stuck being broke?
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- Опубликовано: 2 окт 2024
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stop being broke.
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DISCLOSURE: I am not a financial advisor. I am sharing my personal opinion on all topics discussed in my videos. Please seek professional advice when needed.
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I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@BeataWalczak-d1mI think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you've got it all worked out with the firm you work with so i surely wouldn't mind a recommendation.
@@JoyceStanley-m3eI definitely share your sentiment about these firms. Finding financial advisors like Caroline Suzan Olson who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
@@BeataWalczak-d1mA CNBC news host spoke highly of her loss-prevention strategies. I've been trying to reach her
You saved me from buying the new iPhone 🤣 I thank you for your services my friend.
Wow thanks, never thought about just not being poor.
I'll send your invoice soon.
Stop being broke you didn't choose this situation. We have a problem with listening to others. It's going to be hard no matter what just do what you can.
@@justhomas83 you’re right I didn’t choose to be broke. However I sure as h*ll shut the f*ck up and listened to my journey man that why I am where I am. Also I’m not ignorant enough to tell other people just make more money.
@@justhomas83 But doing a little research on you 19 k in back taxes means you probably own a business or make 3 figures so that explains your ignorance to lower class people
@@Jabspeach incorrect I have always been poor buddy. I build computers in my pass time and work a job. It's not about money I don't chase it. I give to others if I can. I have given the homeless one thousand dollars at a time.
I refuse to stop being broke. Who doesn't love living on the edge of your finances? 😅
legend
Ha!
A huge weight was lifted off my shoulders once I realized that poverty is a choice and I could say "no" to broke. Kamala's promise to unburden us from what has been could easily become reality. 😐😐😐
Why would someone want to be broke? This is dangerous. If an emergency comes up, and it will, primarily medical problems, then if u broke u fucked. Gotta have some security in the background going on. Otherwise the conversation becomes being homeless or something.
@@smustipher?
I spent decades being broke then finally in my late 50’s I stopped. I renewed my mind, now 5 years later , zero debt with EF and investments and I feel free.
I should have been a politician. Then I'd be rich.
Pelosi's husband got them inside deets I need 😂
A Democrat politician.
You would have sold your most valuable asset, your soul.
Yeah it's funny how people that lie and steal for a living get much farther in life.
Don't forget to make tons of promises that you for sure that you can't make! The bigger the lie- I mean promise the more money that you will have in your bank!
Just don't try to get an red dot on your head okay? That would be very bad.
Anyone else notice that at work, whether it's an office, factory floor, restaurant, etc., there's a group of workers with similar backgrounds, education, work experience, lives in general and equal salaries.... Yet within the group, regardless of pay, you"ll find mostly broke individuals, but there's always a few that seem to be doing quite well... The question is, are you doing something they're not or are they doing something you're not... The answer is probably both? Love the content, take care.
Most people are broke, homeless, living paycheck to paycheck(67%-80%).
Would love to see that number decrease.
@@jjbuckner me too. I appreciate what you do. Just can’t wrap my head around the fact that we live in a finite economic system, on a finite world where more than half of the worlds wealth is held by less than 1% of the population.
A lot of people have very little, because so few have so much.
Statistically, no matter what business you want to start or investment you make, 67%-80% of us will be broke, homeless or living paycheck to paycheck, until this stat changes.
Faxx🎉
Dont have any fun until you're old and youll be rich
That’s my plan, focus on work and raising my kids and party when I’m done
@TrillasTexas same here, I'm enjoying the journey while investing like a mad man.
Or use all of the free options available to you. Free streaming apps, free community events, free museums, etc. Make a game out of how little or no money that you spend.
Will be interesting to see after everything, if you still WANT to do,those things at late 40s. For me, I would have said this and this and this, but, now , I just want peace and calm and dogs and HOME. It’s just funny the things we want in youth and think we might want when the kids are “ older,” and what we actually want when we get there. For us - peace, tranquility and dogs.
4 me 2😊😊😊
Im going to college (masters) to become a counselor for vets. This goes along with solving problems. Im a vet myself and want to be the change I want to see in the world.
Love this! Best of luck!
Actually funny that mindsets are shifting in veterans services wherein they want more vets representing those LPCs, LCSW, Psychologist roles. They’re overwhelmingly held by non vets who have no idea how to help these young men and women but mostly men. There’s a push to actually get the vets into the leadership positions represented by a woke LCSW
You want to lie to people for a pseudomedical industry? Do those people and yourself a favor and find real practical job skills that don’t involve lying to and poisoning people, and especially for a profit.
@@EmilyGloeggler7984that is a nasty thing to say. What are you doing to make a difference? Lying is a choice.
I started a small business, and it was the best thing I could have done!!
Love it!
What kind of business?! I love supporting small business. ❤
I made my money by owning business.
@becuteforme I started a landscaping business. Then, I started a holding company that controls all of my assets. I'm about to start a small investment company also.
I am curious too because since I closed my restaurant in 2021 due to high cost of supplies and significantly lower sales due to covid, I have tried launching 2 more since but cant get out of the gate when EVERYONE seems to be BROKE and not spending outside of essentials. Exactly WHAT business do you have that is thriving???? Anyone? Who has a business thriving in THIS economic downturn?
I'd rather stay single and not deal with all of that marriage stuff. I can do what I want to when I want to and I don't have to talk it over first with someone else. 😂
Exactly! That’s my life, too!
Im not broke, have no debt (besides my mortgage), im killin it with investing, and I still listen to this channel :)
Dont buy a fun car or truck unless you can pay for it on cash.
Preach!
Saving around $25K ALL paper cash to pay for a clean C6 Corvette with a 6MT on hand. Watch them freak out and laugh!
One thing I would add to your advice on your network is to ensure you are mimicking the process, not the result. If you surround yourself with people ahead of you, it's easy to forget you aren't there yet and will end up overspending your *current* situation. Just remember their success is the goal, not the reality...yet.
Bro, that shirt is sick.
😎
Trades are always looking for people and good money.
Teachers get great pay and time off. You can always find a job. Unless you hurt a child.
Teachers are some of the most underpaid people ever what are you talking about? Everybody here talks about lifestyle creep as if people have the money to consider doing that anyway, but don't question the societal mechanisms that generate a lifestyle crunch so to speak.
@@IAm-pi7kfTeachers are paid a really good salary in NY. Just research the different states to see what the average salary is then, if you can, move there!
Nice shirt 🌴👌
I discovered Dave Ramsey in 2018. I did make a mistake and purchased a new car that year but I paid it off early. So I don’t have a car payment, I don’t have CC debt. For sure, he’s a good intro into personal finance for anyone who is trying to pay off debt or gain control of their finances.
Yes a skilled labor job is guaranteed income. But… you also have the risk of getting injured. It’s very physical and you can’t do it very long.
I have coffee maker I bought from Walmart for $10. I've been using it for 7 years. Our home, three cars, and two motorcycles are paid off. No credit cards. Never went to college. Raised three children. We made $131k last year.
My youngest son went to trade school for electronics and robotics. He made $92k last year. He is 27. $0 student debt.
20 years as a small business owner and I do exactly what you said in your video, I solve other peoples problems
I became a maintenance apprentice at an oil refinery at 30. The company paid for my education and 4 years later I am now a fully qualified technician- with no student debt. I have just landed a new job, the starting rate is 85k. In 2 years that will go up to over 100k. Get a trade skill and work in industry if you can would be my advice. And its not too late to make a change in your 30s.
I got my BA in Geography with a certificate in GIS. For anyone interested in an intersection of geography and technology, GIS is a fantastic career and can be found everywhere. I interned at my county’s registrar of voters in their GIS department and not only learned so much about my job but also about the voting process.
I didn’t graduate until I was 32 and started my career soon after. It’s never too late.
I followed Dave Ramsey’s Baby Steps. The only one I didn’t do, and won’t, is to pay off my 2.6% mortgage. I’m investing that money instead. Great video, BTW 😊
smart
My husband is also not interested in paying off our 2.99% and 3%. It doesn't make sense.
Getting out of debt is 🔑 to being successful
I just sold my rental property today's ago... How about you JJ?
while all this info is great how does one find job that meets income requirements to pay bills. Its all well about investing well and not spending but if income isnt coming in to even try to attempt that this advice is pointless. I am in IT with over 10 years and my income has been slashed by over 40k, im barely making it and keep getting denial after denial that i dont have skills despite my 10 years not sure what "skills" they are looking for. We need to realize that you dont just come up with some skills to make income over night it takes money and it takes time. No one is offering on advice on that maybe accepting that a portion of society is left behind is inevitable if you didnt have the money in place before this disaster
Love you. Love Ramsey too!
I'm thinking bout flipping cars I'm disabled I have an in-home day care an transport I got a little payout coming by December and I'm thinking on how can I invest it instead of home improvement I thought and thought flipping cars are making Yorkies I have a girl Yorkie any advice you can give me I'd appreciate it I'll be 60 years old my bones are deteriorating and I've never got on an airplane that been nowhere so the first thing I'm doing is taking me a trip to Miami I need to see what it's all about for 7 days at least for 4 nights please give me your input
Jobs will be less needed in the upcoming years. Ai is moving fast. By the time you learn and get good at a skillset those skills won't be needed to keep up with technology. It's a sad new cycle of never keeping up to what you need to learn.
invest in AI 😅
My husband and I work hard at our jobs, we raise livestock for extra money and food. We don’t go out to eat as it’s to expensive. Not in the budget. We only spend $400 a month on groceries. We have 3 kids, my mom, my nephew and a homeless 18yo lives with us. I grow a majority of our fruit and vegetables, we raise our own meat. We cut everything down to barebones. Don’t buy anything that is not necessary. We keep debt to a minimum. We are as prepared as we can be for the system to fall apart even more. Good luck everyone.
As a retired couple we are always looking for a handy person, yard, power washing and even putting in fluorescent Bulbs. If you are honest and reliable you can make money in a retirement development. 😢😢😢make up some business cards, and be prompt.
Yall are just thinking of this now...????
Algorithm
👊
I appreciate your videos. But man they depress me. I did this life thing all wrong 😂
It's never too late to start something new!
clark howard seems way better than davs ramsey
I'm an Engineer and Real Estate Agent
you lost me on Dave Ramsey
My husband is not on board 100% maybe 80 so THANK YOU for the last 2 minutes cause I think this will help us as a couple so much by not just not letting him have something for himself. So thank you!! I’m just so focused on being debt free I didn’t consider him and I need to work on that.
Okay your motivation is your family. A wife. Some of us don't have motivation because we don't have partners or even nieces or newphews that fuel our endeavors by sparking our love for them. I fight with my family often and I don't have community or friends. I lost a good job and now I sleep every day because I have to lie in interviews I haven't had in 7 years. I have 2 years to get a Bachelors and I don't lie. Which is hard for me but fakers win I guess. If I had a wife or people who depended on me, I would be not only pressured to get my shit together but I'd actually want to. Hence motivation. And no despair please. I need people and love and if I don't have it why try? Coworkers aren't friends, school is where people don't want to be : our entire lives are surrounded by non community forming relationships with situationships: education, money, ect. Also competition for women and dating women with kids because I want a family is confusing to 'normal' people who literally can't understand why I'd make a decision to want a woman with kids.
STEM, not STIM*
You also have to be lucky and have the right network to get ahead. Which is why I hate society. We're all using each other in hopes that one day that we'll be the next chosen one to be rich. I literally just want one acre of land that I can have a tiny house, a garden and some chickens. I can't have that, because of the NIMBYs that have put in laws making that way of life illegal. Not all of us want a huge house and be stuck with the golden handcuffs for 30 years to the bank. A lot of people just want a small place to call there own while we live in this awful blood soaked world. We can't have that, because of capitalistic greed. I hope this is a simulation and one day I wake up back in the matrix cuz this world is dogshit.
20:35 Ramsey needs to update Baby Step 1. He has been saying save $1,000 for decades. That used to cover expenses for a month or so, now it is more like a week or two.
Handyman business would make bank. Develop fix-it skills and show up when you say you will.
I work at a bank and I can tell you that the people who are genuinely 'rich' do not show it outwardly. They drive old trucks, wear old clothes and it always surprises me to see how much they have. I'm one who lives below my means but I'm not rich. I'm stressed because I have $1000 on my credit card right now from needs like filling the propane tank for the colder months ahead. It's not maxed out at all! But I'm still stressed because I have a balance that is going to need to be paid down. Typically, I charge groceries/ fuel and pay it at the end of the month so there is no interest.
I watch Dave Ramsey for entertainment mostly but we don't follow his baby steps (we already know about the emergency fund and the $1K in savings that doesn't make sense in today's reality). It doesn't make sense for my husband to pay off our 2.49% car loan faster. Money invested or even in a HYSA at more than 4% can give a higher ROI. Also, not rushing to pay off our 2.99% and 3% mortgages. They will be paid off before retirement.
Why not paying off the car loan and then invest? It will not make sense if it was an asset that appreciates like a house with 3% interest rate or less but the car value depreciates. So the car is loosing value while you are paying interest on it. Dave Ramsey said that $1K is not enough in this economy but it is better than nothing for people who want to get out of consumer debts.
We would be losing money that we could have invested for a higher ROI if we pay off the low interest rate car loan. The car is depreciating but it doesn’t affect our net worth. It is still growing. We still reached a 7 figure net worth and are not planning to sell the car.
Human beings tend to want what they can’t have and value what they have to work for. If you see life as a struggle and feel as if nothing ever seems to work out for you or that things won’t continue to work out for you long term, this can cause you to focus on and become trapped in situations.
"stop 🛑 fighting to be broke" funny stuff!! ❤😂😂
Yo JJ, what's the rough number for you to get the sports car? 🤔
This video was definetly you're best so far to cover. I even enjoyed the fact you were talking about your friend groups, why not be friends anymore with someone who doesn't share the same views as you? No you stay focused on you and your goals. Very great watch man. I'm almost 30 and im finally getting my act together financially and yours and others videos have been helping me kinda orient myself for the future. God bless bro.
Love this! Get after it man! you got this.
Summarizing... learn new skills while have time left
4:00 that was so well said 😍🥴
Y'all have real relationship goals.
15 years 215 miles thats crazy. My 2016 has over 260 thousand miles
We don't drive that much anymore haha
I hit my goals and wanted a sports cars too but never bought it im 45. The maintenance of it tell me to have a reliable car getting me from a to b will be my normal. Interesting how that mindset changes over time.
I have a feeling that same thing may happen to me.
Yeah it’s that simple
Algorithm
I have gotten way better with money. I have a 401k, high value CD (for a recent college grad), and I’m about to set up an ETF. The best financial decision I made though was breaking up with my gf and not going out with other girls. So much money has been saved.