ACCOUNTANT EXPLAINS: Signs You're Doing Well Financially (Even if it doesn’t feel like it)
HTML-код
- Опубликовано: 16 май 2024
- 👉🏽Free tracker mentioned in the video: nischa.me/personal-finance-tr...
📈 Free share worth up to £100 (enter promo code 'NISCHA'): nischa.me/trading212
📝The Intentional Spending Tracker (free) - I use to manage my money - nischa.me/intentionalspending...
Try Shortform for free and get 20% off of your subscription: shortform.com/nischa
In this video, I talk about the key signs that will indicate whether you're doing well financially, even if it doesn't feel like it.
Shout out to @DamienTalksMoney for the inspiration! behind this video!
Enjoy Xx
KEEP IN TOUCH:
🌍 My website - www.nischa.me
📸 Instagram - / nischa.me
🔵 Facebook - www.nischa.me/nischafb
🎥 Tiktok: / nischa.me
DISCLAIMERS & DISCLOSURES ❤
This content is for educational and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Thank you for your support!
00:00 - Introduction
00:23 - Are you playing the right game?
02:19 - How much should you be earning?
04:16 - The 3 fundamentals to get right
06:17 The lens of society vs the individual
The FREE tracker I mention in the video: nischa.me/personal-finance-tracker
The best three indicators of wealth , be mortgage free , car payment free & credit card debt free. I know so many guys who have earned so much money and then squander it.
What's the easiest way to get money out of a sheep ? bring out a new iPhone !
I tried to sign up for your free tracker and have not received any emails ( I have checked spam but nothing... please advise thanks!)
@@stevefurness6303w03
you are beautiful! just wanted to say that.
Let’s be honest, if you’re watching this video, you probably take your finances more seriously than most and are probably doing a good job
Yeah, was thinking the same!
Yes, I do take money seriously, but her appearance is also attention-grabbing.
Joke's on you, I'm financially stressed, have no money in savings, I have debt greater than half my annual salary, my credit score is on the verge of dipping into the 500s, and I've been considering bankruptcy because I have literally no assets other than my car that I still owe just about as much as it's worth.
Some of us are drowning over here.
@@kevinwalter4078 Sorry to hear that. I think it's still a good sign that you know those things at all though, so you can take action - even if the action has to be bankruptcy. I know a lot of folks who have no clue what their debt-to-income ratio or credit score is. They aren't even aware there's a problem, except that they keep getting denied for random stuff.
I wish you the best of luck. I don't know if you want advice from some goober on the internet, but I went from $20k/year to $150k/year in 8 years with some simple advice I got from some other folks in the finance world, which I'd be happy to share:
- Focus on raising your income, not lowering your expenses. You can't cut much from a low income, but you can always make more.
- To raise your income, either get a skill that people pay a lot for, or do a job other people turn up their nose at. I did both, first as a sales rep mostly on commission, which got me from $20k to $50k, then as a software engineer, which got me from $50k to $150k. The first part required no prior training. The second part required a coding bootcamp, but that was a lot less time and money than, say, an MBA, at least here in the USA.
I don't give these tips to belittle you or diminish your struggle, and for all I know, you've already tried my advice. Just hoping to offer one perspective from someone who was once struggling and found a way forward.
@@kevinwalter4078 where is “over here”?
If you never worry about where your next meal is coming from, you are richer than many in this world. Be thankful for that!
That’s the bare minimum. Not much to be proud of. More of just being lucky being in the right country
Ray.J said it’s something to be thankful for, not something to be proud of. We can all be thankful for what we have, even if we’re not satisfied with where we’re at.
Seriously, that's like the bare minimum. That applies if you live in a miserable, failed country facing instability.
@@itskelvinn lot of countries rose up beyond it with people having strong backbone. Nothing to do with luck.
@@21holydudewhat Kelvin did was a classic strawman. He took a premise and changed it and then argued against the change not the original premise. Because thankful is not the same as proud of as you pointed out.
I think a balance between saving and enjoying life is important. Life isn't much fun if you wait until retirement to enjoy life. Set a target retirement savings amount, figure out how much you need to invest each month to hit that target at the age you plan to retire, set aside enough emergency funds to cover 6 months of expenses, and always pay off your credit cards each month if you must use them. After that, spend the rest of your disposable income to enjoy life. I had a friend who counted his pennies to build up substantial savings, retired at 65, and before he could enjoy his wealth for very long, he died.
Ya this sort of thing happened to BeatTheBush if you've ever seen his videos... too frugal to the point where you are missing out on experiences you should have
Thats a very balanced take on things and indeed the way I manage myself
Definitely it is important to take care of both enjoying present and improving
Very well said, 100% agree. Find the right balance between being responsible but also enjoying life. That said, life can be enjoyed in so many ways. You do not need to get into debt to enjoy life. In fact, some of my best years so far have been ones when I was doing quite poor financially and because of that I was living very frugal. Beyond having financial stability, having more money doesn't necessarily lead to more happiness.
and that proves the point that he should have been partying and spending and enjoying life all those frugal years
Financial wellness is extremely important, but I do think we over-emphasize its importance in some cases. Are you physically healthy? Psychologically healthy? Do you have good relationships? Do you you find satisfaction and value in how you spend your time? Do you have goals, aspirations and ambition to grow intellectually and or culturally? So many way we can focus our energy, so for me finding balance is the real million dollar recipe.
It's much much easier to accomplish those other goals if you are able to avoid financial stress- physical health, social health, psychological health, and free time are all positively influenced by living within your means and sleeping well at night knowing that you're financially secure. Don't get me wrong, those are absolutely important. I just think financial health is also a type of health. I know too many people without financial health and it damages every other part of their lives
I completely Agree! The truth is though, wealth is subjective and there's always someone around the corner with more money, bigger house, nicer cars and fancier vacations. Multimillionaires stress over money, sometimes to the extent they let it consume their entire lives. Which is okay, but they have to accept that sacrifice. Hope that makes sense in context to my comment!
@@rayzerot
I'll tell you this: I don't feel the need to pound beers each time I get home from work like I used to. I also had an anxiety issue that is waning now. You know what is helping? PUMPING SAVINGS INTO INVESTMENTS and watching them grow. It is such a relief to know that I could retire now if forced to. It would not be ideal, but doable. These last 4 years of working are going to be so much less stressful because I have that nest egg that helps me sleep better. Yes, it is true: Money can buy one peace of mind and that can help with mental and physical stress reduction. I feel I'm at that tipping point and it is so relaxing. People with road rage are BROKE!
Spot on. 🎉
This is a great point but one thing most disabled people like myself don’t have is control over their health so that can be a struggle, and you can’t always do anything about it. And that lack of ability to work affects finances, and also ability to socialize. I’m not saying all disabled people are unhappy at all, but using the mindset of your health as a benchmark for happiness is an ableist mentality.
Many of my friends make more money than me but living within my means has been the key. I can sleep at night knowing everything I have, I own, and can afford.
This, a million times, this. We bought a house that was easily affordable to me - we could have stretched a lot more and bought a bigger, nice property, but wanted to live with our means. As a result, when interest rates went through the roof, we weren’t as worried, because our mortgage will still be affordable if and when it increases.
I've made my share of mistakes but I'm doing pretty well these days. I could live for about a year on my emergency fund, and I've been debt free for few years. It wasn't easy, especially when friends are buying fancy toys and you're sticking that money into investments instead. But it's been worth it. If I'd started at 25 instead of 35 it would have been easier but you can't change what you did 10 years ago, you can only change what you're doing today :).
Mistakes are important teachers.
@@richardextall2002 Pain is a great educator.
I am 35 now and my biggest regret is not having started to invest earlier, but like you said, we cant change our past, we can only try and do our best from now on. I have already done something good this year, my pension from now on will be 100% in ETFs, and not these rubbish default funds that grow nothing.
@@marinacrespo1 it's at this stage of life that you're at a turning point. You two have made the right decision by starting to change your trajectory and start investing vs. continuing to overspend. It takes until you're in your 30s for your prefrontal cortex to fully mature. This part of the brain is responsible for planning and decision-making, and it's easy to see how this can lead to impulsive spending in your 20s. And that's ok, we shouldn't blame ourselves. We dictate that 18-year-olds are mature adults, yet the majority will lack the maturity to make financial decisions and plan for the future. We need to educate students better, understanding finances is more important than ever with social media and marketing everywhere and at all times.
I started at 49, so boss your way ahead of me, but I’m running my own race
As I've gotten older I need less. Far less and I've never cared for what people think of me, so I've never even tried to compare myself to others. I'm happy with what I have and fully understand that I cannot take any of "it" with me when I'm dead. For me, it's all about having the quality in life. I've taken lots of risks and most of them failed, but it was a learning experience. It what makes me, me and I wouldn't have it any other way. Accept and enjoy what you have instead of regretting what you don't have and you'll be in a happier place. Whatever your choices in life, treat people with respect, be happy and be kind.
Such a wisdom, this world needs more people like you.
And now you're taking pleasure at comparing yourself to others in that you compare yourself to others less!
That's lame
I’ve been following your videos for months now and with professional help, I’m making outstanding progress with my money decisions. Thank you nischa.
Well, I've gotten into a plethora of assets with $73k spread across stocks (options and futures) for short term and index funds, and ETFs, for the long term. I've been investing with help from a pro fund manager, Herman W Jonas who oversees my investments. Now I sit back and reap my dividends while I just reinvest from time to time.
Well, that's your view. In my experience, there is no such formula, It is nearly impossible to achieve success with investing. It’s all just gambling.
You did well. Seen remarks of his works. Haven't had any luck with investing as this is my first shot and won't mind him helping me for a fee. Any lead to him will be appreciated.
You’re truly an angel. I sent him a mail and we got talking and found that he’s quite grounded in the market. I got started right away! Thanks again!
Grabbed a hold of my finance around March this year managed to pay off around 25k debt (Loan(S), Final Car payment and a credit card ) so far in 5-6 months and I honestly say its such a great feeling knowing its been put to bed and now on track to have 3 months emergency fund by the end of the year.
amazing!!!!! WELL DONE!!!
Great
If your good with $$ then having DEBT is no big deal....
if you managed to pay off that much debt in such a relatively short time imagine how much money you must have blown through in the past, the thought is scary sorry for bringing it up but man, thats tough
@@scottdaniels5976until you lose your job and then you are screwed. Debt is just a way of getting something before you can really afford it.
If people want to stop "feeling behind" then they need to stop placing themselves in the line. Once they come to that realization, life is more enjoyable when you know you're on your own path.
I have one years pay for "emergency" funds. Absolute zero debt. Approximately $600,000 for retirement. I feel pretty comfortable where I'm at financially. And I'm just a lowly factory worker. If i can do this, anyone can! It's called living well within your means.
Great! How did you achieve this feet? Accumulating such a huge amount for retirement! I am 31 years old.
Unless you're close to retirement and want the liquidity, half of that 1 year emergency fund would serve you MUCH better as invested funds... I can't imagine having a one year emergency fund while also having a retirement fund that proportionally small. You're losing hundreds of thousands of dollars depending on your retirement horizon
@manjunathams8865 , Keep debts to an absolute minimum. Pay off credit cards in full each month. My credit card company is actually pays ME to use their card. Don't purchase extravagant items. Like I said....live well within your means, so you can invest your money wisely.
@rayzerot , That emergency account is an investment that is liquid and always accessible.
@@mikek8089stocks are also quite liquid and yield 10% p.a compared to 2-3 in banks
I love how you speak about letting go of other’s expectations of yourself. It’s very liberating. Remember success is a mindset !
This is a great video. My wife and I sometimes get stuck in this rut and it always happens when we compare ourselves to friends. I keep reminding her (and myself) that when you look at friends, you don't see the entire story. You just see what they put in front of your face. Yes, I can go out and buy a fancy car, house, cloths or whatever. But you can't see things like what they have saved up for emergencies, retirement funds, credit card debt, college funds for the kids, investments etc... If I sold all my rentals, stopped putting money in my 401K, stopped saving, stopped investing, etc. - I would be able to get a lot fancier stuff and look richer in that moment. But anyone watching this channel knows - that's not what makes long term wealth.
Any time I see a BMW or Mercedes I just think the person is broke. If you ask people that you feel comfortable asking this question to, "Nice car, what's your payment?" I guarantee that almost nobody will say "Zero, it's paid off."
Then when you look at statistics of who owns things like luxury clothing, it's all broke people.
@@SubjectiveFunny it’s a fine balance between not living too frugally that it’s negatively impacting life and also not splurging on material trends just to keep up appearances. If you really want an item, fine, go treat yourself, but don’t do it because you’ve been influenced and feel pressure to present something to the world.
agreed@@d26s10
how long is buying that damn car going to matter to you? If you can comfortably afford it while investing then by all means.@@SubjectiveFunny
@@SubjectiveFunny You will find out one day. And it's gonna HURT!
Thank you i needed to hear this, I'm 29 living by myself in LA, I have 0 debt, 2 cars paid off, good credit, good amount in my savings account, both bank accounts, investing account and in my 401k account but somehow I don't feel wealthy, I'm not into luxury items or materialistic things like others around me but i now realize that is somewhat why i feel that way. Thank you for making me realize I am in a better position than how i feel 🙏 keep putting out great content
Yet you don’t own your own home. You’re not wealthy if you’re renting
@@0IIIIII He never said he was renting?????? And even if he was, who are you? Who are you to be so negative and hold him in contempt. You seriously need to reevaluate yourself.
@@0IIIIII all you did here is announce your ignorance.
Just marry the right woman! I've been a successful consultant and have a very nice 6 figure income but... Just trust me. Marry the right girl!
If you marry the wrong broad, kiss your money good bye. So beware youngster.
I needed this. I’ve been playing the wrong game. I feel like I win when I achieved something my friends haven’t and it does set me aside. I need to see my own achievements through my own lens rather than a 3rd party’s. I have an emergency fund, I save 20% of my income, I have a roth, I track every single expense, zero debt, no unnecessary bills, don’t eat out, haven’t bought clothes in idk how long yet I still feel financially insecure. This video helped a lot, thanks
This. Thank you for this. I've been so hard on myself for not having enough money to spend on myself, but when I realize that I pay for my bills first, as well as my quarterly insurance payment, without having to loan money, I think I'm doing pretty good.
I feel that It is not the things you have in life, but the things you do in life, that brings worth. I learned how to play the piano in my early 20’s. I felt like I had won the lottery. And 25 years later, playing Chopin, for instance, still brings great joy. You cannot buy the ability to play the piano. You have to practice, which is a trade off of time, not money.
thank you for blessing us with Financial knowledge.
This is one of the very few financial videos I have come across that doesn't feel like someone telling you that they are a success and your doing it wrong if you don't listen to them. Thank you for that
I can't believe you referenced "The Millionaire Next Door." My Dad sent me that, I implemented it, lent it to a friend, and never saw him or the book again.
Yes. I read that and Rich Dad, Poor Dad, and they changed everything. I had nothing then, but now I am the one next door! Most people wouldn't know it!
Sorry thats really funny
@@Horace1993 A little bit of financial literacy goes a long way. This was stuff they never taught in school.
Great insights, greater view. Very gorgeous lady.
Thank you so much for this.
I'm 26, working and studying in Bengaluru (India). I often think that my career isn't paying enough, and Indian wages are anyway low compared to other countries. But when I retrospect on the fact that I have 0 debt/loans, with some savings in my bank to help me out for a month or two in case things go wrong... it's a comforting feeling. Also, my family is a bit supportive so they help me out whenever I'm in need of heavy expenses. Hope I gain my financial independence in the years to come.
0 debt is big at your age!
😄 you may not have financial debt but I’m sure you have ‘social debt’ enforced by Indian society! You’ll find out what this means in the next 30 years…
@@vinay4886 lol I’m a writer, designer and voice over artist. Pursuing a degree in psychology. You really think I give two cents’ worth of social debt? 😌
Fantastic! Well done, Keep Going.
@@FutureInvestmentsBullion thank you!
Good job, Nischa! It's nice to see a young person having these things figured out so well.
I am an international student in Canada. Started building my credit a year ago and currently I have a credit score of 740. I live within my means and saved for my yearly living expenses through my 4 month summer internship. It feels really good that I will be graduating from my MBA debt free. Understanding and managing your finances really helps.
Congrats for graduating debt free 😊
Nice performance!
I love that. Congratulations keep it up.
Financial life is more comfortable and safer when you have good risk management skills, if you invest. you can make a ton of money no matter where you find yourself..
you start investing is never too late.
how do I get in touch with this person...
jenny pamogas canaya she is the best
look up for her..........
Thanks for the efforts you put in these. I found her........
All my life I’ve been feeling insecure about finances and not able to understand them properly but thanks to you I feel empowered woman and relieved knowing that it’s not too late to learn and to apply all this knowledge to my daily life. I’m having an enormous progress on my finances, I feel in peace with myself doing the what feels better for my economy & mi goals and I’m more focus on what really matters. Thank you so much, I’ll be forever grateful ❤
I adore this channel, I've spent the last year purging social media and curating what I watch to be more learning, productive and positive. I have felt a huge shift in how I feel.
Great advice as always. It’s good to take a break, have some quiet time by yourself and think about what really matters. Life is short and it’s easy to get wrapped up in other people’s perceptions of you. I’m not a millionaire (not quite) but amassing wealth is a game as we know. You can only drive one car, live in one house, eat in one restaurant, enjoy one holiday, blah, blah at any one time and I can do all these things (some people can’t) so I do feel wealthy and so too should a lot of people out there! 😀 Enjoy your space!
Very nicely presented; clear, cogent and delivered very professionally. Excellent job.
For me money’s greatest power is being able to buy one’s freedom. If you can be free and also have enough wealth to pursue some of your interests as well then you truly have won the financial game. That is only meaningful however if you also have “won the other games” as well: loving relationships, friends, self respect, and health (among others).
Thanks for the information. When you don't compare yourself with others, keep track of your own finances and accept yourself the way you are, you become eventually free and independent. That's a great feeling indeed!
I love watching this all over again, coz it helps to remind me, what’s the right description of wealth, and not to fall short of my finances.
Thank you I really needed to hear this, I don't play the status game but when you have coworkers with these new cars it messes with your mind thinking if they make more than you then realizing they just now have a car payment while you don't. I have a 97 Camry my civilian shoes are retired work shoes and I wear jeans and jorts and another great book is "rich dad poor dad."
this is what my dad told me when I first started working "be a saver not a show boat because show boats get robbed" and its possibly made me a little too cheap for my own good on things I care less about till recently.
Loved watching this and appreciate the data references, quality content. 100% agree that the perception we have of ourselves is often the most important factor in rationalising our financial health.
Love the way you have explained this. It gives you food for thought. I think many of us get trapped in the status game.
This is a really well timed video for me. Been struggling with comparing myself to other people. If I really think about success based on my individual situation, I’m doing pretty damn well. Thank you Nischa for the reminder
Comparison is the thief of joy, remember that.
@@swagnessification
Very good comment and true to the extent that one considers how great thou art.
But comparisons to others who are worthy of emulation, can and should spur one to self improvement. Unfortunately, we tend to admire the wrong type of persons: Rich dudes who tend to haves lives of pursing luxuries and frivolous pleasures. Ultimately this proves to be unsatisfying and strangely enough increases our senses of poverty.
What is one’s Goal in Life? If the answer is not Heaven, then one hasn’t aimed high enough.
Nothing wrong is receiving a 5% return on one’s “money”, but in Heavenly currency that fiat money is losing far more “purchasing power” there, than even here.
ck other people. My wife and I wear tattered shorts and old tank tops while walking our dog through the neighborhood. Both cars are paid off. One is missing a fog light and is 11 years old. I mow my own lawn, we don't go to restaurants but maybe once every 2 months and even then, it is carry-out. I LOVE looking poor while my investments remain silent.
Oh, and we easily fit BOTH CARS into our two-car garage.
Thank you, Nischa, for another very useful video. I enjoyed this one in particular because you touch on very important issues. I love your observations, your perspective, your suggestions, and the information you share. I think your videos should be watched by everyone.
Financial education is the key to being successful. I'm from Mexico City. Here there are so few schools that teach how to be financially sustainable or independent. However, if you learn early how to build your balance sheet properly, and you keep away from the status game, you will become a better person, spiritually and financially.
Thank you for reinforcing these basic concepts that we are aware of, but so easy to downgrade in this social media era.
Saludos desde México.
Thank you Nischa for another great video! I love your videos because I feel like they are simple but powerful. So many financial advice videos give big, broad ideas that require major life changes to actually follow through with. What I like is that your advice is powerful but also easier for anyone to start implementing in their life. Your videos have shown me that just changing my mindset around money can change a lot.
Thank you Nischa for enlightening us on financial literacy, the trap of status and essence of emergency funds. Kindly continue to provide insights on more such aspects of financial well being and wealth creation.
What I love the most about your videos is how you talk like you would talk to your own friend. I like your intonation, and more importantly, I like what you're saying - it's very informative and easy to understand. Keep this up gyal!
Lots of really good reminders to help redirect the focus! It's also encouraging to know that although there are things I need to work on, there are things I'm doing right as well! Thanks for sharing!
3:57 is probably the the most crucial lesson I've learnt for myself and it's great to hear you reinforce the notion too. Comparison truly is the thief of joy, and comparison against a constantly shifting goalpost not only demotivates and frustrates you due to believing you're not doing enough, but can also feed into feelings of jealousy (even towards people you admire and care for).
All in all, using my past self and previously set goals as my measurement of success has greatly improved my mentality but it's still very much a mindset I have to actively push to the forefront in a world where we're inundated with media showing people doing better than ourselves.
Thanks for your content Nischa!
On the other hand, if you never compare, you could get complacent and not asking for a raise for example, or not hustling for that extra cash. A bit of a competition can be a motivating force to aspire for more, which is generally a good thing.
My father always said, time goes by anyways, so its better to make some money in that time if possible :D
Comparison is indeed the thief of joy however sometimes people do it for you.
I think what you're describing is inspiration, not comparison. @@vendels4154
Thank you Nishca, love your educational videos. Every time you reframe perspective and give clear energising advice.
I’ve become good at making money, by producing a high quality of service, but if say we had an FQ ( financial quotient) I would be at the lower end as I’m very naive to investment, how to manage finances and being organised.
This is also very motivating as it gives me a new target to succeed and progress towards.
It shows if you’re organised, and work hard, but with a smart thought process you can achieve and break barrows quickly.
Your family and friends must be very proud of you.
So happy to be able to relate to every point you stated. It took discipline and hard work but I’ve managed to turn it all around for the better future.
Great job putting together these videos. The messaging is concise and well delivered. A lot of it should be common sense but it's mind blowing how so many people don't understand or realise these until late in their lives
I am a great lover! ❤ 😮. I love being debt free and not compelled to keep up with the Joneses. Your videos are refreshing. I'm convinced society would be so much better by following a simpler lifestyle free of the love of possessions. Thanks Nischa, keep them coming. The wife and me love your candid, truthful and crisp advice.😊
Much agreed, debt free is the way to be
Great comment 😂🤙🏽
The good thing is that the points mentioned above not only just contribute to our financial independence, but also to our fulfilment levels as a person. Awesome work Nischa.
thankyou so much for making these videos, its been so instrumental in my own financial health. also side note your self awareness is obserdly admirable. bless you.
A very intelligent piece, no charts, numbers and statistics. Realistic and helpful. A route to be happy. Thank you Nischa
Oh wow, this gave me the realization that I am actually doing really good financially,. I always have the feeling I am not doing well enough, but I do. This video gave me a bit more self esteem.
Great content! I love your reference to "loss aversion." This is one of the main reasons why using a credit card to make a purchase is much less painful than spending cash! There is a disconnect of "loss". You don't feel any loss like you do when spending cash. I've learned the hard way, and now only use cash. I now find myself respecting money much more when spending cash than spending someone else's money. It also has changed my behavior of spending to "keep up with the Jones'" and really spend money on my terms, for MY own non-comparison reasons. Thanks again!!!
Hello Nischa! I watch your videos because your videos are very different from the ones I have on my feed. I feel you are really centered on your core values. And that inspires me to do the same. Also, you have arranged your wall with plants really well. It looks amazing.
Yet another great video. It's been impressive watching you grow your channel and your efforts be rewarded. Loss aversion can also be useful by helping us protect what we have earned and avoid waste or unnecessary spending.
Wow! This one was for me. I am doing really well! Thank you so much Nischa ❤
thank you Nischa. I like how you explained the points in this video and it sort of confirms my internal belief about money. I sometimes get carried away by society's standards. I just looked at my bank account and so far I have saved some for the rainy days. I'm looking into expanding it to cover more seasons of my life and it starts with me spending less on status quo stuff.
dear nisha, this one is valuable. not because it´s new to me, but because it confirms i´ve bn doing it right for years. oh, btw, the DOWNLOADABLE finance tracker spreadsheet is fire! Thanks a lot. I´ve had mine, but yours has a pro feel (nice branding too). I´ll spread the word in my circle. Fortune favors the prepared. Wishing you well, madam
A refreshing way of looking at life and money. Thank you so much for making these points in the video. I am going through a big change in my life right now and this helps relieve a lot of stress. Thank you! 🙏
Thank you for this video. It is a good reminder to play the wealth game and ignore the society pressures.
The video I really needed, given where I stand with money in my life right now. Thank you so much, Nischa!
i never comment on any youtube videos but this has to be one of my favourite videos on youtube by far, got the chills twice after some things u said
Your video is amazing💯. I truly think that comparing onself with others is really a never ending game. I learn on how to look at myself in terms of wealth, spend wisely and from what I know rich people as much as they can avoid spending on credit cards.
Totally agree, now I am looking at my purchases differently. Just recently I got a new display to edit videos and be more productive, before I would not want to spend much, but it will help me improve in the long run (basically to help me increase my income).
Great video Nischa - very inspiring!
Can't believe the burden I put on myself thinking I was doing wrong financially. This video is eye opening - I'm doing way better than I thought and I feel relieved.
Thank you so much, great vid.
Great video. Quick, to the point, makes sense, and touches on some fundamental concepts we all need reminders of from time to time.
One of the best videos here, with the rest on this channel being already really good. Thanks Nischa for reminding ourselves to have a bit more appreciation to our achievements. If we could take the social comparison out of the equasion, we'd be so much better off mentally.
Isn’t there a quote out there that says something like; “one knows when he is rich, when he needs nothing else in life..” Can’t remember the quote verbatim… But your channel just reminds me of it. Thank you for everything you do Nischa! 👏🏻👏🏻👏🏻👏🏻
Watching this made me realize I'm doing fine financialy and realy need to thank my mom for it. She was the one who learned by experience and passed it on to me and my brother. She couldn't care less for the "status game" and abhors debt. "Spend less than you earn and save the rest" has always been common sense to us as well as questioning if you realy NEED something or could do without (we still spend on things we want for the sake of fun/pleasure, so long as it's within reason, of course).
I learnt this at 16, when I used to hang with a certain group of individuals. Comparing to other than I eventually started going out on my own and rather compare my achievements to myself.
I learnt by doing so I become my own benchmark rather than look for what others had and also looked to what I enjoyed the most not others.
Only 39% of people able to cover a $1000 dollar expense, this causes people a lot of stress and worry. Looking at your outgoings more carefully should help control this better. Thanks for your useful tips as always Nischa 🙂.
Who are these people you speak of?
I've finally paid off my student loan last year, and my personal loan this year. It's such a liberating feeling. The ONS avg. salary stats are mad. And graduate salaries feel like they stay the same year-on-year, at least for my industry - regularly keep an eye.
Congrats on paying those loans!
@@husseinalbaiaty Thank you, sir. I've been very self-reliant since moving out of my parents' place to another country for uni, so it was quite a biggie for me. Feel very blessed to have taken the student loan when tuition fees were still low, and the personal loan was at a time when interest was low.
I still think there's a place for leverage, but just gives you that extra boost to stay debt-free, for as long as you can manage.
@@michaelr1989 absolutely! Good for you way to keep all of those in things in the context of you investing in yourself! It will compound in sure of it 🌹✊🏾
Straight to the point, not an excessively long video, and the question about what type of lover we would want to be is so good.
New subscriber. I'm impressed because you are so level-headed and articulate. A welcome change from some of the drivel I hear about finance.
Thanks Nishca, love all your videos. I refer my friends and family to them as they have helped me on my journey in life and continue to do with each video. Love from New Zealand 🇳🇿
Thank you so much
Thanks, Nischa. I'm a person who used to think debt is normal but I started understanding things better with the help of your videos now at the age of 3o I have zero debt and an emergency fund saved.
So happy to read this!
great video, simplifying the approach to financial intelligence to make people aware of consumerism culture and you managed to do it in 8 minutes thank you very much nischa 👏
Great video; thanks. A good reminder not to get stuck playing the status game - it's what u know u have that matters, not what others think u have.
Personally, I don't compare myself or my lifestyle to others very much - if at all - but there are things that I feel I am 'falling behind on' according to what I would like my life to look like and I have a couple regrets on some choices I have made but I have finally made a resolution for myself that I am now working towards the life I want to create for myself so that I never experience the fallbacks I have previously. I have made some dumb decisions in life, sure some were necessary but they led me into a very circular way of living and now that I finally understand it for myself, I am working towards the plan I have to dig myself out of the hole I created for myself in the past. It is tough but I also feel like it was necessary for me to experience certain things so that I can learn from them and also learn not to take a lot of what I have in life for granted.
I have 3 out of the 4. Next year, I'll be making the 4th one a priority. Finances are tricky. It should be taught in schools so that the next generation is fully aware of deep, it really goes.
Nischa this is amazing advice and we thank you for this information. Keep helping us grow!
I never thought I'd see the day I binge on FINANCIAL CONTENT 😅 I'm happy to have found you, miss. You're nudging me back on track to fixing my life, for real this time. Thank you!
THIS IS THE BEST VIDEO I'VE SEEN! OMG, it totally shifted the focus and made me think of money differently, took way the pressure around money but at the same time made me want to live MY LIFE, not the life everyone else has.
it reminded me of a question I once heard: " Would you want all the things you're pursuing if nobody else could see you have them?"
That is a very thought provoking question, love it!!
Another great video. I love how you brought in Prospect Theory (Nobel Prize in Economics in 2002), but then related it to where a person feels like they fit in their own social structure of family and close friends (and how Loss Aversion from the theory plays in). I've generally only seen the diminishing returns/loss aversion (pain of loss is more than pleasure of equivalent gain) analysis used in reference to investing and finance, and your take on it was fascinating.
Yeah I question if the two have any correlation or relevence to each other. Normally in my friend circle if someone makes more money than me, I see it as a positive for them and their family. I don't feel bad about it I feel competitive about it and look at what I can do to improve my game to get on the same level or higher if that's what I want, or to put that knowedge in my pocket now and use it later when I'm ready.
Thank you!!
Try "Thinking, Fast and Slow" by Daniel Kahneman.
Loved this video. I have a friend playing me like a fiddle on the status game. He is always putting me down so he can look better, and brands are everything to him. It made me feel worthless, this helped me understand I think there is a lot of dissatisfaction in his life, and he takes it out on me. He is very keen for everyone to know how successful he is to the point of irritation.
Doesn't sound like much of a friend to me
Very cool! I am definitely on the right path. I have a solid budget down to the penny every month, and that has motivated me to not take early days at work with everyone else so I can have those extra few dollars every paycheck. I am currently paying off my lowest premiums of my debt first, and it really feels like I'm steadily crawling myself out of debt. The only thing is that I really need an emergency fund
Love this! We need more financial minimalism when we're drowned in this Hustle Culture.
Great Video Nischa. Thank you for posting. One sign you will do well financially is if you are watching popular financial youtubers like "Nischa" on a consistent basis. Most people focus on increasing their income than increasing their assets like stocks, bonds, real estate, index funds, and others. If your assets are increasing and well balanced, you are doing well. Also, if you are getting financially literature, implementing what you have learned, and sharing or educating others, you will do well financially.
love this video! Status and competitiveness come in all sorts of forms, but we can all agree its superficial and it is a financial burden. This took a toll on my financials when I was in my 20s, now that I'm in my 30s it does creep up and you question why I made that decision or why did I purchase that item. Psychological spending is another thing that I've encountered but now knowing the signs and what not to do I just put that money away.
I needed to hear this! Thank you so much!! I do tend to put others opinions of me over my own… I’m trying to get out of the “status” game
Comparison is a losing game! Will take this onboard on my channel 🎉 Thanks Nischa!
For sure! Thanks for stopping by :)
@@nischa A fairly wise man, Reverend Tony Evans, once said, "Success is not what you've done compared to what others have done. Success is what you've done compared to what you are supposed to do."
One huge essential element not considered here is outside financial assistance such as family help or trust funds some have it given to them others don't that has a huge influence on perceived success. If you are the latter it can feel that yo are not moving forward but when you then realise you have achieved it all without any outside assistance family or otherwise it is a great confidence boost.
To be honest, your videos are insightful, detailed, and amazing. Keep doing the good work.
This was so incredibly well spoken, my first time watching. Bravo!! Amazing insight and so well delivered
Thank you for this video! You've provided me with a lot of confidence. Although it seems like I'm living paycheck to paycheck, most of my paycheck goes into savings/investing/self-education/my son's education.
Ok I'm definitely feeling better about my situation now thanks Nischa :)
My pleasure :)
Thanks Nischa, these fundamentals are the perfect starting spot.🤘 It´s really about looking in (inside yourself - what do you want from life) & not others (status game) to influence your path (looking outside) due to comparisons.
There’s a lot true in this video and I’m glad that there are people advocating for the proper mentality when discussing finance.
Most people are doing better than they think just be content with your lane and keep growing 👏
Thank you for helping us! Very sound and approachable advice with a positive energy. Well done! Keep up the good work!
Glad I discovered you!! I love all the content you are putting out.
thank you Nischa for this video. one thing i observe though: Crowd mentality is not an easy thing to brush off. If you are surrounded by people who have a certain mentality/mindset, it can be extremely difficult to just be you, it is very lonely. it's not impossible but surely tough. It might worth your while instead, to seek those who share similar values as you or at the very least have open mind.
This issue is even worst when it happens at a whole country/society level.