A Nespresso machine really helped me to cut back coffee expenses. I can still have Starbucks coffee - they even sell the pods in store! But it works out 10 Nespresso pods for the price of one coffee out. It still feels premium, and easy to make.
to everyone who's hustling hard now, hang in there! recently finally hit my first 200k savings and the first 100k is really difficult. after the first 100k it is much easier because we are more accustomed to saving and have more discipline. now i will think twice (or thrice) before frivolous spending on big ticket items because it will deter me from the goal.
With the uncertainty of the new year, everyone should be worried about the state of the stock market right now, and might be considering the best stocks to buy that can keep your portfolio on track.
Shored my portfolio with outperforming stocks, I’m trying to generate enough income to maintain my lifestyle without exposing my assets to too much risk.
I believe a proper portfolio allocation that balances the concerns of risk aversion and return objectives is arguably the most important step in a perfect retirement plan.
@@aureliocantos8466 Absolutely, fortunately my financial advisor Dan Raziel was able to build a portfolio which helped pay off my mortgage, cleared my debt and greatly increased my annual earnings through consistent trading in stocks and crypto. Retirement came early with no regrets.
@@noelstout3056 I’m trying to have someone on my team who know how the market works and get its benefits. How reliable and profitable has Dan Raziel been?
For people who have a hard time saving. When you break things down into daily habits you’ll understand and figure out where, why and how to spend your money. For example if your rent is $1500 per month. Dollar cost average per day to live where you rent will be ($1500 divided by 30 or 31 (number of days in a month) = about $48-$50 per day. Do that with all your everyday expenses and you’ll find out what’s worth having/keeping and what’s not.
Another example. If you buy a nice car and it cost $500 per month($500 divided by 30-31(days in a month) it’s about $17 per day. And that’s just the payment don’t forget the insurance and gas and maintenance as well.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
I have not written this sort of comment before but I feel compelled to. From the your comment, I instantly knew that you have good technical understanding, and experience of investing!
@@viewfromthehighchairr I agree, that's the more reason I prefer my day to day invt decisions being guided by a fin-advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a fin-advisor for over 2years+ and I've netted over 2.8million.
@@AlbertGReene-p8w I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
@@billclinton-f8n My advisor is NICOLE DESIREE SIMON , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@AlbertGReene-p8w she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing
Taking control of my finances is one of the best decisions I’ve ever made in my life. Since January i was able to pay off all my debt and between my long term cash savings and retirement account I’ve already saved $30,000 this year!
Meal prepping and not going to Starbucks is a big money saver. I'm going to be 40 next year I hit 100k at age 34. I finally bought a house and wiped out my savings. I only kept 5k. I'm currently at 60k but I probably would be at 80k but I started investing in a regular account and roth ira.
I disagree on this. If I’m pulling in $4k no weekly, $50 in Starbucks is hardly anything. I’d say take care of optimizing your monthly fixed expenses like rent, phone, and car insurance
@@BRBallin1 even I was making 4k weekly I wouldn't go to Starbucks. Once in a while is okay. I'm janitor living in southern California. I make from 2800-3600 a month. I also sell sometimes on selling apps. So I can bring in 3800 a month. I dont eat out much. I always bring my lunch to work. I live alone n I pay 1500 in mortgage. My Bill's get payed in advance. Not eating out, not paying for subscriptions, an not buying stuff I dont need saves me money.
@@BRBallin1 it’s called being disciplined with your money. I know millionaires and “thousandaires” who drive cheap (paid-off) cars, cook at home, don’t waste money eating out etc… me personally I refuse to pay $5 for a cup of coffee 🤣
Instead of trying to get them to save 20% of there income reverse it to spend 80% of there income. Makes it easier for the person to sort there spendings
Not to mention the best part about the GI bill is that it pays you to go to school. That’s 36 guaranteed paychecks and t gives you and depending on what area you live that’s some nice money.
I've watched countless RUclips videos on trading in the market, but they either speak gibberish or share their success stories without offering practical guidance, leaving me hesitant to take risks on my ow
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Donnafrank-k6e However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
this is really important for people to learn! I think just having the mindset that it's possible and following practical advice will make it happen for everyone!
I need to make more than $100k a year to save 20% at just above $1600 a month for the next 5 years to save $100k. A retirement account would help get there faster but it comes with penalties and tax burdens after I withdraw prior to retirement.
Go at your own pace. Whatever your salary, the key is just to not live on 100% of your income. There’s been people on crazy high salaries who’ve been broke - Michael Jackson etc! But there’s also people who’ve worked low salary jobs and have retired as millionaires. I’m not on 100k+ plus a year, but I’m saving what I can, when I can. Even jumping to having 5 figures in my investment account recently was a huge achievement and has taken me a long time to achieve.
Thanks very much for the video Humphrey. I remember you talked about your website as one source of your income. Do you plan to talk a little more about it? Thanks again.
My problem isn't saving money; it's where to put it. I have $10K in a "High Yield Savings Account" getting 0.50% as my emergency fund, but I really want to put as much as I can in a taxable brokerage buying dividend growth stocks.
@Kentucky Used to see Chris and Briana vids promoting him. It's been a while though. Learned a good number of reputable pros here trade with him; how they make so much profit regularly from the seemingly unknown market.
What do you recommend for people who don’t make much money?. (Less than 30 or 40k). Because I know a lot of people who are wage workers aren’t allowed by their employers to get more hours, and a lot have spotty schedules that don’t allow for a second job.
@@matthewtlapanco9705 i agree but that’s not always possible. I just feel like these money management videos are always targeted to people that already have a good salary.
@@nickmazzio6622 Get your income to where you have a tiny bit over, or even consider borrowing to buy a van / boat. I bought a tiny boat for 1000. Mooring was 180 a month including access to the bathrooms, electricity, water etc. I only had to pay for food. I ended up living on that boat for 5 years, which gave me the opportunity to build my own business while having extremely low overheads. I’ve had friends who’ve bought vans for 2-3k and converted them themselves slowly. To start, it was just a mattress chucked in the back - but over time the interiors became works of art.
Thanks Humphrey! I’m currently in professional school and some of my peers go crazy with the LOCs they get. Saving 20% of income is not applicable because there’s no income right now and cost of living is only supported by savings and the student loans. In this student status, I really benefitted from the mindset that each daily expenditure is a debt and that helps me make frugal choices.
I'm 21 with 90k invested, Hoping to get over 100k at 22. My biggest tip is to pay yourself first by investing and saving while living below your means.
I am at 70k at age 18, hoping to hit 100k by the middle of next year. (My results are in Canadian dollars). I am definitely going to implement some of these tips to get there, great video as always!
@@billionaire.chicago.1973 definitely possible. Had a job since I was 14 and before that had a newspaper route from 12-14. Didn’t spend any money at all hardly till I was 16-17. However, 100% I agree that without my parents not charging rent, etc it would not have been possible. It was just being VERY frugal (almost too frugal) at a young age that got me there.
I am feeling very inspired by this video. While watching tip by tip I have realized that I am following every step on this list. Thanks you for the great content!
If you have a 401k at work, place 15 % per year into the ira, a lot of companies match it 3to5 % and forget about it. If you don’t have it you won’t mis it
Hi: I cancelled my Patreon in October, yet it is showing you're charging me. I tried to leave you a private message but it wouldn't let me log-in. Pls. cancel it. thanks
hey Victoria, I replied to your message, you need to cancel your membership, Im able to refund you, but i cant cancel your actual recurring susbcription
Which accounts do you count for the 100k? I have a back-up low-growth account of a few k, quite a bit invested and then some money that is tied up until I retire (35 years to go still, European system). I just crossed 100k if I count all accounts but not if I just count those where I can take out money anytime.
low growth account make sense to grow the money should take at least 5-10 depending on your recurring funds investing, that is my mindset at 60k in my 30s
So thanks to you I fully understand what an IRA is and how to start one. Could you make a short video explaining how to manage and maintain it? How do attach it to the index fund and how to I then take the 7%-10% return each year and make it add to the IRA on top of the 4k-6K I contribute annually?
When you fund an IRA account, the cash will deposited in to the cash account (aka the settlement fund). Once the funds clear, you can funds such as VTSAX with the 6K. You don't "take" out the return to add it to your contributions. If you don't sell and keep adding 6K to the fund, it will continue to grow with market automatically
So after the funds clear, I go into the account and choose to put them towards the index of my choice. Then just continue to contribute another 4-6k each year for 30 years (I'll be 30 in march). So its automatic past the annual contribution?
@@christophergrimes9049 Yup its automatics if you want that same index fund. So say in 2021 you add 6K to index A and then in 2022 you add 6K to index B. you would need to physically buy into each index the first time. Say in 2023 you want to split in 6K in index A and index B. That you can do automatically since you bought the funds to begin with. Ive got roughly the same time horizon as you. Ill be 26 in March. As I get closer to retirement and as my risk tolerance drops, I'll start selling off parts of the funds and start buying bonds or dividend ETFs. Since its an IRA, there's no tax complications from buying and selling. Hope this helps
Buy a good cross section of an economy and you should do well over the long term. The market wil be high in 10 to 20 years, and significantly higher in 30. It's almost impossible for a company with no debt to go bankrupt.the U.S. is about 50% of the global market place, Pay yourself first. It's time in the market, not timing the market. last year I invested 100 grand in the S&P 500/ an allocation fund (with the help of my advisor Rita Wildrin Mora of course) and made 370k, but guess what? I put it back and traded with her again and now I’m rounding up close to a million.
Live in your car and eats squirrels and dandelions. Get a bath using squirrel fat as conditioner. After 5 months you'll realize you dont have a job and cant afford your car
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!....
I wanna take a loan out on my 401k. It'll give me 4.25 percent interest. I'll throw the money into high yield dividend stocks and plan to average 5-6 percent dividends. Maybe more. I know I'll get more money as I keep reinvesting into the stocks and would be getting money for free basically. My question is, because I'll have to pay taxes on the investments and money I make, is it still worth it? Or does it become a wash?
Hi there, just a tip, you may want to speak to your tax person before making any withdrawals. You would be incurring an additional 10% penalty for your withdrawal on top of paying the taxes. Unless you're over 59 1/2 or if the withdrawal falls under some special circumstances like buying your first home or needing it to pay for your medical expenses, the 10% penalty will apply.
Sharing my $.02.. I'm pretty sure you can adjust your 401K portfolio to funds that have higher returns (you can pick and choose your funds) instead. My work has different funds we can choose, not sure how others are setup. Otherwise, maybe you can open a separate brokerage account and do that separately from your work 401K.
4.25% is very high. We’ve been on a crazy run with stocks, but what if they go negative for 5 years while you’re paying 4.25%, plus brokers / fund fees… It’s one thing having a 1% mortgage and paying the minimum whilst investing spare money into stocks. It’s another taking fairly high interest loans against your retirement.
By having my parents take out equity from their properties and buying (investing really) me a 3 million dollar home i was able to save more than 85 percent of my income…100k was pretty easy to achieve especially with the 2021 crash and rebound. Its not that hard and you shouldnt obsess too much over money sincr compounding will truly help. Hope this advice was helpful
mhm. Let me try seeing if someone is willing to buy me a 3m dollar home in my area that would allow me to save on my living expenses haha. Glad it was so easy for you
@@Hboogie182 nah not rly bro gotta pay property tax almost 10k a year plus sewage, garbage services, heating etc few k a year on top...and the landscaping too
@@aynrandfan7454your parents gave you a house that cost more than the average American earns in their working life. If you think you’re not living on easy mode, you’re out of your mind.
Money is an issue that everyone has for a better and luxurious life. Life was hard for me until I started making profits on my investment with the help of Edna Smith .
So Humphrey I’m on the investing part. I’m thinking about buying a Tesla. I work at tesla in Fremont and we get a 15% discount. Should I buy Nd use then resell for full retail price in a couple years? I do need a car Bc mine is pretty bad.
a 15% discount will help against the depreciation, maybe you can opt for a model 3, but it also depends on how much u make, what the alternatives are, and what your savings rate is... but if anyone were to buy a tesla, its probably someonne in your position that gets a discount there
Tum log humko kaam shikane maat do ,bina kaam kiye hi mera haar mahine promotion karwa do , tum log pagal ho gaye ho kya. Mujhe 3 se 4 mahine aram se kaam karane do shikhane do .itna jaldi tumlogo ko kyun hain🙏🙏🙏🙏🙏
Hitting the Like Button is correlated with saving $100k ;)
Just smashed!
You got me there 🤷♂️
😅🤣😂
I Love your videos. I can't believe I just found this channel. My favorite channel on RUclips right now 💪
I hit it...checked my account... it worked!
Thanks😆
A Nespresso machine really helped me to cut back coffee expenses. I can still have Starbucks coffee - they even sell the pods in store! But it works out 10 Nespresso pods for the price of one coffee out. It still feels premium, and easy to make.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
to everyone who's hustling hard now, hang in there!
recently finally hit my first 200k savings and the first 100k is really difficult. after the first 100k it is much easier because we are more accustomed to saving and have more discipline. now i will think twice (or thrice) before frivolous spending on big ticket items because it will deter me from the goal.
The stuff that people waste money is just consumer shit they don’t think about Having net worth for a good future .
@@silveradols0021 Everything around us tells us to be a consumer.
What is the Goal?
How old are you
With the uncertainty of the new year, everyone should be worried about the state of the stock market right now, and might be considering the best stocks to buy that can keep your portfolio on track.
Shored my portfolio with outperforming stocks, I’m trying to generate enough income to maintain my lifestyle without exposing my assets to too much risk.
I’m trying to build a solid portfolio myself, Starting early is one of the best ways to build wealth.
I believe a proper portfolio allocation that balances the concerns of risk aversion and return objectives is arguably the most important step in a perfect retirement plan.
@@aureliocantos8466 Absolutely, fortunately my financial advisor Dan Raziel was able to build a portfolio which helped pay off my mortgage, cleared my debt and greatly increased my annual earnings through consistent trading in stocks and crypto. Retirement came early with no regrets.
@@noelstout3056 I’m trying to have someone on my team who know how the market works and get its benefits. How reliable and profitable has Dan Raziel been?
For people who have a hard time saving. When you break things down into daily habits you’ll understand and figure out where, why and how to spend your money. For example if your rent is $1500 per month. Dollar cost average per day to live where you rent will be ($1500 divided by 30 or 31 (number of days in a month) = about $48-$50 per day. Do that with all your everyday expenses and you’ll find out what’s worth having/keeping and what’s not.
Another example. If you buy a nice car and it cost $500 per month($500 divided by 30-31(days in a month) it’s about $17 per day. And that’s just the payment don’t forget the insurance and gas and maintenance as well.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
I have not written this sort of comment before but I feel compelled to. From the your comment, I instantly knew that you have good technical understanding, and experience of investing!
@@viewfromthehighchairr I agree, that's the more reason I prefer my day to day invt decisions being guided by a fin-advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a fin-advisor for over 2years+ and I've netted over 2.8million.
@@AlbertGReene-p8w I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
@@billclinton-f8n My advisor is NICOLE DESIREE SIMON , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@AlbertGReene-p8w she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing
Taking control of my finances is one of the best decisions I’ve ever made in my life. Since January i was able to pay off all my debt and between my long term cash savings and retirement account I’ve already saved $30,000 this year!
What's your job
@@daimshah5352 work in IT Support
Congrats, man!! That’s awesome!
Nice
I’m 4 years old with 5mill 3 investment properties and 200k in crypto. Can I buy lambo next year?
Yes you can bro
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
I'm at 60k plus my 12-8 job 50k cause I pay low in rent in NYC and in my early 30s. Really trying to rush to the milestone by early next year.
that’s amazing!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
@@jessicawiley5797 no
Meal prepping and not going to Starbucks is a big money saver. I'm going to be 40 next year I hit 100k at age 34. I finally bought a house and wiped out my savings. I only kept 5k. I'm currently at 60k but I probably would be at 80k but I started investing in a regular account and roth ira.
I disagree on this. If I’m pulling in $4k no weekly, $50 in Starbucks is hardly anything. I’d say take care of optimizing your monthly fixed expenses like rent, phone, and car insurance
@@BRBallin1 even I was making 4k weekly I wouldn't go to Starbucks. Once in a while is okay. I'm janitor living in southern California. I make from 2800-3600 a month. I also sell sometimes on selling apps. So I can bring in 3800 a month. I dont eat out much. I always bring my lunch to work. I live alone n I pay 1500 in mortgage. My Bill's get payed in advance. Not eating out, not paying for subscriptions, an not buying stuff I dont need saves me money.
@@BRBallin1 it’s called being disciplined with your money. I know millionaires and “thousandaires” who drive cheap (paid-off) cars, cook at home, don’t waste money eating out etc… me personally I refuse to pay $5 for a cup of coffee 🤣
@@LuisHernandez-rk2tp ur an inspiration bro
Instead of trying to get them to save 20% of there income reverse it to spend 80% of there income. Makes it easier for the person to sort there spendings
Im @ 90K! Should reach 100k very soon!
Hell yes :D
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
Im 25 and was able to save up about 130k, got my bachelors and im debt free because of the military. Just bought my first house! Love saving
Why you lying?
Not to mention the best part about the GI bill is that it pays you to go to school. That’s 36 guaranteed paychecks and t gives you and depending on what area you live that’s some nice money.
Love earnings more
My situation is almost identical to yours, minus the house purchase. I’ve been saving 70% net income.
@@yct2.0 how tf is he lying?
does saving 100k include money in Roth, brokerages, and savings? Or just your rainy day fund?
I think that’s all preference, the main goal is to have 100K saved up regardless of how it is saved.
I've watched countless RUclips videos on trading in the market, but they either speak gibberish or share their success stories without offering practical guidance, leaving me hesitant to take risks on my ow
Have you tried reaching out to Oliver Amalia? I heard she's an amazing trader and can help beginners actualize and maximize profit
Thanks for sharing this
Thanks for sharing this.
I text her on TEIE
GRAM
Subscriptions? Eating my canned tuna while watching this. 🙌🏼
Dope video, thanks Humphrey!
I'm glad to have this video confirm my goals. The only frugality I have is going out so I just need to stop being a foodie T.T
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Donnafrank-k6e However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@@TerriVess Oh please I’d love that. Thanks!.
@@Donnafrank-k6e Clementina Abate Russo is her name.
Lookup with her name on the webpage.
this is really important for people to learn! I think just having the mindset that it's possible and following practical advice will make it happen for everyone!
Hi Humphrey. Would you include home equity in your calculation of how much you have saved? And workplace pension schemes?
Do you have a spreadsheet where you write down all your expenses. I am just starting to write down all my expenses and would love to have a layout
Just subscribed. I’m pouring my savings into RUclips. 😀
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
Hi Humphrey, does it pay to do charity in the States? I always felt that investing and charity goes hand in hand
Charity is more of a personal gain than a financial one. If it makes you happy do it.
When you give you get.
Great video
I need to make more than $100k a year to save 20% at just above $1600 a month for the next 5 years to save $100k. A retirement account would help get there faster but it comes with penalties and tax burdens after I withdraw prior to retirement.
Go at your own pace. Whatever your salary, the key is just to not live on 100% of your income. There’s been people on crazy high salaries who’ve been broke - Michael Jackson etc!
But there’s also people who’ve worked low salary jobs and have retired as millionaires.
I’m not on 100k+ plus a year, but I’m saving what I can, when I can. Even jumping to having 5 figures in my investment account recently was a huge achievement and has taken me a long time to achieve.
Ur a Henry. 100k is easy and be done under 5 years with the right investment
Thanks very much for the video Humphrey. I remember you talked about your website as one source of your income. Do you plan to talk a little more about it? Thanks again.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
I only make about $25,000/year
Change that
How much percent a car depreciates once you drive it off the lot changes every year . No one is buying a car to make money
My problem isn't saving money; it's where to put it. I have $10K in a "High Yield Savings Account" getting 0.50% as my emergency fund, but I really want to put as much as I can in a taxable brokerage buying dividend growth stocks.
Put the money in a tax-advantaged account, especially dividend paying.
At 22 as of Dec 11, 2022 I have 2.2k in savings besides retirement which is at 9.7k so I’d say I’m 2.2% away from my big goal!
Not 97.8% away?
Would buying a new car be worth it if the used cars im looking at are only slightly cheaper?
23 and I have saved cash 70k living with parents ofc.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
Working backward is really smart. I approach everything with the end in mind!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
Making 13K a year here in PR. Wages are not the strong suit on the island.
Any advice would be great 🙏
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???
Legends to embrace if you want to get rich investing Humprey and Gary Joe Wilde.
@Kentucky Used to see Chris and Briana vids promoting him. It's been a while though. Learned a good number of reputable pros here trade with him; how they make so much profit regularly from the seemingly unknown market.
I prefer Gary's method. Started trading with him last year and in all honesty, wish I had known about him earlier.
What do you recommend for people who don’t make much money?. (Less than 30 or 40k). Because I know a lot of people who are wage workers aren’t allowed by their employers to get more hours, and a lot have spotty schedules that don’t allow for a second job.
Find a better primary job even if it takes school or a trade etc if u wanna live better it’s gonna take sacrifice.
Alternative living? Van life, boat life etc. Even doing this for a few years can allow you to get the ball rolling with investing.
@@JakeM218 i can’t afford a boat or van though. I’m saying in terms of someone who doesn’t have expendable money.
@@matthewtlapanco9705 i agree but that’s not always possible. I just feel like these money management videos are always targeted to people that already have a good salary.
@@nickmazzio6622 Get your income to where you have a tiny bit over, or even consider borrowing to buy a van / boat.
I bought a tiny boat for 1000. Mooring was 180 a month including access to the bathrooms, electricity, water etc. I only had to pay for food. I ended up living on that boat for 5 years, which gave me the opportunity to build my own business while having extremely low overheads. I’ve had friends who’ve bought vans for 2-3k and converted them themselves slowly. To start, it was just a mattress chucked in the back - but over time the interiors became works of art.
Thanks Humphrey! I’m currently in professional school and some of my peers go crazy with the LOCs they get.
Saving 20% of income is not applicable because there’s no income right now and cost of living is only supported by savings and the student loans.
In this student status, I really benefitted from the mindset that each daily expenditure is a debt and that helps me make frugal choices.
love that mindset E!
Student loans gon kill you
Great content, Humphrey! Always enjoy watching these types of videos. Great refresher. All the best 🙏
Much appreciated aldo :) thanks for watching
Wow 5 years! It took me 2.5 years.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
7:36 Dave Ramsey has entered the chat
100k invested is the goal 👌
Thank you for the great infos brother 🙏
You got it!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
i actually have $26k saved and i told myself imma have 100k in my savings someday
Does your emergency fund count towards this 100k? Or just the first 100k In an investment portfolio?
Great video thanks so much!!
Glad it was helpful!
When you say 20% of your income, does that include 401k/Roth contributions?
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
I have about 120k saved at 27, but I honestly feel like it’s nothing because California and inflation💸
I will buy a rental property in other states if you have that amount of money
Swaglicious video
Hi the video was great!!!
Glad you liked it!!
I'm 21 with 90k invested, Hoping to get over 100k at 22. My biggest tip is to pay yourself first by investing and saving while living below your means.
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my 57K salary after taxes is about 39K. Which comes out to 650/mo at 20% savings rate.
How do you apply this when having a child?
🤔
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???
100k in savings? Wtf. I thought it was 100k in investments.
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
Took me about 7 years to get to 100k slowly increased my savings into my 401k after every raise now I am saving 35% of my income each month debt free.
Graham stephens protege
I am at 70k at age 18, hoping to hit 100k by the middle of next year. (My results are in Canadian dollars). I am definitely going to implement some of these tips to get there, great video as always!
Damn. Good on ya m8. I'm almost 22 with 3k 😂 but I've set myself the goal to make 100k by age 26. (US dollars).
how...
Thats not possible without aboost from your parents
@@billionaire.chicago.1973 definitely possible. Had a job since I was 14 and before that had a newspaper route from 12-14. Didn’t spend any money at all hardly till I was 16-17. However, 100% I agree that without my parents not charging rent, etc it would not have been possible. It was just being VERY frugal (almost too frugal) at a young age that got me there.
All rudimentary tips for a young financial mutant in the making like myself👍🏽🐐🐐
Hell ya!
I am feeling very inspired by this video. While watching tip by tip I have realized that I am following every step on this list. Thanks you for the great content!
Keep it up man!
For me, it was $500 a month for 10 years in s&p 500.
Omg 20% of a net salary of 50k is 700USD?! In Germany you'd be left with about 540USD
Thanks bro! Just subscribed to you!
Thanks for the sub!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
Transition sound shocked me at first.. maybe use something less jarring next time?
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
If you have a 401k at work, place 15 % per year into the ira, a lot of companies match it 3to5 % and forget about it. If you don’t have it you won’t mis it
yes sir!!
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Hi: I cancelled my Patreon in October, yet it is showing you're charging me. I tried to leave you a private message but it wouldn't let me log-in. Pls. cancel it. thanks
hey Victoria, I replied to your message, you need to cancel your membership, Im able to refund you, but i cant cancel your actual recurring susbcription
Consider yourself lucky earning 50k a year 😂 in my country median income is somewhere around 1k/month
I know right, the average person isn't making half that much
The same principles apply no matter what you make. Good money management doesn't care what part of the world you live in
I dont deny that you are 100% right
Which accounts do you count for the 100k? I have a back-up low-growth account of a few k, quite a bit invested and then some money that is tied up until I retire (35 years to go still, European system). I just crossed 100k if I count all accounts but not if I just count those where I can take out money anytime.
low growth account make sense to grow the money should take at least 5-10 depending on your recurring funds investing, that is my mindset at 60k in my 30s
So thanks to you I fully understand what an IRA is and how to start one. Could you make a short video explaining how to manage and maintain it? How do attach it to the index fund and how to I then take the 7%-10% return each year and make it add to the IRA on top of the 4k-6K I contribute annually?
When you fund an IRA account, the cash will deposited in to the cash account (aka the settlement fund). Once the funds clear, you can funds such as VTSAX with the 6K. You don't "take" out the return to add it to your contributions. If you don't sell and keep adding 6K to the fund, it will continue to grow with market automatically
So after the funds clear, I go into the account and choose to put them towards the index of my choice. Then just continue to contribute another 4-6k each year for 30 years (I'll be 30 in march). So its automatic past the annual contribution?
@@christophergrimes9049 Yup its automatics if you want that same index fund. So say in 2021 you add 6K to index A and then in 2022 you add 6K to index B. you would need to physically buy into each index the first time. Say in 2023 you want to split in 6K in index A and index B. That you can do automatically since you bought the funds to begin with. Ive got roughly the same time horizon as you. Ill be 26 in March. As I get closer to retirement and as my risk tolerance drops, I'll start selling off parts of the funds and start buying bonds or dividend ETFs. Since its an IRA, there's no tax complications from buying and selling. Hope this helps
Indeed it does, thank you
70k save , 30 more to go
Buy a good cross section of an economy and you should do well over the long term. The market wil be high in 10 to 20 years, and significantly higher in 30. It's almost impossible for a company with no debt to go bankrupt.the U.S. is about 50% of the global market place, Pay yourself first. It's time in the market, not timing the market. last year I invested 100 grand in the S&P 500/ an allocation fund (with the help of my advisor Rita Wildrin Mora of course) and made 370k, but guess what? I put it back and traded with her again and now I’m rounding up close to a million.
Oh she has a webpage perfect
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*"You do not rise to the level of your goals. You fall to the level of your systems." - James Clear*
omg, don't wanna be the first female mall santa!
Don’t worry everyone. We’ll all find a sugar momma and be set for life.
I need this video Fr
glad its here!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
what watch is that?
How to save 100k? Start with 200k. 😆
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I wish I saw this 20 years ago. My life would have been so different
@ 12k...
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300$ SUBSCRITIONS? i only spend 9.99 on spotify and occasionally amazon prime
Like!
Live in your car and eats squirrels and dandelions. Get a bath using squirrel fat as conditioner. After 5 months you'll realize you dont have a job and cant afford your car
LOL >
What’s stopping you from being rich ???
I know this sounds kind of sleezy lol but having a significant other/ partner to help build the $100k is also an option.
Then its our money not my money
Done how about first 1Mil
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???
It's easier to save a dollar. Than making a dollar, because in order to make a $1, you actually need to earn $1.35 (35% tax bracket)
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Hi boss
Good morning
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!....
Just hit that number thanks to Ethereum:)
nice!
Bina experience ke promotion ke liye jabardasti jayenge to perform nahi kar payenge, crumbled ho jayega 🙏🙏🙏🙏.
I wanna take a loan out on my 401k. It'll give me 4.25 percent interest. I'll throw the money into high yield dividend stocks and plan to average 5-6 percent dividends. Maybe more. I know I'll get more money as I keep reinvesting into the stocks and would be getting money for free basically. My question is, because I'll have to pay taxes on the investments and money I make, is it still worth it? Or does it become a wash?
Hi there, just a tip, you may want to speak to your tax person before making any withdrawals. You would be incurring an additional 10% penalty for your withdrawal on top of paying the taxes. Unless you're over 59 1/2 or if the withdrawal falls under some special circumstances like buying your first home or needing it to pay for your medical expenses, the 10% penalty will apply.
Sharing my $.02.. I'm pretty sure you can adjust your 401K portfolio to funds that have higher returns (you can pick and choose your funds) instead. My work has different funds we can choose, not sure how others are setup. Otherwise, maybe you can open a separate brokerage account and do that separately from your work 401K.
4.25% is very high. We’ve been on a crazy run with stocks, but what if they go negative for 5 years while you’re paying 4.25%, plus brokers / fund fees…
It’s one thing having a 1% mortgage and paying the minimum whilst investing spare money into stocks. It’s another taking fairly high interest loans against your retirement.
I only make 100k in 5 years 😭🤣
At 15 an hour thats 31k full time…
@@callmeosho7792 I make less than 15 an hour lol, and I was going based off post tax and insurance deductions
By having my parents take out equity from their properties and buying (investing really) me a 3 million dollar home i was able to save more than 85 percent of my income…100k was pretty easy to achieve especially with the 2021 crash and rebound. Its not that hard and you shouldnt obsess too much over money sincr compounding will truly help. Hope this advice was helpful
mhm. Let me try seeing if someone is willing to buy me a 3m dollar home in my area that would allow me to save on my living expenses haha. Glad it was so easy for you
It was easy for you because mommy and daddy helped. Bruh c'mon not everyone have rich parents.
@@Hboogie182 nah not rly bro gotta pay property tax almost 10k a year plus sewage, garbage services, heating etc few k a year on top...and the landscaping too
@@aynrandfan7454 well a 3million dollar property is gonna have high maintenance cost and more expensive repairs.
@@aynrandfan7454your parents gave you a house that cost more than the average American earns in their working life. If you think you’re not living on easy mode, you’re out of your mind.
Money is an issue that everyone has for a better and luxurious life. Life was hard for me until I started making profits on my investment with the help of Edna Smith .
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
So Humphrey I’m on the investing part. I’m thinking about buying a Tesla. I work at tesla in Fremont and we get a 15% discount. Should I buy Nd use then resell for full retail price in a couple years? I do need a car Bc mine is pretty bad.
a 15% discount will help against the depreciation, maybe you can opt for a model 3, but it also depends on how much u make, what the alternatives are, and what your savings rate is... but if anyone were to buy a tesla, its probably someonne in your position that gets a discount there
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?!!!
I earn 800$ a month in total 💀
Tum log humko kaam shikane maat do ,bina kaam kiye hi mera haar mahine promotion karwa do , tum log pagal ho gaye ho kya. Mujhe 3 se 4 mahine aram se kaam karane do shikhane do .itna jaldi tumlogo ko kyun hain🙏🙏🙏🙏🙏
I fart a lot which is unfortunate