The important thing to remember is that side hustles often take up so much of your free time that you're basically not even living. That's not much different than the guy who hoards money his entire life while eating only oatmeal and then dies before ever really using it. True wealth would be finding a way to balance securing your future with actually living your life here and now.
Depends on the side hustle… I play music with my band. I don’t have a huge interest in touring full time bc it’s a lot of work but I do love writing and playing music. I also love writing novels and feel fulfilled by this and sell them on the side. If that was full time then yah, I’d be happy with it… some side hustles are just to make money but others are about filling your soul, it’s more of a vocation.
With the right side hustle, you need to invest less time in it and compensate that with money. I started with an online business during my time I studied. I never finished the studies, but I have passive income of around 3,5-4k every month. The time I used to spend in this, is now done by two people I hired. After all costs, I might just have 1600$, but I barely have to work for it at this point. At the same time, the money I invest into the people I hired, is not to sustain my income, its to grow it. I could fire them immediatly and it would not impact my current income. However by keeping them work for me, I can help them making a living and increase my income for the future.
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
@@mariaguerrero08This is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
At the age of 47, I found that my financial "professional" had misappropriated my retirement funds ($250k) and lost it all. Didn't do one thing I said. I had to start over. with zero. I decided to manage my own money, and 12 years later I had 400k saved. Not enough, but hey. Still under the 8 ball, as covid caused a catastrophic loss in my income (I was forced to retire early). I had planned on working another 6 years to get to that million mark. well, life has a way of changing your plans, no? So now I just have to figure it out as always. I will, but it will take some time. Gotta tell ya though, after going from extreme poverty to middle class and back to poverty? I am one disgruntled camper.
Be careful in marriage. It can be the best decision to stabilize 2 people, and reach prosperity. But choose wisely, the best friend in life that is a loyal team member, because if you divorce, you will have to start over. There are very clear events in capitalism that are money killers.
Saving money doesn't work because it's constantly being devalued...you need a hedge against inflation. Investing is key to financial freedom. The problem is it's easier said than done.
SAVING MONEY ALLOWS YOU TO HAVE MONEY TO INVEST SO YOU CAN GET MORR MONEY, SO IT CAN WORK IN SOME WAY. only people who can't save money say what you said.
If you save cash for the long term I agree with you. It will devalue because of inflation. However, if you save cash for a shorter period then you have the money to 'invest' in an asset which over time increases in value.
@@stevenhull5025 my point was cash is useless if it's not invested. I didn't mean burn through your money. You have to save it but not in a savings or under your mattress...it's gotta go into an investment.
@@ladybird491maybe I didn't clarify thoroughly enough. I didn't mean dont save money literally...you save it to invest as opposed to it(cash) sitting in the bank losing value. I'm guilty of the latter because of wanting rainy day funds.
My parents always taught me to live below my means. It was hard when I was younger, because I always wanted the nicest things or coolest clothes. But now that I am in my late 30s, it doesn’t really seem to bother me anymore.
The whole concept of sacrifice now so that you can not worry later is novel but, I find that, like some others have said, that money is constantly losing its value, and you'll likely still be worried about it when you reach retirement age. I try to live in the moment more. Enjoy things while I can, because tomorrow isn't promised. That being said, I have gotten into the habit of investing a little bit whenever I feel like I've got some extra money lying around and I can see how saving a bit more can essentially make you more over the same period.
all of this advice is boomer tier before boomers wrecked the country. money is now losing 20% value per year and peoples housing costs alone cost their entire monthly paycheck so to cover food and utility bills they have to max out credit cards. the economy is over we are heading for the greatest depression in national history.
You will young man you will. I'm absolutely positive about that because you are starting early not only that because you are interested in finance at such a early age.
@@WhatWasTheQUESTION777 update after 2 years, got a fully paid off car now with good reliability and mileage, and just landed a really good internship at a corporation hopefully I get the long-term offer after the internship ends. Keep praying for me because I need it🙏
Just brilliant Vincent! I’m gonna add watching your videos to my daily to do list. Till this day, I’m puzzled as to why money management is not one of the core subjects in school.
Liberals teach consumerism and individuality while giving you only the tools to work for someone else. If all these kids could manage their money, who's going to make your McDonalds?
The production of this video is absolutely amazing. Kudos to you and the team Vincent! The principle of the video is a simple one, but the way you tie in a story and make it understandable and very enjoyable to watch doesn’t go unnoticed. 10/10
Upstart helped me pay off my debt. It was hefty per month rate, but it was worth it. I am debt-free. Now I am trying to figure out how to invest. Thank you for this video.
Here's what I do. I zeroed out my credit card so I didn't owe anything. Whenever I need to buy something it goes on the credit card and it's always paid off at the end. Every dollar afterward is invested. Took 3 years to saved a lil more than 100k
This is a good idea. I only have one credit card that I never max out but I don’t need to pay the balance off. I also think I should look at my account for subscriptions some of them are not needed but I don’t cancel them.
Thank you, from the bottom of my bank account… This is probably the most valuable video I have seen on the subject and believe me I have been watching a lot of them lately.… I have been doing guided automation without knowing what it has been called all of my life mostly, trying to budget was simply impossible in the sense of tracking and spreadsheets because real life doesn’t follow those. my common sense and intuition has always told me that holding onto investments and riding the waves of ups and downs was the logical thing to do. i’m getting started very late in life, but I believe it is doable and I’m also starting with a lot of debt. My income options are limited because I have a severe disability… And I know the odds are against me but I still believe it’s possible and your video was very encouraging :-)
After a horrendous 2022, shell-stunned financial backers have misfortunes to recover and a lot to consider, as an expansion report and a pile of different information did close to nothing to change assumptions that the Central bank would probably keep climbing interest rates regardless of whether the economy dials back, And that implies more red ink for portfolios for the principal quarter of year 2023. How might I benefit from the ongoing unstable market, I'm currently at a junction choosing if to exchange my $250k security/stock portfolio
Centre around two key targets. In the first place, remain safeguarded by realising when to offer stocks to cut misfortunes and catch benefits. Second, get ready to benefit when the market turns around. I suggest you look for the direction a representative or monetary consultant.
I get that this is just an example, but if you're going to use a monthly salary/income figure, choose something that represents either the median income or better the income of the folks who desperately need financial help--not the people who already have financial advisors. According to US fed stats, the average salary in 2021 was ~ $50K before taxes. That's already a lot less than $5K per month. And since the vid's title suggests we're dealing with "a low salary," we're looking at something much less than $5K after taxes. Just makes people who don't make near $5K/month after taxes feel this, like most financial advice, won't help them. Add to this exploding housing costs, mandatory insurance premiums now, and college loans and that tiny savings burns up quickly. Too many YT financial vids are geared to people who already have a decent income. Everybody forgets the rest of the population which is growing.
What you say is true but you do realize many of the bigger youtubers had 40-50K while living on a lot less. It is almost impossible to make high quality stuff without money and those who did not make it are not the ones with the high view counts. Switching career paths is a lot more difficult than people make it seem because ability and skill are both needed.
@@donaldlyons17 Are you saying a lot of YTers had a lot of cash on hand while their living expenses were low? If so, I agree. I watched this vid by this multi-million dollar trader guy around my age. He said he got started when he graduated from high school and got a "gift" from his grandparents of $200K. (!!!) So he invested it in real estate and began a real estate company. Most of us don't have anyone to give us $200K to start. And a lot of these young people my age or younger started when they were living at home and had very low expenses. They could save $500-$1K each month and afford to invest and lose and invest again. That's not the typical US adult. You're also right that switching careers is expensive. If you're living off parents, then you can do it b/c THEY will pay for your survival needs. Again, not most American adults.
I have a system that helps me save money and also keeps me from buying things I don't need. I started by saving $5000. If I wanted to buy something big I would use the money out of that $5000 and I couldn't buy anything else until I payed that money back. I have more now but it really kept me grounded and helped me save alot of money without spending foolishly. I now invest my money with the money I dont spend.
@@oblitusunum69795k is nothing in the grand scheme of things. You should have at least half of your yearly income in savings for emergency plus whatever you’ve allocated in the stock market. If you fear putting more than 5k into the market you will never be financially free.
I always found the idea of using spreadsheets very time consuming and unnecessary. I just dump a bunch of money into my savings/investment accounts each month and keep my spending money in a separate account and try to spend as little as possible. I don’t have a full time job, I’m just self-employed with various income streams and and regardless of how much I make each month I stick to the same budget and live below my means.
Same here. I don't budget. My friends budget each week because they get pay biweekly. Been telling them to increase their incomes, not let the income control them. They cannot get out of their comfort zone.
My income flow is $1900.00. My cash flow is $1000....I'm a janitor too and I'm investing🙏 and I budget too. I allocate where my money will go every 4 weeks (almost monthly): X% for bills and living, X% for short-term savings, X% for long term investments, and X% for ROTH IRA.....the percentages are always the same.
😂😂 Great video! You won me over with the pot pies!!! SO LOVING your videos! I’m learning so much with your videos and newsletter. Awesome content for a biologist that knows hardly anything about banking and finances! 👏🏻👏🏻
Is now a good time to invest in stocks? I know everyone says stocks are cheap, but how long will it take for us to recover? Obviously, there are strategies to be used in this market, but these strategies are not available to the average person, so am I better off putting my money elsewhere?
Indeed, many individuals minimize the importance of financial experts until they are in emotional distress. I can very clearly recall requiring encouragement to keep my business going. If the market has taught me anything, it's that it always recovers, but I can't seem to focus on the long run, when major factors like my retirement and my reserve are wreaking havoc on inflation.
Professionals are now dominating the market since they have access to both the essential strategy for making money in this industry and exclusive insider market information. . Hiring a skilled professional with a platform that offers a variety of investing possibilities can help you do this. You may even get more by doing this, and you leave little space for regrets
@@AnthonyHart34 It's funny you brought it up because I totally get it. Although I have dealt with several financial advisers, "sharon lee casey" has so far shown to be the most knowledgeable and capable. I'm not sure whether I can disclose this. She also manages my portfolio.
@@oscarjiron6974 I can see why she is so busy because she has a respectable career and strong credentials. So without waiting, I quickly copied Sharon's full name and entered it into my browser.
Yeah, on average, regardless of whether its up or down, its best to just invest in an index fund as much as you can for as long as possible, or some rare earth mineral like gold or silver (basically the easiest to obtain and dispose of). The average return rate has always been above 5%, and its almost always outperforms everyone in the long run. This is especially so if you are young. However, if you are older, you may have to think about less risky ones like government bonds or something. If you are in your 30's to 40's, then index funds are your best bet.
In a perfect world you might be right. There is inflation, covid, recessions, accidents, fires, taxes, health issues, maintenance, etc. you get the point. Besides, the economy and the markets are controlled. Don't save money in a bank that has 4 percent liquidly. You'll have to pay taxes on that earned income. Millionaires don't pay income tax because they reinvest.
The answer is you can't. Basically if you are 20 and making 10 an hour you will not be a millionaire in 20 years. You will most likely not be one in 20 years after your 40th either. You have to make at least like 17 and up. Or get paid a better salary. 500 a week or more take home. If you don't make that, you will not become a millionaire.
Money is just a concept until you spend it. 8 million in the bank doesn’t do anybody any good until you spend it. Especially if you die with it still in the bank and nobody knows about it.
Yeah, what’s the point of working hard for all of your life for something you will never use I’m not saying we should live paycheck to paycheck, but being afraid to use even a single cent is not good either, there should be a decent balance
Actually, if you park 8 million into mutual funds that pay dividends, you can keep the 8 million in the bank and live off the interest from the dividend fund. I'm teaching my kids the theory of that lesson so if I get to that point where I can get my own dividend mutual fund and then get enough in there to cover my expenses, and more, when i depart this world, my wife and kids can split that money and re-invest it into their own Dividend fund, thus creating generational wealth. ...at least that's a plan.
I turn 18 next month and i’m very excited to start investing. I been watching videos like these to help me understand more about stocks and stuff. Do you guys have any tips for me?
Dollar cost averaging is the way to go IMO. I buy fractional shares of a few different ETFS each week instead of using a savings account. I still keep enough cash liquid to cover rent for 3 months so I don’t have to sell shares in case I can’t work for some reason or if my business is slow. Hope that helps, it works for me.
If it's exciting you're probably doing it wrong. Be slow, well planned, and methodical. Don't even think of trying to put more than a paycheck into Bitcoin or penny stocks. But first you should save a $10,000 emergency fund, and then save even more if you are thinking of going to college or buying a house or car, or having a kid.
I don’t budget at all but I do only tend to buy necessities and I always try to find the best or atleast a good deal when shopping for them. Buying generic brands, etc. I have a spending problem but my most powerful implementation is that I only buy assets or collector’s items that I’ve researched and I’ve determined will hold or potentially go up in value. This satisfies both my impulsive buying habits AND investing
My budgeting Excel spreadsheet is quite simple and is updated once a month. The columns are just: Date | Savings | Investments | Total I don't pay too much attention to how my net worth tracks on a monthly period, but over the course of the long run, it should go up. If it doesn't, something's wrong.
Saving is only really good for short term purchases. Investing in the stock market can be tricky for new investors as the stock market can be temperamental and volatile. Even old time stock market investors can have a huge loss. Mutual funds are a more secure route to go and starting on the S&P 500 with $500 down and $125 a month can get you $2000 on the mutual fund each year. - Making a budget, paying off debt and knowing when your paychecks come in and when your expenses (And how much) go out each month is also very crucial. The more debt you pay off, the more of your money is not going to someone else and staying in your pocket. - Also, look into Mutual Funds that pay dividends. If you have enough money in those, you can live off the interest.
Any tips, hints, tricks, or suggestions for those of us working rural poor making 900-$1000/ month? (No moving isn't an option. no money=no move and the pandemic didn't exactly make housing more affordable or available (and Michigan is mostly rural-ish with the exception of the bottom part of the state). I live hundreds of miles away from the nearest populated city of only 25,000 people so I'm trying to find alternative solutions to increase my earnings in my tiny town of 831 people. And at 44 with a back problem (from a sledding accident as a kid) there are a lot of menial labor jobs I physically cannot do and apparently my bachelor's degree means nothing. I love your videos. They're thoughtful and articulate. Thanks for all the great videos!
This 💯 Also, the more consistent we are with our investing, the more we are likely to be reaping big returns compared to those who failed to make the first move.
really helpful video! would you please be able to do a video on understanding stocks and performance? eg why is understanding day gain important and what does that tell you about your investments.
I shall use this and will try the other concepts on how to use this 4% rule. This is very useful for me now that I am planning and starting to have my retirement plan at an early age. Start early so I can finish early. Thank you for this.
Your teachings are helpfull to a certain degree... Problem is Im a disabled veteran on disability and my options for savin is limited because of the SSA rules regardin assets. You got anything for that kinda situation ???
I’ve been investing in the past year and my money has gone down due to the market rn 🥴 I’ll keep investing tho. I’m following the S&P 500 ETF and focusing on long term
If you're 20 Year old you will need live 45 years to be 65 year old. If you do simple multiplication, 45y*12m=540m 540m*$204=$110160 at 65, won't have million. Chart at 2:34 is incorrect. Correct me if I am wrong.
That’s all well and good. He raised a family, bought a house, etc on min wage. You cannot do that now. It’s literally impossible. He was also alive during the greatest, most prosperous time. We are not.
That's why most people fail. They always find excuses instead of trying to find opportunities. Also, as Vincent mentioned in the video, he lived through several recessions so saying it was the greatest time doesn't make sense..
You also live in a digital age, unlike him. You have WAY more options and opportunities to make extra income compared to him. Whether it be youtube, selling online classes that you have expertise in, selling tshirts/mugs/etc., doing business on Etsy/eBay/Amazon, etc. I also read those whom were born this millennium will be the richest generation ever. Your mind is your only limit.
@@wrathofgrothendieck I never said it was easy. My mind is my limit, but at least I know this. The original poster made it sound like the time period and the wage were the reasons - I believe the video said the janitor made $22k, which is not minimum wage (current minimum wage is like $7.25, which is maybe $15k/year...I'm going to assume cost of living was adjusted for the janitor's time period). The limitation and obstacles the person listed are all mental. This is the battle most people have to fight and overcome. If they lived in a country or during a time where the options are limited, then that's a different story...at least admit the opportunities are there, but the mental hurdles to financial freedom is all theirs. It's a victim mentality.
@Bonnie Gaither you are correct. Living on $1,800 a month will leave anyone, especially with a family in debt, not in a positive cash flow with money left over to save. Vincent even says there is a minimum amount you can live on. That amount is much higher now when rents have increased by 20% or even higher in some neighborhoods. Of course, IF you have a minimum wage job that has stable hours, you could work 60 - 80 hours at a second min wage job. But most jobs do not allow for that luxury. And just who is taking care of your kids while you work those hours? The myth of just work harder, longer is just that to keep employers from paying a livable wage and while putting their workers on social programs paid by taxpayers. The answer is to increase wages so that anyone working a full-time job can pay their modest living expenses and have something leftover to save. Most people that push the myth, do not have to survive on what they preach CURRENTLY, not years ago, when the equation was very different. People who are in a better financial position should be grateful and not judgmental about those stuck working at the bottom of our society.
I wish I could invest... But because I get some benefits I have to save in cash instead Hopefully soon I'll have enough money saved up to be able to take a leap into starting my own business and start investing!
There’s no point in being a millionaire when your old, you’ve got a couple of years to live, it’s best to live your youth to the fullest now, spend & enjoy while your young.
Yea but there is nothing worst than not having any money when you are old since you can't work, you are sick all the time, you have to see doctors all the time and you have to worry about where to live and how to eat and how to heat your home. Not a good situation to be in. Yes ideally we're all millionaires in our early 20s but it doesn't work that way in most cases!
You missed one key component to becoming a millionaire - longevity. Read, Buffet, and Munger all had one thing in common, they live(d) to a ripe old age. Same with the woman whose story just popped up in my newsfeed. She left several millions to her alma mater after a career as an IRS examiner. The bulk of her wealth didn't accumulate until she was in her nineties, and the stock market was on a roar. Moral of the story: don't die too early, or you will have denied yourself while you were young without being able to enjoy your money.
So many ads for a video with the most basic / rehashed content from other RUclipsrs like Graham. The whatever secret is 1. Save money 2. Spend less than you earn 3. Invest the difference 4. Dont trade stocks. 5. Invest in good companies.
Learn to appreciate reclining the driver seat of your car by a hill park watching the sunset while listening to music, or an audiobook, drinking coffee you made at home and you will NEVER have to budget.
@@georgerh3955 technically, you can both start hustling with lawnmowers and things like that. The trick is to not spend on things you don't need and instead invest as much as possible and keep the investments diverse. I believe in you!
Back in a day I took home ca $2k at my low salary job. The utilities and rent were $700. I had $500+ a month to invest. The same job would pay $4k now, but my bills are ca $2k. I would have $700+ left over to invest. I have very few expenses.
Day trading is bad if you don't know how to do it. As with any skills it needs expertise. If you start with zero or little trading is the best way to gain capital fast. Once you have enough then you can move into value investing. Please don't generalize stuff dude. Each of method has its own use 😁
Once again, that was awesome. Loved the references, especially the books used along with the breakdowns. You provided clear and goal oriented details! Thanks Vin! 🙏🏾👍🏾💯
10:40 if you get the idea of interest... now why no body speaks about inflation?? i believe , inflation is happen every months and years how much money the central bank printed in their first operation..and if it get inflation (it always does) what would it be in 200 years?? 300 years?? i am still wondering why no body care of it
2:45 so like, 65 years old minus 20 is 45 years saving up, 45 years times 12 months per year is a total of 540 months, then 540 times 204 dollars per month is only 110,160
Great video. I am most interested in the chess story and would like more information on it as it will be a reoccurring bedtime story for my kids. May you please tell me which emperor or dynasty it was? Thanks in advance.
I guess. If you want it be financial free not until you’re 80, live your life like that. I’d rather enjoy the small things in life, like going out, my Starbucks in the morning. Start your own business doing what you love and working until you die won’t be an issue.
A common shred of advice I've been given by people I know that are extremely wealthy is that you'll never become a multi-millionaire solely working for someone else (i.e a 9 - 5)
This is actually a sad story, the man saved his whole life only to die rich and didn't even enjoy the life he could have had with even a half of what he made. Even though he richified his family, was it really worth it?
Well he could have retired super early if he wanted to, and clearly he must of known that he was getting old, so I think he probably lived the way he really wanted to
Perhaps he did live the way he wanted. Work gives you sense of purpose and wealth gives you sense of accomplishment. He died having both, a feat many never accomplish.
i really like your videos but i don’t like how sometimes u word things like “this way is wrong my way is right”. there are plenty of ways to successfully do things and i don’t think you should be throwing around the idea that the other ways that aren’t yours are just plain wrong. but keep it up ur videos are always very informative and i will continue to watch and learn from you!
Well I have managed my own investments for more than 25 years now and 2 of them have avg over that time 12.4 and 14.2 % It's not too hard to find good funds that do that. The data is available to anyone. You need to stop looking at it as every quarter or year I am going to get X % . You take some profits when the funds are up which over that 25 years of my investments, I have only seen 7 negative years. All the others were positive and many years in the double digits- 25 to 30% gain. So you take some gains in those years and keep in cash for the bad times. Easy to do.
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The important thing to remember is that side hustles often take up so much of your free time that you're basically not even living. That's not much different than the guy who hoards money his entire life while eating only oatmeal and then dies before ever really using it.
True wealth would be finding a way to balance securing your future with actually living your life here and now.
Depends on the side hustle… I play music with my band. I don’t have a huge interest in touring full time bc it’s a lot of work but I do love writing and playing music. I also love writing novels and feel fulfilled by this and sell them on the side. If that was full time then yah, I’d be happy with it… some side hustles are just to make money but others are about filling your soul, it’s more of a vocation.
With the right side hustle, you need to invest less time in it and compensate that with money. I started with an online business during my time I studied. I never finished the studies, but I have passive income of around 3,5-4k every month. The time I used to spend in this, is now done by two people I hired. After all costs, I might just have 1600$, but I barely have to work for it at this point. At the same time, the money I invest into the people I hired, is not to sustain my income, its to grow it. I could fire them immediatly and it would not impact my current income. However by keeping them work for me, I can help them making a living and increase my income for the future.
That’s great but making $10 an hour and minimum rent is $1200 per month, there is no way to improve cash flow
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
@@mariaguerrero08This is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?
CAMILLE ALICIA GARCIA maintains an online presence. Just make a simple search for her name online.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
At the age of 47, I found that my financial "professional" had misappropriated my retirement funds ($250k) and lost it all. Didn't do one thing I said. I had to start over. with zero. I decided to manage my own money, and 12 years later I had 400k saved. Not enough, but hey. Still under the 8 ball, as covid caused a catastrophic loss in my income (I was forced to retire early). I had planned on working another 6 years to get to that million mark. well, life has a way of changing your plans, no? So now I just have to figure it out as always. I will, but it will take some time. Gotta tell ya though, after going from extreme poverty to middle class and back to poverty? I am one disgruntled camper.
Be careful in marriage. It can be the best decision to stabilize 2 people, and reach prosperity. But choose wisely, the best friend in life that is a loyal team member, because if you divorce, you will have to start over. There are very clear events in capitalism that are money killers.
Saving money doesn't work because it's constantly being devalued...you need a hedge against inflation. Investing is key to financial freedom. The problem is it's easier said than done.
SAVING MONEY ALLOWS YOU TO HAVE MONEY TO INVEST SO YOU CAN GET MORR MONEY, SO IT CAN WORK IN SOME WAY. only people who can't save money say what you said.
If you save cash for the long term I agree with you. It will devalue because of inflation. However, if you save cash for a shorter period then you have the money to 'invest' in an asset which over time increases in value.
@@stevenhull5025 my point was cash is useless if it's not invested. I didn't mean burn through your money. You have to save it but not in a savings or under your mattress...it's gotta go into an investment.
@@ladybird491maybe I didn't clarify thoroughly enough. I didn't mean dont save money literally...you save it to invest as opposed to it(cash) sitting in the bank losing value. I'm guilty of the latter because of wanting rainy day funds.
If you invest in stocks they’ve all dropped/been choppy lately and cash would hand held value 😂 tricky times
My parents always taught me to live below my means. It was hard when I was younger, because I always wanted the nicest things or coolest clothes. But now that I am in my late 30s, it doesn’t really seem to bother me anymore.
Me too
The whole concept of sacrifice now so that you can not worry later is novel but, I find that, like some others have said, that money is constantly losing its value, and you'll likely still be worried about it when you reach retirement age. I try to live in the moment more. Enjoy things while I can, because tomorrow isn't promised. That being said, I have gotten into the habit of investing a little bit whenever I feel like I've got some extra money lying around and I can see how saving a bit more can essentially make you more over the same period.
Eventually compound interest and Your paycheck would catch up to inflation.
Inflation is not a serious negative contributor, but it's there
@@jamiebaxter9143 i see
all of this advice is boomer tier before boomers wrecked the country. money is now losing 20% value per year and peoples housing costs alone cost their entire monthly paycheck so to cover food and utility bills they have to max out credit cards. the economy is over we are heading for the greatest depression in national history.
"It's not how much you make. It's how much you keep."
Budgeting has helped me get out of debt and have a plan for my income. I'm now saving & investing. Every dollar needs a job.
The best way to think of it
I’m 19 and saved up my first $10,000. Wish me luck everyone, I’m trying to make it in this world
Almost $10k soon and 19 as well!!
Can't waittt
Keep it up dog that’s great
You will young man you will. I'm absolutely positive about that because you are starting early not only that because you are interested in finance at such a early age.
Good luck, young man. I'll pray for your succes.
@@WhatWasTheQUESTION777 update after 2 years, got a fully paid off car now with good reliability and mileage, and just landed a really good internship at a corporation hopefully I get the long-term offer after the internship ends. Keep praying for me because I need it🙏
Just brilliant Vincent! I’m gonna add watching your videos to my daily to do list. Till this day, I’m puzzled as to why money management is not one of the core subjects in school.
Otherwise the super rich would have a smaller share of the worlds wealth, the education system is a scam to keep you poor.
Because society wants you to spend spend spend and your trained to work for other people in school, not yourself.
Because US schooling system was funded massively by Rockefeller, who aimed to make employees rather than free thinkers
Liberals teach consumerism and individuality while giving you only the tools to work for someone else. If all these kids could manage their money, who's going to make your McDonalds?
The production of this video is absolutely amazing. Kudos to you and the team Vincent!
The principle of the video is a simple one, but the way you tie in a story and make it understandable and very enjoyable to watch doesn’t go unnoticed. 10/10
Yeah, and his commercials in between, you sheep.
@@corporatemcmahon2815 Why you out here people calling sheep bro that's cringy lmfao.
@@AhauLobo Did the reality hurt your lefty fee fees 😂 Meeeeehhhh Meeeeeeehhhhh Meeeeeehhhhhh. Sheep
wtf u talking abt
Upstart helped me pay off my debt. It was hefty per month rate, but it was worth it. I am debt-free. Now I am trying to figure out how to invest. Thank you for this video.
Here's what I do. I zeroed out my credit card so I didn't owe anything. Whenever I need to buy something it goes on the credit card and it's always paid off at the end. Every dollar afterward is invested. Took 3 years to saved a lil more than 100k
You still have to make the CC PAYMENT HOW ARE YOU MAKING MONEY OFF CREDIT?
@@redmen4real08I don't make money off credit? I pay it off at the end of the month and anything unspent gets invested
This is a good idea. I only have one credit card that I never max out but I don’t need to pay the balance off. I also think I should look at my account for subscriptions some of them are not needed but I don’t cancel them.
Thanks!
Thank you, from the bottom of my bank account… This is probably the most valuable video I have seen on the subject and believe me I have been watching a lot of them lately.… I have been doing guided automation without knowing what it has been called all of my life mostly, trying to budget was simply impossible in the sense of tracking and spreadsheets because real life doesn’t follow those. my common sense and intuition has always told me that holding onto investments and riding the waves of ups and downs was the logical thing to do. i’m getting started very late in life, but I believe it is doable and I’m also starting with a lot of debt. My income options are limited because I have a severe disability… And I know the odds are against me but I still believe it’s possible and your video was very encouraging :-)
i save between 1000-3000 a month depending on overtime im 22 and work in warehouses
After a horrendous 2022, shell-stunned financial backers have misfortunes to recover and a lot to consider, as an expansion report and a pile of different information did close to nothing to change assumptions that the Central bank would probably keep climbing interest rates regardless of whether the economy dials back, And that implies more red ink for portfolios for the principal quarter of year 2023. How might I benefit from the ongoing unstable market, I'm currently at a junction choosing if to exchange my $250k security/stock portfolio
Centre around two key targets. In the first place, remain safeguarded by realising when to offer stocks to cut misfortunes and catch benefits. Second, get ready to benefit when the market turns around. I suggest you look for the direction a representative or monetary consultant.
@lucid480 Insightful... I curiously looked up her name on the internet and I found her site, thanks for sharing
I get that this is just an example, but if you're going to use a monthly salary/income figure, choose something that represents either the median income or better the income of the folks who desperately need financial help--not the people who already have financial advisors. According to US fed stats, the average salary in 2021 was ~ $50K before taxes. That's already a lot less than $5K per month. And since the vid's title suggests we're dealing with "a low salary," we're looking at something much less than $5K after taxes. Just makes people who don't make near $5K/month after taxes feel this, like most financial advice, won't help them. Add to this exploding housing costs, mandatory insurance premiums now, and college loans and that tiny savings burns up quickly.
Too many YT financial vids are geared to people who already have a decent income. Everybody forgets the rest of the population which is growing.
What you say is true but you do realize many of the bigger youtubers had 40-50K while living on a lot less. It is almost impossible to make high quality stuff without money and those who did not make it are not the ones with the high view counts. Switching career paths is a lot more difficult than people make it seem because ability and skill are both needed.
@@donaldlyons17 Are you saying a lot of YTers had a lot of cash on hand while their living expenses were low? If so, I agree. I watched this vid by this multi-million dollar trader guy around my age. He said he got started when he graduated from high school and got a "gift" from his grandparents of $200K. (!!!) So he invested it in real estate and began a real estate company. Most of us don't have anyone to give us $200K to start.
And a lot of these young people my age or younger started when they were living at home and had very low expenses. They could save $500-$1K each month and afford to invest and lose and invest again. That's not the typical US adult.
You're also right that switching careers is expensive. If you're living off parents, then you can do it b/c THEY will pay for your survival needs. Again, not most American adults.
I have a system that helps me save money and also keeps me from buying things I don't need. I started by saving $5000. If I wanted to buy something big I would use the money out of that $5000 and I couldn't buy anything else until I payed that money back. I have more now but it really kept me grounded and helped me save alot of money without spending foolishly. I now invest my money with the money I dont spend.
5 k is a lot. You do a major slip up and 5k is down the drain
@@oblitusunum69795k is nothing in the grand scheme of things. You should have at least half of your yearly income in savings for emergency plus whatever you’ve allocated in the stock market. If you fear putting more than 5k into the market you will never be financially free.
Manage money, do not let it damage you. ✌🏾
This was timed perfectly with where I’m at in my financial journey. Your videos help so much in developing a higher level of financial literacy.
thanks so much joshua im glad i was able to help :)
I had the same thought as I watched, THANK YOU 🙏🏼
I always found the idea of using spreadsheets very time consuming and unnecessary. I just dump a bunch of money into my savings/investment accounts each month and keep my spending money in a separate account and try to spend as little as possible.
I don’t have a full time job, I’m just self-employed with various income streams and and regardless of how much I make each month I stick to the same budget and live below my means.
Agreeed
Same here. I don't budget. My friends budget each week because they get pay biweekly. Been telling them to increase their incomes, not let the income control them. They cannot get out of their comfort zone.
My income flow is $1900.00. My cash flow is $1000....I'm a janitor too and I'm investing🙏 and I budget too. I allocate where my money will go every 4 weeks (almost monthly): X% for bills and living, X% for short-term savings, X% for long term investments, and X% for ROTH IRA.....the percentages are always the same.
Open a brokerage account and invest in dividend stocks check out Ashley fox
😂😂 Great video! You won me over with the pot pies!!! SO LOVING your videos! I’m learning so much with your videos and newsletter. Awesome content for a biologist that knows hardly anything about banking and finances! 👏🏻👏🏻
Is now a good time to invest in stocks? I know everyone says stocks are cheap, but how long will it take for us to recover? Obviously, there are strategies to be used in this market, but these strategies are not available to the average person, so am I better off putting my money elsewhere?
Indeed, many individuals minimize the importance of financial experts until they are in emotional distress. I can very clearly recall requiring encouragement to keep my business going. If the market has taught me anything, it's that it always recovers, but I can't seem to focus on the long run, when major factors like my retirement and my reserve are wreaking havoc on inflation.
Professionals are now dominating the market since they have access to both the essential strategy for making money in this industry and exclusive insider market information. . Hiring a skilled professional with a platform that offers a variety of investing possibilities can help you do this. You may even get more by doing this, and you leave little space for regrets
@@oscarjiron6974 Due to the significant dips, I want help in order to rebuild my portfolio and develop new tactics. Where is this adviser located?
@@AnthonyHart34 It's funny you brought it up because I totally get it. Although I have dealt with several financial advisers, "sharon lee casey" has so far shown to be the most knowledgeable and capable. I'm not sure whether I can disclose this. She also manages my portfolio.
@@oscarjiron6974 I can see why she is so busy because she has a respectable career and strong credentials. So without waiting, I quickly copied Sharon's full name and entered it into my browser.
Yeah, on average, regardless of whether its up or down, its best to just invest in an index fund as much as you can for as long as possible, or some rare earth mineral like gold or silver (basically the easiest to obtain and dispose of). The average return rate has always been above 5%, and its almost always outperforms everyone in the long run. This is especially so if you are young. However, if you are older, you may have to think about less risky ones like government bonds or something. If you are in your 30's to 40's, then index funds are your best bet.
In a perfect world you might be right. There is inflation, covid, recessions, accidents, fires, taxes, health issues, maintenance, etc. you get the point. Besides, the economy and the markets are controlled. Don't save money in a bank that has 4 percent liquidly. You'll have to pay taxes on that earned income. Millionaires don't pay income tax because they reinvest.
how do you not pay taxes?
@@ghostiiOnSpotify be a rich person
@@ghostiiOnSpotify Own a business or dump all your income into a tax incentived investment like a home.
@@robyhartland852 explain please?
The answer is you can't. Basically if you are 20 and making 10 an hour you will not be a millionaire in 20 years. You will most likely not be one in 20 years after your 40th either. You have to make at least like 17 and up. Or get paid a better salary. 500 a week or more take home. If you don't make that, you will not become a millionaire.
Money is just a concept until you spend it. 8 million in the bank doesn’t do anybody any good until you spend it. Especially if you die with it still in the bank and nobody knows about it.
He donated it to local hospitals and schools I believe
Yeah, what’s the point of working hard for all of your life for something you will never use
I’m not saying we should live paycheck to paycheck, but being afraid to use even a single cent is not good either, there should be a decent balance
Actually, if you park 8 million into mutual funds that pay dividends, you can keep the 8 million in the bank and live off the interest from the dividend fund. I'm teaching my kids the theory of that lesson so if I get to that point where I can get my own dividend mutual fund and then get enough in there to cover my expenses, and more, when i depart this world, my wife and kids can split that money and re-invest it into their own Dividend fund, thus creating generational wealth. ...at least that's a plan.
@Sebastian Martinez You are right. Look at the Russian Ruble in the 1960`s (and possibly today too!)
I turn 18 next month and i’m very excited to start investing. I been watching videos like these to help me understand more about stocks and stuff. Do you guys have any tips for me?
Dollar cost averaging is the way to go IMO. I buy fractional shares of a few different ETFS each week instead of using a savings account. I still keep enough cash liquid to cover rent for 3 months so I don’t have to sell shares in case I can’t work for some reason or if my business is slow. Hope that helps, it works for me.
Dave Ramsey and Robert Kiyosaki are my fave financial gurus. Read a lot too!
@@Lucky_charmz2.0 Yup same
If it's exciting you're probably doing it wrong. Be slow, well planned, and methodical. Don't even think of trying to put more than a paycheck into Bitcoin or penny stocks. But first you should save a $10,000 emergency fund, and then save even more if you are thinking of going to college or buying a house or car, or having a kid.
I don’t budget at all but I do only tend to buy necessities and I always try to find the best or atleast a good deal when shopping for them. Buying generic brands, etc. I have a spending problem but my most powerful implementation is that I only buy assets or collector’s items that I’ve researched and I’ve determined will hold or potentially go up in value. This satisfies both my impulsive buying habits AND investing
I am glad i found this channel, especially i am in a situation in my life wherein I am so confuse what to do and how to be financially free.
And set goals for yourself! I just set one!
My budgeting Excel spreadsheet is quite simple and is updated once a month. The columns are just:
Date | Savings | Investments | Total
I don't pay too much attention to how my net worth tracks on a monthly period, but over the course of the long run, it should go up. If it doesn't, something's wrong.
Such usefull advice, unfortunately I don't have any cash flow lol
Glad that I found ur channel.... Simple, on point, very helpful.👍 exactly what I needed
Saving is only really good for short term purchases. Investing in the stock market can be tricky for new investors as the stock market can be temperamental and volatile. Even old time stock market investors can have a huge loss. Mutual funds are a more secure route to go and starting on the S&P 500 with $500 down and $125 a month can get you $2000 on the mutual fund each year. - Making a budget, paying off debt and knowing when your paychecks come in and when your expenses (And how much) go out each month is also very crucial. The more debt you pay off, the more of your money is not going to someone else and staying in your pocket. - Also, look into Mutual Funds that pay dividends. If you have enough money in those, you can live off the interest.
Thanks for the reality check. I was slipping for a minute after getting a better paying job.
Got to get back onto my side hustles.
Regarding "You can't time the market":
1. That depends on who the "you" is.
2. The janitor didn't have access to data and technology that we do now.
Just goes to show that truly anyone can build long term wealth. Great video, Vincent! I enjoy talking about personal finance on my channel as well.
Any tips, hints, tricks, or suggestions for those of us working rural poor making 900-$1000/ month? (No moving isn't an option. no money=no move and the pandemic didn't exactly make housing more affordable or available (and Michigan is mostly rural-ish with the exception of the bottom part of the state). I live hundreds of miles away from the nearest populated city of only 25,000 people so I'm trying to find alternative solutions to increase my earnings in my tiny town of 831 people. And at 44 with a back problem (from a sledding accident as a kid) there are a lot of menial labor jobs I physically cannot do and apparently my bachelor's degree means nothing. I love your videos. They're thoughtful and articulate. Thanks for all the great videos!
Ecom is your best friend
Digital skills > freelance online jobs
thanks so much lynsey! definitely check out some gigs you can pick up online. i have a few videos on this that you can check out
Tax lien certificates
Real inflation is about 10-13% so every year you would need to increase your savings rate by that amount.
Why is it that people making videos forget about infraction when that effects purchasing power.
"Time IN the market is far more important than trying to TIME the market! "
This 💯 Also, the more consistent we are with our investing, the more we are likely to be reaping big returns compared to those who failed to make the first move.
really helpful video! would you please be able to do a video on understanding stocks and performance? eg why is understanding day gain important and what does that tell you about your investments.
I shall use this and will try the other concepts on how to use this 4% rule. This is very useful for me now that I am planning and starting to have my retirement plan at an early age. Start early so I can finish early. Thank you for this.
$10/hour is consider high earner in Indonesia, most people made $10/day or even less here.
Many are willing to work for $100/month, sadly
i work on 2 engineering job, and save 80% of take home income, and invest. I become millionaire when I was 30
Your teachings are helpfull to a certain degree...
Problem is Im a disabled veteran on disability
and my options for savin is limited because of the SSA rules regardin assets.
You got anything for that kinda situation ???
I’ve been investing in the past year and my money has gone down due to the market rn 🥴 I’ll keep investing tho. I’m following the S&P 500 ETF and focusing on long term
I hope you kept investing. How is it now in 2024? Because the market is booming now. 😉
If you're 20 Year old you will need live 45 years to be 65 year old. If you do simple multiplication,
45y*12m=540m 540m*$204=$110160 at 65, won't have million. Chart at 2:34 is incorrect. Correct me if I am wrong.
That’s all well and good. He raised a family, bought a house, etc on min wage. You cannot do that now. It’s literally impossible.
He was also alive during the greatest, most prosperous time.
We are not.
That's why most people fail. They always find excuses instead of trying to find opportunities. Also, as Vincent mentioned in the video, he lived through several recessions so saying it was the greatest time doesn't make sense..
You also live in a digital age, unlike him. You have WAY more options and opportunities to make extra income compared to him. Whether it be youtube, selling online classes that you have expertise in, selling tshirts/mugs/etc., doing business on Etsy/eBay/Amazon, etc. I also read those whom were born this millennium will be the richest generation ever. Your mind is your only limit.
@@datgal2u so get rich already… it’s easy
@@wrathofgrothendieck I never said it was easy. My mind is my limit, but at least I know this. The original poster made it sound like the time period and the wage were the reasons - I believe the video said the janitor made $22k, which is not minimum wage (current minimum wage is like $7.25, which is maybe $15k/year...I'm going to assume cost of living was adjusted for the janitor's time period). The limitation and obstacles the person listed are all mental. This is the battle most people have to fight and overcome. If they lived in a country or during a time where the options are limited, then that's a different story...at least admit the opportunities are there, but the mental hurdles to financial freedom is all theirs. It's a victim mentality.
@Bonnie Gaither you are correct. Living on $1,800 a month will leave anyone, especially with a family in debt, not in a positive cash flow with money left over to save. Vincent even says there is a minimum amount you can live on. That amount is much higher now when rents have increased by 20% or even higher in some neighborhoods. Of course, IF you have a minimum wage job that has stable hours, you could work 60 - 80 hours at a second min wage job. But most jobs do not allow for that luxury. And just who is taking care of your kids while you work those hours? The myth of just work harder, longer is just that to keep employers from paying a livable wage and while putting their workers on social programs paid by taxpayers. The answer is to increase wages so that anyone working a full-time job can pay their modest living expenses and have something leftover to save. Most people that push the myth, do not have to survive on what they preach CURRENTLY, not years ago, when the equation was very different. People who are in a better financial position should be grateful and not judgmental about those stuck working at the bottom of our society.
Stuff this method. It would be good if you’re doing solely for your kids and their futures
I wish I could invest... But because I get some benefits I have to save in cash instead
Hopefully soon I'll have enough money saved up to be able to take a leap into starting my own business and start investing!
Thanks for explaining, great to see that I'm on the right way to be a millionaire! Now, make it happen :)
There’s no point in being a millionaire when your old, you’ve got a couple of years to live, it’s best to live your youth to the fullest now, spend & enjoy while your young.
I agree but you can do both if your smart
Yea but there is nothing worst than not having any money when you are old since you can't work, you are sick all the time, you have to see doctors all the time and you have to worry about where to live and how to eat and how to heat your home. Not a good situation to be in. Yes ideally we're all millionaires in our early 20s but it doesn't work that way in most cases!
You missed one key component to becoming a millionaire - longevity. Read, Buffet, and Munger all had one thing in common, they live(d) to a ripe old age. Same with the woman whose story just popped up in my newsfeed. She left several millions to her alma mater after a career as an IRS examiner. The bulk of her wealth didn't accumulate until she was in her nineties, and the stock market was on a roar.
Moral of the story: don't die too early, or you will have denied yourself while you were young without being able to enjoy your money.
So many ads for a video with the most basic / rehashed content from other RUclipsrs like Graham. The whatever secret is 1. Save money 2. Spend less than you earn 3. Invest the difference 4. Dont trade stocks. 5. Invest in good companies.
As long as your expenses do not exceed your income and you are able to save money you can build wealth.
You realise that during recessing this is literally called the debt formula, right? And yes, we are in a recession.
This comment aged better than the vid
You can never time the market, however you can reallocate your wealth based on the macro cycle
Great video, so many concepts I’ve learned in books compacted into one video! So much value!!
thanks so much for watching :)
Learn to appreciate reclining the driver seat of your car by a hill park watching the sunset while listening to music, or an audiobook, drinking coffee you made at home and you will NEVER have to budget.
This was a lovely illustration except student loans is kicking my ass
Upstart has high interest rates up to like 29%, I wouldn’t recommend.
I'm starting to think this guy's a sellout. Oh u need money? Lemme offer you debt that has higher interest rates than most credit cards lmao
Only way an Upstart loan works is if you got it but pay it off early. Just like a car loan.
Retail store worker salary in my country is 15dollar a day, not an hour. 💀
I'm 14 rn and i know what I'm doing when i get a little older .
Same age my friend I can start working at 16 haha
@@georgerh3955 exactly!
@@georgerh3955 technically, you can both start hustling with lawnmowers and things like that. The trick is to not spend on things you don't need and instead invest as much as possible and keep the investments diverse. I believe in you!
Back in a day I took home ca $2k at my low salary job. The utilities and rent were $700. I had $500+ a month to invest. The same job would pay $4k now, but my bills are ca $2k. I would have $700+ left over to invest. I have very few expenses.
The hair is looking fantastic
Day trading is bad if you don't know how to do it. As with any skills it needs expertise.
If you start with zero or little trading is the best way to gain capital fast. Once you have enough then you can move into value investing.
Please don't generalize stuff dude. Each of method has its own use 😁
Once again, that was awesome. Loved the references, especially the books used along with the breakdowns. You provided clear and goal oriented details! Thanks Vin! 🙏🏾👍🏾💯
thank you erwin! that means a lot :)
You forgot to add an end screen!
10:40 if you get the idea of interest...
now why no body speaks about inflation??
i believe , inflation is happen every months and years
how much money the central bank printed in their first operation..and if it get inflation (it always does)
what would it be in 200 years?? 300 years??
i am still wondering why no body care of it
Also theres 1000s jobs not paying anywhere near $5k a month … avg income between. 2-3.5k monthly ..
Vincent, you theeee man!!!! I never miss a video, as your content has taught me so much. Quite simple and understandable to all. Keep it up. Thx!
2:45 so like, 65 years old minus 20 is 45 years saving up, 45 years times 12 months per year is a total of 540 months, then 540 times 204 dollars per month is only 110,160
you would be investing it
Always producing bangers 🔥
this video contained so much helpful information I didn't even want to skip the sponsored parts 🤩
😆
Great video. I am most interested in the chess story and would like more information on it as it will be a reoccurring bedtime story for my kids. May you please tell me which emperor or dynasty it was? Thanks in advance.
Nice video saludos desde monterrey , hi from Monterrey 🇲🇽
*another insightful vid, you have def helped me a lot on the financial freedom journey!*
I started at 30 and im saving about $443 per month in my 401k
Thank you 👍
Thank you for your advice. Great. Thank you.
And this sums it up. You save and use the idea of compounding interest. Get a side income. Invest wisely.
Vincent is smart with money y’all no cap 🧢
Thanks so much for this content
What’s the point of accumulating so much wealth and not spending it or even enjoy the freedom that comes with it when he’s in his retirement age…
Cause he donated it therefor making a real positive impact on the world
I guess. If you want it be financial free not until you’re 80, live your life like that. I’d rather enjoy the small things in life, like going out, my Starbucks in the morning. Start your own business doing what you love and working until you die won’t be an issue.
A common shred of advice I've been given by people I know that are extremely wealthy is that you'll never become a multi-millionaire solely working for someone else (i.e a 9 - 5)
This is actually a sad story, the man saved his whole life only to die rich and didn't even enjoy the life he could have had with even a half of what he made. Even though he richified his family, was it really worth it?
Yeah all these financial gurus don’t talk about the quality of life. They are so focused on being rich in the future…which may not be promised
How do we know he did enjoy his life? Happiness means different things to different people.
Well he could have retired super early if he wanted to, and clearly he must of known that he was getting old, so I think he probably lived the way he really wanted to
Perhaps he did live the way he wanted. Work gives you sense of purpose and wealth gives you sense of accomplishment. He died having both, a feat many never accomplish.
@@jackie812001 so he was just saving 2 save
Moral of the story, he died with money in his bank account. And other people are enjoying his wealth. 😂
I like how Vincent used a Pikachu Gameboy colour with Pokémon Blue cartridge to calculate the maths lol.
i really like your videos but i don’t like how sometimes u word things like “this way is wrong my way is right”. there are plenty of ways to successfully do things and i don’t think you should be throwing around the idea that the other ways that aren’t yours are just plain wrong. but keep it up ur videos are always very informative and i will continue to watch and learn from you!
compound interest is awesome | Also swag way of putting the like button in our horizon
I will be honest I me will never be a millionaire but my goal is to be wealthy and be able to take of my family
Gotta love DCA, there are always ways to accelerate growth of wealth but naturally those come with increased risk.
Another excellent video ...good info
Try upping the contrast a bit. Video is super clean but kinda washed out.
Great financial advice as always
Sounds logical and easy. The only problem is who can maintain a positive 7-10% on their investment for 30-40 years straight?
Well I have managed my own investments for more than 25 years now and 2 of them have avg over that time 12.4 and 14.2 % It's not too hard to find good funds that do that. The data is available to anyone. You need to stop looking at it as every quarter or year I am going to get X % . You take some profits when the funds are up which over that 25 years of my investments, I have only seen 7 negative years. All the others were positive and many years in the double digits- 25 to 30% gain. So you take some gains in those years and keep in cash for the bad times. Easy to do.
@@Bob-yh7ir Wow.. That is a pretty good result. Don't mind to share a few good funds for me to look into as well? ;)
@@sp33dbump33 Fr man I’m barely 18 wanting to learn about investments