CPA Explains: Money Habits That Keep You Poor
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- Опубликовано: 30 сен 2024
- This video discusses 10 bad money habits that are simple to correct, yet keep people poor if they go unnoticed.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
Food for thought: Place a sizable portion of your capital/savings in fixed-income securities like treasury bills, corporate bonds, government securities, debentures and let it grow. It will take you far I promise.
If you have a problem saving maybe because of a tight financial budget or something then there would be nothing to keep aside to invest in the first place.
@@francescadelight I understand the situation is not the same for every one but it's very important to cut your coat according to your size and find contingent ways to save, then you can find the best options to invest that money. It's possible for anyone.
@@kevincooper0 Well if you put it that way it makes a bit of sense. It's realistically achievable. If you find it hard to do this you can always get a planner, it will save you a lot. They can setup feasible plans for you to save up, plan well for retirement.
@@ramonfred That idea doesn't quite sit well with me, letting another person manage your money for you plus did I also add it costs money too!
@@francescadelight No, true planners are mainly just advice givers and schematic on paper planning, they don't collect any money from you, it remains with you. All you need to do is follow the strategies they give you. Anyone that asks you for money please avoid at all costs.
INSIPIRING!! Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $109k now to put in the market.
Given the prevailing market conditions and the potential risks associated with the current economy, I would recommend refraining from investing in stocks for now. Instead, it would be prudent to consider retaining a portion of your assets in gold. Alternatively, seeking advice from a financial advisor could provide valuable guidance in this matter.
@@MarkFreeman-xi3rk Mind if I ask you to recommend how to reach this particular coach you using their service? Seems you've figured it all out unlike the rest of us.
Cant reveal much info, Margaret Johnson Arndt is the shrewd advisor responsible for my portfolio success, it's only right you look her up and confirm yourself.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing..
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly-which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio
infact, ever since Coronavirus, I've been in regular communication with financial examiners. Nowadays, buying moving stocks is quite easy; the trick is knowing when to buy and when to sell. The section and leave orders for my portfolio are made by my counsel. accumulated more than $550,000 from a $150,000 savings that was initially stale.
Would you mind recommending a specialist with a variety of investment options? This is extremely rare, and I eagerly await your response.
google his name
search his full name;
you will find his webpage
To achieve greatness, you need to start working towards it. Investing remains the smartest way to prepare for the future. Been into this for 8years and I'm extremely pleased with the good returns.The good news is, it's never too late to start investing.
The first step to success is figuring out your goals and risk tolerance - either on your own or with the help of a financial advisor. If you can get the facts about savings and investing with a well detailed plan, you should be able to gain financial security over the years and enjoy the benefits of managing your income.
Personally i ventured into the stock market so i won't be stranded with the help of an Investment advisor. A colleague of mine introduced me to "Courtney Heath Williams", who drew out investments plans and they all aligned with what i wanted and had to pick one plan and with his exit and entry strategies on commodities, securities and digital assets, my portfolio has really been diversified with good ROI. Im really impressed by how much i have achieved so far with my investment...
@@williamsdavis.that's great, your investment advisor must be really good, I have seen testimonies of people using the help of investment advisors in making them more financially stable. Do you mind sharing more info on how to reach your advisor?
His available on telegam with the username below.
@@GeorgiaMoore.WHCOURTNEY.
My $159k profit 🔥
I'm from Canada 🇨🇦🇨🇦
Ever since I met Mrs Sophia I'm now living big life she's the best
That's great testimonies
Wow I' m just shock someone mentioned expert Sophia I thought I'm the only one trading with her
She helped me recover what I lost trying to trade my self
@@fazzaadamson My first investment with her gave me profit of over $24,000 Us dollars and ever since then she has never failed to deliver and I can even say she's the most sincere broker I have known
I invested £5000 pounds I I received £54,000 thousand pounds within 7 days working
Maybe slightly outside the topic of money, but definitely bad habits that will keep you poor: smoking, drugs, gambling and heavy drinking.
how is gambling outside the topic of money
I had some seriously deadbeat renters once, people who seemingly should have no problem paying the rent, and the property manager said in his experience it always boiled down to drugs, gambling, or pornography.
@@Plutogalaxy Gambling with your Cash is one thing. Who can Afford Gambling with their Health. Drugs,Smoking ,Drinking. Lol.
@@Plutogalaxy seriously, it is. Smoking lead to medical bills and a coffin + cremate cost. Same with drinking, alcohol is very expensive and so the rehab. Think harder to stay away poverty. Duhhhhhhhhhh
@@stevelopez372 yep, the rehab, the coffin, the cremate are expensive and definitely needed
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
'Sharon Madorsky Davison' is great. I invested my life savings with her. She stole all my money, I lost my home and am now living under a bridge. Highly recommended!
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@@lipglosskitten2610 Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person
@@kenanporubsky2122 My advisor is Catherine Morrison Evansshe’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. 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
@@lipglosskitten2610 I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
Love this, as a fellow CPA. I so wish we’d focus more on personal financial education with children and young adults.
But that would take away all the ignorant people who are so profitable to exploit! Rent to own, payday loans, ridiculous vehicle loans, etc.
I wish people earned a living wage.
Most people are afraid to take risks. It hard to avoid losing money on scams too.
I used to know a financial advisor who would go to a local high school once a year to teach how money works basically. I helped her develop a board game for the kids to play that would enforce what she was teaching. Keep the kids engaged.
So you wanna ruin the world of finance??😮 And what's next? Pay employees more money?
Inflation and Recession are dilapidating. Quite sad what's happening in the market. Although, even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. The market circumstances are driving me insane, my portfolio has lost almost $13K this month alone, my earnings are tanking. I'd appreciate some financial advice from anyone who knows more going forward.
The same high-yield potential exists in both bullish and bearish situations; what matters is how information and technique are used. Not neglecting professional advice.
@@trazzpalmer3199 People do downplay the importance of expert counselors up until they experience the consequences of their errors. I wanted to stay afloat between the COVID outbreak and my early 2020 layoff, so I started looking for license advisors. My previously stagnant $325K reserve has so far created significant returns from subsequent investments owing to expert leadership by my FA, who can be found online. I was fortunate to come across someone with her level of practical knowledge and years of experience, and she helped me.
@@graceocean8323 We’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides you help?
My Financial Advisor is JEANNE LYNN WOLF. I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can run a quick online research with her name if you care for supervision. I basically follow her market moves and haven’t regretted doing so.
Right now, I'm literally hanging on by a straw, so your advice couldn't have come at a better time! I'll look her up on the internet and then give her a call.
First SVB, then signature bank and now first republic bank, these are all the signs of yet another 2008 market crash 2.0 , so my question is do I still save in the United States dollar or is this a good time to buy gold?
It’s always a good option to keep some gold. Well with the current market situation and everything at stake with the present economy, I’d say you’re better off staying away from stocks fr awhile or better still reach out to an adviser for guidance.
@@richardhudson1243 true, A lot of folks downplay the role of advisors 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 license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far
@@darnellcapriccioso I find your situation fascinating. Would you be willing to suggest a trusted advisor you've worked with?
@@tatianastarcic It's best you do your due diligence, I have my portfolio overseen by Laurel Dell Sroufe, and her qualifications speak for itself. Most likely, the internet is where to find basic info, she has a noticeable page for consulting.
@@darnellcapriccioso just copied and pasted her full name on my browser, super impressed with what I've seen so far. thanks for sharing!
I’m confident the current market has an equal possibility of making high-value gains or losses, so I'm cautious with my selections; I recently read an article about someone that accrued over $750k in this current market crash, and I could really need ideas on how to achieve similar profits.
True, My wife and I are retiring this year with over $6,000,000 in tax deferred investments. up until 3 years ago we were 100% in the S&P. During bear markets we had a perfect plan. We got an investment manager in our corner and didn’t look at our portfolio for nearly a year. Just kept buying at low prices.
@@kaylawood9053 that's impressive!, I could really use the expertise of this advisors , I'm a single mom and need such luck this red season....who’s the person guiding you.
@@adenmall7596 My advisor is “ELEANOR ANNETTE ECKHAUS” You can easily look her up, she has years of financial market experience…
Thank you for this amazing tip. I verified her and booked a call session with her. She seems Proficient.
When I get the Spendees, I buy Certificates of Deposit. 😊
try buying a gold coin
I would buy US saving bonds at the bank when I cash my weekly paycheck. Now I buy silver bars at the local coin shop.
1-The “spendies”: overspending as soon as you get paid
2-Credit card debt
3-No emergency fund
4-Not knowing where you spent your $
5-Not advancing in your career
6-Not knowing how to minimize your taxes legally
7-Being afraid to take calculated risks with $/investing
8-Waiting too long to invest
9-Belief that $ is bad
10-“Lifestyle creep”: spending more because you make more
I use my CC as as a tool. Any of my monthly bills that accept CC I use them. I pay the full balance every month out of my checking account and never carry CC debt. CC are not a problem its the people and how they use them that is.
So true. I have certain amounts in categories in my budget. I don't overspend. But I use CC and payoff before due. CC aren't the problem but over spending and not tracking spending and paying off at due date.
As long as one can distinguish needs from wants.
1) payday spending 2)credit card debt
3)no emergency fund
4)no expense tracking
5) lack of career growth
6)not minimizing taxes
7)Fearing normal money risks
8) waiting too long to invest
9) belief that money is bad
10)not regularly paying into your own investment accounts
you left out not having a budget and increasing your spending as you pay increases, keeping up with the neighbors
Picking a lousy Major in College and stuck with a debt your hoping the Public will pay for. Lol.
#7: I lost a lot of money in my IRA in 2008 and withdrew my money from stocks. So of course I lost out when the market went up again. Lesson learned.
Adding a pet to your life especially when you don't own your own house and failing to practice birth control would be the biggest Financial blunders
@@20thcenturyrelic Lost (on paper) money during covid. When it recovered I expected another crash because of all of the spending so went into cash. I was right, just a couple of years off.
I got back in at pretty much the top and retired just before it fell off the cliff so I've been living off cash. I had three years worth and a backstop anyway.
My friends dad told me to always pay yourself on payday before you pay anyone else, even if it's only $5. After about 10 years I finally listened to him and now I'm comfortably retired.
My dad told me the same thing. So for forty years I spent 10% of my paycheck on clothes and shoes. Nobody ever told me it was supposed to go into savings.
@@vegansinthewildover5023 hilarious
Lol. No the key is thlo minimize the amount of people you're paying to. I.e. debt
@@vegansinthewildover5023 😅
Among my friends / coworkers - Cars are the big money pit. I'm 57 and have owned two cars, bought both new and took care of them - an 87 Pontiac and a 02Ford, both ran over 250k miles getting me back and forth to work. All my friends buy a new car every few years just because they are bored of the old car and they always have a big car payment. What a waste of money.
I always bought used cars and learned how to fix them myself. I have never had a car payment, which has been a huge financial blessing.
One day, a neighbor came by while I was doing an oil change. He said, "You sure like working on cars. I see you working on them all the time."
I told him I did not like working on cars. He seemed puzzled. I clarified my statement by telling him I liked saving money, so I learned how to fix cars in order to not pay mechanic fees.
Scotty Kilmer bought a 94 Celica for $500
Request: can you create content on how to talk to young-adult children about the many benefits of benevolent giving? From the soft, warm & fuzzy feeling to the financial advantages of sharing one’s wealth with others? Love your channel! ❤
#1 bad habit is getting financial advice from anybody on RUclips
I am also a CPA as well as a Certified Financial Planner. My honest advice to all my clients is to listen to your own basic instinct, but only spend accordingly. People who become rich are usually by chances and not by planning. Stock markets are being manipulated all the time by those who already are rich.
Thanks you.
You don't sound like a CPA.
Some people need guidance though. Instincts is what get a lot of people in financial trouble.
Great video! Credit card debt will kill you financially along with too much "good debt". We may have a mortgage and a car payment with both of them at low APRs but if the total per month is too much it's just as bad as credit card debt. Leasing a high end car for $600 a month vs buying a less expensive car for $300 month makes for harder financial times; same thing with big mortgages ... living within our means helps a lot. There were jokes years ago with the small mansions going up that people were buying them and couldn't afford to furnish them; we always felt being house poor is no way to live.
I agree with you 💯 Mortgage, bills on house 🏠 car payments , insurances, groceries to pay, and many more ....There is no more money to invest ....
Car note is not good debt. It's as bad as credit card debt. Think about it. It's a depreciating asset. The only thing worse than a car loan is a car lease, unless it's a business lease/tax write-off.
@Chiara C car debt is not good debt, you are correct but most people don't have $30,000 - $40,000 to just buy a car so to me it's acceptable debt. If you can get low percentage financing then use their money vs your own. If you're paying 4% or more pay it off as soon as possible. But with many retired people struggling they may not be able to pay an additional $200 or more a month to pay the car down faster. Also, not everyone wants a $6000 car.
I have in my retirement budget $300 a month for a car payment. It doesn't mean I will have one but it's a placeholder for if/when we need a new car. My brother in law will not be able to afford car payments in retirement so he is saving up to buy a car outright for when he does retire. Personally I think anyone who plans on driving should assume they will have a car payment at one time unless they are good with car mechanicals and can keep a car for a long time doing the work themselves or had a friend that can do the work.
I believe in living as debt free as possible but houses and cars tend to be things that debt is required.
Your videos are so informative, thank you!
Thanks Geoff for another great video. CC debt builds up fast and before you know it’s like quick sand. In February 2021 I cut up all of my credit cards except one. by January 2023 paid off all my CC debt. Never again carrying a CC balance. Too many years of that and lost a lot of potential savings. SPENDEES is a behavioral problem and I had it for many years. Thank god my TSP (401k) is north of 400k and climbing. About 5 1/2 years away from retirement ; along with my pension and SS I should have about 85-90% of my pre-retirement income. Plan is to be debt free except for my mortgage when I retire.
I have been retired for a long time, but I share with my kids and grandkids. We should be talking about this in schools so that it is ingrained into our brains.
Agree, but schools are more focused on teaching gender related material instead of life skills that they can actually use....
@@paulg6309 Particularly self-control and anything resembling capitalism. Instant gratification and government is the rule.
I've often wondered if basic financial knowledge 'isn't' taught in school to create consumers who can be easily exploited.
What about parents talking about it (and many other life lessons) and rely on schools just to give kids a basic education?
@@mikemccormick8115 It's a major problem. For the public in general, support education portability and/or magnet schools.
If I had school-aged kids now, I'd either home school or find an affordable private school. There would be no way I'd let a kid go to public school.
Grew up poor. Got a full time job. Paid every 2 weeks. Developed a bad case of the "Spendees" for decades. Regret that I didn't know then what I know now. Oh well, when you know better you can do better. Even though my employer offered a 401k, I honestly did not fully understand about 401k. Therefore, I missed out until someone prodded me to join the program. Even after signing up, I still did quite understand. Take away message: We need to make sure our young people fully understand about these opportunities. I was raised by an loving but uneducated single mother.
The one thing about my credit cards is that I have no idea what the APR is and I don't care as I pay the cards off every single month via auto pay. I check the account frequently looking for incorrect charges and I know what the balance due is. Credit cards are very useful, if managed carefully.
I lost over $70K when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I find one source to recover my money, at least $9k profits weekly. Thanks so much Mrs Cynthia M.Levi
Mrs Cynthia changed my life because of the huge profits I got from investing with her.
you can communicate with her on TELEGAMS with the username below.
investwithMLevi
I have saved into my 403b the minute I was eligible to, invested that money, diversified. 30 years later, 🎉🎉🎉. I made my BF (now husband) did the same, 🎉🎉🎉.
Bought my apartment ‼️in cash.
We are comfortable, can pay medical insurance, food, and a small vacation without worry.
that is what you did.
what are the habits you did not do?
Sorry not into becoming a millionaire, hate to be part of that. prefer seeing the poor living standards brought up and the filthy rich lowered..
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 58, I am thrilled to share that my passive income exceeded $100k 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.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
*@sloanmarriott5* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
You can't retire with debt plain and simple, pay off everything by any means necessary then if you retire poor it's still better than retiring with debt.
Credit card is because my online doesn’t take cash . I pay my credit card bill online before it’s due .
two words: debit card
My credit card is easier to deal with than a bank if it becomes hacked, and it has .
@@DrSchor You get CASH BACK on credit cards. Be smart and have automatic payments to pay off every month’s balance!
@@johnp139 agree I’m in my 60’s and never held $1 balance that I didn’t pay . I’m not paying credit card interest.
"I don't want a nation of thinkers, I want a nation of workers." John D Rockefeller
This video applies to citizens of America and a handful of other countries. Don’t take this place for granted.
"Watch your pennies & the dollars will take care of themselves" or "Do without now, so you can have much more later."
#1 is living below your means .
I know. I filed bankruptcy because of my overspending on hunting trips and travel! Living beyond my means 😢
#11 - Don't lease your vehicles.
Take a 3-5yr loan and drive them for 10yrs or more.
Got a 1996 Honda that was the cheapest new car I could afford back then. Still runs. Looks old but I will drive it until it needs major work. Figure roughly 27 years made it a good buy.
@@shrikeofterven6006 you've got it figured out.
the number one reason :: SPENDING MORE THAN YOU HAVE - simple economics (from ECON-101)
Thank you! Is Holy your first name? Just kidding, I love your videos!
My biggest money issue, Payday loans the interest rates on $300 is 400% I was paying triple just borrow few hundred dollars. Eating out and even buying Coffee wasted $13-$25 per month. Why spend $1.50 to $2.25 per cup when make it home for .15 cents cup.
My dad told me to invest enough to get the 401k match. We stayed diligent, and my husband was able to retire early to help me with my disabled son.
My folks solved that problem. Never got the spendys because to get the dollars I had to do the workies. Figured out pretty quick that the junk was OK once in a while, but the savies allowed me to get nicer stuff.
Sorry but the credit card thing is like something a 4 year old child can understand. I could never understand why you would have to be told that credit card debt is not good. Every month you are paying money for basically nothing.
The way he describes how "most people" handle their money is terrifying. I've always thought of money as something to preserve so I've always tracked everything.
I had to do chores like cleaning for my allowance. I've raised my daughters to do the same thing and I expect that they are doing the same with their kids, at least the older one whose kids are old enough to do so. I would take my allowance and save for books (fiction) of little things I wanted while putting some in the bank account that my father helped me open. By grade school I would walk about 1 mile to a small store to guy candy or gum. When I would bring the 12" Big Buddies to school, other kids would offer me more for them than I paid! So I started buying as many as I had money for to buy them at 5 cents then sell them for 10! Or 3 for a quarter.I even bought a tote bag big enough to carry a large amount! The kids would swarm me in the morning until I was sold out! Then I got called to the office because one of the winy little customers told his mother he couldn't have lunch because he spent his lunch money all on gum! So his lack of control put me out or business! ☹
you think that was bad? i grew up without remote control. I had to walk all the way across the room to change channels, sometimes in my bare feet.
@@DrSchor No I think it's a good life long lesson! And my sister and I didn't even have TV's in our rooms until one Christmas morning at ages 8-10. They were black and white with no remote controls either. But I remember those as the best gifts we ever received! And we did get a lot of things, probably more than most kids our age. 😊
Haha. I did this too. I used to buy candies in bulk and sold in retail at school
Winnny is still around, it's not my fault I'm a victim 🤣🤣🤣
@@ricgunn1439 Whiney, are you still destroying businesses? 🤔
Excessive materialism not supported by income creating too much debt.
Hey Geoff Kyosaki is right about good debt ( house ) & bad debt ( credit cards ). Paying off my BAD debts 1st was like a lead weight being lifted off my chest. Once that happened the good debts got paid off too. Living debt free now in retirement feels so good. Only regret was not saving earlier in my life. Some chances I took in Real Estate did not work out but I learned. Today's S&P 500 companies have a P/E over 22/ 23. Not a good time to invest if you look at a chart over the past 50 years comparing the P/Es of the companies in the S&P 500 ! Too many bubbles exist & I'll invest in short term T Bills / CDs & some low P/E companies that pay a good dividend until this market comes back to REALITY !
Thanks. I just closed my Roth IRA and plan on buying gold and silver. Then I'll get real estate after the market crashes. I hear it will crash 💥
@@gypsyluv1118 Housing prices are already down 20 to 30 % in certain areas.
Thank you for your info, Mr. Schmidt 👍
My weakness is that my job allows me to draw from my next paycheck. I'm living beyond paycheck to paycheck. So I have to pay bills exactly when they are due. Usually a week before I actually get paid. But they charge me $5 bucks per advance. I make decent money. I was never taught how to save or manage money. So I'm always playing catch-up.
I’d recommend you slowly work your way out of this cycle with a little spending discipline. Then keep going and build an emergency fund.
It's brilliant to have a financial analyst when investing! In a nutshell, with the assistance of my analyst Joseph Sullivan Anderson, I've amassed approximately 6 figures from an initial 4 figure investment thus far. During the recession, I was having an investing nightmare before consulting with an analyst.
A successful trade takes expertise and knowledge. Professionally, it is preferable to trade with experienced brokers/analysts who can help you improve your earnings while teaching you the trade, which is why I started with Joseph Sullivan Anderson.
Inflation is gradually becoming a part of our lives, and as a result, any money you keep in cash or in a low-interest account loses value each year. Unless you have an exceptionally high income, investing is the only way for most people to ever have enough money to retire.
I'm glad I found these comments. I looked up Joseph Sullivan Anderson and he appears to be credible.... I also discovered that my colleague is under his mentorship, what a coincidence!
I felt Mr Joseph Sullivan Anderson was a scammer, but after meeting him at the UCLA Anderson financial conference in the United Kingdom, he convinced me otherwise. Since then, my knowledge has expanded exponentially, and my portfolio has increased by $220k
Does he offer to lotion your feet?
You forgot a HUGE one no divorce..
Spendees vs Savees.
We keep a running spreadsheet sheet that contains a formula to calculate every single spend during our fortnightly pay cycle. We are absolutely diligent about entering every single spend, no matter how small. We round up each spend to the next dollar and cross check it with the actual bank balance, and what is still to go out (power/water/other regular payments). It takes a little bit of time and discipline but we know exactly where every cent goes. We have all of our regular payments set up on auto pay systems and if there are any unexpected bills we always pay them immediately. All of our food is prepared from scratch and we bulk shop once a month using a list. We collect shower water in a bucket and this is used to flush the toilet, we don't use a clothes dryer but instead hang laundry outside or on a rack in a sunny room. It sounds very laborious but it's not. We both still work and we contribute to our retirement scheme from each paycheck. Because of these small habits, we are able to slowly but steadily grow an emergency fund, and a treat fund.
Sounds good except for the hanging laundry part. Our natural gas bill is $130 a month for heating, hot water, cooking and for the gas clothes dryer. Natural gas is still pretty cheap in America. They want us to electrify everything eventually though. The prices went up a bit when the war in Ukraine started but are still fairly low.
If you’re in the UK or the EU your natural gas bill is probably higher than what it is in the U.S.
Being obsessed with money is NOT a good thing.
there is therapy for obsessive compulsive disorder, get some.
An investment is something that pays you - debt is something that sucks money from you 😮
I have a habit of taking jobs that don't pay me what I'm worth. That's what's keeping me poor.
If it is any consolation to you, and you do not have a huge amount of college debt, then do not feel too bad.
I know a coworker in his mid fifties who told me he has almost 200 k in student debt and is making an above average income, but still lives from paycheck to paycheck.
I tell younger people to learn a trade, if they are unsure of what to do, or if they are underpaid.
Having a credit card balance is the worst thing anyone can do with interest averaging 20-29%.
Paying it off is (one of) the best investments in the world!
@@HolySchmidt Never having one is what intelligent people do.
Not at all. Payday loans are the worst.
WHO'S KEEPING YOU POOR
My imaginary husband! Hey but before I only had myself to blame so I'm going to mark this down as a win
A bad carburetor? Cars haven't had one of these in over 25 years. (And think goodness.)
My Dad used to say "that money is burning a hole in your Pocket" LOL
Money does things like helping people in need or curing sick pets. But he forgot to mention the women that will sorround you.
As Marilyn Monroe’s character, Lorelei Lee, says in “Gentlemen Prefer Blondes,” “Don’t you know that a man being rich is like a girl being pretty?”
Tell Biden this! His spending is out of control.
I paid off and cut up my 1 and only credit card 33 years ago.
Credit cards as fine when used properly- use it as convenient cash for purchases, then pay the balance in full when it’s due vs the minimum payment- I haven’t paid interest in > 20 years.
why can't you trust yourself?
@@DrSchor i have never needed to use credit. If I don't have the money, I don't buy.
@@Iceaxehikes That's not the point. We have credit cards, plural. Each one has different rewards and sometimes those rewards change. We spend on the card that gives us the most desirable benefit. In most cases that is a cash back program of 2 to 4%. That is like getting a discount on items we need when they aren't even on sale. We flew to Hawaii last February on the miles we earned for 2022. We never carry over a balance and so the bonus is real.
We don't buy things we don't need. They are simply normal expenses.
@@bryanwhitton1784 you are supporting a system that enslaves less fortunate people. That IS the point.
I will not play.
Bad carburetor? Not really a thing any more. But a leaky ice box.........
I live in the UK and learned these mistakes the hard way. I'm 50 now and we still don't teach these basic essentials in school. I may have not listened, back at school, but at least I will have known something about how debt can ruin your life. I didn't know what interest rates were until I was 20.
Vote democratic party keep people in poverty.
Excellent advice and explanations. Now I'm secure enough in my career that I can invest a decent amount each year. Most years I am able to max out my 401K contribution. My biggest mistake besides doing everything on your list in my youth was failing to roll over a 401K about 20 years ago and instead cashing out with the age penalty.
Great and insightful video as usual Geoff. You really hit the nail on the head with how you "feel" about money. I have always seen money as freedom and a friend. Treat money with respect and it will do the same for you. 55 and financially retired...just run my company for fun.
Thanks!
Nice work Shamile!
My father chided my brother that money burned a hole in his pocket. Spending on big trucks with big wheels and tires all to look cool not smart. My high school math teacher was angry one morning as one of her students was going to quit school to support a car! Her comment “all cars eventually end in the junk yard.”
all people return to dust
The biggest reason for being poor while working is working for a greedy CEO that underpays.
Another great video-Thank you!!
I've watched this video three times now. And I am guilty of every. single. one of these. (And I'm definitely "old enough to know better.")
I have no idea where to begin fixing these problems, and precious little time to do so before my earning years are spent 😬😬
Top Tip? Don't use cash. Pay for everything with a card. Electrons don't lie
How to Become A Billionaire!
💰 Frugality, Pragmatic, No Credit Card Debt
NO BAD DEBT, Pay Off Debts
NO DEBT
Safety Buffer, Emergency Fund
Tracking Expenses!
Prepared for the Next Position
I’m retired since over 2 years, it came suddenly, because of covid, the company wanted us out, but they offered a good package. Thanks goodness I never had debt, that helped me to retire, I’m not rich, but I live comfortably for now!
but what are the habits that keep you poor which you are avoiding to be comfortable? i gots to know.
@@DrSchor “I gots to know”? What kind of English is this? Writing like this could be one way to keep you poor!
@@beautyRest1 That was extremely hilarious. Proper grammar as we know it, has been extinct for a while, and that is apparent at all socioeconomic levels.
@@beautyRest1 right on
I invested $6000 that turned into $100,000 in two years. How? I bought TSLA stocks. Then, when it hit $100,000, I cashed out my "$6000" to buy a new electric car that I expect to last me the rest of my life. What did I buy with that "$6000" investment? A new 2021 Tesla Model S. With an aluminum body and an expected lifetime battery range of between 300,000 and 500,000 miles, the life expectancy of the car is 22 to 37 years, which is more than my life expectancy. Included in that purchase was an investment in the possibility of a future full self driving system that can chauffeur me around in my old age. 🤞 Altogether, not a bad payoff for what was initially just $6000. (By the way, starting a couple of weeks after I purchased my car, TSLA stock began dropping precipitously, losing more than three quarters of its value, before rebounding much later back up to two thirds of what it had been. It had been a great time to cash out and I've never regretted it.)
Lots of people move up the career ladder when they don't belong there. We have too many wrong people in charge.
BIDEN!
My biggest regrets come from impulse buying.
I become convinced that I need something I don’t really need.
My new rule: i listen to the salesman, take the brochure, thank him and say “I will give this some thought. If I am interested, I will get back to you”
Don’t be caught thinking time is of the essence, or if I snooze, I will lose.
Like the Buddy Holly rock song “Think it over”.
Also- Be aware of giving someone your time, with the promise “You are in my will”
Many estates change hands on a death bed.
One way to save money is to drive your vehicles into the ground. Buy something reasonably priced that will be reliable, and then drive it until the wheels fall off. I've never financed a vehicle; only buy one when you've saved the cash. We still drive our 2006 Buick (inherited), 2007 Corolla and 1997 Mazda. I might have one more car in me before I die.
You, sir, know nothing about being poor. After my last 3 jobs went overseas, Wells Fargo took my home, and I was homeless for 7 years, mostly working ranches. I finally landed a job doing home health, go canned when they found out I was living in my van. Got old enough for social security. I get a pittance. I don't know anyone who gets the average. How do I prepare for any future expenses? I have money put aside. Not much, but I have some. No credit cards. No brokerage account. Own my mobile home, but, with no credit, I'll never be able to buy land or a newer home. After being squeezed into trailers or the tops of barns with a bunch of other hands, I have no interest in renting or sharing a space. How do I improve my finances?
I can relate to the “spendy”, and the lifestyle creep. Thank goodness I always paid myself first all those years while working.
whats wrong with being financially poor? Personally, I am extremely rich. My father owns the universe. Make Jesus your focus....not personal monetary wealth.
If you told me you were a relative of Dan Akyroyd, then I would seriously believe you.
I guess if you get sick of Accounting or making You Tube videos, then Vegas would easily take you as a Dan Akyroyd impersonator. Could be a side hustle too for you, which pertains to the topic at hand. Then you can further invest those earnings.
What is a carburetor? asks everyone under 30. So nice after four kids on one income to have a little extra at the end of every month.
Here's a tip. Stop buying new cars. New cars are a financial disaster. If you do buy new or whatever you buy, drive it till the wheels come off. Keeping up with the Joneses who drive new cars or thinking an expensive car buys you class, it doesn't, is one thing keeping Americans poor.
Reason people are poor is because there is no way to get ahead. BS ON THE RULES. maybe lower rent, lower the cost of food, lower gas, give free health care, pay a living wage. Then we can talk about your 10 rules.
I feel like eating out is a bad one. Not just because its ungodly expensive, but also because most of the time these restaurants serve food thats worse for you than alcohol from a health perspective. Its like a double whammy - you get poorer and your health degrades lol
I try to only use 60% of my monthly paycheck. I save the last 25% and invest 15%. Trying to save more to have an emergency budget.
You forgot the following: Do not go to a college you cannot afford, do not major in a useless major, and even worse, both of the aforementioned.
Stay out of car debt, it is not worth flexing with a new automobile.
Choose your friends and partner/spouse wisely.
wow i was the first to like the video
Am I better off than I was ten years ago. Yes. Ten years ago I was homeless. Bought a sandwich from Subway a month ago. Vegetarian with chips and a soda. Seventeen dollars! One thing I learned while on the streets was how to live on little money. Seventeen dollars could buy a weeks worth of food.
Several commenters mentioned Dave Ramsey. While his advice is not perfect, many, if not most, people would be better off if they followed Dave's advice.
The primary bad habit is working for an employer who undervalues your work and exploits your labor.
Sadly I'm at that retirement age, with no investments, and much worse off than I was 20 years ago. Long story.
You certainy can be poor even if you have money. if you live a life where you live like a miser and find that you have accumulated money for old age but yet you have not lived fully and life is all but passed you by now, then maybe you are just as poor, or more so, as those who were less frugal.
Some weak RUclipsr uses bad example place that made them.
I wonder what will happen when that free lunch is over and the real owners claim!
11. Living in a blue state with high taxes, high crime and police told not to do their jobs keeps you poor and depressed.
Bottom Line IS- if you can't pay cash for it, you DONT need it. Simple.
The worst money habit that keeps Americans poor is owning an automobile. As a bad investment, nothing else comes close.
My Irish American father had a explanation for this.
"At least the Irish were rich on payday."