I have paid my 10% tithes to my church for the last 35 years and God always blesses me. There were times when we lived paycheck to paycheck and could’ve used the tithes to pay towards something else, but living on 90% is better than not having anything at all.
Great show lots of good info. The one piece of advice I would give someone is to learn about taxes. Once I learned a bit about taxes and got the right help it literally changed my life.
An animal shelter, food pantry, women's shelter. I'm sure there are plenty of places in your area. I give $70 a month to a local cat shelter. Yes, I'm a crazy cat lady.
Liberal churches are often contributing to better ministries than conservative ones. My lib church supports 3 foster group homes, the battered women’s shelter, feeds the homeless, gives generously to local charities, and more. If the liberal church is aligning with Matthew 25 and Luke 4 & Luke 10, and all the things Jesus cared about most, your tithe there is a good investment.
I am on ssi so you know I am poor. I don't understand most of what you said. I went to the dealer and got a car loan for 5 years. I only took it because I have a magnet for my ebay on the door, trunk, and top by the windshield. I felt it could at least advertise for me while I build myself. I paid off that card July 2nd. It took 3 years. I lived on nothing and I mean nothing to get that car paid off. I was talking to the bank person and he said, Ms, J I have never in all my years of working saw anyone pay down a car like this. I asked how much I paid in interest he laughed and said not even $800. I am now waiting on my title I have a savings account and I am now going to sit with them to ask about the high yield one. I called I Irs. The lady was nice. I work for myself so I have to learn taxes on my own. I want to learn everything to get me off low income. I am writing down the word dividends to ask the bank. Thank you.
what do you suggest for older folks who didn't put into retirement and do not have time for investments to grow. Have emergency fund and mortgage almost paid off.
With the current economy I don't think that your advice applies to most of us. Maybe the part about having an emergency fund but holy Moly people are losing their jobs. Left and right. 330 people just lost their job In our town at a call center in Minnesota.!. Talk about the impact on the local store is in the day care centers and the landlords.
It applies. Think about it. What if all 330 people that lost their jobs had been saving their 30% in savings and investments while they were working. They had 3 to 6 months of salary saved up so when they lose their job they can still pay their rent and car payment out of that savings instead of going into debt or getting evicted. Maybe some of them take their savings and start a business and as their business grows they take on employees adding to the job market in your town. Because they have savings they don’t go into debt during the job search so when they get a new job they can save even more. Even the poorest people make poor financial decisions that can make a difference in what they can save. For example, most poor people buy processed foods, meat and dairy, which are the most expensive foods, or they eat at fast food restaurants wasting even more money. Switch to the natural human diet of fruits and salads and the grocery bill drops by 75%. That is hundreds of dollars a month saved by most people right there. Always shop at the grocery store, never buy from a convenience store or dollar general, that is a huge savings again. Quick alcohol and cigarettes if they use them and that is another $1000 to $10000 in the savings at the end of the year.
You are very good at explaining that the poor don't understand this and that. The poor does understand how taxes work. Please explain how not to be poor anymore.
I have never had debt and I have a two bedroom townhouse that is paid for and I have 120k in an investment account with 70% in stocks and 30% in cash. I was in stocks 100% and Im planning on reinvesting the cash Im holding. Im 57 years old and I have always worked in residential construction and remodeling but I was squeezed out by illegal immigrants and now I am drawing disability. I feel like Im at a dead end. Would I be better off to sell my townhouse and put that money to work in the stock market and rent an apartment? As it is my income is limited. Ive been making a little extra from trading stocks with some of the extea money but it isn't enough to depend on. I make what would he the equivalent of a part time job at trading. I don't take unnecessary risks and I make about 5k/year in dividends that I use to pay my oroperty taxes and homeowners insurance.
I love when people talk about “poor” people, then talk about people making 5-10k per month. There are some people who make 2k or less per month…there’s a poor mindset then there’s “the system is broken and some people are meant to be poor”
You need to spend more time making money! One strategy is work more hours. I meet so many people that think 40 hours is the max they will work a week. Buy a house and rent a room out to help pay the mortgage! These strategies he is talking about are for people who have money.
Yes, sure but you need to have a decent paid job or have a job at all !!! Many people just barely survive today and everything is so expensive just to get by....
18:35 - Rental income is not taxable? I have a married couple renting my home in North Carolina for $1500 a month. I rent an apartment in San Diego. Do I not have to report that as income on my income tax return? Thanks
Rental income is offset against depreciation, property taxes and mortgage interest. If you are cashflow positive you may pay a small amount of tax... and if so, buy another property to leverage and reduce your tax liability.
Have to be smart with money like stocks and bonds investment with banks in exchange trade funds me my sister very wealthy people in Canada could make you multibillionaire
Awesome! I sent this to my kids to watch. They're very young adults, and I've tried to teach them these sorts of things, but it's wonderful to have this resource available for them.
As a retired cpa, the most beneficial class i took in college was "mathmatics of finance", basically time value of money class that was very intense. If you apply rule of 72 to 1T in cc debt at 20% will double in 3.6 yrs. Frightening.
As a once poor person, I didn't believe this would work for me. All you said I told myself it just won't work for me. Then I had no choice but to do what you said because no one was coming to help me.
I think your last sentence said it all. "Then I had no choice but to do what you said because no one was coming to help me." Instead of helping yourself you were always expecting someone else to do the heavy lifting for you, until you realized no one was coming to your aid. Congrats on your decision.
8 Money Habits That Are Keeping You Poor: 1) Fail to direct their money 70 / 30 2) No emergency fund 3) Not knowing the difference between investing vs saving 4) Hesitation, procrastination and waiting, get started NOW! 5) Debt vs Leverage 6) Compounding (receiving it or paying it) 7) Overspending, see #1 8) Do not understand taxes I’m really starting to love your channel. I wish there was a Canadian equivalent.
Convenience stores are the death of me.... The small mundane things in life leave me empty at the end of the week. Death by a 1000 cuts. Overcoming this issue will have my Emergency Fund complete by the end of the year. TY! Good stuff...
I am in the same situation . My home is paid off & we do save as much as we can . We made our basement in a full apartment . May one day rent it , for extra income or have some one living there to help with our care .
I would figure out your budget. And never use a debit card again. I quit using a debit card years ago. And now only use a credit card that builds points. And put that towards my payment. But you must have discipline to not just go crazy
The first three and a half minutes were confusing to me lol For those who may not get it til a few minutes after... 30% breaks down into 10% give it away (charity) + 10% investment account + 10% pay down debt
These advices are good till the next big crisis. I went through a total collapse of my country, and this type of event would make you strategy leading to a total loss of all funds. The world is changing fast.
Excellent Video. And spot on. The vital characteristic blueprint to investing into long term wealth glory: 1. Patience 2. Consistency 3. Sacrifice 4. Forbearance
The biggest advice is to invest in yourself. If you don't understand anything, learn more about. The more you learn the more you will know how to diversify your investment.
The First of Charities is?...to not be a burden on others. Put your fires out first, before trying to put out other's fires. There will always be others. Jim Rohn put it like this: I will take of me for you. And you take care of you for me.
Question. When you say invest 10%, this is to a retirement account tor brokerage account? Or should the emergency fund should be in the brokerage account and the 10% in a retirement IRA account t? Thank you
Really well explained. Loved your passive income empire video as well. Its saved as a favorite for me. I use it everyone once in a while as motivation to not buy stupid things 😂
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I have paid my 10% tithes to my church for the last 35 years and God always blesses me. There were times when we lived paycheck to paycheck and could’ve used the tithes to pay towards something else, but living on 90% is better than not having anything at all.
You pay tithes when you can. If you can’t that’s ok.
You can give 10% to the church and 10% into a savings/investment account.
God loves a cheerful giver: if you’re happy giving $1 it’s fine. But if you then blow $100 on nonsense…you will reap what you sow.
Tithing always increases your income, even when it never makes mathematical sense. I call it GodMath.
Budget; know how much you bring home and where your money goes then everything else can become real.
Great video.
Coach!! You're the man
Appreciate the support =)
Great show lots of good info. The one piece of advice I would give someone is to learn about taxes. Once I learned a bit about taxes and got the right help it literally changed my life.
Where can I learn about taxes, I feel like that's the area I need to learn the most
I dont know where to give, my church has gone liberal and its breaking my heart
Saint Jude (kids) organization
An animal shelter, food pantry, women's shelter. I'm sure there are plenty of places in your area.
I give $70 a month to a local cat shelter. Yes, I'm a crazy cat lady.
Go to the first Church the Orthodox one. Truth doesn't change. Follow Jesus and Church He founded and no other.
@@dcc2351im moving house to a village and im think8ng of going to one of the churches there
Liberal churches are often contributing to better ministries than conservative ones. My lib church supports 3 foster group homes, the battered women’s shelter, feeds the homeless, gives generously to local charities, and more. If the liberal church is aligning with Matthew 25 and Luke 4 & Luke 10, and all the things Jesus cared about most, your tithe there is a good investment.
👍 I love this video! Great info 😊
I am on ssi so you know I am poor. I don't understand most of what you said. I went to the dealer and got a car loan for 5 years. I only took it because I have a magnet for my ebay on the door, trunk, and top by the windshield. I felt it could at least advertise for me while I build myself. I paid off that card July 2nd. It took 3 years. I lived on nothing and I mean nothing to get that car paid off. I was talking to the bank person and he said, Ms, J I have never in all my years of working saw anyone pay down a car like this. I asked how much I paid in interest he laughed and said not even $800. I am now waiting on my title
I have a savings account and I am now going to sit with them to ask about the high yield one. I called I Irs. The lady was nice. I work for myself so I have to learn taxes on my own. I want to learn everything to get me off low income. I am writing down the word dividends to ask the bank. Thank you.
People who wait to save are just delaying their success. Great video
what do you suggest for older folks who didn't put into retirement and do not have time for investments to grow. Have emergency fund and mortgage almost paid off.
Save and invest your mortgage payment once the mortgage is paid off. You'll probably have to keep working, though.
I would recommend setting up a free consultation to talk about some strategies and how they apply to your unique situation. Sign up here: aba.link/tby
Make it automatic as much as possible so you don’t miss the money
With the current economy I don't think that your advice applies to most of us.
Maybe the part about having an emergency fund but holy Moly people are losing their jobs. Left and right.
330 people just lost their job In our town at a call center in Minnesota.!. Talk about the impact on the local store is in the day care centers and the landlords.
It applies. Think about it. What if all 330 people that lost their jobs had been saving their 30% in savings and investments while they were working. They had 3 to 6 months of salary saved up so when they lose their job they can still pay their rent and car payment out of that savings instead of going into debt or getting evicted. Maybe some of them take their savings and start a business and as their business grows they take on employees adding to the job market in your town. Because they have savings they don’t go into debt during the job search so when they get a new job they can save even more.
Even the poorest people make poor financial decisions that can make a difference in what they can save. For example, most poor people buy processed foods, meat and dairy, which are the most expensive foods, or they eat at fast food restaurants wasting even more money. Switch to the natural human diet of fruits and salads and the grocery bill drops by 75%. That is hundreds of dollars a month saved by most people right there. Always shop at the grocery store, never buy from a convenience store or dollar general, that is a huge savings again. Quick alcohol and cigarettes if they use them and that is another $1000 to $10000 in the savings at the end of the year.
Fixed incomes, and the cost of living is way too much!
Do you recommend that people who are attacking their cc debt suspend all investments? Or should we squeak a percentage into it?
You are very good at explaining that the poor don't understand this and that. The poor does understand how taxes work. Please explain how not to be poor anymore.
How much do fees impact the 10% earnings?
It first starts with the mind. You must, and i mean must, change the mindset before any lasting change to take effect.
I have never had debt and I have a two bedroom townhouse that is paid for and I have 120k in an investment account with 70% in stocks and 30% in cash. I was in stocks 100% and Im planning on reinvesting the cash Im holding. Im 57 years old and I have always worked in residential construction and remodeling but I was squeezed out by illegal immigrants and now I am drawing disability. I feel like Im at a dead end. Would I be better off to sell my townhouse and put that money to work in the stock market and rent an apartment? As it is my income is limited. Ive been making a little extra from trading stocks with some of the extea money but it isn't enough to depend on. I make what would he the equivalent of a part time job at trading. I don't take unnecessary risks and I make about 5k/year in dividends that I use to pay my oroperty taxes and homeowners insurance.
Give it away😅😅😅😅😅😅😅😅give it non profit so the ceo gets ticher😅😅😅😅😅😅red cross ceo makes 300,000$ a year😅😅😅😅😅
Thanks sir!
Nobody explained debt and leverage like you did.
"Hey Guys" is one of the most sophomoric starts to RUclips videos.
I love when people talk about “poor” people, then talk about people making 5-10k per month. There are some people who make 2k or less per month…there’s a poor mindset then there’s “the system is broken and some people are meant to be poor”
Thank you!!
Great info! Basic knowledge but so many people don’t understand it.
Glad it was helpful!
Bonus: we don't have budget problems, we have income problems. (That's not mine, but I like it!)
I like that:-) Thank you.
I’d say we have a spending problem, not an income problem.
I never invested.I opened my Roth but how to invest from there?do the government automatically invest it for me?
Great Video. What about diversifying into Life Insurance also.
You need to spend more time making money! One strategy is work more hours. I meet so many people that think 40 hours is the max they will work a week. Buy a house and rent a room out to help pay the mortgage! These strategies he is talking about are for people who have money.
excellent. gonna show this video to my high schoolers.
Thank you for sharing the video with your high schoolers. It's great they're learning about this at a young age.
Yes, sure but you need to have a decent paid job or have a job at all !!! Many people just barely survive today and everything is so expensive just to get by....
Many people are way too poor to do this!
I have been doing my employer match for over 30 years in a taget date fund that matures in 2035 thats on pace to make me a millionaire
Target date fund lol
18:35 - Rental income is not taxable? I have a married couple renting my home in North Carolina for $1500 a month. I rent an apartment in San Diego. Do I not have to report that as income on my income tax return? Thanks
Rental income is offset against depreciation, property taxes and mortgage interest. If you are cashflow positive you may pay a small amount of tax... and if so, buy another property to leverage and reduce your tax liability.
Great share!!!
I don't understand the concept of " Giving it away" - money, or time. Is it a moral thing, or is there something else that I don't understand?
Start a budget Now, if you not doing so already. See where your your money is going.
Most families don’t have 10 percent to invest
Sure, but those same people have $$ for cigarettes, convenience store purchases, and Netflix subscriptions
@@jimbobjim2310spot on, exactly right
Great
For one having a good tax guy.
Take a shot every time he says "the poor" ...
What keeps you poor is keep going to the casinos.
Or lottery tickets, energy drinks, cigarettes, alcohol, coffee, soda, shopping at convenience stores…
What would happen if a crash happens?
Call the police, make sure there are no
injuries, ask favorable witnesses to give
a statement
Is private school considered an investment?
It depends. Does it lead to more income?
Depends on the major and the programs that the private school had to offer
Ha Ha !
Great Ideas, i can't wait to tell the wife we can't spend anymore. I will be in the dog house.....
Being poor is more expensive than being rich.
Live off of 50% and create a flywheel with 50% in your own hedge fund.
Keeping me poor is not having a birth certificate
Have to be smart with money like stocks and bonds investment with banks in exchange trade funds me my sister very wealthy people in Canada could make you multibillionaire
And when the stock market crashes, you lose everything!
2 not having a RUclips channel 😅😅
Get someone else to write on the chalk board.
Excellent advice. Compound interest and leverage are the biggest difference makers to growing wealth.
Dividends and reinvesting those dividends
Awesome! I sent this to my kids to watch. They're very young adults, and I've tried to teach them these sorts of things, but it's wonderful to have this resource available for them.
As a retired cpa, the most beneficial class i took in college was "mathmatics of finance", basically time value of money class that was very intense. If you apply rule of 72 to 1T in cc debt at 20% will double in 3.6 yrs. Frightening.
As a once poor person, I didn't believe this would work for me. All you said I told myself it just won't work for me. Then I had no choice but to do what you said because no one was coming to help me.
It feels hopeless at first, but after about five years, if you can stay the course, you'll start to see results
I think your last sentence said it all. "Then I had no choice but to do what you said because no one was coming to help me." Instead of helping yourself you were always expecting someone else to do the heavy lifting for you, until you realized no one was coming to your aid. Congrats on your decision.
The Wealthy raise the Poor's property taxes, then use that public money to finance private enterprises.
As a currently poor person I'm finally getting it haha
We have no choice I guess.
8 Money Habits That Are Keeping You Poor:
1) Fail to direct their money 70 / 30
2) No emergency fund
3) Not knowing the difference between investing vs saving
4) Hesitation, procrastination and waiting, get started NOW!
5) Debt vs Leverage
6) Compounding (receiving it or paying it)
7) Overspending, see #1
8) Do not understand taxes
I’m really starting to love your channel. I wish there was a Canadian equivalent.
No way I can put 30% of £840 a month I'm really poor.
Convenience stores are the death of me.... The small mundane things in life leave me empty at the end of the week. Death by a 1000 cuts. Overcoming this issue will have my Emergency Fund complete by the end of the year. TY! Good stuff...
The only thing keeping me poor is the Canadian government.
I noticed you did not include liquor in your waste. That too wastes an awful lot of money.
Im scared to tie up money in an investment, any advice im on a pension with not a big income
I am in the same situation . My home is paid off & we do save as much as we can . We made our basement in a full apartment . May one day rent it , for extra income or have some one living there to help with our care .
I say invest it so it’ll grow. You can always take it out if you need it. We use Robinhood app and bank brokerage firm.
I would figure out your budget. And never use a debit card again. I quit using a debit card years ago. And now only use a credit card that builds points. And put that towards my payment. But you must have discipline to not just go crazy
I’m not being sarcastic: I love blackboards… takes me back to my college days
The first three and a half minutes were confusing to me lol For those who may not get it til a few minutes after... 30% breaks down into 10% give it away (charity) + 10% investment account + 10% pay down debt
These advices are good till the next big crisis. I went through a total collapse of my country, and this type of event would make you strategy leading to a total loss of all funds. The world is changing fast.
I assume these advices work the best in the US or other western countries. Not in unstable unpredictable, authoritative societies.
@@EllyL-sr7uv Soviet Union looked absolutely stable in 1984, collapsed in 7 years.
Thank you for your valuable information. Appreciate it ❤
Do wealthy "give" to write off and get it back?
Wen you have no money zero plus zero equals zero nothing could be done
Giving is a must to perserve wealth. Karma
You need to pay down your eating. You have quite a few pounds to lose.
Great stuff, Toby - love a good chalkboard teaching session
More to come!
Excellent Video. And spot on. The vital characteristic blueprint to investing into long term wealth glory:
1. Patience
2. Consistency
3. Sacrifice
4. Forbearance
On 15:15 you said about auto investing.
How it works? Are there risks? I’m new to investing area, please someone explain?!
Thank you very much for all these amazing life lessons. 🙏🏼🙏🏼🙏🏼
Somebody get this man a milkshake from In And Out
A great video! Thank you from Canada!
I wonder why this information isn’t taught in High School…
🤔
What’s keeping me poor is my wife
Is a ira savings the same as a traditional Ira.
Live off of 70 keeps u poor
I love the truth you speak 👍
You lost me at give it away.
He is just saying what he sees wealthy people doing.
A great vid. Very well done and presented.
Thanks for watching =)
Thank you. Your videos always seem so well thought out.
Glad you like them!
You are changing my life, thinking. I wish I had learned these principles in my youth... but it's ok. I know now. Thank you so much.
❤❤❤
The biggest advice is to invest in yourself. If you don't understand anything, learn more about. The more you learn the more you will know how to diversify your investment.
The First of Charities is?...to not be a burden on others. Put your fires out first, before trying to put out other's fires. There will always be others. Jim Rohn put it like this: I will take of me for you. And you take care of you for me.
This is a great video! My question is about the taxes. What is the title of the person who can help navigate the tax situation?
Question. When you say invest 10%, this is to a retirement account tor brokerage account? Or should the emergency fund should be in the brokerage account and the 10% in a retirement IRA account t? Thank you
I live off of social security& I need 80% to n cover my house& bills. For me it would have to be 80/20
I put 10% a month into investments. Can't afford it. But it always works out somehow.
Good guy, so enthusiastic 👏🏻
Excellent video Brother
Brilliant, thank you Toby.
excellent material as always, Toby
Really well explained. Loved your passive income empire video as well. Its saved as a favorite for me. I use it everyone once in a while as motivation to not buy stupid things 😂
I'm glad you found the video helpful
Thank you Sir
It’s funny as I watch this I just got a notification that FICO hit a 52 week high ! INVEST YOUR MONEY PEOPLE
It's time to sell some and buy a different beaten-down value stock
What tax book do you recommend for a high paying W2 earner? I want to learn about loopholes and create an LLC to do so.
I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/tby
Way too many adds
Just loved the way you delivered your message. Direct and simple. Thanks.
My pleasure!
Free book
Amazing