Why Americans Can’t Keep Their Paychecks
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- Опубликовано: 27 сен 2024
- Here is my response to @CNBC - Why Americans Can’t Keep Their Paychecks - Enjoy! Check out the original video here: • Why Americans Can’t Ke... | Add me on Instagram and Snapchat: GPStephan
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"Not having an emergency fund is an emergency." Caleb Hammer
People who have emergency funds are not living life.
@@thewaltersshow609This couldn’t be further from the true. Lol
Love Caleb. He’s intense but his message is precise
@@thewaltersshow609hahaha feed the troll
@@thewaltersshow609either a troll or a numbskull, same same
"Are we inventing things just to overcome, to give ourselves a sense of accomplishment?"
Yes, that's a thing people love doing now.
Can call yourself a "Survivor" too...
lol, never thought of that. It seems like maybe people are doing that now. hahaha.
@@mhedden033were all survivors. We survived when millions of our siblings died in the great purge.
Mental illness is running rampant in this country
Its called boredom theory. People make up problems because they dont have actual responsibilities
My main lifestyle inflation is that my rent, food and car insurance increased while my pay isn’t
Fix it. Go get a pay raise. Go learn a skill. Get a part time. Have you heard of overtime?
@@kingiam9271 If your wages don't go up at a rate equal to your costs for the same services, your employer is demanding the same skills for less money. Getting a raise is always good, but you're being a dismissive prick who's unaware of reality.
Increase income to make up for it
@@kingiam9271salaried employees don’t have overtime and with inflation many salaried employees are paid like factory employees were pre covid
Don't fret, the debt ceiling always goes up. I wonder if 2008 crisis survivors had it easier. I'm concerned about the stock market, I've lost $35,000 this month, and my income is down. Worried I won't save enough for retirement as I can't add to my savings.
Save at least 20% in your 401(k). Use online calculators to determine your ideal contribution based on age and income. This strategy ensures a comfortable retirement and capitalise on compound interest for growth.
Amid the complexity since 2009 and Corona, consider diversifying your portfolio. A colleague grew hers by $160K with defensive system and an advisor in this turbulent market.
My advisor is Vivian Carol Gioia, a highly respected professional in her field. I encourage you to delve deeper into her qualifications. With her extensive experience, she is an invaluable asset for anyone seeking to navigate the financial market.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Hello! who is the consultant that assists you with yours and if you don't mind, how do I get in touch with them?
I watch people like Graham and Caleb Hammer talking about controlling your costs and not succumbing to lifestyle creep, but in my case and probably a lot of other people's cases, my lifestyle creep was getting married and having kids! When i was single, i lived at home, didn't go out or buy clothes, i literally did not need much. Granted, i didn't make anywhere near as much as Graham nor was i as financially savvy but i had savings built up. After marriage, a few kids, buying a house, it was all gone and we're still struggling to keep up. Unfortunately, my observation is that the way everything is set up these days, people are penalized for having families. If you can't spend 15 hours a day on the grindset, live in a shoebox, eat bologna sandwiches etc, you're just bot going to get ahead!
I'm not actually asking here, but how much did you spend on the wedding? Could you actually afford to own a house or did you just do it because you thought that's what you were supposed to do? I understand kids cost money, and maybe dealing with them exhausts you which leads to more expensive decisions for convenience rather than thrift. Also, and this is an actual question, before kids, what about being married actually cost more? If you're living together that should allow some cost savings, and then single men probably tend to spend less than women and maybe women demand more spending. I bet there are plenty of costs to be cut if you actually thought some things out, but it sounds like lifestyle inflation and probably a house you can barely afford. We all make choices and they have consequences.
@cenzo_rex
"I watch people like Graham and Caleb Hammer talking about controlling your costs and not succumbing to lifestyle creep, but in my case and probably a lot of other people's cases, my lifestyle creep was getting married and having kids!"
I would use the term "drag race" instead of creep.
I appreciate this point of view! Since the tax code favors married ppl with kids it feels skewed towards them, but then yall have way more expenses so it’s prob a wash
Penalized for having families lmao 😂
I watched something like that too where there are couples who are not having kids just so they can stay financially stable
"The things you own ending up owning you" or "we buy things we don't need with the money we don't have to impress people we don't like" - Tyler Durden
And probably the realist thing anybody has ever said, coming from a fictional movie and all.👍
For some it might be lifestyle creep, but overall things are far more expensive than they ever were and salaries are not keeping up. We used to have $1500 leftover every month and now we do less (thanks kids) but have only a couple hundred leftover. Groceries, insurance/taxes, and medical costs are where our money goes.
inflation sucks but you put in your comment why you dont have much money left. you chose to have kids. its not always salaries. choices have a lot to do with it
@@General_Zod99you're right, we chose this. But it should NOT financially put us in a hole. There's plenty of studies showing how social programs supporting families has a great ROI for the government. Yet here we are not investing in that and just forcing families spending more than their house on childcare
@@billiesbabyblue1 i dont want my taxes going to that. its not the goverments job to take care of you...people in general not you specifically. i spent more years than i like to admit in debt busted my ass and now only money i owe is my house. bout to be 43, no kids and a home because i made good choices.
@@General_Zod99 all I want is the economy generations before me did. I want the same opportunity to invest the same percentage of my income into my retirement instead of spending record highs on everything
@billiesbabyblue1 again it's all about the choices we make in life. Instead of complaining about someone before you had do something about it to bring more money in.
Graham didn't let his lifestyle creep until 30... 30 is YOUNG, and now, still young, he lives in a mansion and drives a Tesla. How many of us ate pasta and cornflakes in our 20s? I did. We need some enjoyment. I am a saver, but experiences, travel, and time with friends are important too. The "super saver" may be "recovering" from saying no to every fun thing because she was afraid to spend money. If you're saving responsibly and have some growing investments, allow yourself to spend a little on rewarding experiences. A little, not all. Putting away a few dollars less won't make a huge difference.
In your situation, sounds like you have sufficient funds to both save and enjoy life. That seems to make absolute sense. What bugs me is people who spend for all kinds of experiences, then complain they can’t save/won’t be able to retire. Sounds like they’re making decisions that will hurt them long term, and it’s hard to feel bad for them.
These people aren't saving AND spending, they're using any money they would and should save because they have nothing on "experiences". You can have friends without reckless unnecessary spending. Money isn't the only way to have a good time and if you don't have much, you probably shouldn't be wasting it willy nilly on having a good time. Your travels and experiences aren't going to help pay your rent or fix your car so you can go to work. The people that came before you had to work physically hard from sun up to sun down every day without "travel" and "experiences" other than the harsh realities of real life just to allow themselves and their families to survive another season and here just a couple generations later we're so worthless that without world travel and expensive experiences you can't even imagine going on with life. At some point this kind of society is setting itself up for an incredibly rude awakening to the realities of human existence. We're living in an insane bubble of wealth no humans have ever before experienced and people are pretending they have it so bad. I promise you, continuing on this path guarantees that some generation in the very near future is going to experience the real world and their parents will have set them up for miserable failure instead of success and a sense of reality. We're all guilty, the wealth blinds us all even as we invent our fake struggles. But we need to wake up very quickly.
@@steveguillory7568 Yes, I am talking about people who have sufficient funds and continue to be super savers at the detriment of their lives. As I say, saving is good. And I don't agree with the premise of "you need to spend your money." If you don't know how to manage your money, that's one thing. But if you have over a million or even a few hundred thousand and you can't bring yourself to take a vacation because it costs money, that becomes a detriment to your quality of life. The Choose FI podcast had an episode about this where the hosts had been super savers, but once they had some security, they learned to let go a bit while still being smart about their money. It's easy to become addicted to saving...but I know that's not the problem most people have.
And he was lucky not to be hit with medical debt. I developed multiple sclerosis at 24 and that destroyed my finances with insruance. That meant $750 annual MRIs per year, $40 doctor visits, $1000 bottles of medication for a 30 day dose, $500 hospital trips, and $250 Urgent Care visits. Plus the $100 I was spending on insruance every month. And being sickly limits my ability to work but I'm not disabled enough for financial help. I had my health insruance subsidized because I couldn't afford anything better.
I got a better job with better benefits, so that eased the burden a lot but I still have a lot of catching up to do.
I didn't have lifestyle creep, I had "one 30 day supply of medicine or car payments for the next three months". Cause the clunker I drove died during the chip shortage. Parents gave me two options: get another car or be ready to take transport/Uber everywhere.
Your local automotive technician here. DO NOT exceed recommended oil service intervals on your car, trying to be money smart on that will cost you way more down the road.
💯 seen it WAYYYYY too many times.
Take care of your car and it'll take care of you.. Great advice.
Correct
For a 2014 mustang I changed my oil every 3,000 miles, is that good?
@@actualsnow345 this should be sufficient :) your owners manual will tell you the recommended service interval. This does not take into account accelerated degradation of the oil and detergents in the oil caused by spirited driving. If you drive any harder than a grandma, slightly sooner than the recommended interval is a good idea.
Change your car oil people you can either pay the $30 or pay the $10,000 for a new engine your choice....
Ultimate false dichotomy.
These people make sense. This is why I will not purchase vehicles that were female owned.
or drive less and save your health, the planet, your pocketbook
The idea being that any of us walking to the office is going to save the planet. Got it. I don't even know where to start with those people.
@@cedricol aww you don't even? that's so sad. Oh well.
I keep my percentages constant. 50% needs, 25% wants, 25% saving/investing. So it doesn't matter how much it goes up, I'm still saving at the same rate.
I hope by "wants" you mean saving
@@Restrocket 25% saving is already perfectly adequate for most people.
The Iced Coffee matches the shirt.
I really like the way this video is more casual than your usual uploads. You’re being more candid and open and it feels like having an actual convo with me .
I don’t like it
Recovering super saver.... "Now I LIVE paycheck to paycheck. If you ain't living what's the point."
:o
There’s a lot of answers to that one question.
I mean the goal will always be to do both in my book. Life has obstacles and opportunities that come alone and I’d hate to be caught not being able to get over a hurdle or miss an opportunity because I was too busy only YOLO’n my way through life.
Hope this is a joke
‘Recovering super saver’ translation, I didn’t buy beer for a fortnight 😂
Recovering Super Saver? WTF? That sounds like it is a good thing. Being a super saver I mean.
I know right?!
@@TheGrahamStephanShowwhile that is true, it's important to enjoy life as well. You could get injured or die prematurely and then what is all the money going to do for you, if you can't at least enjoy some of it now?
I wonder to what extreme. Like were they couponing as much as a second full time job?
@@TheGogogogogogoI understand this argument but spending money is not the only thing that brings people joy. You can have a good life without spending a lot.
I’d prefer being a super investor, but saving is a good start.
You said it right, living purposely... And nothing wrong with being frugal.
My monthly expenses are $928 not counting groceries with zero debt and I'm terrible at talking myself out of buying something even as basic as new socks. You're absolutely right spending money emotionally hurts. I'm quite certain it's a psychological ailment. I'm 47 and had a job loss in the 2008 crash, it took me by surprise. By 2014 I was completely debt free, I'm scared to death to ever be in that position again.
Definitely not a psychological ailment. Fear is a natural response to an uncomfortable experience. It's a defense mechanism and is normal.
.$374 total in March. Most people can't even comprehend what hundering down financiaily means these days. Has been like that since the 1930s'. I think we'll all find out soon enough though. I'm learning to like drinking only water myself.
One key that i recommend, get a raise, increase 401k contribution amount. If you never see it you will never spend it or feel that you can spend it.
Oh the trap of hedonic adaptation. Most Americans don't experience starvation. My parents and grandparents experienced starvation during WWII. It mentally scared them. Experiencing extreme deprivation can will make one think about spending money needlessly. I didn't experience financial stability until my late 30's. I did have occasional splurges after I found stable employment, but overall, I'm still very careful with my money. If I over indulge, I feel guilty. I guess that's not a bad thing. I think not having things early in life makes me grateful for what I have. Everyday practice if gratitude and see what one has will help overspending. Look inward on one one has and not comparing the lifestyle of others will help too.
Change your own oil..5 qt of full synthetic is like $25-30..$20 if you get Walmart brand. A filter is like $5-$6. Just do your own oil changes
Oh man- I learned this mindset from Graham… except I want to spend money and then I feel guilty. AF.
Gonna make Recovering Super Saver merch
😂 it will sell. Hell, I will buy a T shirt. Maybe can give us a link! 😅
This feels like vintage Graham Stephan, nice to see it!
I used to tell my younger colleagues to increase their savings by half of their raises. Since most people will not get a pension, moving to 20% savings is necessary to have a decent retirement.
Is easy to say that you don't enjoy spending money when you have everything you want. You waited and that is awesome, but you were and are able to get what you want, many wait and save and it takes them longer or sometimes don't get to the point when they are able to get/buy what they really want.
Graham is an UN-recovered super saver
I don't understand people who are so afraid of the "scarcity" mindset. I'm at a point in my life where I get greater gratification from seeing a high number in my bank account than I do from buying (most) material items. It's not scarcity, it's just understanding what actually matters in life.
She's right. We are forever put into a state of scarcity. And capitalists want to blame your spending rather than the poverty wages. Making over 100K a year is not enough to live in many places in the county. Especially if you are renting or recently bought a house. If you have a 2% interest rate and a cheap house you bought before 2020 and 100K a year, you're golden.
It's easy math: if you income is less than 4x your rent or mortgage, your boss is robbing you. If it's more than that, you can consider your spending.
If you can't have coffee, a place to live, vacations, and put your kids through college, fire your boss.
I felt it when Graham mentioned that buying assets brings him joy. Every month I dollar cost average into VOO, VUG, and SCHD. I can feel the dopamine hit the minute I click the buy button.
I feel the same way - spending money = pain
Its social media. Everyone rushing to impress a bunch if strangers they dont even like. Its our new society.
"spending.. it sends out pain vibes!"
She paid a wealth coach who told her to spend money - Hahahahaha 🤣🤣🤣
DO NOT LISTEN TO GRAHAM ABOUT OIL CHANGES! Get your oil changed every 3-5K miles. Idk what “mechanic” told him you can drive a normal car 10K miles before needing an oil change. That’s pretty absurd. You’ll be needing a new engine and then Graham can make a video about how car repairs are keeping Americans from buying homes 🤣😂
@9:30 You're right, oil does last longer than the very old-school recommendation of 3k miles. BMW has recommended 10k miles for the specified synthetic for my engine for a very long time now
If people were to truly live within their means, they would be stunned. Their entire lifestyle would be turned upside down. No more big, fancy cars or McMansions. No more eating out, taking multi-thousand dollar trips, new clothes every month, paying others to shop for their groceries, deliver their food, clean their car, mow their grass. Their kids would attend public school, and travelling leagues would be a thing of the past. The really hard part is everyone else is doing that, so it almost feels like you are doing something wrong if you don't do it as well. Plus, it makes you look poor and your friends and family will start asking what's wrong. But, when you draw the curtain back you quickly see that all those folks who appear to be living it up are actually broke, with many up to their eyeballs in debt despite years and years of big paychecks.
the point about “recovering super saver” is just troll baiting. It should be “my OCD manifested as compulsive saving and an unwillingness to spend money on reasonable things.” She was penny wise and dollar foolish.
bro do oil changes every 5,000 keeps the car from breaking down and it is a lot less expensive than major repairs
Lack of financial discipline is why many wage earners don’t have enough money for retirement and emergencies.
Pain from spending is usually associated with some sort of guilt often caused from your environment during childhood.
the state of the American economy is like an 800-megaton nuclear warhead waiting to explode.
Just 800?
it's almost as if all those crazy preppers and survivalists are on to something
I associate pain when my wife spends money. When I do it, it is great!
You’re wrong about the oil changes, every mechanic out here strongly recommends changing the oil at least every 5,000 miles, otherwise, you run the risk of permanent damage to the engine that will cause it to burn oil.
This is LITERALLY what the Financial Order of Operations was created for. If you can hit that 25%, You're golden and don't have to feel guilty about it.
25% without the match is hard. We're at about 23% with the match, but not all of it retirement savings. Because our both jobs have a hight risk of layoffs we are saving up a 12month emergency fund. I think found a healthy balance point. 16% into retirement account then the balance into an emergency 6month bridge (brokerage) account. We already saved 6months of cash into a fdic money market account. When the bridge account reaches 6months I'll just put everything into retirement accounts.
Company loyalty is no longer reward, it's a fee now. My damn car insurance increased $200 for absolutely no reason in a single year.
Dave Ramsey taught me to be intentional with my dollars. It's quite hard to go into debt when you know where every dollar goes
Pushing oil changes passed 5k is the difference between an engine lasting 150,000 miles vs 500,000 miles. It’s cheap insurance that your engine is going to last.
This seems to be the real Graham. I like it. keep it up!
Lots of folks just can't control their spending behavior and don't have a vision for why they should in the first place.
Change oil every 5k, If you plan on keeping your car a long time you’ll see the repercussions of 10k oil changes. If you’re only keeping it a short while, it’s courteous.
I’m not a mechanic, but I do drive my car a lot for work. I change my oil every 8k miles or so and I use full synthetic high mileage oil. I could probably go to 10k miles but I want to make sure I don’t damage the engine.
I’m also of the belief that most car problems would not happen if people were responsible car owners and just rotated their tires and changed their oil when they’re supposed to. Obviously cars can have lots of other problems i.e transmission issues, spark plugs, etc but most people don’t keep up with regular maintenance. Just my two cents
8:14 like in RPGs where you never use any items ever and just hold onto everything you collect.
Dude when you said you get pain from spending that hit me in the soul. Prob make around 300k a year and I HATE spending money. 75% of the money I spend is on people who work for me.
I just can’t understand WHY these people need to spend so much, I see ads all the time and I go “I wouldn’t buy that even if it was half the price”
Im similar to Graham in how he said he likes buying assets
Like $50 to me is a lot of money cuz that’s an additional share of some of the stocks I have
But others would just spend that without a second thought for like an hour of enjoyment
Why? Instant gratification. A party in their mind every day. No sense of how to plan ahead.
Ha ha Graham, I also didn't want to leave the house or get out of my pajamas after the pandemic.
When she says recovering "super saver", I was expecting she has no car payments and owns a house and still didn't want to spend money. It was so vague, she makes the concept sound stupid.
For oil changes.. I actually think the opposite. If you want your engine to last then change it every 5k miles!
America's are addicted to debt... many of my relatives make more than me but they are debt slaves and will probably will have to work until they die... I myself am very frugal and more of a minimalist and have a payed off house and zero debt.
My networth is easily 2x theirs... don't be a debt slave.
The only issue I have is that the price of everything has gone up so much and wages aren't. So yeah, people don't want to pay their bills because it feels like we're getting less than we were even though we're not making more money. There's a huge thing going around about Walmart mislableing their meats and charging people for more meat than they are actually getting. By a lot. Lifestyle creep is only a small part of the problem.
This makes me think back to the old frontier days. When you'd have a miser in his cabin with that box of valuables stashed under the floor board that they've saved all their life. Money wasn't that necessary then. He could go out kill his dinner, claim a new part of land to build whatever he'd like on. If that little box of "super saver" gold disappeared, he'd be fine. Everyone in that time period had options.
Today... without money you don't have life. Period. The thought of spending should be construed as painful. Money is a necessity. Not a luxury.
Yeah, I'm pretty sure life was nowhere near as carefree and easy as you describe. I wouldn't last a day doing what my forebearers to this country had to do just to survive from one day to the next and neither would most of us. Today is as easy as its ever been in human history and people can't even deal with that.
@@michaelrudolph7003 lol true. But my point was specific towards the need of legal currency. Nature is free. Tough but free.
Why do people claim “life style inflation” and “revenge spending” like if they are victims?
I’ve been personally victimized by my wallet bro too🤣🤣
Victimhood is life. 🙄
I have more money to spend now... FEEL BAD FOR ME!
The idea that people making over 100k a year can’t save or invest and are living pay check to paycheck is wild to me. I just turned 20 in march and I make 23k a year. I have been investing since I turned 18 and have over 10k invested. I am investing 400 dollars a month and i STILL have money left over after rent and all of my other expenses, (phone bill, electricity, food, etc). It really is just about not spending your money on garbage that you don’t need. Obviously I know it’s different based on what part of the world you live in but it ultimately comes down to spending less than you make. If you keep a positive cash flow then you basically have no reason to fail. Especially if you make over 100k yearly.
Happiness is fleeting. Seek contentment. Satisfaction over excess.
Ok so I have to make a comment about the car remark.... so the synthetic oil used in cars can go significantly longer, but the filter gets clogged and still needs to be replaced. They need to be done the same time, so just change your oil. Don't bother with the so many miles thing. Just use the oil life indicator on the car (which will work out to 5-10k miles depending on driving habits) or every one year. After one year the oil does tend to break down. Also, oil change is probably the most important maintenance to do to a car. That $50 oil change will prevent a $3k to $10k repair bill down the road.
During my working life I worked fir some very, very wealthy people and they all lived below their means.
have you read Jared Dillian's "No Worries. How to live a stress free financial life"? It touches topic of spending, scarcity and abundance mindsets - very similar to the topic of this video
The problem that I have with the assertion of it being an economic problem is simply the fact that I don't make six figures, and I have no debt. I have savings, investments, and a retirement account that is fully funded every year. I also have a full-time job with a pension, health insurance, medical, and health plan. I am not boasting, because my salary again does not come near six figures annually.
You can push out your oil change but in the end it will ware out your engine faster in the long run if you plan on keeping the car as long as possible then get an oil change 3000-5000 miles
IMO having a little Honda or Toyota and taking meticulous care of the innards e.g. regular oil change, transmission fluid change, etc. is a fabulous way to save money in the long term. The cars will never die.
Buying things is fun for some people because we see adulthood as some grand adventure that you partake of and experience. Graham dislikes spending things because to him, adulthood is about securing assets that produce revenue and allow the cycle to continue.
He’s right, of course, but I wish he would understand that some of us deeply the consumerist vision of real life being about spending money (after earning it) and have the experience of shopping tied to our sense of agency.
Balance is key
Hi Graham. Everyone does not have lifestyle creep. Some have basic or below basic expenses, and still cannot make ends meet. That is actually happening for some people.
I totally get the enjoyment out of investment that he talks about. I invest just about every penny I can and, because I enjoy doing so, I get the same happy feeling others get from spending, but I haven’t lost any money in the process.
I love Graham !!He is to the point but isn’t rude about it !! And he doesn’t act like he is having a heart attack delivering the message!!
Don‘t let money controll you is the key 😂
I’m a millennial who plays video games for leisure. I’ve always loved long term, slow progression types of games.
However, I have a Gen Z cousin who I once watched get upset when he started a new game and he couldn’t get all the best weapons/armor immediately.
Just an interesting anecdotal observation…
I basically still life on the same take home pay as when i started my job a decade ago despite making twice as much. Its worked out well for me. I dont feel deprived or like "a super saver"
Long oil changes are the companies meeting "green" initiatives.
The best thing to do is change your oil BEFORE the recommended mileage, send it off to a lab like Blackstone, and get it tested.
They can tell you what is wearing, what flashpoint and viscosity etc and tell you what they "real" life of that oil is left.
Much more accurately than the car sensor or a manual.
The way some ppl drive, do less than the service interval
We need minimalism!!
Flames 🔥🔥🔥🔥 but really yes, synthetic oils are less prone to breakdown, however you need to ensure you have a filter which can also withstand additional miles. Moral: you can delay oil changes, if you use the correct oil and filter.
Whatever something suggests like a ‘6000 mile oil change’ you can safely extend it out 50% more. So 9k - 10k miles will be fine.
One word greed
Being without work for several months really taught me how much extra I was spending. It was crazy that I could cut my expenses so drastically, I think I cut by more than half. I still went on a small trip too, but instead of paying for everything, I let my girlfriend pitch in for it. If we really get put to the test, we can really cut down our discretionary spending.
Spending to enjoy life, sounds like a simulated economy.
Moreover , we also have very competing interests, office real estate wants demand for office spaces to be high but the specialist want WFH, it’s lower the personal overhead of travel, food and time.
The cost of my experiences went up by 62%. My paycheck and life style didn't. I've had to reduce my life style while making more money and can now no longer put saving away.
Inflation was not even, cars and food went up massively, like 250% increase in some cases. Utilities only went up 20%. It's a combination of a lot of bad ideas and the lockdowns crashing into the economy.
Could you post how you did the $1800 monthly budget?
Worth noting that $1800 in 2020 when graham turned 30 is about $2160 in 2024 dollars. I'd be really curious to know if graham did not adjust for inflation at all for ten entire years of his life... For what it's worth, inflation between 2010-2020 is equal to inflation between 2020 and now (about 20%).
When buying things that are over your budget, you are also buying debt, financial instability and underlying stress. If you actively stay within your budget, you allow yourself to spend on things are more meaningful to you and start to realize the frivolousthings you dont need to be happy, have a positive self image of your life. You can budget and put money into investments by automating depositis into investments and it should work out fine because your budget ALLOWED that investment money to materialize, with a budget, you will also have "your cake and eat it too" since you will also have guilt free spendinga longside your investments. If you do it right, someday, your investments become your main source of income. Always keep progressing in your career, provide a good a service in exchange, to allow the money to reach your bank account to go into your investments and guilt free spending. if you maintain a healthy budget, extra money usually helps
Yeah Graham your wayyyyyy off about oil changes. Oil change every 5k miles on synthetic is best practice. Going 10k is how you mess up your engine. Oil is cheap, engines aren't. Man you really try to cheap out on everything huh? Even car maintenance lol. Not good practical advise. Instead you should tell people to learn how to do it on their own. They'll save way more money that way.
Sorry Graham but correction: people should only use credit cards if they can CONTROL it (most of us can't). If you can't, cancel them and save some money. You'll never need them again.
Graham my gf and I watch your videos every night before we go to sleep
Can you make a video with others on iced coffee hour discussing different point of views on why people spend more and more no matter how much they have. And how it relates to the poverty of affluence. I picked this up a little from a book recommendation you made Your Money Or Your Life but I'd like to hear more!
Thanks for opening up Graham! Honestly, your “pain” of spending money is somewhat similar to me (with dumb things), but learning to embrace spending money on experiences (an amazing steak dinner, traveling to new places) is also an important thing to embrace, so we don’t have to live a painful life and enjoy nice things. That being said, I wouldn’t say these things without a 12 month emergency fund and saving 50% of my income ;)
Few things sound dumber than paying a wealth coach to make you poorer.
I agree that the NBC video wasn't very good. It didn't mention tracking your spendings or giving yourself affordable rewards.
I can't believe a "wealth coach" tells someone to spend more! Just facepalming here.
On the oil changes, those higher numbers you heard are likely the maximum amount you can go between changes to keep your warranty intact, but it’s not actually good for your car. Sure most cars are fine doing 5k miles instead of 3k miles, but when you hear about them doing 8-12k mile oil changes, even on modern cars running full synthetic, it might be ok to get you through the warranty period, but that will very likely no longer be a healthy engine after 100k or 150k. (I’ve worked in an independent shop and a car dealership).
That Rolex looks good man.
Self accountability is good, but most people spend more because the baseline cost of basic necessities keeps increasing. Of course we can easily blame this inflation on regular everyday people and their piss poor decision making. Nothing wrong with the economy at all, those businesses are just increasing their profits nothing wrong with that. If businesses profit while actual people dont its fine. Because profit is more important than people.
Dont worry Graham you're just a good saver. Not a super Saver. I knew someone who's a super saver he literally hoarded money under his matress. He got sick and he never, ever wants his co-workers to bring him to the hospital. So yeah, he died and when they check his house (family is in another country) they found thousands and bundles of cash. I dont know what happened to all that money. But yeah thats an abnormal super saver for me.
Thanks for calling the BS out at @4:00min Graham. Unbelievable!! Keep up the good work.