No mortgage - paid off 10 years early. No debt No credit card 25% into pension On a written budget Yep I’m a weirdo stuff doesn’t make me happy experiences do.
Why is that funny? I don’t get the joke. Why is the canned herpes joke funny? I can just say “herpes” and the people around me -breakout- bust out laughing.
This is all so true! People are broke and refuse to live within their means! Great video Nicole!!! I started investing in my 401k at 18 and still going strong!
This is probably the most important thing of all. Whether you get your first job at 16,18, or 23 when you graduate college, have 10 or 15% automatically deducted. If your employer does a 401K match then do a 401K. If they don't you can just put it in an IRA. I didn't do this because I wasn't taught it. I had to learn it on my own later. Now I'm 57 and have very little put away. But at least I know that if things get bad like I'm about to be homeless or some other catastrophe happens, I have Mossberg insurance. You only ever have to make one payment so it never goes up. And it's quick and virtually painless. But don't be a dick and do it inside for others to clean up. Unless of course there is someone who caused you to be where you are, in which case you should absolutely arrange all their favorite items in the splatter zone to ruin as much as possible, be it their clothes, furniture, etc.
Don't worry. I know a man at your age who lost it ALL ( savings, pensions, Social Security, property, and assets via a QDRO) in a disasterous divorce. Today he has recovered to a higher economic status by working multiple jobs and working on his own. The spouse quickly became the loser because of spendy habits and unable to have self control over a budget. As long as you have your health you can do it.
How do you invest? I know nothing about it. Im 21 and have watched a bajillion TH-cam tutorials but it seems so overwhelming to me and I honestly don't even understand what investing means. I see these "stock share" videos and I don't understand how they do it.
@@rex_8618 Rex it's simple and easy! If you stick to it you can retire early with lots of money! You open an account with a brokerage firm like Etrade or Charles Schwab. Then put 15 TO 20% of your pay in there and only buy an SP500 mutual fund! This fund holds the richest 500 companies around today like Apple, Amazon, Tesla etc. Don't invest in anything else cause individual stocks are very risky! Remember this is looong term so don't expect results right away. Just let it grow! I did it and am very happy I did! Also you can watch some Dave Ramsey videos. They teach a lot of common sense about investing and personal finance! Good luck!!!
Very good point at @12:20, "The situation you're in may not be your fault, but it is your responsibility." Most people seem to have a real problem with this simple concept.
This video spoke to me! I'm sitting here wondering if I should reveal this, but I am experiencing many of the ideas Nicole mentioned. I am 57, I don't have an emergency fund, I have 4-figure credit card debt, and I am looking for work. I am NOT living with my parent, but I do have a roommate and I want to get out. It is my responsibility to get myself out of my situation and make it better. I remain optimistic despite the media, government, etc. This video is the flame under my ass I needed. Oh yeah, I don't have a budget, mainly because I know the reality but I so want to live in denial. Thank you NIcole for this bit of motivation today! Sometimes, you just need to hear the truth from another person.
We (spouse and me) dug ourselves out of well into 6 figures consumer debt. It took us 56 months of hard work and saying no to anything we couldn't afford. It was difficult in the extreme to admit to ourselves that we were broke and quite humbling. Today we are totally debt free and have almost a years expenses in savings and I now max out my 401K, Sue puts 15% into her 403B and we have a taxable brokerage account. 180 degree change in our way we handle money. If we could do it anyone can including you. Just make up your mind and get going. We went from being stupid with our money to living quite frugal and it is such a great way to live knowing that we are not in the verge of financial ruin. Nicole is quite blunt and that is what I like about her, most on YT who cover personal finance are afraid to be blunt for fear that they will offend but I agree with her and I admit that we were stupid with our finances but we fixed the problem and will never go into the pit again. We didn't know how dark it is in the pit until we climbed out of it. Get on a budget and stick to it.
Good advice! I found that learning to tame your "wants" is a lot like taking sugar out of your diet. Once you lose the craving for sugar, you really don't miss it very much. Once you stop indulging your every want (and start saving & investing), you start to look at the stuff you used to want as unnecessary junk and a waste of $$.
When Nicole talks about signing things....Multiple times seeing a doctor or physical therapist I have caught them putting pages in that basically say I will pay for anything that the insurance company wont. I refuse to sign or initial those pages and I tell them if insurance doesn't cover it don't do it. When they tell me it's mandatory I tell them to cancel my appointment then. Usually they reluctantly omit the pages and continue on it just removes one of their abilities to rip you off.
Imagine NO DEBT. NO CAR PAYMENTS. NO LOANS. That should be your starting place. YOU know where YOUR money goes. Stop Door Dashing, stop eating out, stop frivolous spending. Pay off your debt. Get straight. Save your money then CHOOSE what kind of life you want to live. STOP BEING A VICTIM. LISTEN TO THIS WOMAN…Nicole, you nailed it.
I did all that but was married to an addict. Couldn't take it anymore. Tried to leave. Lost everything. He took the paid off home and all the cars and everything inside with slander. I was a stay at home mom with no options for work and too old to start over. Lawyers are expensive and useless.
@RM-jb2bv No.....location also plays a factor. 300k buys you a shitty mediocre house in CA. Take that same 30ok to Oklahoma and you can buy 5 acres and a 3000 Sq ft home
“You sign things you don’t understand” Thank you for including this. Financial literacy 101, you can’t get more basic than this advice. But no one seems to mention it.
The only issue I have with this, is unless you're a lawyer a lot of contracts are written in legalese. It'd be hard to have a lawyer go over everything before signing everything -- obviously important stuff should require a lawyer, but a cell phone contract or even car lease? Idk
I bought a $300 plane ticket to see my sister in TX (I live in NY). Yes, it went on a Credit Card. But I pay it back at the end of every month and never incur interest (plus I get the points). Saving money feels good and spending it on stuff you care about and not mindless junk feels amazing. Now to sit back and pack my old backpack for my flight to the Lone Star State!
I have zero debt and I feel rich. I used to be in debt and felt like a slave to bills. 20 years debt free. 7 years with bad credit gave me the opportunity to become debt free and I stayed that way.
If you've watched the Financial Audit of the lady who had a payday loan with a 795% interest rate, she is the PRIME example why you should know the loan terms before signing. 😅
This is all so true. I feel like MOST people I know fit the exact description you mention here with almost no savings, considerable debt, and wasteful spending habits. I was like that in my early 20s and it honestly scares me how many people are my age (47) and still living that way. I don't have a budget but I tick every other box. Our method is basically to have the lowest expenses that are easily met and put x amount into savings immediately so I feel like we just sort of bypass the budget thing. I know that doesn't work for everyone.
I am in my upper 50s, and while I am not living paycheck to paycheck, I do not value my money or my time (effort) to retain more of it. Every year, I waste tens of thousands of dollars, entirely unnecessarily. And while it may be likely that I do not respect myself (kinda hard to hear that and *admit* that), I think it's a deeper issue for me to self sabotage and punish myself. Only in the last few years have I come to the realization of why I put myself in that state.
I feel attacked 😆 Seriously though I've learned to live a minimalist lifestyle and have a 401K and pension with My Job which I've been with for 16 Year's. My over spending in consumerism was brought on by filling a void and not caring about myself. I just turned 40 last May and feel a Strange type of rebirth if that makes sense.
@grandpapete417 $20? You might not be in a major city, or else you'd be saving at least $50 for a guy's basic cut and $125 for a women's basic cut. Even still, t's *win-win* for you because if you ever wanted to part with your Flowbee, you'd probably get $100 for it on eBay! Loved seeing that someone still has one and is using it! 😁
Your closing message about the feeling of having the ability to deal with life is way less stressful when you’re financially prepared resonates hard. It took me until my last 30’s to understand the this concept and did not reach my goal having solid finances that could handle emergencies. Great video always!
I agree. I know this will sound judgy but I am absolutely stunned sometimes when people in middle age with seemingly good jobs and regular lives share a go fund me for like 1 or 2 thousand dollars for an emergency. I am FAR from wealthy but the idea of not having a pretty good sized cushion of savings blows my mind and not even having like 2 months of expenses saved up? I don't understand it.
Maybe the go fund me is their way of getting out of paying for something, instead they will just take advantage of other people's compassion and let them foot the bill
This is the dose of reality that so many people need ! You are awesome. I meet so many "victims of the system" who are broke, but they have money for booze, cigarettes, going out to eat all the time, and especially TATTOOS ! WTF is up with that? Everybody has to get inked up to show how freaking "unique" they are. Sorry folks, but you are NOT that special.
I needed that final sentiment about the feeling of financial security. I didn’t know what I was missing. As I work harder and achieve these goals, I have glimmers of that feeling and you are correct. It’s a better feeling than any purchase.
Nicole, you made all good points. What gets me at work is that the number of people in their 20s who say that wont put at least 5 percent of their paycheck in a 401K, The company offers some good options and incentives. The best incentive is they match 100 percent up to 5 percent. Lets say weekly your 5 percent is 100 dollars the company matches that with 100 dollars which equals 200 yay.
When 401ks first came available, our company did a break room seminar. I wasn't impressed at the time (being in my late 20s). I signed up casually. So glad I did. Retired now. And although my wife's and my accounts are down from a 750k high, 650k isn't too bad for a retired grocery clerk.
Worth noting that you really have to check the expense ratio on your 401k fund(s). The "cheapest" fund available at my work is a 2% annual fee on the NYSE index. So they take 2% of everything I have in there and the end of every year, in exchange for... not managing it at all really. Their other funds go up to about 5%. Can't invest the 401k in anything but their limited choices. With a high expense ratio, you can lose all the money that your employer matched, and more. It can be a total racket. Compare to options like Vanguard that charge 0.04% annually for an index fund like that. The 401k takes 50 times as much!
@@tomphillips2608 I had a 401k with Fidelity and the company I worked for made a match up to 5%. My husband both this, had our home paid for when we retired and are blessed. I just was asking didn’t there used to be a limit on how much money you could put in? I see where you answered me. lol, Ty.
Nicole really be spittin' straight fire in this one. "The situation you're in may not be your fault, but it is your responsibility" is going in my collection of quotes to live by!
"The best time to plant a tree is 20 years ago. The second best time is now." - Chinese proverb (although why the second best time isn't 19 years ago, I don't know).
A friend of mine who was in debt asked for my help. We went through his bills and his spending. I suggested that his wants have to stop and prioritize his needs. Pay off your credit card, the interest is killing you. That hundred dollars you’re paying in interest charges could of paid your gas bill. Stop buying after market parts for your car that gives you nothing back in return when you sell it. Start investing $40 a week, and increase it another $10 after 6 months. You won’t even notice it. Continue that until you’re at $100 week. Live within your means. More money coming in, than going out. Life isn’t fair, accept it and move on. Small sacrifices go a long way when it comes to finances. Really enjoy your videos, and yes, I subscribed. 👍🇨🇦
You should be happy that it doubled in value ONLY if you plan on selling your house, If you plan on keeping it for a long time, there is nothing to celebrate my dear. Because the higher the estimated value of your house is, the more taxes you're paying per year. So think about it!
Yes ! I bought a condo in 2019 and sold it in 2023. I made over 300 K from the sale . They asked if we could be out in 10 days . I said , “ absolutely … No problem at all “ LOL Fortunately, when I buy real estate I do not develop any sort of attachment to it at all because of things like this .
It's the best thing you'll ever own, but don't get fooled by the idea that it doubled in value... the reality is that it holds value, while banks create more money through lending and there's an almost 1 to 1 ratio between how much money goes around and how much a house costs... Therefore, your house doubled in value, but so did all the other houses, if you sell yours you won't buy two new ones... be careful when you consider taking out a mortgage on that current value, things might go down very fast and during a serious crisis like the subprime owning a mortgage free house was a real blessing.
A gal i was dating was holding it against me that i didn't have a car and threw me subtle hints! I dumped her and am now saving thousands on not taking her out to eat!
Finally making and working a budget [a little late in life] was one of the most self-empowering things I have ever done. My savings increased dramatically, and I paid off two mortgages in ten years. I have an emergency fund and owe nothing to no one! Great feeling of freedom. A budget is nothing more than an instrument that allows us to be intentional with our finances to support our long term goals. And we know how much we have to play with to create the fun of life! Just discovered your videos, Nicole, and LOVE your messages!
Well said -- went to the audiologist yesterday and was told I have lost over 85% of my hearing and to rectify this I MUST buy a $4,500 dollar set of hearing aids. My reply? I do not have a hearing problem!! Others have a problem when they can not get me to understand what they are saying! Let's see what my wife of 56 years is going to handle this! LOL
Right: Ya wanna irritate a car finance officer to no end when closing a deal? Take your time reading the fine print before signing the sales documents.
In the UK it is called the never-never, and a majority live their whole lives that way, always nibbling at the cost, rather than buy up-front and feeling free. The young (and financially innocent) swear by it and it really irks me that living like that isn't living. Pay for something in total, or save up. I have always used my own version of a budget. It makes sense, as you have pointed out, and I agree with all you have said. As for setting a certain amount towards retirement, well, if you reach your 40's and it still hasn't made you wake up and think...hmmmm, is there hope for you? Nicole, you should provide your knowledge (not for free!) as a teaching aid package (book form, video, or in person) for schools/banks, where they can learn......from an expert :)
As a golden rule I never sign a single thing I dont have a really good understanding of. I can't say for sure, but I am pretty confident in saying this has saved me dozens of times.
Great advice. Though I do feel for today's 20-somethings bc of student loans. It's really tough to study and earn minimum wage or below. A person can only do so much, and not all of us are born equal, ability and cognitive-wise. Some jobs can be so stressful and strenuous that it leaves a person depleted from even trying to look for something else 😢 In an ideal world, everyone would've been taught to put away $500 a month starting at age 25 but by today's standard, a lot of 20-somethings are having to choose between 'heat or eat' and $500 a month is impossible for them to sock away when paycheque to paycheque is a reality despite their best efforts.
There is an emotional component to all this knowledge which should be taught in school and for me it was seeing my parents chaos over money and the feeling I had when I had saved enough money to buy what I really wanted vs the feeling of keeping what I had saved and still having the power to make that decision later in time. May I ask what started you on your journey and who influenced you the most and what was the pivital point if any that you recognized looking back in time?
The only reason I do this is to have Klarna and the company that didn't deliver my product to settle things. An extra layer of protection maybe, I still don't pay in installments.
I really needed to hear this. I feel like I’ve been trying to fix my financial mistakes for a long time but I’m getting no where and I think it’s time to start cutting out some things that are preventing me from getting better. Even if they are things that make me happy in the short term, the long term is what matters.
Not a lot of people lack all of these. I have a couple of them. But this is a fantastic video, and I love it! It’s inspiring and I will look for ways to change those habits.
I didn't think this video was for me, and i was right and wrong. You continue to preach things that matter. I do most of these things, so im proud to be in agreement with you. Please keep up the great work Nicole!!!
I laughed my ass off to the Netflix and subscription dump section! Definitely lean into the comedy side of the videos! Really liven up otherwise stuffy topics.
One of the biggest paradoxes, and one which really caught me out when I was young, is that if you genuinely don't care about money it's very easy to just throw it around, get up to your arse in debt, and then have to spend all your time fretting about it. Money's something that needs a light touch. You don't want to be obsessive about it, but you should always be aware of it.
The one that hit the most was "Dies it feel better to watch the new film John Campea went to see or does it feel better to not be in debt and have cash" You didnt say that word for word but near the end of the video you mentioned the feelling. You must have read "The Psycoligy of money"
Greetings. I have recently watched some of your videos and would like to thank you for your uploads. I have been reading materials about personal finance for some time. Although I have not heard much new, it is important to reinforce discipline for not buying useless stuff and avoid financing (or whatever the word is used for extra interest payments). Warm regards from Tashkent.
I enjoy your videos, I live in the same region as you and thought I'd mention... this is the first time you've said something I don't agree with. While you mention minimum wage jobs can be good stepping stones, you also say if you're 35 and living at home, it's on you.... you did acknowledge a lot of unfortunate life situations can put someone in that position, but I'm going to argue anyone stuck working minimum wage for years are being taken advantage of by the business owner, and no healthy person wants to be stuck working as little as possible without any respect or way of moving forward. If someone is in that situation, I'd argue they're not able bodied -- whether that means undiagnosed mental illness and or addiction, no healthy person wants to work a crappy low paying job, I'd argue they are unwell if stuck in that cycle. Depression or whatever. Anyway, I hope that made sense; you should be a politician, 99% of what you say is rather unbiased and you seem very level headed -- hmm... maybe that actually disqualifies you. Lol. Anyway, I look forward to all your new episodes
Yeah I have friends who make great money but are in debt and feeling stuck but refuse to change any habits or do anything about it. Say they're too stressed to even think about it
I have a long way to go to be financially "mature" which today means learning to save/invest/increase pension contributions. And it can be really deflating when I think about it. But when I do start getting upset about my finances today, I zoom out and look at how they were 1 year ago. And it was so much worse. I'm no longer in my overdraft, zero credit debt, down to just one monthly payment (car) which I'm diverting my former monthly payments towards and clearing it fast enough that it's due to be gone by January rather than the planned term (5 years early! and saving so much that would otherwise become interest!). Just wanted to leave this comment here because some people who are trying hard to fix their finances might appreciate the reminder that today might be horrible, and you want to go back to old habits to feel better for a moment, but take a step back and look in context to how today is financially more responsible to this day last year, or last week, or yesterday.
You've made some great points for the most part. However, I would like to add that things are't always so simple; not everyone who wants to work can find a job, at least that's been my experience after applying to boatloads of jobs over the past several years.
@@loneganger3308 Good. Keep it up and something will work out and you're off to a fresh start and it will lead to something better. Best of luck to you.
This was great thank you. Also yes, I would definitely like to watch a video you’ve created all about dating. Anything you would like to discuss about it is sure to be interesting from where to find a partner, which dating sites would you suggest? How to tell if they are scammers, how to create an interesting profile? What do you think of matchmakers? Where are the best places to meet somebody special in Canada? What to do to make our chances better to meet someone special for us at ANY age including our 60’s? I’m very interested to hear your take on this subject and thank you for the suggestion!
This is great advice unfortunately I had to buy a puppy. I'm training it to be my service dog. I couldn't adopt because I'm disabled. So unfortunately I had to use my only credit card for her. But I agree with everything you said. I budget every single month. I still don't understand why I couldn't adopt a poodle from a rescue since that's what I needed. Well at least I've got the puppy. Now the challenges that come with it and also all the rewards.
I've learned this the hard way since I've calculated & spented over $3,000 on Lyft rides in the past three years and now I'm struggling on things I can buy at the moment. I was warn not to spend so much on Lyft but I got lazy and took Lyft to go to college instead of taking the bus more often. I'm lucky that I'm still in my very early twenties and living with my two parents but I'm still quite angry at myself for spending so much when I've could have way more money now if I took the bus. The options I have are picking up a part-time job again and taking less take-out since those foods cause my Gerd to flare up. Once I get a job, I'm going to budget & make IRA account.
You are right. Too many people i know refuse to grow up! Its sad. Parents need to throw kids out at 18! Force them to shed the childishness. Pathetic!❤❤❤❤❤
![[Gegagedigedagedago] NEW Help Gegagedigedagedago Nugget escape from Nikocado Avocado Challenge](http://i.ytimg.com/vi/hJWnwRC2Fz8/mqdefault.jpg)
I am impressed by how fast Nicole can talk and without repeating anything. Brilliant mind.
She is the only you tuber that I do not put on 1.25 speed!
Or on 1.5 !!@@iamjane9628
Same!
2x speed 😊
Yea, She is my girlfriend and I love her. And she loves me back
If you cut everything out for a few months…. You might realize you don’t miss it.
No debt
No car payment
No credit bill
Yes savings
Yes 6 month emergency fund
Glad I’m not normal!
🙌🏼
Yes. I'm quite unusual just like you!
Same here. Home paid off, no car payments. Married 33 years.
No mortgage - paid off 10 years early.
No debt
No credit card
25% into pension
On a written budget
Yep I’m a weirdo stuff doesn’t make me happy experiences do.
The reference to the herps 😂
Why is that funny? I don’t get the joke. Why is the canned herpes joke funny? I can just say “herpes” and the people around me -breakout- bust out laughing.
This is all so true! People are broke and refuse to live within their means! Great video Nicole!!! I started investing in my 401k at 18 and still going strong!
This is probably the most important thing of all. Whether you get your first job at 16,18, or 23 when you graduate college, have 10 or 15% automatically deducted. If your employer does a 401K match then do a 401K. If they don't you can just put it in an IRA. I didn't do this because I wasn't taught it. I had to learn it on my own later. Now I'm 57 and have very little put away. But at least I know that if things get bad like I'm about to be homeless or some other catastrophe happens, I have Mossberg insurance. You only ever have to make one payment so it never goes up. And it's quick and virtually painless. But don't be a dick and do it inside for others to clean up. Unless of course there is someone who caused you to be where you are, in which case you should absolutely arrange all their favorite items in the splatter zone to ruin as much as possible, be it their clothes, furniture, etc.
Magazine subscriptions are one a lot of us just pay and honestly never read them. Nicole may have covered this already, just throwing it out there.
Don't worry. I know a man at your age who lost it ALL ( savings, pensions, Social Security, property, and assets via a QDRO) in a disasterous divorce. Today he has recovered to a higher economic status by working multiple jobs and working on his own. The spouse quickly became the loser because of spendy habits and unable to have self control over a budget. As long as you have your health you can do it.
How do you invest? I know nothing about it. Im 21 and have watched a bajillion TH-cam tutorials but it seems so overwhelming to me and I honestly don't even understand what investing means. I see these "stock share" videos and I don't understand how they do it.
@@rex_8618 Rex it's simple and easy! If you stick to it you can retire early with lots of money! You open an account with a brokerage firm like Etrade or Charles Schwab. Then put 15 TO 20% of your pay in there and only buy an SP500 mutual fund! This fund holds the richest 500 companies around today like Apple, Amazon, Tesla etc. Don't invest in anything else cause individual stocks are very risky! Remember this is looong term so don't expect results right away. Just let it grow! I did it and am very happy I did! Also you can watch some Dave Ramsey videos. They teach a lot of common sense about investing and personal finance! Good luck!!!
Very good point at @12:20, "The situation you're in may not be your fault, but it is your responsibility." Most people seem to have a real problem with this simple concept.
This video spoke to me! I'm sitting here wondering if I should reveal this, but I am experiencing many of the ideas Nicole mentioned. I am 57, I don't have an emergency fund, I have 4-figure credit card debt, and I am looking for work. I am NOT living with my parent, but I do have a roommate and I want to get out. It is my responsibility to get myself out of my situation and make it better. I remain optimistic despite the media, government, etc. This video is the flame under my ass I needed. Oh yeah, I don't have a budget, mainly because I know the reality but I so want to live in denial. Thank you NIcole for this bit of motivation today! Sometimes, you just need to hear the truth from another person.
You can start changing things today. All the best for your future.
So glad that you have come to this realisation. Now, you can make a plan to deal with it. Break it up into small achievable steps. You can do this.
We (spouse and me) dug ourselves out of well into 6 figures consumer debt. It took us 56 months of hard work and saying no to anything we couldn't afford. It was difficult in the extreme to admit to ourselves that we were broke and quite humbling. Today we are totally debt free and have almost a years expenses in savings and I now max out my 401K, Sue puts 15% into her 403B and we have a taxable brokerage account. 180 degree change in our way we handle money.
If we could do it anyone can including you. Just make up your mind and get going. We went from being stupid with our money to living quite frugal and it is such a great way to live knowing that we are not in the verge of financial ruin. Nicole is quite blunt and that is what I like about her, most on YT who cover personal finance are afraid to be blunt for fear that they will offend but I agree with her and I admit that we were stupid with our finances but we fixed the problem and will never go into the pit again. We didn't know how dark it is in the pit until we climbed out of it. Get on a budget and stick to it.
You can do it!
@@thomaschew2191 So true and very encouraging, well done on your financial turn around.
Good advice! I found that learning to tame your "wants" is a lot like taking sugar out of your diet. Once you lose the craving for sugar, you really don't miss it very much. Once you stop indulging your every want (and start saving & investing), you start to look at the stuff you used to want as unnecessary junk and a waste of $$.
When Nicole talks about signing things....Multiple times seeing a doctor or physical therapist I have caught them putting pages in that basically say I will pay for anything that the insurance company wont. I refuse to sign or initial those pages and I tell them if insurance doesn't cover it don't do it. When they tell me it's mandatory I tell them to cancel my appointment then. Usually they reluctantly omit the pages and continue on it just removes one of their abilities to rip you off.
Imagine NO DEBT. NO CAR PAYMENTS. NO LOANS. That should be your starting place. YOU know where YOUR money goes. Stop Door Dashing, stop eating out, stop frivolous spending. Pay off your debt. Get straight. Save your money then CHOOSE what kind of life you want to live. STOP BEING A VICTIM. LISTEN TO THIS WOMAN…Nicole, you nailed it.
I did all that but was married to an addict. Couldn't take it anymore. Tried to leave. Lost everything. He took the paid off home and all the cars and everything inside with slander. I was a stay at home mom with no options for work and too old to start over. Lawyers are expensive and useless.
Imagine marrying Taylor Swift! If you don’t, it’s YOUR fault! You have a better chance of marrying Taylor Swift than you do buying a house with cash.
@RM-jb2bv No.....location also plays a factor. 300k buys you a shitty mediocre house in CA. Take that same 30ok to Oklahoma and you can buy 5 acres and a 3000 Sq ft home
Been that way since I was little. My dad taught me well.
The biggest failure people make is the excuses for why they don’t do what they should.
I'd like to see that dating video you were talking about. Only because my curiosity Beckons.
“You sign things you don’t understand” Thank you for including this. Financial literacy 101, you can’t get more basic than this advice. But no one seems to mention it.
The only issue I have with this, is unless you're a lawyer a lot of contracts are written in legalese. It'd be hard to have a lawyer go over everything before signing everything -- obviously important stuff should require a lawyer, but a cell phone contract or even car lease? Idk
Your channel deserves a million subscribers! Awesome content, I've been watching for awhile but rarely comment
Nicole you are the cold-blooded Canadian auntie that all kids should have!! Great advice.
I bought a $300 plane ticket to see my sister in TX (I live in NY). Yes, it went on a Credit Card. But I pay it back at the end of every month and never incur interest (plus I get the points). Saving money feels good and spending it on stuff you care about and not mindless junk feels amazing.
Now to sit back and pack my old backpack for my flight to the Lone Star State!
I do the same, my credit card has an insurance policy, just in case I get ill or something.
I have zero debt and I feel rich. I used to be in debt and felt like a slave to bills. 20 years debt free. 7 years with bad credit gave me the opportunity to become debt free and I stayed that way.
I think a video about the grown adults complaining like teens would be a very good topic. I know a few who are nearly 40 who fit this description.
The bluntness of Nicole is why I am subscribed to Her. Love that you get straight to the point instead of tip toeing around an answer. Cheers 🥂
If you've watched the Financial Audit of the lady who had a payday loan with a 795% interest rate, she is the PRIME example why you should know the loan terms before signing. 😅
This is all so true. I feel like MOST people I know fit the exact description you mention here with almost no savings, considerable debt, and wasteful spending habits. I was like that in my early 20s and it honestly scares me how many people are my age (47) and still living that way.
I don't have a budget but I tick every other box. Our method is basically to have the lowest expenses that are easily met and put x amount into savings immediately so I feel like we just sort of bypass the budget thing. I know that doesn't work for everyone.
0:41
You should change the title to “Don’t get financial herpes!”😂
I am in my upper 50s, and while I am not living paycheck to paycheck, I do not value my money or my time (effort) to retain more of it. Every year, I waste tens of thousands of dollars, entirely unnecessarily. And while it may be likely that I do not respect myself (kinda hard to hear that and *admit* that), I think it's a deeper issue for me to self sabotage and punish myself. Only in the last few years have I come to the realization of why I put myself in that state.
I feel attacked 😆 Seriously though I've learned to live a minimalist lifestyle and have a 401K and pension with My Job which I've been with for 16 Year's.
My over spending in consumerism was brought on by filling a void and not caring about myself.
I just turned 40 last May and feel a Strange type of rebirth if that makes sense.
I still cut my own hair with a FLOWBEE and people laugh.
So do I when I save $20 and get the haircut I want!
@grandpapete417 $20? You might not be in a major city, or else you'd be saving at least $50 for a guy's basic cut and $125 for a women's basic cut. Even still, t's *win-win* for you because if you ever wanted to part with your Flowbee, you'd probably get $100 for it on eBay! Loved seeing that someone still has one and is using it! 😁
Facts! Preach it! Respect your money, respect your time, respect yourself!
Your closing message about the feeling of having the ability to deal with life is way less stressful when you’re financially prepared resonates hard. It took me until my last 30’s to understand the this concept and did not reach my goal having solid finances that could handle emergencies. Great video always!
An emergency fund is essential, definitely disturbing that 50% of Americans don't have one. I wonder what the percentage is for Canadians
I agree. I know this will sound judgy but I am absolutely stunned sometimes when people in middle age with seemingly good jobs and regular lives share a go fund me for like 1 or 2 thousand dollars for an emergency. I am FAR from wealthy but the idea of not having a pretty good sized cushion of savings blows my mind and not even having like 2 months of expenses saved up? I don't understand it.
Maybe the go fund me is their way of getting out of paying for something, instead they will just take advantage of other people's compassion and let them foot the bill
There needs to be a balance between living for today and living for tomorrow. Specially when you consider that tomorrow might never come.
This is the dose of reality that so many people need ! You are awesome. I meet so many "victims of the system" who are broke, but they have money for booze, cigarettes, going out to eat all the time, and especially TATTOOS ! WTF is up with that? Everybody has to get inked up to show how freaking "unique" they are. Sorry folks, but you are NOT that special.
Tatts are so repulsive -- & have become a status symbol as well as look-at-me I'm so cool!
@@lanialost1320Repulsive as well as incredibly impulsive…also quite trashy imo
Another valuable video about the realities of Adult Life.
Nicole thank You so much for all that You do!
The way your videos can hug me is so indescribable, unique, informative, genuine, underground ... on and on thank's Nicole
You can talk about anything and make it fascinating! And you're so likeable too.
I needed that final sentiment about the feeling of financial security. I didn’t know what I was missing. As I work harder and achieve these goals, I have glimmers of that feeling and you are correct. It’s a better feeling than any purchase.
Nicole, you made all good points. What gets me at work is that the number of people in their 20s who say that wont put at least 5 percent of their paycheck in a 401K, The company offers some good options and incentives. The best incentive is they match 100 percent up to 5 percent. Lets say weekly your 5 percent is 100 dollars the company matches that with 100 dollars which equals 200 yay.
I am retired now, but it used to be you could only put so much in your 401k, I could be wrong.
@@PraiseGod428 The limits on 401K for 2024 is $23,000. People over 50 can contribute another $7,500 for a total of $30,500.
When 401ks first came available, our company did a break room seminar. I wasn't impressed at the time (being in my late 20s). I signed up casually. So glad I did. Retired now. And although my wife's and my accounts are down from a 750k high, 650k isn't too bad for a retired grocery clerk.
Worth noting that you really have to check the expense ratio on your 401k fund(s). The "cheapest" fund available at my work is a 2% annual fee on the NYSE index. So they take 2% of everything I have in there and the end of every year, in exchange for... not managing it at all really. Their other funds go up to about 5%. Can't invest the 401k in anything but their limited choices. With a high expense ratio, you can lose all the money that your employer matched, and more. It can be a total racket. Compare to options like Vanguard that charge 0.04% annually for an index fund like that. The 401k takes 50 times as much!
@@tomphillips2608 I had a 401k with Fidelity and the company I worked for made a match up to 5%. My husband both this, had our home paid for when we retired and are blessed. I just was asking didn’t there used to be a limit on how much money you could put in? I see where you answered me. lol, Ty.
Nicole really be spittin' straight fire in this one. "The situation you're in may not be your fault, but it is your responsibility" is going in my collection of quotes to live by!
"The best time to plant a tree is 20 years ago. The second best time is now." - Chinese proverb (although why the second best time isn't 19 years ago, I don't know).
A friend of mine who was in debt asked for my help. We went through his bills and his spending. I suggested that his wants have to stop and prioritize his needs. Pay off your credit card, the interest is killing you. That hundred dollars you’re paying in interest charges could of paid your gas bill. Stop buying after market parts for your car that gives you nothing back in return when you sell it.
Start investing $40 a week, and increase it another $10 after 6 months. You won’t even notice it. Continue that until you’re at $100 week. Live within your means. More money coming in, than going out. Life isn’t fair, accept it and move on. Small sacrifices go a long way when it comes to finances.
Really enjoy your videos, and yes, I subscribed. 👍🇨🇦
Mortgage is an exemption to the "I can't afford to buy it now" my home has more then doubled in value since I bought it
You should be happy that it doubled in value ONLY if you plan on selling your house, If you plan on keeping it for a long time, there is nothing to celebrate my dear. Because the higher the estimated value of your house is, the more taxes you're paying per year. So think about it!
@@violetagira8687 This!!
I am planning to sell soon and downside so the double in value in definitely awesome@@violetagira8687
Yes ! I bought a condo in 2019 and sold it in 2023. I made over 300 K from the sale . They asked if we could be out in 10 days . I said , “ absolutely … No problem at all “ LOL Fortunately, when I buy real estate I do not develop any sort of attachment to it at all because of things like this .
It's the best thing you'll ever own, but don't get fooled by the idea that it doubled in value... the reality is that it holds value, while banks create more money through lending and there's an almost 1 to 1 ratio between how much money goes around and how much a house costs...
Therefore, your house doubled in value, but so did all the other houses, if you sell yours you won't buy two new ones... be careful when you consider taking out a mortgage on that current value, things might go down very fast and during a serious crisis like the subprime owning a mortgage free house was a real blessing.
A gal i was dating was holding it against me that i didn't have a car and threw me subtle hints! I dumped her and am now saving thousands on not taking her out to eat!
Finally making and working a budget [a little late in life] was one of the most self-empowering things I have ever done. My savings increased dramatically, and I paid off two mortgages in ten years. I have an emergency fund and owe nothing to no one! Great feeling of freedom. A budget is nothing more than an instrument that allows us to be intentional with our finances to support our long term goals. And we know how much we have to play with to create the fun of life! Just discovered your videos, Nicole, and LOVE your messages!
She uses "The Simpson's" clips a lot...........love it
I Love your brutal clarity 😂
This is the smack in the back of my head that I needed 😂 I appreciate you for this 😊
Well said -- went to the audiologist yesterday and was told I have lost over 85% of my hearing and to rectify this I MUST buy a $4,500 dollar set of hearing aids. My reply? I do not have a hearing problem!! Others have a problem when they can not get me to understand what they are saying! Let's see what my wife of 56 years is going to handle this! LOL
Kudo's to you Nicole raw and to the point. Your the Budgeting Ball
Buster, which children of all ages ( 10>90) need to hear!!!👍👍👍. Love your style.
Right: Ya wanna irritate a car finance officer to no end when closing a deal?
Take your time reading the fine print before signing the sales documents.
I hope your You Tube income is doing well. I'm binge watching your vids, they're fucking great!
In the UK it is called the never-never, and a majority live their whole lives that way, always nibbling at the cost, rather than buy up-front and feeling free. The young (and financially innocent) swear by it and it really irks me that living like that isn't living. Pay for something in total, or save up. I have always used my own version of a budget. It makes sense, as you have pointed out, and I agree with all you have said. As for setting a certain amount towards retirement, well, if you reach your 40's and it still hasn't made you wake up and think...hmmmm, is there hope for you? Nicole, you should provide your knowledge (not for free!) as a teaching aid package (book form, video, or in person) for schools/banks, where they can learn......from an expert :)
Exactly right. I've mentioned this in remarks in the past. She has a talent the few others have. Hope she doesn't miss the boat.
Love the Caleb shout out! You two should do a collab 😆
As a golden rule I never sign a single thing I dont have a really good understanding of. I can't say for sure, but I am pretty confident in saying this has saved me dozens of times.
Great advice.
Though I do feel for today's 20-somethings bc of student loans. It's really tough to study and earn minimum wage or below. A person can only do so much, and not all of us are born equal, ability and cognitive-wise.
Some jobs can be so stressful and strenuous that it leaves a person depleted from even trying to look for something else 😢
In an ideal world, everyone would've been taught to put away $500 a month starting at age 25 but by today's standard, a lot of 20-somethings are having to choose between 'heat or eat' and $500 a month is impossible for them to sock away when paycheque to paycheque is a reality despite their best efforts.
Great video Nicole, wish I would have known this when I was younger. You are spot on!
You are a parent many people didn't have to teach them the basics. Great video.
There is an emotional component to all this knowledge which should be taught in school and for me it was seeing my parents chaos over money and the feeling I had when I had saved enough money to buy what I really wanted vs the feeling of keeping what I had saved and still having the power to make that decision later in time. May I ask what started you on your journey and who influenced you the most and what was the pivital point if any that you recognized looking back in time?
Love your blunt common sense! Preach it!!
Educate the Heart. Stay outa trouble.
People putting everything on Klarna (a t-shirt, some make up) is insane!!!
The only reason I do this is to have Klarna and the company that didn't deliver my product to settle things. An extra layer of protection maybe, I still don't pay in installments.
Thank you very much Nicole !!!! I definitely needed to hear this !!! I love the “ Not sugar coating the truth “…. I’m glad your channel is growing….
Nicole,you always hit the nail on the head! You are doing the wrong job you should teach about money
very smart very articulate! minimalism is the opposite of materialism! good common sense nicole!! I subscribe!
Straight talk! Excellent advice. ❤️
I watch you every Sunday. This is one of your very best!
Thank you!
I really needed to hear this. I feel like I’ve been trying to fix my financial mistakes for a long time but I’m getting no where and I think it’s time to start cutting out some things that are preventing me from getting better. Even if they are things that make me happy in the short term, the long term is what matters.
Not a lot of people lack all of these. I have a couple of them. But this is a fantastic video, and I love it! It’s inspiring and I will look for ways to change those habits.
Nicole, your videos are excellent and so relateable.
YOU HIT THE NAIL. SUBSCRIBED.
Your vids are great for people in their 20’s, but highly depressing for a person in their 50’s… who didn’t have TH-cam advice in their twenties 😏
When you know better, you do better
I agree. I'm 72 grew up in foster care and never learned finances.
I didn't think this video was for me, and i was right and wrong. You continue to preach things that matter. I do most of these things, so im proud to be in agreement with you. Please keep up the great work Nicole!!!
I laughed my ass off to the Netflix and subscription dump section! Definitely lean into the comedy side of the videos! Really liven up otherwise stuffy topics.
Excellent video, thank you!
this should be required lecture in schools. Common sense 101
Spend less than you make. Live well within your means. Live debt free.
I feel like things apply to me from both the videos, the signs I'm doing well and the signs I'm doing bad
You are so spot on. Keep up the good work
First time I have ever watched one of your videos. You earned a subscriber! Well done.
One of the biggest paradoxes, and one which really caught me out when I was young, is that if you genuinely don't care about money it's very easy to just throw it around, get up to your arse in debt, and then have to spend all your time fretting about it. Money's something that needs a light touch. You don't want to be obsessive about it, but you should always be aware of it.
The one that hit the most was "Dies it feel better to watch the new film John Campea went to see or does it feel better to not be in debt and have cash" You didnt say that word for word but near the end of the video you mentioned the feelling. You must have read "The Psycoligy of money"
Sending this to my youngest daughter. Maybe Nicole can get through to her. 🎉
Greetings. I have recently watched some of your videos and would like to thank you for your uploads. I have been reading materials about personal finance for some time. Although I have not heard much new, it is important to reinforce discipline for not buying useless stuff and avoid financing (or whatever the word is used for extra interest payments). Warm regards from Tashkent.
"Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't pays it." - Albert Einstein
I enjoy your videos, I live in the same region as you and thought I'd mention... this is the first time you've said something I don't agree with.
While you mention minimum wage jobs can be good stepping stones, you also say if you're 35 and living at home, it's on you.... you did acknowledge a lot of unfortunate life situations can put someone in that position, but I'm going to argue anyone stuck working minimum wage for years are being taken advantage of by the business owner, and no healthy person wants to be stuck working as little as possible without any respect or way of moving forward. If someone is in that situation, I'd argue they're not able bodied -- whether that means undiagnosed mental illness and or addiction, no healthy person wants to work a crappy low paying job, I'd argue they are unwell if stuck in that cycle. Depression or whatever.
Anyway, I hope that made sense; you should be a politician, 99% of what you say is rather unbiased and you seem very level headed -- hmm... maybe that actually disqualifies you. Lol. Anyway, I look forward to all your new episodes
There's a mattress place here that offers 5 year financing...for A MATTRESS! I'd never be able to sleep on that.
Yeah I have friends who make great money but are in debt and feeling stuck but refuse to change any habits or do anything about it. Say they're too stressed to even think about it
love the financial literacy relating to immaturity point
I have a long way to go to be financially "mature" which today means learning to save/invest/increase pension contributions. And it can be really deflating when I think about it. But when I do start getting upset about my finances today, I zoom out and look at how they were 1 year ago. And it was so much worse. I'm no longer in my overdraft, zero credit debt, down to just one monthly payment (car) which I'm diverting my former monthly payments towards and clearing it fast enough that it's due to be gone by January rather than the planned term (5 years early! and saving so much that would otherwise become interest!).
Just wanted to leave this comment here because some people who are trying hard to fix their finances might appreciate the reminder that today might be horrible, and you want to go back to old habits to feel better for a moment, but take a step back and look in context to how today is financially more responsible to this day last year, or last week, or yesterday.
This woman gives me hope for the future of the youth. Very wise beyond her years.
"You know what else is common? Herpes" - I did not see that coming, lol
You've made some great points for the most part. However, I would like to add that things are't always so simple; not everyone who wants to work can find a job, at least that's been my experience after applying to boatloads of jobs over the past several years.
I see help wanted signs everywhere I go. Might not be your dream job, but it pays you something for right now.
@@dabprod So do I, and I've applied to them.
@@loneganger3308 Good. Keep it up and something will work out and you're off to a fresh start and it will lead to something better. Best of luck to you.
Nothing but facts detected 💯💪🏽.
Tough but kind love is always appreciated. Well done. Kisses to the dog.
Great talk. Thank you.
I loved this
LOVE your approach to talk!! 😂😂😂
This was great thank you. Also yes, I would definitely like to watch a video you’ve created all about dating. Anything you would like to discuss about it is sure to be interesting from where to find a partner, which dating sites would you suggest? How to tell if they are scammers, how to create an interesting profile? What do you think of matchmakers? Where are the best places to meet somebody special in Canada? What to do to make our chances better to meet someone special for us at ANY age including our 60’s? I’m very interested to hear your take on this subject and thank you for the suggestion!
This is great advice unfortunately I had to buy a puppy. I'm training it to be my service dog. I couldn't adopt because I'm disabled. So unfortunately I had to use my only credit card for her. But I agree with everything you said. I budget every single month. I still don't understand why I couldn't adopt a poodle from a rescue since that's what I needed. Well at least I've got the puppy. Now the challenges that come with it and also all the rewards.
Another great video! Amazed at all your content and how real it all is. Thank you!
I've learned this the hard way since I've calculated & spented over $3,000 on Lyft rides in the past three years and now I'm struggling on things I can buy at the moment. I was warn not to spend so much on Lyft but I got lazy and took Lyft to go to college instead of taking the bus more often. I'm lucky that I'm still in my very early twenties and living with my two parents but I'm still quite angry at myself for spending so much when I've could have way more money now if I took the bus. The options I have are picking up a part-time job again and taking less take-out since those foods cause my Gerd to flare up. Once I get a job, I'm going to budget & make IRA account.
You are right. Too many people i know refuse to grow up! Its sad. Parents need to throw kids out at 18! Force them to shed the childishness. Pathetic!❤❤❤❤❤
I actually shared this one. That's something I rarely do...🇺🇸 👍☕
You should be on financial audit that would be an interesting episode…