I live in 840 sq ft. I'm a teacher. I drive a Corolla. I'm 57. Believe me, at times I think I'm so far behind people who live in nice houses and drive nice cars. Who have more elaborate careers. And then I remind myself, that I can live off of one paycheck so I can save the other. No one is destroying me financially. My career is solid. I will retire with a 30-year pension in 12 years. And I have family. So it isn't that bad.
I have 0 debt, an emergency fund, and a growing portfolio. I don’t drive a fancy car or buy fancy clothes. Took me until my 30s to sort myself out but I’m finally on track
It's sometimes difficult to bear the poor treatment that comes from looking poor. ...And completely different attitude when having an appearance that look more expensive. If I may ask, how do you deal with the judgement and bad treatment from others that results from your choice to not spend a lot of money on your looks? Standing out from the crowd can be tiring...
"The price of anything is the amount of life you exchange for it." - Henry David Thoreau If you can afford all of your needs, can fund some wants without breaking the bank or work like a slave, and can afford to spend quality time with your family, friends or self... Believe me, you're more than enough...
I wasn't financial free until my 50’s and I’m still in my 50’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
I understand that tomorrow isn't promised to anyone, but investing today is hard for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
Well, I chose Sharon Ann Meny as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification.
Contentment is the secret to true happiness . Once you realize how to achieve that outlook you will no longer be burden with the expectation other have of wealth. Rather you will be able to find joy in your own unique circumstances.
Let me fix this for you: some of my friends think I'm broke, when in fact.,,, I don't even care what they think., I'm happy with them they're happy with me
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I have this conversation with a friend of mine periodically too. One of my early jobs was in a bank and let me tell you, it was a real eye opener! A lot of fakery going on.
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.
I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.
I learned about govt actions from cfp in ny by name ‘’Aileen Gertrude Tippy’’ . Ms. Aileen explained the benefits of long-term Treasuries and alternative investments, which the govt doesn't disclose.
People think I'm broke because I wear simple jeans, a simple t shirt and normal sneakers with an old apple watch. I have the same cell phone and drive a honda civic, but honestly I feel SO relieved that people think I'm broke, since almost no one thinks about takes advantage and sees me for me. I have a lot more money than I even know what to do with, but I choose to invest and live frugally with my parents and feel satisfied with that. People who flaunt their wealth are typically insecure and the opposite of welathy. The wealthiest people I've met and work for, dress simply and are SUPER cheap. I've found true happiness around the people I love and wish everyone luck on their journey to financial freedom, cheers.
@@kylehackett162 I get this quite a lot, but honestly I'm content at the moment with my living situation. I can't complain at 25, if I get my own place I'll have less to invest. One day though once the interest rates start to settle down especially with the current inflation.
My monthly income is half or more than half of what most of my friends and acquaintances earn...yet, I have all my needs met and very, very few wants of which are simple wants as well. One advantage I have is more time...I'm retired. I use that time wisely! I can control my energy use, produce and cook all my meals, shop differently and more effectively. One thing that affects me in a detrimental manner is I'm not passing a grocery store daily on trips back and forth to work...but I also don't have the cost of daily work trips either AND I've adjusted my multiple shopping trips to be just once a month which works very well! A huge boon to me, is the fact that I still save $ and realistically there are months I am able to save more than I did when my income was much higher.
Luckily, my spouse and I were able to pay off our mortgage early. We took the money we were spending to accelerate our mortgage repayment and invested it right away while we were both still working. We were able to retire early after accumulating what would have been our home payment for over 7 years and maxing out our 401K/403B plans. Thankfully, both of our parents taught in us the importance of living within our means.
Investing without proper guidance can lead to mistakes and losses. I know this since I've been there myself.Seeking guidance from a professional is preferable if you're new to investing or don't have much time.
Investors can have different investing results even with the best strategy and suitable assets. Understanding how experience plays a critical part in successful investing is key. Since I was aware of this, I consulted a market analyst for advice, which helped me build my account to about a million dollars. Having strategically cashed out just prior to the market correction, I'm now taking advantage of buying opportunities once more.
I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Compared to the way most Americans lived only a hundred years ago, anyone today with air conditioning, a car, internet, and access to jet plane travel is living like a god. Comparison with others is tough to overcome but it helps to really sit down and figure out what TRULY makes you happy: it's probably not a second home or a faster computer (though who knows, maybe it is). Fact is we'll never know how much other people have in their bank account(s) without closely examining their financials. Let others do their thing and you do yours, that's what I say. Thought-provoking video as always, Austin!
Back in the 1980s, the average home cost was 2x the average annual salary. Today, that cost is now closer to 10x the average salary. Pension was still offered by companies and being in the work force for multiple decades has shown me that company benefits have dwindled significantly over the years. The basic principles you laid out are still relevant in concept, but it is now requiring much more sacrifice today for someone starting fresh compared to 30-40 years ago.
Average homes were also only ~1100 sq feet, most did not have central air, and they had little to no insulation, along with small bedrooms. If you want that type of house today....thery're super affordable. What we considered acceptable has massively inflated.
@@Nick-ue7iwtalk to your friends across the ocean or down under. Developers are literally demolishing old houses and using the piece of land to build 4-5 tiny shoe box sized homes and selling it at ~$500,000 USD each.
I just want enough money to not have to worry about paying rent and food. I don't think it's too much to ask for the guarantee of my basic needs met and a place to sleep every night. Most other stuff I enjoy in life are free (sitting by the river, morning walks, etc)
I live in a modest 3 bedtoom 1600 sq ft home. It may not be much to someone else but I'm grateful for what I've been able to accomplish..and the best part, my mortgage is only $908 a month... I'll take that any day over some overpriced modern home
Very true. When I was younger, you used to make those comparisons. Now those big houses and expensive cars don't attract me anymore. I'm just content with what I have accomplished and live with less doom & gloom.
Thank you for this! It really puts things in perspective. I have a great dislike for debt whereas some of my friends use debt to buy nice things and debt doesn’t bother them. They are great people but I just don’t choose to keep up. We still have fun together.
Hate to be an bummer here but, older people had a chance to save… I’m in my 60’s , in the last 4 years I have seen a LIFETIME of increases in costs…. No matter what others have, my kids will never have the lifestyle I had or my parents… We all got screwed royally. My biggest bill just became food.. What does that tell you. Eating healthy comes a big monthly bill. The food manufacturers are killing us slowly with poisons in everything we eat.
I know this won't change your mind. I'm saying this for people who are on the fence about what you're saying. I speak up so that evil can be denied Your words come from a wicked mindset. The worldview that says "there's not enough" is an evil worldview. It denies that God exists. It forgets that Jesus is our hope and he never leaves us. Choose what is right. Decide to see the light. Your life will have enough when you deny your sense of self importance and deny your reliance on your strength. Trust instead in the fruit of life - Jesus.
I think it's a common thing today that people pretend to have more money, goods and stable . There is a saying in Spanish: lujos vemos, deudas no sabemos- we see luxuries but we don't know the debts behind them. Saludos :)
There is a reason why envy is a sin. And I believe its at the root of the majority of our problems in western culture. People need to stop worrying about other peoples lives. I'm so glad I often heard, "mind your own business!" as a child.
Austin we still have to remember that as you get older you may not be able to enjoy certain material things because you're a senior and have other needs that can make you happy. An expensive car as a senior may not mean a thing. 😮😮
I have 100,000 at 36 but I have nothing I been unemployed 1 year 😢 I lack balls and courage I have anxiety I can’t progress on life and I still live at home 😢 I’m a virgin and to top it off I have a 4 inch hard penis. 😢 not even handsome
I live 5 miles from a lake in western Ohio. There was a boat show last month that a friend went to. He reported that some dealers were offering 240 month loans. That's 20 years folks.
I grew up in a very affluent community. I assumed everyone was richer than me. That was _mostly_ true. But quite a lot are living in debt to maintain a lifestyle and one paycheck away from bankruptcy. Not too long ago an investment firm CEO in my town caught the southbound train at the front end because he'd mismanaged his finances to insane debt.
Thank you for your videos, my mom frequently watches them and it has been helping her to stay more on budget. For this particular video, I needed to hear this as a reminder that my time is the most valuable thing I have and that I need to be grateful for what I already have. Too often I get caught up in that comparison trap, which in turn is really a waste of my time. Thanks for helping to turn around my day's outlook.
Excellent video, Austin! I am 66 and we have enough, but we worked hard and practice all of the positive things you describe in the video - I wish I could get through to my 31 year old son!!!!
it starts with a job or cash flow, that's where i am now, still at step 0, i went through a long expensive illness with my mother and finding a way out of the 13 month mental funk and financial devastation is like trying to climb out of a deep dark hole. Now i am in reconstruction. I enjoy your videos, no body taught me how to spend money in classes in any school i ever attended. The funeral was almost 15 grande. Unbelievable! 600 bucks to drive a limo about a quarter of a mile. Funeral parlors have a way of getting you over a barrel! Health care is now a luxury item.
Thank you for this! People I work with that make the same amount of money I do have huge houses and 2 cars and I think "wish I could have that" and this opened my eyes. I live in a 1200 sf house and have a 14 yo car but I'm not in debt. I have never looked behind the scenes and realized they are big time in debt. I don't envy them anymore thanks to you. Muchas gracias!
As we witness the current economic landscape, it's becoming increasingly clear that we're entering a recession. These times can pose significant financial challenges.
Speaking of financial stability, l've had the privilege of working closely with Eric Paul Elmer, a highly experienced financial advisor. His expertise has been pivotal in helping me navigate the complexities of economic downturns.
That's intriguing, l've been on the lookout for a financial advisor who can provide sound guidance during these uncertain times. Could you elaborate on how Eric Paul Elmer has assisted you?
Certainly, Eric Paul Elmer provided me with tailored financial strategies that not only protected my investments but also helped optimize them during periods of economic turbulence. His insights were truly invaluable.
Thank you, for sharing this valuable information. I’ll definitely explore Eric Paul Elmer's services. Having a skilled financial advisor during a recession can make a substantial difference in ensuring financial security and growth. I just checked him up on GOOGLE.
At the end of the day, you have to setup realistic expectations for yourself. Unfortunately, the costs of everything have really prevented me from being able to buy my own home, but I'm still going to save up and hopefully I'll be able to buy a home when I am older.
I’ve been told plenty of times that others assume I’m well off from the clothes I wear, but I don’t even have name-brand clothing. Most of my clothes I’ve had for six years. I ensure that I invest in good quality; I love fitted, just jeans and nice jackets, I love anything floral, and I wear primarily solid or monochrome colors. I don’t have LV or Prada or anything like that. I wash it with cold water and hang it dry. I take care of everything I own. My bad habit is that I tend to spend most of my money on traveling which is a perk from industry hook ups. But I work in the cheese & wine industry, so eating out or wine tasting is usually free from industry discounts. Yesterday, I got a notification that my student loans were dropped, which lifted an enormous weight on my shoulders! Take care of the things you have. You don’t need to buy everything new, but you should also treat yourself; make sure you take care of it so it lasts. I still have some debt from when I was a careless teen, but I’m working on it. I still have the same scion I’ve had since 2004. I’m currently at 3500 miles! 😅
The trade offs.... so true! I learnt to choose my hard after becoming a mom and opened my eyes to the importance of investing in my own labor. Thanks Austin for this great reminder!
I am that guy driving fx Camaro, BMW Cabriolet and now an Audi A5, got a house by the sea. I am a software Solution Architct and DevOps. A lot of people would want what I got, but they never see the strugle, the constant learning, the very late nights and weekends, and the huge burden of responsibility. Also people do not have a clue about what I do, they ask why I get paid a lot "to look at a screen", that how far their understanding goes.
We have a cousin that was decked out in fancy outfit at the family bbq, bling watch etc. YET their car got repod the next week and of course blamed it on "they lost the payment"
Never become House/Car Poor!! .. They might make those payments.. but they are not able to actually enjoy life.... My car is getting paid for by an external income that I no longer work for... Never buy these things with your earned income!.. Let your assets pay for your luxuries
You have to find little things that make you excited. I've been on cloud nine all week because of my new kitchen backsplash. The cost was $200 to be happy for a whole week. My family has over $900k and yet it's something like a little bit of kitchen tile that makes us happy. Compare that to the people living paycheck to paycheck who buy brand-new BMWs and it's never enough for them and they're always stressed and miserable.
Thank you for your videos! I have a situation exactly like you described. When my main work is temporarily on pause. Everyone around seems to travel and enjoy the beaches, brag about successes of their kids and it seems like nothing exciting is happening in my life. But at the same time I know the job and money will return to me, and now I am enjoying sport and a beautiful person who wants to be with me. We need to be thank for what what we do have and stay motivated. Thank you again
We are not the sum total of our possessions or money we have. The sooner you realize that, the better your life choices will be, and you will happily embrace ENOUGH when you reach it.
I used to think I was financially behind. I used to believe everyone had it better than me. However, when I started to look at what I have/own, I noticed I was ahead of many of my peers/friends.
Austin I just wish my full time salary was enough to live in my own place like you do, instead of a house share. But rent or mortgage for an apartment (or house?) like yours is higher than my full-time salary. Feel free to correct me if you do do live in a house share.
My problem is that each time I make a large financial jump I move to a much nicer neighborhood than the last time. So now the people I compare myself too are much higher earners. If I moved back to my same neighborhood of 11 years ago I would be the richest guy anyone knows and I would have felt “as rich as I am”.
I feel good one day. The next day, people at work are talking about some lavish vacation. I feel myself drawn to it. It is hard but it is fleeting. Then I see that I only have a house note and I am thrilled.
I don't worry about how others are doing unless I am in a position to help them. I don't know who said it, but compassion is a loss of joy. It is also worth saying we are all at different stages and have different ways to spend & save
This content was refeshing, I really needed to hear this. I've been self employed for 10 years in one field and I'm working to scale two new ventures, yet despite doing better than I've ever done, it doesnt seem like its enough. I've never thought of asking myself "what is enough?" I Find Myself Here - realizing that I have enough but I keep going for sport. Before, during and after having enough though what really counts is the circulation of wealth and opportunity. I'm grateful for all the help I've found in this video and hope to pass on help my own way too to those around me :D
🌟 Very nice discussion I have subdivided my success as follows; 1) Relationship success 2) Financial success 3) Career success 4) Social success and likewise 👉 Failure is one shall not stop me enjoying success in other areas. Cheers ✌
Great video. One thing you came close to, but didn't say explicitly, is that when doing that Upward Comparison, we never do Downward Comparison. People rarely compare themselves to someone doing worse than them. We think 'Why would I compare with someone worse off? What good would that do me?" Well, it would give you a more clear and realistic view of your circumstances. Many people don't just compare up, they compare to the TOP. The 1%-ers. They have dreams of granduer. It's not a very realistic way to plan your life. You need to not just look at the top 1%, not just the top 20%, not just the top 50%. Look at the full spectrum of 0 to 100. Get a realistic idea of how you're doing. Then at that point, it's very important to do #7 - identify where in that spectrum you can consider yourself "financially successful." That's my thoughts, anyway. 😁
Success is really luck in disguise. People who have success in life, are the ones who lucked out, where hundreds or even thousands of others who tried the same way, couldn't. This is why the majority of people cannot get rich, it's because they cannot get lucky, the way the exceptional few can, or did
I wear clothes from Costco, live in an inexpensive (kinda shitty) neighborhood, and have no debt beyond a mortgage and car payments (new cars are the one luxury my wife and I enjoy). I'm a cheapass when I buy things; I shop for things when they're on sale. We save over a grand a month after all our bills to put towards retirement.
I'm grateful for everything I have and put a higher value on financial independence over status. It just seems so obvious to me but everyone around me is oblivious to this.
I can buy all my needs, most of my wants, and even save and invest. Further increase in salary only gives me a luxury or "finer" versions of what I already have and can buy. Is it worth it to spend 2x more time working for that? Probably not.
The irony is that most of your peers think they believe possessions are not the true value of life, but when you keep your money hidden in investments and look like you're poor, they don't see you as a peer.
When you earn a lot they also spend a lot. Instead of camping for vacation they go skiing. Instead of fishing at a local pond, they spend 2 grand in gas to go trolling for sailfish. Regular cars won't do, they need Denalis.
When I look around I see people who do better and people who do worse. When I compare myself to my older brother he's slightly ahead, but that makes sense because he's slightly older. We have similar goals and our timelines are comparable. We discuss finances on occasion because it's a mutual interest. Last time we discussed how much we each invested and he was surprised I put away more than he did on a monthly basis, I wasn't, he was focusing on paying off his student loans, I don't have to. We have similar amounts invested, but he out earns me. My little sister won't catch up because she just doesn't want to put work into her financial future yet and just enjoy things while she's still young, so her portfolio is still empty while both her older siblings already started at her age and that's time she just can't get back.
Our home is paid off for 7 years now, It is nice but not too crazy. We didn't take our finances very seriously but once our home was paid that spurred us to get moving on our overall financial situation. Paid off all of our other debt, put together an emergency fund and started investing seriously. We do very little "fun" stuff but we really don't need it. Saving is just as satisfying as spending actually more satisfying if you ask me.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
Man, I am 32 and cannot afford even the shittiest house, that is with working as an automotive engineer with masters degree. Should I be concerned or things are not that bad?
There were so many points in your video that were super relevant (and not really spoken of). One point I’d like to make is that the company owner at a Financial Advisers firm I worked at he owned a nice BMW that was a few years old but had a private plate (good decision) but also that his son ended up becoming a fund manager which I was envy of. Now I see that although he worked hard, he always had a head start versus every else. Gracias señor ❤
Thriving is perception, we can't all have the same perception of thriving ... I might see myself thriving because I'm able to save $200 a month on anything, the next person might think thriving is living glamorous, ppl go crazy for chasing what they don't really want because ppl are chasing someone else's definition of thriving
Married with 3 kids (5,3,1y/o). Zero debt, retirement savings close to 7 figures. We drive 2012 and 2009 year cars. No mortgage yet. We are 34 and 35 y/o.
I believe some people are workers and live monthly on a paycheck, others are just lucky or seem to be in the right place at the right situation. Not everyone cares about keeping up appearances with a nice home and latest car. Good video.
my financial life hack, dont have a car. im in my 30s now and i recon not having a car from 18-30 is what paid down my appartment. and now im building a portifolio.
I checked a reddit thread to see what people in their 40s have invested and almost everyone said they had well over a million. I had to wonder what the heck I'm doing with my life. I'm nowhere near a million. One guy said he had $500K but that's because he was way behind and and had some other problems. If $500K at age 40 is behind then I'm screwed.
People have historically been rewarded by taking leveraged risks with housing. People living below their means in this area have actually given up gains with appreciation. While this may not happen into the future, it’s worth being honest with oneself about the opportunity cost of living far below one’s means also.
A lot of people just don’t try to save anything and live high on the hilt. I base my life on my base pay. I try to save as much as possible, live well within my means. Most people are just upgrade and shopping addicts, don’t forget the 3-5 vacations a year.
I'll make around 120k this year and just recently bought a 2nd pair of jeans (the other ones are like 8 years old and don't fit anymore because I lost weight)
To me the most important thing is measuring how far you came and not measuring yourself against others financially. Like you said everyone has different starting points. Work hard and place your faith in God and I can assure you will live a fulfilling life. God bless you all🙏🏼
Ive been stressing and feeling bad cause im comparing my income with people from america because of all these videos... my gross yearly salary before tax is roughly about 45k (about 22k after tax) seeing these videos ans numbers on saving from american channels just makes me feel like im unable to save anything, but if i compare to people in my country, im earning way more than the average. Instead of being happy with what i have, i chose to feel like shit by comparing myself to loans from a country with higher income average and lower taxes. (Tax in my country is about 50%... yes the highest tax rate in the world 🇧🇪 ❤)
Actually I have a big house nice car, gold watches, all paid off, except the house, have less debt than anyone I know. Still save and invest 2k-3k a month , I work 3 days a week. Idk man, sucks to suck but I was smart with my shit.
I'm in an interesting situation. I live off less than nearly anyone I know, yet I have a house....and I have a ton of things that I bought here and there over the years. When I post a video I often think I'm like the Jones'...but I'm not, ...I'm just used to worrying about the next bill and as long as my socks match and I can get a Krispy Kreme every now and then,...I'm fine.
They don't. I'm quite well off. My parents died right before they where going to retire and as such they did not live to have the chance to spend my inheritance to enjoy their well deserved retirement.
I haven't defined? Nope. I am doing what I think is well, no bad debts ever, put extra on house loan, have investments, it is looking good, but others seem to have flashy cars, and just act so arrogant like they are better. Huh? I define wealth well. I am just confused why they have more material things. Maybe debt, maybe I'm not doing as well as I think. Hard to say
I live in 840 sq ft. I'm a teacher. I drive a Corolla. I'm 57. Believe me, at times I think I'm so far behind people who live in nice houses and drive nice cars. Who have more elaborate careers.
And then I remind myself, that I can live off of one paycheck so I can save the other. No one is destroying me financially. My career is solid. I will retire with a 30-year pension in 12 years. And I have family. So it isn't that bad.
Not bad, not bad at all! Congrats!
Wow teaching until you are 70 sounds awful. (I'm a teacher)
@@Emily3383 ikr
Corolla = stealth wealth
Right on.
I have 0 debt, an emergency fund, and a growing portfolio. I don’t drive a fancy car or buy fancy clothes. Took me until my 30s to sort myself out but I’m finally on track
Congrats
Good for you bro
Shout out to you🤙🏽
That’s what’s up. 30? Bro you early. Congrats.
Sounds like you don’t gotta wife and kids yet. Make sure your girl doesn’t change your ways.
I look poor on the outside but instead I have saved a lot of money. I like to see how people judge and treat me. It's intresting.
I can relate to this feeling lmao,
It's nice to be underestimated while, in fact, i'm in a better financial position
It's sometimes difficult to bear the poor treatment that comes from looking poor.
...And completely different attitude when having an appearance that look more expensive.
If I may ask, how do you deal with the judgement and bad treatment from others that results from your choice to not spend a lot of money on your looks?
Standing out from the crowd can be tiring...
Don’t lie or mislead, or misrepresent yourself, though. Miserliness is a vice. Being a good person counts, whether you’re rich or poor.
It's a good social experiment 😂
I tell people I’m Cold, broke, and hungry daily 😂 or I’ll say I’m doing better then I deserve which gets the boomers fired up
"The price of anything is the amount of life you exchange for it."
- Henry David Thoreau
If you can afford all of your needs, can fund some wants without breaking the bank or work like a slave, and can afford to spend quality time with your family, friends or self... Believe me, you're more than enough...
I wasn't financial free until my 50’s and I’m still in my 50’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
I understand that tomorrow isn't promised to anyone, but investing today is hard for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
Well, I chose Sharon Ann Meny as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification.
Henry David Thoreau - 'A man is rich in proportion to the number of things which he can afford to let alone.'
Hb b
Contentment is the secret to true happiness . Once you realize how to achieve that outlook you will no longer be burden with the expectation other have of wealth. Rather you will be able to find joy in your own unique circumstances.
I've found that I'm content because I don't care what others think about me.
@@smokeykitty6023 I don't care either, its all a game to so many and they haven't a clue they are in the game. I care about my values, that's it.
Some of my friends think I'm broke, when in fact, it's the opposite..😂
People assume I'm broke by my appearance. When I was younger it kind of bothered me. But as ai grow older I'm looking at it as an advantage.
Let me fix this for you: some of my friends think I'm broke, when in fact.,,, I don't even care what they think., I'm happy with them they're happy with me
Me Too.
@@DiSidEnTe-n7g I couldn't put it better myself!! Exactly.
Keep it that way!! Good idea!!
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
I already know that I'm wealthier than four billion people.
My husband doesn’t believe me when I say that no one knows another person’s true finances! They look successful but could have a lot debt and no money
I have this conversation with a friend of mine periodically too. One of my early jobs was in a bank and let me tell you, it was a real eye opener! A lot of fakery going on.
Yep which is most of the middle classes now, they lease a lot
A Strawman
I know most of my friends are multimillionaires and have retired at age 50. Unfortunately, I am still working and hope to retire at age 60.
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.
I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.
If I may ask, as in withdrew all of the money from the 401K and IRA programs? If so, what was your strategy behind that decision? Thank you.
I learned about govt actions from cfp in ny by name ‘’Aileen Gertrude Tippy’’ . Ms. Aileen explained the benefits of long-term Treasuries and alternative investments, which the govt doesn't disclose.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
People think I'm broke because I wear simple jeans, a simple t shirt and normal sneakers with an old apple watch. I have the same cell phone and drive a honda civic, but honestly I feel SO relieved that people think I'm broke, since almost no one thinks about takes advantage and sees me for me. I have a lot more money than I even know what to do with, but I choose to invest and live frugally with my parents and feel satisfied with that. People who flaunt their wealth are typically insecure and the opposite of welathy. The wealthiest people I've met and work for, dress simply and are SUPER cheap. I've found true happiness around the people I love and wish everyone luck on their journey to financial freedom, cheers.
In my culture, only a loser lives with their parents. Enjoy your "wealth" and your apple watch!
Get your own place dude. Time to leave the nest.
Loan me a million 😂😂😂😂
@@MirandaN407 Going have to set the interest rate on that amount haha!
@@kylehackett162 I get this quite a lot, but honestly I'm content at the moment with my living situation. I can't complain at 25, if I get my own place I'll have less to invest. One day though once the interest rates start to settle down especially with the current inflation.
My monthly income is half or more than half of what most of my friends and acquaintances earn...yet, I have all my needs met and very, very few wants of which are simple wants as well. One advantage I have is more time...I'm retired. I use that time wisely! I can control my energy use, produce and cook all my meals, shop differently and more effectively. One thing that affects me in a detrimental manner is I'm not passing a grocery store daily on trips back and forth to work...but I also don't have the cost of daily work trips either AND I've adjusted my multiple shopping trips to be just once a month which works very well! A huge boon to me, is the fact that I still save $ and realistically there are months I am able to save more than I did when my income was much higher.
Nice 👍🏾
Luckily, my spouse and I were able to pay off our mortgage early. We took the money we were spending to accelerate our mortgage repayment and invested it right away while we were both still working. We were able to retire early after accumulating what would have been our home payment for over 7 years and maxing out our 401K/403B plans. Thankfully, both of our parents taught in us the importance of living within our means.
Investing without proper guidance can lead to mistakes and losses. I know this since I've been there myself.Seeking guidance from a professional is preferable if you're new to investing or don't have much time.
Investors can have different investing results even with the best strategy and suitable assets. Understanding how experience plays a critical part in successful investing is key. Since I was aware of this, I consulted a market analyst for advice, which helped me build my account to about a million dollars. Having strategically cashed out just prior to the market correction, I'm now taking advantage of buying opportunities once more.
How can one find a verifiable financial planner?
I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Leah Foster Alderman is the licensed expert I use. Just look up the name online.
Compared to the way most Americans lived only a hundred years ago, anyone today with air conditioning, a car, internet, and access to jet plane travel is living like a god. Comparison with others is tough to overcome but it helps to really sit down and figure out what TRULY makes you happy: it's probably not a second home or a faster computer (though who knows, maybe it is). Fact is we'll never know how much other people have in their bank account(s) without closely examining their financials. Let others do their thing and you do yours, that's what I say. Thought-provoking video as always, Austin!
Thanks!
I always say, I live better than Louis XIV!
@@sarahbannon4752 Let alone Caesar!
Wealth is the money you don’t spend!
Back in the 1980s, the average home cost was 2x the average annual salary. Today, that cost is now closer to 10x the average salary. Pension was still offered by companies and being in the work force for multiple decades has shown me that company benefits have dwindled significantly over the years. The basic principles you laid out are still relevant in concept, but it is now requiring much more sacrifice today for someone starting fresh compared to 30-40 years ago.
Average homes were also only ~1100 sq feet, most did not have central air, and they had little to no insulation, along with small bedrooms. If you want that type of house today....thery're super affordable. What we considered acceptable has massively inflated.
@@Nick-ue7iwtalk to your friends across the ocean or down under. Developers are literally demolishing old houses and using the piece of land to build 4-5 tiny shoe box sized homes and selling it at ~$500,000 USD each.
Its the land value that is important@@Nick-ue7iw
I just want enough money to not have to worry about paying rent and food. I don't think it's too much to ask for the guarantee of my basic needs met and a place to sleep every night. Most other stuff I enjoy in life are free (sitting by the river, morning walks, etc)
My focus is on myself. I don't care what other people have. My focus is on having a quality life for myself.
@@emzywillrich7243 Exactly, to be honest, most people don't really care about other people or what they have.
I live in a modest 3 bedtoom 1600 sq ft home. It may not be much to someone else but I'm grateful for what I've been able to accomplish..and the best part, my mortgage is only $908 a month... I'll take that any day over some overpriced modern home
Good job, that’s awesome. You have everything you need and more💯❤️
@@UTP504 thanks! 😊
1600 sq ft isn't modest where I'm from. Well done
Where do you live and when did you purchase your house?
constant regret (and not fixing it), envy and jealousy are one of the top reasons why people fail in life
Very true. When I was younger, you used to make those comparisons. Now those big houses and expensive cars don't attract me anymore. I'm just content with what I have accomplished and live with less doom & gloom.
My home is small but it is paid off. Have 💰 saved. I feel blessed. Great Video :)
congrats! Im trying to get there lol
Thank you for this! It really puts things in perspective. I have a great dislike for debt whereas some of my friends use debt to buy nice things and debt doesn’t bother them. They are great people but I just don’t choose to keep up. We still have fun together.
Hate to be an bummer here but, older people had a chance to save… I’m in my 60’s , in the last 4 years I have seen a LIFETIME of increases in costs…. No matter what others have, my kids will never have the lifestyle I had or my parents… We all got screwed royally. My biggest bill just became food.. What does that tell you. Eating healthy comes a big monthly bill.
The food manufacturers are killing us slowly with poisons in everything we eat.
I know this won't change your mind. I'm saying this for people who are on the fence about what you're saying. I speak up so that evil can be denied
Your words come from a wicked mindset. The worldview that says "there's not enough" is an evil worldview. It denies that God exists. It forgets that Jesus is our hope and he never leaves us. Choose what is right. Decide to see the light. Your life will have enough when you deny your sense of self importance and deny your reliance on your strength. Trust instead in the fruit of life - Jesus.
A lot of it was the historical reality of WW2 and the aftermath. Things are different now and it’s not all people’s fault
@@foolish_god This discussion is more about financial matters.
Exactly why you need to grow a garden, join a food co-op and barter and trade.
Your kids can make more money flipping burgers then you made over the majority of your career. $20 an hour was a high wage in 1980.
I think it's a common thing today that people pretend to have more money, goods and stable . There is a saying in Spanish: lujos vemos, deudas no sabemos- we see luxuries but we don't know the debts behind them. Saludos :)
I love the saying. Thanks for sharing
There is a reason why envy is a sin. And I believe its at the root of the majority of our problems in western culture. People need to stop worrying about other peoples lives. I'm so glad I often heard, "mind your own business!" as a child.
Austin we still have to remember that as you get older you may not be able to enjoy certain material things because you're a senior and have other needs that can make you happy. An expensive car as a senior may not mean a thing. 😮😮
I have 100,000 at 36 but I have nothing I been unemployed 1 year 😢 I lack balls and courage I have anxiety I can’t progress on life and I still live at home 😢 I’m a virgin and to top it off I have a 4 inch hard penis. 😢 not even handsome
I live 5 miles from a lake in western Ohio. There was a boat show last month that a friend went to. He reported that some dealers were offering 240 month loans. That's 20 years folks.
Bauz! Crazy!
😮
For a boat that can only be used 1/2 the year. Then you get to store it for 6 months.
The timing of this video is insane. I was just talking about this with a family member. Super excited to watch.
Eyyyy!! Dina's still watching!!! Must be doing something right!
@@ElAgustin Absolutely! Always!
I grew up in a very affluent community. I assumed everyone was richer than me. That was _mostly_ true. But quite a lot are living in debt to maintain a lifestyle and one paycheck away from bankruptcy. Not too long ago an investment firm CEO in my town caught the southbound train at the front end because he'd mismanaged his finances to insane debt.
This video came at the right time. Just yesterday, I was really sad, because I feel like everyone else is doing better than me financially. Thanks.
Thank you for your videos, my mom frequently watches them and it has been helping her to stay more on budget. For this particular video, I needed to hear this as a reminder that my time is the most valuable thing I have and that I need to be grateful for what I already have. Too often I get caught up in that comparison trap, which in turn is really a waste of my time. Thanks for helping to turn around my day's outlook.
All true amigo!contentment comes not from great wealth but a few wants.
Excellent video, Austin! I am 66 and we have enough, but we worked hard and practice all of the positive things you describe in the video - I wish I could get through to my 31 year old son!!!!
it starts with a job or cash flow, that's where i am now, still at step 0, i went through a long expensive illness with my mother and finding a way out of the 13 month mental funk and financial devastation is like trying to climb out of a deep dark hole. Now i am in reconstruction. I enjoy your videos, no body taught me how to spend money in classes in any school i ever attended. The funeral was almost 15 grande. Unbelievable! 600 bucks to drive a limo about a quarter of a mile. Funeral parlors have a way of getting you over a barrel! Health care is now a luxury item.
Thank you for this! People I work with that make the same amount of money I do have huge houses and 2 cars and I think "wish I could have that" and this opened my eyes. I live in a 1200 sf house and have a 14 yo car but I'm not in debt. I have never looked behind the scenes and realized they are big time in debt. I don't envy them anymore thanks to you. Muchas gracias!
As we witness the current economic landscape, it's becoming increasingly clear that we're entering a recession. These times can pose significant financial challenges.
Indeed, Recessions have a way of affecting people's financial stability and investment portfolios in profound ways.
Speaking of financial stability, l've had the privilege of working closely with Eric Paul Elmer, a highly experienced financial advisor. His expertise has been pivotal in helping me navigate the complexities of economic downturns.
That's intriguing, l've been on the lookout for a financial advisor who can provide sound guidance during these uncertain times. Could you elaborate on how Eric Paul Elmer has assisted you?
Certainly, Eric Paul Elmer provided me with tailored financial strategies that not only protected my investments but also helped optimize them during periods of economic turbulence. His insights were truly invaluable.
Thank you, for sharing this valuable information. I’ll definitely explore Eric Paul Elmer's services. Having a skilled financial advisor during a recession can make a substantial difference in ensuring financial security and growth. I just checked him up on GOOGLE.
At the end of the day, you have to setup realistic expectations for yourself. Unfortunately, the costs of everything have really prevented me from being able to buy my own home, but I'm still going to save up and hopefully I'll be able to buy a home when I am older.
I’ve been told plenty of times that others assume I’m well off from the clothes I wear, but I don’t even have name-brand clothing. Most of my clothes I’ve had for six years. I ensure that I invest in good quality; I love fitted, just jeans and nice jackets, I love anything floral, and I wear primarily solid or monochrome colors. I don’t have LV or Prada or anything like that. I wash it with cold water and hang it dry. I take care of everything I own. My bad habit is that I tend to spend most of my money on traveling which is a perk from industry hook ups. But I work in the cheese & wine industry, so eating out or wine tasting is usually free from industry discounts. Yesterday, I got a notification that my student loans were dropped, which lifted an enormous weight on my shoulders! Take care of the things you have. You don’t need to buy everything new, but you should also treat yourself; make sure you take care of it so it lasts. I still have some debt from when I was a careless teen, but I’m working on it. I still have the same scion I’ve had since 2004. I’m currently at 3500 miles! 😅
The trade offs.... so true! I learnt to choose my hard after becoming a mom and opened my eyes to the importance of investing in my own labor.
Thanks Austin for this great reminder!
I am that guy driving fx Camaro, BMW Cabriolet and now an Audi A5, got a house by the sea. I am a software Solution Architct and DevOps. A lot of people would want what I got, but they never see the strugle, the constant learning, the very late nights and weekends, and the huge burden of responsibility. Also people do not have a clue about what I do, they ask why I get paid a lot "to look at a screen", that how far their understanding goes.
We have a cousin that was decked out in fancy outfit at the family bbq, bling watch etc. YET their car got repod the next week and of course blamed it on "they lost the payment"
Never become House/Car Poor!! .. They might make those payments.. but they are not able to actually enjoy life.... My car is getting paid for by an external income that I no longer work for... Never buy these things with your earned income!.. Let your assets pay for your luxuries
"seems"
I look broke, I have 1000 months of living cost saved/invested. I don't have any pressure in life.
Being content with what you have that will save you so much heartache
You have to find little things that make you excited. I've been on cloud nine all week because of my new kitchen backsplash. The cost was $200 to be happy for a whole week. My family has over $900k and yet it's something like a little bit of kitchen tile that makes us happy. Compare that to the people living paycheck to paycheck who buy brand-new BMWs and it's never enough for them and they're always stressed and miserable.
My definition of success is getting my Spanish to Austin’s level.
Thank you for your videos! I have a situation exactly like you described. When my main work is temporarily on pause. Everyone around seems to travel and enjoy the beaches, brag about successes of their kids and it seems like nothing exciting is happening in my life. But at the same time I know the job and money will return to me, and now I am enjoying sport and a beautiful person who wants to be with me. We need to be thank for what what we do have and stay motivated. Thank you again
We are not the sum total of our possessions or money we have. The sooner you realize that, the better your life choices will be, and you will happily embrace ENOUGH when you reach it.
I used to think I was financially behind. I used to believe everyone had it better than me. However, when I started to look at what I have/own, I noticed I was ahead of many of my peers/friends.
Well, it's kind of true 😂...im in the low income bracket. But I don't worry because I don't need much and frugality is my best friend
your videos are really cozy and comforting
Thanks!
Austin I just wish my full time salary was enough to live in my own place like you do, instead of a house share. But rent or mortgage for an apartment (or house?) like yours is higher than my full-time salary. Feel free to correct me if you do do live in a house share.
Very true. People are too stupid with money nowadays. But there's people who are actually rich.
Having time and being healthy is wealth.
My problem is that each time I make a large financial jump I move to a much nicer neighborhood than the last time. So now the people I compare myself too are much higher earners. If I moved back to my same neighborhood of 11 years ago I would be the richest guy anyone knows and I would have felt “as rich as I am”.
I feel good one day. The next day, people at work are talking about some lavish vacation. I feel myself drawn to it. It is hard but it is fleeting. Then I see that I only have a house note and I am thrilled.
I don't worry about how others are doing unless I am in a position to help them. I don't know who said it, but compassion is a loss of joy. It is also worth saying we are all at different stages and have different ways to spend & save
Our buddy Austin dropping truth bombs. 👍👍🚨
Congratulations! 100+ subs! Well done! ❤🎉❤
This content was refeshing, I really needed to hear this. I've been self employed for 10 years in one field and I'm working to scale two new ventures, yet despite doing better than I've ever done, it doesnt seem like its enough. I've never thought of asking myself "what is enough?" I Find Myself Here - realizing that I have enough but I keep going for sport. Before, during and after having enough though what really counts is the circulation of wealth and opportunity. I'm grateful for all the help I've found in this video and hope to pass on help my own way too to those around me :D
🌟 Very nice discussion
I have subdivided my success as follows;
1) Relationship success
2) Financial success
3) Career success
4) Social success and likewise
👉 Failure is one shall not stop me enjoying success in other areas.
Cheers ✌
Great video. One thing you came close to, but didn't say explicitly, is that when doing that Upward Comparison, we never do Downward Comparison. People rarely compare themselves to someone doing worse than them. We think 'Why would I compare with someone worse off? What good would that do me?" Well, it would give you a more clear and realistic view of your circumstances. Many people don't just compare up, they compare to the TOP. The 1%-ers. They have dreams of granduer. It's not a very realistic way to plan your life. You need to not just look at the top 1%, not just the top 20%, not just the top 50%. Look at the full spectrum of 0 to 100. Get a realistic idea of how you're doing. Then at that point, it's very important to do #7 - identify where in that spectrum you can consider yourself "financially successful." That's my thoughts, anyway. 😁
Success is really luck in disguise. People who have success in life, are the ones who lucked out, where hundreds or even thousands of others who tried the same way, couldn't. This is why the majority of people cannot get rich, it's because they cannot get lucky, the way the exceptional few can, or did
Right!!!! Lost of stuff we can't control....
I’d agree with a lot of this. Feel like the more money you earn, the less you care about it and the more unhappy you get week in week out.
I wear clothes from Costco, live in an inexpensive (kinda shitty) neighborhood, and have no debt beyond a mortgage and car payments (new cars are the one luxury my wife and I enjoy). I'm a cheapass when I buy things; I shop for things when they're on sale. We save over a grand a month after all our bills to put towards retirement.
I'm grateful for everything I have and put a higher value on financial independence over status. It just seems so obvious to me but everyone around me is oblivious to this.
I really enjoyed these last few videos you made for us little guys. Please keep making these types of topics!!
I can buy all my needs, most of my wants, and even save and invest. Further increase in salary only gives me a luxury or "finer" versions of what I already have and can buy. Is it worth it to spend 2x more time working for that? Probably not.
The irony is that most of your peers think they believe possessions are not the true value of life, but when you keep your money hidden in investments and look like you're poor, they don't see you as a peer.
When you earn a lot they also spend a lot. Instead of camping for vacation they go skiing. Instead of fishing at a local pond, they spend 2 grand in gas to go trolling for sailfish. Regular cars won't do, they need Denalis.
Another great video chico!!! Thank You for all the information!!! Enough is enough!! 😊
When I look around I see people who do better and people who do worse. When I compare myself to my older brother he's slightly ahead, but that makes sense because he's slightly older. We have similar goals and our timelines are comparable. We discuss finances on occasion because it's a mutual interest. Last time we discussed how much we each invested and he was surprised I put away more than he did on a monthly basis, I wasn't, he was focusing on paying off his student loans, I don't have to. We have similar amounts invested, but he out earns me. My little sister won't catch up because she just doesn't want to put work into her financial future yet and just enjoy things while she's still young, so her portfolio is still empty while both her older siblings already started at her age and that's time she just can't get back.
Our home is paid off for 7 years now, It is nice but not too crazy. We didn't take our finances very seriously but once our home was paid that spurred us to get moving on our overall financial situation. Paid off all of our other debt, put together an emergency fund and started investing seriously. We do very little "fun" stuff but we really don't need it. Saving is just as satisfying as spending actually more satisfying if you ask me.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
Man, I am 32 and cannot afford even the shittiest house, that is with working as an automotive engineer with masters degree. Should I be concerned or things are not that bad?
There were so many points in your video that were super relevant (and not really spoken of). One point I’d like to make is that the company owner at a Financial Advisers firm I worked at he owned a nice BMW that was a few years old but had a private plate (good decision) but also that his son ended up becoming a fund manager which I was envy of. Now I see that although he worked hard, he always had a head start versus every else. Gracias señor ❤
Thriving is perception, we can't all have the same perception of thriving ... I might see myself thriving because I'm able to save $200 a month on anything, the next person might think thriving is living glamorous, ppl go crazy for chasing what they don't really want because ppl are chasing someone else's definition of thriving
Married with 3 kids (5,3,1y/o). Zero debt, retirement savings close to 7 figures. We drive 2012 and 2009 year cars. No mortgage yet. We are 34 and 35 y/o.
I believe some people are workers and live monthly on a paycheck, others are just lucky or seem to be in the right place at the right situation. Not everyone cares about keeping up appearances with a nice home and latest car. Good video.
yep the content creator is an excellent example!!!
@donaldlyons17 You think so?
my financial life hack, dont have a car. im in my 30s now and i recon not having a car from 18-30 is what paid down my appartment. and now im building a portifolio.
I checked a reddit thread to see what people in their 40s have invested and almost everyone said they had well over a million. I had to wonder what the heck I'm doing with my life. I'm nowhere near a million. One guy said he had $500K but that's because he was way behind and and had some other problems. If $500K at age 40 is behind then I'm screwed.
People have historically been rewarded by taking leveraged risks with housing. People living below their means in this area have actually given up gains with appreciation. While this may not happen into the future, it’s worth being honest with oneself about the opportunity cost of living far below one’s means also.
Interestingly enough I would say that the disadvantages I had growing up actually propelled me well ahead of the people with the advantages.
A lot of people just don’t try to save anything and live high on the hilt. I base my life on my base pay. I try to save as much as possible, live well within my means. Most people are just upgrade and shopping addicts, don’t forget the 3-5 vacations a year.
I'll make around 120k this year and just recently bought a 2nd pair of jeans (the other ones are like 8 years old and don't fit anymore because I lost weight)
Thank you so much for your very informative video. You are certainly a very sensible young man.🙏🙏💋
A lot of people are in debt really.
To me the most important thing is measuring how far you came and not measuring yourself against others financially. Like you said everyone has different starting points. Work hard and place your faith in God and I can assure you will live a fulfilling life. God bless you all🙏🏼
Ive been stressing and feeling bad cause im comparing my income with people from america because of all these videos... my gross yearly salary before tax is roughly about 45k (about 22k after tax) seeing these videos ans numbers on saving from american channels just makes me feel like im unable to save anything, but if i compare to people in my country, im earning way more than the average. Instead of being happy with what i have, i chose to feel like shit by comparing myself to loans from a country with higher income average and lower taxes. (Tax in my country is about 50%... yes the highest tax rate in the world 🇧🇪 ❤)
Actually I have a big house nice car, gold watches, all paid off, except the house, have less debt than anyone I know. Still save and invest 2k-3k a month , I work 3 days a week. Idk man, sucks to suck but I was smart with my shit.
I'm in an interesting situation. I live off less than nearly anyone I know, yet I have a house....and I have a ton of things that I bought here and there over the years.
When I post a video I often think I'm like the Jones'...but I'm not, ...I'm just used to worrying about the next bill and as long as my socks match and I can get a Krispy Kreme every now and then,...I'm fine.
Well mis matched socks are in fashion now so there's one less thing to worry about 😂😂
Have a great day!
No. I'm just behind
Life is hard enough as it is . Don’t get yourself it to debt and make it more difficult for yourself .
Is 80k net worth at 27 good? I have no idea
They don't. I'm quite well off. My parents died right before they where going to retire and as such they did not live to have the chance to spend my inheritance to enjoy their well deserved retirement.
I haven't defined? Nope. I am doing what I think is well, no bad debts ever, put extra on house loan, have investments, it is looking good, but others seem to have flashy cars, and just act so arrogant like they are better. Huh? I define wealth well. I am just confused why they have more material things. Maybe debt, maybe I'm not doing as well as I think. Hard to say
8:48 That's all good. However, I'm more interested in what happened between age 26 and 30. I'd say that was a massive jump early on.