Thanks for this. I get flustered so easily because I am waaay behind for my age bracket. Nearing a major age milestone doesn't help either. But, it is important to keep in mind we were nearly $250k in the hole when we started fixing our financial situation around 10-12 years ago. Now we are around $120k in the positive. If we have another decade like this, and interest works in our favor instead of against us, then we are on track to get well ahead of our goals. It just takes time to get there.
My wife(since October 2022) and I just recently combined our debt and it was around $125k. Since November we've paid it down to $118k. We're sacrificing a lot of stuff to get it to $0 as fast as possible but we figured if we can get it paid down in less than 5 years that means we should be able to save just as much in 5 years. That's what keeps us focused right now.
Once you have made the flip from spending to saving, the interest rates become a good thing! I’m amazed at how quickly my net worth grows annually by just spending conservatively and saving/investing the rest!
I AM SO HAPPY I CAME ACROSS THIS VIDEO!! For months I've been struggling with this. I'm out of debt, increased my income to 100K/year. Rid of ALL of my bills. Living out of my truck. Investing all of money and I STILL feel like I'm not doing good enough to ever tell myself you've earned something. Thank you so much for this upload.
@James Huang It's an 18 wheeler tractor trailer truck. It's owned by the company in work for but since I'm in it 6 days a week for work I just live in it now. It has a fridge, microwave, bed, all the neccesties. And the adjustment was easier knowing in was saving $1,000 a month by getting rid of my apartment. Its not hard knowing that I'm saving that money and could move back into a home any day I decide since I'm able to keep all of my money.
Being able to pay bills in advance now, and despite worsening economic times, having savings for a few months in advance while building my business is a great feeling.
I remember when I saved my first $100. It was a big deal to me. When I increased it to $400 it was huge because I knew I would never have to go to a laundromat again. If my washer broke I could afford to replace it. Every step is traction. Every step is to a higher level and as long as you are going in the right direction everything will be good.
Small financial milestones can actually be pretty cool. They might seem like small potatoes, but things like paying off a credit card balance, hitting a savings goal, or making some extra cash on the side can give a real sense of accomplishment. Celebrating these milestones is important too! It's a good way to stay motivated and keep the momentum going. So don't discount those small wins - they can add up to some big success down the line. Thanks for sharing the info. 😊
Well no just because it worked does not mean if one were to do it twice it would work for a second time..... It is just not that simple because as things change outcome change as well. Many on TH-cam are selling stuff to their fans for very obvious reason.....
1) Fully funding an emergency fund. 2) 3-6 months of cash savings. 3) Paying cash for a car. 4) Having a good credit score. 5) Earning more than you're spending. 6) Diversifying income. 7) Achieving a $10,000 net worth.
It’s good advice to celebrate milestones. You are right as I get older the goalpost keep moving as my income increases. I probably am close to the goals my 30 year old self set. My 48 year old self has a a higher income and the saving 8x income rule is out of reach again.
Nice video. Our family has reached those milestones. We are weakest on the credit score, but I don't really care. Except for the one credit card that we pay off in full each month, we paid off our house last year, pay cash for vehicles (sinking funds!), and I don't want to borrow money to become a landlord.
Congratulations. That’s a nice little piece of freedom for you. Staying out of debt will be a process of personal discipline, much like eating healthy food, exercising, and getting regular good sleep
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing! Very inspiring! I love this.
Not quite long I started investing. I did a trial investment in stock like Disney but to be honest I don’t know what am doing and I don’t think I made anything either. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated.
@@alyciagordon3447 I invest across the top markets but not by myself tho. i follow the guidelines of Alexandra Diana Jose. you might have heard of her.. I can correctly say she’s worth her salt as a investment advisor as her diversification skills are top notch/ I say because i see that in her results as my portfolio grows by averages of 30 to 5O% on a monthly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what her place and not just on some particular industries of my choosing.
I love this video. This is also why I love Dr. Jim Dahle's weekly "Milestones to Millionaire" podcast. Dr. Dahle also recommends we celebrate "Back to Broke" which is when we go from having a negative net worth (as for example when we have 5 or 6 figures in #StudentLoanDebt) to having a Net Worth of $0 once again. Milestones we (my wife and I) have accomplished since 1999 that we forgot to celebrate. If only I'd found this video and / or it's message sooner. Paying off all our Student Loan Debt. Paying off all our Business Loan Debt. Getting #BackToBroke. Achieving a Net Worth of $100,000. Paying cash for 3 gently used vehicles. Paying off 2 Income Producing Commercial Rental Properties. Achieving a Net Worth of $200,000. Having our business survive the Coronapocalypse. And having a Fully Funded 6 month's of expenses Emergency Fund should happen within the next week for us. We'll be sure to celebrate that accomplishment now. Then we'll be moving on to Dave Ramsey Babysteps 4, 5 & 6. TY for the info.
Slaying the Debt hydra should be on the list. Based on the creature from Greek mythology, a Debt Hydra is when you pay off one debt, only to be confronted by two more. I’m stuck in this situation. 😢
I agree with 100% of what was said here. I try to help people understand, good and bad debt and the importance of a good credit score. Use other's money to make money at the lowest intrest rate possible. Good debt can make you rich over time. Good credit allows you to do it.
Man, this video hit close to home. So stuck in grinding I don't feel like I'm accomplishing anything... My question... Great, I've met a milestone... How do I celebrate? All I want to do is buy a dirt bike again or buy a new surfboard. But I can't find myself to do it when I look at the financial aspect of it setting me back from my financial goals. What's a healthy celebration that keeps you on track? Do I save separately on the side of my goal savings so when I reach a goal I have a "celebration fund" I can treat my self with?
@@StayFriendly290 I guess that's a sign we should start saving on the side in the form of a "celebration fund". It's hard though. Every time I save 5-10k up, I can't help but think what I could do with that money in stead of a bike. But we can't starve ourselves of these little victories. Start budgeting for it. I hate the mentality of "work now for a more comfortable tomorrow". It should be a balance. No sense in working yourself to death and next thing you know you have millions at retirement... To old and to late to enjoy any of it. (Not saying to blow it all) lol
@ that seems like a much healthier an meaningful way to celebrate. A small victory and experience you, and hopefully your loved ones, never forget. Material objects come and go, consumables to say the least. But those small trips, night at the movies, or family dinners last a life time. I don't have a girlfriend or children. I suppose saving for travel or budgeting for those things aren't bad necessarily. The bike and board are material in nature... But it's the adventures and experiences along the way I remember most. Riding and racing in different towns and states, going on a surf trip to Costa Rica or Puerto Rico... they're just much more expensive experiences unfortunately.
ปีที่แล้ว +1
@@chaseharman6376 You're 100% correct. In my example I was talking about my wife and daugther but really could be with any close relatives or friends. To spend time with the people you love the most. If you buy the latest new shiny object - the moment of joy will last for a few hours but you won't even remember it as time goes by (but your personal finances will). Rich people value experiences over material objects. Saving money for travel is good in my books too, but as you say this is more like a budget you need to plan like once a year. Happy investing!
Joining the Air Force was the best decision of my life. The retirement check each month allows me to be financially independent and I traveled all of the world while earning it. There are jobs that don’t deploy and I went almost my whole career without hearing someone yell.
I joined the Air National Guard and they paid for my Telecom training and when I went back to my Squadron I was able to get a decent paying Telecom job. Get paid to be trained and then have your colleagues get you a nice career without going into debt.
I'm still in the mindset that it's better to finance a car at a very low rate, and not buy an expensive car. Then drive it for 15 years. That allows for more consistent DCA in any set of investments.
That’s very subjective. Having money is essential, of course. But if you look for nonmaterial ways to define happiness (health, family, friends, etc) the financial piece will probably come into clearer focus.
I woke up at 35 years old and asked myself when was I gonna to start. I had all the excuses as to why I could not be financially secure. But I started. At first it seemed like no progress. But with every passing year I felt more secure. Now I’m old. Health is much more important yo me now. Not worrying about money is a blessing so much better than that new car or keeping up with your friends.
A boss once told me to pay off an extra $50 per month on my car note, over the minimum. That legit paid off my car 3 years earlier! Since the $50 goes to pay off the principle instead of mainly paying off the interest
I don't agree with always paying cash for a car. If you can earn 5% or 8% by investing, but you have a great credit score and can borrow at 3%, it is a pure arbitrate play.
Emergency fund and 6 months of expenses saved, not buying a car cause I live in the city and only 5 mins walking to my work, 800 credit score, saving 75%+ of my take home salary each month, investing in multiple different strains of income, over $250,000+ net worth with $0 debt, turning 32 soon.
Yes there is it is call debt that brings more options and money. Without education how could the majority of their entire population expect to earn a living wage? How would many businesses grow?
I restored my 91 miata with modern upgrades and have no car payment. Total cost of car ownership since 1998: $100 per month including insurance coverage and restoration.
@@HunteroftheNorth in Germany, one in 50 cars is over 30yo. The average privately owned car is 20yo. I got a 88, 92 and 02 ford and the 02 is by far the most expensive maintainance vise. Also you pay next to nothing for taxes and insurance on a classic car and you can easily fix 95% of the few issues yourself.
@Overengineering well instead of having 3 cars u could just have 1. Also fixing issues yourself is all fine but you need to purchase the tools and have the time to fix them. Some people's time is far more valuable doing other things than fixing old cars. Don't get me wrong, leasing a new car every 3 to 4 years is a terrible financial choice. But I think there is a good middle ground between getting 30 yo cars and a new one. Also I'm in Canada where the winter is brutal on cars. Very few cars on the road over 30 yo. The salt just destroys the body. Location is the biggest factor in how long you can keep a car going.
I 100% disagree with your "good credit" section. There's no such thing as good debt. The borrower is slave to the lender. Paying interest so you can invest is a fools errand. And you don't need a credit score to mortgage a home, just need to find a good mortgage company that can do manual underwriting.
Thanks for this. I get flustered so easily because I am waaay behind for my age bracket. Nearing a major age milestone doesn't help either. But, it is important to keep in mind we were nearly $250k in the hole when we started fixing our financial situation around 10-12 years ago. Now we are around $120k in the positive. If we have another decade like this, and interest works in our favor instead of against us, then we are on track to get well ahead of our goals. It just takes time to get there.
My wife(since October 2022) and I just recently combined our debt and it was around $125k. Since November we've paid it down to $118k. We're sacrificing a lot of stuff to get it to $0 as fast as possible but we figured if we can get it paid down in less than 5 years that means we should be able to save just as much in 5 years. That's what keeps us focused right now.
You’re both moving in the right direction, keep at it, be patient, you’ll be fine!👍
Keep up the great work guys!
Does this “debt” include mortgage debt?
Once you have made the flip from spending to saving, the interest rates become a good thing! I’m amazed at how quickly my net worth grows annually by just spending conservatively and saving/investing the rest!
I AM SO HAPPY I CAME ACROSS THIS VIDEO!! For months I've been struggling with this. I'm out of debt, increased my income to 100K/year. Rid of ALL of my bills. Living out of my truck. Investing all of money and I STILL feel like I'm not doing good enough to ever tell myself you've earned something. Thank you so much for this upload.
Glad you enjoyed it! Thanks for watching 😀
@@ChrisInvests Absolutely Chris!
@James Huang It's an 18 wheeler tractor trailer truck. It's owned by the company in work for but since I'm in it 6 days a week for work I just live in it now. It has a fridge, microwave, bed, all the neccesties. And the adjustment was easier knowing in was saving $1,000 a month by getting rid of my apartment. Its not hard knowing that I'm saving that money and could move back into a home any day I decide since I'm able to keep all of my money.
@James Huang Exactly! That's the plan 👌🏾
Being able to pay bills in advance now, and despite worsening economic times, having savings for a few months in advance while building my business is a great feeling.
Nicholas I'm in the same position. I'm happy for you! Good luck with your business
I remember when I saved my first $100. It was a big deal to me. When I increased it to $400 it was huge because I knew I would never have to go to a laundromat again. If my washer broke I could afford to replace it. Every step is traction. Every step is to a higher level and as long as you are going in the right direction everything will be good.
Small financial milestones can actually be pretty cool. They might seem like small potatoes, but things like paying off a credit card balance, hitting a savings goal, or making some extra cash on the side can give a real sense of accomplishment.
Celebrating these milestones is important too! It's a good way to stay motivated and keep the momentum going. So don't discount those small wins - they can add up to some big success down the line.
Thanks for sharing the info. 😊
Well no just because it worked does not mean if one were to do it twice it would work for a second time..... It is just not that simple because as things change outcome change as well. Many on TH-cam are selling stuff to their fans for very obvious reason.....
1) Fully funding an emergency fund.
2) 3-6 months of cash savings.
3) Paying cash for a car.
4) Having a good credit score.
5) Earning more than you're spending.
6) Diversifying income.
7) Achieving a $10,000 net worth.
This isn’t what the video lists
@@tonycrosby913 ? It is
@JDB it's not though. Buying a home is #3 in the video.
8) 20,000
9) 30,000
10) 40,000
It’s good advice to celebrate milestones. You are right as I get older the goalpost keep moving as my income increases. I probably am close to the goals my 30 year old self set. My 48 year old self has a a higher income and the saving 8x income rule is out of reach again.
Nice video. Our family has reached those milestones. We are weakest on the credit score, but I don't really care. Except for the one credit card that we pay off in full each month, we paid off our house last year, pay cash for vehicles (sinking funds!), and I don't want to borrow money to become a landlord.
Glad to hear it! Thanks for watching.
I just hit consumer debt free. Now I am focused on an emergency fund. I did not celebrate debt freedom.
Congratulations. That’s a nice little piece of freedom for you. Staying out of debt will be a process of personal discipline, much like eating healthy food, exercising, and getting regular good sleep
I've achieved all of these milestones. But the most important things I feel blessed for are my two children and dream job.
That's great! 🙏
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing!
Very inspiring! I love this.
Not quite long I started investing. I did a trial investment in stock like Disney but to be honest I don’t know what am doing and I don’t think I made anything either. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated.
@@alyciagordon3447 I invest across the top markets but not by myself tho. i follow the guidelines of Alexandra Diana Jose. you might have heard of her.. I can correctly say she’s worth her salt as a investment advisor as her diversification skills are top notch/ I say because i see that in her results as my portfolio grows by averages of 30 to 5O% on a monthly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what her place and not just on some particular industries of my choosing.
Great advice. I set certain numbers to hit at certain ages to help me feel good lol.
I hit em all. Best luck everyone and keep grinding.
Great 👍
I love this video.
This is also why I love Dr. Jim Dahle's weekly "Milestones to Millionaire" podcast.
Dr. Dahle also recommends we celebrate "Back to Broke" which is when we go from having a negative net worth (as for example when we have 5 or 6 figures in #StudentLoanDebt) to having a Net Worth of $0 once again.
Milestones we (my wife and I) have accomplished since 1999 that we forgot to celebrate. If only I'd found this video and / or it's message sooner.
Paying off all our Student Loan Debt.
Paying off all our Business Loan Debt.
Getting #BackToBroke.
Achieving a Net Worth of $100,000.
Paying cash for 3 gently used vehicles.
Paying off 2 Income Producing Commercial Rental Properties.
Achieving a Net Worth of $200,000.
Having our business survive the Coronapocalypse.
And having a Fully Funded 6 month's of expenses Emergency Fund should happen within the next week for us. We'll be sure to celebrate that accomplishment now.
Then we'll be moving on to Dave Ramsey Babysteps 4, 5 & 6.
TY for the info.
Sounds like you're making the progress 👍
Slaying the Debt hydra should be on the list.
Based on the creature from Greek mythology, a Debt Hydra is when you pay off one debt, only to be confronted by two more.
I’m stuck in this situation. 😢
I agree with 100% of what was said here. I try to help people understand, good and bad debt and the importance of a good credit score. Use other's money to make money at the lowest intrest rate possible. Good debt can make you rich over time. Good credit allows you to do it.
It seems like people are on one side of the fence or the other when it comes to debt
Great advice. Rome wasn’t built in a day…
Man, this video hit close to home. So stuck in grinding I don't feel like I'm accomplishing anything... My question... Great, I've met a milestone... How do I celebrate? All I want to do is buy a dirt bike again or buy a new surfboard. But I can't find myself to do it when I look at the financial aspect of it setting me back from my financial goals. What's a healthy celebration that keeps you on track? Do I save separately on the side of my goal savings so when I reach a goal I have a "celebration fund" I can treat my self with?
Funny i have the Same problem. Want a Motorcycle again, But dont want to use Money for it, because i dont want to Short my monthly Index Funds buys
I usually bring my wife and my daughter to a nice restaurant. To privilege experience over material things is the best way to celebrate!
@@StayFriendly290 I guess that's a sign we should start saving on the side in the form of a "celebration fund". It's hard though. Every time I save 5-10k up, I can't help but think what I could do with that money in stead of a bike. But we can't starve ourselves of these little victories. Start budgeting for it. I hate the mentality of "work now for a more comfortable tomorrow". It should be a balance. No sense in working yourself to death and next thing you know you have millions at retirement... To old and to late to enjoy any of it. (Not saying to blow it all) lol
@ that seems like a much healthier an meaningful way to celebrate. A small victory and experience you, and hopefully your loved ones, never forget. Material objects come and go, consumables to say the least. But those small trips, night at the movies, or family dinners last a life time. I don't have a girlfriend or children. I suppose saving for travel or budgeting for those things aren't bad necessarily. The bike and board are material in nature... But it's the adventures and experiences along the way I remember most. Riding and racing in different towns and states, going on a surf trip to Costa Rica or Puerto Rico... they're just much more expensive experiences unfortunately.
@@chaseharman6376 You're 100% correct. In my example I was talking about my wife and daugther but really could be with any close relatives or friends. To spend time with the people you love the most. If you buy the latest new shiny object - the moment of joy will last for a few hours but you won't even remember it as time goes by (but your personal finances will). Rich people value experiences over material objects. Saving money for travel is good in my books too, but as you say this is more like a budget you need to plan like once a year. Happy investing!
Joining the Air Force was the best decision of my life. The retirement check each month allows me to be financially independent and I traveled all of the world while earning it. There are jobs that don’t deploy and I went almost my whole career without hearing someone yell.
Glad it worked out well for you!
Joining the chair force is a great Idea
I joined the Air National Guard and they paid for my Telecom training and when I went back to my Squadron I was able to get a decent paying Telecom job. Get paid to be trained and then have your colleagues get you a nice career without going into debt.
All good, solid information. Thank you.
I'm still in the mindset that it's better to finance a car at a very low rate, and not buy an expensive car. Then drive it for 15 years. That allows for more consistent DCA in any set of investments.
No
It depends on how high the rate is to finance the car. If it’s under 3% I agree with you.
I just want to live comfortably
Great. Living below your means now and accomplishing these milestones will help ensure you will live comfortably well into the future
Define comfortable.
That’s very subjective. Having money is essential, of course. But if you look for nonmaterial ways to define happiness (health, family, friends, etc) the financial piece will probably come into clearer focus.
Same here☺️
@@johnny2003 probably not having to constantly penny pinch for basic necessities. That’s what I think.
Best day to start is today
I woke up at 35 years old and asked myself when was I gonna to start. I had all the excuses as to why I could not be financially secure. But I started. At first it seemed like no progress. But with every passing year I felt more secure. Now I’m old. Health is much more important yo me now. Not worrying about money is a blessing so much better than that new car or keeping up with your friends.
reaching all my personal financial goals but prices keep going up and up so fast its like it barely even matters lol.
A boss once told me to pay off an extra $50 per month on my car note, over the minimum. That legit paid off my car 3 years earlier! Since the $50 goes to pay off the principle instead of mainly paying off the interest
Feeling your small successes could be said to be the opposite of financial shame/anxiety.
I don't agree with always paying cash for a car. If you can earn 5% or 8% by investing, but you have a great credit score and can borrow at 3%, it is a pure arbitrate play.
Thanks for all the help
Thanks for watching 😁
Yay for ticking every box except for multiple income streams. I just don’t know what to do for that.
I use rental properties.
Research different ideas and try to think outside the box. Hopefully you'll find something that will work well for you!
Hit all the boxes
Great video
Thanks for watching
chris(or anyone else) im only 17 and want to set myself up for financial success; any books?
Think and Grow Rich, Buy Low Rent Smart Sell High, The Millionaire Next Door. Searching for those will also give you more ideas.
Rich Dad Poor Dad and The Total Money Makeover
@@ChrisInvests thank you chris
I want to be wealthy and rich
Ok, so what are you doing about that
How do you get a net worth of $10,000 when you own a house you can never get that…
Done all these before the age of 35. Except we paid off our house in 2020
Emergency fund and 6 months of expenses saved, not buying a car cause I live in the city and only 5 mins walking to my work, 800 credit score, saving 75%+ of my take home salary each month, investing in multiple different strains of income, over $250,000+ net worth with $0 debt, turning 32 soon.
I don't come close to even hitting the first milestone. Don't make that kinda money
There is no such thing as "good debt".
Yes there is it is call debt that brings more options and money. Without education how could the majority of their entire population expect to earn a living wage? How would many businesses grow?
Vintage cars are a money glitch. Get yourself a 30yo Ford and it will last you for the rest of your life.
funny... I rarely ever see 30+ year old cars on the road. Plus you fail to see how much money those vehicles get put into them
I restored my 91 miata with modern upgrades and have no car payment. Total cost of car ownership since 1998: $100 per month including insurance coverage and restoration.
@@teutonalex whoa
@@HunteroftheNorth in Germany, one in 50 cars is over 30yo. The average privately owned car is 20yo. I got a 88, 92 and 02 ford and the 02 is by far the most expensive maintainance vise.
Also you pay next to nothing for taxes and insurance on a classic car and you can easily fix 95% of the few issues yourself.
@Overengineering well instead of having 3 cars u could just have 1. Also fixing issues yourself is all fine but you need to purchase the tools and have the time to fix them. Some people's time is far more valuable doing other things than fixing old cars. Don't get me wrong, leasing a new car every 3 to 4 years is a terrible financial choice. But I think there is a good middle ground between getting 30 yo cars and a new one.
Also I'm in Canada where the winter is brutal on cars. Very few cars on the road over 30 yo. The salt just destroys the body. Location is the biggest factor in how long you can keep a car going.
I 100% disagree with your "good credit" section. There's no such thing as good debt. The borrower is slave to the lender. Paying interest so you can invest is a fools errand. And you don't need a credit score to mortgage a home, just need to find a good mortgage company that can do manual underwriting.
Big Dave Ramsey fan I see 😂
LoL at the privilege of “just finding” a mortgage lender to manually underwrite your mortgage without a good credit score.
Calm down Dave Ramsey.
@@dazeja Google is free dude.
I do not know what you do for a living but I know you are not a financial adviser
impossible
Huh?
@@ChrisInvests u heard him, IMPOSSIBLE!!!!
@@808N thanks my friend
@@thecurtisfamily3810 but fr its possible i did 80% of this at age 25
@@808N try 1450 a month is daycare bills on top of all expenses. hard to move forward at all.