What To Do Once You're Debt Free (5 THINGS TO FOCUS ON!)
ฝัง
- เผยแพร่เมื่อ 24 พ.ค. 2024
- Once you become debt-free, the sky's the limit. Here are 5 financial goals to set next, so that you can keep the momentum going! Make sure to keep setting new goals and maintaining good money habits. Otherwise, it's easy to end up BACK in debt! And we definitely don't want that :) So watch this video for ideas on how to make a plan for your money once you're debt-free.
**ATTENTION: I have a new Instagram and TikTok handle @itsrosehan **
That's my official account, and I will NEVER message you about investment schemes, so please be careful and block & report any scammers posing as me.
TIMESTAMPS
00:01:25 - #1 Reward yourself (within your budget)
00:02:18 - #2 Keep some credit cards open for your credit score
00:04:05 - #3 Build full-sized emergency fund
00:06:00 - #4 Invest for EARLY retirement!
00:11:03 - #5 Save for a big purchase (house, etc.)
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**THINGS MENTIONED IN THIS VIDEO! 👀**
💫 EARLY RETIREMENT CALCULATOR
networthify.com/calculator/ea...
💫 Quit Like A Millionaire (detailed, entertaining, motivating how-to book on early retirement for millennials)
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**BOOKS I RECOMMEND 📚**
I Will Teach You to Be Rich (hilarious how-to book on personal finance for millennials)
amzn.to/2VbJ1Pt
The Little Book of Common Sense Investing (Jack Bogle's classic advice on index funds)
amzn.to/32ewzjj
InvestED (step-by-step, millennial-friendly advice on how to pick stocks like Warren Buffett)
amzn.to/2SLTYpn
Unshakeable (this book = courage. blast ALL the fears & misconceptions you have about investing)
amzn.to/2SKyklt
Rich Dad Poor Dad (#1 selling personal finance book of all time... need I say more?)
amzn.to/2SJ6vtx
Think and Grow Rich (the ultimate book on money mindset and wealth consciousness)
amzn.to/37N2adc
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**MY FAVORITE MONEY TOOLS 🖤**
YNAB (I literally can't live without this budgeting app, so obsessed)
www.youneedabudget.com/?ref=Y...
Wise (like Venmo but for international currencies - I use this app a LOT for my life in Mexico)
wise.prf.hn/l/413jE0q
Ledger Nano S (crypto storage hardware wallet, because "Not Your Keys, Not Your Crypto"!):
amzn.to/3Ne37jy
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DISCLAIMERS & DISCLOSURES ❤
This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Investing With Rose is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Thank you for your support!
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SAY HI ON SOCIAL! 👋🏼
Website: www.rosehan.com
Instagram: / itsrosehan
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Pinterest: / itsrosehan
• What To Do Once You're...
Congratulations Rose! I am 35 and 0 debt all my life so far. Car paid, house paid and no student load
wow awesome!!!
I’ve been totally debt free (house included) for 15 years. Plus, I’m fortunate to earn $300,000 to $500,000 annually. I’ve avoided “lifestyle creep” and live a very under the radar lifestyle. Now at age 51, the craziness of the world has almost no impact on me, other than the inconvenience of not being able to travel like I want or eat in many of my favorite restaurants. So stay focused on a debt free life folks....the juice is worth the squeeze!
With that kind of income and especially if you’re living on a small fraction of it (20% is doable in most places) especially combined with paid home, as long as nobody *knows* you have that kind of money (outside legal authorities, of course) if things get really messy like they’re shaping up to be, other than arming yourself and stockpiling food (seriously, supply graphs are failing due to economic impact of the pandemic combined with people getting sick) you’re in the best feasible place short of not being around once things get dicey.
If you don’t already, I’d suggest you invest in high-quality cookware (not non-stick) that gets great results and will last longer than you will, because you’ll need to expect eating out or having others do the cooking for you isn’t anything you can expect.
@Investing with rose Do people really fall for these fake accounts?
In short:
1. Become debt free.
2. Purchase the cutest puppy imaginable 👌🏾
Great advice lol
One of the best feelings ever was paying off my student loan and being debt free. Now trying to educate myself on investing. Honestly it’s something I should’ve done long ago.
Better late than never!
When I paid off my balance of over 40k in debt, I took those payments and rolled them into my investment strategy. 5 years later, the fruits of that labor are starting to pay off!
Yes, indeed. Very similar to what I did after I got out of 10 years of student debt. ALSO.....
No doubt about keeping your credit card lines open. Because I didn't use a credit card for three years, the credit card was cancelled by the credit card company, my credit score dropped 20 POINTS, and I lost 10 years of credit history.
Now what I do it use my credit cards in sequence, once a month, mostly gasoline to show the account is active.
@@alexk7405 I hear you, way back when, I also had a credit card close on me due to inactivity. Right now I stick to 2 main credit cards to take Advantage of their different rewards
1- Reward yourself.
2- Keep a few of credit cards open.
3- Build emergency funds. 3-8 months.
4- Invest for your early retirement.
5- Save for a big purchase.
Remove number 2.
@@of6024 2 is essential for credit.
@@JoseMora-wc5zzAlso fraud protection. A friend of mine is fighting his bank for 50k fraudulent PayPal transfers.. Usually credit cards have better fraud protection than small banks... we live in a rural area and we buy online very often...Stay safe...
I'm happy to announce that I paid off my final credit card yesterday October 15, 2020. Yaaaayyy!! I can breathe now!! Now I can really contribute more to my 401k and Roth IRA.. I'm now also buying more stocks from my brokerage account.. What also helped get out of debt faster, was learning how to trade options during the pandemic.. I didn't realize how much money I was spending before the pandemic. I made myself a decision and committment to make some small changes first then set new goals each month. Most importantly, I wrote my goals down and looked at it everyday to remain focused..
Another step: don't let lifestyle creep happen!!
Just paid off final debt yesterday. Definitely feels good.
Congrats.
Yay!!!! You should be So proud of yourself!!!!!
Huyen wasn’t they
Congratulations!!!!
Congrats, now go buy something expensive because you earned it. TREAT YO SELF!
Credit cards are also a back-up in case your debit card gets locked out. I have three different zero balance credit cards to cover any scenario that arises. A one year emergency fund will take so much stress away and encourage investment and saving.
How kind of you to have the dream of buying your parents a condo. You’re so kind!
Last year I closed a credit card that I had for 10+ years and didn’t realize it would negatively affect my credit. My wife and I are in our early 30’s and are about to be debt free completely on July 19th 🙌🏼.
WOOO! Grats ^_^!
Are you debt free now??
Achievement unlocked, congratulations! Becoming debt free at such a young age is commendable
That's a good one, its time to invest your spare money and try reaching out to gerald anderson, he will help out in trading and you get to earn weekly.
'{{{]]],,prof,Gerald whatsapp
Congrats Rose! I think you forget to mention it helps a lot to live in States with low cost of living! I am still in CA :/ lol
I made my final mortgage payment on 2/21/2012 and became 100% debt free. It is an AMAZING feeling. I have so many options and am on the cusp of retirement at age 40. Bust yours so you can kick theirs!
I remember years ago when the government send me a paper congratulating me for fully paying my student loan. It was a great feeling.
This is a very timely video for me- I made my last credit card payment 2 hours ago. I plan on rewarding myself with a medium priced purchase, but not to reward bad behavior (don't get into debt), but instead by reaching saving milestones. Congratulation for paying off your debt and keep the great videos coming!
Thank you for recommending our book, Rose! Really glad it was helpful and so cool that you read it in 1 day. Wow. You rock!
I just finished reading your book. I loved it!
I LOVE your book Kristy! I read all of your blog posts and have followed for years you guys inspire me:)
Remember: when keeping your oldest credit card/s open for credit age, it's important to use it, even for one purchase, every 2 to 3 months. Otherwise, the bank can and will shut it without warning.
Some banks close if there's no purchase in over a year, and some of there's no purchase in 6 months or so. So use every now and then (and remember to pay it off)
I learnt this the hard way. The closed my oldest card without warning.
Subscribe to Netflix or to Disney+ with your oldest credit card once you've paid off the entire balance to keep it active.
Yes that happened to me. 5 cards closed and bought my score way down.
@@jalabi99 Yes I have small monthly reoccurrence and pay the amount off once it’s posted.
The dream is to help my parents as much as possible. You are so humble, genuine, smart & an empowered woman! Financial blessings will keep coming your way! Love it, girl power!!!
I love "Quit like a millionaire". It's a very good book.
The hardest part for people that get out of debt is they are so used to debt they get back into it. It's like yo yo dieting but with finance
Financial Lift Debt is central to the US economy. Without debt it collapses. You can see hundreds of bankruptcies happening to people and businesses happening right now due to large amounts of debt.
I always like to compare budgeting to dieting! Both require an immense amount of self discipline and control.
@@AdrienneInvests me too! And both have vulnerable people that fall to schemes like get rich quick or lose 100 lbs in a month. In the end it's long term hard work and lifestyle changes that work
That's the best love, when there is a lock head the best is to take the alternative, which is why I decided to make that one most important decision of my life to entrust my funds with gerald anderson and my profit comes every week from trading with him.
'{{{]]],,prof,Gerald whatsapp
I am on schedule to finish paying off more than $100K in student loans in two months, three years ahead of schedule - I’ve already made a wish list of debt-free rewards to splurge on. Thank you for your videos, they’ve helped me accelerate my debt payoff like crazy!
Having financial freedom is one thing and getting to maintain it is another. After being debt free for the first which feels very much good you have to set goals for yourself get what you need to be more comfortable in future and keep investing. Always keep emergency funds so you keep yourself out of debt.
You're correct. No one wants to be in debt forever most especially when you have the opportunity to be out.
there's nothing like a debt free life, I think it comes with a fresh air. You just get comfortable and keep smiling all day. That was how I felt the first time I was debt free, I made a total payment of $29425.
You're right. Making it out of debt is the first step and staying out is another. what investment are you in?
I invest in Forex, Arthur. That's the reason behind my success story and I never see myself going back to a life of debt.
You're absolutely right, Laura. Maintain a debt free life is what matters.
The dream is to help out my parents as much as possible! Thanks for being such a positive source of inspiration :)
@Juliana Galvis...you're an awesome young lady.
Omg nooona! this channel completely exploded! I remember subbing when we were at like 60k! I can’t wait to see videos of your new baaaaaby!
I actually paid off my student loan in Feb 2020 which was my new year resolution. I am now trying to save money to buy my new home which is my 2021 year resolution...lol... I would love it if you could show us the steps that you are making to save money for the coop that you want to buy for your parents Rose!!! 😊 I am actually using Zillow as well to get an idea of how the market is looking specially with COVID but any help on how to be focused would be great!!
Congratulations. I’ve been completely debt free for the last 3 years. Worked on my emergency fund and now I’m saving for my big pivot I have planned. Working on the podcasts I always wanted to put out (first one - No More Sleepless - just published) and then planning to increase my business from there.
I’m debt free too ❤️💫 Now I have a lot of money saved 😂
This is amazing advice!!! I became debt free this year as well back in March. It was really liberating and I rewarded myself with a bottle of my favorite champagne, a steak dinner, and a cigar. Congrats on becoming debt free and the cute Frenchie 😊
@@DrMath-kh5qj I most certainly am... Roth, 401K, real estate, etc 😊
Congrats! Debt-free lifestyle is amazing and I'll never go back to borrowing. Cash is Queen girlfriend.
Love your videos! Thanks so much for sharing all your tips. Its so nice to see another woman interested in finances. You are so sweet for wanting to buy your parents a condo. It's probably going to happen a lot sooner than you think and I'm genuinely so excited and happy for you! ❤️
Thank you. Just make sure you're investing for retirement too :)
She's a cutie, isn't she?
Congrats! Aww your soon to be new puppy is adorable. Great insights, thank you!
After we have our financial freedom, this is what we've done: Downsizing everything from home and auto. Buying everything from food & gas on one credit card with rewards miles or cash back. Make sure to pay it off each month without any interest charges. There are no taxes on capital gains from selling our home if its gain is less than ($500,000 If you're married, or $250,000 single). No matter how much we make, we'll never have enough. Life is too short to last long. Enjoy your early retirement while we're young & healthy!
So true
You're puppy is adorable! Please track your pet expense, I think it would be really helpful to see how much pets cost both initial costs for vet, but then long term for food and misc.
Great idea!! will do!
Thank you for sharing your wisdom with us! You’re an inspiration.
Thank you, Rose. I'm working on it...
thank you Rose! as always, very informative
That is a big accomplishment, I can’t wait to have that feeling
My favorite quote from this video was being debt free gives you the margin to care for others ♥️
Omg, the dog is so cute! Congrats being on debt free and thank you always for all your tip 😊😃🎉
Despite making financial mistakes.... I've never been over 1000 dollars in debt. High 700ds at most. Currently debt free.
@Investing with rose I'm already applying strategies that work for me. It's not got the results of options but ig has made me bank so far. Ty for the offer though
@Investing with rose I do love your videos and content tho. You da best
@Investing with rose what is your preferred email address?
Great analogy with the weight loss. It is great to have a plan for when you are debt free to avoid getting back in that slump. Superb video!
Thank you, I am able to see and use all the information you are producing on your channel. Thank You again. I and truly grateful!
Love your enthusiasm - thanks Rose
Congratulations! I paid off my student loans 2 years ago and it felt amazing! Good luck with your next steps!
Wow rose I totally agree with you! Thanks for inspiring me and my videos 💓
Thanks, Rose!! You have been a great inspiration for me. I have fixed a few things in my personal finances, it feels great.
So excited for your puppy !!!
Just make sure you're investing for retirement
Congratulations on being debt free! FIRE is definitely the goal, and now all of your money can be put towards accomplishing it. I really admire that you're working towards buying a place for your parents too -- having no chains of debt means being as generous as you want!
Love your videos so much! Binge watching ❤️ but definitely going to rewatch multiple videos Bc they are so informative! Thank you for making them! 💕
Awesome video! Thank you for sharing!
Great video - #1 is key - you need to celebrate your wins when you can. Thanks for sharing.
I am 56, and live debt free. All my credit cards are paid in full every month. I rent in CA, but own a condo in NV. The only thing I have left is to convert $156K from my IRA to a Roth. I realize I will pay uncle sam $30K in taxes. I do have 90K liquid, but since I'm in the low tax bracket, 12%. I could convert my IRA by $20k a year, and in 8 years I'll have all tax free money in my Roth. Right before Medicare kicks in. My plan is to retire with a million in my roth.
So helpful! Thank you!
Seriously thank you for providing a well written book for free. I learn best by seeing and the book broke all the accounts down for me. As someone who had been watching TH-cam videos for hours on the topics, trying to decipher between IRAs,104(K)s, and all the other lingo, your booked made it all click in less than 20 minutes.
I just paid off all of my student loans last week and joined the debt free club (yay)!!! This video was super helpful - thanks for all the great tips.
Congrats on being debt free and I am excited to see your new puppy!!
This video is great! I really appreciate the info. I'm a recent grad figuring out life, and this has taught me some of the stuff that school forgot to teach me!
Great video and important for a lot of young people out there 👏🏼🙏🏼 thanks for sharing
Love it! We aren’t debt free yet but we are super close (mortgages)The freedom you feel of not having much debt is awesome! SN: capital one 360 is a good one. I never see a lot of people talking about it but their rates have held well during this time.
I follow your investing recommendations love your videos keep them coming thanks Rose
Thanks for another great video. This makes me start thinking more about retirement specially when my 20s are almost over!
I LOVE “Quit Like A Millionaire” - Kristy is a hilarious author and I’ve read it through just when I felt like reading something a handful of times, not to mention the countless times I’ve re-read parts of it for a practical refresh on the subject
Seriously such a good book for FI!
Just binging all of these videos, thanks for all these great resources! I wish I was taught this stuff in school!
Well done. Great advice.
THIS!!!! Love this video. I will be out of debt this summer (again.. bought engagement ring.. she's happy though lol) and am putting together a next steps plan.
Shout out for your video on Fidelity zero index funds :)
You are such a lovely person, Rose. Thank you so much for going to so much trouble to make these extremely educational videos.
I wish you all the best and that you don't lose your drive.
😚
It's been 8 months for me, great video Rose! Congrats to you!
Thanks Rose. I recently discovered your videos and you have such great info! I recently became debt free too, so now Im exploring my options. I have to admit from suffering from paralysis by analysis right now!
Congratulations!! You are an inspiration!!
Great video! Thank you
Woohoo! Great job Rose on becoming debt free! I totally agree that everyone needs an emergency fund, especially now! I also love your discipline in automating your deposits. Great work, Rose!
Thanks for advice. I'm going to be debt free after 2 more years paying off my car
Thank you Rose. I am at least 5 years away so it's nice to watch this and consider what could be next! Great motivation
You're welcome, just make sure you're investing for retirement and I know a trustworthy and commendable investor who can help reach Mrs susan pedroza on IG susanpedroza_
I see Rose Shafa, I come running!! Thumbs up for you and investors everywhere!
Wow you just opened up a whole new world for me. Thank you SO much! subscribed!
@Investing With Rose Will do!
Hi Rose! I just found your channel. I'm so glad I found it. I don't know anything about finances so I'm really glad I found you. Subscribed!
Loved this. To the point
You inspired me. All of videos is so negotiable and I'm happy to know if you are more than willing to do it. You can make it. Looking forward for this rewards.😘
Thank you
I hope you're investing for retirements as well, cus that's the best thing to do. I'll gladly refer you to investor susan pedroza for investments Info reach her on IG susanpedroza_
Thank you look forward listening you every week..,.. peace out
You're highly welcome
@@investingwihrose3466 are you hacked? .. someone keep leaving number to contact you
Thank you . I learned something 🤗
Excellent video Sister.
Funner is a word..I use it everyday..lol like your content..its helpful in so many ways..following to the letter...sweet!!!fire!
I always enjoy your advice strategies and pleased to know people are living their dreams. I like your hair too. It came out nice.
I'll advice you invest the Susan pedroza..she has to best signals so far for trading which are very profitable. Reach her on IG susanpedroza_
Puppies are the BEST! congrats!
Congrats on paying off the student loan!! Feels Fantastic!! 🙂
Amazing video with great tips. I can't wait until the day I am debt free. Those student loans are no joke! I am hoping to be there in 5 years!
Squeeee!!🥰🥰 Can’t wait to see more of your puppy!!!
Congrats!!
Thank you
R o s e t h e I n v e s t o r 1 3 g m a I l c o m
OH YOUR DOG IS TOO CUTE! CONGRATS!!
Your puppy is so cute, Rose! I also want to save up for my own dog one day and would love to hear your input on how much to set aside for pet care costs
Will do!! :)
I have been aggressively stockpiling cash but it wasn't until I watched your videos that I realized that I need to pay down my debt instead. I originally planned to pay of my student loans in 7 years, but now my goal is 3 years!
Beautiful and debt free!!! The world is yours!!!!!
What are your thought on bk when absolutely necessary? Thank you Rose!
Paid off my debts 3 years ago. Best feeling ever. I was able to invest in videogames and traveling. Its an amazing feelings
Beautiful, smart and ambitious, deadly combination. Well done young lady👍🏽
it’s bizarre. now that i have my savings and sinking funds all set up on direct deposit - how the amount starts building is crazy!!!
I’ve been saving quite a bit for home improvements but because of Covid I don’t really want any strangers inside my house so I might redirect those funds towards buying a new-to-me car. Time to replace the 2004 Toyota :)
Hey Rose! I love your channel!!! Seriously. I did a complete overhaul of my finances after watching just a few videos. I’ve learned so much from you (I didn’t know about Roth IRAs or the tax benefits of HSAs before and now I’m doing both!) I have a question: what savings method do you recommend for properties down payments? Solely a high yield savings? Or should I invest it in a U.S treasury money market fund, municipal bonds or money market mutual funds? Any advice would be great! A whole video on this topic would be amazing!
I know a professional who can help, invest with susan pedroza, she is reliable and very trust worthy. Reach her on IG susanpedroza_
Investing With Rose I will! Thank you!!! ❤️
Just wanted to pop in saying thanks for all of these videos! Also you’re really pretty lol
Good video.
Great video. We are in our mid 30s and are debt free. Our first home will be paid off in the 3 months. Retirement is heavily funded and we are saving up for our dream home in cash. This was all done on modest average income and while having 4 children. It can be done, it pays to be different.