Lucifer Morningstar Better? Better like your grammar when starting a sentence with lower case letters? No schools do not teach this as a required course.
Tip #8: Always remember that money is a tool, not a goal. Too many people in our society are obsessed with earning money just for the sake of having lots of it.
Number 4 is so relevant to me. Instant gratification is my biggest weakness. It requires skill to know what the differences between "wants" and "needs" !
you know the best way to stop that? say you see a item you want to really buy. wait 24 hours, and if you still really want it go back and buy it. Majority of the time you won't go back and be glad you didn't spend the money
robotaustin12 I usually wait about 3 days. That usually works for me in terms of deciding wether or not I should buy the thing I am interested in in the first place. Usually by the end of the third day I decide not to get whatever it is. That’s just me but it’s a trick that does help.
Try the glass jar method. When you pass up buying something, put that money in a glass jar. At the end of the month, put the contents of the jar in a savings account. Before you know it, you’ll have a vacation.
Frosty Spikes this is absolute genius, i never saw it in that perspective - you just saved me a whole lot of money and time deciding whether I should buy something or not (i am too indecisive) thank you
i live minimalist and zero waste and tiny house so i saved a lot of money and learned a lot in downsizing, i learned need one fork one spoon one knife one bowl one dish instead of 20 cabinets full of them and I don't even use it ... that's a small example
I use to have a fat paycheck each month until one day i made a GOOD decision there was one downside my income dropped 85% leaving me below the poverty line . I changed my way of living and had some financial good and bad times . Nowadays i am living a life on a small pension but i have learned that i actually don't need a lot . So i am living a very simple life and have never felt so happy .
totally true , i never felt better happier of grid , i think people should risk it a bit and make better life for them selves i used to be a hoarder so glad not anymore makes feel always fresh
i think i will try these tricks as i have experienced few one in my daily life. like not buying the things right away. later, i was happy that i didn't waste my money in something that wasn't so important to buy at the moment.
The problem with #7 is most people tend to increase their expenses when they increase their income... so I think you should do a mix of both...minimize expenses and increase income
Numbers 1 - 5 and 7 are all part of the time honored and very successful Dave Ramsey "Total Money Makeover" plan, I've used his plan and passed his message on to others who now follow his plan. Number 6 was new to me and interesting. Great video, thanks!
I have a part time job and to help me save money I find something expensive I want and start saving towards it, Once I start getting close to being able to afford it I find something move expensive to start saving for. For example I'm into Over Under shotguns and they can be VERY expensive. When I started my part time job I started saving for a 2k shotgun and once I saved $1500 I went and found a $5,000 dollar shotgun. I soon realized that I didn't want to spend all that money on one thing so I just kept saving and saving. In my opinion the hardest thing is to get started because my mentality was "Why would I save $100 from each pay check, it will take forever to save a good bit of money" but once I started seeing my savings account grow I didn't want to let go of that money!!
There's no secret to making money - expenses 1£ and 1 penny, Income 1£, result misery; income 1£ and 1 penny, expenses 1£, result happiness. This is how you should base your life - apart from that,, once you've built up those pennies, it's all about buying low and selling high.
I would add to have concrete goals, and knowing what you want to spend your money on. Like building a house, retirement, paying for education or vacation. Aimlessly living gives no incentive on saving the right way. But if there is something specific to work towards, you are much more likely to actively monitor your expenses and income.
Thanks MR. Brian I watch a lot of your videos. For the last 4 years I have paid off 40,000 dollars of debt n now I'm debt free n was still able to put away $600 a month in my retirement fund at work. I have a small business on the side and I'm always watching videos n reading different books on how to save n invest. Just want to say I really appreciate the easy to understand videos you release on you tube.
One thing I do is put a percentage of my paycheck into a savings account in a totally separate bank. With a high interest yield. Anything in my primary account is used for bills and any luxuries. Anything leftover at the end of the pay period, I transfer to the savings account. That way I only have the money from a single pay period to spend, anything leftover is saved. This really helps me out. My net income was negative 4 months in a row. It has been positive ever since.
Some good tips here. I started using Mint to check what I spend money on. It is easy and free, and you can really track a lot of different expenses. It saves me a ton of time then my old spreadsheet...
FYI: expenses and income does not go on the balance sheet, it goes on a statement called Income Statement. The Balance sheet reports your assets, liabilities and equity.
This video was really helpful in providing tips on how to really save money. Today we are all encourage to consume and the high cost of goods and services also make it somewhat impossible to save. A simplified tips on saving will encourage everyone to do what they find to be difficult.
I agree, saving money is important, but I'm also working on finding ways to increase my income, specifically ways to add value to the world. I suggest you do to the same, thanks for your thoughts, and I hope you enjoyed this video :)
I'm learning this now because my school doesn't teach it. I'll make sure my friends and I know how to save and spend only on necessities (most of the time). Thank you, internet. I'm 15, but I want to make sure I know everything I can ahead of time. Here we go!
Tips for gamers: 1. Don’t buy games day one wait a month or 2 2. If you can wait till Christmas or Black Friday online sales 3. If you don’t care for console exclusives buy a pc 4. Don’t buy games you don’t have time to finish 5. Don’t buy random games that you only have slight interest in 6. Limit the amount you buy to about 3-5 “must haves” a year 7. Don’t preorder 8. Look at a variety of reviews before buying 9. Find a comparison price site for games or look at multiple sites for the cheapest option 10. Stop paying retail the price will always eventually drop 11. If low on money play retro games as their cheap or use emulators for free on pc, boom thousands of free games
I don't like number 7 because it means sacrificing living your life for the sake of earning more money. My family strives to spend less so we can live more, not because we want to be rich or afford expensive stuff. Using cash instead of a card really does help, though. I usually don't carry money with me at all unless I am planning on buying something (and this is an actual plan, not last minute decision). Also, ALWAYS make a list before you go to a store, even if it is just for one thing. Having a list and only buying what is on that list helps you avoid impulse buying.
I thought that was great advise. I had an awful experience with a credit union over allowing creditors access to my account but that was a personal issue . I particularly like the idea about reading if your trying to find a job you want to spend time with. Might I suggest "Think and Grow Rich" " The Magic of Believing" " Awaken the Giant Within" "Personal Power" and the mountain of books from college text from a cheap book stores on personal money management to include those by non college authors.
I like this video. I've watched it twice now and my favorite part is how I learn something but I don't have to spend 7,8,10,15min or more to learn 7 things
Food is not a little thing, it is the most important thing you spend your money on. Many good tips though, especially the one about waiting a week to buy toys and gadgets that you want.
This is really one of the best clips about this subject I have ever seen. It's like I made it myself, except that you explained it much better than I could! Nice job dude!
Such a good point about paying with cash vs a CC/DC. Love the balance sheet idea, it's like writing down everything you eat to see how many calories you consumed. Great video!!
Tip #1 (use cash instead of a card) doesn't work for me personally. Cash to me is like some sort of bouncing money that don't count. I serve in a restaurant and we rarely get cash tips, but when we do it's whatever, extra cash, not even considered being an income, because it's not a part of a paycheck. So what I do sometimes is I put it away, collect a decent amount and then deposit it to my checking account. Swiping my card psychologically hurts me as opposed to using cash.
Here is a good tip. At my bank you can have multiple checking accounts. What I do is figure out what my bills cost every month then when I get paid every week I transfer x amount to a checking account for my monthly bills. Then transfer x amount to my savings account. The money left over is what I live off for the week ( gas,food ). If you want to really save money your best bet is to get out of debt other than your home. With no debt you can save a lot more money. IMO you should first pay the minimum on all bills and save a few grand for emergencies and put it in your savings account. You do not use that money for anything but an emergency. Then you pay the minimum on every debt other than the smallest, pay as much as you can on that.When you pay that smallest debt off move to the next smallest debt. If you use any of the emergency money you switch to minimum payment until your emergency fund is replenished then continue to pay as much as you can on your smallest debt. IMO you accomplish paying off debts by focusing on one at a time and avoid any un-necessary spending (restaurants,bars or anything you don’t need to survive). Once your debts are paid you can save a ton of money and life is just a lot easier. No one should own more than one credit card and you really shouldn’t use it unless it’s an absolute emergency.
+sbnsbaker1 Same here. As long as I have Cash in my wallwallet I feel like I can spend it. If I use my card I have to think about what I can afford or I will spend more than I have.
Number one is good...and to add on to that try and bring cash as well when you go on trips so you know thats the money you are supposed to spend and how much you want to bring back as well...I just recently did that and only spent less than half of what I bought with me...
Problem with paying everything in cash is that you miss out on the opportunity to profit from credit card reward system. This is not has farfetched as it sounds since you can get your credit card to pay itself in full at the end of the month so you never have to pay interest. About increasing your income, it's never a bad idea, but keep in mind that it gets eaten by income tax so 1$ earned is more like 0,70$, depending on your bracket. On top of that you might need to spend money for it like hiring a babysitter if you plan to do overtime. Also to buy something worth 1$ you need to pay 1,15$ (again depending on how much tax your place of living charges). So reducing spending should still be on your mind. Also, for people who do not care much for asking their job to split their paycheck, most bank now have online account where you can manage automatic money transfer yourself. Recommended reading: The wealthy Barber (and it's sequel Wealthy Barber Return) I Will Teach You To Be Rich (I almost skipped that book due to it's stupid title)
No it's basic budgeting and research really. My credit card has no annual charge. 1 to 2% cashback return depending on categories. It automatically transfer needed fund to pay it fully. The cashback is transferred at the end of every month to a dedicated saving's account. My budgeting is also pretty simple I use the pay yourself first (retirement, emergency savings, etc) then I pay for the unavoidable stuff (mortgage, home/car insurance) then I spend what is left.
Hey I love ur Videos , they r simple , shorty and teach u so much more than u think u will learn . Also u spoke on how we should focus on creating more value , could u exclusively make video telling more on that :)
Hi, I just wanted to say that you make great videos and I really enjoy watching them. The only thing I am upset about is that I discovered them so late, but hey, better late than never! Thank you for taking you time and sharing your experience with books. Keep up good work. :)
This is some good advice. But I can't agree that gas is a luxury. The area I live in you need gas in your car to get to work. Also it is more expensive to take public transportation to work. So I always include gas as a bill for the month and budget it as so.
Hers's a tip: Try not to eat fast food each week. if you manage to do that, reward yourself with money that you would have payed for the food. this will not only save money, but will defiantly assist you in losing weight.
This is very helpful video. But i have a question about the video. The third tip says to manage a "Monthly statement". My qustion is here. Can i manage any types of statement. I mean, can i use computer or online notepad to manage it?
Oh, you can use any service. I like to use notepad and pencil since it's easier to look at and super cheap. There are tons of free apps and services you could also use :)
(20 seconds intro blahblah) *1. use cash,* it's more painful to spend your money with 100 dollar bills than using a credit card (20 seconds of self promotion) *2. automatic deductions:* send some money to a savings account you can't withdraw from *3. monthly statement:* write down all your expenses to see where the money is going *4. avoid advertising:* it will reduce the likelyhood of impulse buying *5. wait before you buy something,* and see if you still want it later *6. turn prices into hours:* think about how many hours you need to work for an item before you buy it *7. increase income instead of reduce expenses* that's about it not a bad video, but no need to watch the whole thing ;)
I 100% always spend more money in cash than I do if it's on the card. The reason is because a card can always get unexpectedly declined. When you have the cash it's pretty much a done deal.
I don’t like having cash on me. Its very easy to lose or fall out of pockets. I prefer the ease of not worrying about giving the exact amount/the change. So debit card
Excellent video. Thank you for the hard work you put into this. I'm now going to actively apply this in real life. Not many YT channels influence their audience the way you do. You have a gift man. Keep producing awesome stuff, you're fucking GREAT at it!
The times in which the financial security of tomorrow was a fact, passed. We are in the 21st century and unfortunately the world has lost its moral values, spiritual and faith. Many have said that due to lack of backbone of people to come in this financial meltdown, and definitely so it is, but in this article we will talk about the greedy who want to rule the world, but how we survive in this world, how we can save more money they have. We all need money so we can buy some products, but not all know how to keep them, so today we talk to those people who can not keep the money.
I’m not disputing the fact that you can spend less using cash howeverI don’t use cash simply because you can lose it or it can be stolen and secondly you can be given counterfeit money in your change... And I always pay contactless or with Apple Pay
If You break that crisp 100$ bill you will just fritter away the rest. One of the main advantages to using cash is its much easier to keep track of your money, 5-100$ withdrawals is much better than 27 debit transactions that will take days to drift in, esp if you overdraw! Oh & Never overdraw! a 35$ fee for a coffee is pretty rough, 1/3 of all bank income is over draft fees.
Thank You for these money saving tips.lots of people make it sound easy but is hard to save when you really need it for Bill's and stuff but this tips something different and so special.I understand what you mean thanks for the helpful video
I get $480 from SSI monthly and I already have $130 left...I need figure out how to spend my money wisely. Write everything out that I buy and what I need. I'm stressed for the rest of the month.
Few days back I bought a heat protector spray for my hair for $6 which didn't work out well. I just didn't want to return it coz I thought it was JUST $6. Then this thought overpowered me that $6 is HALF AN HOUR OF EXTREME LABOUR JOB I better get it returned...I'm not rich but for some reason if anything is under $10 I feel it is not worth it to make a trip and go through the trouble of exchanging or returning the item. I need to change my mindset altogether I guess coz they all add up so fast.
I think people needed this information more now because of how the economy is kinda... imploding upon itself. I know you made this a long time ago... but thank you, Theodore.
I go virtual shopping, ebay fill up basket, vomit at total, delete basket... boom no money spent and alot of asking who I needed such expensive crap 😂😂
That’s a good one !!!! I’m gonna just wait before I buy something. So I think my issue is PATIENCE 🤔.... waoo! I just learn something that is gonna help me save a lot of money .. thanks BRO.. SUBSCRIBED 👍
+Practical Psychology thanks for the response!, well you asked me, I would like to see a video about finding mentors that will help you become better, I'm struggling right now with that area. Maybe you would be of help with your vid. thanks again
chris mosher , actually, extracting an income statement is prerequisite to statement of assets and net worth, rectify misconceptions, but do not laugh at it. We all are mistaken at some point in our lives Have peace!
that great it will help me to save money. Psychology is the science of our behavior. if i can change myself to buy unnecessary things i can save some. that 7 trick will help lot. thank u.
great advice! This is how I think when I see clothes i want buy. I think I gotta have it,but how many hours or days do I have to work for that outfit plus I have a ton of clothes anyway. Thanks!
If only schools taught this type of material
they do and they do it better
Lucifer Morningstar Better? Better like your grammar when starting a sentence with lower case letters? No schools do not teach this as a required course.
His speciality must be numbers.
ohhhh they do.
Ethan Joe they dont
Tip #8: Always remember that money is a tool, not a goal.
Too many people in our society are obsessed with earning money just for the sake of having lots of it.
This!
Perfectly put
This just changed my outlook...
lol
Demitri Noh that's because every body says to get a good job and make a lot of money and don't be no bumass nigga
Number 4 is so relevant to me. Instant gratification is my biggest weakness. It requires skill to know what the differences between "wants" and "needs" !
you know the best way to stop that? say you see a item you want to really buy. wait 24 hours, and if you still really want it go back and buy it. Majority of the time you won't go back and be glad you didn't spend the money
robotaustin12 I usually wait about 3 days. That usually works for me in terms of deciding wether or not I should buy the thing I am interested in in the first place. Usually by the end of the third day I decide not to get whatever it is. That’s just me but it’s a trick that does help.
My problem for not saving money is I am tempted to buy a food even though I'm not hungry, I ended up spending more money on food
Try the glass jar method. When you pass up buying something, put that money in a glass jar. At the end of the month, put the contents of the jar in a savings account. Before you know it, you’ll have a vacation.
But you'll spent it all again on vacation instead of saving it for basic needs.
Rule of thumb is Never buy something you can't pay double for. Example if you can't afford double a car payments, then you're going to go in dept.
This is a great idea, never heard of it before, thanks!
Frosty Spikes double the car payment (per month) after all your expenses like bills and grocery, or before all of that.
Frosty Spikes this is absolute genius, i never saw it in that perspective - you just saved me a whole lot of money and time deciding whether I should buy something or not (i am too indecisive) thank you
Frosty Spikes rule if thumb is mange wants and needs wisely
Look up grant cardone everyone
I'm saving money for travel because moments and memories and more valuable
It feels good knowing that someone is on the same page as me.
Stay poor then bitchess
Guess I'm not the only one who messed up financially, and started to look for financial management videos lol
Money saving tip: Learn to do EVERYTHING yourself. Cooking, car mechanics, basic repairs etc. Go MGTOW!
***** For most people thats not a realistic scenario..
Great way to increase unemployment even more.
Luffy Monkey It will have other positive effects :)
and you think he will repair his car during work hours? and even if he does if car repair costs ~100$ and he earns 5$/h he'll save 75$
***** If you value money more than your well being then sure. Theres no one stopping you from bringing your work home with you..
i live minimalist and zero waste and tiny house so i saved a lot of money and learned a lot in downsizing, i learned need one fork one spoon one knife one bowl one dish instead of 20 cabinets full of them and I don't even use it ... that's a small example
I use to have a fat paycheck each month until one day i made a GOOD decision there was one downside my income dropped 85% leaving me below the poverty line .
I changed my way of living and had some financial good and bad times .
Nowadays i am living a life on a small pension but i have learned that i actually don't need a lot .
So i am living a very simple life and have never felt so happy .
totally true , i never felt better happier of grid , i think people should risk it a bit and make better life for them selves i used to be a hoarder so glad not anymore makes feel always fresh
I used to only own a bowl to eat and drink from, but one day I say a child drinking water by cuping it in his hands. Since then, I threw my bowl away.
Aha :)
"Would you work half an hour for that burger? Yup." 😂
Best way to save money - Dump your girlfriend.
best way to save money- don't date a gold digger?
Praveen501 Or just get a girlfriend that doesnt charge you for it.
GOD you are fucking right... That's why you are GOD.
nailed it. woeman are a bad investment.. they can't even cook and clean these days... buy fucking clown make up and just get fat in no time...
GOD ALMIGHTY what conforms as a 'good' boyfriend? spending money on your fat ass?
i think i will try these tricks as i have experienced few one in my daily life. like not buying the things right away. later, i was happy that i didn't waste my money in something that wasn't so important to buy at the moment.
The problem with #7 is most people tend to increase their expenses when they increase their income... so I think you should do a mix of both...minimize expenses and increase income
Numbers 1 - 5 and 7 are all part of the time honored and very successful Dave Ramsey "Total Money Makeover" plan, I've used his plan and passed his message on to others who now follow his plan. Number 6 was new to me and interesting. Great video, thanks!
+Mike Kilo Awesome! Thanks for sharing this, I'll have to check it out :)
+Practical Psychology Dave Ramsey has an awesome selection of books. Please review.
Nice tricks, i agree with you. Using cash rather than cards. Thank you
I have a part time job and to help me save money I find something expensive I want and start saving towards it, Once I start getting close to being able to afford it I find something move expensive to start saving for. For example I'm into Over Under shotguns and they can be VERY expensive. When I started my part time job I started saving for a 2k shotgun and once I saved $1500 I went and found a $5,000 dollar shotgun. I soon realized that I didn't want to spend all that money on one thing so I just kept saving and saving. In my opinion the hardest thing is to get started because my mentality was "Why would I save $100 from each pay check, it will take forever to save a good bit of money" but once I started seeing my savings account grow I didn't want to let go of that money!!
There's no secret to making money - expenses 1£ and 1 penny, Income 1£, result misery; income 1£ and 1 penny, expenses 1£, result happiness. This is how you should base your life - apart from that,, once you've built up those pennies, it's all about buying low and selling high.
Patrick S explain so more, please, I'm trying to understand?
I would add to have concrete goals, and knowing what you want to spend your money on. Like building a house, retirement, paying for education or vacation. Aimlessly living gives no incentive on saving the right way. But if there is something specific to work towards, you are much more likely to actively monitor your expenses and income.
Thanks MR. Brian I watch a lot of your videos. For the last 4 years I have paid off 40,000 dollars of debt n now I'm debt free n was still able to put away $600 a month in my retirement fund at work. I have a small business on the side and I'm always watching videos n reading different books on how to save n invest. Just want to say I really appreciate the easy to understand videos you release on you tube.
at what point do u just start living life,
Were is ur comments
+Chazz Matazz hmmm?
When you find an ambition
Isaac Amoah whats your point? Be clear
lol
I always argue "is it worth buying or can i get it cheaper elsewhere and yes its always cheaper elsewhere >_
Don't buy products in full price. always get them on sale!
Haha, I like it that you put Walter White's picture from Breaking Bad... Ironic ;)
You are goddamn right
One thing I do is put a percentage of my paycheck into a savings account in a totally separate bank. With a high interest yield.
Anything in my primary account is used for bills and any luxuries. Anything leftover at the end of the pay period, I transfer to the savings account.
That way I only have the money from a single pay period to spend, anything leftover is saved. This really helps me out.
My net income was negative 4 months in a row. It has been positive ever since.
I clicked on the video out of curiosity. Really great content and truly practical tips!
Great video! Good to know the psychology behind America's money struggles.
I'm 18 working full time and I just dropped 1k on a youth empowerment spirituality camp. So that's pretty exciting
Tip number 6 is the most real and blunt tip ever
Some good tips here. I started using Mint to check what I spend money on. It is easy and free, and you can really track a lot of different expenses. It saves me a ton of time then my old spreadsheet...
FYI: expenses and income does not go on the balance sheet, it goes on a statement called Income Statement. The Balance sheet reports your assets, liabilities and equity.
This video was really helpful in providing tips on how to really save money. Today we are all encourage to consume and the high cost of goods and services also make it somewhat impossible to save. A simplified tips on saving will encourage everyone to do what they find to be difficult.
I agree, saving money is important, but I'm also working on finding ways to increase my income, specifically ways to add value to the world. I suggest you do to the same, thanks for your thoughts, and I hope you enjoyed this video :)
I'm learning this now because my school doesn't teach it. I'll make sure my friends and I know how to save and spend only on necessities (most of the time). Thank you, internet. I'm 15, but I want to make sure I know everything I can ahead of time. Here we go!
2:00 this is so exciting I know exactly how it works! I took accounting in grade 11 and it pays off now in real life like I thought it would!
Tips for gamers:
1. Don’t buy games day one wait a month or 2
2. If you can wait till Christmas or Black Friday online sales
3. If you don’t care for console exclusives buy a pc
4. Don’t buy games you don’t have time to finish
5. Don’t buy random games that you only have slight interest in
6. Limit the amount you buy to about 3-5 “must haves” a year
7. Don’t preorder
8. Look at a variety of reviews before buying
9. Find a comparison price site for games or look at multiple sites for the cheapest option
10. Stop paying retail the price will always eventually drop
11. If low on money play retro games as their cheap or use emulators for free on pc, boom thousands of free games
Good video, thanks! :)
I'm glad you enjoyed it! Thanks for watching and commenting :D
Great content! Very useful!
$100 a month into a savings account? I wish. after i pay rent i can afford some noodles to keep me alive until next pay
Roga , that was the best LMAO
I don't like number 7 because it means sacrificing living your life for the sake of earning more money. My family strives to spend less so we can live more, not because we want to be rich or afford expensive stuff.
Using cash instead of a card really does help, though. I usually don't carry money with me at all unless I am planning on buying something (and this is an actual plan, not last minute decision). Also, ALWAYS make a list before you go to a store, even if it is just for one thing. Having a list and only buying what is on that list helps you avoid impulse buying.
People gotta know the difference between having “fun” and having “funds”
I thought that was great advise. I had an awful experience with a credit union over allowing creditors access to my account but that was a personal issue . I particularly like the idea about reading if your trying to find a job you want to spend time with. Might I suggest "Think and Grow Rich" " The Magic of Believing" " Awaken the Giant Within" "Personal Power" and the mountain of books from college text from a cheap book stores on personal money management to include those by non college authors.
I like this video. I've watched it twice now and my favorite part is how I learn something but I don't have to spend 7,8,10,15min or more to learn 7 things
Food is not a little thing, it is the most important thing you spend your money on. Many good tips though, especially the one about waiting a week to buy toys and gadgets that you want.
I appreciate your feedback
We need other video like this one ☝️
this is really good but nothing new for me :D
I like
6. Price into income
7. Better to increase income than to reduce expenses
I love you! For your videos.
+Vegan Jesus Haha, thanks for the support!
This will work if you are not married.
Someone's gonna take that as a challenge.
TechnoKnightGaming lol
Thats why Walter White picture is in the front, meaning that if you already married, go out and sell a fucking drugs!
I think you both would have to be on the same page.
It will work if you’re partner also practices these habits and splits the mutual expenses.
Only recently discovered this channel and it's already my favourite channels to watch
+Jezzbez That's super cool! Glad you enjoy all my videos! By the way your logo looks awesome :D
Thank you so much
Awesome video! These tips are great I will try them. May I ask what program you use to make you video?
Last tip is one of the golden tips...
This is really one of the best clips about this subject I have ever seen. It's like I made it myself, except that you explained it much better than I could! Nice job dude!
Such a good point about paying with cash vs a CC/DC. Love the balance sheet idea, it's like writing down everything you eat to see how many calories you consumed. Great video!!
Tip #1 (use cash instead of a card) doesn't work for me personally. Cash to me is like some sort of bouncing money that don't count. I serve in a restaurant and we rarely get cash tips, but when we do it's whatever, extra cash, not even considered being an income, because it's not a part of a paycheck. So what I do sometimes is I put it away, collect a decent amount and then deposit it to my checking account. Swiping my card psychologically hurts me as opposed to using cash.
I don't know if your 12 or 30, but your voice is adorable!
Here is a good tip. At my bank you can have multiple checking accounts. What I do is figure out what my bills cost every month then when I get paid every week I transfer x amount to a checking account for my monthly bills. Then transfer x amount to my savings account. The money left over is what I live off for the week ( gas,food ). If you want to really save money your best bet is to get out of debt other than your home. With no debt you can save a lot more money. IMO you should first pay the minimum on all bills and save a few grand for emergencies and put it in your savings account. You do not use that money for anything but an emergency. Then you pay the minimum on every debt other than the smallest, pay as much as you can on that.When you pay that smallest debt off move to the next smallest debt. If you use any of the emergency money you switch to minimum payment until your emergency fund is replenished then continue to pay as much as you can on your smallest debt. IMO you accomplish paying off debts by focusing on one at a time and avoid any un-necessary spending (restaurants,bars or anything you don’t need to survive). Once your debts are paid you can save a ton of money and life is just a lot easier. No one should own more than one credit card and you really shouldn’t use it unless it’s an absolute emergency.
I find using my credit card just as hard as using cash, but at least I get the flyer miles!!!
+sbnsbaker1 Same here. As long as I have Cash in my wallwallet I feel like I can spend it. If I use my card I have to think about what I can afford or I will spend more than I have.
Beer is my vice.
Number one is good...and to add on to that try and bring cash as well when you go on trips so you know thats the money you are supposed to spend and how much you want to bring back as well...I just recently did that and only spent less than half of what I bought with me...
Problem with paying everything in cash is that you miss out on the opportunity to profit from credit card reward system. This is not has farfetched as it sounds since you can get your credit card to pay itself in full at the end of the month so you never have to pay interest.
About increasing your income, it's never a bad idea, but keep in mind that it gets eaten by income tax so 1$ earned is more like 0,70$, depending on your bracket. On top of that you might need to spend money for it like hiring a babysitter if you plan to do overtime. Also to buy something worth 1$ you need to pay 1,15$ (again depending on how much tax your place of living charges). So reducing spending should still be on your mind.
Also, for people who do not care much for asking their job to split their paycheck, most bank now have online account where you can manage automatic money transfer yourself.
Recommended reading:
The wealthy Barber (and it's sequel Wealthy Barber Return)
I Will Teach You To Be Rich (I almost skipped that book due to it's stupid title)
QvsTheWorld If you think you're actually going to benefit from anything from a credit card, then they've already won.
No it's basic budgeting and research really. My credit card has no annual charge. 1 to 2% cashback return depending on categories. It automatically transfer needed fund to pay it fully. The cashback is transferred at the end of every month to a dedicated saving's account.
My budgeting is also pretty simple I use the pay yourself first (retirement, emergency savings, etc) then I pay for the unavoidable stuff (mortgage, home/car insurance) then I spend what is left.
Hey I love ur Videos , they r simple , shorty and teach u so much more than u think u will learn . Also u spoke on how we should focus on creating more value , could u exclusively make video telling more on that :)
Hi, I just wanted to say that you make great videos and I really enjoy watching them. The only thing I am upset about is that I discovered them so late, but hey, better late than never! Thank you for taking you time and sharing your experience with books. Keep up good work. :)
This is some good advice. But I can't agree that gas is a luxury. The area I live in you need gas in your car to get to work. Also it is more expensive to take public transportation to work. So I always include gas as a bill for the month and budget it as so.
Hers's a tip: Try not to eat fast food each week. if you manage to do that, reward yourself with money that you would have payed for the food. this will not only save money, but will defiantly assist you in losing weight.
Hi..I just wish you can write a brief in the description..so i can remember them easily..
This is very helpful video. But i have a question about the video. The third tip says to manage a "Monthly statement". My qustion is here. Can i manage any types of statement. I mean, can i use computer or online notepad to manage it?
Oh, you can use any service. I like to use notepad and pencil since it's easier to look at and super cheap. There are tons of free apps and services you could also use :)
Oh! thank you for your immediate response. I am very hopeful
You should make a podcast
Thank you for sharing! This is great!
(20 seconds intro blahblah)
*1. use cash,* it's more painful to spend your money with 100 dollar bills than using a credit card
(20 seconds of self promotion)
*2. automatic deductions:* send some money to a savings account you can't withdraw from
*3. monthly statement:* write down all your expenses to see where the money is going
*4. avoid advertising:* it will reduce the likelyhood of impulse buying
*5. wait before you buy something,* and see if you still want it later
*6. turn prices into hours:* think about how many hours you need to work for an item before you buy it
*7. increase income instead of reduce expenses*
that's about it
not a bad video, but no need to watch the whole thing ;)
I 100% always spend more money in cash than I do if it's on the card. The reason is because a card can always get unexpectedly declined. When you have the cash it's pretty much a done deal.
I don’t like having cash on me. Its very easy to lose or fall out of pockets. I prefer the ease of not worrying about giving the exact amount/the change. So debit card
Excellent video. Thank you for the hard work you put into this. I'm now going to actively apply this in real life. Not many YT channels influence their audience the way you do. You have a gift man. Keep producing awesome stuff, you're fucking GREAT at it!
Awesome video! You blew my mind when you asked if it's worth working 5 hours just for a T-shirt. That never crossed my mind, thank you.
The times in which the financial security of tomorrow was a fact, passed. We are in the 21st century and unfortunately the world has lost its moral values, spiritual and faith. Many have said that due to lack of backbone of people to come in this financial meltdown, and definitely so it is, but in this article we will talk about the greedy who want to rule the world, but how we survive in this world, how we can save more money they have.
We all need money so we can buy some products, but not all know how to keep them, so today we talk to those people who can not keep the money.
I’m not disputing the fact that you can spend less using cash howeverI don’t use cash simply because you can lose it or it can be stolen and secondly you can be given counterfeit money in your change...
And I always pay contactless or with Apple Pay
If You break that crisp 100$ bill you will just fritter away the rest. One of the main advantages to using cash is its much easier to keep track of your money, 5-100$ withdrawals is much better than 27 debit transactions that will take days to drift in, esp if you overdraw!
Oh & Never overdraw! a 35$ fee for a coffee is pretty rough, 1/3 of all bank income is over draft fees.
Thank You for these money saving tips.lots of people make it sound easy but is hard to save when you really need it for Bill's and stuff but this tips something different and so special.I understand what you mean thanks for the helpful video
Definitely giving 6 & 7 a swing
I get $480 from SSI monthly and I already have $130 left...I need figure out how to spend my money wisely. Write everything out that I buy and what I need. I'm stressed for the rest of the month.
Few days back I bought a heat protector spray for my hair for $6 which didn't work out well. I just didn't want to return it coz I thought it was JUST $6. Then this thought overpowered me that $6 is HALF AN HOUR OF EXTREME LABOUR JOB I better get it returned...I'm not rich but for some reason if anything is under $10 I feel it is not worth it to make a trip and go through the trouble of exchanging or returning the item. I need to change my mindset altogether I guess coz they all add up so fast.
These simple rules are really effective when followed.
I think people needed this information more now because of how the economy is kinda... imploding upon itself. I know you made this a long time ago... but thank you, Theodore.
Pretty good and comprehensible, hope it'll help me save money since your Income in Highschool and job opportunities are limited.
Auto deduction can be set up with your bank too.
personally this was an awesome video straight to the point but very clear and informational
Becoming rich takes time but people nowadays wanna jump the ship great video
I like that price into hours logic!
i like the last part..focus on add more asset than focusing on how to less some expenses
Great tips, I love the monthly balance sheet, budgeting is a must!
I go virtual shopping, ebay fill up basket, vomit at total, delete basket... boom no money spent and alot of asking who I needed such expensive crap 😂😂
That’s a good one !!!! I’m gonna just wait before I buy something. So I think my issue is PATIENCE 🤔.... waoo! I just learn something that is gonna help me save a lot of money .. thanks BRO.. SUBSCRIBED 👍
I really like the now vs later trick because there are times I'll just feel like eating something because I'm bored
+jordananthonyruiz Yep! That's something a lot of people deal with, hope you enjoyed :)
Nice words to save money,
yes that interruption WAS shameless!!!
Update on Money tips bro 💯
Honestly love that you said "shameless self-promotion" 😅
BECU has a money manager on the app or website that helps you see what is spent.
I really like your videos Bro, it's simple and easy to understand clips. Hope to see more of your vids to feed my mind
Thanks for the encouragement! Have any topics you'd like to see me research and talk about? :)
+Practical Psychology thanks for the response!, well you asked me, I would like to see a video about finding mentors that will help you become better, I'm struggling right now with that area. Maybe you would be of help with your vid. thanks again
Great tips. When you have cash in your pocket its amazing how frugal you become.
Your balance sheet is actually an income statement. Take accounting...
chris mosher , actually, extracting an income statement is prerequisite to statement of assets and net worth, rectify misconceptions, but do not laugh at it. We all are mistaken at some point in our lives Have peace!
chris mosher lol
chris mosher I noticed that too and made a comment about it
that great it will help me to save money. Psychology is the science of our behavior. if i can change myself to buy unnecessary things i can save some. that 7 trick will help lot. thank u.
great advice! This is how I think when I see clothes i want buy. I think I gotta have it,but how many hours or days do I have to work for that outfit plus I have a ton of clothes anyway. Thanks!