We save over 50% of our income in the U.S. The reason many Americans have low savings, is because we are a spoiled nation--must have the latest/greatest/best now. No delayed gratification, very entitled. Even the "poor" in section 8 housing have kids wearing the latest $200 sneakers, 60" tv, going out to eat all the time. Most Americans live above their means.
It's advertising Billions of $ of propaganda. Generally speaking ,if it's advertised it's no good. If it was any good it wouldn't need to be advertised!
one thing people don't understand about the rest of the world is there's no credit. If u want to buy a car or house you have to pay cash. No financing. Which is the biggest reason Americans don't save as much. We as Americans finance everything from rims, TVs, cell phones, cars, houses etc.
Ok, well it's not inevitable that we have to borrow money for these things. As Boyce said, it's time for us to save ourselves instead of waiting for some outside savior to swoop in and make it all better.
That's not the case, actually, of course there is credit. Or in some cases, there is also 'operational leasing', for example for cars in the Netherlands. Credit is everywhere in Europe, too.
The trick is to live below your means. I bought my townhouse 17 years ago on a fixed mortgage, which has been the same for 17 years. My income has gone up, but my monthly expenses are generally the same. That includes electricity, which hasn't gone up much; my phone, internet, etc. The only thing that has gone up substantially has been my HOA dues, which is so aggravating. They've doubled in those 17 years. You have pay off your credit cards whenever you put charges on them. Over time, I've seen my savings and investments gone up to the point where I would be fine for several years if I ever lost my job. But it won't come to that because I'm in a stable career, and I'm not making a six digit income. Since I was a teenager, I've had a talent managing money. There's no magic to it.
Marchant2, That's good to hear. I am kind of like you. I live below my means.....and after a while....the savings start to add up pretty good. As you more or less said, you don't need to have a six digit income to do well for yourself, You just have to have the discipline to make basic common sense economic decisions on a routine basis.
My two cents worth 1. Cut up the credit cards, get out of debt. 2. Live within your means 3. Budget...60/40 4. Build your cushion, then invest. 5. Turn off the TV, volunteer and do community service. Good luck everyone. The best part is the peace of mind!!
You ever notice how Asians never really get into political debate, they just keep their heads down grinding. They don’t care who’s in office, they stay on the come up.
great video! I agree that ALL Americans that have not traveled should definitely leave the country and see how other people are living. I spent 5 years in Europe - major difference with quality of life.
I just subscribed! I have kids and I don't want them to make the same mistakes my husband and I did. My kids are learning a lot in school, one of the best school districts in the country. They are learning nothing about financial literacy. Nothing about budgeting, taxes, FICO scores, interest rates, stocks, budgeting, debt, etc. - nothing. And the student loan debt crisis in this country is horrible. It's hard to save with the kind of debt a lot of people have. I know people who are $100,000 to $200,000 in student loan debt. I paid off my student loan and I'm a Gen Xer, but many Gen Xer's I know and most millienials have HUGE student loan debt. It's really sad.
12:50. "Rich people put their money in stocks. Middle class people put their money in their homes. Poor people don't put their money into anything." Spot on, Boyce. And you don't need a lot of money to invest. You can buy a mutual fund such as Amana Income for as little as $250. This was one of your better videos.
Yeah, my neighbors are Asian. They believe in multi families living in a single family home. So of course most of them can save. My neighbors have nice cars and clothes because they pool their money. Can't say the same for African American people.
"If you can buy a pair of Jordan's, you can buy stock." True. Money isn't everything however only people who have money can give some to people who don't!
My siblings and were raised by my parents to live below our means. I am SO grateful that they taught us about healthy money practices. I went through my 20's spending like a fool. I have really gotten myself together. I have no debt, including student loans from 3 degrees. My siblings are the same. I had 2 sisters that got laid off for 2 years each. They survived because of the values we were taught and money practices learned along the way. I save the majority of my income and I don't earn a very large income. Material things mean nothing to me anymore. I have amassed so much wealth from that. I don't need $3000 tv or $400 Jordans. When Kapernick did that Nike add, people rushed to buy Nike gear. I bought the stock when I got wind that he might be doing the ad. Not a lot, but it paid off.
VTJ , I lived paycheck to paycheck until I decided that I would rather have savings rather than pay credit card bills . I stopped buying stuff, and started investing. I am living a very happy retirement.
Great breakdown on our financial culture. Sad but so very true. I recently did a savings challenge and was able to save $1300 a month by cutting down my monthly bills and "frivolous" spending. Keep up the good work!!!
It's really scary to live check to check , I can't imagine it, even as a teen I've always saved. I remember when I was about 19 or 20 renting my first residence I wouldn't even go shopping unless I had enough money put away to pay all of my bills for at least 3 months just in case I lost my job or couldn't work for some reason. But I think America is this way because of colossal consumerism, everything being commercialized even the Christmas and Easter holidays that I thought were supposed to be meant for people's religious reasons, everyone wants to have the latest expensive cell phone the nicest newest car although the current ones still work fine. It's okay to have nice things if that's what you want n can COMFORTABLY afford them, many people really can't afford them and still go out and get it anyway. If you're living check to check or near check to check you don't need to upgrade your cell phone or your car if they're working fine. With a culture that supports splurging what can one expect. However it does not mean people have to be followers as it seem many are.
I think the problem is all about social status and " keeping up with the Joneses "... For example I bought a house in 1986 and still live in the same house. Some of my friends are on their third or fourth house over the same period. But because I have paid off my mortgage I was able to leave full time employment and when I became a father i had zero childcare expense because I became a stay at home husband. We have holidays every year at a caravan and I have always had a half decent car. I think with a lot of people they just never find contentment.
One of the problems is that we are not taught how to manage money or how to make money when we are in school. Heck, we don't even know how to manage a check book when we finish high school. If you need more money, there's a good book on Amazon, "Tiny, Part-Time, High Profit Businesses that can make you rich". We need to teach our kids how to be entrepreneurs instead of just taking dead end, low paying jobs that simply don't pay the bills.
I made only $10hr while living in Philadelphia and still saved 10k in less than a year so all of these people crying about how thay are broke are just making excuses
True that Christian Soldier. People STOP being the victim, turn off reality tv, social media, and video games and learn to invest, learn to code, and learn good nutrition. You get out of life what you put into life. I was born a poor black child in Birmingham, Alabama in 1951, but I am no longer poor. I realized at an early age that I was the only person who was going to help me, so I helped myself. You can do it too.
@@a.citizen7668 and have you got yourself out of Debt already? The only reasons you should leave you parents home is to move nearer to work or getting married. Why paying $500 in rent and spending another $500 in groceries and utilities when you could live with those you love and pay some (or all) of their bills?
Right, we only think we have poverty here. Most people here are broke not poor. We have so many programs to help people; safety nets that don't exist in other countries. We have shelters for homeless people, food banks, food stamps, section 8 housing, etc.... we have to stop with the excuses for not investing IN ourselves and FOR ourselves. Living in the safety nets will make sure your family lives in generational poverty. But stop picking on people for tithing, at least they have the discipline of giving. If they have the discipline for giving they either have or can develop the discipline for saving. We have to increase literacy in all areas but especially financial literacy.
+Lynda C You are poor if you are borrowing money to survive, which is what the US government does. Wait until the tax base (Baby Boomers) start to retire at a higher rate then you will see if America can repay its debts.
Financial Management should be a pre-requisite in curriculums in schools instead of some of the flowery subjects being taught as it is critical for students to start having understanding how finance works and hopefully as everyone has to get better understanding, maybe debts in society would be significantly reduced.
They need to pay me more money.... never mind. once I have my own business I will save more. The problem with trying to save in America is that when we grow up they teach us to get into debt. then by the time we realize that way was wrong its too. we are 100s of 1000s in debt from student loans, mortgages, car notes, medical bills, etc. etc. etc. If someone would have taught me good financial habits as a youngster I would be a millionaire.
Well one thing on the 5X savings rate: think about the credit differences. FHA loan here is what? 3% or less down payment required, while in most of Europe you need 10% or 20%+ down payment to get the mortgage. We can walk out the door on a house and most they can do in most cases is screw up your credit, while in Europe they can start taking your paycheck to make them whole. Basically you need more savings there to be just as broke, that all being said we are horrid savers in the USA.
Most people are absolutely horrible at money management. They just don't want to sit down and take the time to make a written budget. Then they wonder why they stay broke. Regardless of your income, you have to follow a written budget. It's a must. Otherwise you have no idea where your money goes and your spend blindly into the gutter. BUDGET YOUR MONEY!!!!
i am from india, i ve got lots of money i can afford to buy big cars big mansions but i dont , i save and invest, its just a part of our culture and in our culture we have at least 5-8 % of our total wealth in gold as an emergency measure ...
Why would you want to save money... Like I get having few thousand dollars... But saving money you go backwards devalued USD and low intrest rates. Plus inflation.
Also, in the U.S. we have too many single mothers trying to make it on their own, financing multiple children. In China, by law until recently, a married couple, could only have 1 child!!! Only recently, have the government allowed couples to have only 2 children!!! In the U.S. we have single mothers with 3, 4 or more children. The math is totally backwards. Children are expensive, even past diapers and baby formula, to feed and clothe. I wonder what modern industrialized country in the world that has such a backward dynamic.
CSILogic my cousin is a single parent with 2 boys and they are weaker than my 3 daughters. Men need to get a hold of their boys and train them on how to be men & not pampered princesses.
Concerning stocks, try to buy ones that pay dividends, which is a percentage of the stock price, to the share holders. You can reinvest your earnings which will in turn snow ball as you buy more stocks and make you very wealthy
our cost of living. spending to much of our income. need to tone our lifestyles down. keep more economic power than give away to corp. for social acceptance
yea not even having 1000.-- back up is extremely scary, ....I am Austrian and in my family and my friends circle we hardly ever use credit cards or get loans and we always saving about 35% of our income for investments and always pay cash for any new car we buy.....and now I am living in America and I can see how almost all of my American Friends live paycheck to paycheck and I can't understand at all how they can still feel at ease..... :-O
I learned a great trick to get you started. I had an aunt who would skim a twenty dollar bill from her paycheck and throw it in a drawer. After a number of months, you can save 500-1000 dollars painlessly.
Yes, God is free. So is hair, but you still pay a beautician for giving you the look that YOU desire, right? Water is in the lake out back, but if you want Dasani, you pay for it, right? That's a matter of choice, my friend.
I dont see the point in having a bank saving account. Why have your money parked in a bank when it could be used to invest in something? (guns, gold, real estate) Money just sitting there goes down in value over time. Do I believe in a couple hundred dollar rainy day savings? Absolutely. But not in a bank.
It was much simpler in my youth. If you had a good job you didn't have to invest. Just live frugally, build up your savings account, and when you retired, your benefits defined pension and social security would provide you with a steady income. Now, we are forced to invest in 401k type "penson plans" if we are lucky to have one. If that runs out, all you will have left is the social security, assuming it's still around. As for saving-have you seen the interest rates on bank accounts. They are practically zero. The only way to even "save" money is to invest for growth. Even in low inflationary periods any saved money will halve its' purchasing power in twenty years. We now MUST invest.
Denver, Colorado has fat homeless-people, and they are not fat because of poor diets. They have restaurants in their homeless shelters, with paid nutritionists. That's how rich America is relative to the world. I have been fortunate enough to have travelled to 3rd World and upwardly mobile, developing countries. I have seen, firsthand, the poverty that exist there. One can hardly have a true appreciation for having been born in the USA without such an experience.
Tax time is rolling around and I watch too many black folk become ghetto rich when the refund check arrives. Last year I was driving past the strip mall and dude was coming out of the store with 8 pairs of sneakers. smh. I see with tenants, many single black woman are struggling. Two were juggling their car note and the rent, resulting in the car being repossessed. While another was juggling the rent and luxury rental car payments, the apt is losing.
I started trading in the stock-market when I was 19. It's never too late to begin. Just remember to do your research on a company before investing. Look at the market they're in and its outlook. Look at its competition and its position relative to those companies. Keep-in-mind that investing is a LONG-Term way of making money. There will be ups and downs, but if you persevere, you will have a nice retirement nest-egg on which to live.
Most people struggle financially because they do not practice the Law of Giving. When you give happily, you will always have more than enough. When you do not give, you are always incurring expenses that takes your extract money away because this law was violated. Don't believe me, try it yourself. I struggled for years until I embraced this law.
High rents and utilities takes out a big chunk of our income. Many people have saved, and saw their money worth nothing. Zimbabwe, Venezuela, Argentina etc. I have travelled and I know. You can see the poverty if you just put slums in any country, and see the suffering.
I save 50% of my income. I drive a 12 years old car and I live in an apartment well below my median income. I go out once in a while, I do not drink nor smoke anything. I take one vacation a year, and I do not hang out with funny type clowns with no goals or money. No side chick, no baby momma and my girl works and pay her due to help the household. I am tight and I don't care. I did not graduate college, I do not work in a fancy office and my job has very few benefits. However, If I get fired tomorrow, I know I can manage 2 years without income and be ok! I am still young and most of my acquaintance struggle to make ends meet despite their college's degrees!
Am retired, totally debt free, and 2 of my pensions are directly deposited into savings. My mother taught me to pay myself first. I learned to invest when I was young, and my nest egg grew. Spend some of your day learning as an investment in yourself, it will pay huge dividends.
Thank you for a down to earth perspective concerning money and it's handling, my wife and I have learned to live beneath our means. At 55 I have no one that I want to impress, my 2k Ford Ranger doesn't care either. Thanks again, Kevin
Interesting topic. Just one correction: in Switzerland childcare and medical care are NOT covered by the state or government. Quite the opposite really, medical care and child care are the biggest chunk in people's budgets (apart from housing/rent).
If US banks open saving accounts which give interest 5%, people will save their money in their bank account instead of investing in stocks. Didn't you know it?
Part of it is American's consumer culture. We get too caught up in getting the latest iPhone or iPad, Apple Watch. We don't always look for the cost effective of some things. We enjoy going out and spending on food and entertainment. Even if we sit at home, we struggle to keep cable or DirectTV, NFL ticket. So we have stuff, and do stuff, but don't hold on to money.
if you don't have rules and a plan then putting money towards stocks is gambling. investing in stocks which is long term and trading stocks which is short term.type in trading with gambling mind on you tube search bar those videos will help you not have gambling mind.
I am fast becoming one of those average Americans. My physical health have failed me, rendering me unable to make a living by those means. I would have benefited from your program, have I had the right guidance. I tried to put my meager savings in high compounding interest bearing accounts. That was all I knew.
Most American's don't even realize that they already pay 50% or more in taxes, most they don't think about and are hidden taxes. Gas tax in Ohio 42 cents per gallon, tax on milk, they say no tax on food but the farmer, truck driver and producer pay taxes and that goes into that cost of milk and you pay for it. Electric bill, phone bill on and on all have hidden taxes... And what do we get for all that tax...a broken down transportation system, the highest prison population in the world, one of the worst education systems in the world on and on but we do spend 26 times more than any other country on the military .
There are 320M Americans. Yearend 2016, the financial assets of the household sector was about 64 trillion. That translates to 200K of financial wealth per American. Unfortunately, a great many Americans are not invited to this party, and it is high time that this change. Every family should have enough liquid funds so that those funds, plus unemployment, can keep the family afloat for at least 2 years. A major problem in many parts of the USA is very expensive housing purchased with fat mortgages that prove oppressive when one of the two working spouses is laid off.
Regarding your Pepsi story and the fate of the half drunk bottle you threw away... I used to live in Western Samoa. One weekend I went along on a scout camp with two other (Australian) adults and perhaps 15 Samoan scouts. During a meal around a campfire I was eating a chop, something reserved for we three adults, and when I finished I threw what was left of the bone on the fire. Straight away, with no hint of self-consciousness, one of the scouts recovered the bone from the fire and commenced chewing it. I am not phased by this now, because I have come to the realisation others & I as human beings can do whatever they like without it being shameful, so long as they are not being cruel to someone else.
Here in America, you always hear 'pay yourself first, save 10% of your income ', so that's why we only have a 10% savings rate. That's all that's preached to us from an early age.
Folks should do extensive RESEARCH before diving into WALL STREET, you know how many people lost MILLIONS through REAL ESTATE and THE STOCK MARKET? I agree with OWNERSHIP, but what kind of ASSET to buy is questionable. Oh and when folks purchase STOCK it should be for the LONG TERM as the market is quite CYCLICAL
I met a guy in India who sold food,samosas and cans of drink,etc on the trains,he saved for 3months to buy a cool box,and to him it was an investment,the whole family,celebrated its purchase..The joy this gave them,now he can serve cold drinks,and make another £10 a month.was humbling and put things into perspective...🇬🇧
Dam I am so glad I found you Mr. Boise. You really speak the truth. Just wished I had known it in my younger years. Not to late though. Still breathing!!
Back in 1985. We had weekly progress reports. They were on there way out. But I remember they were used on me three times. The weekly report talked about your job how well you did. If you passed. Then it was put in your file. Every week you got one. At the 12 th week. You got a .15 to .35 cent raise. If the , minimums were met. Helped 200 customers. Priced 1000 pieces of clothing. Sold 500 shoes. Did what the manager asked. Then in 1986 ...Lloll....never saw them again. Lloll... .35 cents x 4 quarters x 20 years of work would if been. Lloll...
whether capitalist, socialist or communist the people at the top always prosper at the expense of the regular folks. opportunity is there for the taking, however outcomes depends on ones own initiative and work ethic, thats not to say there aren't inherent unfairness, its time for us to overcome that, which can be done
China has retirement plan for most workers from last generation. The pension pay is a bit less than a farmer-level security guard's monthly income. The coverage of retirement benefit is way larger than HK citizens. Please research more. The so-called socialism does provide retirement for most. Please check and find out. I live in China now.
And young men, stop throwing your hard earned money chasing women. Building wealth should be your priority.
Well said, guys are spending too much money chasing women. Spend money on your wife.
Spend her money n save urs
But you have to spend some money to get some...
Hello, incel.
God first, wealth will then follow
We save over 50% of our income in the U.S. The reason many Americans have low savings, is because we are a spoiled nation--must have the latest/greatest/best now. No delayed gratification, very entitled. Even the "poor" in section 8 housing have kids wearing the latest $200 sneakers, 60" tv, going out to eat all the time. Most Americans live above their means.
It's advertising Billions of $ of propaganda. Generally speaking ,if it's advertised it's no good. If it was any good it wouldn't need to be advertised!
dvx.. I remember when I was young.. I wanted the latest and greatest...and I didn't have a penny to my name.. Having nothing for to long gets boring.
So sad but very true...we must do better as a Nation.
@@gerry2345 you're weak and insecure
@@RawDogTV .You could be right or maybe having the latest and greatest could make you Dead .
one thing people don't understand about the rest of the world is there's no credit. If u want to buy a car or house you have to pay cash. No financing. Which is the biggest reason Americans don't save as much. We as Americans finance everything from rims, TVs, cell phones, cars, houses etc.
Ghana Warrior Bingo. So simple. Thanks.
Narendra B p
Ok, well it's not inevitable that we have to borrow money for these things. As Boyce said, it's time for us to save ourselves instead of waiting for some outside savior to swoop in and make it all better.
That's not the case, actually, of course there is credit. Or in some cases, there is also 'operational leasing', for example for cars in the Netherlands. Credit is everywhere in Europe, too.
Ghana Warrior
The trick is to live below your means. I bought my townhouse 17 years ago on a fixed mortgage, which has been the same for 17 years. My income has gone up, but my monthly expenses are generally the same. That includes electricity, which hasn't gone up much; my phone, internet, etc. The only thing that has gone up substantially has been my HOA dues, which is so aggravating. They've doubled in those 17 years. You have pay off your credit cards whenever you put charges on them. Over time, I've seen my savings and investments gone up to the point where I would be fine for several years if I ever lost my job. But it won't come to that because I'm in a stable career, and I'm not making a six digit income. Since I was a teenager, I've had a talent managing money. There's no magic to it.
Condos and Townhomes with HOAs are bad. You are better off buying a house and hire your own maintenance people at your discretion
Marchant2, That's good to hear. I am kind of like you. I live below my means.....and after a while....the savings start to add up pretty good. As you more or less said, you don't need to have a six digit income to do well for yourself, You just have to have the discipline to make basic common sense economic decisions on a routine basis.
My two cents worth
1. Cut up the credit cards, get out of debt.
2. Live within your means
3. Budget...60/40
4. Build your cushion, then invest.
5. Turn off the TV, volunteer and do community service.
Good luck everyone. The best part is the peace of mind!!
Linda Dameworth.. Don't cut up the credit card to quick..theres some lifesaving credit right there.
Great advice...
"I'm not a liberal or conservative. I'm just a black guy" Faith in humanity restored.
You ever notice how Asians never really get into political debate, they just keep their heads down grinding. They don’t care who’s in office, they stay on the come up.
@K Jhnsn Asians are smart thats why
@@bryantalor3462 They are disciplined.
great video! I agree that ALL Americans that have not traveled should definitely leave the country and see how other people are living. I spent 5 years in Europe - major difference with quality of life.
I just subscribed! I have kids and I don't want them to make the same mistakes my husband and I did. My kids are learning a lot in school, one of the best school districts in the country. They are learning nothing about financial literacy. Nothing about budgeting, taxes, FICO scores, interest rates, stocks, budgeting, debt, etc. - nothing.
And the student loan debt crisis in this country is horrible. It's hard to save with the kind of debt a lot of people have. I know people who are $100,000 to $200,000 in student loan debt. I paid off my student loan and I'm a Gen Xer, but many Gen Xer's I know and most millienials have HUGE student loan debt. It's really sad.
12:50. "Rich people put their money in stocks. Middle class people put their money in their homes. Poor people don't put their money into anything." Spot on, Boyce. And you don't need a lot of money to invest. You can buy a mutual fund such as Amana Income for as little as $250.
This was one of your better videos.
Boyce you are right. I bought Google at $102 a share and Apple at $55.00 a share.
I've just been wondering if anybody knows about penny stock market at all ??
I traded "penny stocks", which are stocks valued at less than a dollar. They are risky. There are several books and websites about them.
OK thanks. I registered to a website but I'm not really sure what I'm doing on it or what to invest in
Jamal Johnson Take some time and research different stocks. Invest only what you can afford to lose.
I was trading some penny stocks back in 1985 and 1986 and I lost my shirt lol. I never ventured back. I keep saying I will check it out again. Janice
My family are from China, came to USA 32 years ago. I consistently save 60 - 70% my paycheck every month.
Some people are ticks. They live off family and other people in order to save money, keeping the money for themselves.
@@neo5kali true
Yeah, my neighbors are Asian. They believe in multi families living in a single family home. So of course most of them can save. My neighbors have nice cars and clothes because they pool their money. Can't say the same for African American people.
Yes and they don’t spend money on cleaning their 🦷 teeth
thanks for calling out the BLACK CHURCH boyce!
"If you can buy a pair of Jordan's, you can buy stock." True. Money isn't everything however only people who have money can give some to people who don't!
I agree
My siblings and were raised by my parents to live below our means. I am SO grateful that they taught us about healthy money practices. I went through my 20's spending like a fool. I have really gotten myself together. I have no debt, including student loans from 3 degrees. My siblings are the same. I had 2 sisters that got laid off for 2 years each. They survived because of the values we were taught and money practices learned along the way. I save the majority of my income and I don't earn a very large income. Material things mean nothing to me anymore. I have amassed so much wealth from that. I don't need $3000 tv or $400 Jordans. When Kapernick did that Nike add, people rushed to buy Nike gear. I bought the stock when I got wind that he might be doing the ad. Not a lot, but it paid off.
Many average Americans are living pay check to pay check.
jonesez No Doubt About That
VTJ , I lived paycheck to paycheck until I decided that I would rather have savings rather than pay credit card bills . I stopped buying stuff, and started investing. I am living a very happy retirement.
Great breakdown on our financial culture. Sad but so very true. I recently did a savings challenge and was able to save $1300 a month by cutting down my monthly bills and "frivolous" spending. Keep up the good work!!!
It's really scary to live check to check , I can't imagine it, even as a teen I've always saved. I remember when I was about 19 or 20 renting my first residence I wouldn't even go shopping unless I had enough money put away to pay all of my bills for at least 3 months just in case I lost my job or couldn't work for some reason. But I think America is this way because of colossal consumerism, everything being commercialized even the Christmas and Easter holidays that I thought were supposed to be meant for people's religious reasons, everyone wants to have the latest expensive cell phone the nicest newest car although the current ones still work fine. It's okay to have nice things if that's what you want n can COMFORTABLY afford them, many people really can't afford them and still go out and get it anyway. If you're living check to check or near check to check you don't need to upgrade your cell phone or your car if they're working fine. With a culture that supports splurging what can one expect. However it does not mean people have to be followers as it seem many are.
How’s ur net worth now?
I think the problem is all about social status and " keeping up with the Joneses "... For example I bought a house in 1986 and still live in the same house. Some of my friends are on their third or fourth house over the same period. But because I have paid off my mortgage I was able to leave full time employment and when I became a father i had zero childcare expense because I became a stay at home husband. We have holidays every year at a caravan and I have always had a half decent car. I think with a lot of people they just never find contentment.
So true.
scabbycat cat Bravo, well done. You thought for yourself instead of buying into consumerism. Well done.
I like listening to your videos even though I'm a white man . I feel so many of your topics an issues can be seen I the poor white community's
One of the problems is that we are not taught how to manage money or how to make money when we are in school. Heck, we don't even know how to manage a check book when we finish high school. If you need more money, there's a good book on Amazon, "Tiny, Part-Time, High Profit Businesses that can make you rich". We need to teach our kids how to be entrepreneurs instead of just taking dead end, low paying jobs that simply don't pay the bills.
Boyce gives you something to think about 👌🏿👌🏿👌🏿
+eric archer Real Recognize Real, my brotha. (Stay Blessed King)
Dr Moist Twatkins , how are you brother....
I made only $10hr while living in Philadelphia and still saved 10k in less than a year so all of these people crying about how thay are broke are just making excuses
10k u really never dip into that cash
True that Christian Soldier. People STOP being the victim, turn off reality tv, social media, and video games and learn to invest, learn to code, and learn good nutrition. You get out of life what you put into life. I was born a poor black child in Birmingham, Alabama in 1951, but I am no longer poor. I realized at an early age that I was the only person who was going to help me, so I helped myself. You can do it too.
Were you finally able to move out of your Momma's house?
@@a.citizen7668 and have you got yourself out of Debt already?
The only reasons you should leave you parents home is to move nearer to work or getting married.
Why paying $500 in rent and spending another $500 in groceries and utilities when you could live with those you love and pay some (or all) of their bills?
It's nearly impossible to save 50% of your income and that's what you're saying, unless you live rent free, don't commute and don't pay utilities.
Thank you dr. Watkins for always being on the side of Black strength.
black father's should required to pass his business and wealth class before their first child turns 3. I bet it would changed the landscape of America
Germany has a social safety net ...... (universal healthcare, childcare, education,,,,etc etc etc) so they have the room to actually save
Right, we only think we have poverty here. Most people here are broke not poor. We have so many programs to help people; safety nets that don't exist in other countries. We have shelters for homeless people, food banks, food stamps, section 8 housing, etc.... we have to stop with the excuses for not investing IN ourselves and FOR ourselves. Living in the safety nets will make sure your family lives in generational poverty. But stop picking on people for tithing, at least they have the discipline of giving. If they have the discipline for giving they either have or can develop the discipline for saving. We have to increase literacy in all areas but especially financial literacy.
+Lynda C You are poor if you are borrowing money to survive, which is what the US government does. Wait until the tax base (Baby Boomers) start to retire at a higher rate then you will see if America can repay its debts.
save yo money b4 u pay for the pastor Bentley lol
But the pastor giving me words of love. And builds me up.
GerrysPlace build yourself up
@@kdubb11... I am already built up but the pastor adds the support.. Get yourself some..
GerrysPlace don’t need another mans help, if I need to talk to the lord I don’t need a middle man I have a direct line
@@kdubb11... The only direct line is through the community...you don't have a direct line dealing with this alone...
I can't afford to travel within the United States, let alone traveling to foreign countries
Financial Management should be a pre-requisite in curriculums in schools instead of some of the flowery subjects being taught as it is critical for students to start having understanding how finance works and hopefully as everyone has to get better understanding, maybe debts in society would be significantly reduced.
They need to pay me more money.... never mind. once I have my own business I will save more. The problem with trying to save in America is that when we grow up they teach us to get into debt. then by the time we realize that way was wrong its too. we are 100s of 1000s in debt from student loans, mortgages, car notes, medical bills, etc. etc. etc. If someone would have taught me good financial habits as a youngster I would be a millionaire.
LK Ra that's why i taught myself at 18 on my way to one day be a millionaire
Even if you start by putting away 25 bones at least you've started ..
william carter Bones That A Throwback 😀
What 25 bones???
william carter stop whining, and start saving. It is never too late.
uncle Phil
Base line It's nice to see he's still about that money lol
Well one thing on the 5X savings rate: think about the credit differences. FHA loan here is what? 3% or less down payment required, while in most of Europe you need 10% or 20%+ down payment to get the mortgage. We can walk out the door on a house and most they can do in most cases is screw up your credit, while in Europe they can start taking your paycheck to make them whole.
Basically you need more savings there to be just as broke, that all being said we are horrid savers in the USA.
Most people are absolutely horrible at money management. They just don't want to sit down and take the time to make a written budget. Then they wonder why they stay broke. Regardless of your income, you have to follow a written budget. It's a must. Otherwise you have no idea where your money goes and your spend blindly into the gutter. BUDGET YOUR MONEY!!!!
A portion of what you earn is yours to keep are the words that I live by. Thanks for sharing your wisdom
A quote from the Richest Man in Babylon. That book changed my life.
@@guruchess how it changed ur life
i am from india, i ve got lots of money i can afford to buy big cars big mansions but i dont , i save and invest, its just a part of our culture and in our culture we have at least 5-8 % of our total wealth in gold as an emergency measure ...
**....Do it yourself, don't fall for the nonsense...** - Facts
This guy rocks. Easy to understand.
I AM NOT A LIBERAL OR A CONSERVATIVE, I AM JUST A BLACK GUY! I LIKE THAT!
Why would you want to save money...
Like I get having few thousand dollars...
But saving money you go backwards devalued USD and low intrest rates.
Plus inflation.
Also, in the U.S. we have too many single mothers trying to make it on their own, financing multiple children. In China, by law until recently, a married couple, could only have 1 child!!! Only recently, have the government allowed couples to have only 2 children!!! In the U.S. we have single mothers with 3, 4 or more children. The math is totally backwards. Children are expensive, even past diapers and baby formula, to feed and clothe. I wonder what modern industrialized country in the world that has such a backward dynamic.
CSILogic my cousin is a single parent with 2 boys and they are weaker than my 3 daughters. Men need to get a hold of their boys and train them on how to be men & not pampered princesses.
Concerning stocks, try to buy ones that pay dividends, which is a percentage of the stock price, to the share holders. You can reinvest your earnings which will in turn snow ball as you buy more stocks and make you very wealthy
our cost of living. spending to much of our income. need to tone our lifestyles down. keep more economic power than give away to corp. for social acceptance
yea not even having 1000.-- back up is extremely scary, ....I am Austrian and in my family and my friends circle we hardly ever use credit cards or get loans and we always saving about 35% of our income for investments and always pay cash for any new car we buy.....and now I am living in America and I can see how almost all of my American Friends live paycheck to paycheck and I can't understand at all how they can still feel at ease..... :-O
I learned a great trick to get you started. I had an aunt who would skim a twenty dollar bill from her paycheck and throw it in a drawer. After a number of months, you can save 500-1000 dollars painlessly.
unscrew yourself!!! Amen to that Dr. Boyce.
As a German citizen I agree with the statement of your German co-worker lol. And beyond that I wholeheartedly agree with your views #newsubscriber.
America is great my balls....$1000 ? ya 0.00002Percent are great........lol what a bunch of deluded morons...
ive met farmes in 5th world nations who had more savings.....yet we pretend and are deluded to think we are boss.....bosss my ...
Sunny Sunshine awesome comment. Salute to you in Germany!
Sunny Sunshine
You German boys should honour the Imperial House Of Hohenzollern And restore the German Monarchy to the throne of Germany.
It's much easier for germans to save because they get free health insurance, free education, etc... we get none of that.
Never pay the pastor , God is free at point of use ,
I agree.
Jesus did not change money or ask for donations.
...or consider there isn’t a god, and lies have created a religion culture, or choose to believe in only the sciences you like.
@@keithphillips1722 why u think there ain't no god
Yes, God is free. So is hair, but you still pay a beautician for giving you the look that YOU desire, right? Water is in the lake out back, but if you want Dasani, you pay for it, right? That's a matter of choice, my friend.
I dont see the point in having a bank saving account. Why have your money parked in a bank when it could be used to invest in something? (guns, gold, real estate) Money just sitting there goes down in value over time. Do I believe in a couple hundred dollar rainy day savings? Absolutely. But not in a bank.
It was much simpler in my youth. If you had a good job you didn't have to invest. Just live frugally, build up your savings account, and when you retired, your benefits defined pension and social security would provide you with a steady income. Now, we are forced to invest in 401k type "penson plans" if we are lucky to have one. If that runs out, all you will have left is the social security, assuming it's still around. As for saving-have you seen the interest rates on bank accounts. They are practically zero. The only way to even "save" money is to invest for growth. Even in low inflationary periods any saved money will halve its' purchasing power in twenty years. We now MUST invest.
Thank You Dr. Watkins, very well explained and greatly appreciated !!!!!
You have a new fan starting this day forward !!!!
Dude, that poor and chubby comment was hilarious; true but hilarious.
Denver, Colorado has fat homeless-people, and they are not fat because of poor diets. They have restaurants in their homeless shelters, with paid nutritionists.
That's how rich America is relative to the world.
I have been fortunate enough to have travelled to 3rd World and upwardly mobile, developing countries. I have seen, firsthand, the poverty that exist there. One can hardly have a true appreciation for having been born in the USA without such an experience.
Tax time is rolling around and I watch too many black folk become ghetto rich when the refund check arrives. Last year I was driving past the strip mall and dude was coming out of the store with 8 pairs of sneakers. smh. I see with tenants, many single black woman are struggling. Two were juggling their car note and the rent, resulting in the car being repossessed. While another was juggling the rent and luxury rental car payments, the apt is losing.
don't pay car notes or rent. buy a two flat and pay cash for a car. Done! no rent no car note.
i truly understand.....its immediate gratification
One of my most priceless finds on TH-cam to date, thanks a bunch!
I´m a black man living in SWEDEN watching you, keep up the good work brother. We really need more people like you brother. Peace be upon you.
Love that advice, Boyce. Im gonna buy stock now.
I started trading in the stock-market when I was 19. It's never too late to begin.
Just remember to do your research on a company before investing. Look at the market they're in and its outlook. Look at its competition and its position relative to those companies.
Keep-in-mind that investing is a LONG-Term way of making money. There will be ups and downs, but if you persevere, you will have a nice retirement nest-egg on which to live.
Good luck with that theory, the U.S. stock market today is more overvalued than it was right before it crashed 89 percent in October 1929.
the stock market always crashes... just sick with it.
+Catch 22
We are talking about SAVINGS. Readily available liquid cash. Not total assets like your house, car and investments.
😲 This video needs to be viral!
Most people struggle financially because they do not practice the Law of Giving. When you give happily, you will always have more than enough. When you do not give, you are always incurring expenses that takes your extract money away because this law was violated. Don't believe me, try it yourself. I struggled for years until I embraced this law.
Nuff said
I really appreciate your show and your contributing scholars. Thank you for your channel.
High rents and utilities takes out a big chunk of our income. Many people have saved, and saw their money worth nothing. Zimbabwe, Venezuela, Argentina etc. I have travelled and I know. You can see the poverty if you just put slums in any country, and see the suffering.
I save 50% of my income. I drive a 12 years old car and I live in an apartment well below my median income. I go out once in a while, I do not drink nor smoke anything. I take one vacation a year, and I do not hang out with funny type clowns with no goals or money. No side chick, no baby momma and my girl works and pay her due to help the household. I am tight and I don't care. I did not graduate college, I do not work in a fancy office and my job has very few benefits. However, If I get fired tomorrow, I know I can manage 2 years without income and be ok!
I am still young and most of my acquaintance struggle to make ends meet despite their college's degrees!
Am retired, totally debt free, and 2 of my pensions are directly deposited into savings. My mother taught me to pay myself first. I learned to invest when I was young, and my nest egg grew. Spend some of your day learning as an investment in yourself, it will pay huge dividends.
The cost of living here in America is expensive, and out pace the average income
See Uby 💎 💯
Invest to keep up with inflations rates so your real purchasing power increases over time ( bonds, stocks ,etc)
you are a very intelligent black man and I'm always looking at your videos for your wisdom
Read the Book Rich Dad Poor Dad....
Luv that book try read richest man in Babylon too
Thank you for a down to earth perspective concerning money and it's handling, my wife and I have learned to live beneath our means.
At 55 I have no one that I want to impress, my 2k Ford Ranger doesn't care either.
Thanks again,
Kevin
Interesting topic. Just one correction: in Switzerland childcare and medical care are NOT covered by the state or government. Quite the opposite really, medical care and child care are the biggest chunk in people's budgets (apart from housing/rent).
Man, I loved this talked. Inspiring.
I really appreciate this. I think this is good advice for anyone, not just black people and you acknowledged that.
If US banks open saving accounts which give interest 5%, people will save their money in their bank account instead of investing in stocks.
Didn't you know it?
Part of it is American's consumer culture. We get too caught up in getting the latest iPhone or iPad, Apple Watch. We don't always look for the cost effective of some things. We enjoy going out and spending on food and entertainment. Even if we sit at home, we struggle to keep cable or DirectTV, NFL ticket. So we have stuff, and do stuff, but don't hold on to money.
Germany is a social democracy.
if you don't have rules and a plan then putting money towards stocks is gambling. investing in stocks which is long term and trading stocks which is short term.type in trading with gambling mind on you tube search bar those videos will help you not have gambling mind.
Good Points buy stock with the left over change each month is a nice way to start to build Wealth.
I'm not black but subscribe to your channel because your information is priceless👍
I am fast becoming one of those average Americans. My physical health have failed me, rendering me unable to make a living by those means.
I would have benefited from your program, have I had the right guidance. I tried to put my meager savings in high compounding interest bearing accounts. That was all I knew.
Most American's don't even realize that they already pay 50% or more in taxes, most they don't think about and are hidden taxes. Gas tax in Ohio 42 cents per gallon, tax on milk, they say no tax on food but the farmer, truck driver and producer pay taxes and that goes into that cost of milk and you pay for it. Electric bill, phone bill on and on all have hidden taxes... And what do we get for all that tax...a broken down transportation system, the highest prison population in the world, one of the worst education systems in the world on and on but we do spend 26 times more than any other country on the military .
There are 320M Americans. Yearend 2016, the financial assets of the household sector was about 64 trillion. That translates to 200K of financial wealth per American. Unfortunately, a great many Americans are not invited to this party, and it is high time that this change. Every family should have enough liquid funds so that those funds, plus unemployment, can keep the family afloat for at least 2 years. A major problem in many parts of the USA is very expensive housing purchased with fat mortgages that prove oppressive when one of the two working spouses is laid off.
Dr. Watkins is amazing!
Regarding your Pepsi story and the fate of the half drunk bottle you threw away...
I used to live in Western Samoa. One weekend I went along on a scout camp with two other (Australian) adults and perhaps 15 Samoan scouts. During a meal around a campfire I was eating a chop, something reserved for we three adults, and when I finished I threw what was left of the bone on the fire. Straight away, with no hint of self-consciousness, one of the scouts recovered the bone from the fire and commenced chewing it. I am not phased by this now, because I have come to the realisation others & I as human beings can do whatever they like without it being shameful, so long as they are not being cruel to someone else.
Here in America, you always hear 'pay yourself first, save 10% of your income ', so that's why we only have a 10% savings rate. That's all that's preached to us from an early age.
Folks should do extensive RESEARCH before diving into WALL STREET, you know how many people lost MILLIONS through REAL ESTATE and THE STOCK MARKET? I agree with OWNERSHIP, but what kind of ASSET to buy is questionable. Oh and when folks purchase STOCK it should be for the LONG TERM as the market is quite CYCLICAL
Agreed with what u said
I met a guy in India who sold food,samosas and cans of drink,etc on the trains,he saved for 3months to buy a cool box,and to him it was an investment,the whole family,celebrated its purchase..The joy this gave them,now he can serve cold drinks,and make another £10 a month.was humbling and put things into perspective...🇬🇧
I recommend to all young people to go outside the country for a true perspective of your opportunities.
Dr. I have zero in savings. 20,000 in Student loans. Thank you, Dir for your time
Damn how u surviving
Dam I am so glad I found you Mr. Boise. You really speak the truth. Just wished I had known it in my younger years. Not to late though. Still breathing!!
Well said Dr. Boyce.
Back in 1985. We had weekly progress reports. They were on there way out. But I remember they were used on me three times. The weekly report talked about your job how well you did. If you passed. Then it was put in your file. Every week you got one. At the 12 th week. You got a .15 to .35 cent raise. If the , minimums were met. Helped 200 customers. Priced 1000 pieces of clothing. Sold 500 shoes. Did what the manager asked. Then in 1986 ...Lloll....never saw them again. Lloll... .35 cents x 4 quarters x 20 years of work would if been. Lloll...
America is a corporation
Yes it is.
How
Everything you’ve said is 100000000 % truth
Do that thang Boyce good stuff you talking
Great work Dr. Boyce, this video may get me out to Chicago in March !
wow! Very deep stuff. Thank you Dr Watkins. I will definitely save and invest my money.
I live below my means and save 1/4 of my income. However, people in medical debt are not in a situation to conserve.
Tell them the truth!👏
Thanks
whether capitalist, socialist or communist the people at the top always prosper at the expense of the regular folks. opportunity is there for the taking, however outcomes depends on ones own initiative and work ethic, thats not to say there aren't inherent unfairness, its time for us to overcome that, which can be done
China has retirement plan for most workers from last generation. The pension pay is a bit less than a farmer-level security guard's monthly income. The coverage of retirement benefit is way larger than HK citizens. Please research more. The so-called socialism does provide retirement for most. Please check and find out. I live in China now.
I love your message. Thank you. I am learning a lot on your videos.