How To Manage Your Money Like The 1%
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- Опубликовано: 25 июл 2024
- How to manage your monthly paycheck like the 1% using the 75 15 10 secret
TIMESTAMPS:
00:00 - Intro
00:20 - 75%
02:08 - 15%
04:30 - Opportunity cost
05:45 - 10%
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DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.
As an Amazon Associate I earn from qualifying purchases. The product links in the description are affiliate links. This means if you choose to buy something through one of these links, I may receive a commission on the sale, but it makes no difference to you as a buyer.
The Part you mention 'conscious planning and effort' brings me back to a period in my life when i started to make effort to save $100 a week, did this for 18 years. It wasn’t easy, but staying persistent paid off, I've watched my savings grow to $4M through investing. To see my small steps turn into something significant has been incredibly fulfilling.
to be realistic, Luck plays a significant role more-so than the resources to thrive with investing. without it, it's challenging to succeed
when its consistent, its not considered luck. I credit this to research that led me to Emily Ava Milligan, 93k into over four million and counting, only a top fund manager like her can achieve that
I looked up her name online, and her website was the first result. It was clear she's in high demand. I wish I had a tangible example like yours to reference earlier. Thanks so much for sharing this
Financial planning and retirement strategies are crucial, especially in today's economic climate. With global economic fluctuations and uncertainties, it's essential to have a solid plan in place to protect your financial future.
Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes .It's always good to have a financial plan,
Tax planning is crucial for optimizing investment returns. If not planned well, taxes can eat into your gains and significantly affect your portfolio growth.
Absolutely, proper tax planning can help minimize tax liabilities and maximize after-tax returns. It's essential to consider factors like capital gains taxes, dividend taxes, and tax-efficient investment strategies.
No doubt making smart plans and setting up diversified investment portfolios is quite essential.
yeah that's a good path, focus on a good strategy, relax back and watch it compound within the years. In good time you'll see returns.
Should be shown in schools 100%
In a world where people aspire for health, wealth and happiness. This information is vitally important. Very well presented, simple and easy to understand. Well done. 💚
Agree with this approach - versus what many seem to believe is the way to have a comfortable life.
Something that I encourage people to do - once your savings reach a certain level that covers emergencies - save up another chunk - and once a year decant it off your mortgage, but instead of making your monthly payment smaller - make the term smaller - this means you keep paying the same amount you are used to but, you now have less interest to pay on the overall loan. You also still have your emergency fund, and you are also not overpaying monthly, so still can hold the lump you are saving each year - and if you have a crisis just slow down the one off payment.
I paid my mortgage off in less than fifteen years using this theory - but I did forgo expensive holidays, nights out, and eating out during the period of time - I also got promoted into better paying jobs, and increased my educational elements too.
Anyone can do it... You just have to start.
2000 a month and invest 300. So realistic and doable, i like that idea.
I'm currently at 30% needs, 20% wants and 50% investments
Well done 🎉 me 2 😊
@@pmason6076 yes but whats the point of investing everything? You need to have some fun in life
Very good presentation. I have forwarded it to my kids for their financial education.
Great video, thank you Kiran
Agreed 💯 ! Great efforts!
Very informative video 😊 thank you
75% bills 15% invest 10% rainy day and wait 40 years if you make it to enjoy life not sure
Thank you, Kiran. You are a diamond for your advice. 😊
Amazing advice as always Kiran. It seems so easy but there’s always a but isn’t there? Thank you so much.
Brilliant
I sympathise Ms Kaur with your dealings with HMRC who did not believe initially that I had paid the amount I stated on the tax return into a pension and "corrected " the return which meant they then demanded loads of money. I of course struggled then to communicate with them as they dont accept emails and dont answer the phone . Eventually when I sent in evidence they uncorrected by return only to still not issue the tax refund . Eventually I was told this was because they wanted to do additional security checks - I am still waiting . They are useless
❤❤❤ Nice down to Earth video ❤🎉
A good video Kiran 📹 👌🏿 👏🏿 👍🏿
Good video 👍👍👍
A fantastic new financial common sense video for all people of various ages Kiran! However, I have lost count of how many times that I have heard of "Rich Dad Poor Dad" from so many people. That book is slightly over-rated. Keep up with the great content!
The best part was keeping in reserve and then using the emergency fund!
Fair point! Thanks for watching
Please can you do a video on how we can start investing the 15% each month.
does spending money come under expenses?
Rather than dividend investing, i prefer growth stocks or Nasdaq etf (EQQQ)
I would rather have a stock grow minimum 30pct a year like nvda, amd etc versus earning 4pct dividend annually.
70-75% of income to investments. The rest is for needs and wants. That’s how the smart 1% do it. There’s no way I would only invest 15%.
She’s probably speaking to those on a lower income basis. If you get 2k monthly after taxes and have a family or live in London you’ll probably would have expenses up to 1.5k. So investing those 75% is not realistic and it’s a very big risk. The idea is the long game not the short term reward
One thing not mentioned is never to get married and outsource your heirs to Venezuela until they start making money themselves.
All nice and good, but what if you don't get to enjoy the savings? My mum saved some money, then she died in two weeks at 53 . Never had the chance to enjoy it, while saving it...
Thank you for sharing, I'm so sorry to hear this :(
What is your favourite ETF?
smh , voo , qqq and goai
I personally think after your needs and healthy lifestyle goals are met, you should save at least 50% to 100% of your remaining income. But, that is just my opinion.
Step 1. Realise that your bank is not your friend. They need you to provide their profits.
Step 2. Any spare penny you have, use it to buy Gold. Stash it in a safe place known only to you. This is your hedge against inflation.
step 3. Pay off all your credit cards, then destroy them. They are costing you a fortune.
Step 4. Live debt free, otherwise you are making someone else rich.
Kiran, i would appreciate if you can help me, my partner has a property on rent. What can she claim back. The accoutant she has is of no great help. I would appreciate if you can give me some advice.
Just to be clear, before buying stocks, research the fundamentals of a company like assets vs Liabilities, and if a company shows big long term debts, dont touch that stock, same applies to any meme stock, dont be fooled buy the hype
Just buy bitcoin and hold it for at least 10 years and go do something else. Go read the bitcoin standard to gain more conviction. This girl never talks about bitcoin. Always wants to play it safe. Anyway, good luck with stocks. Don't say I didn't warm you about bitcoin
Kiran, Really amazing video. Please help me and thousands of other people of saving Corporation tax. Really fed-up with HMRC.
Unless you save and invest at least 50%+ there is little chance of becoming wealthy
What your really talking about here is maintaining wealth, which is more or less diversification. If you want to gain wealth you need a concentrated portfolio. S n p are for maintaining wealth. Housing Carries too much risk with little return ATM. Why are you avoiding the elephant in the room which is the best performing asset by far and I mean far for the last 10 years which is bitcoin. I mean at least have an I formed opinion on it. All this playing it safe is NOT going to make anyone wealthy. If you wanna help, help and my advice is you start with the best performing asset, which is bitcoin.
I only clicked on the video because she's pretty, and now I've been taught about sensible planning and fiscal prudence. Those algorithms tracking me down as both a perv and financially reckless once again.
Of course all sound advice but everyone’s circumstances are different and there is absolutely no point in living poor to die rich most especially when you haven’t dependents to leave your money to. Might sound strange particularly to a financial planner but I’m not that interested in doubling or trembling my wealth, the more money there is the more you worry about it and the more you lose out to the tax man especially under a socialist government! Best to pay off all debts including a mortgage and make sure your outgoings are slightly under your incomings. Keep it simple, be sensible but enjoy life and if you can afford it have a nice car, and nice clothes and a nice holidays etc, life is too short not to. Just one caveat, make sure you have enough squirrelled away for a care home if and when you should need to go into one, because well run and luxurious ones cost an absolute arm and a leg and you certainly don’t want to be in a state run one! Other than that I’m not living like a miser below my means to die rich.
How much money do you need to retire 400 gggs be enough 😅
Your financial advisor but you haven't mentioned the best performing asset for the past 12 years? You haven't mentioned bitcoin. I think it's. Clear you haven't read the bitcoin standard. You can hold bitcoin and borrow off it and roll your debt. Why do you skip this best performing asset? Risk overse are we? If you don't know how to talk about the best performing asset and the most scarce asset with a fixed supply, I'm sorry, I think I have to doubt your expertise here. Shocking. Not one mention of bitcoin. Please read the bitcoin standard. It seems you are just echoing what everyone else says.
How much you got paid for this comment
@@user-Marketing1 paid for what? Do you hear me endorsing any company? Bitcoin is an open source protocol monetary network. I'm simply posing the question, why do you avoid it. Engage with me instead of providing silly responses
50-30-20 works for me (50%-needs[housing,transportation&food]-30%-wants-20%debt&investments)
Congratulations you're doing great. Have you consider put 30% to debt/investments instead of only 20%?
ETF is safe and safe never become rich. Looking at how warren invest, he studied the company inside out and when investing, quite concentrated, almost owning the company. The word is “control”.
it looks nice and easy in excel spreadsheet, but 15% investing is pointless. based on your example 25 year old would have a job that give him 300 (15%) to invest... and in return when he is 65 years old he will have 1.6 mil because of that. That is stupid! 1st of all you might not live long enough to enjoy it. 2nd driving rented lambo at age 30 is way better experience than owning lambo at 65. 3rd we ignoring lots of things that can happen in next 40 years, ... sickness, mental issues, war, political issues. You might be living in different country by age 65. Also money devalue over time.. when I was 32 I went for 1 week holiday in Canarie Islands.. and its was fantastic... NOW it would cost me 650 at least, also with age you get more "comfortable" so instead of renting scooter, you want a taxi. Totally different experience and lifetime memories... REMEMBER you might get RICH WHEN OLD... but you CAN"T BUY TIME!! So what its gone its gone.. Yes invest... but not like that! Not for 40 years!!!
You do it how you want mate if this isnt right for you no worries but know this pal she knows what she is talking about you do it however you want its just a suggestion my friend