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How To Retire on a Blue Collar Job
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- Опубликовано: 15 авг 2024
- Retiring on a blue collar job involve 3 major steps. 1. Get out of debt. 2. Increasing your Savings Rate. 3. Optimizing your investments once you are able to obtain some from your outsized savings. .
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It was as if you were talking about me. As I started making more money, I started spending more. I remember once when my ex-wife said to me, "Why are you buying another motorcycle?" My response was, "because I can afford it". I feel so dumb. I should have listened to her and not spent that money. I could have been retiring in another 3 years instead of another 8 :(
Don't regret too much as that may bring you unhappiness --> :(
Retired @ 47 yrs ago, 9 yrs ago.....fitness, proper nutrition, travel, reading, biking/golfing/tennis/kayaking sports became my full time job.
Wow... well... I guess you mean you spend more your time doing those things. I hate to call thing you do for fun a job.
This is vital information that should be taught in every school. I remember a fantastic accountancy professor from college, who explained this in a similar way. It made perfect sense, and I have tried to live this way ever since.
The way most Americans spends money is insane. I see that all people every buy is water with sugar in it, disposable products, and chips.... lots of chips. All of which you can simply not buy with alternatives and save a wad of cash.
Thank you Timothy Taylor (TTC ) !
A cable bill is absolutely worthless, an internet bill is cheaper and mandatory. You can communicate with the world, you can learn everything you need to do, you can start an online business or buy/sell items on ebay- most importantly you can find all your television shows and movies and games- for free.
Agreed. Cable is one way information transfer in the form of video.
FutureLaugh - watch free TV, use hoopla digital and RUclips and I'm good to go.
FutureLaugh yesss
I am a fresh graduate from Serbia, 27 years old, and with a bit of savings. However, the average pay in my country is really low and I decided to relocate to another continent where I can save 4-5 times more on a monthly basis. I already have a lifestyle you are suggesting, and was really happy to see someone speak the same language! Friends and family do not really understand when I try to explain to them how the life cycle works. Great videos, I really enjoy watching them. thanks! :)
So which continent are you relocating to? I think when you start off with low pay you sort of stick to it with ease. The important thing is not not inflate you lifestyle too much as you earn more. It's of course warranted to inflate a little bit to reward yourself a bit.
Lol, you call it life cycle. It's an interesting way to think of life. Life happens when you are not working (usually). You trade your life for money to buy things. So you have to be very careful on where you put your money since that money you earned is literally your life.
I make 550$ a month in Serbia and with a lowsumerist lifestyle I can save only 250$ (need to pay my rent). So I got a job in China with apartment provided and pay is 1900$. I can save up over 80% of my earnings.
Nice. I think living costs over there is really low as well so it's easy to do that. One thing I worry about in China is the pollution and the quality controls on the food supply.
BeatTheBush very very wise words
if i may ask, what type of job are u working in China?
Even your shirt is blue for this video! :-P
Huh. You're right! I was wearing a blue collar lol.
realised it too
I noticed that too
You Sir, have a wise head on young shoulders. The kind of things you talk about, were how my grandparents and parents used to talk i.e. first generation (and second generation immigrants (Chinese). They had no back up, so they had to spend and save within their means and be frugal. And if they could not afford something, then they would save up, rather than have an instant consumer fix. That bit about food - 'I can cook at home for cheaper/better' - spoken like a true oriental/southern asian! hahah Thumbs up. Keep up the videos. I'm trying to retrace my steps and walk the path. I don't want to be a free range slave, shackled with debts all my life.
People have told me how old I sound... like an old man, lol. =D I didn't realize the cook at home bit until MANY MANY tries of eating out. Then you start to realize after many years of error that hey! sometimes the food makes you sick! sometimes it's not clean. You can get good food but it'll cost you 2-3x the normal going out rate.
I'm a line cook that didn't come from a blue-collar family. Your videos are helping me shape my mentality and craft a smarter set of goals. Thank you so much!
You're welcome! Spending much less than what you earn is a great foundation.
Once you raise your standard of living, it is very hard to go back. That's why a lot of lotto winners go broke so fast.
Hmmm... I think it's the uncontrolled raising of standard of living until they are broke.
They became rich faster than their mind can process
I was calling a taxi when the weather was extremely bad @ $7.25 + tip per half mile trip, I live on a steep hill. Now I walk maybe a half kilometre to the local transit's stop, and catch the bus @ $2/trip. It stops right outside my workplace. I still may have to hail a cab occasionally, but at least I can save a bit.
When my newish computer dies I will use the ones at the library, they're top of the line.
I use an update version of a flip phone at $10/month. I just use it as a phone. At almost 60 y/o I can remember a time before all the technology, it's still necessary to use and it's a good thing, it's just not the main thing in my life.
Oh man. I think I cannot stand taking the bus full time mainly from the wait time needed along with the extra time it takes to get from point A to B. So while I do enjoy saving and push it pretty hard, I look at the effort I am willing to spend to get there and the extra time it takes.
Time is valuable if not THE most valuable thing we have. It's trade off in how much money you will spend to buy it back for yourself.
A smart phone is pretty much a requirement if you want to communicate with others over social media or chat apps. Depending on the generation you want to communicate with, without the chat app is as good as not having that line of communication.
BUT, priorities are different for everyone. Preference are different.
Like your down to earth and honest approach to matters. Keep up the good work(YT vids)!
teach us how to change brake pads! :D car stuff for us non-mechanical-savy ones, to gain more skills !! btw love the content
Thank you for making this video. I'm at a ~40% retirement savings rate, and just watching this video motivated me enough to not go out for lunch/zombie Sunday afternoon shop out of boredom.
40% is really good! =D Yeah the lunches are not necessary usually if you can find alternate ways to bond with coworkers during the lunch hour. Of not then once a week is still needed.
Thanks for the reply, been watching your videos the past couple days. Simple, informative, and short (not dragging). Today I spent several hours studying my income streams and monthly expenses, then averaged them out for the year. Realized if I take the Saturday OT no one wants to do for just 1 day a week, I can put away XXX amount of $s a month; which would pay off a large XX% of my basic needs. Motivating man. Used a 4x3 foot white board to strategize decreasing my burn rate. With discipline, I can cut my expenses by a third, but realistically I'll start with a more comfortable 20% cut. I appreciate you helping your fellow man. Do know that you are making the world a better place. Peace.
I like the idea of saving for a year and retiring the next year & just keep it going especially bc" you never know when you will die" but since I already have kids there's no way.
you should do workshops and classes! i wish i didn't have to pay for direct tv cable and phone but my building makes it a mandatory media package tenants must pay for, so now i'm debating on whether i should have a tv. these are great reminders to make people reflect how they should be saving/spending their earnings.
Ha! This is the workshop! =D So it seems like Apartment=>Cable/Phone=>TV=>Advertising=>Buying more stuff. We do not like to think advertising affects us but it does a lot more than people are willing to admit. How ridiculous is mandatory cable/phone?
How do you upload these videos? I am an electronics graduate and I know you must have internet.
How would you live without a phone? What would you do in an emergency?
In Canada, we can collect old age security pension at the age of 65 onward as long as you were making less than $123,000 a year. Most basic amount you will receive each month is around $666.56 but people usually get more than that... With a max of $1,134.17 a month. So that would help in retirement.
Wow, how can anyone live on that? You'd have to have a REALLY good retirement fund or pension, is that common in Canada?
A suggestion, BTB. The graph here is so simplistic I fear a lot of people wouldn't understand it. A bit of color coding and clarification on the graphs details before talking about it would be better! Love the channel man.
Oh yes... I have color markers now! =D
Save as much as possible as soon as possible and earn the highest possible return. Saving means cutting expenditure and maintaining or increasing income. Earning the highest return means to become knowledgeable about investments politics and economics. Now I am a bit sloppy and only save about 30% of earned income.
In short, yes! Minimize spending but I prefer to do minimize spending while obtaining roughly the same quality of goods or service which is a bit harder to do than just cutting costs straight. As your previous comment. If you are at level 10, it doesn't matter if you a bit sloppy. =D
Good comment Bad A##!
Good advice, you speak clearly and explain things well. Thank you.
Really good analysis as usual. Sadly, most people are blind consumers and don't even think about stacking up cash for later use. I would really be interested in your advice about investing the savings.
Thanks! Agree with the blind consumers thing. I wouldn't say blind though rather, just going with the flow. For investing, I have a series on that and I list them under my 'Advance Finance" playlist here: ruclips.net/p/PLAffnc1joZvaVAUewyWIustcKgh5coR8o The first video for Investing in particular is here: ruclips.net/video/UCjka4lQigw/видео.html
BeatTheBush
Thanks. I don't remember seeing those videos. I'll definitely watch them when I find some time :)
Филип Брчић =D
Great videos, please do one for at least 50 year olds who either have no savings and or just beginning. Keep up the great work. God bless you, your family and business.
Excellent video!! You are providing much needed information that a lot of people in our generation are struggling to grasp.
I agree. It seems more like most people are caught in the materialism trap.
Thank very much! Your videos are very informative and inspiring. I'm going continue to watch all of your videos. Thank you! !
Wow, that would be a great undertaking by now. I think it all adds up to be like 20+ hours? lol.
Again thank you. You really gave me something that's is going to help my entire family. Thanks!
+R b =D How nice to hear any of these videos help. If you have any specific example in the future, I'm very interested in hearing more. :D
Ok, i will let you know. I recently got a good paying 2nd job. I did exactly like you said. I accumulated more debt. I have two car payment s and another pick up truck. I pretty much max my credit card s out. I had my own moving company. I have been paying storage fees on two box truck s that I don't use. So you have help me in so many ways.
O_O Wow. Seems like there are multiple fronts that needs attention. I think you'll do fine though since you are acknowledging it already. Seems like only keeping what you really use rather than keeping a lot of 'what if' items around by itself will already go a long way. =D
blue collar job,, postal worker, bus driver, utilities worker in chicago il make about $65,000
Wow... that's not bad. =D
I don't have a blue collar job but I loved learning what you shared! Ty!
=D Fun to think about. =D
how to retire on a white collar job?......im 100% blue collar, im a utility linemen i pull 120k per year, save 33% and i get pension, and i dont live in peoples republic of california. im good
Wow! Utility linemen are raking it in! AND not in CA! Low cost of living!? Man, you are set!
you mean commiefornia
Nothing wrong with a bit of socialism, works for All first world countries.
TurnBull ac
Leaving California is a good investment.
Gumardee coins and banknotes
If you like socialism, please pay extra on your taxes this year. The government will spend your money more responsibly than you. Add say, 20%. Don't be a hypocrite, give them your money.
This is the kind of education they should be teaching in schools! Great video!
=D
Great videos man, all the little tips add up. Thank you
It really does. =D You're welcome. =D
Nice video dude! Saving is a habit more people need to learn
It's interesting that rabid spending is the default for the majority.
Excellent video. You explained everything well. Nowadays people have become lazy and don't want to learn or take the time to do for themselves like our parents/grandparents had to do in the older times when having a good amount of money was a luxury. They also don't realize the feeling of satisfaction one gets when you can perform a skill without having to shell out a fortune for someone else to do it. Thanks for your efforts!😀
Specially when you make your own thing and it's as good or better than a store bought one. =D
More power for the informed
I love your videos!
This is the kind of thinking that enabled me to pay for just under 60% of my university on my own (I'm in Canada, so tuition is cheaper), but eventually stress and finances did catch up with me. Nevertheless having a spreadsheet and being realistic about spending needs vs wants is a game-changer
There's also a good book called the Wealthy Barber that you might want to recommend to your viewers (affiliate marketing using Amazon?).
Also you spoke about investing in index funds, could you talk more about that? I think it would be great for people in late 20s and early 30s who are just starting to get serious saving for long-term projects and/or retirement as it seems to be the basic thing we should all be doing.
Lol, wealthy barber. Sounds like a Barber who spends less than what he earns? =D
I still have to make a vid on investing for the masses. This is more about cobbling up your own mix of etfs proper for the risks you are willing to take and time frame of retirement. Ok, noted.
I'm still not knowledgeable about investing, so maybe you can correct me on this but one thing that a friend made clear to me today is that I didn't understand is the importance of paying off my student loans/debts before committing to investing. I hadn't thought about it, but he explained it using these numbers as example:
- Student debt interest rate: 3%
- Investment: 2%
It sounds silly but right away by comparing the two I can see that I'm losing more from my student debt than I would be gaining from my investment(s). It could be good to make this clear when you eventually make a video about investing
I mention this because it's easy to think "I should get rid of my debt before I start investing" and indeed I did get rid of my debt: my credit card debt! Getting rid of c.c. debt is the obvious thing to do, but not the big loans at low interest rates
Anyways I hope that's useful feedback for you :) -- keep up the good work!
Great content. I have watched a bunch of your videos even though I have been doing the some stuff already for years. It's a great reminder of what's been working and what's haven't been
Even I need a review of my finances once in a while to figure this out. Thanks for your support! =D
BeatTheBush keep up the good work I plan on bringing some quality content myself soon
Great to hear!
Blue-collar are manufacturing/ labor jobs, but not necessarily low-paying. Coal miners, crane operators and longshoreman are examples of blue-collar workers who earn relatively high wages.
Cool... like how much we talking about here. Some garbage men or train operators make over $100k.
Awesome video. Thanks for taking your time to help others like me.
You're welcome! =D
Thank you for sharing your experience in a very matter of fact teaching style.
You're welcome!
Thank you so much your videos have helped me turn my life around
Did it really? Please do share how, I'm always interested in the results which pumps me up to make more and better videos. =D
Im a grocery manger making ok money but I could never seem to save money let alone think about investing. I use to say shoot if I worked hard I should spend whatever I want when I want but after watching your videos I look at saving and investing money as a "feel good" mentality like how I use to enjoy buying items and blowing the rest of my paycheck. After my bills were payed of course. I now get the same feeling putting money away and or investing it like I use to feel when I would shop. Thank you very much
Excellent! =D Best way to not go crazy shopping is to not try to force yourself but really find the reason to not to. There is a goal here and not just hoarding money but you are building your future and hopefully financial independence.
I moved to US so I can earn more monthly basis the average salary in my country is about 400-500$. I worked hard 2 years here for less than minimum wage in NYC but I bought 4 apartments back home and 1 country house thinking about to get retired or hit the financial freedom at some point and get back to my country in next 2-3 years , but I really feel dumb on online earnings like ebay etc , make some videos about creating online income sources THANK YOU 🙏 for your videos
What country are you from?
Hey, you should definitely do some videos on interpersonal skills. How well you communicate can directly impact your finances. I would love to hear your people skill advice :)
I have a very short list of videos on interpersonal skills here: ruclips.net/p/PLAffnc1joZvZbdLUs7tcotuwUsXnepgoA I am not very strong in this area so I cannot make much.
Sweet, thank you!
=D
Blue collar worker right here I make 120k a year. Looking at 6500 a month for retirement check not to mention the 3/4 of a mill I got in annuity. Plus my social security. Oh yeah and I did that in 17 years. I'm only 40 and still have more money to collect.....
Banks find you annoying - they can’t make money!
I love your videos. Thank you.
=D Thanks for watching! =D
I’m a high school drop out
I make $54k
I have no debt
I have no credit cards
I have no car
I have no mortgage. Paid off house.
I have no student loans
I have large savings
In 60 and will retire at 62.
SS check and pension.
So I plan on $3600. A month income while retired
And $700 basic living expenses.
So I plan on my savings going up during retirement
wise commentary man !! good vids
Thank you!
Awesome video, well communicated.
super informative! Thanks!
You're welcome! =D
Love your videos on finance. :) I am heavy on savings currently about 40%, saving for down payment of house
Savings rate is pretty good! Just be very careful with when to buy. Of course you never know if it's high or low so you really have to rely on your own investment abilities. Some think it's high, others think it always go higher. No one knows.
BeatTheBush I am in valley, rent is so high that buying house definitely makes sense as per my calculation so far. Planning to buy house with price such that my monthly payments ends up same as my current rent (after deducting tax returns etc.)
In most case, it does make sense to buy a house due to the tax incentives. Instead of paying rent you pay the same amount on the mortgage means a lot of it goes into reducing the principal on your loan. HOWEVER, if housing prices crashing from say $500k down to $400k, you would loose $100k in value, enough for say 4 years of renting. I'm not saying it will crash but it happens. If you hold it through the crash and are not affected by any sort of PRIME rate business, then it'll likely recover and there's nothing to worry about. Just some things to be fully aware of going in.
BeatTheBush True. Somethings we cant expect. But looking at the past housing crash and recovery. If you are buying house for your own self and for long term, price drop in long term wouldnt matter. What do think?
I agree. But it does hurt to see it underwater for a few years. Having the house on a PRIME loan and underwater is a recipe for disaster because you cannot refinance. Always stick with fixed rate in my opinion.
Good stuff mate
=D
Informative, but the assumption that the cost of living will not increase is a dangerous one.
Thank you BTB!!!
You're welcome! =D
Great video! I wish this was required in High School. I also wish hubby hubby didn't like sports. Cable is expensive. We don't have wifi. Our iPhone plans are costly! And AT&T keeps raiding their unlimited data plan. Ugh!
Raising* their unlimited data fees, just went up $10.00 a month for two phones.
Yeah... all of those sounds very expensive. The hard part is to be able to adapt to living with less and still be content. You can imagine how hard that is if you are used to your current lifestyle. There's no way back.
I love this channel!!!!
Thanks!
Hey. Love your videos. Basic, quick, to the point. One question, what's with the dinosaur and peas?
The only caveat is that if you choose not to invest, the saving curve adjusted for inflation is not linear, inflation eats your savings. Hence it is mandatory to invest otherwise your savings loose value. Otherwise, I wish that this was taught in high school....
Yes... inflation at 2% or more depending on what you buy. Not invest means your money erodes into nothing.
I've been booking up on a lot of investment ideas and you seem to echoe many of the best principles. Most books though state like 15 to 20% for your nest egg. 50-90% is extreme but I'm going to see how high I can increase from my current 15%. Great videos by the way.
15-20% savings rate is the usual rate. 50-90% savings rate is for early retirement rockstars. Yes it's very hard to do but it can and has been done by many people. You just have to watch your expenses and settle yourself into a low burn rate situation.
Speaking of health going into retirement... I can name a dozen people who developed back problems towards the end of their lives and were pushed into a back operation. It seems that one can't disability until the insurance company tries "all options" with you. Its almost as if they think "If we're going to have to pay you money then we're going to make sure you're truly disabled". Many back problems are due to excess weight. You trade one pain for another and eventually wind up in a power chair.. and get fatter and your back hurts more.. THEN YOU DEAD!
Yup... best to just keep healthy I think. That begins when you are young, eating right and exercising.
Good stuff.
If people are saving 15% per year, saving 75% means you save as much as 5 people.
How does any sane person Thumb's down this vid?! Preposterous
i find u really inspiring man. cause i am a complete dis organised mess.
Start a little at a time, you'll get there. =D
Super great advice. Now you just have to put it into action. LOL
For this type of work it will take half a life time to a full life time to complete. To do it faster, you need to make more money, which is the track I aim for.
Good advice friend
Thanks! =D
Thank you
Thank you for that great explanation about saving 50 percent and how it affects retirement time. I explained it to my husband and his eyes did not glaze over...he actually looked interested! Regarding homemade meals....always have a soup pot in your fridge. Add to it when you have leftover meat or vegetables. Slow cook water, onions, celery, ginger, chicken, any spices from your cupboard, and add in chopped vegetables and parsley. Do not add starches directly into your soup pot. It will taste better the next day. You will never buy canned soup again. Saves a lot of money!! Pay an additional $10 per week to your home loan principle.
Check the deals, i pay less than 2€/month for my cell phone and i have all the features. call,sms,50GB data
But i need to change every year, to another deal that cost the same.
Yep, if you have a nice low cost local deal for cell phone, I'm all for it. That price is pretty acceptable.
Great charts!
I am at a blue collar job and I have cut my expenses grealy in order to travel to Europe every year. And still have enough for retirement!!!
Greatly
If you can cut expenses without sacrificing quality of life, that's the best but it takes a lot of trial and error.
Good video.
Thanks!
Great Video, thank you.
You're welcome! =D
I watch RUclips, and my new car interest rate is 0. My mobile bill is A$40 a month with 9 Gb. Good for me.
Nice one with the 0% interest. Whoa... the $40 a month mobile, well if you really need it. =D
What do you do with 9 GB? I have 1 GB and it's enough for every day use.
Sorry about all the typos. Hubby is a huge NASCAR fan. So cutting the cord isn't an option. I think about giving up my iPhone & going back to just a flip phone. I can always go back to what I'm currently doing if I get withdrawals from online Entertainment. Hmmmm....
I use an iPhone on the freedompop plan. 1Gig a month with 200 minutes for... free. Voice quality is terrible unless you have about 3 bars. But you get used to it. I'm still alive.
VIDEO IDEA: Can you address the following? When one owes student loans but wants to save for retirement; what do you suggest? Pay off ALL debt & student loans and then invest? Debt APR is higher than investment APR in most cases. Paying off all debt may take someone into their 40's.
If debt APR is higher than investment returns then yes paying off your debt first will be better for your overall networth in the end. However, if you invest properly you should expect 6-8% returns on index funds. However, even if debt APR is say 3-4%, it might be good to pay it off sooner because peace of mind may be worth a couple percent depending no the person.
You may want to check out this video I did on this topic also: ruclips.net/video/DjnR_EIA9aM/видео.html
Thanks! Seems like you cover EVERYTHING in your videos. I've been enjoying them so far. I even let the commercials play for your revenue sakes. Thanks again!
I probably would avoid finding savings by cutting costs in cell phone service because in case of emergencies you'd want reliable service. I'm not familiar with Freedom Pop but if it's flaky at all, then it may not be worth it to save $300 a year or whatever. I pay $30/mo per line for unlimited voice/text/data, including taxes.. I'd love to cut Comcast but find internet access an important modern day service to have access to, on a professional and personal level. Unfortunately, they require a basic cable package for some reason, so at a minimum, it would cost roughly $50/mo.. that's if you have a promo (which expires in 6-12 mos, at which point you'd have to find another promo). I can do things like if going to a once a month movie, reduce it from 12 times a year to 6, and never buy popcorn or drinks there. Stuff like that.
Yup... you pick your battles and what is important for you. You yourself can choose your standard of living. It isn't about depriving yourself but operating at a low point that is still comfortable and still get equivalent products and services.
Basically putting money in places that matter rather than paying the best for everything.
thanks for sharing your wisdom! 👍
=D If it only helps a little, I'm happy. =D
finally someone that speaks my language :)
=D
BTB...thanks for the work you put into these videos. Yes, i understand that this may very well be part if your own efforts in gaining additional sources of income potential, but at the same time you are clearly sharing knowledge that has meaning to you personally.
People today are struggling in handling their income. We have been taught and trained by the marketing propaganda that has saturated our daily lives. So this message that you are sharing is a great service to those that listen and apply.
=D You're welcome. Many people have reported savings a lot of money after started to watch my channel. I haven't really counted but I think it helps here and there from the methods I use myself.
These charts remind me of Ross Perot.
How so?
The clarity of concept and the ears. :-) Would be cool if you took a real life example, like the real salary and rent of a person. Enjoying your vids. Thanks.
I need your help regarding Sony Vegas editing program. Do you know anything about that program?
Nope, I never used it before.
great video. I'm trying to do better at saving because I make a low wage. Seems impossible. Rent takes over 50% of a low income persons wage. America is greedy when it comes to rent. If they would just lower rent in apartments maybe American's could have a better life later in life.
There are two ways to hack saving more. Save more or make more. If you've cut to bare minimum already then it means you need to work on the making money part.
I'm not an apple guy so there is no hacking, I'm honest.
VOO is up 1.41% today. I Got Vo and Voe . I need get some VOO.
Gotta not look too closely at the index from day to day though. For long term investing, I tend to think you look at it much less often.
will do.
are you going to do credit card review on Nusenda Platinum Cash Rewards Credit Card, Consumer Credit Union Cash Rebate Credit Card, and Fort Knox Federal Credit Union Platinum Rewards Credit Card?
I generally reviews cards that I have first hand experience on. So unless they have some really good rewards above and beyond the current set I use, I probably will not be looking into those.
well they seem like very good credit cards. the Nusenda CU platinum reward credit card is like the Chase freedom but has broader 5% quarterly cash back but what makes it shine is you are automatically enrolled in each quarter
The consumer credit union cash rebate credit card is a visa version of the blue cash everyday amex card. so you can use it at Costco. you earn 3% cash back at grocery stores
the fort knox federal credit union platinum credit card is the gas credit card supreme as you earn 5% cash back at gas stations all the time
for the said credit cards above you do need to become a credit union member but it easy and a small price to pay for great rewards
What do you think of artifical intelligent and automation over taking both white collar and blue collar jobs? ??
I think its a necessary evil. It's best people 'of the future' lets say, are not doing easy jobs and use their minds more. This of course, requires retraining of many people. I do like the automation tax where the money could go towards retraining of the people displaced.
have you found a replacement for free cell phone service?
I am retired and I am full time on swagbucks
Wow. You like that site a lot it seems.
I'm 28 with 20k in student loan debt and I only make 15.00hr (22-25k a year). I got 6k in my bank account and currently staying with a friend for 350.00 a month. Any advice?
Get another job or two and pay off that debt fast so that you don't have to pay interest. Save up the rest until you have at least 50k in savings before considering any major spending. Use transit.
I did not know you works out...those arms
Lol.
You should make a video about how to retire on something like a liberal art degree.
Oh boy... that is crazy difficult I think and I have no experience in that either.
Hey, I think your awesome but, I don't see any videos on what an 18 year old should do to financial secure their future. I just graduated high school, now attending college under a scholarship. I do have a stable job and 1,800~ in my savings. What should I do with this money, can I apply to receive a credit card, and how do I build credit when I have no credit history? I know, a lot of questions but, I really want to get a hold over my finances sooner than later. Thank you for your videos😁
What do you mean I didn't make a video for 18 year olds. I have this video JUST for college students. It's here: ruclips.net/video/pxGECoQoLLA/видео.html You could put it in a high yield savings account but it's on a matter of a few dollars more per year, hardly worth the effort on your part. My recommendation? Don't work part time and concentrate on school and also take study abroad if you ever get the chance.
BeatTheBush Sorry, maybe I didn't look hard enough but, I just referencing that I didn't see a video explaining how to achieve financial stability for a fresh out of high school college student like myself. I want to prepare early so that I can ensure a financial secure household when the time comes.
And thank you for the info and response. I did not mean any disrespect.
No disrespect assumed. =) But I actually never made a video exactly how you describe it. It is a good idea because I assume there would be other people starting off in their financial life that wants to get it right the first time without making mistakes. I'll keep that in mind and do one like that.
First increase or improve your human capital. Study or acquire skills to get the best paying job you can. When you are settled in a career then the work begins to cut your expenditure and save as much as possible. I would also suggest remaining single if you are male. You can start to educate yourself on financial markets so when the time comes you can start investing.
Single mom I buy nothing my job does not pay enough.... Trying to build my RUclips channel got that Sony Vegas as a gift and don't understand it ....
I probably cannot comprehend how hard that must be. If you're willing to share what you do buy maybe I can give some pointers. For Sony Vegas, like any program, it has a bit of a learning curve. Have you tried looking for Vegas tutorial on RUclips? I'm sure there are a lot of them.
Thank you so much for your reply. Yes I have and they go too fast on the tutorials. I have had it for a week now and it comes with a short film trying to teach you how to do it and I still can't figure it out :(. I am subscribed to your channel. I stumbled upon you a few weeks ago and binge watched your channel. Your brilliant. That's why I'm asking for help. I want to get my channel back it made my heart so happy. My email is svelez47@yahoo.com....... If you have a chance to see if you can find a RUclips video maybe you can email it to me. It's soooo annoying. I have Windows 10..... I was given an upgraded tower for my birthday (55) and am still trying. I live in Oregon and know no one that could help me. Your videos are amazing by the way, keep up the great work!
Susan Velez Thanks for the kind words. =D Unfortunately, I don't know much about Vegas since I do not use it myself. This might sound obvious but how about the pause button? When I look at some complicated vids I'm trying to follow, I pause for over a minute or two to catch up.
Sorry, I was saying giving pointers about your budget in terms of purchases and such. That's because a lot of times, we think the things we buy are absolute necessity but do not realize there is a cheaper and satisfactory alternative.
Actually before you use a full blown editor, you could just use the one built into RUclips.
Susan Velez Think of using the RUclips editor as something to get your going first. You will get back to Vegas soon enough. The RUclips editor is under "Creator Studio"=>Create=>Video Editor. More information can be found here: support.google.com/youtube/answer/183851?hl=en
That page should be enough to help you upload and edit a simple video. Cheers!
a pipeline welder in the oil field makes $95/hr. Traveling electrician journeymen make around $50 during booms. What is your blue collar experience?
Wow, that's pretty good!
I'm 29yo, I work for a delivery company. What program do you recommend I invest half my paycheck in?
Invest pretax dollars in an IRA if there is no 401k. If you plan to retire in 30 years, invest in target date funds of 2055 or so but those are high cost. You could try betterment or just buy your own mix of VOO and bonds. Although you have to not flinch if your investments ever take a 60% dive in the next 5-10 years and keep on investing in order for it to work. That's the theory at least.
What about people stuck in the 20-30k bracket?
Stuck? How are they stuck? Is there a way to dig yourself out with double time effort?
Average age statistics are screed. Lifespan statistics once you get to 60 are quiet different.
screed? It is 'average' only. So if you reach average, then you are average. Half will die earlier... half later.
BeatTheBush Sorry 😐 I guess I stated my point badly. I read somewhere reliable that once we reach retirement age, we can expect to live longer because the original statistic takes into account for infant deaths. Does this make more sense? Additionally, I would like to take into account for an older than average lifespan. Outliving my retirement funds is preferred to running out of money 💰.
@@BeatTheBush Actually no, that is the point the gentleman was trying to make, I think.
With average, the extreme values have more weight and, for this example, infantile deaths lowers drastically the average. The concept of "median age of death" would mean half dies before, half dies after.
However, we are dealing with life expectancy here, which is a slightly more complex construct than simple "average age at death", but extreme values do weigh on it nonetheless.
It's funny, man yeah I saved about 40% of my income for one year and my whole team got fired, u found my self unemployed for 5 months and I burnt half of what I managed to save. I am married with no kids no debt paying rant and bills and food and some vices are our only expenses.
I am blown away how people around me blow money I live in nyc the living cost here starts very high and on top of that people eat out side every day like it's normal drinkg coffee outside like you need some special training to make coffee... Some with kids and some in my situation... When Nintendo switch was out everyone bought it like it somethings to have to do, and I didn't get it. My friend asked me why I sad it's too expensive for my blood and he said I know you have money you never buy stuff... But it not about having money or not in the moment... My question why people spend money when they have it, like you said when one makes extra 100$ you burn that extra I am also guilty on that I started saving 2 years ago. It roughl with financial landmines and unsteady job market I'd say the saving account goes up and down but hopefully like a good slow steady rising stock... Love your videos I wish I saw them when they came out! Nice stuff on point and very coherent and your are charming.
It takes having thick skin to ignore people that try to make you spend money. I never saw why anyone wants to dictate how another one spends their money. Good going, I think having the security will help you sleep better with a large enough savings.
BeatTheBush yes that's for sure. That's the main reason I save. I was lucky too have few dividents in my life to not pay student loans but i also blew these while I was student so by the time I was out of school (bfa - > mfa straight) I was back to almost zero building my assets from scratch nice to find your videos where were you when I had that money 💵 lol. Anyways your drawing might be up stay tuned.
what S&p 500 index fund u recommend vanguard a good one?
Yes. Vanguard ones are generally the preferred choice for savvy index fund investors for the low expense ratio.
Maurice Ellis Look into the Vanguard fund VTI for investments in the us ... look into putting a little into vea and vwo for international I also put a small amount into vnqi
Fidelity also has low cost index funds....I love using their website...
I think if you are going to talk about how to retire early you should cover how to get income from investments from the savings instead of only talking about reducing expenses, reducing expenses is only half of it. I know it is on your chart, but you didn't go into them. If someone saves 50% of their income but then sticks it into a regular bank account they will not be able to retire early they won't have cash flow when they quit their jobs.
Indeed, those are all things that are needed to have a proper retirement. I have covered some income producing assets in my other vids though. Maybe this one isn't comprehensive enough.
@@BeatTheBush I would love to watch more videos on how to get started on investments b/c it is very intimidating. My dad has always been adamant about not putting money into stocks, etc. b/c he was worried that the banks were just trying to make a profit and we would end up losing a lot of money...so all we have is our basic savings account.
I like your videos. If I'm in Silicon Valley can I take you out to lunch? I will also contribute to your channel.
Thanks! I think perhaps I might have to start a meetup if I get enough people interested. I still think it's funny anyone wants to meet me. I'm just some guy, lol.
sure, please keep me posted
Welders in my field of work earn about $60/hr >_
That's good money if you can do that full time but I get there are a lot of down time.
Lot's of overtime too!
I went to welding school and can't find a job here in TX. Waste of time in school.
one week ur to tired for all the overtime than you sit at home for 2 weeks waiting for the next job.
LMAO I guess for sake of longevity, they should ban RUclips for retirees (or at least set severe limitations on time spent on it) ...
Do not forget there is power in numbers - find your partner in life (spouse) - statistically, you will not only be richer, you will also live longer to enjoy the fruits of your labor.
Question is, if you waste no time like on RUclips, where would you spend it? Perhaps walking around in nature?
@@BeatTheBush sometime enjoyful. Examples, fishing, traveling, hiking, get together with someone
hahaah this is so epic i love it XD
=D
BTB, you need to try out this KFC recipe. www.seriouseats.com/2012/10/the-food-lab-korean-fried-chicken.html
Check out... that took a while to read. But I really should try this!
What is blue color wage?
blue collar as in jobs relating mostly to manual labor.
@@BeatTheBush ok I understand now. Thank you very much. Also, do you have a video on how to build multiple sources of income? Thank you.
I could save 50% if I didn't have to pay 35% in taxes
That is wishful.