can move up north where rent or property costs less ,but where is no jobs, higher rates of unemployment. Our parents could live ,not survive on one income, and even have three children and a car and own a house. May be in the US it's different, but Canadian reality is not so bright.
@@algernon2005 but what about that FREE healthcare ( or should we call it “sick care”)
Socialism….its not the “gift” that those who wish for it believe it to be….I’m American and the Democrats are pushing Socialism….and they are finding g out with the current Administration how CRUSHING it is to their finances..
@@tomf9292 free health care ? Don't even start to explain
@@tomf9292so jealous
As usual, another ontarian saying “canada” every time he means Ontario. Or not even, the greater Toronto area.
Thank you for giving me permission to never retire.I want to be vibrant.I want to be relevant all the way to 120 when I die.Thank you for giving me permission to believe God for that.Especially since he promised to heal all of our diseases in Psalm 103:3, that is definitely a reality!
Good stuff! But disagree w/ “putting the spender in charge!”😳The BEST advice we got was to put “the nerd” in charge BUT always partner w/ the finances!
It’s why I’m considering going either tiny or as small as I can that’s not tiny. (400-800 sq ft). I can prob “afford” twice as much but I wanna hold onto it. Although who knows how I’m gonna get land that zoning allows it. This country now does seem to be trying to keep everything geared toward the larger, unaffordable more expensive McMansions. Anyone trying to do anything to help just gets so much flack from all those so heavily invested in making a killing off the regular guy’s back. Irks me so much. Not to mention all the exploitative sharks out there trying to take advantage of this very real affordable housing crisis. After it’s all said and done, not sure I COULD really afford 1000+ sq ft. So I have to go live in a condo, apartment or trailer park? Or under a bridge perhaps? Idk. I’m just a bit frustrated right now…but what else is new. 🙄 It’s been like that since Covid. Ugh. Whatever. I’m so sick of this corrupt, greedy, selfish, unempathetic world.
Hello Joshua,
The biggest current financial issue is the cost of housing. Smaller houses are usually more practical in many ways, but I'd say the market is rather overflown with large houses that are expensive and maybe, not even needed/wanted.
(What to do with huge, dated, impractical "mansions" this country is full of...?)
I live in a house that is too large for me, so i gradually renovated it so as to make it into two seperate apartments, i.live in one and rent out the other. A lot of bigger homes could be divided up this way to make n income. I downsized my stuff from 1,200 sq ft to 510 sq ft and I'm loving it. 😊
And they keep building them! I don't get it!
@@feedogmummy496 Good for you, and don't take me wrong, it's okay, but I would rather see 2 separate, let's say, 600-700 sq ft affordable houses with two owners than one 1500 sq ft split in two apartments with one owner and one renter.
Nothing against landlords, especially when they have a passive income from one extra unit only, as you do. I am rather saying that this country has enough room for every family to have their own small-ish and affordable house.
Renting should be mainly for companies' traveling employees, modern nomads, professional travelers, and people who voluntarily prefer renting to ownership. Renting shouldn't be the only option to have a roof over one's head as it is now for many Americans.
@@j.m.7056 I do! That's the way how banks, reality companies, municipalities, and other entities make their money on the American people!
Heck, I am a designer, and after proper thinking and careful counting of everything one really needs, I came to the point that I am sure - if the space is well designed, one person objectively needs 300-400 sq ft.
If they are two people living together, 600 sq ft is plentiful! With 2-3 children 800-900 sq ft is enough, especially if the house has at least a small yard/garden/some other safe outside space kids can play and adults can entertain when weather allows.
Everything else is extra that can be pleasant, but it's not necessary. Especially when it costs the family the money they don't have. Up to 1000 sq ft house with small downpayment/mortgage we can afford and pay stress-free is way better than 2500 sq ft we only can pay if we work 80 hours/week on double income. That's ridiculous and doesn't make any sense to me!
Marked chapters with each of the items on the list would be appreciated. Cheers.
I remember my brother back in the 70s looking at home that was about $85K . At the bank, he was told they would lend him $150K. My brother related that he asked the guy at the bank if he had looked at his income.
Yes they got into trouble doing that too.
I so enjoy your videos and always take away something, even though I’ve been a minimalist throughout my life. Thanks, Joshua:)
We retired from F/T work when our youngest finished college. We worked P/T for a while. I've been doing various volunteer activities in my neighborhood and
meeting interesting people. My husband has lots of hobbies and interests. We also keep up with family and long-term friends. Tina, Al's wife
Counterculteral is correct! A local credit union in the Knoxville, TN area is advertising for members to use a home equity loan to go on vacation. What the heck? Not responsible advice for certain!
Ugh, I don't like that idea. You don't need to spend a lot on vacation to make wonderful memories.
The statistic of average credit card debt per family and how many live paycheck to paycheck was staggering. Just scary that people think that is somehow normal. Jaw dropping. Wow.
We know the economy is bad because cc debt is getting worse.
Average credit card debt per family doesn't say much. Some abuse it with high debt and intentionally file for bankruptcy. The median credit card debt per family would be the more interesting figure.
I would bet that a good chunk of that debt is for necessities such as school supplies and groceries because inflation (really more like corporate abuse/price gouging) and the high cost rentals and mortgages plus groceries does not leave much extra money to cover all the other expenses.
I’d guess most excessive debt is because statistics say more people will book airline tickets to “celebrate” Labor Day and book cruises than ever in history…and too often school “supplies” aren’t necessary supplies at all but replacements with the latest emoji or Disney character…..simply wants not needs…
Many probably bulked at "Don't Retire", but, as with your grandfather, my grandfather too worked until cancer didn't allow him to. I remember him telling me, after a few months into retirement at 65, that boredom was driving him crazy into senility. He decided to continue his profession, auto mechanic, and offered his services to friends and referrals - from checking a vehicle before purchase to regular maintenance to installations, etc. He did what he enjoyed, filled his late days with purpose, and earned complementary income to his pension (which was not enough to stave off inflation).
Thank you so much❤❤❤
You know Joshua…I always watch your videos and agree mostly, but your retirement comments are flat out silly. I worked construction for 40 yrs and am now living on Cape Cod w/ a hefty nest egg, never having to trade time for money. You want to go off and waste your time(which isn’t replaceable) working til your 99, GOOD LUCK. I’m going fishing.
Totally agree.
Agreed!
Thanks for the comment. The video was about decisions somebody could make to find financial freedom. Sounds like you found that some other way. But if someone does not have the means, seeing work as joyful and life-giving and not something to stop doing at a certain age, deciding to enjoy work rather than retire from it IS a decision that can lead to greater financial freedom.
I hope to do work that I live until the day that I love. But that might not be the case for everyone. But in the context of this video, not retiring is absolutely a viable countercultural decision that can lead to financial freedom. Hope that makes sense.
@@JoshuaBecker Yes that does make sense. I think most people don’t love what they do, I didn’t, but I loved the pay:). Couldn’t wait to quit so we lived way below our means and now enjoying a life a frugality and freedom. Keep the content coming sir. Have a great LD weekend
@@JoshuaBecker I understand this. Some things will apply, but all are individuals live varied lives. so whatever works for each one.
The subject of work/retirement needs a whole video all to itself
You are right, I do not have a video specifically about that topic. But you can read my writing on it here: www.becomingminimalist.com/rethink-work/
I buy 2 bottles of wine a year... one for my birthday and one for Christmas.
I used to have a credit card, which I paid off in total each month, never paying any interest..... it worked out cheaper than using cheques (very out of date now).
Credit card usage has to be disciplined otherwise you can easily get tempted to spend beyond your means n then get caught in a sticky mess called DEBT.
Not out of date. I still use some CC, and pay off each month.
My husband is gonna love the never retire point. Many good points.
Happy to hear that. It seems to be the one getting the most pushback here on TH-cam-but I expected that to be the case.
@JoshuaBecker He is always reminding me that no where in the Bible does it talk about retirement. He loves to work.
Some of these I already follow, like the no alcohol and never have a car payment. Always pay with cash? No. I get the concept, but I pay off my credit cards monthly and I get stuff cheaper or 'for free' with rewards points. I don't have debt, but these concepts are still useful in being more efficient with my finances, avoiding debt and making it easier to build wealth.
Excellent. thank you.
Every single approved over my last decades of life. Well done, Sir, thank you very much!
1. Purchase based on necessity and not on opportunity.
2. Never take car loan. Buy with cash.
3. Save one of the dual incomes.
4. Avoid alcohol (addiction)
5. Never retire
6. Pay with cash
7. Donate atleast 10%
8. Put the spendee incharge of finances
My sister and her husband spent a lot of $$$ on a fancy Rivian. After putting two car seats in the middle seats, any one else who needs to ride has to climb in through the trunk to sit in the back row. Imagine paying $90k for a car and grandma and grandpa have to climb in through the tailgate. I’ll stick with my totally unsexy, uncool, uber practical minivan.
Regarding never retiring, although that may work with a cushy white collar job (and I'd include pastors in that category), there is no way blue collar workers can do back breaking work until they die. Most should actually retire far earlier than they are able. We're living modestly and planning to be able to retire at 55, if needed.
That said, we were made for work! You can officially retire and yet volunteer (things less physically demanding), serve people on a personal level, etc. I don't believe in retiring to spend your days selfishly and lazily (well, some of that is good...just not 100%!), but retiring is a lot more needed when you're a blue collar worker. We can't all be Moses 😉
I might add, generosity can be towards your family, as a tithing as well. Especially if some could use a little help while they get " settled in".
Thank you Joshua for this post. So much in this that i wanted answers for. It has help me to calm some of my questions
Gold. Excellent advice!
Great food for thought, thank you!
thank u for sharing ur wisdom josh, great timing as i really needed this, cheers😊
You can live like you only have one income when you purchase out of necessity and not opportunity 😉
Thank you
Great video, Joshua. I agree with all your statements and find particularly interesting not retiring but working with joy and commitment.
Thanks.
I spend so much time worrying about my car payment lol even though I got the money. So I totally agree.
Great ideas. Thank you! 🙏🙂
I fine your video so helpful I totally agree give what you can work until your body says enough if you listen it.And live below your means is so less stressful.Now I do enjoy and meal out and a day of shopping with friends but as all things in life there is a right time for it all..
Considering the cheapest rent is $1,500/month and the cheapest house in a quarter million in my town, you can scratch shelter out of being financially covered.
thanks well said
Great advice
That is one of my all time fav quotes!
I'd urge caution about putting the biggest spender in charge of finance. If that person is serious about staying out of debt and is organised and reliable, then it could work, but if they're not, the risk is that the person will just spend up to the credit/overdraft limit and the other family members won't realise until it's too late.
Wow! What a great content👌💝
If I had $1000/year alcohol habit I'd quit too 😮
Follow the mainstream and you'll go under.
$1000/year is nothing. Most people drink that in a month. I saved so much money when I quit
Great video Joshua!
Best Video and advice! Thank you!
I really appreciate your efforts! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
Great content !❤️
Yes to cash!
How do you keep a "tighter record" though? Do you keep all the receipts (tried that, it contributes to needless trash so I stopped).
I am going to retire at 59.5 I am not going to work until I die. I can probably enjoy 20+ yrs with the money I've stockpiled. I earned that time off and what was the point of piling up all that cash and sacrificing during working years?
Some of your points are dead on 👍, however your list is not for everyone and not complete, it’s driven by your personal experience and beliefs. The 10% giving away is for most people a bit much, retirement was perhaps invented by governments yes but we are getting much older and nobody wants to work until they drop dead. There are many things you can do in retirement that gives you for fuliment part-time work or volunteering is one of them. My list would include … buy only what you need, no car loans, create emergency funds, donate to your favorite charity, create a long term budget /goals, YES reduce financial stress .
We do have a bank credit card but ea month the entire balance is automatically deducted & paid out of our portfolio. Never had a late payment or any interest. If u can work up to that point, the credit card company has some nice benefits. Couldn't have done this when very young, though!
A couple with regulary 20 times our incomes (we were living simply and frugally) maintained with envy all over their voices and faces: "It is so easy for you, but we could never afford to live like you." I could tell they really believed their statement, but I could never figure it out, it is such a riddle to me. Can you?
Strongly disagree with never retire. I agree with the notion of always have something to do, whether that be photography, woodworking, cooking, etc. but working for a company until the day you die is not healthy. In America, we have jobs to pay the bills, not because we inherently enjoy the work. If your work is something you love and creative, by all means never retire.
There are some people who enjoy their work. In fact, I’d rather do work that I love for my entire life than work a job I hate just to make enough money to stop working at 65. Live your whole life the way you want it or just your last 15 years? Count me in for the former. Hope that helps - I appreciate the comment.
My country paid half of our salary after retired. I will never work again. It is time to rest and enjoy old age.
Depends on your job..... i work in a very busy Accident and Emergency department. I don't want to stay in my job till I drop dead. I have a lot of hobbies and interests and two very busy grandchildren. I want to travel and see places with my friends. BRING IT ON......
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