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My wife didn’t want us to spend money on a diamond engagement ring. Instead I got a “fake” diamond ring for a fraction of the cost. She loves it and it looks just like a traditional diamond ring. After a few months of engagement, no one ever asked to look at the ring anyways. I’m a lucky man with a great woman on our way to financial independence!
Yes brother! I one upped you though. I took silversmith lessons and bought a bicolour sapphire from a stone broker. Made my girl her ring with my own hands 😉 We're also having a downsized wedding.
As a gal, I think a pair of silver wedding bands will look as good. It's simple and pretty. I won't mind wearing it even if I become rich with millions in fortune
I'm 21 and been following these norms since I started making money, I safe, I invest. Finished college with no debt. Drive a well maintained used car. I don't celebrate birthdays (I often forget). I will be able to apply for a mortgage next year too. I honestly have more problem finding a partner crazy enough to retire with me at 35-40.
Hehe Laura!!! In terms of finding a partner interested in retiring early - many times it is just that people haven't even thought about it before their 40s. But, you can spread the word!!!
My husband I met at one and I thought so too until our local university gave my boys a scholarship which made it cheaper than a community college. It's important to explore as much as possible to get the optimal outcome.
But, you are watching them now and that is better than never (or later!)! AND you're getting your kids to learn about money and investing, too!!! I think that is FANTASTIC!!!
Wise words Michael!!! And let's add also those hefty lawyer/agent fees when buying (and selling). They go to about 4 years of rent!! If you buy and sell twice in a lifetime, that's already 16 years worth of paying rent!
Coming from an old guy. You are spot on! In addition, you have chosen to have a family which is the secret to a happy life! May I add one other value? Hard work! Most young people today choose high cost student loans ( which in reality increase tuition costs of traditional education by greedy universities and the like). My advice. Don't be afraid of hard work. Get the part time job to help pay for schooling or a skill that makes you markable. Save for a rainy day and keep your faith in God and those values that will have you walk with your chin up in down times where you keep your integrity. After all. Wealth is just stuff that you can't take with you when you are 6 ft. Under. It's only what you have in your brain and the love in your heart that transends it all. God bless your lives and the young children being brought up in a difficult world.
Unfortunately, the cost of a college education is way higher than it used to be. I had 3 jobs at the same time in college and still had to take out a small loan to make ends meet. It's not that young people aren't willing to work. It's that wages haven't kept up with inflation and the cost of education has skyrocketed.
My husband and I were just going off about this yesterday! 26 people didn’t show up to our wedding and we prepaid $75/pax. What a waste of money! Love these tips!
Wow! Thank you so much for sharing your comment! I can NOT imagine having people RSVP, cancel at the last minute, and then still having to pay for those cancellations! Another added expense! :(
@@sunshinexoxo6107 they did not! If we could do it all over again, we would host a private event in the backyard with 10 people and not pay anything. Total waste!
I absolutely agree regarding weddings, my husband and I spent just under $2,000 in 2017 and that includes accommodation for our guests, our weddings rings, our wedding outfits, etc.. We lived in Austin at the time and drove to the Grand Canyon to get married. $200 for a license to get married at a national park was much cheaper than getting married at a venue. No chairs or decor was needing. We rented a gorgeous chalet in Flagstaff, filled the home with food from Costco, and invited only 8 guests. I got my dress on clearance from Modcloth. We got puzzle rings in gold and silver from overseas. I made my bouquet from local flora the night before and tied it with twine. We even gave gifts--a number of beautiful prints that were affordable that we put into Goodwill frames that we painted. Overall, we had a magical experience and didn't spend more than we wanted. Our second option was a $500 wedding package in which we got married in the local botanical gardens. Honestly, if it's a short reception you don't need to feed your guests and you don't need to invite everyone you know anyway. The value you get from wedding gifts doesn't come close to what you spend per plate for catering. We didn't want the justice of the peace wedding, but we didn't want to spend too much, either. I don't feel like we cheaped out. The wedding looking like a million bucks even though it was shot on iPhone. We used natural beauty instead of decor and it worked out well. We also have a friend who simply got his online officiant qualifications for free and some people even have friends who have food and alcohol service licenses who can help work at the wedding. We basically had a low key event in which our guests just "hung out" around the chalet and ate what food we provided, we took walks, we laughed, we socialized. What could be better?
My son got married in 2019...because I did all the decorating and we found a local, beautiful venue...It cost a whopping $2000. Over 100 people in attendance. It cAn be done people...I agree with this whole souled!
@@OurRichJourney I am a huge DIY person. Also getting married in the off season...ie...winter, the venue was less than half price. Then because it was right after xmas was over, all the winter decor was on clearance. They had over 3500 twinkle lights. She was in heaven!
Two years ago I applied for a mortgage. As a single mom they approved me for $220,000 which where I live in the midwest can get you a decent place. But I told my realtor that I really didn't want to max that out because I didn't want a big mortgage. After spending some time looking I managed to find a tiny 480 sp ft cabin on a half acre on a lake, brand new septic and brand new well, nothing wrong but needs updating place for $80,000. I bought it in Dec 2019 and I'm so thankful that I did. My mortgage which includes taxes and insurance runs me $526 a month. I'm finally able to make progress with paying debt off, saving, investing, and I even had the money to start a side business.
That's wonderful, it's so much better to put sweat equity into a place especially if you're making improvements that the tax evaluator can't see from the outside of the property. I know so many people who made improvements that were visible on the outside of their home, so their taxes shot. up.
My husband and I absolutely love this channel and content. We’ve made plenty of mistakes and are staring late on our FI journey but we’re starting! Thank you for sharing your story and being an inspiration to many. We just purchased your excel workbook.
I was a supervisor at a call center early in my career and was astounded at the fact that most of my agents had nicer cars, clothes, and more expensive apartments than I did. Truly eye-opening moment that helped cement the beliefs I have today. You guys are my role models!
It's crazy how liberating it is knowing what's possible and what was holding one back. There are so many opportunities and it's great to hear the stories of others. Very inspirational! ✨
I’m conflicted about student loans because on one hand I know I could have had less total and been more educated on the dynamics of borrowing for school but on the other I was raised in poverty by grandparents who didn’t know anything about college. I have an awesome, lucrative career and I think student loans were an integral part of that but yes, it still sucks knowing I was driven in that corner.
Totally understand the conflict! You have a lucrative career and that is FANTASTIC! But, I understand what you mean about being in the situation where you had to take out loans. In the end, I think it sounds like you are in an amazing position - that is something to be very proud of!!!
the biggest financial norm is the whole basis that you have to work til your 65 at your job to be able to retire, the normal is instant gratification, spend all your money as soon as you get paid, buy new cars. i liked that one you guys talked about brand names, looking the part to be rich is not same as actually being wealthy.
Hi Amon and Christina, when I watched your 10 stages of financial independence journey, 2 years and 1 month back, I was at stage IV, now I am at Stage 7. Thanks for all the inspiration to keep going!
I was waiting for you to say car loan. I can say that I'm financially independent today in large part due to never having a car loan. My father told me early on that most people who drive fancy cars or trucks live paycheck to paycheck. I grew up around EXTREMELY wealthy ranchers in N.Cal that drove old beat up trucks. The vast majority of wealthy people are too smart to have fancy cars. They realize that a vehicle doesn't make the person. Investing that money and driving a safe used car goes a long way towards financial independence.
Robert - YES! You are so right! Add car loans to the list!!! We actually did a video on our $800 car! You can check it out here: Our $800 Car | Choosing Financial Independence Over the Joneses - th-cam.com/video/9_V-tI9Aryc/w-d-xo.html
I currently have a car loan. I had one many many years ago and said I'd never do it again but after 12 years of buying used car after used car that just broke down on me in a year or so, I gave up and got another one. I'm not really a car person, I don't care about flashy cars but reliability is huge for me. I tried buying from OfferUp, auctions, people I knew who were selling personal vehicles... we're all different. Don't just assume everyone with a car note is trying to be flashy.
I agree! I used to fantasize the idea of a nice car but one day I stopped and thought about it like half the time people don’t really see our car. I mean if you are trying too “look good” the better investment is in your personal appearance in nice quality clothing and staying fit vs a flashy car.
@@9jah4lyf you're buying the wrong cars then. A used toyota will run longer than you want it too. You will be wishing a toyota breaks down so you can get something new before it actually does
One decision we’ll never regret was setting a small (relatively) budget of $10k for wedding and honeymoon... then spending $8k of that on the honeymoon! For $2kish we were able to have an amazing small wedding at a state park. Certainly didn’t have the lavish gown or large crowd. But it was what we wanted on our terms.
Agree! I had planned to spend $1500 on a wedding on a public beach with my ex. Unfortunately, we broke up 6 weeks before the wedding. Fortunately, I was only out about $150 in deposits. ;)
I'm so impressed by their highlighting HIGH cost financial norms that other bloggers never mention, ie Storage units, weddings, houses, engagement rings, cars, retail credit cards... Wow, great job!
I did not know who made this quote. “Too many people spend money they haven't earned, to buy things they don't want, to impress people that they don't like.” ― Will Rogers I have heard Dave Ramsey say it quite often I did not know who said it. I have it printed up and taped to my door.
I was never on the "bags and tags train". I buy classical pieces and only buy things I love. This couple is what happens when you discuss money up front and work together to achieve a goal. Bravo.
I love all this. No matter how frugal we have been, here in our 30s with 4 kids feeling like all we will ever work for is student loan debt. It truly is such a huge burden. Wish we knew that years ago. Hoping we can teach our kids better. You guys are so so helpful.
Student loan debt can be really large for a lot of people. But, you can tackle it! Set mini-goals of how much you want to pay off each month. It can be hard to think about the total amount as it can seem discouraging. But, work on tackling it bit by bit (and celebrate the milestones)! And, like you said, you get to pass on your lessons to your children! :)
My husband maxed out his student loans long before I met him. To defer them, we searched for the cheapest online tuition rates at community colleges in the nation and once per year he takes 2 easy community college classes. So far, he's taken creative writing, Spanish, just about anything to be considered "half time" so he can defer his student loans another 6 months. With inflation, the value of his loans is shrinking despite interest so it seems worth it to us to spend $500/year on deferment through taking pretty easy online classes. Plus, he's continuing to learn and develop.
The second "norm" about storage units is situational and not necessarily a bad thing depending on the end goal because my wife and i have had a storage unit for 3 years now as part of our 5 year plan to prepare for retirement. In our case, we just bought our land and we're building our own home/infrastructure to be self sustaining through solar/rainwater catchment/growing our own food/raising animals. We arent just hoarding "stuff" that we dont need, its items we are now using to build our homestead (tools/equipment/building materials etc). And because we only bought these items when we could get a deal, its taken some time to accumulate the items because we are doing it debt free and we simply dont have the space to store it all at our townhouse right now. We are now starting to use those stored items in the building process which will take roughly a year to complete so we can retire early with a debt free comfortable life, living off the returns from our various investments.
I started my Fire journey 1 year ago in France. I sold my house and I rent a smaller one. I invested in real estate complex and Etf. I would like to tank you for the motivation. Everything is possible when the mindset changes and when we understand the rat race trap.
Excellent points! I tried to talk my parents into gifting us even a portion of what they intended to spend on our wedding instead of having the big shindig. My dad was interested but, sadly, my mom was not budging. That was nearly 30 years ago, which shows how long the wedding-industrial complex has been entrenched.
Yes! That's a good point! Not only is it about not spending too much on your own wedding, but parents should also be thinking about that, too (if they're paying or helping to pay for a child's wedding)!
I subscribed to at least half of these "norms" at some point in my life. I wish FIRE was around when I was in my 20's and we had these types of resources. I didn't know anybody back then who talked about living this way, or even thinking about becoming financially independent. Seemed like everyone, including me, had a "make more, spend more" attitude towards everything. On the right path now, but wish I had come around a lot sooner!
I love how the two of you work together. Everything that you say is so true. If only I could turn back the clock, but I can't. But it's never to late to learn, make changes in your life, and simplify things. From this day forward, regardless of your age or past, become un-normal. Life can only become better than what it is.
I was so excited to see you guys on Netflix! Right when I mentioned you guys to my husband your faces showed up on the screen and I was like THATS THEM!!! Hahah
Thanks! I started 'paying myself first' at 35 (now 36) despite of a small income, and was able to save even when my business was very low because of corona. I was lucky to find a tiny/garden house in someone elses garden. Lowering material standards is so freeing! Health is my priority, so I dont cut back on good food. My limit is the (still) low income though. I only hope it is not too late..it would be great to keep working until old age, out of abundance not out of need.
FI Content that goes back to your start of the channel. Always good to revisit that type of timeless content, always! We miss you in Usa, but glad you found happiness abroad. Thank you for helping others! Best Regards Rich
Man why it took me so long to find this channel ? Me and my partner are young students/professionals starting life and i'm personally very into investing recently, learning as max as possible and as much i can and it's something everyone should learn. Cheers from Portugal
DITTO !! Thanks for putting this out. There is a large amount of people in this country that need to hear this and really get it. We are coming up on our early retirement and as we talk to our neighbors and friends, they say they will be lucky to retire at 67.. which is just sad. They worked all their lives and had high paying jobs but have little to nothing set aside for the later years. Then there are those who say- I'm going to have to work till I die". Another terrible plan IMHO. Why not plan to be free? True freedom is not having to work for a paycheck. When people ask us how we paid our mortgage off early, or our daughter graduated from college without any debt, or how we have no car payments but pay cash for cars and keep them for 15 years +. Then see us going on trips all around the world, or going to festivals all over the place, and they are truly flabergasted. When we explain how we do it, they get that glazed look in their eyes and say things like, weeeeellll we couldn't do that. Need people to change their mindsets.
I opened up stock accounts for my 1yr and 2 yrs old grandchildren because I want them to have more opportunities. I was ignorant about money when raising their parents, but we are all working on undoing these outdated money patterns.
I had to show this to my husband when he wanted to spend my work bonus on an RH cloud sofa. It's going straight into our investments instead. Thank you for the reminder!!
Thank you guys for leading by example! Several of these "norms" I quit doing long ago, and friends/partners didn't understand me, but it's always encouraging to have role models like y'all to know that I'm not crazy! Keep up the good fight. Love every single one of your videos~
I started putting money into my IRA account, bought stocks at the age of 23 with $500, after 9 months I have $8500 in my account. My husband and I refinance our house, paid off car loans after 2 years, took out all unnecessary expenses, we also have a passive income. I am grateful I am surrounded with successful people and I am learning a lot from them!
You guys hit the nail on the head! I agree with all your points. I had no idea how much people were spending on storage, weddings, etc. Trying to keep up with the joneses is so stupid!
Couldn't agree more about saving on the wedding costs. Research shows that an expensive wedding directly correlates with relationship stress down the road. We spent 5k on our wedding (and $2500 of it was from our families). We had to get creative to pull it off, but it was a fabulous day and our guests had a blast!
Kathyrn - yes! That's a good point about expensive weddings and stress. It makes sense given that money/finances are a major contributing factor to divorces. Why add to the stress at the very beginning of a union?! :(
That is FANTASTIC! I LOVE that you're working hard to improve your financial situation AND that you plan to retire at 40 in nine more years!!! LOVE your goals!!!
One thing my husband and I splurged in was our wedding. We already max out our 401k and IRAs and have pretty high incomes. We live frugally most of the time and splurge on things that matter to us without going broke. No high-end name brand purses or clothes. Our wedding was $40k, but we did not go into debt paying for the wedding. We already had enough cash in our bank accounts without touching our emergency funds.
It’s Important to know that student loans vary widely from country to country. Student loans in the uk are very different from the US. In the UK and particularly Scotland student loans can actually be very reasonable
You hit it on the nose with this video! Everything you have said is so true. I'm feeling ashamed for being a part of the financial norms mentioned in your video. The good news is that I have shared your videos with my children and they are all (3) working towards financial independence and investing. Thank you for this great video. I will definitely share it with others.
No, no, no!!! Do NOT feel ashamed! These are norms for a reason - so many people accept them! You are not the only one. The good part is that you are aware of these things and thinking about them! In the future, you can now begin to question these norms. It is NEVER about not making mistakes - It is ALWAYS about learning from our mistakes!!! :) We are all here to learn!!! :) ❤️❤️❤️
I totally agree that spending tons on events like weddings, showers, etc. is a waste of money. With so many storage facilities I have said that if you need to put things into storage then you need to get rid of it instead. For me a big house means more cleaning so I would rather have a smaller home than a huge house and if you do hire a cleaning lady then you fall into this vicious cycle where to maintain a certain lifestyle you will be working forever.
This video HITS! Exposing the financial harms of these norms is 🎯. These are the things people just do without thinking of the alternatives, so even helping folks second guess those choices could make huge impacts on their pocketbook. As always, love your channel and so grateful for all the advice and information you give your viewers!
Thank you so much Jessica! So happy to hear you enjoyed the video! And I LOVE that you point out what a big difference it would be on the pocketbook if people started thinking about alternatives!!!
The information that you've provided in this video is the necessary deprogramming that many of us need to take our lives back from the grip of debt. Such words of wisdom. Thanks for sharing your journey.
It's too late for me to retire early but you're helping me to get my act together too fund my retirement. I'm in my 50s but now I can see that I can make up for some of my mistakes and lack of planning! Your videos are so helpful and so easy to understand and well thought out. Thank you so much!
Nancy - I LOVE that you are working towards funding your retirement! Early retirement is not everyone's goal - and it shouldn't be. Reaching financial independence and retiring comfortably (whenever that is for each individual person) is what people should aspire to! Congrats on moving towards that!!!
Also, I wouldn’t advise parents to spend their liquid cash on their college students’ education.. I know many of my coworkers that did that and now they can’t even retire ..
That's a good point! So many ways to get college paid for without having to drain savings and investing (and also without going into debt)! Here's a link to our video on how to get college paid for: 8 Ways to go to COLLEGE for FREE (or pay little) - Our Best Hacks to Graduate Debt Free - th-cam.com/video/-42606DSRYM/w-d-xo.html. I would love for all of our AMAZING followers and subscribers to also share their ideas (commenting below!) on how to attend college for free! Give people ideas!!! :)
Thank you! I was so happy that I only fell into one of the categories “student loans” for the last semester of graduate school. I managed to find jobs that paid for college. My 17 year old introduced me to investing over a year ago and you guys go me to research Index Funds. Again, thank you for sharing your life experience.
Yes, work study is a great option while in school! And I love that you are learning about investing with your 17 year old! I love when families can learn to invest together!!!
Made the decision to go to community college the week before I started uni! I don't regret it. I wish I discovered your channel earlier! You inspire me so much, my dream is to be like you both!
I have done most of this but working for a small non profit is slowing me down on the road to retirement. Time to retrain for a different career. I am going to look for scholarships all along the way.
We have Anglo/American friends who lived in Wales for 15 years (three-bedroom house, no children) and always paid for storage. We couldn't understand what on earth they needed it for ... they had two 'empty' bedrooms. Five years ago, they moved back to the US and took all that stuff with them. Needless to say, they immediately hired more storage. As a couple who veer towards minimalism we cannot imagine why they would pay for twenty years of storage ... I doubt they can even remember what it is they are storing. Love your channel, by the way. We live in Portugal too and love this country.
You guys are so amazing! Whenever I need a little financial motivation I come to your channel and I feel inspired all over again! Thank you for doing what you do! 🍄
Conditioned to believe brand names= elite status....yes!!! This is such a trap that Americans have fallen for. We are conscious in this aspect and it saves our family $$. Which adds up over time. As a new, younger investor I appreciate all of these videos so much. Thank you!
Love the idea of rejecting status symbols. I am still driving a 2007 sedan (bought used) and it works just fine. No car payment and haven't had a big fix in 4 years! My partner and I are also pursuing zero waste. Buying used has also been incredible for our savings goals. On track to save at least 60% of my gross income this year. 😊🔥🎉
I've done a $50 wedding at the justice of the peace (or was it $75) and also a $250 Las Vegas wedding. Both were great - and not because I wanted to save money, but because I don't have the time or inclination to plan that kind of stuff.
30k is crazy but I enjoy my wedding day to this day. I lovely looking at my photos with my children. The most wonderful day surrounded by family and friends and photos of my dad before he died. Utterly priceless x
Sometimes, it's an investment for brand name items. For example, a nice rare Rolex actually appreciates in value. A nice pair of clothes that's well made and likely from a brand name can save you money over the years from buying new clothes to replace cheap damaged clothes.
I love this. These are the things I speak to my clients about. It’s important to educate people and break the chains of poverty and you guys are doing that. Awesome!
Thank you so much Sheila! So happy to hear our information is helping you and that you're feeling inspired!!!! We really appreciate you sharing that with us!
Hi Amon & Christina 🙋🏽♀️ Such an informative video. I enjoyed it. Thank you for always sharing your wisdom with us. Have a beautiful week & see you next Sunday. Greetings from New Jersey🤗.
The last one you mention, I think for many it is that they think investing means buying and selling stocks and doing all that stuff you see in movies on the Wall Street stock floor. Your videos help people know the basics that most do not want normal people to know.
Hi guys, love your channel! Would you ever consider making a video disclosing the actual numbers that got you to retire early? How much money did you make and how much you were investing every month?
Thank you for sharing these topics! We also do not invest in 1-day events and did NOT have a wedding because it didn't spark joy in our lives or in our financial freedom journey. After paying off $300,000+ in student loan debt from medical/pharmacy school, we look back and also hope to inspire students to explore other options and make educated decisions.
@@OurRichJourney Thank you Christina and Amon! It was a 74 month journey that taught us a lot including decreasing expenses only goes so far - increasing income is key to faster debt payments!
My favourite point is the one on falling victim to the advertising machine that makes me THINK I need something that I truly do not need. Thank you for raising that because I want to be intentional about living below my means, wearing generic things, eating generic things, using generic cleaning products, driving a generic car etc.
Yes! Being intentional with your money is so important! But, it begins with being aware of how you think when you make your purchases (and what advertisers try to make you think)! Sounds like you are ahead of the curve now!!! :)
I have a little over $1600 US from saving half of my earnings for almost a year now. I'm looking to invest $700 into some corporate bonds and I'm really starting to look into other investment opportunities. I'm trying to not overthink it but I feel like I have to do a whole lot of research to find out what will be best for me. I'm also trying to go on work and travel next yr (I'm from Jamaica btw) so I won't have to take student loans. I don't feel like a degree will help me land a job here in JA but I need one still, no matter what discipline. Wish me luck! Oh, I'm also gonna start subbing and watching more vids about financial independence because u hv to surround yourself with people that have the kind of life you want.
The dynamic financial duo at it again! Thanks for choosing to sacrifice your precious time in sharing your success with others. You are a blessing! (Mack Sr. 1993 Vallejo)
You guys are rock stars, in great part because you believe in helping others succeed as well...you share your knowledge so generously and lovingly...thank you! God bless you and your beautiful family!
Another great video reinforcing good financial habits....I hit a major milestone earlier this year in investing and right now it's the "Rich Journey" video archives for me!
Of course I'm totally about improving my financial situation like anyone else. What I wouldn't do is retire early. I love my job, so I intend to keep working for as long as I can.
Yes, we've broken all these norms as well. It's sometimes hard to be weird in out society, though. We get asked a lot why we have a 2014 model toyota and that maybe we should upgrade to a 'safer' car, or why we live an apartment when we have 2 toddlers instead of a house with a garden, seperate bedrooms for each kid and an extra room for storage and another for guests. And this is europe! We live in the netherlands where space is scarce and expensive. Thanks you guys for sharing your story and making us weirdos feel normal. I love your content on how you teach your kids about money. I would totally take a course or working group on that if you did it.
Wedding case is 100% true, and it happens to my hometown, in which they believe if the event is not big enough, then it is not a wedding. So much money wasted just to impress and to convince others that we are rich.
Graduated with my doctorate in August, six figures in debt, with a degree in a field the pandemic has made me realize I don't want to be in. To say there is regret is an understatement. Not much I can do about it now except get a job in the field and try to pay off my debt ASAP so I can do something else.
I'm sorry to hear that. Paying off your debt/reaching financial independence can provide more options. And perhaps once the dynamics around the pandemic start changing, maybe you will find more happiness in your field. Not sure what your field is. Either way, we are rooting for you!
thank you for sharing your financial wisdom...I have been following your channel over the last several years and it's the most educational among all other channels with similar content---i really learnt a lot from you
Great video guys. Most of our friends and family think we're crazy and constantly comment on how we should be buying 'new' / 'branded' / 'shiny' but we've worked in marketing and know it's just nonsense - they just don't get it when we say we prefer to spend our money on things that give our lives value! They just can't make the connection of why we can work so much less, are freer to live how we want (just spent 6 months in beautiful Portugal!) but still have a more stable financial position than any of them!
So true! You definitely have the insight working in marketing!!! Unfortunate that your friends and family can't see your perspective. But, keep doing what you are doing! You will notice that more and more will ask you how you are doing it once they realize that what they are doing isn't working for them!
I think it takes people to make crucial financial mistakes to get them on the right path to wealth. I also know people who would rather live in the moment. I was one of the people who was just straight ignorant about growing my wealth.
Yes, there is a lot of YOLO (You Only Live Once) type of thinking that also keeps people from growing their wealth! But. like you said, mistakes help people grow!
Such good advice and most of which I followed myself. It’s not easy to make wiser choices than your peers. You must have self esteem and confidence to lead yourself but it’s worth it. This vid has encouraged me to invest more money, since that’s the only advice I have lacked on in my financial freedom.
Small homes, especially in good/safe neighborhoods, are hard to come by here. I really wish it was a more common option. I just find it strange instead of mansions or tiny homes more people aren't just going through a cycle where they are looking for less extremes to reduce expenses and carbon foot print.
Such a good point! The average size of homes have gone up and builders are looking to satisfy those big home purchases! And such a good point about the carbon foot print!
So true, small homes in safe affordable areas are almost non existent, I have a decent size home, under 2000 sq feet in an ok area. Unfortunately when you live in an affordable area, crime is not too far away, fingers crossed it doesn't make it's way too our neighborhood!
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My wife didn’t want us to spend money on a diamond engagement ring. Instead I got a “fake” diamond ring for a fraction of the cost. She loves it and it looks just like a traditional diamond ring. After a few months of engagement, no one ever asked to look at the ring anyways. I’m a lucky man with a great woman on our way to financial independence!
Ben - that is brilliant! You are so right - No one asks to look at the ring after a while! Great savings idea!
Boy did you dodge a bullet with that one... congrats!
Yes brother!
I one upped you though. I took silversmith lessons and bought a bicolour sapphire from a stone broker. Made my girl her ring with my own hands 😉
We're also having a downsized wedding.
We did the same thing! People love her ring, not knowing it is Masonite.
As a gal, I think a pair of silver wedding bands will look as good. It's simple and pretty. I won't mind wearing it even if I become rich with millions in fortune
I'm 21 and been following these norms since I started making money, I safe, I invest. Finished college with no debt. Drive a well maintained used car. I don't celebrate birthdays (I often forget). I will be able to apply for a mortgage next year too. I honestly have more problem finding a partner crazy enough to retire with me at 35-40.
Hehe Laura!!! In terms of finding a partner interested in retiring early - many times it is just that people haven't even thought about it before their 40s. But, you can spread the word!!!
I am one them so you'll probably find more crazy wanna retire early
@@OurRichJourney Damn, here I am loving my job so much I hope my career last 40+ years
How did u finish college without Debt? I need help lol
lol....you are in Great position. There are people out there just like us!!
Community college saves a lot of money. Also, the Hope scholarship in Georgia saved my youngest a lot of money. Great topic today.
Yes! The Hope Scholarship is incredible! We have a friend in Georgia that is also planning for that. Her daughter is still in high school!
My husband I met at one and I thought so too until our local university gave my boys a scholarship which made it cheaper than a community college. It's important to explore as much as possible to get the optimal outcome.
27 years old, 90K in assets, still growing 💪🏼thanks for the valuable advices ✅
FANTASTIC job Nicolas!!!
which assets do you have?
Which asset??
I'm 19 and YOU, sir, are where I aspire to be! So excited to retire before 40!
If you paid $1000 for a couch, it's not a $1000 asset. It's a $50 asset.
Wish I had your videos 30 years ago when I was in my 20's. Trying to get my kids to watch them.
But, you are watching them now and that is better than never (or later!)! AND you're getting your kids to learn about money and investing, too!!! I think that is FANTASTIC!!!
My eyes were opened when I finally distinguished Stock Trading from Investing. Not all of us can Stock Trade, but we can all invest.
Yes Mathete! We can all invest - well said!
Yes!!
How to invest and where to invest? As we know investing means stock market... am I right ✅🤔
What do you mean?
What kind of stock can one invest in?
On buying a house: People know how much they paid for their house, but usually do not know the total interest they pay back to the bank.
Yes - the interest can be quite shocking!
And the taxes, insurance, maintenance, additions, etc.
Wise words Michael!!! And let's add also those hefty lawyer/agent fees when buying (and selling). They go to about 4 years of rent!! If you buy and sell twice in a lifetime, that's already 16 years worth of paying rent!
Yessss the interest is dam near the the price of the price of the house
Buy rentals and make your tenants pay for those houses AND your house. Problem solved.
I got married at the justice of the peace for $50 too. Now we have a house!
Yes! I would gladly have the ability to buy a house in exchange for an expensive wedding any day!!!!
Me too!🙌🏽 With the money we updated our bathroom and kitchen!
My husband and I did the same, 33 years ago it was $35 and included the flowers.
How do I convince my fiancee of this?
@@reeserichardson8377 Tell her that you will be debt free in 15 years :)
Coming from an old guy. You are spot on! In addition, you have chosen to have a family which is the secret to a happy life! May I add one other value? Hard work! Most young people today choose high cost student loans ( which in reality increase tuition costs of traditional education by greedy universities and the like). My advice. Don't be afraid of hard work. Get the part time job to help pay for schooling or a skill that makes you markable. Save for a rainy day and keep your faith in God and those values that will have you walk with your chin up in down times where you keep your integrity. After all. Wealth is just stuff that you can't take with you when you are 6 ft. Under. It's only what you have in your brain and the love in your heart that transends it all. God bless your lives and the young children being brought up in a difficult world.
I LOVE that additional point - HARD WORK! It will definitely make a difference!
Unfortunately, the cost of a college education is way higher than it used to be. I had 3 jobs at the same time in college and still had to take out a small loan to make ends meet. It's not that young people aren't willing to work. It's that wages haven't kept up with inflation and the cost of education has skyrocketed.
My husband and I were just going off about this yesterday! 26 people didn’t show up to our wedding and we prepaid $75/pax. What a waste of money! Love these tips!
Wow! Thank you so much for sharing your comment! I can NOT imagine having people RSVP, cancel at the last minute, and then still having to pay for those cancellations! Another added expense! :(
Wow! I hope they all put something in your bridal registry account. That's rude.
@sunshine xoxo - Yes! I sure hope so, too!
@@sunshinexoxo6107 they did not! If we could do it all over again, we would host a private event in the backyard with 10 people and not pay anything. Total waste!
I absolutely agree regarding weddings, my husband and I spent just under $2,000 in 2017 and that includes accommodation for our guests, our weddings rings, our wedding outfits, etc.. We lived in Austin at the time and drove to the Grand Canyon to get married. $200 for a license to get married at a national park was much cheaper than getting married at a venue. No chairs or decor was needing. We rented a gorgeous chalet in Flagstaff, filled the home with food from Costco, and invited only 8 guests. I got my dress on clearance from Modcloth. We got puzzle rings in gold and silver from overseas. I made my bouquet from local flora the night before and tied it with twine. We even gave gifts--a number of beautiful prints that were affordable that we put into Goodwill frames that we painted. Overall, we had a magical experience and didn't spend more than we wanted. Our second option was a $500 wedding package in which we got married in the local botanical gardens. Honestly, if it's a short reception you don't need to feed your guests and you don't need to invite everyone you know anyway. The value you get from wedding gifts doesn't come close to what you spend per plate for catering. We didn't want the justice of the peace wedding, but we didn't want to spend too much, either. I don't feel like we cheaped out. The wedding looking like a million bucks even though it was shot on iPhone. We used natural beauty instead of decor and it worked out well. We also have a friend who simply got his online officiant qualifications for free and some people even have friends who have food and alcohol service licenses who can help work at the wedding. We basically had a low key event in which our guests just "hung out" around the chalet and ate what food we provided, we took walks, we laughed, we socialized. What could be better?
My son got married in 2019...because I did all the decorating and we found a local, beautiful venue...It cost a whopping $2000. Over 100 people in attendance. It cAn be done people...I agree with this whole souled!
Wow! That is AMAZING!!! You need to share your wedding planning skills!!! :)
@@OurRichJourney I am a huge DIY person. Also getting married in the off season...ie...winter, the venue was less than half price. Then because it was right after xmas was over, all the winter decor was on clearance. They had over 3500 twinkle lights. She was in heaven!
Brilliant!!! I can just imagine the beautiful twinkle lights!
Two years ago I applied for a mortgage. As a single mom they approved me for $220,000 which where I live in the midwest can get you a decent place. But I told my realtor that I really didn't want to max that out because I didn't want a big mortgage. After spending some time looking I managed to find a tiny 480 sp ft cabin on a half acre on a lake, brand new septic and brand new well, nothing wrong but needs updating place for $80,000. I bought it in Dec 2019 and I'm so thankful that I did. My mortgage which includes taxes and insurance runs me $526 a month. I'm finally able to make progress with paying debt off, saving, investing, and I even had the money to start a side business.
Wow! This is such a great comment! Thank you for sharing your story! Yes You Can!!!❤️
That's wonderful, it's so much better to put sweat equity into a place especially if you're making improvements that the tax evaluator can't see from the outside of the property. I know so many people who made improvements that were visible on the outside of their home, so their taxes shot. up.
My husband and I absolutely love this channel and content. We’ve made plenty of mistakes and are staring late on our FI journey but we’re starting! Thank you for sharing your story and being an inspiration to many. We just purchased your excel workbook.
Sherria - that is FANTASTIC that you and your husband are on the FIRE journey together! Plenty of mistakes also provides plenty of lessons to learn!
I'll bet your mistakes don't match mine. Stay positive!
You two are a dynamic duo. I need to find someone who has the right financial mindset.
Aww, thank you so much!!!! :)
100%
I was a supervisor at a call center early in my career and was astounded at the fact that most of my agents had nicer cars, clothes, and more expensive apartments than I did. Truly eye-opening moment that helped cement the beliefs I have today. You guys are my role models!
yes! I can imagine! Truly eye-opening!
It's crazy how liberating it is knowing what's possible and what was holding one back. There are so many opportunities and it's great to hear the stories of others. Very inspirational! ✨
Thank you! Yes - there are so many opportunities!
Yup, my partner and I agreed about not spending a lot of money on one time events, like wedding and birthdays. Thanks!
I think that's a fantastic agreement!
@@OurRichJourney kink :
The student loan debt one gets me, my dad researched the various funding for my uni and I finished without debt.
That is FANTASTIC! Congrats on graduating with no debt!
Wish many people would know what he did to help you the way he was able too.
I’m conflicted about student loans because on one hand I know I could have had less total and been more educated on the dynamics of borrowing for school but on the other I was raised in poverty by grandparents who didn’t know anything about college.
I have an awesome, lucrative career and I think student loans were an integral part of that but yes, it still sucks knowing I was driven in that corner.
Totally understand the conflict! You have a lucrative career and that is FANTASTIC! But, I understand what you mean about being in the situation where you had to take out loans. In the end, I think it sounds like you are in an amazing position - that is something to be very proud of!!!
the biggest financial norm is the whole basis that you have to work til your 65 at your job to be able to retire, the normal is instant gratification, spend all your money as soon as you get paid, buy new cars. i liked that one you guys talked about brand names, looking the part to be rich is not same as actually being wealthy.
Hi Amon and Christina, when I watched your 10 stages of financial independence journey, 2 years and 1 month back, I was at stage IV, now I am at Stage 7. Thanks for all the inspiration to keep going!
Rajiv - That is FANTASTIC!!!!!! Congrats on moving all the way up to stage 7!!!!
Hey Amon&Christina. I am new on this informative channel. How can I know those 10 stages of financial independence. I wanna fix my financials. Thanks
Hi Blaise! Here is out link to the video we did on it: Reaching Financial Independence: See Our Ten Stages - th-cam.com/video/nZZH9ANNziQ/w-d-xo.html
@@OurRichJourney Thank you guys. Let me learn
I was waiting for you to say car loan. I can say that I'm financially independent today in large part due to never having a car loan. My father told me early on that most people who drive fancy cars or trucks live paycheck to paycheck. I grew up around EXTREMELY wealthy ranchers in N.Cal that drove old beat up trucks. The vast majority of wealthy people are too smart to have fancy cars. They realize that a vehicle doesn't make the person. Investing that money and driving a safe used car goes a long way towards financial independence.
Robert - YES! You are so right! Add car loans to the list!!! We actually did a video on our $800 car! You can check it out here: Our $800 Car | Choosing Financial Independence Over the Joneses - th-cam.com/video/9_V-tI9Aryc/w-d-xo.html
I currently have a car loan. I had one many many years ago and said I'd never do it again but after 12 years of buying used car after used car that just broke down on me in a year or so, I gave up and got another one. I'm not really a car person, I don't care about flashy cars but reliability is huge for me. I tried buying from OfferUp, auctions, people I knew who were selling personal vehicles... we're all different. Don't just assume everyone with a car note is trying to be flashy.
I agree! I used to fantasize the idea of a nice car but one day I stopped and thought about it like half the time people don’t really see our car. I mean if you are trying too “look good” the better investment is in your personal appearance in nice quality clothing and staying fit vs a flashy car.
Robert, I heard that's what Sam Walton of the Walmart family drove for years, a beat up pickup truck!
@@9jah4lyf you're buying the wrong cars then. A used toyota will run longer than you want it too. You will be wishing a toyota breaks down so you can get something new before it actually does
One decision we’ll never regret was setting a small (relatively) budget of $10k for wedding and honeymoon... then spending $8k of that on the honeymoon! For $2kish we were able to have an amazing small wedding at a state park. Certainly didn’t have the lavish gown or large crowd. But it was what we wanted on our terms.
Yes Eric! Doing it on your terms is most important!!! I would also much rather spend money on a honeymoon than a wedding! :)
Agree! I had planned to spend $1500 on a wedding on a public beach with my ex. Unfortunately, we broke up 6 weeks before the wedding. Fortunately, I was only out about $150 in deposits. ;)
Very smart! Im going to use this
I’m currently planning this now! Having a tiny ceremony, backyard reception, and then two weeks on a dream honeymoon.
I'm so impressed by their highlighting HIGH cost financial norms that other bloggers never mention, ie Storage units, weddings, houses, engagement rings, cars, retail credit cards... Wow, great job!
I did not know who made this quote.
“Too many people spend money they haven't earned, to buy things they don't want, to impress people that they don't like.”
― Will Rogers
I have heard Dave Ramsey say it quite often I did not know who said it. I have it printed up and taped to my door.
Yes! I really love that quote! Such a great quote to tape up and see daily!
I was never on the "bags and tags train". I buy classical pieces and only buy things I love. This couple is what happens when you discuss money up front and work together to achieve a goal. Bravo.
Agreed. I am dealing with the aftermath of having high student loan debt. Definitely explore other options.
Yes - student loans can get very high. There are other options! :)
What are other options?
I love all this. No matter how frugal we have been, here in our 30s with 4 kids feeling like all we will ever work for is student loan debt. It truly is such a huge burden. Wish we knew that years ago. Hoping we can teach our kids better. You guys are so so helpful.
Student loan debt can be really large for a lot of people. But, you can tackle it! Set mini-goals of how much you want to pay off each month. It can be hard to think about the total amount as it can seem discouraging. But, work on tackling it bit by bit (and celebrate the milestones)! And, like you said, you get to pass on your lessons to your children! :)
My husband maxed out his student loans long before I met him. To defer them, we searched for the cheapest online tuition rates at community colleges in the nation and once per year he takes 2 easy community college classes. So far, he's taken creative writing, Spanish, just about anything to be considered "half time" so he can defer his student loans another 6 months. With inflation, the value of his loans is shrinking despite interest so it seems worth it to us to spend $500/year on deferment through taking pretty easy online classes. Plus, he's continuing to learn and develop.
Definitely gotta be a rule-breaker to escape the American Grind. Cheers to you all!
Yes - must break free from the grind!!!
This is the truth! 💯
The second "norm" about storage units is situational and not necessarily a bad thing depending on the end goal because my wife and i have had a storage unit for 3 years now as part of our 5 year plan to prepare for retirement. In our case, we just bought our land and we're building our own home/infrastructure to be self sustaining through solar/rainwater catchment/growing our own food/raising animals. We arent just hoarding "stuff" that we dont need, its items we are now using to build our homestead (tools/equipment/building materials etc). And because we only bought these items when we could get a deal, its taken some time to accumulate the items because we are doing it debt free and we simply dont have the space to store it all at our townhouse right now. We are now starting to use those stored items in the building process which will take roughly a year to complete so we can retire early with a debt free comfortable life, living off the returns from our various investments.
Thank you for sharing your perspective on that! It sounds like you have a solid plan
for your storage. I'm excited about your homestead!!!
I started my Fire journey 1 year ago in France. I sold my house and I rent a smaller one. I invested in real estate complex and Etf.
I would like to tank you for the motivation. Everything is possible when the mindset changes and when we understand the rat race trap.
Thank you for point that out!!! It is all about mindset! So true!!!
Excellent points! I tried to talk my parents into gifting us even a portion of what they intended to spend on our wedding instead of having the big shindig. My dad was interested but, sadly, my mom was not budging. That was nearly 30 years ago, which shows how long the wedding-industrial complex has been entrenched.
Yes! That's a good point! Not only is it about not spending too much on your own wedding, but parents should also be thinking about that, too (if they're paying or helping to pay for a child's wedding)!
I subscribed to at least half of these "norms" at some point in my life. I wish FIRE was around when I was in my 20's and we had these types of resources. I didn't know anybody back then who talked about living this way, or even thinking about becoming financially independent. Seemed like everyone, including me, had a "make more, spend more" attitude towards everything. On the right path now, but wish I had come around a lot sooner!
I love how the two of you work together. Everything that you say is so true. If only I could turn back the clock, but I can't. But it's never to late to learn, make changes in your life, and simplify things. From this day forward, regardless of your age or past, become un-normal. Life can only become better than what it is.
It is NEVER too late to learn! You are so right Diane! Starting today is better than starting tomorrow, right?! :)
I was so excited to see you guys on Netflix! Right when I mentioned you guys to my husband your faces showed up on the screen and I was like THATS THEM!!! Hahah
Nice. Where on Netflix?
Haha! You've got perfect timing Lacey! Thanks for watching!
How and what’s it called!! Love your channel!
Is it called 'Money Explained' via Vox on Netflix?
Lacey, Deenus, and Em - Thank you!!! It's Money, Explained on Netflix! :) We just added a screenshot of it to our TH-cam community page! :)
I agree with (almost) everything. I love me some luxury watches, but I get the point. We don't go into debt for them, and they bring us joy.
Thanks! I started 'paying myself first' at 35 (now 36) despite of a small income, and was able to save even when my business was very low because of corona. I was lucky to find a tiny/garden house in someone elses garden. Lowering material standards is so freeing! Health is my priority, so I dont cut back on good food. My limit is the (still) low income though. I only hope it is not too late..it would be great to keep working until old age, out of abundance not out of need.
FI Content that goes back to your start of the channel. Always good to revisit that type of timeless content, always! We miss you in Usa, but glad you found happiness abroad. Thank you for helping others! Best Regards Rich
Thank you Rich! We love that you can revisit the videos!
Man why it took me so long to find this channel ? Me and my partner are young students/professionals starting life and i'm personally very into investing recently, learning as max as possible and as much i can and it's something everyone should learn. Cheers from Portugal
DITTO !! Thanks for putting this out. There is a large amount of people in this country that need to hear this and really get it. We are coming up on our early retirement and as we talk to our neighbors and friends, they say they will be lucky to retire at 67.. which is just sad. They worked all their lives and had high paying jobs but have little to nothing set aside for the later years. Then there are those who say- I'm going to have to work till I die". Another terrible plan IMHO. Why not plan to be free? True freedom is not having to work for a paycheck. When people ask us how we paid our mortgage off early, or our daughter graduated from college without any debt, or how we have no car payments but pay cash for cars and keep them for 15 years +. Then see us going on trips all around the world, or going to festivals all over the place, and they are truly flabergasted. When we explain how we do it, they get that glazed look in their eyes and say things like, weeeeellll we couldn't do that. Need people to change their mindsets.
I opened up stock accounts for my 1yr and 2 yrs old grandchildren because I want them to have more opportunities. I was ignorant about money when raising their parents, but we are all working on undoing these outdated money patterns.
I had to show this to my husband when he wanted to spend my work bonus on an RH cloud sofa. It's going straight into our investments instead. Thank you for the reminder!!
Good timing Julia! Happy to help you add to your investments! :)
Thank you guys for leading by example! Several of these "norms" I quit doing long ago, and friends/partners didn't understand me, but it's always encouraging to have role models like y'all to know that I'm not crazy! Keep up the good fight. Love every single one of your videos~
Wow! Thank you so much for your kind words Cameron! I LOVE that you quit those norms already! Onward and upward!!!
I started putting money into my IRA account, bought stocks at the age of 23 with $500, after 9 months I have $8500 in my account. My husband and I refinance our house, paid off car loans after 2 years, took out all unnecessary expenses, we also have a passive income.
I am grateful I am surrounded with successful people and I am learning a lot from them!
You guys hit the nail on the head! I agree with all your points. I had no idea how much people were spending on storage, weddings, etc. Trying to keep up with the joneses is so stupid!
Thank you Ashwat! Trying to keep up with the Joneses definitely can take a hit on the savings-investing/FIRE journey!!!
One of the most expensive costs we have is car ownership, few people consider the depreciation, insurance, fuel and maintenance costs.
Couldn't agree more about saving on the wedding costs. Research shows that an expensive wedding directly correlates with relationship stress down the road. We spent 5k on our wedding (and $2500 of it was from our families). We had to get creative to pull it off, but it was a fabulous day and our guests had a blast!
Kathyrn - yes! That's a good point about expensive weddings and stress. It makes sense given that money/finances are a major contributing factor to divorces. Why add to the stress at the very beginning of a union?! :(
Great video like always ❤ I have made many mistake but have been working hard for a year to improve my financial situation. Im 31, will retire by 40!
That is FANTASTIC! I LOVE that you're working hard to improve your financial situation AND that you plan to retire at 40 in nine more years!!! LOVE your goals!!!
One thing my husband and I splurged in was our wedding. We already max out our 401k and IRAs and have pretty high incomes. We live frugally most of the time and splurge on things that matter to us without going broke. No high-end name brand purses or clothes. Our wedding was $40k, but we did not go into debt paying for the wedding. We already had enough cash in our bank accounts without touching our emergency funds.
It’s Important to know that student loans vary widely from country to country. Student loans in the uk are very different from the US. In the UK and particularly Scotland student loans can actually be very reasonable
I wish I found you guys years ago! I can't tell you how much I've already benefitted from this channel. Thank you for what you do!
Aww Leslie - thank you so much for saying that!!!! We're so happy you found our channel and that you're finding it useful!
Having not watched the video yet here is what I love: you look happy and in love in both pictures of your thumbnail. That makes me happy.
You hit it on the nose with this video! Everything you have said is so true. I'm feeling ashamed for being a part of the financial norms mentioned in your video. The good news is that I have shared your videos with my children and they are all (3) working towards financial independence and investing. Thank you for this great video. I will definitely share it with others.
No, no, no!!! Do NOT feel ashamed! These are norms for a reason - so many people accept them! You are not the only one. The good part is that you are aware of these things and thinking about them! In the future, you can now begin to question these norms. It is NEVER about not making mistakes - It is ALWAYS about learning from our mistakes!!! :) We are all here to learn!!! :) ❤️❤️❤️
I totally agree that spending tons on events like weddings, showers, etc. is a waste of money. With so many storage facilities I have said that if you need to put things into storage then you need to get rid of it instead. For me a big house means more cleaning so I would rather have a smaller home than a huge house and if you do hire a cleaning lady then you fall into this vicious cycle where to maintain a certain lifestyle you will be working forever.
Another great point - bigger house is more cleaning!!! Thanks for watching!
Wow...I fully retired at 39 too. Congratulations to both of you.
CONGRATULATIONS Iwa!!!!❤️
@@OurRichJourney Thank you, family. Continued blessings to you and the family.
This video HITS! Exposing the financial harms of these norms is 🎯. These are the things people just do without thinking of the alternatives, so even helping folks second guess those choices could make huge impacts on their pocketbook. As always, love your channel and so grateful for all the advice and information you give your viewers!
Thank you so much Jessica! So happy to hear you enjoyed the video! And I LOVE that you point out what a big difference it would be on the pocketbook if people started thinking about alternatives!!!
The information that you've provided in this video is the necessary deprogramming that many of us need to take our lives back from the grip of debt.
Such words of wisdom. Thanks for sharing your journey.
I love how you guys break things down into ideas that are easy to understand. So glad I found your channel!
Thank you so much Kelley! We're so glad you found our channel, too!
It's too late for me to retire early but you're helping me to get my act together too fund my retirement. I'm in my 50s but now I can see that I can make up for some of my mistakes and lack of planning! Your videos are so helpful and so easy to understand and well thought out. Thank you so much!
Nancy - I LOVE that you are working towards funding your retirement! Early retirement is not everyone's goal - and it shouldn't be. Reaching financial independence and retiring comfortably (whenever that is for each individual person) is what people should aspire to! Congrats on moving towards that!!!
Also, I wouldn’t advise parents to spend their liquid cash on their college students’ education.. I know many of my coworkers that did that and now they can’t even retire ..
That's a good point! So many ways to get college paid for without having to drain savings and investing (and also without going into debt)! Here's a link to our video on how to get college paid for: 8 Ways to go to COLLEGE for FREE (or pay little) - Our Best Hacks to Graduate Debt Free - th-cam.com/video/-42606DSRYM/w-d-xo.html. I would love for all of our AMAZING followers and subscribers to also share their ideas (commenting below!) on how to attend college for free! Give people ideas!!! :)
Thank you! I was so happy that I only fell into one of the categories “student loans” for the last semester of graduate school. I managed to find jobs that paid for college. My 17 year old introduced me to investing over a year ago and you guys go me to research Index Funds. Again, thank you for sharing your life experience.
Yes, work study is a great option while in school! And I love that you are learning about investing with your 17 year old! I love when families can learn to invest together!!!
Made the decision to go to community college the week before I started uni! I don't regret it. I wish I discovered your channel earlier! You inspire me so much, my dream is to be like you both!
YES - so much savings there!!! Congrats on starting college! We are so happy you discovered our channel!!!
I have done most of this but working for a small non profit is slowing me down on the road to retirement. Time to retrain for a different career. I am going to look for scholarships all along the way.
We have Anglo/American friends who lived in Wales for 15 years (three-bedroom house, no children) and always paid for storage. We couldn't understand what on earth they needed it for ... they had two 'empty' bedrooms. Five years ago, they moved back to the US and took all that stuff with them. Needless to say, they immediately hired more storage. As a couple who veer towards minimalism we cannot imagine why they would pay for twenty years of storage ... I doubt they can even remember what it is they are storing. Love your channel, by the way. We live in Portugal too and love this country.
You guys are so amazing! Whenever I need a little financial motivation I come to your channel and I feel inspired all over again! Thank you for doing what you do! 🍄
Aww, we are so happy to motivate!!! Thanks for checking in!!! :)
Conditioned to believe brand names= elite status....yes!!! This is such a trap that Americans have fallen for. We are conscious in this aspect and it saves our family $$. Which adds up over time. As a new, younger investor I appreciate all of these videos so much. Thank you!
Love the idea of rejecting status symbols. I am still driving a 2007 sedan (bought used) and it works just fine. No car payment and haven't had a big fix in 4 years! My partner and I are also pursuing zero waste. Buying used has also been incredible for our savings goals.
On track to save at least 60% of my gross income this year. 😊🔥🎉
60% Savings - that is FANTASTIC! And I LOVE your goal of zero percent waste!
I've done a $50 wedding at the justice of the peace (or was it $75) and also a $250 Las Vegas wedding. Both were great - and not because I wanted to save money, but because I don't have the time or inclination to plan that kind of stuff.
Time and desire are also other factors! Thanks for your comments Lisa!
30k is crazy but I enjoy my wedding day to this day. I lovely looking at my photos with my children. The most wonderful day surrounded by family and friends and photos of my dad before he died. Utterly priceless x
Sometimes, it's an investment for brand name items. For example, a nice rare Rolex actually appreciates in value. A nice pair of clothes that's well made and likely from a brand name can save you money over the years from buying new clothes to replace cheap damaged clothes.
Thanks for sharing John!
I love this. These are the things I speak to my clients about. It’s important to educate people and break the chains of poverty and you guys are doing that. Awesome!
Yes! Making every generation better than the generation before! Thanks so much for watching!
Thanks for your advice guys! I may not live in the US but some of your advice/s have either been inspiring or useful. Please keep it up! Thanks.
Thank you so much Sheila! So happy to hear our information is helping you and that you're feeling inspired!!!! We really appreciate you sharing that with us!
Hi Amon & Christina 🙋🏽♀️
Such an informative video. I enjoyed it. Thank you for always sharing your wisdom with us. Have a beautiful week & see you next Sunday. Greetings from New Jersey🤗.
Hi there Judith!!! So good to hear from you every Sunday! Hope you're having a great day!!! See you next Sunday!!!
The last one you mention, I think for many it is that they think investing means buying and selling stocks and doing all that stuff you see in movies on the Wall Street stock floor. Your videos help people know the basics that most do not want normal people to know.
Hi guys, love your channel!
Would you ever consider making a video disclosing the actual numbers that got you to retire early? How much money did you make and how much you were investing every month?
Yes - thanks for the video suggestion!
That would be great!
Thank you for sharing these topics! We also do not invest in 1-day events and did NOT have a wedding because it didn't spark joy in our lives or in our financial freedom journey. After paying off $300,000+ in student loan debt from medical/pharmacy school, we look back and also hope to inspire students to explore other options and make educated decisions.
WOW! You are a rock star!!! That is FANTASTIC that you paid off $300K in student loans!!! So inspiring!
@@OurRichJourney Thank you Christina and Amon! It was a 74 month journey that taught us a lot including decreasing expenses only goes so far - increasing income is key to faster debt payments!
Yes - increasing income is a great way to get there faster!!!
you guys are doing good work...to bad anti consumerism isn't cool or sexy. hopefully someone who needs to hear your message is open to receiving it.
My favourite point is the one on falling victim to the advertising machine that makes me THINK I need something that I truly do not need. Thank you for raising that because I want to be intentional about living below my means, wearing generic things, eating generic things, using generic cleaning products, driving a generic car etc.
Yes! Being intentional with your money is so important! But, it begins with being aware of how you think when you make your purchases (and what advertisers try to make you think)! Sounds like you are ahead of the curve now!!! :)
I have a little over $1600 US from saving half of my earnings for almost a year now. I'm looking to invest $700 into some corporate bonds and I'm really starting to look into other investment opportunities. I'm trying to not overthink it but I feel like I have to do a whole lot of research to find out what will be best for me. I'm also trying to go on work and travel next yr (I'm from Jamaica btw) so I won't have to take student loans. I don't feel like a degree will help me land a job here in JA but I need one still, no matter what discipline. Wish me luck!
Oh, I'm also gonna start subbing and watching more vids about financial independence because u hv to surround yourself with people that have the kind of life you want.
The dynamic financial duo at it again! Thanks for choosing to sacrifice your precious time in sharing your success with others. You are a blessing! (Mack Sr. 1993 Vallejo)
You guys are rock stars, in great part because you believe in helping others succeed as well...you share your knowledge so generously and lovingly...thank you! God bless you and your beautiful family!
Thank-you I have been telling people the same thing for 50 years. Very good!
Keep spreading the word Glenn!!! :)
Excellent information, very useful for anyone on the journey for financial wellness. Thanks for sharing.
I love you guys!! You both are such an inspiration for my future life and my future family ❤️
That is so sweet of you to say! Thank you Megan!
Another great video reinforcing good financial habits....I hit a major milestone earlier this year in investing and right now it's the "Rich Journey" video archives for me!
CONGRATS on hitting your milestone!!! So glad you're including us on your journey!!! Thank you!!!
Of course I'm totally about improving my financial situation like anyone else. What I wouldn't do is retire early. I love my job, so I intend to keep working for as long as I can.
Sounds good!!!
What's your job if I may ask? Looking for a career change!
New here and absorbing this information. I don’t want to work until I am too old to enjoy the fruits of my labor.
Wow! Super-duper early! Grand Rising, Beautiful People! 🌞
Yes! Time zone error on that one! LOL! But so happy you were up to watch early! ❤️
Yes, we've broken all these norms as well. It's sometimes hard to be weird in out society, though. We get asked a lot why we have a 2014 model toyota and that maybe we should upgrade to a 'safer' car, or why we live an apartment when we have 2 toddlers instead of a house with a garden, seperate bedrooms for each kid and an extra room for storage and another for guests. And this is europe! We live in the netherlands where space is scarce and expensive. Thanks you guys for sharing your story and making us weirdos feel normal. I love your content on how you teach your kids about money. I would totally take a course or working group on that if you did it.
Thank you Aarabi! I like being a bit of a weirdo! Hehe! Weirdos unite!!!😂😂😂
I thought the Dutch were thrifty 😂
Wedding case is 100% true, and it happens to my hometown, in which they believe if the event is not big enough, then it is not a wedding. So much money wasted just to impress and to convince others that we are rich.
Graduated with my doctorate in August, six figures in debt, with a degree in a field the pandemic has made me realize I don't want to be in. To say there is regret is an understatement. Not much I can do about it now except get a job in the field and try to pay off my debt ASAP so I can do something else.
I'm sorry to hear that. Paying off your debt/reaching financial independence can provide more options. And perhaps once the dynamics around the pandemic start changing, maybe you will find more happiness in your field. Not sure what your field is. Either way, we are rooting for you!
thank you for sharing your financial wisdom...I have been following your channel over the last several years and it's the most educational among all other channels with similar content---i really learnt a lot from you
Aww, thank you so much!!!❤️
Your videos are simple, straight to the point , insightful and soooo inspiring. Love you guys! You bring us hope. :D
Thank you so much Nessa!
Great video guys. Most of our friends and family think we're crazy and constantly comment on how we should be buying 'new' / 'branded' / 'shiny' but we've worked in marketing and know it's just nonsense - they just don't get it when we say we prefer to spend our money on things that give our lives value! They just can't make the connection of why we can work so much less, are freer to live how we want (just spent 6 months in beautiful Portugal!) but still have a more stable financial position than any of them!
So true! You definitely have the insight working in marketing!!! Unfortunate that your friends and family can't see your perspective. But, keep doing what you are doing! You will notice that more and more will ask you how you are doing it once they realize that what they are doing isn't working for them!
Its amazing how some of the best tips are hiding in plain sight! I love all of the help your channel is providing for people!
I think it takes people to make crucial financial mistakes to get them on the right path to wealth. I also know people who would rather live in the moment. I was one of the people who was just straight ignorant about growing my wealth.
Yes, there is a lot of YOLO (You Only Live Once) type of thinking that also keeps people from growing their wealth! But. like you said, mistakes help people grow!
Such good advice and most of which I followed myself. It’s not easy to make wiser choices than your peers. You must have self esteem and confidence to lead yourself but it’s worth it. This vid has encouraged me to invest more money, since that’s the only advice I have lacked on in my financial freedom.
So glad the video encouraged you to invest Angela!!!
Small homes, especially in good/safe neighborhoods, are hard to come by here. I really wish it was a more common option. I just find it strange instead of mansions or tiny homes more people aren't just going through a cycle where they are looking for less extremes to reduce expenses and carbon foot print.
Such a good point! The average size of homes have gone up and builders are looking to satisfy those big home purchases! And such a good point about the carbon foot print!
So true, small homes in safe affordable areas are almost non existent, I have a decent size home, under 2000 sq feet in an ok area. Unfortunately when you live in an affordable area, crime is not too far away, fingers crossed it doesn't make it's way too our neighborhood!