@@MikesFinancialEdge I have friends making about 200K per year that are 35 and nothing saved at all, but people they they are rich because of how they live. But they are broke and living paycheck to paycheck.
It is unfortunate how many people certainly have the means to save, invest, and secure a comfortable future but end up spending everything in the present. I would think it must be stressful living paycheck to paycheck all the time.
I believe the increasing time people spend on social media is exacerbating these issues. Do you think the responsibility of teaching the concepts and ideas in the video falls more on schools, or should it primarily come from parenting?
@MikesFinancialEdge parents? Lol that's a joke 😂🤣 it's the parents spending all the money 💰 a lot of people don't make good parents and are bad with money. A financial advisor should be teaching in school as soon as the kids can count. They should not have math class but financial classes
HaHa, I guess I know where you stand on most parents.😉 I completely agree that many adults/parents certainly have poor spending habits and are not practicing sound financial habits themselves, like saving for retirement. I do believe it would be easy to incorporate many investment and compounding ideas into math classes to a greater extent than they are at this point. It seems most schools that do offer a personal finance class in high school just purchase the packaged Dave Ramsey series marketed to them and put anyone in charge of it. Over the years, I have talked with many students from those classes, and they don't come out knowing anything about how to invest or purchase larger items like a home. They remember to never borrow money, that all credit cards are bad, and they talk about budgeting, but that's about it. Anyway, thank you for the comment and discussion. I'm sure there are solutions, but implementing them is usually more difficult than it should be.
Yes, as we get used to spending more and increasing our lifestyle, it can significantly raise what's needed for retirement. Unless someone is willing to dial back and downsize their life in retirement, which is not always a pleasant option, they will need to plan accordingly. The connection and balance between our present and future selves is always with us, whether we acknowledge it or not. Lifestyle inflation can easily creep into our lives, so we need to ensure that saving and investing for our future is the top priority in our budget.
Thank you so much for the comment. It's tough breaking through all that clutter, but knowing the videos are appreciated is a big help. Thanks for checking the video out. It's nice to hear you liked it.
Came back to watch this one again and sending it to a few family members that need to think about these ideas! Good topic and so important in today's society.
I think everyone feels it to varying degrees! Very few people are immune to it. 🙂 It's just a matter of keeping it in check and maintaining a healthy financial balance in our lives. Thank you for checking out the video and leaving a comment.
Yes, financial literacy is a big issue in our society, and combining that with the need many feel to keep up with others certainly creates many problems for people. The social media explosion in recent years doesn't help either. Anyway, thanks for checking out the video and for your comment.
If someone could stick to that, it would make a huge difference in their life down the road! Glad you liked it. Thanks for checking out the video and leaving a comment!
Yes, hopefully people make it automatic right out of their paycheck every month. Pay yourself first and get it invested. Thanks for checking out the video and leaving a comment.
That sounds great, as that would make it roughly $1.69 million in a year. Is your monthly income from a salary? Anyway, congratulations. Life should be pretty comfortable.
Hello Everyone - I would sure appreciate hearing your comments on this topic! Thanks
So many great messages in this video!
Thanks for the comment! Yes, this idea is probably one of the biggest problems people face throughout their lives without even realizing it.
@@MikesFinancialEdge I have friends making about 200K per year that are 35 and nothing saved at all, but people they they are rich because of how they live. But they are broke and living paycheck to paycheck.
It is unfortunate how many people certainly have the means to save, invest, and secure a comfortable future but end up spending everything in the present. I would think it must be stressful living paycheck to paycheck all the time.
These are thing we all should have learned in school. By the time the average person learns this they are used to doing the wrong thing 😢
I believe the increasing time people spend on social media is exacerbating these issues. Do you think the responsibility of teaching the concepts and ideas in the video falls more on schools, or should it primarily come from parenting?
@MikesFinancialEdge parents? Lol that's a joke 😂🤣 it's the parents spending all the money 💰 a lot of people don't make good parents and are bad with money. A financial advisor should be teaching in school as soon as the kids can count. They should not have math class but financial classes
HaHa, I guess I know where you stand on most parents.😉 I completely agree that many adults/parents certainly have poor spending habits and are not practicing sound financial habits themselves, like saving for retirement. I do believe it would be easy to incorporate many investment and compounding ideas into math classes to a greater extent than they are at this point. It seems most schools that do offer a personal finance class in high school just purchase the packaged Dave Ramsey series marketed to them and put anyone in charge of it. Over the years, I have talked with many students from those classes, and they don't come out knowing anything about how to invest or purchase larger items like a home. They remember to never borrow money, that all credit cards are bad, and they talk about budgeting, but that's about it. Anyway, thank you for the comment and discussion. I'm sure there are solutions, but implementing them is usually more difficult than it should be.
Thanks for always reminding us about the impact of spending intentionally vs impulsively.
Thanks for checking out the video and leaving a comment!🙂
Fantastic topic that more people need to be aware of! People in our society need to hear this message.
Thanks for the comment. It really is something that is so often overlooked and creeps into people's lives without them realizing it.
The explanation of an additional $100 monthly expense requiring additional $30,000 in retirement balance is quite shocking
Yes, as we get used to spending more and increasing our lifestyle, it can significantly raise what's needed for retirement. Unless someone is willing to dial back and downsize their life in retirement, which is not always a pleasant option, they will need to plan accordingly. The connection and balance between our present and future selves is always with us, whether we acknowledge it or not. Lifestyle inflation can easily creep into our lives, so we need to ensure that saving and investing for our future is the top priority in our budget.
Thank you for your examples and clear teachings. You’re providing excellent value to the cluttered RUclips finance space.
Thank you so much for the comment. It's tough breaking through all that clutter, but knowing the videos are appreciated is a big help. Thanks for checking the video out. It's nice to hear you liked it.
You hit the nail on the head with that comment.
Thanks for the comment!
Came back to watch this one again and sending it to a few family members that need to think about these ideas! Good topic and so important in today's society.
Oh great! Glad to hear you liked the video and felt it was worth sharing. Thank you.
Brilliant video and very wise advice.
Thank you so much for the comment. I'm glad you liked the video and I do appreciate the feedback!
I agree - great video and channel.
Thank you!
Ive felt this too, especially as my family has grown.
I think everyone feels it to varying degrees! Very few people are immune to it. 🙂 It's just a matter of keeping it in check and maintaining a healthy financial balance in our lives. Thank you for checking out the video and leaving a comment.
Right as always. Great, concise, simple explanations. Thanks Mike!
Glad you liked it! Thanks for watching and leaving a comment.
Much of what's espoused here is all about being financially literate, which is evidently lacking when it comes to being "broke".
Yes, financial literacy is a big issue in our society, and combining that with the need many feel to keep up with others certainly creates many problems for people. The social media explosion in recent years doesn't help either. Anyway, thanks for checking out the video and for your comment.
Too bad stuff like this is not taught in schools.
I currently teach a personal finance and investing class at a college.
Amazing video!!!!
Thank you! I appreciate you checking it out and leaving a comment. Happy to hear you felt it was worth your time.
I agree!
Happy to hear that.
That 50% rule of extra money is a good idea!
If someone could stick to that, it would make a huge difference in their life down the road! Glad you liked it. Thanks for checking out the video and leaving a comment!
I need to stop buying ammo . That is making me broke
HaHa, yes that can be areal problem for some people.🙂 I actually know of a couple people that have 200K to 300K rounds in their basement.
Same. I too like precious metals, copper, lead & brass!
I have some precious metals in the form of gold and silver.
Set yourself up to save as a percentage of your income. That way when a raise, overtime, bonus comes, you know what you bring home is yours.
Yes, hopefully people make it automatic right out of their paycheck every month. Pay yourself first and get it invested. Thanks for checking out the video and leaving a comment.
I'm favoured $130k every 4 weeks! I now have a good house and can afford anything and also support my family
That sounds great, as that would make it roughly $1.69 million in a year. Is your monthly income from a salary? Anyway, congratulations. Life should be pretty comfortable.
Wow that's huge, how do you make that much monthly?
I'm 37 and have been looking for ways to be successful, please how??
Yes, I'm sure most would love to have that kind of income.🙂
Without watching the video, let me take it wild guess. The number one reason people are broke is because they consistently waste money on vehicles.
Well, vehicles can be a real problem for people, but the video is about much more than that example.
You have all the answers???😂😂😂😂😂😂😂😂😂😂😂😂