I remember this really hit me when I had my first "real" job after graduating college. I remember my supervisor (who made very good money) telling me, "no matter how much money you make, you'll always find a way to spend it".
Started listening to you a couple years ago and your videos changed my life so I’m back for more. Going to pay off as much of my credit card debt as possible, my vehicle and then hit my student loans hard while also saving, living within my means and getting a hold of my emotional spending. Once I’ve done that and gotten my yoga teacher training then it’s time to give back to my community and teach Yoga to those who are in need of spiritual healing and guidance. I’m ready for 2022, are you ready for me, 2022? Lol! Basically I’ve gone back to being plant based, getting rid of “stuff” and lowering the amount of digital clutter (social media accounts). And I can already tell, I’m happier.
The most impressive thing I’m noticing is that even if I have done so much research about finance and budgeting , after getting a payment raise, I still caught myself thinking about spending more. Wow. It’s definitely a muscle that needs everyday exercise. Thank you for the value you put to your videos! 🙏
Lifestyle creep is real! When we see more money we naturally want to spend more money but you’re right. It’s a muscle that needs daily exercise! Keep growing on your journey my friend!
Another arguable point that I would add to this is that more money should not equate to your level of happiness or security. I'll admit that sometimes, I'll let greed get the best of me to where I feel like I always need more money within each paycheck I get just so I can keep my needs covered (which isn't much in my current situation) and then some. It's like another form of scarcity within my mind... there's a difference between having a fulfilling life, knowing that you have enough and keeping every dollar you earn because of this fear of never having enough... I hope this makes sense.
So true, rule number 1,2 and 3: practice discipline, prioritise essential budgeting and pay yourself first. We think we need more than we actually need. If your income is 100, you have 90 to spend. If you don't make a habit of paying yourself at least 10% of your income, you will always be a slave to your impulses. I managed to get to where I can save at least 37% every month which goes to a step-by-step financial plan towards being financial independent. Not only do I sleep better at night than when I was a credit junkie, I also have the means to help others if I want/need to. Blessed and purposeful living is worth so much more than all the social status in the world.
Love how eloquent you are at speaking, absolutely loved the video! I deleted my social media accounts recently since they were the main source of fueling the consumerist fire for me. Now I have a lot more peace during the day.
Awesome job Ron! It’s amazing how many people are living above their means. Be careful who you envy on social media because those people are often living above their means to impress you.
I'm happy that in my new job I will be paid weekly, no more monthly pay day for me :) I will have 4 pay days a month, how cool is that :)) Anyways, yes, the more you earn, the more you are tempted to spend, it's as simple as that. The more you earn, the more cool ideas come to your mind, with new things that you want which you never considered before. If only we could keep things simple and be satisfied with less we would have more money for sure, hence me going into minimalism (slowly but surely). These are just few ideas, this is a very wide topic for sure.
You’re absolutely right Mihaela! It’s a wide topic for sure and I do plan to continue to explore it further with more videos. Thanks for commenting and sharing your thoughts. My wife is paid weekly and it’s definitely different then bi-weekly or monthly.
i managed to save a ton of money during covid but still live with a "live below your means" mindset so that i don't touch that savings account! emergencies only
Another excellent breakdown to pursue financial freedom Ronald! I also enjoyed this book and the key concepts to reduce consumerism and find what actually brings you joy or value in life.
This is good stuff 👏. I'm 58 and have savings in the low six figures that I've accumulated through doing some of what you say here without even thinking about it. I just made, and make it a part of my financial life. Such as, I never let me vehicle payment be more than I save each month. I don't have credit cards. I don't have any social media accounts, but I have stock in social media companies. I have a mutual fund, my company retirement plan, and I buy stocks. I did these things on my own when there wasn't a RUclips to educate people. To me, there's so much information like yours that there is no reason, or excuse for todays young people to not be able to have the knowledge on how to save. You're helping them with that. Keep up the great work 👍.
@@RonaldLBanks People who know me know that I'm a saver and an investor. They know I live by a strict budget too. People have asked me to help them start budgets and learn investing basics, and I've done it, but I've seen that people often aren't willing to make the sacrifices needed to live by a budget, or alter their spending habuts to make room for saving or investing. Even my own family members see my success but won't replicate what I do. I hope people listen to you.
Let me tell you from my own experience... Unless you applied the right principles from childhood/young adulthood it takes YEARS to get to the right financial mindset. I am 46 yrs old and I do not think I could have absorbed this type of information 15 yrs ago. After a journey of over 5 yrs I am finally at the end of my new begnnning (decluttered, debt free, living mindful, etc). I will be debt free in a few months, having paid off 50k debt as a single mom and I will be able to live on 50% of my income. For the first time I KNOW I will not go back into debt, even if mynincome would reduce. There are still a lot of habits to iron out but that is okay. One day at the time. What am I saying: start where you at, do what you can, search for improvement and constantly reflect. Wish you all the best!
I unsubscribed from almost every email because if I don't see it, I won't buy it. Amazon is a tough one but I only buy what I need. I was looking into reusable ziploc bags, rechargeable lighter and few other items that will last a long time.
We keep them on our counter, but if we don’t get the chance to eat them all once they ripe, we put them in the fridge. The cold slows the ripening for a few extra days.
Please, can anyone explain through their own example what for them means "pay myself first"??:) I am reading now Rich dad, poor dad but that "pay myself first" confuse me how to apply or to how to.do that :))
Great question! Here’s a simple to think about it. Every time you get paid, whether that’s weekly, bi-weekly or monthly. Take a small percentage of that paycheck and transfer it directly to your savings account or invest it towards your retirement. The goal is to get into the habit of savings a portion of your money for yourself before you spend it all on bills, stuff and things.
It’s not how much you earn, it’s how much you spend. If you earn $10,000 in the next year and don’t spend a cent, you’d have $10,000 in your bank account.
I know your audience is a specific one but the reality is the cost of living is high and wages do not keep up. Many in my generation are drowning on student loan debt because we were told higher education is the ticket. More people are having to choose between rent and food vs fixing the car to get to work. While it is important to highlight consumer behaviors it is irresponsible to not call out the injustice of the wealth gap in this country. It also perpetuates that living paycheck to paycheck is soley about individual habits.
"More people are having to choose between rent and food vs fixing the car to get to work." One solution for those who live in cities is to sell the car and use public transportation. Commute takes longer that way, it requires more discipline to leave and return home according to the bus/train schedule, and the weather is always a concern (Minnesotan here). The change demands a lot of effort but no extra money. The upside, on top of the money saved on the monthly car insurance + gas and the occasional parking/ticket/towing fee, is a little exercise sneaked in and more time to think during the commutes. Not having a car will also force the person to limit their non-essential trips. Eating out (especially at McDonald's) will become a treat rather than a routine. Lots of money saved there too. The system is rigged, 100%, but as Ron brought up in the last point fear shouldn't stop us from aiming for higher than we're given. The key to improve entire communities rather than individual lives is that those who achieve social mobility/financial security should reach back and help their neighbors do the same. Or multiple households can go on the financial security journey together. Bettering the neighborhood we already have is the solution, not moving out to "better" neighborhoods once we make it.
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Check out Shortform here: shortform.com/ronald. You’ll get a 5-day free trial and discounted annual subscription.
I remember this really hit me when I had my first "real" job after graduating college. I remember my supervisor (who made very good money) telling me, "no matter how much money you make, you'll always find a way to spend it".
Started listening to you a couple years ago and your videos changed my life so I’m back for more.
Going to pay off as much of my credit card debt as possible, my vehicle and then hit my student loans hard while also saving, living within my means and getting a hold of my emotional spending.
Once I’ve done that and gotten my yoga teacher training then it’s time to give back to my community and teach Yoga to those who are in need of spiritual healing and guidance.
I’m ready for 2022, are you ready for me, 2022?
Lol!
Basically I’ve gone back to being plant based, getting rid of “stuff” and lowering the amount of digital clutter (social media accounts).
And I can already tell, I’m happier.
The old saying "The more money you earn, the more money you waste" is sooo true!
Living pay check to pay check also means you end up just wishing your life away waiting for the next one to arrive 😢
It's hard when e every penny is accounted for, but it's another reason to embrace minimalism. I'm still learning xxx
Keep learning and if you have any questions don’t hesitate to ask! Would love to help!
I keep seeing short form sponsors and I absolutely love it. They have an amazing product
I definitely agree! Best app I’ve seen for book summaries. Plus the interactive exercises help you retain the information you just read!
Thank you! God bless you and your family
Thanks for watching! I’m glad you found value in this!
The most impressive thing I’m noticing is that even if I have done so much research about finance and budgeting , after getting a payment raise, I still caught myself thinking about spending more. Wow. It’s definitely a muscle that needs everyday exercise. Thank you for the value you put to your videos! 🙏
Lifestyle creep is real! When we see more money we naturally want to spend more money but you’re right. It’s a muscle that needs daily exercise! Keep growing on your journey my friend!
Yep I still exercise it everyday even though cheapskate-ness comes naturally to me.
Another arguable point that I would add to this is that more money should not equate to your level of happiness or security. I'll admit that sometimes, I'll let greed get the best of me to where I feel like I always need more money within each paycheck I get just so I can keep my needs covered (which isn't much in my current situation) and then some. It's like another form of scarcity within my mind... there's a difference between having a fulfilling life, knowing that you have enough and keeping every dollar you earn because of this fear of never having enough... I hope this makes sense.
Mmm I actually quite enjoy hoarding money, it's satisfying, like a hobby.
So true, rule number 1,2 and 3: practice discipline, prioritise essential budgeting and pay yourself first. We think we need more than we actually need. If your income is 100, you have 90 to spend. If you don't make a habit of paying yourself at least 10% of your income, you will always be a slave to your impulses. I managed to get to where I can save at least 37% every month which goes to a step-by-step financial plan towards being financial independent. Not only do I sleep better at night than when I was a credit junkie, I also have the means to help others if I want/need to. Blessed and purposeful living is worth so much more than all the social status in the world.
Well said! I love it! Thanks for sharing.
Love how eloquent you are at speaking, absolutely loved the video!
I deleted my social media accounts recently since they were the main source of fueling the consumerist fire for me. Now I have a lot more peace during the day.
Amazing how that works isn’t it?! I’m very happy you have more peace in your day my friend! Keep growing on your journey!
*“Have nothing in your homes that you do not know to be useful or believe to be beautiful.” - William Morris*
These just get better and better!! Your on fire 🔥!!!
I’m glad you enjoyed this! Thank you!! 🙌🏾
Awesome job Ron! It’s amazing how many people are living above their means. Be careful who you envy on social media because those people are often living above their means to impress you.
I'm happy that in my new job I will be paid weekly, no more monthly pay day for me :) I will have 4 pay days a month, how cool is that :)) Anyways, yes, the more you earn, the more you are tempted to spend, it's as simple as that. The more you earn, the more cool ideas come to your mind, with new things that you want which you never considered before. If only we could keep things simple and be satisfied with less we would have more money for sure, hence me going into minimalism (slowly but surely). These are just few ideas, this is a very wide topic for sure.
You’re absolutely right Mihaela! It’s a wide topic for sure and I do plan to continue to explore it further with more videos. Thanks for commenting and sharing your thoughts. My wife is paid weekly and it’s definitely different then bi-weekly or monthly.
This pod cast changed my whole view on how I need to start the change’s needed to get out of the rut of living check to check. Blessed day! Thank you!
I’m really happy this reached you my friend! Keep growing. If you have any questions don’t hesitate to ask!
It’s not about how much you earn it’s how you manage the money you earn..
Loving the content by the way 👍
Yes!!! 🙌🏾 appreciate you saying this my friend! Keep growing on your journey!
You look really nice in that hoodie cause it seems to be simple and good quality
Thanks, Ronald. That was helpful. 👏
Awesome! I’m glad you found value in this my friend!
i managed to save a ton of money during covid but still live with a "live below your means" mindset so that i don't touch that savings account! emergencies only
Exactly! Your emergency fund is for emergencies only! Keep it up Jennifer!!
I was so happy to see 25.00 moved into my savings from my checking. Newest move to help me save.
-Don’t link all your accounts, especially not to Facebook
-Don’t follow stores or influencers on social media, only freinds and relatives
New subscriber here and I love your channel. Great content and you keep it short and sweet. 😊
Welcome to the community Tanya! Glad you decided to subscribe!!
Totally agree. I think it (so to speak) and IG shows up with it...I'm like "Nope!"
Great advice. I intend to put these practices in place asap. Thanks!
Keep growing and learning Grace! I’m excited for you!
This was one of your best videos, soooo helpful. U nailed my issues and really INSPIRED me to be better. Thank you🙏
Awesome! I’m really happy this resonated with you Julia! Keep growing and learning! I’m excited for your journey ahead!
Love the content! Always help and motivate me to do better!!
Great!! I’m happy you’re finding value in my content. If you ever have questions don’t hesitate to ask!
Another excellent breakdown to pursue financial freedom Ronald! I also enjoyed this book and the key concepts to reduce consumerism and find what actually brings you joy or value in life.
Thomas Stanley books are amazing. I read the one called Stop Active Rich and Start Living like a real millionaire
This is good stuff 👏.
I'm 58 and have savings in the low six figures that I've accumulated through doing some of what you say here without even thinking about it. I just made, and make it a part of my financial life. Such as, I never let me vehicle payment be more than I save each month. I don't have credit cards. I don't have any social media accounts, but I have stock in social media companies. I have a mutual fund, my company retirement plan, and I buy stocks. I did these things on my own when there wasn't a RUclips to educate people. To me, there's so much information like yours that there is no reason, or excuse for todays young people to not be able to have the knowledge on how to save. You're helping them with that. Keep up the great work 👍.
Thank you Cary! I appreciate that can congrats on all of your savings/investment success. That’s awesome! 🙌🏾
@@RonaldLBanks People who know me know that I'm a saver and an investor. They know I live by a strict budget too. People have asked me to help them start budgets and learn investing basics, and I've done it, but I've seen that people often aren't willing to make the sacrifices needed to live by a budget, or alter their spending habuts to make room for saving or investing. Even my own family members see my success but won't replicate what I do. I hope people listen to you.
Because the salary is not enough 😭
Lifestyle creep is real. I promise I was about to buy some clothes I don't need since I just had an increase in my pay. This was right on time
hahaha ! these intros are bomb bro
Thank you!! 🙌🏾
i needed to hear this..
I’m glad this video reached you!
Hi Ron, another great video. Thx!
Glad you enjoyed this!!
Let me tell you from my own experience... Unless you applied the right principles from childhood/young adulthood it takes YEARS to get to the right financial mindset. I am 46 yrs old and I do not think I could have absorbed this type of information 15 yrs ago.
After a journey of over 5 yrs I am finally at the end of my new begnnning (decluttered, debt free, living mindful, etc). I will be debt free in a few months, having paid off 50k debt as a single mom and I will be able to live on 50% of my income. For the first time I KNOW I will not go back into debt, even if mynincome would reduce. There are still a lot of habits to iron out but that is okay. One day at the time.
What am I saying: start where you at, do what you can, search for improvement and constantly reflect. Wish you all the best!
I unsubscribed from almost every email because if I don't see it, I won't buy it. Amazon is a tough one but I only buy what I need. I was looking into reusable ziploc bags, rechargeable lighter and few other items that will last a long time.
Ur very right
Glad you enjoyed this!
Yup. Everyday. It's never enough
Let’s keep growing on this journey together my friend!
Btw, avocados should be stored at room temp 😉
We keep them on our counter, but if we don’t get the chance to eat them all once they ripe, we put them in the fridge. The cold slows the ripening for a few extra days.
Finally he upgraded his phone!
Haha! I didn’t really have a choice. My iPhone 6s finally gave out on me!
interesting point, interesting content :)
I’m glad you enjoyed this!
"We don’t see things as they are, we see them as we are."- Anais Nin
Please, can anyone explain through their own example what for them means "pay myself first"??:)
I am reading now Rich dad, poor dad but that "pay myself first" confuse me how to apply or to how to.do that :))
Great question! Here’s a simple to think about it. Every time you get paid, whether that’s weekly, bi-weekly or monthly. Take a small percentage of that paycheck and transfer it directly to your savings account or invest it towards your retirement. The goal is to get into the habit of savings a portion of your money for yourself before you spend it all on bills, stuff and things.
Omg. So true! Life style creep!
Lifestyle creep is real! People face it everyday!
A friend of my dads doesn’t have a big house but he has a lot of houses.
Lifestyle Creep... yep guilty as charge 🤣. And there's fear and redirecting my attention to sth else 😞😮💨.
YOU GOT A NEW PHONE!
I did. My iPhone 6s was on its last life. The battery no longer stayed charged and the home button had a mind of its own haha!
It’s not how much you earn, it’s how much you spend. If you earn $10,000 in the next year and don’t spend a cent, you’d have $10,000 in your bank account.
People are living pay check to pay check because of capitalism...
This all seems like a budget that would work for a person living alone and expect to die alone
Why would you think that? This is pretty much common sense and would benefit anyone.
I know your audience is a specific one but the reality is the cost of living is high and wages do not keep up. Many in my generation are drowning on student loan debt because we were told higher education is the ticket. More people are having to choose between rent and food vs fixing the car to get to work. While it is important to highlight consumer behaviors it is irresponsible to not call out the injustice of the wealth gap in this country. It also perpetuates that living paycheck to paycheck is soley about individual habits.
"More people are having to choose between rent and food vs fixing the car to get to work." One solution for those who live in cities is to sell the car and use public transportation. Commute takes longer that way, it requires more discipline to leave and return home according to the bus/train schedule, and the weather is always a concern (Minnesotan here). The change demands a lot of effort but no extra money. The upside, on top of the money saved on the monthly car insurance + gas and the occasional parking/ticket/towing fee, is a little exercise sneaked in and more time to think during the commutes. Not having a car will also force the person to limit their non-essential trips. Eating out (especially at McDonald's) will become a treat rather than a routine. Lots of money saved there too.
The system is rigged, 100%, but as Ron brought up in the last point fear shouldn't stop us from aiming for higher than we're given. The key to improve entire communities rather than individual lives is that those who achieve social mobility/financial security should reach back and help their neighbors do the same. Or multiple households can go on the financial security journey together. Bettering the neighborhood we already have is the solution, not moving out to "better" neighborhoods once we make it.