Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
You are absolutely right Investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should be buying?
14:57 is purchase #8 actually! I think the timestamp was mistyped - thanks for these reminders though Rose :) I don't actually have most of these currently, but it's always good to be aware. Quick recap for those who can't watch: 1) Cheap low quality things 2) Car payment 3) Expensive college degrees 4) A house that you can't afford 5) Activities that you can't afford to pay for in cash 6) Overpriced food that you can make at home 7) Never-ending home improvement 8) Sale items
Here is a thought for you - Lets say you spend $6.00 a day on Starbucks or whatever. Well $6.00 x 7 days a week is $42.00 a week. Making coffee at home in my Kurig costs $0.60 a day. So with that savings you could buy 1 share or so of a stock every week consistently and you keep doing that, it will give a start at least.
If you buy an item and save 20%, just don't buy it and you will save 100%. Saving is not buying something at a lower price, it's putting money away for another day.
You mentioned one without even realizing it, it seems. A HUGE money sink for the middle class is... pets. The middle class will spend exorbitant amounts of wealth on their fur babies. Where people may not be generous with themselves, marketers know that people can be unreasonably generous on their fur babies, not counting the cost.
I spend ~$60/6 months for food and maybe $50-$75 for flea meds if she's got fleas. But yes to your point there are lots of people who go overboard with their pet spending, still cheaper than having kids
Having kids and pet comparisons is like comparisons to apples and oranges. I get 12k tax refund annually for 2 kids. I don't think you can claim your pet as dependants @AKAAAK
Find the best, cheapest college. My daughter was accepted to almost all of her college choices. I also had her apply to the local large state college. With scholarships lower transportation, tuition, etc. she saved 100k. Additionally, the state school was likely easier since people almost always go to the 'best name' college, ergo, she graduated in four years with two degrees and a minor (Biology, Data Science, and a minor in Comp Sci.) with no debt, had her pick of research opportunities, and graduated Valedictorian in both majors. Ask yourself what's better finish in the 60th percentile at (pick your famous college) or be a Valedictorian at a well known, large state school? Sure there the name and there's networking but my daughter was able to write her own ticket after college.
Absolutely loved this video. All your videos are great. Would love it if you did a deep dive into the costs of purchasing a car and a house. And things to consider before making a decision and resources out there.
I run into problem number 8 when I go shop at Dollar Tree. I tend to want to buy whatever gets my attention because everything is so cheap. You end up going home with a cart full of stuff and half of it you don't need. A store like that is useful for essentials but they sell a lot of shiny junk too that catches your attention.
On your first point. One of the few things that my father told me that actually stuck. You get what you pay for. Quality usually costs more and will last longer
I love this HYSA info thank you! 😊😊 Ford, Chrysler, GM are great vehicles My Dodge Durango has been worth more than I owe the last couple I’ve had. I have a lease payments are low, I keep low mileage & get equity towards my next Durango so if you can do that it’s great. That’s not always possible but it’s great when it is. I love my Dodge Durango.
I really appreciate your efforts! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
I can relate to smart watches vs dress watches. Given the battery life of smart watches their cost per use is capped at a couple of years where a good dress watch can last decades.
Thanks for the reminder on subscriptions - I went thru mine and cancelled about $50/months worth of things that I don't use enough to justify the monthly cost, or as Rose just taught me - the cost per use :)
The Erewhon smoothies 🙄😒 oh my!!! In Finland we have this phrase " ei se ole hullu joka pyytää, vaan se joka maksaa" wich means "it is not the crazy who asks, but the one who pays"
Now that you mention smoothies... I went to Jamba Juice for the first time in probably 10 years and ordered some good looking mango smoothie. Cashier said it'll be $10.50!! It only had 3 ingredients!! Ones that I already had at home! Thank God I make my own smoothies at home. (Still purchased it lol)
Great video! Thanks to videos such as this - I have been able to completely change my family's life - after deciding to focus on personal finance when I found out I was going to be a father - 5 years ago. By consistently investing in stocks, real estate, crypto, and running my own Air BnB short term rental business - I have been able to accumulate hundreds of thousands of dollars in net worth. At only 32 years old- this will undoubtedly grow to millions in the future. It's crazy how minimal sacrifice, budgeting and truly understanding what is important, can completely change everything. Keep up the great work!
I buy overpriced food. When I can make it at home for way cheaper. The other day I got chicken fajita when I make a decent chicken fajita. I haven’t bought a car since 2018 I have a paid off one and can’t see myself going back to car payments. 2-7 year old 40k miles around 15k sounds about right. Mazda, Toyota, Honda makes. I think the best take away I got from this video is stop wanting more and more.
Cars are such a necessity I don't think we can criticize people for using financing. Let's face it, 90% of people can't afford to buy a new car outright. Buying new is a financial act of self harm but oh so tempting
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
!!I am at the beginning of my "investment journey", planning to put 385K into dividend stocks so that I will be making up to 30% annually in dividend returns. any good recommendation on great performing stocks or Crypto will be appreciated.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking?
You are spot on regarding a home purchase. Think beyond the down payment and closing costs. Think about the expenses AFTER you buy the home. I bought my first, and only home in 2021. I've already had to pay for roof repair ($8k); Landscaping; Pest control; Interior Painting ($4,500) Garage door and host of other repairs/maintenance. I have no regrets since I planned my $ for this. If you're reading this and planning to buy a home please be prepared.
If you buy a newer home you don’t really need a lot of savings. A one year emergency fund should cover any expenses with your home. My house was built in 2017 and the only thing extra was handyman stuff I wanted around the house, the toilet having issues, the ac leaking water from overuse it was a hot summer, dishwasher breaking, the roof and stuff really isn’t a factor. There are quarterly or seasonal charges like the bug Guy and ac/heater tune up. But they are like under $100.
new cars. newest high end devices when budget usually gets jobs done. coffee and drugs and medications hair products and beauty productz. generally soap and shampoo is enough. energy drinks. electric mobile devices instead of gas gas bicycle can cost under 500 while electric will cost over 2000. also gas performs better. only down side is gas, noise and pollution that deal with on the front end. buying large homes renting expensive places living on ur own instead of with family. college education is a complete waste they generally are predatorial and price gouge the population while ALSO giving bad services. so generally if u can download pdfs for free and listen on speechify it saves alot of money i did this to learn law and business. also cheap laptop nitro 5 did the trick although im tempted to buy the samsung book series lately.
There is some flawed logic in the handbag example. While the cost per use appears better with the designer handbag than the cheap one, there are mid range options in between. This is important because there is also a cost in the premium brand vs common brand. As an extreme example, do you really need a handbag that lasts 100 years? Or is 3 years good enough? Personally I’d suggest a mid range priced one. It might not last as long as the premium brand and better than the low quality brand BUT you’ll increase your cash flow to spend in other areas like investments or debt repayment. If you want to really save a lot of money, stop accumulating stuff and shop like a minimalist.
not really something as simple as understanding that colleges price gouge while also giving bad services. still yet majority of population is fooled into wasting money. alot of fraud and deceprion fools general public on ALOT of aspects in society.
Love you, Rose, but tbh non-bag people are going to have real trouble with a vid that 1. Rationalizes a $1,200 purse and 2. Has "Don't overspend" as one of its cardinal rules. To each her own, though 😉
The college that I graduated from told me I was "unemployable" right after I graduated when I went into the career placement office looking for help finding a job. You don't have to tell me college degrees are pretty worthless. Especially Liberal Arts degrees.
I am Korean and I went to nyu also!! It’s the biggest regret of my life. I am 40 and still have 10k student loan left!!! I borrowed around 80k but with interest it’s probably more than 100k.
Great video! BTC’s institutional backing and ETH’s upgrades enhance their value. DOGE, despite volatility, has momentum. I think there’s a chance in new cryptos. I’ve put $5,000 into XAI21K. Anticipating great results! 🚀
You're absolutely right about students getting scholarships! I have an entire section of my channel devoted to helping students make their college applications stand out from the crowd, which can result in more scholarship money.
Um.. I need more detailed info about how one spends $20k per year on a $500k house. $20k is a BAD year.. the HVAC went out, or there was a fire in the kitchen. This should not be happening more than once a decade.
I will never ever buy a $1200 bag but I won’t buy a Temu bag either😂. I would buy a $80 leather bag from Marshalls or TJMAXX though. That I could keep for a very long time. It’s a leather bag made in Portugal. And it’s not common expensive brands that are common.
Not sure why you would go from a 1000+ handbag to obvious cheap Temu bag. There's plenty of affordable choices that aren't at either extreme.
What's more important is the message behind this.
Thanks for sharing XAI21K and SUI. 💯
I like the rule of thumb for a 3-7 yr old used car with 40k miles
Chile my oldest Honda is 21yrs old🤣🤣🤣 and my Toyota is 13yre old but I have saved Sooooo much. Idk what my goal is before I buy a new car but IDC
My investment portfolios are Bitcoin, ETH and XAI21K
A $30-50 handbag would accomplish the same thing.
Yes. It likely would have won the cost per use challenge.
Or buying a quality bag second hand. A $1K vs $10 bag are wild extremes.
Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
You are absolutely right Investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should be buying?
Facebook 👇
Evelyn C. Sanders
She gave me a basic understanding of the benefit of trading
over holding especially in a speculative
market.
14:57 is purchase #8 actually! I think the timestamp was mistyped - thanks for these reminders though Rose :) I don't actually have most of these currently, but it's always good to be aware.
Quick recap for those who can't watch:
1) Cheap low quality things
2) Car payment
3) Expensive college degrees
4) A house that you can't afford
5) Activities that you can't afford to pay for in cash
6) Overpriced food that you can make at home
7) Never-ending home improvement
8) Sale items
thanks!
don't give in to consumerism . having ad blocker helps a lot . buy assets .
Here is a thought for you - Lets say you spend $6.00 a day on Starbucks or whatever. Well $6.00 x 7 days a week is $42.00 a week. Making coffee at home in my Kurig costs $0.60 a day. So with that savings you could buy 1 share or so of a stock every week consistently and you keep doing that, it will give a start at least.
Just wanted to say. Keurig cups are disgusting. But I get your point.
If you buy an item and save 20%, just don't buy it and you will save 100%. Saving is not buying something at a lower price, it's putting money away for another day.
You mentioned one without even realizing it, it seems. A HUGE money sink for the middle class is... pets. The middle class will spend exorbitant amounts of wealth on their fur babies. Where people may not be generous with themselves, marketers know that people can be unreasonably generous on their fur babies, not counting the cost.
I spend ~$60/6 months for food and maybe $50-$75 for flea meds if she's got fleas. But yes to your point there are lots of people who go overboard with their pet spending, still cheaper than having kids
Having kids and pet comparisons is like comparisons to apples and oranges. I get 12k tax refund annually for 2 kids. I don't think you can claim your pet as dependants @AKAAAK
..And the love and companionship that you get back from them is priceless
@@Maelu-op9gfThat being unconditional love 😊
My Dad had a saying: 'buy cheap, buy twice'. Not good value for money.
Find the best, cheapest college. My daughter was accepted to almost all of her college choices. I also had her apply to the local large state college. With scholarships lower transportation, tuition, etc. she saved 100k. Additionally, the state school was likely easier since people almost always go to the 'best name' college, ergo, she graduated in four years with two degrees and a minor (Biology, Data Science, and a minor in Comp Sci.) with no debt, had her pick of research opportunities, and graduated Valedictorian in both majors. Ask yourself what's better finish in the 60th percentile at (pick your famous college) or be a Valedictorian at a well known, large state school? Sure there the name and there's networking but my daughter was able to write her own ticket after college.
Absolutely loved this video. All your videos are great. Would love it if you did a deep dive into the costs of purchasing a car and a house. And things to consider before making a decision and resources out there.
I run into problem number 8 when I go shop at Dollar Tree. I tend to want to buy whatever gets my attention because everything is so cheap. You end up going home with a cart full of stuff and half of it you don't need. A store like that is useful for essentials but they sell a lot of shiny junk too that catches your attention.
On your first point. One of the few things that my father told me that actually stuck. You get what you pay for. Quality usually costs more and will last longer
The issue with the handbag is that it never stops at just one.😅
College: get the highest quality you can realistically afford vs. the best in the world that is over budget.
Thanks for sharing! Do you abide by these yourself frequently?
Hi Rose, what is your thought on car leasing vs purchasing?
Love it! Just signed up for your newsletter!
Hope you’re well Rose
Awesone tips that many people in 20’s and 30’s should know.
I love this HYSA info thank you!
😊😊
Ford, Chrysler, GM are great vehicles
My Dodge Durango has been worth more than I owe the last couple I’ve had. I have a lease payments are low, I keep low mileage & get equity towards my next Durango so if you can do that it’s great. That’s not always possible but it’s great when it is. I love my Dodge Durango.
Going cheap is rarely ethical. Buying investment pieces that will last for a long time can be a smarter investment.
I would go to DD’s or Melvin’s or Ross to buy a cute bag. Bags to those stores are soo affordable and high quality
Just watched your video discussing XAI21K and I am very excited about this
Leather is far from indestructible. Some leather goods get worn far more quickly than artificial materials.
Hell yeah! I'm a cost per wear/use girlie too🙋🏾♀️
I really appreciate your efforts! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
I can relate to smart watches vs dress watches. Given the battery life of smart watches their cost per use is capped at a couple of years where a good dress watch can last decades.
You have a phone, absolutely zero need for a watch.
My poor money market. I’m holding but what should I be doing with it.
Bought XAI21K after watching your video, super excited! 💰
Thanks for the reminder on subscriptions - I went thru mine and cancelled about $50/months worth of things that I don't use enough to justify the monthly cost, or as Rose just taught me - the cost per use :)
That's not bad. If I walked to work instead of taking an UBER I could save $600 per month.
@@jhoncena1111 woah. If you need a daily driver, that’d buy a decent vehicle
@@littleninja71 If it wasn't for the price of car insurance I would go that route.
The Erewhon smoothies 🙄😒 oh my!!! In Finland we have this phrase " ei se ole hullu joka pyytää, vaan se joka maksaa" wich means "it is not the crazy who asks, but the one who pays"
In German it’s something like „a good horse‘s price is what a fool would pay“.
Now that you mention smoothies... I went to Jamba Juice for the first time in probably 10 years and ordered some good looking mango smoothie. Cashier said it'll be $10.50!! It only had 3 ingredients!! Ones that I already had at home! Thank God I make my own smoothies at home. (Still purchased it lol)
Solid video as per usual 😌
16:17 Money rule: You want to famouse the goose. But do not allow yourself to be famoused. When you fall for that stuff, you have become the goose.
If it’s depreciating, it’s not an asset!!!
💯👍🏿saving us 💵💵💵🙏🏿😊
Hi Rose, love the videos and you are very pretty 😍😍😍
Great video! Thanks to videos such as this - I have been able to completely change my family's life - after deciding to focus on personal finance when I found out I was going to be a father - 5 years ago.
By consistently investing in stocks, real estate, crypto, and running my own Air BnB short term rental business - I have been able to accumulate hundreds of thousands of dollars in net worth.
At only 32 years old- this will undoubtedly grow to millions in the future. It's crazy how minimal sacrifice, budgeting and truly understanding what is important, can completely change everything.
Keep up the great work!
I buy overpriced food. When I can make it at home for way cheaper. The other day I got chicken fajita when I make a decent chicken fajita. I haven’t bought a car since 2018 I have a paid off one and can’t see myself going back to car payments. 2-7 year old 40k miles around 15k sounds about right. Mazda, Toyota, Honda makes. I think the best take away I got from this video is stop wanting more and more.
I cant afford 700 dollar monthly car payment. I can only afford 1k into monthly investing
Cars are such a necessity I don't think we can criticize people for using financing. Let's face it, 90% of people can't afford to buy a new car outright. Buying new is a financial act of self harm but oh so tempting
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
Waking up every 14th of each month to $30,000 it's a blessing to I and my family... Big gratitude to Ricky Wen 🙌
Your video convinced me to invest in XAI21K, expecting 10x gains. Excited for listings!
So glad i bought my bitcoin in 2010 and just cash out few BTC,, worth $10k and still have plenty more btcoin, since bitcoin is now $98k So love it....
What are you doing with that $10 bag you can only use it 3x?
The sales just got me today! 😅 Damn you Black Friday deals!!! {{{✊🏾}}} And... my lack of discipline in this area! 😅
What about jewelry? I’d rather spend more on something that is going to last and can pass on.
The Erewhon smoothies are so overpriced, but ngl they are delicious
Agree
hahaha Jupiter and the probiotic food. You are a super pet owner!
Pretty slick how you placed and promoted a product while at the same time talking it down to serve your video’s purpose. 🥴
Dont u need 200k to open high yield savings account?
not at all. try American Express HYSA you basically need 1 dollar.
Smart
Handbag made out of a dead animal? No thanks. What was the cost per use to the crocodile?
So you don’t wear shoes?
!!I am at the beginning of my "investment journey", planning to put 385K into dividend stocks so that I will be making up to 30% annually in dividend returns. any good recommendation on great performing stocks or Crypto will be appreciated.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable.
Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking?
look up her name on the web for her website.
"Poor man pays twice"
You are spot on regarding a home purchase. Think beyond the down payment and closing costs. Think about the expenses AFTER you buy the home. I bought my first, and only home in 2021. I've already had to pay for roof repair ($8k); Landscaping; Pest control; Interior Painting ($4,500) Garage door and host of other repairs/maintenance. I have no regrets since I planned my $ for this. If you're reading this and planning to buy a home please be prepared.
If you buy a newer home you don’t really need a lot of savings. A one year emergency fund should cover any expenses with your home. My house was built in 2017 and the only thing extra was handyman stuff I wanted around the house, the toilet having issues, the ac leaking water from overuse it was a hot summer, dishwasher breaking, the roof and stuff really isn’t a factor. There are quarterly or seasonal charges like the bug Guy and ac/heater tune up. But they are like under $100.
Banana Republic is my down fall😢
new cars. newest high end devices when budget usually gets jobs done. coffee and drugs and medications hair products and beauty productz. generally soap and shampoo is enough. energy drinks. electric mobile devices instead of gas gas bicycle can cost under 500 while electric will cost over 2000. also gas performs better. only down side is gas, noise and pollution that deal with on the front end. buying large homes renting expensive places living on ur own instead of with family.
college education is a complete waste they generally are predatorial and price gouge the population while ALSO giving bad services. so generally if u can download pdfs for free and listen on speechify it saves alot of money i did this to learn law and business.
also cheap laptop nitro 5 did the trick although im tempted to buy the samsung book series lately.
Well, it’s anime figures for me lol
Good video.
Talks too fast for me 😅
There is some flawed logic in the handbag example. While the cost per use appears better with the designer handbag than the cheap one, there are mid range options in between. This is important because there is also a cost in the premium brand vs common brand. As an extreme example, do you really need a handbag that lasts 100 years? Or is 3 years good enough? Personally I’d suggest a mid range priced one. It might not last as long as the premium brand and better than the low quality brand BUT you’ll increase your cash flow to spend in other areas like investments or debt repayment. If you want to really save a lot of money, stop accumulating stuff and shop like a minimalist.
Money. Get a good job with your pay and you're ok.
thx
Sounds like you need to delete the Temu app.
Great content. Great hair. You’re such a boss babe! Love it xo
Sry but bag that costs 1000 dollars is not cheap…it’s a bag
Isn’t all of this common sense ? 🤷♀️
not really something as simple as understanding that colleges price gouge while also giving bad services. still yet majority of population is fooled into wasting money. alot of fraud and deceprion fools general public on ALOT of aspects in society.
Common sense isn't so common
Very true !
Love you, Rose, but tbh non-bag people are going to have real trouble with a vid that
1. Rationalizes a $1,200 purse
and
2. Has "Don't overspend" as one of its cardinal rules.
To each her own, though 😉
The college that I graduated from told me I was "unemployable" right after I graduated when I went into the career placement office looking for help finding a job. You don't have to tell me college degrees are pretty worthless. Especially Liberal Arts degrees.
STEM is the only thing worth getting a degree for
@@NarcolepticRaccoon7 I totally believe it.
I am Korean and I went to nyu also!! It’s the biggest regret of my life. I am 40 and still have 10k student loan left!!! I borrowed around 80k but with interest it’s probably more than 100k.
okay from now on, i'll evaluate my wife on cost-per-use basis 😁
Great video! BTC’s institutional backing and ETH’s upgrades enhance their value. DOGE, despite volatility, has momentum. I think there’s a chance in new cryptos. I’ve put $5,000 into XAI21K. Anticipating great results! 🚀
Oh, those homeownership costs aren't hidden. They make sure I'm very much aware of their existence everyday.😅
You're absolutely right about students getting scholarships! I have an entire section of my channel devoted to helping students make their college applications stand out from the crowd, which can result in more scholarship money.
Um.. I need more detailed info about how one spends $20k per year on a $500k house.
$20k is a BAD year.. the HVAC went out, or there was a fire in the kitchen. This should not be happening more than once a decade.
I will never ever buy a $1200 bag but I won’t buy a Temu bag either😂. I would buy a $80 leather bag from Marshalls or TJMAXX though. That I could keep for a very long time. It’s a leather bag made in Portugal. And it’s not common expensive brands that are common.
💯👍🏿saving us 💵💵💵🙏🏿😊