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I'm Getting A Raise And Don't Know What To Do With It!
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- เผยแพร่เมื่อ 22 ม.ค. 2020
- I'm Getting A Raise And Don't Know What To Do With It!
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Pretend you didn’t get a raise and invest however much extra you got with the raise.
When you get a raise, the most important thing to avoid is lifestyle creep! Continue living your life as you were and send all the new money into your savings or investments. Ramit Sethi talks a lot about this in his book “I Will Teach You To Be Rich!”
No, you bump up your life too or whats the point of living.
@@gennagresham3986 no please don't be dumb.
It depends on what life you live now. Sometimes it's necessary to lift the standard. If you have basic but good one already, don't.
I got a 1500 a month raise to. What I’m doing with it is paying down the house. It will be paid off in 7 years vs. 27. I plan on then buying rentals, so that I don’t have to work anymore when I’m in my 40s. It was a choice of either stuffing Retirment accounts, investments or house. Whatever choice you choose, it will be better than doing nothing with it.
Guy has a great start with no debt, money saved, and just got a raise. Good for him!
Rule of thumb.. live within your means and forward the extra to your retirement fund.. let that compound interest work as early as possible.. stay safe out there.
So far I love the app, still adjusting and trying to remember to log all my spending.
Dear caller, thank you for your service. First responders are vital for a free society.
Save, collect interest, invest maybe half of it, collect profits (hopefully), and then buy a house (and hopefully pay most of it off). Then just keep investing. When a woman/marriage/kids appear, keep acting like you make 40k a year, and don't ever tell the misses until you are married. Then hopefully one day buy some property or keep investing. When you reach 50 hopefully you have enough to retire. (P.S. when I say "investing" you can make it fun by using money to build up hobbies or collections that you can maybe sell down the road, otherwise mutual funds, dividends, stocks, etc.)
Just lease a BMW
@C. Fultz much yes! that's what I would get too
Or Tesla, saves some gas:) add sone solar panels to your house and you're set:)
Douchbags drive bmw’s 😂
@@brooke86 You got it! That's exactly why I want one.
Reason why all of you still live their parents 😂
Thanks Dave! Your principles have been life changing for me. I’ve just stared my own channel to pass it on!
You put the extra income into your investment portfolio and make that money create more money!
Great video Dave. I believe self awareness is the key to sucesss. Money is just a tool that you use or lose. And the only commodity that is equal in life is time. What sets people's life apart is their thoughts. That's why information is key. Answers and knowledge are everywhere there if you ask the right questions and have the desire you'll seek and find them. The challenge is out of 168 hours in a week how many people that are not in education sit down and study. As the key to wealth building is contribution, adding value to the market place/other people's life. That's why the best investment you can ever make is in yourself. Because as you can become more you can have more. Jay Riley.
I love this! Getting more money does NOT mean you should spend more.
Yeah when I go from $13 an hour to $24 an hour I am going to get two tramps one on each arm and be a baller and waste the money.
🤣😅
I wish I had this problem.
This is exactly where I am. And exactly what I’m doing lol
Not rocket science...
Just invest the difference. Dont fall into the trap most do which is lifestyle creap.
What is this mutual fund that doubles in 2 years and triples in 3?
When you add the same value into it each year, 12, 24, 36, etc
32k a year for 15 years can be 800-1.1 million . U can semi retire if u wanted lol
I have essentially the same thing happen, Im just going to pretend that dave was telling me that Im wise 😂
Invest. I have 2 sons about your age, 24 and 23. I tell them that about what you make isn't much and they don't believe me because they cannot fathom how much life costs. There's not that much responsibility when you're young. But you will accumulate it as life progresseses. It's just what happens to all of us. You have a unique opportunity to be able to get ahead of it, be ready for it and have a fabulous life! Congratulations!
Send it here don't know what to do with it. 🙄
He can go buy a new car, or go party... kidding. But by the time you come to call Dave you already know what to do with extra money but also a good validation is may be nice to make you feel good! I have been watching this channel for a year and i have learned a lot.
Managing excess money is always a good problem to have! Save for a house? Start building an investment portfolio? If you have no plan for it. It's very easy to succumb to lifestyle inflation and that's why a lot of people live paycheck to paycheck no matter how much they make. Have a plan!
He is making it seem like he won the lottery lol...
1k/month IS a lottery for MANY Americans today unfortunately
I agree 45k is not astonishing.
at 23 is quite a good income 🤷🏻♀️
Gris C meh
He’s only 23 cmon
Deliver pizzas every night.
You should box mayweather
Here’s my advice:
- Do not succumb to lifestyle inflation
- Keep your expenses low and income high
- Save and invest the rest.
I actually just made a video that I posted yesterday regarding 5 ways on how to invest the money that you saved up. They’re ranked by least risky to most risky, so go and check it out!
Stop advertising your TH-cam channel on Dave’s channel🙄🙄🙄🙄🙄
Lorraine A. Was only putting it out there since the subject was pertinent to my video, but all good
I'm the first view...I win financially
Rich people problem
Cali is on FIRE 45k is rich?
PS4GAMES PS4 At that age
Cali is on FIRE ok so let me ask you this, what is rich at say 50 years old? Salary I mean.
Xbox One!
@@MrNGTfan123 if you think someone is rich based on their salary, you don't really understand money in my opinion. Rich is when you have your money working for you, when you have passive income over atleast 80k a year. Your paycheck helps you build wealth but what you do with it is what makes you rich. Plenty of 150k a year people are broke, because of what they do with it.
We need less law enforcement in my opinion.. it takes 6 months to be a cop but 5 years to be a doctor. Police officers need to held more accountable for their action.
Good thing no one cares about your opinion.
Takes more than 5 years.
Doctors kill over 300k people a year ...
Where does this guy live that $45k is considered extremely high?
Hookers and blow. He is still young and need to get it out of his system.
if you do it right it could be one in the same.
He's cop, he gets that stuff for free now.
Put it all on black
Does he think 45k is a lot? It’s cool he’s is law enforcement but 45k is not a huge windfall he’s making it sound like😂
Adding 12k to your income is a lot
I’ll take it
It is a lot of money when you have no debt.
It's a lot to a lot of people.
@@cindicirksena7254 not really depends where he leaves ,if Michigan where houses go 2k the good otherwise nope
First
I smell bacon.
Show offff thinks he won lottery this guy seems fake
showing off about going from 33K to 45K... lol ???