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I built up my emergency fund and was very happy with it, a good chunk of money, about 6 months of expenses. Then a family trip to Europe happened, but it's fine! I had budgeted for it. What I hadn't budgeted for was a tree behind my house to break and fall on my roof. New roof and hvac system wiped out a huge chunk of that. My friends thought I'd have to take a loan... but nah, I paid that off cash lol. Now to rebuild that emergency fund! I'm hoping to have it back up to 4 months by the end of this year. Just gotta save save save! That emergency fund gave me so much peace of mind, that even though I was chilling in Barcelona when a tree fell on my house and broke a good chunk of my roof I was able to know that I could still enjoy my vacation, would be able to handle the financial strain, and get back to where I was sooner rather than later without taking on debt. Build an emergency fund folks, it's the best
I didn’t build my emergency fund up enough. I had three incidents that wiped out my savings. My washer went out, hot water heater went out and fell thru a wall, and the motor went out on my 2004 Chevy Malibu. I was TRYING to wait one more year to get a vehicle. I did great with a good down payment and great interest rate. I paid cash for the washer and hot water heater. I’m starting over now. I’m giving myself 5 months to get back on track. It did feel good to have the money when I needed it! This time my goal is much larger.
Don't get discouraged just because you can "only" invest like $100 per month. It can compound to tremendous wealth over the course of decades. The important thing is that you keep going!
As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
Don't ask random people on RUclips. It will lead you nowhere. You can ask my specialist Sharon Lee Peoples or do your own research, nothing in between.
It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sonya looks the part but i'd do my due diligence. I set up a call, thanks.
To achieve a secure retirement, aiming to save at least 15% of your income in a 401(k) is advisable. Online tools can assist in calculating the best savings strategy for you, considering factors like age and income. Consistently saving this percentage can help build your retirement fund effectively, thanks to the benefits of compound interest.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
When it comes to investment, diversification is key. That is why I have my interests set on key sectors based on performance and projected growth. They range from the EV sector, renewable energy, Tech and Health (AMD) alongside coins, and gold. I'm also working on an investment plan with my CFA that includes AI looking into Nvidia, MSFT, Alphabet stocks among others. I've been utilizing a CFA for more than 4 years and I've made over $000,000.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
3 things that helped me and literally changed my life 1. I stopped telling myself I'll do it tomorrow 2. I read books on nixorus 3. I had faith and religion.
@@PInk77W1 Nixorus is a Linux distribution based on the Nix package manager. It is known for its reproducibility, declarative configuration, and ability to manage system state effectively. It's a popular choice among developers and system administrators who value stability and control over their systems. From Gemini Ai
Giving 100% of effort every single second would be one of the fastest way to burnout which would cost either physically, mentally or even financially down the line. Not min-maxing productivity every single second is totally okay, we humans do need breaks after all and sometimes doing the chores could be therapeutic
@@pramayudasaleh2172agree with this 100% I burned myself out on my side job. Instead of spreading work out I busted through it day after day and even though I still had work I started getting irritated at the job and bored of it. Had to take a step back and slow down now I enjoy it 2 to 3 times a week rather than 6 to 7
If you have over 30% rent you need a plan to get out of that situation that doesn’t involve a rent decrease in the area you are already in. It’s unsustainable because rents always go up. You either need to find a way to decrease your rent or increase your income in the next couple of years.
I’m 15 and I’m watching this video because, I want to learn how to be financially educated since it’s a essential life skill that I’ll have to use later on in life.
Well done! I am impressed at your maturity at such a young age! Would you mind if I suggested a few books for you to read? You can likely find them for free at the library. I believe they could potentially be very helpful to you in building skills conducive to your future success.
@@mikn999 Because it's troll / bot farmed, lol. Every one of these bots says the same message, and the name of the "financial advisor" is ALWAYS First-Middle-Last, lol.
Great video. I love to use the the motto "Pay yourself first." Your landlord get's your rent money, the big grocer gets your food budget, a big telecom company gets money for your phone and so on and people pay them every month like clockwork. Don't forget to pay yourself and put money to work investing and make it part of your routine!
I go shopping, when I get "extra" money. I buy extra stocks! I know how much I need for the different expenses and how much I can spend on food and how much on "fun". It is so much easier that way. I already paid any debt and have a nice size emergency fund. Now my focus is on future income. I use your videos as inspiration. Keep them coming!
I love this channel. I did contract several times a house cleaning company. After all I did prefer to buy a Roomba and a Braava. It's just my favorite choice. It can clean when I want to and how many times I want to. They are already paid. So I can do whatever I want to with my time and my money. It's just a personal choice. I can be in the woods walking and send a command for Braava to clean the house. Then I come home and it's done. She works, me I enjoy life. It's really up to you to decide what you want to do with your life. Me I really don't see myself cleaning my house or my floor everyday. But I see Roomba and Braava doing it. Also they will never complain. People do. A bit too much for my taste.
8:14 There are a couple of tax advantages for saving and investing in an after-tax brokerage account. 1) The stocks you invest in can appreciate over time and you owe no tax until you sell them and realize your gains. And if you wait a year before selling, your tax rate on those capital gains is much lower than your regular income tax rate. 2) If you invest in dividend stocks and hold them longer than a year, you can get qualified dividends which are also taxed at a much lower rate. Therefore you can get regular income without selling your stocks without paying a high income tax rate.
This is the second video I've seen from this guy and I can confidently say I've learned two things. He has a thing for pineapple pizza and Mr. Magic Lamp
43 here with a good investment plan that ensures steady income without any doubts I and my wife are prepared for a well organized retirement. I started investing in stocks 2 years ago and so far, I am making a good yield on my dividend. I've learned that getting a good return is very much attainable only if you know your way around it.
You say it like it's easy forgetting that not everyone is as lucky as you are. I've invested for months now without any progress. How are you able to do it?
It's totally far from luck. Sir Jonas Herman, a CFA has consistently outperformed the market ever since I got on his program. He has continued to put my $25k to good use with market driven strategies making me an optimal return of over $101k
For step 4, TINY correction: The avg. return stated for a long time was anywhere between 5-8%, during and after COVID people stated anywhere between 6-12%. At 10%, it will take 7 point something years to double. Given the reversibility of percentages, at 7% per year it will take 10 point something years to double. The two rules that are commonly used for this are the rule of 70 and the rule of 72. For finance related stuff, it is typical to use the rule of 72 which is to divide 72 by the rate as a whole number to get how many years it will take the principal to double at that rate. The rule of 70 is used outside of Finance and typical in Economics and is basically the same thing. Some of this may be OVERSIMPLIFIED and SLIGHTLY and COMPLETELY UNNECESSARY to explain and very nit-picky, but as a kid it blew my mind to learn this so maybe another kid watching your video would love this explanation. Cheers!
It is not safe to assume a 6-12% , most financial resources I'm aware of are projecting slower future growth, and a 4% safe withdrawal rate may be less safe
How is he not at a million subs yet?! This is great advice. My parents drilled most of this into me at a young age. Mostly mom who’s from another country so she was very meticulous about money lol! It wasn’t until later on that my Dad started teaching me investing because of his own realization on how his was working for him. I hope our younger generations can take this on. It’s really helped me to this point at 35.
10% of income for food may only work on developed countries and privileged households. The income versus cost of good ratio is very steep in most countries because income is low or tax is high (or both) while raw food is expensive.
My monthly cost for food and groceries goes up to 30% of my salary. But im just glad my rent costs are actually just up to 15%. I live in a very small room for rent by myself, it's not that bad tho. Not in a first world country so my pay is actually pretty decent for a legally single dude living by myself. My problem is just that 20-50% of my income also goes to debt. So that's what's holding me back lol hopefully before the end of 2024, i get all my debt fully paid.
@@kaylee132 $235 gives you around $8 a day for food. Very manageable. You will need to either grow some of your own food, or learn to only buy foods that are on special, marked down, reached their sell by date, and/or have coupons. Also no eating out or fast food delivery, unless you have saved for it out of your food budget of $235. Many videos on RUclips on how to eat for a dollar per meal.
More than ⅓ of my monthly income is groceries. That's $300, fairly average, I cook my own food. Europe here. Rent is another ⅓ (living with parents so it's significantly cheaper, rent is split 3 fold). So to save up, that's around $200 every month. That's around $2000 every year. Try living like that. And I'm considered very frugal by people, don't drink, don't smoke, no partying, next to none hobbies that cost money, no car, same clothes since highschool. Literally the only expenses I have are food, hygiene and roof over my head.
There is obviously a compounding effect in the very long term for large capital, but is not "automatic", and with the wrong strategies you can even lose more than you have. So, focus on other things, compounding is mostly a useless (or marginal) concept in this field
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This is definitely considerable! think you could suggest any professional/advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.
Viviana Marisa Coelho is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
I was able to do this. It allowed me to build a 25k emergency fund, max 401k, and max hsa. I am also looking at maxing my roth IRA. I have no credit, school or car debt. My next goal is paying off my house by the end of 2024. (140k remaining @ 4% - 30 year mortgage)
Well done on everything, but I wouldn't be in any rush to pay off the house. The 4% mortgage is still a sweet deal. A 30-year fixed-rate mortgage is something people in other countries would kill for. It allows you to pay off today's debt with tomorrow's dollars, making inflation work for you. Mortgage interest is still tax-deductible. If you pay it off, the only deduction left is the property tax. Paying off your mortgage means locking up your cash in your house instead of being easily accessible when you need it (home repairs, emergencies and so on). So don't do it.
@@ellie.exe.e3163He made good choices and has now benefited from that. Who knows if he once started out like many then learned how to not just scrape by or had good advise and listened and applied it from younger days. We can't spend every dime then poo poo someone that didn't for their success. I'm happy for them. It shows it can be done.
This video only applies for well-established people with high paying jobs. Looks like I still need to think up my own unique formula to build wealth in difficult times while living with my parents and earning a crappy salary.
If you’re living with your parents it should be easy to save, regardless of your job. You have no outgoing on rent or mortgage so the biggest expense is not there
@@C63Bezthats the biggest ass assumption that ppl dont pay rent when living with their parents💀 better appreciate your parents if they'd let you live rent free
23 yrs ago when I married I made my goal to retire into a life of leisure and charity work. Our finances became my personal hobby. Automating maxed 401k and Roth. Sure, this made our income super low but we found every free entertainment every weekend. Now we are so thankful, Automation was truly the key because the money was already gone from your paycheck for bills and saving so you could spend the rest freely. The emergency fund is still automated. Cause emergencies seem to get more expensive every year.
Hey Vincent, your video come across to my algorithm time to time and I really enjoy your channel and tips on how to save money etc, I haven’t personally achieved my goal yet but by just watching your clips inspire me to move forward for better and quality life that’s ahead of me. Keep doing you and God bless!!😊
I do at least a little bit of all of this, but honestly, the simplest thing I ever did to increase the amount I save each month is to deposit my paycheck directly into a savings account. This way, when I want or need to spend money, I have to pull it out of savings rather than it just being in my checking ready to spend. It really slows down any impulse spending and naturally encourages me to save more.
Your channel is like a bug of positive helpful advice. I started by clicking on one video & I've blinked & now I'm about 3 or 4 videos in with my money responsibly divided with clear, well thought out plans of responsibly saving, investing & growing my financial situation as a whole. You Beautiful Legend!!! Bro I'd kiss your forehead if you were stood in front of me!!!!! Thank you So much Dude, you have no idea how helpful this has all been!!!!💪🏾
there are plenty of finance channels i like and i dont like. i usually choose the channel i watch based off of personal research the channel owner has done and what they say about that information. Like if they say i understand this based off of facts. Given these facts are correct and are easily obtainable through solid research. I also choose the channels i watch based on voice unfortunately. Some people just dont have a great voice even though they have good thoughts and knowledge about finance. It just makes it not as easily digestible for me to fully understand the concept being stated. I say this to also say, you have a great influencer voice and have very reliable and provable points and opinions on finances. TLDR: vincent is a smart and educated person who people should definitely listen to. Always take a grain of salt with any information from the internet, but i feel the way Vincent presents his information is wise and trustworthy. Also some people dont have the voice to be public figure to speak and be an enjoyable listen. This guy has a good calm voice.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
I am so glad the algorithm sent me here. That's some great advice, and a most informative video. Of course I had to subscribe. I did dollar cost averaging years back. I remember when I looked at the Fidelity account, I was happily surprised at the dollar amount. Used that to move south, and never started back up for some reason. I will now.
Started doing most of these tactics last week when I got a new job, had to rewrite down any future payments since I forgot to account for union fees and taxes, this video is gonna help refine my methods and help me get out of debt :]
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $5k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
This video answers an important question (ironically involving opportunity cost): do you set up the emergency fund first or pay off debt or start investing? If you don't make a lot of money, it's hard to do more than one at a time. The problem with the sequence presented here is some people have so much debt, they'll never be able to start investing.
good question. I specified high interest debt rather than just "regular" debts. you would prioritize paying off debts with an interest rate higher than your average expected return from the stock market (e.g. sp 500 avg return)
Set up your emergency fund while paying off your debt. Doesn't matter how much you initially put into the emergency fund, the importance is that you have started one. As you pay off your debts and avoid taking on additional debts, you will be able to increase how much you put into your emergency fund. But if you wait to only start your emergency fund once your debts are paid off, you will never have an emergency fund.
Establishing a solid paycheck routine is paramount for financial stability. From budgeting to saving and investing, each step plays a crucial role. However, many individuals face challenges in crafting an effective routine, often leading to financial stress. Introducing the idea of having a financial advisor can significantly enhance the efficiency of this process.
Thanks , I now understand a bit on IRA and taxes (I am from an ASEAN country with little to no access to investing with restrictions from every side). Please keep making these kinds of videos on financial education (real adulting).
I do mental accounting and it works for me. I always over estimate my money after taxes, overestimate my expenses, don't factor in one-off or irregular income (such as the tax refund, goes straight into the emergency fund) into my mental income, and then whenever check my bank account there's always pleasantly more in it than I was expecting. I certainly get most people don't have the same self control though, so my method isn't for everyone.
This was a very good video, I'm only 16, and my baseline monthly expenses are under $400, i have a truck, and insurance on that, and a gym membership. and i got a great job so I'm way under the percentage, I don't have a good emergency fund though. i have to work on that.. i watched this video because typical teen fashion, i was getting paid more money than id ever thought i would at this age, and then next time, i didn't know where the last paycheck went... so i put together a monthly budget. Thank you!
This was an amazing video with heavy emphasis on amazing. Very educating as well as very insightful by step 7 I thought I was getting ready to hear a sales pitch maybe a sponsor but obviously I was wrong. Also a great transition to the next video , brilliant. Keep up the great work .
Interesting , the stock market is currently experiencing a decline while bond yields are on the rise. However, there seems to be skepticism amongst investors regarding the Federal Reserve's plan to continue increasing interest rates until inflation is stabilized. As for myself, I find myself at a crossroads, uncertain whether to liquidate my $250,000 stock portfolio> I'm seeking advice on the best strategy to capitalize on this current bear market.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
I think the stock market is to volatile to invest right now. I've watched it go up and down and up and back down. I invested in precious metals gold and silver instead, which felt more secure to me as metals do not depreciate. One day, when things even out I'm hoping to invest in the stock market again. Good luck to all!
I appreciate your emphasis on automation to make managing finances less daunting. Could you share any personal experiences or stories that highlight the benefits of automating your financial tasks?
Thanks for sharing these crucial steps for managing money effectively! This advice is golden. Prioritizing financial stability, paying off debts, and smart investing can truly transform one's financial future.
Saving money for emergencies, proper investing & budgeting or monitoring expenses are significant to achieve financial freedom. Being strategic in financial management is a wise move in securing the future. This insightful video is truly commendable!
I have gone down SUCH a rabbit hole with your content today lol. You did a great job of linking relevant vids in the end of the video--you've got me every time!
While this provide an actual strategy on investment and how to make gains from your paycheck. After buying stocks for just over 10 years, i'm struggling to make gains presently. How do i adjust or revamp my $480,000 portfolio? or should i consider some defensive investments? Any idea?
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at the worth of your portfolio, you should consider financial advisory.
No harm intended, but many people dismiss the importance of advsors until their feelings get in the way. I looked for one profusely a few years ago because I desperately needed a big boost to get by as an investor. Fortunately, I found one who had fortitude. My cash reserve has increased from $450,000 to around $1.1 million as of right now.
Start with a local bank checking and savings account, then open an online bank high yeild savings account plus a checking account. Stay with Certificates of Deposits or high yeild money market accounts while saving and learning about investing dollars after you've built up the basics. I hear you about learning how to invest past the above and work retirement accounts.
Would it not be smarter to pay off debt before building up an emergency fund? By putting money that you would have put toward an emergency fund towards the debt instead, you’re now lowering the interest every month and paying it off sooner, therefore lowering the amount of time paying that interest as well. And if it’s credit card debt you’re paying off, you can then just use that credit card for an emergency.
I didn't realise until I got my current job which pays weekly on Monday, how much getting paid on a Friday affected me. When I got paid on Friday I would spend most of my money on the weekend, and not have anything come the next week; but getting paid on Monday I wasn't going out during the week and therefore had money for all my necessities.
My question is: you say the second step is to get an emergency fund but that obviously is counterintuitive with the principals you stated in the investment section. Should I be working towards my emergency fund and fully committing to investing at the same time? Or should I complete my emergency fund first before I start investing? Personally, the idea of already having an emergency fund lined up before investing is more attractive to me just because it would make me feel more safe with investing but I am also financially illiterate.
Low risk investments could work as a semi-stable emergency fund. The money is still there and accessible. If it loses some% in a year it's no biggie, in the end it's still money not in your spendings account and is untouched. If an emergency arises you withdraw. If there is no emergency, you let your money marinate in some ETF investment. In my opinion, these two can be merged together, as the losses in low risk investment market is basically inflation loss on cash. Your investments can be your emergency fund at the start, it will accelerate both in a no-emergency scenario, and once the opportunity is there you can always fully stack your emergency fund with a combination of cash and withdrawing investments, and then continue as planned.
for me, absolutely build the emergency fund first. likely it may take about a year. my tip is to put it in a higher interest earning savings account and making sure you meet the requirements for the maximum rate
Dave Ramsey's program spells it out more clearly: 1.) Save $1000 emergency fund. 2.) Pay off all consumer debt. (CC's, student loans, car payments) 3.) Save for 3-6 months of expenses. 4.) Begin investing 15% of income into Roth IRA and pre-tax retirement funds. (Do not invest until steps 1-3 are accomplished) 5.) Save up for college expenses for your children if you have kids. 6.) Pay off your house early. 7.) Build wealth and give back through charitable causes.
Problem with nephew ($30) vs yourself vs hiring out (more than $30) is... Your nephew will do a shit job. Cleaning the house is not just "mopping" with a solution and just basically your typical janitor at public washrooms. If you don't get the reference, in referring to using a solution to disinfect the floor but the shit that's on the floor stays on the floor. And cleaners don't just do the floor or the washroom. They do the house, take many hours and charge a butt load. Well, this is all assuming you actually have a side hustle that pays well and not mentally burnt out from your normal job.
Roughly £120k in my portfolio are in tech/TSLA stocks, can I get an advice on any other stocks that I can acquire to diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation.
That's correct. At first, I wasn't too pleased with my gains compared to my previous performances, I was doing so poorly, I thought I needed to diversify into better assets, so I got in touch with an investment-advisor. That same year, I pulled a net gain of £550k, which is about 10 times more than I average on.
@RobertDennison411 Rebecca Charlotte Craig is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Some good points, but you are coming from a point of view that just isn't the general case. You approach this as someone who is well off, who has a high income and most people don't. I'm in the top 60-70% of people for my age, yet there isn't a chance I'd manage to get housing for anywhere close to 30% of my income - 50% is a realistic minimum making a bunch of sacrifices - got it down to 62% currently
Perhaps if you lived where the other 60% live, your monthly housing bill would be lower like theirs is. At 62%, you are clearly living above your means, in the wrong neighborhood for your income earnings.
The energy required to spend less or low is equal to the energy earning more! Concentrate on earning more; and make conscious spending; thats it; Dont over concentrate on spending low! instead use the same for earning more!!!!!
We appreciate you mentioning Alice Lee Chen's finances in one of your films. She was contacted, and working with her on investments has been fantastic.
I appreciate the regular updates. Since the stock market is more lucrative, I would prefer to trade it. Despite hardly trading myself, I earn $34,500 a week on average.
I agree with you!! Money actually grow on trees but only on trees that was planted by you!! These tress are referred to as investments. How you diversify your investment portfolio matters
Diversification is the key. My portfolio is well diversified with the help of a financial adviser. This helps me make more than +400% monthly on my investments.
I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I've experimented with a few over the past years, but I've stuck with ‘’Julianne Iwersen Niemann” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I remember having a consultation with a financial analyst last August, and it was incredibly insightful. Can’t stress enough how helpful experts in this field are! Kudos, you know your stuff.
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
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@@heavenbound7nah, Ramsey would tell you to save 1000 dollars then pay off every single debt not just the ones above 5%.
Our educational system should have these classes soon after adding & subtracting class.
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I built up my emergency fund and was very happy with it, a good chunk of money, about 6 months of expenses. Then a family trip to Europe happened, but it's fine! I had budgeted for it. What I hadn't budgeted for was a tree behind my house to break and fall on my roof. New roof and hvac system wiped out a huge chunk of that. My friends thought I'd have to take a loan... but nah, I paid that off cash lol. Now to rebuild that emergency fund! I'm hoping to have it back up to 4 months by the end of this year. Just gotta save save save!
That emergency fund gave me so much peace of mind, that even though I was chilling in Barcelona when a tree fell on my house and broke a good chunk of my roof I was able to know that I could still enjoy my vacation, would be able to handle the financial strain, and get back to where I was sooner rather than later without taking on debt.
Build an emergency fund folks, it's the best
FACTS! Build it up until you die! It can NEVER be too big or too much. 😊 Life and Murphy are always around the corner 😮
I know Dave Ramsey gets a lot of hate but it's like he says, "An emergency fund turns a crisis into an inconvenience."
I didn’t build my emergency fund up enough. I had three incidents that wiped out my savings. My washer went out, hot water heater went out and fell thru a wall, and the motor went out on my 2004 Chevy Malibu. I was TRYING to wait one more year to get a vehicle. I did great with a good down payment and great interest rate. I paid cash for the washer and hot water heater. I’m starting over now. I’m giving myself 5 months to get back on track. It did feel good to have the money when I needed it! This time my goal is much larger.
So no insurance for your house?? Something doesn't add up here. I understand you may have insurance (Deductible) but still??? Please explain! :)
Not gonna give you an itemized bill unless you're willing to chip in bud lol@@markmanea302
Don't get discouraged just because you can "only" invest like $100 per month. It can compound to tremendous wealth over the course of decades. The important thing is that you keep going!
As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
Could you recommend your advis0r? I'll be happy to use some help with my portfolio’s management
Don't ask random people on RUclips. It will lead you nowhere. You can ask my specialist Sharon Lee Peoples or do your own research, nothing in between.
Don't be hesitant to contact Sonya Lee Mitchell and follow her directions.
It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sonya looks the part but i'd do my due diligence. I set up a call, thanks.
Retirement isn’t an end goal, but a journey best secured by careful and consistent investments.
To achieve a secure retirement, aiming to save at least 15% of your income in a 401(k) is advisable. Online tools can assist in calculating the best savings strategy for you, considering factors like age and income. Consistently saving this percentage can help build your retirement fund effectively, thanks to the benefits of compound interest.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
When it comes to investment, diversification is key. That is why I have my interests set on key sectors based on performance and projected growth. They range from the EV sector, renewable energy, Tech and Health (AMD) alongside coins, and gold. I'm also working on an investment plan with my CFA that includes AI looking into Nvidia, MSFT, Alphabet stocks among others. I've been utilizing a CFA for more than 4 years and I've made over $000,000.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
@@MarcelinaMakowski PLEASE SHARE YOUR ADVISOR NAME . I might want to work with them .
Wish I knew this when I was younger. Trying to start at 60 is very hard. You are very smart young man
These days information is abundant. Don't worry it's never too late, today's a new day!
The fuck did you do for 60 yeads
@@shxco4176so rude, be more respectful with your elders
@@vicenteyanez671 hop off my jock old man!
@@shxco4176probably learned to spell.
3 things that helped me and literally changed my life
1. I stopped telling myself I'll do it tomorrow
2. I read books on nixorus
3. I had faith and religion.
had me in the first half ngl
What's nixorus?
great advice!
@@Tariphilipthat was my question
@@PInk77W1 Nixorus is a Linux distribution based on the Nix package manager. It is known for its reproducibility, declarative configuration, and ability to manage system state effectively. It's a popular choice among developers and system administrators who value stability and control over their systems.
From Gemini Ai
For step 7. It is okay to not be maximizing productivity in every hour of your life.
Giving 100% of effort every single second would be one of the fastest way to burnout which would cost either physically, mentally or even financially down the line. Not min-maxing productivity every single second is totally okay, we humans do need breaks after all and sometimes doing the chores could be therapeutic
@@pramayudasaleh2172agree with this 100% I burned myself out on my side job. Instead of spreading work out I busted through it day after day and even though I still had work I started getting irritated at the job and bored of it. Had to take a step back and slow down now I enjoy it 2 to 3 times a week rather than 6 to 7
Exactly
Besides sometimes it’s therapeutic cleaning up your home.
No stress 😎
The point of the video is to be able to plan your finances in advance so that you don't have to be productive all the time...
True. I'm counting rest and relaxation as productivity. I can maximize that.
With rent pricing hikes.. essentially unrealistic to have a 30% rent base to income ratio.. unfortunately
Make more money🤷🏽♂️
Roommates, smaller house, buy instead of rent, move to a different part of town or city/country… or make more money… plenty of options
If you have over 30% rent you need a plan to get out of that situation that doesn’t involve a rent decrease in the area you are already in. It’s unsustainable because rents always go up. You either need to find a way to decrease your rent or increase your income in the next couple of years.
@@lukylevelThis has the same energy as "If you're homeless, then just buy a house." Well of course! Such brilliance, why didn't we think of that!?
@@lukylevelfor real
I’m 15 and I’m watching this video because, I want to learn how to be financially educated since it’s a essential life skill that I’ll have to use later on in life.
Who ordered a yappuchino
Well done! I am impressed at your maturity at such a young age! Would you mind if I suggested a few books for you to read? You can likely find them for free at the library. I believe they could potentially be very helpful to you in building skills conducive to your future success.
@@silverchairsg yes
@@silverchairsgfollowing for those books :P
@@silverchairsgi’d quite like to hear some too
I used to feel overwhelmed every payday, but learning from Graciela Lynne Schriewer and watching videos like this one has been a huge help.
how does this comment have no replies
@@mikn999 Because it's troll / bot farmed, lol. Every one of these bots says the same message, and the name of the "financial advisor" is ALWAYS First-Middle-Last, lol.
VC your channel has changed the course of my future. Thanks.
Nobody can predict the future. Don't thank him yet
How much money you got
That 6 month of expenses in savings is so important right now. I'm unable to save as much as I like due to inflation. Spending more to maintain.
cost of groceries alone is killing us, not to mention housing inflation
Same here. I live overseas and food cost with 2 teens is insane!
@@smore1g No, no, no. The inflation rate in the US is only 2.9%. You gotta trust the experts! Lol
It would take me 2 years just to get to that number let alone keeping that number afterwards.
Great video. I love to use the the motto "Pay yourself first." Your landlord get's your rent money, the big grocer gets your food budget, a big telecom company gets money for your phone and so on and people pay them every month like clockwork. Don't forget to pay yourself and put money to work investing and make it part of your routine!
I’ve started building an emergency fund thanks to advice from Graciela Lynne Schriewer, and this paycheck routine fits perfectly with her approach.
I go shopping, when I get "extra" money. I buy extra stocks! I know how much I need for the different expenses and how much I can spend on food and how much on "fun". It is so much easier that way. I already paid any debt and have a nice size emergency fund. Now my focus is on future income.
I use your videos as inspiration. Keep them coming!
I love this channel. I did contract several times a house cleaning company. After all I did prefer to buy a Roomba and a Braava. It's just my favorite choice. It can clean when I want to and how many times I want to. They are already paid. So I can do whatever I want to with my time and my money. It's just a personal choice. I can be in the woods walking and send a command for Braava to clean the house. Then I come home and it's done. She works, me I enjoy life. It's really up to you to decide what you want to do with your life. Me I really don't see myself cleaning my house or my floor everyday. But I see Roomba and Braava doing it. Also they will never complain. People do. A bit too much for my taste.
I’m slowly but surely working on my 6 month emergency fund. :) This is such a good video!!!! It popped up on my recommended👏🏼
8:14 There are a couple of tax advantages for saving and investing in an after-tax brokerage account. 1) The stocks you invest in can appreciate over time and you owe no tax until you sell them and realize your gains. And if you wait a year before selling, your tax rate on those capital gains is much lower than your regular income tax rate. 2) If you invest in dividend stocks and hold them longer than a year, you can get qualified dividends which are also taxed at a much lower rate. Therefore you can get regular income without selling your stocks without paying a high income tax rate.
This is the second video I've seen from this guy and I can confidently say I've learned two things. He has a thing for pineapple pizza and Mr. Magic Lamp
43 here with a good investment plan that ensures steady income without any doubts I and my wife are prepared for a well organized retirement. I started investing in stocks 2 years ago and so far, I am making a good yield on my dividend. I've learned that getting a good return is very much attainable only if you know your way around it.
You say it like it's easy forgetting that not everyone is as lucky as you are. I've invested for months now without any progress. How are you able to do it?
It's totally far from luck. Sir Jonas Herman, a CFA has consistently outperformed the market ever since I got on his program. He has continued to put my $25k to good use with market driven strategies making me an optimal return of over $101k
I'm green in the investing space. I work most of the week and barely have time to myself. I'd like to use mentorship. How can I get to him?
Hermanw jonas that’s his gmail okay
Thanks for the pointer. I was able to get in touch with him.
Your style of teaching is awesome because you say what should or shouldn’t be done then you give real examples. Please keep making videos 😊
He uses humor well too!
Yes.. I do need that apartment with the indoor pool. I don't have it, but I do need it.
However, it does feel amazing not living paycheck to paycheck.
For step 4, TINY correction:
The avg. return stated for a long time was anywhere between 5-8%, during and after COVID people stated anywhere between 6-12%.
At 10%, it will take 7 point something years to double. Given the reversibility of percentages, at 7% per year it will take 10 point something years to double.
The two rules that are commonly used for this are the rule of 70 and the rule of 72. For finance related stuff, it is typical to use the rule of 72 which is to divide 72 by the rate as a whole number to get how many years it will take the principal to double at that rate. The rule of 70 is used outside of Finance and typical in Economics and is basically the same thing.
Some of this may be OVERSIMPLIFIED and SLIGHTLY and COMPLETELY UNNECESSARY to explain and very nit-picky, but as a kid it blew my mind to learn this so maybe another kid watching your video would love this explanation.
Cheers!
Actually, this is very valuable information! Thank you very much!
It is not safe to assume a 6-12% , most financial resources I'm aware of are projecting slower future growth, and a 4% safe withdrawal rate may be less safe
How is he not at a million subs yet?! This is great advice. My parents drilled most of this into me at a young age. Mostly mom who’s from another country so she was very meticulous about money lol! It wasn’t until later on that my Dad started teaching me investing because of his own realization on how his was working for him. I hope our younger generations can take this on. It’s really helped me to this point at 35.
Sadly most parents think it's taboo to discuss their finances and money matters with their kids, which is why most adults are financially illiterate.
8 ads in 7 minutes. Now that's how you retire early. Can't wait for 19 more minutes of ads!
Ahhh poor boy doesnt have premium
@@omiofenilski9264 Not everyone uses premium bud
@@omiofenilski9264😂
just use adblocker browsers?
Yt premuim my friend!!
10% of income for food may only work on developed countries and privileged households.
The income versus cost of good ratio is very steep in most countries because income is low or tax is high (or both) while raw food is expensive.
10% means I can only spend 235 on food a month.... This feels impossible
@@kaylee132get a better job
My monthly cost for food and groceries goes up to 30% of my salary.
But im just glad my rent costs are actually just up to 15%.
I live in a very small room for rent by myself, it's not that bad tho. Not in a first world country so my pay is actually pretty decent for a legally single dude living by myself.
My problem is just that 20-50% of my income also goes to debt.
So that's what's holding me back lol hopefully before the end of 2024, i get all my debt fully paid.
@@kaylee132 $235 gives you around $8 a day for food. Very manageable. You will need to either grow some of your own food, or learn to only buy foods that are on special, marked down, reached their sell by date, and/or have coupons.
Also no eating out or fast food delivery, unless you have saved for it out of your food budget of $235.
Many videos on RUclips on how to eat for a dollar per meal.
More than ⅓ of my monthly income is groceries. That's $300, fairly average, I cook my own food. Europe here. Rent is another ⅓ (living with parents so it's significantly cheaper, rent is split 3 fold). So to save up, that's around $200 every month. That's around $2000 every year. Try living like that.
And I'm considered very frugal by people, don't drink, don't smoke, no partying, next to none hobbies that cost money, no car, same clothes since highschool. Literally the only expenses I have are food, hygiene and roof over my head.
There is obviously a compounding effect in the very long term for large capital, but is not "automatic", and with the wrong strategies you can even lose more than you have. So, focus on other things, compounding is mostly a useless (or marginal) concept in this field
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This is definitely considerable! think you could suggest any professional/advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.
Viviana Marisa Coelho is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
You're a good example of someone how knows economics but never had any problems with money, it's super obvious in the examples you use
10% of my income on groceries in Vancouver BC as well as 30% on rent is damn near impossible
Pretty true, rent is nearing 50% in Toronto 💀
I currently pay almost 66% of my income in rent in my State...I am hoping to move into a better apt that's $300 cheaper by the end of the month...
@@ashleybaxter8790good luck!
It's good to move to another state with a plan. Try to look for a way. I know you can do it
Yeah 60% is the minimum where I live, eastern europe. Unless you're rich rich.
You're a genius. I have never seen your channel before and yet this is the 3rd video I've finished today, because your outro is so clever.
I was able to do this. It allowed me to build a 25k emergency fund, max 401k, and max hsa. I am also looking at maxing my roth IRA. I have no credit, school or car debt. My next goal is paying off my house by the end of 2024. (140k remaining @ 4% - 30 year mortgage)
Good job dude
Well done on everything, but I wouldn't be in any rush to pay off the house.
The 4% mortgage is still a sweet deal. A 30-year fixed-rate mortgage is something people in other countries would kill for. It allows you to pay off today's debt with tomorrow's dollars, making inflation work for you. Mortgage interest is still tax-deductible. If you pay it off, the only deduction left is the property tax. Paying off your mortgage means locking up your cash in your house instead of being easily accessible when you need it (home repairs, emergencies and so on).
So don't do it.
that's awesome my guy, I can't wait til I can say the same
good fucking shit guy
@@ellie.exe.e3163He made good choices and has now benefited from that. Who knows if he once started out like many then learned how to not just scrape by or had good advise and listened and applied it from younger days. We can't spend every dime then poo poo someone that didn't for their success. I'm happy for them. It shows it can be done.
This video only applies for well-established people with high paying jobs. Looks like I still need to think up my own unique formula to build wealth in difficult times while living with my parents and earning a crappy salary.
If you’re living with your parents it should be easy to save, regardless of your job. You have no outgoing on rent or mortgage so the biggest expense is not there
@@C63Bezthats the biggest ass assumption that ppl dont pay rent when living with their parents💀 better appreciate your parents if they'd let you live rent free
@@liateapot2313I just have to pay for the bell bill which is like $130 every month. That’s it for me the rest is just my stuff
@@liateapot2313 so you’re saying some people pay as much rent with their parents as they would on their own? Doubt it.
@@liateapot2313 If you pay rent to your parents it is way cheaper then a rental
The fact that nobody talks about the book whispers of manifestation on borlest speaks volumes about how people are stuck in a trance
ok bot
I truly started investing in my 30s
23 yrs ago when I married I made my goal to retire into a life of leisure and charity work. Our finances became my personal hobby. Automating maxed 401k and Roth. Sure, this made our income super low but we found every free entertainment every weekend. Now we are so thankful, Automation was truly the key because the money was already gone from your paycheck for bills and saving so you could spend the rest freely. The emergency fund is still automated. Cause emergencies seem to get more expensive every year.
This routine is great! It reminds me of the budgeting strategies I learned from Graciela Lynne Schriewer-her advice has been a lifesaver for me.
Why are you actually kind of goated? This is simple and really useful advice that anyone could use. Keep up the great work.
Your style of teaching is awesome because you say what should or shouldn’t be done then you give real examples. Please keep making videos
Hey Vincent, your video come across to my algorithm time to time and I really enjoy your channel and tips on how to save money etc, I haven’t personally achieved my goal yet but by just watching your clips inspire me to move forward for better and quality life that’s ahead of me. Keep doing you and God bless!!😊
I do at least a little bit of all of this, but honestly, the simplest thing I ever did to increase the amount I save each month is to deposit my paycheck directly into a savings account.
This way, when I want or need to spend money, I have to pull it out of savings rather than it just being in my checking ready to spend.
It really slows down any impulse spending and naturally encourages me to save more.
Your channel is like a bug of positive helpful advice. I started by clicking on one video & I've blinked & now I'm about 3 or 4 videos in with my money responsibly divided with clear, well thought out plans of responsibly saving, investing & growing my financial situation as a whole. You Beautiful Legend!!! Bro I'd kiss your forehead if you were stood in front of me!!!!! Thank you So much Dude, you have no idea how helpful this has all been!!!!💪🏾
@@jayman691 thank you so much!
Pay yourself first. This is the most important rule.
Don't rush to give your money to others by spending it.
The money I pay myself first is my savings right?
Hard to pay yourself when 70% of your paycheck is just rent and food.
To save up in current economy means living on the street or starving.
I'm in a rush to buy food due to the fact that starving isn't healthy.
We should have been taught this in high school and college. Man, this would have been helpful 15 years ago. Thanks, Vincent!
On Trillian
On trillian
I GOT 15 days saved so far!!!! Thank you for your video, I learn a couple of new things.
there are plenty of finance channels i like and i dont like. i usually choose the channel i watch based off of personal research the channel owner has done and what they say about that information. Like if they say i understand this based off of facts. Given these facts are correct and are easily obtainable through solid research. I also choose the channels i watch based on voice unfortunately. Some people just dont have a great voice even though they have good thoughts and knowledge about finance. It just makes it not as easily digestible for me to fully understand the concept being stated. I say this to also say, you have a great influencer voice and have very reliable and provable points and opinions on finances.
TLDR: vincent is a smart and educated person who people should definitely listen to. Always take a grain of salt with any information from the internet, but i feel the way Vincent presents his information is wise and trustworthy. Also some people dont have the voice to be public figure to speak and be an enjoyable listen. This guy has a good calm voice.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
well as you know bigger risk, bigger results, but such impeccable high-value trades are often carried out by pros.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
Amber Dawn Brummit is a hot topic even among financial elitist . Just browse, you’d find her, thank me later.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
I am so glad the algorithm sent me here. That's some great advice, and a most informative video. Of course I had to subscribe. I did dollar cost averaging years back. I remember when I looked at the Fidelity account, I was happily surprised at the dollar amount. Used that to move south, and never started back up for some reason. I will now.
Im so happy i dont need to worry about this. Mad respect to you guys.
I used to struggle with saving consistently until I found Graciela Lynne Schriewer’s tips. Now, routines like this actually make sense to me.
Started doing most of these tactics last week when I got a new job, had to rewrite down any future payments since I forgot to account for union fees and taxes, this video is gonna help refine my methods and help me get out of debt :]
I just moved out of my paren'ts house so this video came at perfect timing, thanks Vin!
totally not a click bait RUclips video titla
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $5k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
On Trillian
On trillian
This video answers an important question (ironically involving opportunity cost): do you set up the emergency fund first or pay off debt or start investing? If you don't make a lot of money, it's hard to do more than one at a time. The problem with the sequence presented here is some people have so much debt, they'll never be able to start investing.
good question. I specified high interest debt rather than just "regular" debts. you would prioritize paying off debts with an interest rate higher than your average expected return from the stock market (e.g. sp 500 avg return)
Set up your emergency fund while paying off your debt.
Doesn't matter how much you initially put into the emergency fund, the importance is that you have started one.
As you pay off your debts and avoid taking on additional debts, you will be able to increase how much you put into your emergency fund.
But if you wait to only start your emergency fund once your debts are paid off, you will never have an emergency fund.
Establishing a solid paycheck routine is paramount for financial stability. From budgeting to saving and investing, each step plays a crucial role. However, many individuals face challenges in crafting an effective routine, often leading to financial stress. Introducing the idea of having a financial advisor can significantly enhance the efficiency of this process.
One of the best personal finance videos I've seen
Thanks , I now understand a bit on IRA and taxes (I am from an ASEAN country with little to no access to investing with restrictions from every side). Please keep making these kinds of videos on financial education (real adulting).
I do mental accounting and it works for me. I always over estimate my money after taxes, overestimate my expenses, don't factor in one-off or irregular income (such as the tax refund, goes straight into the emergency fund) into my mental income, and then whenever check my bank account there's always pleasantly more in it than I was expecting. I certainly get most people don't have the same self control though, so my method isn't for everyone.
Wow this was easy to follow, approachable, safe and didn’t make me feel overwhelmed. Easy follow!
This was a very good video, I'm only 16, and my baseline monthly expenses are under $400, i have a truck, and insurance on that, and a gym membership. and i got a great job so I'm way under the percentage, I don't have a good emergency fund though. i have to work on that.. i watched this video because typical teen fashion, i was getting paid more money than id ever thought i would at this age, and then next time, i didn't know where the last paycheck went... so i put together a monthly budget. Thank you!
This is literally what I do already so I’m glad I’m on the right track 😏
This video came to me by mistake in the timeline , im at minute 1:40 , im already thankful that someone created this
Thanks a lot buddy
honestly, I was lucky i had parents who taught me this, but I believe it should be taught in school too
This was so sweet of you to create this video. Very informative
This was an amazing video with heavy emphasis on amazing. Very educating as well as very insightful by step 7 I thought I was getting ready to hear a sales pitch maybe a sponsor but obviously I was wrong. Also a great transition to the next video , brilliant. Keep up the great work .
I’m starting off with no debt luckily but no credit as well and needing a rental home soon idk how hard Ts finna be but hopefully Ts helps me 🙏
Interesting , the stock market is currently experiencing a decline while bond yields are on the rise. However, there seems to be skepticism amongst investors regarding the Federal Reserve's plan to continue increasing interest rates until inflation is stabilized. As for myself, I find myself at a crossroads, uncertain whether to liquidate my $250,000 stock portfolio> I'm seeking advice on the best strategy to capitalize on this current bear market.
Investing in stocks can be a wise decision, especially if you have a reliable trading system that can lead you to fruitful days of success.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
Credits to 'Carol Vivian Constable' she has a web presence, so you can simply
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
I think the stock market is to volatile to invest right now. I've watched it go up and down and up and back down. I invested in precious metals gold and silver instead, which felt more secure to me as metals do not depreciate. One day, when things even out I'm hoping to invest in the stock market again. Good luck to all!
This video is so practical! Graciela Lynne Schriewer always stresses the importance of saving first, and it’s worked wonders for my finances.
I appreciate your emphasis on automation to make managing finances less daunting. Could you share any personal experiences or stories that highlight the benefits of automating your financial tasks?
Absolutely right @dotpenji! Kudos!
Thanks for sharing these crucial steps for managing money effectively! This advice is golden. Prioritizing financial stability, paying off debts, and smart investing can truly transform one's financial future.
Saving money for emergencies, proper investing & budgeting or monitoring expenses are significant to achieve financial freedom. Being strategic in financial management is a wise move in securing the future. This insightful video is truly commendable!
I have gone down SUCH a rabbit hole with your content today lol. You did a great job of linking relevant vids in the end of the video--you've got me every time!
10/10 on this video! I needed this!
I just watched literally 30 secs and I'm already loving your video style 😅 subbed
Who the heck watching this is living in an apartment with an indoor pool.
It's either people who really don't need to hear it, or people who REALLY need to hear it.
Not me
Such practical advice here! Graciela Lynne Schriewer always says to pay yourself first, and it’s been the best habit I’ve picked up.
While this provide an actual strategy on investment and how to make gains from your paycheck. After buying stocks for just over 10 years, i'm struggling to make gains presently. How do i adjust or revamp my $480,000 portfolio? or should i consider some defensive investments? Any idea?
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at the worth of your portfolio, you should consider financial advisory.
No harm intended, but many people dismiss the importance of advsors until their feelings get in the way. I looked for one profusely a few years ago because I desperately needed a big boost to get by as an investor. Fortunately, I found one who had fortitude. My cash reserve has increased from $450,000 to around $1.1 million as of right now.
@georgeh Who is your advsor please? if you don't mind me asking, I’ve been down a ton, I’m only holding on so I can recoup.
She's one "Amber Russell Bennett", she also maintains an online presence. Just make a simple search for her name online.
I just googled her and I'm really impressed with her credentials; I reached out to her, need all the assistance I can get. Also scheduled a caII.
I love the way you explain everything, I want to learn how to invest but i never know where to start or even understand it.
Start with a local bank checking and savings account, then open an online bank high yeild savings account plus a checking account. Stay with Certificates of Deposits or high yeild money market accounts while saving and learning about investing dollars after you've built up the basics. I hear you about learning how to invest past the above and work retirement accounts.
This is the most concise and helpful video I’ve seen on personal finance. You just got yourself a new subscriber.
it's kinda crazy how nobody is talking about the book whispers of manifestation on borlest
Great content, Vincent. Just found you on youtube. Im not bad at finances, but you're a gush of fresh air people need to hear
Would it not be smarter to pay off debt before building up an emergency fund? By putting money that you would have put toward an emergency fund towards the debt instead, you’re now lowering the interest every month and paying it off sooner, therefore lowering the amount of time paying that interest as well. And if it’s credit card debt you’re paying off, you can then just use that credit card for an emergency.
I am so happy I am now debt free!!!!
I didn't realise until I got my current job which pays weekly on Monday, how much getting paid on a Friday affected me.
When I got paid on Friday I would spend most of my money on the weekend, and not have anything come the next week; but getting paid on Monday I wasn't going out during the week and therefore had money for all my necessities.
My question is: you say the second step is to get an emergency fund but that obviously is counterintuitive with the principals you stated in the investment section. Should I be working towards my emergency fund and fully committing to investing at the same time? Or should I complete my emergency fund first before I start investing? Personally, the idea of already having an emergency fund lined up before investing is more attractive to me just because it would make me feel more safe with investing but I am also financially illiterate.
EFUND first before making investing. Its a no touch fund only to be used when all hell breaks lose
Low risk investments could work as a semi-stable emergency fund. The money is still there and accessible. If it loses some% in a year it's no biggie, in the end it's still money not in your spendings account and is untouched. If an emergency arises you withdraw. If there is no emergency, you let your money marinate in some ETF investment.
In my opinion, these two can be merged together, as the losses in low risk investment market is basically inflation loss on cash. Your investments can be your emergency fund at the start, it will accelerate both in a no-emergency scenario, and once the opportunity is there you can always fully stack your emergency fund with a combination of cash and withdrawing investments, and then continue as planned.
for me, absolutely build the emergency fund first. likely it may take about a year. my tip is to put it in a higher interest earning savings account and making sure you meet the requirements for the maximum rate
Dave Ramsey's program spells it out more clearly:
1.) Save $1000 emergency fund.
2.) Pay off all consumer debt. (CC's, student loans, car payments)
3.) Save for 3-6 months of expenses.
4.) Begin investing 15% of income into Roth IRA and pre-tax retirement funds. (Do not invest until steps 1-3 are accomplished)
5.) Save up for college expenses for your children if you have kids.
6.) Pay off your house early.
7.) Build wealth and give back through charitable causes.
this is so helpful🙂🙂🙂🙂🙂🙂🙂🙂
I’d like to know where I can find somebody to clean my house for $30 😂😂
I think your nephew can do it for $30! and a few chocolates
I will do
You can t do it yourself for $15. In 2 hours🥴
considering nobody's hiring right now i'll do it lmao
Problem with nephew ($30) vs yourself vs hiring out (more than $30) is... Your nephew will do a shit job.
Cleaning the house is not just "mopping" with a solution and just basically your typical janitor at public washrooms.
If you don't get the reference, in referring to using a solution to disinfect the floor but the shit that's on the floor stays on the floor.
And cleaners don't just do the floor or the washroom. They do the house, take many hours and charge a butt load.
Well, this is all assuming you actually have a side hustle that pays well and not mentally burnt out from your normal job.
Love how this is presented!
Roughly £120k in my portfolio are in tech/TSLA stocks, can I get an advice on any other stocks that I can acquire to diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation.
That's correct. At first, I wasn't too pleased with my gains compared to my previous performances, I was doing so poorly, I thought I needed to diversify into better assets, so I got in touch with an investment-advisor. That same year, I pulled a net gain of £550k, which is about 10 times more than I average on.
@RobertDennison411 Rebecca Charlotte Craig is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Really enjoyed your take on budget savings! I’m just starting to explore almost similar ideas in Australia, your content is truly inspiring!
Some good points, but you are coming from a point of view that just isn't the general case. You approach this as someone who is well off, who has a high income and most people don't. I'm in the top 60-70% of people for my age, yet there isn't a chance I'd manage to get housing for anywhere close to 30% of my income - 50% is a realistic minimum making a bunch of sacrifices - got it down to 62% currently
Perhaps if you lived where the other 60% live, your monthly housing bill would be lower like theirs is.
At 62%, you are clearly living above your means, in the wrong neighborhood for your income earnings.
love you bro ! thank you for educating us and sharing your knowledge
The energy required to spend less or low is equal to the energy earning more!
Concentrate on earning more; and make conscious spending; thats it; Dont over concentrate on spending low! instead use the same for earning more!!!!!
Thank you for this helpful video!
I got money problems right now with a lot of bills. This changes my perspective! Great video!💯
This is called kokaibo in the eastern world. A Japanese way of managing money
I think it was very smart how you enticed me to watch the next video by correlating the value of the next video to the value of this one 👍🏿
We appreciate you mentioning Alice Lee Chen's finances in one of your films. She was contacted, and working with her on investments has been fantastic.
I appreciate the regular updates. Since the stock market is more lucrative, I would prefer to trade it. Despite hardly trading myself, I earn $34,500 a week on average.
@@zawzawzaw9719Do you mind sharing info on the adviser who
assisted you? I'm 39 now and would love to
grow my portfolio and plan my retirement
@@GabrielWyatt-yj3bqHer name is Alice Lee Chen Financial
@@Trumps-tv8xbHow do I access her ? I really need this
+162
this is a great video as im gonna start workjng soon
Should I pay off my credit card debt or focus on my emergency fund ? Which should be first
That with the higher interest. Debt stellt your Money. E- Fund could you biuld in the same time with little steps
Glad I found your video... I need to go through more and find something about in depth actual budgeting to pay off debt. To keep going
The BIGGEST LIE You've Been Told About Money is that it doesn't grow on TREES!! 😆
I agree with you!! Money actually grow on trees but only on trees that was planted by you!! These tress are referred to as investments. How you diversify your investment portfolio matters
Diversification is the key. My portfolio is well diversified with the help of a financial adviser. This helps me make more than +400% monthly on my investments.
I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I've experimented with a few over the past years, but I've stuck with ‘’Julianne Iwersen Niemann” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I remember having a consultation with a financial analyst last August, and it was incredibly insightful. Can’t stress enough how helpful experts in this field are! Kudos, you know your stuff.
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you