At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
That is why I work with Melissa Terri Swayne, who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision I ever made.
Yeah for real, Melissa Terri Swayne is one asset manager that gives the breakdown of everything on how things are done, joining an effective financial community can be 100% beneficial when joined properly that's all I can say out of experience..
That's great, your financial advisor must be really good, I have seen testimonies of people using the help of financial advisors in making them more financially stable. I just discovered her exceptional resume when I made a Googled search of her names online. I consider it a blessing that I discover this comment area!
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years??
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am in my 50s no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
‘Grace Adams Cook’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.
I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.
@@SlowrideHome91 If I may ask, as in withdrew all of the money from the 401K and IRA programs? If so, what was your strategy behind that decision? Thank you.
I learned about govt actions from CFA based in NY by name ‘’Victoria Louisa Saylor’’ . Ms. Saylor explained the benefits of long-term Treasuries and alternative investments, which the govt doesn't disclose.
I'm so happy I made productive decisions about my finances that changed my life forever. I'm a single mother living in Melbourne Australia, bought my second house in August and hoping to retire next year at 43 if things keep going smoothly for me..
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Alesia Haas you're such a life saver
You're absolutely right-discipline is key. Even with a lower income, focusing on paying off debt through consistent budgeting and smart financial choices can lead to success. Keep up the disciplined approach, prioritize debt elimination, and eventually, you’ll free up more resources for savings and future investments. Stay committed to your plan!
I got ahead by not eating out, no longer buying more clothes than I can wear, and temporarily increasing my work hours, to pay off the mortgage. Debt free for years
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
My CFA ’Jessica Lee Horst’, 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.
Our economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?
Just get a financial advsor straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but I'm comfortable in my financial environment.
I agree. Exactly why I now work with one. A lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
My CFA Glen Howard Chester ’ , a renowned figure in his line of work. I recommend researching his name & credentials further. He has many years of experience and is a valuable resource for anyone looking to navigate the financial market
I did some findings on him, he really seem to know his stuff. educational background, qualifications really impressive. I left him a note and booked a consult.
The Market have been suffering over the past month, with all the three indexes recording losses in recent weeks. My $400,000 portfolio is down by approximately 20%, any recommendations to scale up my returns before retirement will be highly
You have to get a financial-advisor/broker to aid you diversify your portfolios to include commodities, inflation-indexed bonds and stocks of companies with solid cash flows, as opposed to growth stocks where valuations were based on future potential earnings,
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
Lucia Alicia Cruz is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Food and utility costs. Inflation is way more than 15%. Government needs to admit we are in an economic depression due to their crazy money printing scheme.
Why is every financial RUclipsr gas lighting us on inflation.... Food costs are way higher than 15% so is housing, transportation. Sure consumer goods maybe 15% but its not the sole reason for the struggle but it's 100% a contributing factor
Because it’s a constant excuse for people to “not save” any money when they actually spend $1,000/month on restaurants.Let’s be real. It’s not 100% the contributing factor. You’re not budgeting
The fact that some food items cost more than 15% higher, doesn't mean the inflation numbers are incorrect. That's not the way inflation works.... ;-) And George did say it was a contributing factor. Just that there are other factors that ARE in your control... And he mentioned seasons a few times... Inflation will go up and down. (Hopefully not to zero or lower... Ask Japan...) The economy always cycles. We can focus on what we can control...
1. Cut back to rice and beans lifestyle 2. Buy enough dividend stocks to pay for that life style ( enough rogers stock to pay your internet bill) 3. Increase your lifestyle when only when you buy enough dividend stock to pay for the next thing.
@@desiv1170 The big issue with inflation is even if/when they get it back around 2%, it'll be 2% of the higher amount as well. It won't go "back to normal", as normal will have shifted higher. Also, average mortgage costs have more than doubled in 4 years. Considering housing is typically your highest expense, that makes overall inflation (if you include housing) significantly higher than 15%. Living expenses have risen significantly the past 4 years. My apartment's rent went up over 15% in just the past year alone.
@@Drew458 That's the general big misunderstanding about inflation. People want it to go "back to normal" and that isn't the way inflation works. That would be deflation, and would be generally very bad for the economy. (Again, ask Japan.)
16% over 4Y is government-measured Consumer Price Index (CPI), not necessarily experienced inflation. Key categories like housing, insurance, food, and transportation are up big.
Another factor that i see so many investors ignore is the inflation factor. One of the reason investors overlook the importance of inflation is what psychologists call the “money illusion.” If you receive a 2% raise in a year when inflation runs at 4%, you will almost certainly feel better than you will if you take a 2% pay cut during a year when inflation is zero. Yet both changes in your salary leave you in a virtually identical position-2% worse off after inflation. Inflation is so easy to overlook - and why it's so important to measure your investing success not just by what you make, but by how much you keep after after inflation.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
In the 80's my Dad worked a modest job, Mom stayed at home and raised the kids, and they lived a nice middle class lifestyle including owning a home. Nowadays both I and my partner works and can barely afford to make ends meet. Soon the kids and family dog will need to work to keep this household going. It's the destruction of the American dream right before our eyes.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
I was a late bloomer, but Tracy Britt Cool Consulting, my financial advisor helped me bring it all together and got me into crypto. Now retired for 6 years at 72, my managed portfolio with Tracy generates about 9k a month on average more than my RMD on my retirement accounts. Not real big, but together with SS we're able to live reasonably with 160k a year. While being mortgage free.
After all the complaints and I still see all of the drive throughs backed up at ff restaurants and coffee shops, I still see the nice sit-down restaurants packed out EVERY night and the parking lot is full of brand new cars and trucks. 🤔
Apparently, most of them will be in debt to pay for such a lifestyle. Their cars are financed, etc. Some people don’t understand that it’s perfectly acceptable to eat at home and drive used cars. In other words, they aren’t always people we need to look up to, admire, or worry about.
Nothing's holding me back. My expenses are low and my money grows faster than I can spend. Took some time to get to this point, but learned a lot and enjoyed the journey.
Idk George, starter townhomes in my area start at $800k. With 20% down, that would be a $5k/mo mortgage. A starter condo in my area starts around $450k. With 20% down, that would be $3.3k/mo. Seems like it's just not the time to buy houses of any variety with a mortgage.
You may just have to move when housing costs are that high in your area. There are suburbs in many major metro areas where you can get a starter home for $250-$350k.
If housing prices and mortgage rates are that high in your area, it may be smart to wait before buying. Consider renting, continuing to save, and exploring other investment opportunities. Market conditions fluctuate, and patience could put you in a better financial position when the time is right to buy. Keep evaluating your options. What do you think?
Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Susan Jane Christy ❤️
So i think i have a unique situation. I am currently 29. I am still living with my parents and family because I am stuck supporting them. They keep struggling to get good income so i have to use nearly all my income just paying all the bills which leaves nothing to try to save to get a license, car, insurance etc. which is what I would need to be out on my own while still being able to go to work to earn the income. They keep saying soon they will have a good income but i have been hearing that for 5 years. I don't really see a way out financially and even if things do turn the corner i feel i have wasted so much of my time supporting them that idk when i am on my own how i will catch up and live the typical american dream while also saving for retirement and other things. So definetly my family is holding me back.
@@Silidons91 this is the whole thing my family says to me all the time why move out when it will still be expensive for yourself. While freedom is the main reason cost goes down on everything except rent/mortgage. Family of 4 going down to a family of 1 definetly changes everything else. Not currently working overtime as i am working 12 hour shifts so already 84 hours over 2 weeks plus i am going to school to learn web design to get me a better income. Plus i am trying to help them get a better income however i can. Helping one of them through legal battles with workmans comp and ssdi and they need someone with computer expertise. With all of that i feel overwhelmed already so i don't want to take on overtime as well and I don't really like the work I do hence the school. Yes I do have debt. Only school and a little bit left on the laptop I have. But they have more. The mortgage, a car, and 1 of our phones is not paid off yet. I have a detailed budget and the income is really the main issue there. Once we have more we can knockout the debt and then we have a way to save some. I am looking at every avenue for more income. Besides overtime.
It does not sound like something that is your problem. Your family might also just taking advantage of you. Why change your income if you have your son doing it ?
@@Silidons91 So while yes i would the fact that most over expenses would be cheaper would make my overall expenses cheaper. Food, gas, electricity would be 1/4. Insurance would be the same or more at first as i would be a new driver but cheaper afterwards as there is an extra car in the garage that just needs some fixing up to be drivable. Instead of paying for my dads which has a lease untop of paying for my mothers as well which while paid off the simple fact that it is one car is huge savings. Other stuff like streaming, internet etc. would stay the same. The point being though with those bills being cheaper there is room to pay off the 2 debts i have. If I have a mortgage handle that as well and generally be able to follow the dave ramsey plan. Also not currently doing overtime with no intension of doing so as i am going to school and also helping my mom through legal battles with ssdi and workman's comp.
@@Johanneslol11 So while yes they are they aren't intentionally doing so. My birth mother was doing that with my dad up until a few months ago where we finally said it was enough and she moved out. She would only work part time and spend money like crazy. My dad is the opposite. He had a major surgery and had problems being successful at regular jobs since so he is doing doordash currently. I am always on him to get a job that can provide at least equal to min wage full time. He is trying to meet in the middle. Take a job that isn't doordash or a normal job but still make that amount. It is the only progress I have made on him in years. He doesn't like to take advantage he just overestimates his disabilities and therefore thinks he can only do doordash as a job. My other parent(best friend who basically a mother to me) is mentally and physically disabled but we are working our asses off together to get her an income through ssdi or workmans comp.Also struggling with younger sibling not finding got work either but I have more faith that will fix itself than my dad. While you are right none of this is my resposibility I can't get enough financial freedom to save for lincense, afford the extra per month for insurance on another vehicle and save to get a vehicle and save for another place to live when I can barely pay the current bills. I have a spreadsheet of the budget and I do my best to stay ontop of it we just don't have enough income.
One of my rules is every time you make a discretionary purchase. Such as buying some clothes for $100, You have to also invest that much money. Keeps your spending on check and adds a good chunk to your investment portfolio over time.
Its been up and down this week i went over my budget planner did some mathing and it didn't make sense i paid my car off have very little debt nothing to crazy but once you go through you planner you will find it good content George 💯💯
People listen to you from all over the world, like Barcelona . I am Listening from Canada but it your advise relates to people everywhere. Sometimes I have to guess the equal to a 401 etc but basically we have the same I think. But basically in my case, you are you are preaching to the choir.
Income is directly impacted by inflation. If 100 dollars bought X items four years ago but now only buys 0.85*X items and you’re income isn’t 18% higher then you’re financially behind.
And since Biden entered office, your 401K/IRA balance could be up 50%. Corporate profits are way up because they created the inflation that you are looking at. That increase in your retirement funds is much more than inflation over the past 3.5 years. Just a note in 2018, gas averaged $3.10 which is the same as it is today, 6 years later. So there was no inflation in gas in 6 years.
@@OGAngrySauce My daughter just graduated college and is starting out at the income that I made in 1998. I am proud of her because it took me 10 years of work to get to that point. She is doing well for her first job and she loves this job.
But can you talk about the fact that groceries and consumer energy costs are not calculated in that inflation calculation??? I mean…I feel like that number is very misleading…
With markets tumbling, inflation soaring, and the Fed imposing large interest-rate hike which means more red ink for portfolios. I'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio, or are there ways I can safely profit from this volatile mkt?
An uptick in volatility is not necessarily a bad thing, there are opportunities to be found even in this whirlwind. Best advice just get yourself a seasoned advisor to guide you in this current market
Exactly why i enjoy my day to day market decisions being guided by a portfolio-advisor, seeing that their entire skillset is built around going long and short term 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 outperform. I've been using an advisor for over 4 years since the pandemic, and I've netted approx. $1.3m after 100s of thousands invested so far.
excellent share, curiously inputted Annette Louise Connors on the internet, spotted her consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal
I’m surprised inflation didn’t come out on top, as that’s the usual excuse thrown around by almost everyone. Is it a factor? Sure. However we have control over most of our financial situation, and there are consequences for our choices/actions. Control the things you can control.
Right, 15% over 4 years isn't too bad, and the economy overall seems to have been weathering it in stride. "level" inflation is around 2% year over year. It was WAY worse in the 70s and into the early 90s. Yeah, you feel it when your income is fixed, but I wish more people would keep it in perspective.
Another factor that i see so many investors ignore is the inflation factor. One of the reason investors overlook the importance of inflation is what psychologists call the “money illusion.” If you receive a 2% raise in a year when inflation runs at 4%, you will almost certainly feel better than you will if you take a 2% pay cut during a year when inflation is zero. Yet both changes in your salary leave you in a virtually identical position-2% worse off after inflation. Inflation is so easy to overlook - and why it's so important to measure your investing success not just by what you make, but by how much you keep after after inflation.
Kids do be expensive. It’s a very important issue. But I think when you talk about the kind of numbers that I’m talking about - that, because look, child care is child care, couldn’t - you know, there’s something - you have to have it in this country. You have to have it. But when you talk about those numbers, compared to the kind of numbers that I’m talking about by taxing foreign nations at levels that they’re not used to. But they’ll get used to it very quickly. And it’s not going to stop them from doing business with us. But they’ll have a very substantial tax when they send product into our country. Those numbers are so much bigger than any numbers that we’re talking about, including child care, that it’s going to take care. We’re going to have, I look forward to having no deficits within a fairly short period of time, coupled with the reductions that I told you about on waste and fraud and all of the other things that are going on in our country. Because I have to stay with child care. I want to stay with child care. But those numbers are small relative to the kind of economic numbers that I’m talking about, including growth, but growth also headed up by what the plan is that I just - that I just told you about. We’re going to be taking in trillions of dollars. And as much as child care is talked about as being expensive, it’s, relatively speaking, not very expensive compared to the kind of numbers we will be taking in.
Focus on addressing child care directly. While larger economic policies are important, solving child care issues requires specific investment. Balancing it with other revenue plans may help, but child care affordability needs clear, actionable steps to support working families effectively. What do you think?
Thinking about when I was living with my parents briefly after college... Biking three miles from their house would leave me only 8 miles from the local store... ;-)
Yup. I'm lucky I live only 7 min from a grocery store and 2 mins from work (walking distance). Sold my car 3 years ago and got an electric bike for when I go visit my parents.
6:11 So you're assuming that a $4K mortgage payment is with nothing down? Are you also assuming that people are paying $0 in housing cost (rent) while saving to make that down payment? Are you also assuming that moving further out solves all housing problems and not introduce other problems?
@@mhodge0890 I wasn't being serious. I just think it's funny how George is backpedaling and agreeing with Dave's 8% now. I know he has to in order to keep his job
When my daughter was under 4years old. I would work the night shift. While my husband worked days. 2 reasons for this. 1st to avoid having to pay childcare. 2nd reason was i didnt want my baby in daycare unless they could speak to me and explain if anything was wrong. My first child broke his leg in a daycare and he was unable to explain to me what had led up to his injury. He was not speaking 100% yet.
Thank you for some rational words on inflation. I know it hurts, I feel it too, but some people I hear on the news or out in the world act like it's going to ruin their life. Hair on fire, hands waiving, etc. If you're so on the edge that Paying %15 more for groceries than 4 years ago is going to ruin you, there's probably a lot more going on in your financial life that needs some attention.
Childcare is crazy expensive. This is my cheapest year, at around $15k. Most expensive year was $40k for 3 kids. Should be done with it next year, other than summer camps. I think George is right, that it's just a season. Putting some goals on hold for 3-5 years is okay, especially if you aggressively saved / invested before you had kids.
It’s not popular right now, but stay at home moms just make sense- not only for childcare, but all of the other ways that women benefit their families, extended families, and communities.
@@tracyaf6084 We just enrolled our youngest in pre-K at a private school, which wasn't cheap, but we pre-paid the year. So we are technically done too! Such a relief lol
Don't have 3 kids. Better still DONT HAVE MORE KIDS THAN YOU CAN AFFORD. if your feeling broody get a pet or hobby or concentrate on the Children you already have instead of having more.😊
Inflation is crushing people, George. My household can save/invest my entire salary and even I notice the price of eggs. It’s hard out there. 3% on top of 3% on top of 3% on top of 3% is a lot! And we know that 3% is a manufactured low number.
I went to a mexican food spot in a city I worked in 2021. I looked at the menu on my phone from photos taken in 2021. I wanted to see the price difference. When I got to the spot, literally the entire menu price was DOUBLED. 100% more. If anyone wants to fact check that, look up Los Portales Taco Shop #2 in San Jacinto, CA. 3% is Harris voters lying to you to get you to think it's low.
Agreed! Your salary may have gone up slightly to “compensate” but it’s not enough. 1 paycheck has to cover that “15%” rise in gas, each item in your grocery cart, electricity, water, insurance, etc that have all gone up. That’s why we are feeling the pinch!
@@GSR978 Yeah, not like this. the eggs I buy were 3.19 at the start of 2022. They peaked at 5.39 in 2023, but are now 4.79. That 4.79 has been there since late ‘23. The point is, plenty of other groceries have increased or shrink-flated by a lot more than salaries have during this time.
Another factor that i see so many investors ignore is the inflation factor. One of the reason investors overlook the importance of inflation is what psychologists call the “money illusion.” If you receive a 2% raise in a year when inflation runs at 4%, you will almost certainly feel better than you will if you take a 2% pay cut during a year when inflation is zero. Yet both changes in your salary leave you in a virtually identical position-2% worse off after inflation. Inflation is so easy to overlook - and why it's so important to measure your investing success not just by what you make, but by how much you keep after after inflation.
Someone not following a budget and even though we aren't paying interest on credit cards. We constantly carry over a balance on credit cards and we aren't zeroing it out every month. Which is the defect of not being able to save up for other things. As Caleb Hammer says it we aren't credit card people.
If you're carrying a balance each month and it's hindering savings, it's important to address spending habits. Start by creating a realistic budget that prioritizes paying off credit card debt completely each month. Transition to using debit or cash for daily expenses to avoid overspending. As Caleb Hammer suggests, focusing on budgeting can help regain financial control.
I still have a little bit of Low interest debt. I think that is my biggest problem. For the rest I don’t have a lot of issues at the moment. (Lucky) but those things can change in the blink of a eye
Basic internet had a 25% increase from previous year, 35% increase on house insrance, 39% increase on auto insurance and just a couple of the most recent increase. income only went up 1%, there is no way to earn an additional 40% income to cover these increases
George, paying for private education might not be about protecting your children from the “pot smokers”. These days you might be protecting them from the groomers or the indoctrinators. I appreciate that you’re a young man raising a toddler at the moment and you can’t see around this corner, but these decisions can be gut wrenchingly difficult. Your public school might not just be a place where your child is not going to reach his/her full potential, it might not be a place where he/she will survive at all. We raised three kids during much easier times and even then we at one time or another had kids in private, public, and home school options because that’s where each needed to be at that particular time. We were incredibly blessed to have the resources to pull that off.
Nothing holding us back, two good incomes with no consumer debt and only 90k remaining on the mortgage that is below 2% on a 10 year fixed. 12 month EF in a HYSA and retirement accounts exceeded the 1M mark this year.. only thing that would make me feel better is having the mortgage gone but with that super low rate, we are focusing more on investing heavily so early retirement is an option. If we wiped out the entire EF/cash savings could pay it off the house now but that seems risky.
Focus on making more money. I have 3 friends in the UK that used to complain about the cost of living and taxes. In the UK’s challenging cost of living environment, prioritize essential expenses and create a budget that tracks income versus spending. Focus on building an emergency fund, paying down high-interest debt, and exploring ways to increase income, such as side gigs or investing wisely. Small steps, like reducing discretionary spending, can also make a significant difference in managing financial stress.
Looking back, what held me back the most was my choice in vehicles, going out to lunch every weekday, and spending on women, and the debt involved with all of that. Ironic how spending on women made me a lesser catch for women.
@@tashatestino No doubt. I didn't wise up and start turning it all around until my mid forties. I had a big shovel, thankfully. I will retire well, and my kids will have a strong inheritance, but I could have been a philanthropist.
I have 5 kids. $23,000 for child care annually $43,000 private school annually Then theres $1000 per mo in food= $12,000 year Travel for sport $1500 a year. Then there's the 529s and 350 per mo for health care. I am gonna stop now
The food budget can be trimmed by eating more ethnic food like Mexican, Chinese, etc. prepared at home. Even a bread machine will pay for itself quickly. For snacks try homemade muffins and cupcakes. My friend feeds her family of 7 for $160/week. They use their crockpot and Instapot a lot.
Barcelona is pronounced BarTHelona in Spanish, which is not the language of Barcelona. Barcelona is the capital of Catalonia and in Catalan it is pronounced like in English, BarSelona. Saying BarSelona is the natural way.
Yes. Even kids are a choice. Too many have kids and can't afford them. It's like with pets, don't have one if you can't pay for their food, vet care, etc.
People spend on average $300 a month eating out? Like per person per household? I'm not a big going out to eat person but the people I know that do are in the thousand + range. So there must be a lot of below average people that counters that. And does Door Dash count as eating out? Technically the food was brought to your home...< triple dot chill out zoomers.
You must be like us. The oldest was 15 when the youngest was born. We have many years of college, but I guess it’s not any harder than paying for multiple kids at the same time.
Everyone in my family, including my wife and their obstinacy or deprioritization of wealth-building. And the devine guilt from all my church family and pastor. I have to bite the bullet every day, or I'll be treated like a spineless coward who only cares about himself.
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
That is why I work with Melissa Terri Swayne, who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision I ever made.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Yeah for real, Melissa Terri Swayne is one asset manager that gives the breakdown of everything on how things are done, joining an effective financial community can be 100% beneficial when joined properly that's all I can say out of experience..
That's great, your financial advisor must be really good, I have seen testimonies of people using the help of financial advisors in making them more financially stable. I just discovered her exceptional resume when I made a Googled search of her names online. I consider it a blessing that I discover this comment area!
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years??
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am in my 50s no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!
The best course of action is to get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
Pls who is this coach that guides you? I’m in dire need of one, my stock portfolio is declining even in a bull market.
‘Grace Adams Cook’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.
I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.
@@SlowrideHome91 If I may ask, as in withdrew all of the money from the 401K and IRA programs? If so, what was your strategy behind that decision? Thank you.
I learned about govt actions from CFA based in NY by name ‘’Victoria Louisa Saylor’’ . Ms. Saylor explained the benefits of long-term Treasuries and alternative investments, which the govt doesn't disclose.
Found her online page by searching her full name, I wrote her an email and scheduled a call, hopefully she responds.
I'm so happy I made productive decisions about my finances that changed my life forever. I'm a single mother living in Melbourne Australia, bought my second house in August and hoping to retire next year at 43 if things keep going smoothly for me..
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Alesia Haas you're such a life saver
Waking up every 10th of each month to $34,000 it’s a blessing to I and my family… Big gratitude to this same Alesia Haas 🙌
That’s awesome! I ended up making a net profit of $120k by investing in high dividend yield stocks, ETFs, and equity.
国美国🇺🇸十𝟭𝟲𝟬𝟳𝟯𝟮𝟵𝟴𝟴𝟰𝟴👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻❤️❤️十
每个人都这样"抄袭"，"RUclips 让人沮丧
THAT’S HER WHAT’$APPS💯
I retired from the Army and now make less, but I'm paying off debt faster than I was in the Army. It's discipline. Nothing else.
You're absolutely right-discipline is key. Even with a lower income, focusing on paying off debt through consistent budgeting and smart financial choices can lead to success. Keep up the disciplined approach, prioritize debt elimination, and eventually, you’ll free up more resources for savings and future investments. Stay committed to your plan!
I got ahead by not eating out, no longer buying more clothes than I can wear, and temporarily increasing my work hours, to pay off the mortgage. Debt free for years
Very nice. On the clothing thing but still some work left on ordering food.
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
My CFA ’Jessica Lee Horst’, 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.
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.
Horse clip reference was funny. I think George is the most relatable of all the Ramsey personalities.
Our economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?
Just get a financial advsor straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but I'm comfortable in my financial environment.
I agree. Exactly why I now work with one. A lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
Who is your advsor please?
My CFA Glen Howard Chester ’ , a renowned figure in his line of work. I recommend researching his name & credentials further. He has many years of experience and is a valuable resource for anyone looking to navigate the financial market
I did some findings on him, he really seem to know his stuff. educational background, qualifications really impressive. I left him a note and booked a consult.
*Thank you😊 for this video, do you offer account management or have any recommendations?*
If you’re using a good manager, it’s easier to earn from the market
That's true. a lot of people today have been
having lots of disappointments in trading in light of helpless direction and awful consultants
I've been trying to trade but I keep making losses and it's frustrating
Could you suggest a consultant for me?
VICTORIA WALTERS HAYWARD is exceptionally good, i believe you should give her a try
The Market have been suffering over the past month, with all the three indexes recording losses in recent weeks. My $400,000 portfolio is down by approximately 20%, any recommendations to scale up my returns before retirement will be highly
You have to get a financial-advisor/broker to aid you diversify your portfolios to include commodities, inflation-indexed bonds and stocks of companies with solid cash flows, as opposed to growth stocks where valuations were based on future potential earnings,
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
Lucia Alicia Cruz is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
George you are awesome, I can't believe I just start watching you now. thanks for the laugh and the advice.
Food and utility costs. Inflation is way more than 15%. Government needs to admit we are in an economic depression due to their crazy money printing scheme.
George, you’re always informative and hilarious! I appreciate you! (Those little sound bites that you pop in here and there are genius!)
The number one problem….. yourself
Why is every financial RUclipsr gas lighting us on inflation.... Food costs are way higher than 15% so is housing, transportation. Sure consumer goods maybe 15% but its not the sole reason for the struggle but it's 100% a contributing factor
Because it’s a constant excuse for people to “not save” any money when they actually spend $1,000/month on restaurants.Let’s be real. It’s not 100% the contributing factor. You’re not budgeting
The fact that some food items cost more than 15% higher, doesn't mean the inflation numbers are incorrect.
That's not the way inflation works.... ;-)
And George did say it was a contributing factor. Just that there are other factors that ARE in your control...
And he mentioned seasons a few times... Inflation will go up and down. (Hopefully not to zero or lower... Ask Japan...)
The economy always cycles. We can focus on what we can control...
1. Cut back to rice and beans lifestyle
2. Buy enough dividend stocks to pay for that life style ( enough rogers stock to pay your internet bill)
3. Increase your lifestyle when only when you buy enough dividend stock to pay for the next thing.
@@desiv1170 The big issue with inflation is even if/when they get it back around 2%, it'll be 2% of the higher amount as well. It won't go "back to normal", as normal will have shifted higher. Also, average mortgage costs have more than doubled in 4 years. Considering housing is typically your highest expense, that makes overall inflation (if you include housing) significantly higher than 15%. Living expenses have risen significantly the past 4 years. My apartment's rent went up over 15% in just the past year alone.
@@Drew458 That's the general big misunderstanding about inflation. People want it to go "back to normal" and that isn't the way inflation works.
That would be deflation, and would be generally very bad for the economy. (Again, ask Japan.)
Target isn't holding you back financially. GOING to Target is.
I dunno what you mean? Target is holding me at gun point and stealing all my money every week
@@phased3941 LOLOLOLOLOL!!!!!
completely agree
16% over 4Y is government-measured Consumer Price Index (CPI), not necessarily experienced inflation. Key categories like housing, insurance, food, and transportation are up big.
Another factor that i see so many investors ignore is the inflation factor. One of the reason investors overlook the importance of inflation is what psychologists call the “money illusion.” If you receive a 2% raise in a year when inflation runs at 4%, you will almost certainly feel better than you will if you take a 2% pay cut during a year when inflation is zero. Yet both changes in your salary leave you in a virtually identical position-2% worse off after inflation. Inflation is so easy to overlook - and why it's so important to measure your investing success not just by what you make, but by how much you keep after after inflation.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
In the 80's my Dad worked a modest job, Mom stayed at home and raised the kids, and they lived a nice middle class lifestyle including owning a home. Nowadays both I and my partner works and can barely afford to make ends meet. Soon the kids and family dog will need to work to keep this household going. It's the destruction of the American dream right before our eyes.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
I was a late bloomer, but Tracy Britt Cool Consulting, my financial advisor helped me bring it all together and got me into crypto. Now retired for 6 years at 72, my managed portfolio with Tracy generates about 9k a month on average more than my RMD on my retirement accounts. Not real big, but together with SS we're able to live reasonably with 160k a year. While being mortgage free.
She is really a good investment advisor. Was privileged to attend some of her seminars.that's how I started my own crypto investment
After all the complaints and I still see all of the drive throughs backed up at ff restaurants and coffee shops, I still see the nice sit-down restaurants packed out EVERY night and the parking lot is full of brand new cars and trucks. 🤔
Apparently, most of them will be in debt to pay for such a lifestyle. Their cars are financed, etc. Some people don’t understand that it’s perfectly acceptable to eat at home and drive used cars. In other words, they aren’t always people we need to look up to, admire, or worry about.
Nothing's holding me back. My expenses are low and my money grows faster than I can spend. Took some time to get to this point, but learned a lot and enjoyed the journey.
I love the frequent callbacks to that horse comment 😂
Great video, very informative and funny ash. Keep posting, imma keep watching.
Taxes is my biggest monthly expense. Thats not right
Idk George, starter townhomes in my area start at $800k. With 20% down, that would be a $5k/mo mortgage. A starter condo in my area starts around $450k. With 20% down, that would be $3.3k/mo. Seems like it's just not the time to buy houses of any variety with a mortgage.
You may just have to move when housing costs are that high in your area. There are suburbs in many major metro areas where you can get a starter home for $250-$350k.
So move...
Then move
If housing prices and mortgage rates are that high in your area, it may be smart to wait before buying. Consider renting, continuing to save, and exploring other investment opportunities. Market conditions fluctuate, and patience could put you in a better financial position when the time is right to buy. Keep evaluating your options. What do you think?
Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Susan Jane Christy ❤️
Hello!! how do you make such monthly, I’m a born Christian and sometimes I feel so down of myself 😭 because of low finance but I still believe God
Hi that's good you have idea &share to those who deserve it that's great god bless🙏🙏
She's a licensed broker here in the states🇺🇸 and finance advisor.
After I raised up to 525k trading with her I bought a new House and a car here in the states🇺🇸🇺🇸 also paid for my son's surgery….Glory to God, shalom.
Can I also do it??? My life is facing lots of challenges lately
As a Spaniard, I appreciate the immaculate pronunciation of Barcelona! 👏
That's the only thing you took out from the video?
So i think i have a unique situation. I am currently 29. I am still living with my parents and family because I am stuck supporting them. They keep struggling to get good income so i have to use nearly all my income just paying all the bills which leaves nothing to try to save to get a license, car, insurance etc. which is what I would need to be out on my own while still being able to go to work to earn the income. They keep saying soon they will have a good income but i have been hearing that for 5 years. I don't really see a way out financially and even if things do turn the corner i feel i have wasted so much of my time supporting them that idk when i am on my own how i will catch up and live the typical american dream while also saving for retirement and other things. So definetly my family is holding me back.
wouldn't you have to pay rent/mortgage if you didn't live with your parents? you're working overtime?
@@Silidons91 this is the whole thing my family says to me all the time why move out when it will still be expensive for yourself. While freedom is the main reason cost goes down on everything except rent/mortgage. Family of 4 going down to a family of 1 definetly changes everything else. Not currently working overtime as i am working 12 hour shifts so already 84 hours over 2 weeks plus i am going to school to learn web design to get me a better income. Plus i am trying to help them get a better income however i can. Helping one of them through legal battles with workmans comp and ssdi and they need someone with computer expertise. With all of that i feel overwhelmed already so i don't want to take on overtime as well and I don't really like the work I do hence the school. Yes I do have debt. Only school and a little bit left on the laptop I have. But they have more. The mortgage, a car, and 1 of our phones is not paid off yet. I have a detailed budget and the income is really the main issue there. Once we have more we can knockout the debt and then we have a way to save some. I am looking at every avenue for more income. Besides overtime.
It does not sound like something that is your problem. Your family might also just taking advantage of you. Why change your income if you have your son doing it ?
@@Silidons91 So while yes i would the fact that most over expenses would be cheaper would make my overall expenses cheaper. Food, gas, electricity would be 1/4. Insurance would be the same or more at first as i would be a new driver but cheaper afterwards as there is an extra car in the garage that just needs some fixing up to be drivable. Instead of paying for my dads which has a lease untop of paying for my mothers as well which while paid off the simple fact that it is one car is huge savings. Other stuff like streaming, internet etc. would stay the same. The point being though with those bills being cheaper there is room to pay off the 2 debts i have. If I have a mortgage handle that as well and generally be able to follow the dave ramsey plan. Also not currently doing overtime with no intension of doing so as i am going to school and also helping my mom through legal battles with ssdi and workman's comp.
@@Johanneslol11 So while yes they are they aren't intentionally doing so. My birth mother was doing that with my dad up until a few months ago where we finally said it was enough and she moved out. She would only work part time and spend money like crazy. My dad is the opposite. He had a major surgery and had problems being successful at regular jobs since so he is doing doordash currently. I am always on him to get a job that can provide at least equal to min wage full time. He is trying to meet in the middle. Take a job that isn't doordash or a normal job but still make that amount. It is the only progress I have made on him in years. He doesn't like to take advantage he just overestimates his disabilities and therefore thinks he can only do doordash as a job. My other parent(best friend who basically a mother to me) is mentally and physically disabled but we are working our asses off together to get her an income through ssdi or workmans comp.Also struggling with younger sibling not finding got work either but I have more faith that will fix itself than my dad. While you are right none of this is my resposibility I can't get enough financial freedom to save for lincense, afford the extra per month for insurance on another vehicle and save to get a vehicle and save for another place to live when I can barely pay the current bills. I have a spreadsheet of the budget and I do my best to stay ontop of it we just don't have enough income.
One of my rules is every time you make a discretionary purchase. Such as buying some clothes for $100, You have to also invest that much money. Keeps your spending on check and adds a good chunk to your investment portfolio over time.
Its been up and down this week i went over my budget planner did some mathing and it didn't make sense i paid my car off have very little debt nothing to crazy but once you go through you planner you will find it good content George 💯💯
People listen to you from all over the world, like Barcelona . I am Listening from Canada but it your advise relates to people everywhere. Sometimes I have to guess the equal to a 401 etc but basically we have the same I think. But basically in my case, you are you are preaching to the choir.
Yeah, had to go online and equate to RRSP and TFSA but the message still rings through.
One of the best videos out there right now on the topic!
Income is directly impacted by inflation. If 100 dollars bought X items four years ago but now only buys 0.85*X items and you’re income isn’t 18% higher then you’re financially behind.
And since Biden entered office, your 401K/IRA balance could be up 50%. Corporate profits are way up because they created the inflation that you are looking at. That increase in your retirement funds is much more than inflation over the past 3.5 years. Just a note in 2018, gas averaged $3.10 which is the same as it is today, 6 years later. So there was no inflation in gas in 6 years.
My father made the same salary I made this year in the year 1996. According to the Fed, my father had twice the purchasing power I now have.
@@OGAngrySauce My daughter just graduated college and is starting out at the income that I made in 1998. I am proud of her because it took me 10 years of work to get to that point. She is doing well for her first job and she loves this job.
@@gibblespascack1418 do you anticipate she'll see a cumulative 100% raise over the next 10 years?
@@OGAngrySauce If she makes the achievements that I have made, Absolutely.
False: that chain letter I didn't forward to 13 friends back in 97'.
😂 well done.
George is hilarious 😂
You guys rlly need to do something about the bots in your videos
But can you talk about the fact that groceries and consumer energy costs are not calculated in that inflation calculation???
I mean…I feel like that number is very misleading…
I'm Debt free!!! Thanks for your support! On step 3 where do I put my savings?
With markets tumbling, inflation soaring, and the Fed imposing large interest-rate hike which means more red ink for portfolios. I'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio, or are there ways I can safely profit from this volatile mkt?
An uptick in volatility is not necessarily a bad thing, there are opportunities to be found even in this whirlwind. Best advice just get yourself a seasoned advisor to guide you in this current market
Exactly why i enjoy my day to day market decisions being guided by a portfolio-advisor, seeing that their entire skillset is built around going long and short term 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 outperform. I've been using an advisor for over 4 years since the pandemic, and I've netted approx. $1.3m after 100s of thousands invested so far.
@@chadgriffith1969 this is huge! your advsor must be grade A, mind sharing more info please? in dire need of proper asset allocation
excellent share, curiously inputted Annette Louise Connors on the internet, spotted her consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal
Long term investors don't worry about short term high volatility.
Jorge again, the most funny Chanel I follow and learn. thanks
Blue Bell Two Step ice cream is sooo good! But I only allow myself to buy it when it's on sale.
We can't buy it because the two of us will eat the entire tub in one evening! We are absolute pigs. 😂
I’m surprised inflation didn’t come out on top, as that’s the usual excuse thrown around by almost everyone.
Is it a factor? Sure. However we have control over most of our financial situation, and there are consequences for our choices/actions. Control the things you can control.
I am not from America but the inflation here In the Netherlands was 16%.. my family gas bill went from 250 euro to 1200.. it was total madness.
Right, 15% over 4 years isn't too bad, and the economy overall seems to have been weathering it in stride. "level" inflation is around 2% year over year. It was WAY worse in the 70s and into the early 90s. Yeah, you feel it when your income is fixed, but I wish more people would keep it in perspective.
Another factor that i see so many investors ignore is the inflation factor. One of the reason investors overlook the importance of inflation is what psychologists call the “money illusion.” If you receive a 2% raise in a year when inflation runs at 4%, you will almost certainly feel better than you will if you take a 2% pay cut during a year when inflation is zero. Yet both changes in your salary leave you in a virtually identical position-2% worse off after inflation. Inflation is so easy to overlook - and why it's so important to measure your investing success not just by what you make, but by how much you keep after after inflation.
George what is it with you and horses?
Kids do be expensive. It’s a very important issue. But I think when you talk about the kind of numbers that I’m talking about - that, because look, child care is child care, couldn’t - you know, there’s something - you have to have it in this country. You have to have it.
But when you talk about those numbers, compared to the kind of numbers that I’m talking about by taxing foreign nations at levels that they’re not used to. But they’ll get used to it very quickly. And it’s not going to stop them from doing business with us. But they’ll have a very substantial tax when they send product into our country. Those numbers are so much bigger than any numbers that we’re talking about, including child care, that it’s going to take care. We’re going to have, I look forward to having no deficits within a fairly short period of time, coupled with the reductions that I told you about on waste and fraud and all of the other things that are going on in our country.
Because I have to stay with child care. I want to stay with child care. But those numbers are small relative to the kind of economic numbers that I’m talking about, including growth, but growth also headed up by what the plan is that I just - that I just told you about. We’re going to be taking in trillions of dollars. And as much as child care is talked about as being expensive, it’s, relatively speaking, not very expensive compared to the kind of numbers we will be taking in.
Focus on addressing child care directly. While larger economic policies are important, solving child care issues requires specific investment. Balancing it with other revenue plans may help, but child care affordability needs clear, actionable steps to support working families effectively. What do you think?
If you commit to biking/walking anywhere within 3 miles, you will save a significant amount on gasoline.
Thinking about when I was living with my parents briefly after college...
Biking three miles from their house would leave me only 8 miles from the local store... ;-)
Yup. I'm lucky I live only 7 min from a grocery store and 2 mins from work (walking distance). Sold my car 3 years ago and got an electric bike for when I go visit my parents.
I was hardly paying attention, but immediately snapped back after being called out on the two-step ice cream 😩😅
Move to Indiana. The state pays for 95% of our kid’s private education.
6:11 So you're assuming that a $4K mortgage payment is with nothing down? Are you also assuming that people are paying $0 in housing cost (rent) while saving to make that down payment? Are you also assuming that moving further out solves all housing problems and not introduce other problems?
Withdrawing 8% every year is holding me back
So withdraw 4% problem solved
@@mhodge0890 I wasn't being serious. I just think it's funny how George is backpedaling and agreeing with Dave's 8% now. I know he has to in order to keep his job
When my daughter was under 4years old. I would work the night shift. While my husband worked days. 2 reasons for this. 1st to avoid having to pay childcare. 2nd reason was i didnt want my baby in daycare unless they could speak to me and explain if anything was wrong. My first child broke his leg in a daycare and he was unable to explain to me what had led up to his injury. He was not speaking 100% yet.
Thank you for some rational words on inflation. I know it hurts, I feel it too, but some people I hear on the news or out in the world act like it's going to ruin their life. Hair on fire, hands waiving, etc. If you're so on the edge that Paying %15 more for groceries than 4 years ago is going to ruin you, there's probably a lot more going on in your financial life that needs some attention.
Childcare is crazy expensive. This is my cheapest year, at around $15k. Most expensive year was $40k for 3 kids. Should be done with it next year, other than summer camps. I think George is right, that it's just a season. Putting some goals on hold for 3-5 years is okay, especially if you aggressively saved / invested before you had kids.
Nah send your kids to private school
It’s not popular right now, but stay at home moms just make sense- not only for childcare, but all of the other ways that women benefit their families, extended families, and communities.
I just got my last into kindergarten and it’s such a relief to see that one bill go.
@@tracyaf6084 We just enrolled our youngest in pre-K at a private school, which wasn't cheap, but we pre-paid the year. So we are technically done too! Such a relief lol
Don't have 3 kids. Better still DONT HAVE MORE KIDS THAN YOU CAN AFFORD. if your feeling broody get a pet or hobby or concentrate on the Children you already have instead of having more.😊
My expense has been going on since the late 90’s. I keep sending a prince the fee to collect my lottery winnings, but he hasn’t sent it yet.
Inflation is crushing people, George. My household can save/invest my entire salary and even I notice the price of eggs. It’s hard out there. 3% on top of 3% on top of 3% on top of 3% is a lot! And we know that 3% is a manufactured low number.
The price of eggs has always fluctuated like Kirstie Alley's weight. The bird flu is back, driving egg prices up (combined with inflation).
I went to a mexican food spot in a city I worked in 2021. I looked at the menu on my phone from photos taken in 2021. I wanted to see the price difference. When I got to the spot, literally the entire menu price was DOUBLED. 100% more. If anyone wants to fact check that, look up Los Portales Taco Shop #2 in San Jacinto, CA. 3% is Harris voters lying to you to get you to think it's low.
Agreed! Your salary may have gone up slightly to “compensate” but it’s not enough.
1 paycheck has to cover that “15%” rise in gas, each item in your grocery cart, electricity, water, insurance, etc that have all gone up.
That’s why we are feeling the pinch!
@@GSR978 Yeah, not like this. the eggs I buy were 3.19 at the start of 2022. They peaked at 5.39 in 2023, but are now 4.79. That 4.79 has been there since late ‘23. The point is, plenty of other groceries have increased or shrink-flated by a lot more than salaries have during this time.
Another factor that i see so many investors ignore is the inflation factor. One of the reason investors overlook the importance of inflation is what psychologists call the “money illusion.” If you receive a 2% raise in a year when inflation runs at 4%, you will almost certainly feel better than you will if you take a 2% pay cut during a year when inflation is zero. Yet both changes in your salary leave you in a virtually identical position-2% worse off after inflation. Inflation is so easy to overlook - and why it's so important to measure your investing success not just by what you make, but by how much you keep after after inflation.
It’s a crime how funny George is 😂 I’ll try not to laugh while correcting these papers.
Someone not following a budget and even though we aren't paying interest on credit cards. We constantly carry over a balance on credit cards and we aren't zeroing it out every month. Which is the defect of not being able to save up for other things. As Caleb Hammer says it we aren't credit card people.
Time for ✂️✂️✂️
If you're carrying a balance each month and it's hindering savings, it's important to address spending habits. Start by creating a realistic budget that prioritizes paying off credit card debt completely each month. Transition to using debit or cash for daily expenses to avoid overspending. As Caleb Hammer suggests, focusing on budgeting can help regain financial control.
I still have a little bit of Low interest debt. I think that is my biggest problem. For the rest I don’t have a lot of issues at the moment. (Lucky) but those things can change in the blink of a eye
Basic internet had a 25% increase from previous year, 35% increase on house insrance, 39% increase on auto insurance and just a couple of the most recent increase. income only went up 1%, there is no way to earn an additional 40% income to cover these increases
Inflation is real, but so is the power of budgeting! Let's stop blaming external factors and take control of our spending.
George, paying for private education might not be about protecting your children from the “pot smokers”. These days you might be protecting them from the groomers or the indoctrinators. I appreciate that you’re a young man raising a toddler at the moment and you can’t see around this corner, but these decisions can be gut wrenchingly difficult. Your public school might not just be a place where your child is not going to reach his/her full potential, it might not be a place where he/she will survive at all. We raised three kids during much easier times and even then we at one time or another had kids in private, public, and home school options because that’s where each needed to be at that particular time. We were incredibly blessed to have the resources to pull that off.
Only I can hold me back. It is a personal issue... Look at yourself first... Then create a budget and stick to it.
@@HOLDXSTEEL Thank you. Just me. I am the only one who can hold myself back...
The horse out here catching strays ☠️
Nothing holding us back, two good incomes with no consumer debt and only 90k remaining on the mortgage that is below 2% on a 10 year fixed. 12 month EF in a HYSA and retirement accounts exceeded the 1M mark this year.. only thing that would make me feel better is having the mortgage gone but with that super low rate, we are focusing more on investing heavily so early retirement is an option. If we wiped out the entire EF/cash savings could pay it off the house now but that seems risky.
Putting 18% in my 401k to max it out for the year for me😢
Is this in 2024? The answer is the current admin.
“An area a little further out” brother anything within 3 hours of NYC is 450k +
Find another place to live. NYC and surrounding metros aren't the be all end all.
You'll have to save up for that refinance of the mortgage because there are fees charged for it.
I mean I am from the UK watching your videos, so cost of living in UK is not great!
Focus on making more money. I have 3 friends in the UK that used to complain about the cost of living and taxes. In the UK’s challenging cost of living environment, prioritize essential expenses and create a budget that tracks income versus spending. Focus on building an emergency fund, paying down high-interest debt, and exploring ways to increase income, such as side gigs or investing wisely. Small steps, like reducing discretionary spending, can also make a significant difference in managing financial stress.
Looking back, what held me back the most was my choice in vehicles, going out to lunch every weekday, and spending on women, and the debt involved with all of that. Ironic how spending on women made me a lesser catch for women.
Maybe you should have focused on earning more and investing.
@@tashatestino No doubt. I didn't wise up and start turning it all around until my mid forties. I had a big shovel, thankfully. I will retire well, and my kids will have a strong inheritance, but I could have been a philanthropist.
@@willelliott5052 What habits or investments did you do exactly to turn it around?
Lmaooo this guy and pets 😭
Santabarbara ca is holding me back
It's too expensive out here for real. Apartments don't seem to get lower than 2k.
WOW. George really likes to beat a dead HORSE with that joke.
Good Video
Barcelona 😂😂😂 I can’t with you!!! ❤barthelona 🇪🇸
It's "Barrrcelona"
I have 5 kids.
$23,000 for child care annually
$43,000 private school annually
Then theres $1000 per mo in food= $12,000 year
Travel for sport $1500 a year.
Then there's the 529s and 350 per mo for health care. I am gonna stop now
The food budget can be trimmed by eating more ethnic food like Mexican, Chinese, etc. prepared at home. Even a bread machine will pay for itself quickly. For snacks try homemade muffins and cupcakes. My friend feeds her family of 7 for $160/week. They use their crockpot and Instapot a lot.
Barcelona is pronounced BarTHelona in Spanish, which is not the language of Barcelona. Barcelona is the capital of Catalonia and in Catalan it is pronounced like in English, BarSelona. Saying BarSelona is the natural way.
My mortgage is low. I pay more in taxes and insurance than I do annual to mortgage
What about Starbucks? You expect me to give that up? 😳
I'd change a lot of these to "the choice of having a child"
Yes. Even kids are a choice. Too many have kids and can't afford them. It's like with pets, don't have one if you can't pay for their food, vet care, etc.
If you want a pet, get a couple of chickens. They are fun and they feed you too. Just don't get a rooster....
Rooster feds you as well some great tasting chicken
@@mhodge0890 I can't stand the crowing. Especially when I worked nights and they sat outside my window in the mornings.
Ohh got it
Too many cut aways editors. You gone too far.
George buddy I just tried to open a laurel road hysa and the website said my request could not be processed 😢
The thing holding me back at this moment is trying to get my dang 401K set up/ recovered from my new/ old job, which is the same job.
People spend on average $300 a month eating out? Like per person per household? I'm not a big going out to eat person but the people I know that do are in the thousand + range. So there must be a lot of below average people that counters that. And does Door Dash count as eating out? Technically the food was brought to your home...< triple dot chill out zoomers.
Great channel, lol
Pet Frogs...wickedly humorous!
"Wasabi Lobby" lol
It’s my debt I constantly keep stacking it…
Kamel Kamel Kamel!! I beat you by 21 days in mortgage payment 🙌
Butt-ton? How much is that?
Cash flowing college could definitely take 10 years or even more. 3 or 4 kids, 3 years apart. You’ll be paying for college a long time!
You must be like us. The oldest was 15 when the youngest was born. We have many years of college, but I guess it’s not any harder than paying for multiple kids at the same time.
I'll be shocked if it's not student loans
Housing, utilities, food and gasoline and other prices went up 40% but my income stayed the same.
Awesome video. I suspect some sensitive horse/pet owner going to be hating on you for your sense of humour 😂, but I like it.
This was hilarious! Spouses holding you back financially😅😅😅😅
I feel the opposite - not having a spouse is holding me back financially! haha
Everyone in my family, including my wife and their obstinacy or deprioritization of wealth-building. And the devine guilt from all my church family and pastor. I have to bite the bullet every day, or I'll be treated like a spineless coward who only cares about himself.
One of the funniest videos!
Imagine what you could do with 30-50% more money in pocket. So, yes, taxes is and will always be the number one answer to what's holding us back.