Window washer here. Was a professional orchestra musician. I get laughed at by my old colleagues... They only see the dirt on my tough hands. I make $1,000-$2,000 per day, work only 5 months a year, own a home, and live in Mexico for the winter. ..."Have you seen a man skillful at his work? He will stand before kings; He will not stand before common men." - Proverbs 22:29
@@josephkelley3035Honestly I think he is the sole employee, probably started off doing homes on the side, picked the skills. And then started reaching out to commercial buildings, and built up his commercial businesses and only does those during the spring/summer/, maybe some fall.
Coming out of facing alot, I knew two things about the stock market: It caused the Great Depression, and the fastest way to make a million on the markets was to start with two million. And then the Great Recession happened only a few years later. So yeah, I wish someone had better explained it to me earlier in life. Having a good entry and exit strategy will make you succeed in the stock market.
Exactly, most of the investors pays more attention to the profit aspect forgetting that the market involves ups and down. securing your financial position requires lots of patience and proper education on the market so as to know the right profitable stock to buy and invest in. I made over $260k in profits, from just the Q4 of 2021. Investing in the stock market is most profitable when you understand how the market actually works.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high, today I am more than 60% down!
Don't be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60% + from ATH does NOT make it a sound long-term investment. Make sure you're investing in great companies. kudos to Sylvia nicolas.
It blows my mind how much money my coworkers spend every day. All of them buy breakfast, snacks and lunch from gas stations every day!!!!!!! They think I'm weird cause I pack a lunch every day. It really is the little things. Not too mentioned most of them smoke and chew tobacco... It's insane. No wonder people are broke! 😢
Part of not being broke is to also be humble around your friends and family. In these times when others might not be doing well, we shouldn't brag or give unwanted advice (we live by example).
I wish more people could understand this. Im celebrating my 31st birthday today (time seems to speed up as soon as you graduate high-school) I earn a decent amount of money but less than some friends. I have a better life than them because of how much i invest and how little crap I own. I spent September to January this year traveling the philippines and enjoying life. Even my vacations are thought out. Most people burn money before they even get it and wait until their next paycheck to pay off last months credit card bill. If you dont figure it out early youre going to live your entire life feeling like youre falling behind. BECAUSE YOU ARE.
from a personal angle I'm aware continuing to invest in periods of higher volatility is a Smart way to build wealth....i believe that's why most are not broke
Certainly also You need to get a financial planner or expert on investments to aid diversify your portfolio to commodities index funds, digital assets etc, to provide illumination and guidance in the financial markets.
indeed, most people downplay the roles of financial planners until burnt by there mistakes. Productivity is optimized and keeping up to date strategies and analysis makes it more lucrative. I've been able to navigate the volatilities and scaled up 880k from 220k with professional guidance.
How can I join in? These layoffs are scary, being broke is not an option, I will be happy growing my money while giving a few of it away to charity, giving back is as good as receiving,
@@gabrielbruhnr impressive, I'll definitely check it out, I buy the idea of employing the services of a financial advisor because finding that balance between saving and living requires counsel. Who do you work with
Here’s how I did it, started with IRA accounts in 1984, 40 years ago. Was prepared to retire at 60 with no mortgage and plenty of retirement savings. I still work in my early sixties 3 days week, and earn $125k, it pays for international travel and giving to charitable causes
I live modestly so that I can prioritize maxing out my 401k. If your friends are actually broke ask them if they heard of an Roth IRA or their works 401k, if they say they don’t know what those are then they are probably broke
Sometimes I get into my own head. It's honestly hard to gauge other peoples wealth. I feel like I am super behind, and I am probably behind compared to a lot of people, but I am also far ahead of others. That's ultimately the problem. As you get older you realize that people vary WILDLY. I see people who are BROKE, like they have maxed out credit cards and live in crappy apartments. I also see people who live in $600k houses. There is just so much variance depending on where you live, whether you went to college, etc. Comparison really is kinda a waste of time in a competition sense. Knowing the people you are dealing with IS important though. Just depends.
Not true. I don’t spend a lot because I don’t need much to live. No one needs a lot to live. I am quite frugal with my life and that’s the reason I am able to invest and have my money grow while I sleep. The problem with most is they think money is just for spending and that’s not it at all. Lack of financial literacy is high in this world. Y’all think everyone is broke because they don’t spend like y’all do. You would be surprised who is wealthy, but keep it silent.
I don’t have student loans, never took one. I have no credit card debt, I paid it off. I have no car loan, paid it off too. Don’t pay rent or mortgage, house is paid off. I invest most of my money in the stock market. It wasn’t easy. Gotta work hard, multiple sources of income, pay off your debt, no luxuries, no vacations, no clothes or shoes, shop at the thrift store, not going out, not eating out, no subscriptions. Save most of your money. Only buy needs. The sacrifice is temporary, it will pay off in the future if you stick with it.
@@Terry7806 1. Spend less than you earn so you build up some savings 2. Never ever borrow money unless its to buy a house, save up for what you want 3. Learn the secrets of investing; be patient and take a long term view
Step 1- get out of debt ASAP. This means living on bare minimum and working as much as possible. (other than mortgage) Step 2- plan and save for the future Step 3- live below your mean My wife and I did this exact thing in our mid - late 20’s and few couple yrs into our 30’s. She worked 2 jobs and I worked 3. Short term pain for long term gain. Not having debt has been one of the best decisions we’ve made.
Step 1, no mortgage rent or debt Step 2, emergency fund to afford property taxes utilities groceries yearly for a couple years in case of job loss Step 3, learn how to invest all discretionary income into highly leveraged investments ASAP like stock options
You need to live a good life. It passes by quickly. 2-3 jobs isn’t it either. If you can’t survive well on 1 job, you need to change it. Your life isn’t made for working day and night. Life below your means and keep to 1 job, change industry if you have to. actually live well.
Starbucks loves to sell gift cards. In addition to any other benefits, Starbucks' research shows that the giftee will use the gift card to make high-profit-margin luxury purchases; basically, they will buy stuff that they would never buy with their own money, but will do so because they are spending someone else's money. Assume that through many decades of hard work and sacrifice, John Smith Sr. amassed a large fortune, which he left to John Jr. John Jr. lives his life, and leaves his assets to John III. John III lives his life. Research shows that 90% of the time, there will be no money left from John Sr.'s fortune to leave to John IV. What happened is that people who inherit a lot of money do not appreciate what it took to amass the fortune, and treat the inheritance like a giant gift card. That's what I remembered when Chris mentioned that people who receive inheritances may be enjoying a higher standard of living.
My primary home is paid off and so are several of my rental properties. These properties were mainly purchased, between 2009 and 2014. This allowed me to retire at a young age, last year.
@@blackfishgaming7145thank you! I’m sure you’ll get there. I had the same attitude as you do, and I believe that having a positive mind set is 90% of getting there. It keeps you going even through the bad times. I was born and raised in East LA…came from dirt. My brothers and I were even on the brink of the State taking us from our single mother, and becoming foster kids. I dropped out of school in the 10th grade, and started working construction. If I can do it…anyone can.
That what each of us calls our 'necessary expenses' will always grow to equal our incomes, unless we protest to the contrary. - Arkad, The Richest Man in Babylon
Really good video Chris. With the exception of inheritance and parents giving their kids money, the other advice is truly in the hands of the individual. It takes personal accountability. Many today would rather blame others than be responsible for their own actions. I’ll be curious to see if your video gets flamed by those folks.
Even with an inheritance, you are still responsible for how you handle that money. I've heard plenty of lottery winner stories who won millions and end up broke again.
"Those who bought a house at the right time, meaning a couple of years ago, are sitting pretty." Not necessarily the case. All it takes is a change in life situation (loss of job, medical, etc) to turn even a decent situation into one where someone loses their home. There will even be people who didn't have that, but didn't handle their money well, 2nd mortgage, etc, and still lost their homes... It can happen, even to those who bought at the right time...
Except those that purchased a home several years ago are sitting on a bunch of equity. If they run into a hardship, they could sell. Of course, unlikely they’d do that since their mortgage payment is likely less than what it would cost to rent.
If you're so illiquid that you can't get through a simple emergency without losing the house, you really shouldn't have bought a house. Somewhat predictable maintenance work alone could be just as financially harmful as examples you mentioned.
I worked manufacturing immediately after graduating High School, putting 60-70 hours a week. Did that for 11 years religiously, by age 29 I had 3 rentals paid off and $40k in blue chip stocks, almost $3k a month of passive income is more than enough to cover utilities and groceries. Currently working a minimum wage 40hrs a week job just to have insurance benefits.
most people arent broke, it's why even in a high interest rate environment, inflation remains high as well. noone in my friends or family group are having money issues atm, but it's also because we planned well and are conscious about our spending.
@@VBoo459 the stats show most people don’t have any money not that they’re broke. They don’t have any money because they spend wild amounts on stupid shot. The people that don’t waste their lives incomes aren’t having issues. If everyone was truly out of money we wouldn’t be seeing inflation and high gdp growth. Everyone keeps saying how unaffordable houses and cars are but they’re still selling. If ppl were broke we’d be seeing low consumer spending as well. So no the stats don’t bear it out.
@@titolovely8237 Spending all of your income every month equals broke. In my opinion, if you aren't saving and investing at least 25% of your monthly income, you're living beyond your means.
A person's two largest expenses are for shelter and transportation. One way to keep these costs low is to avoid undertaking expensive long-term obligations, such as a lease on a fancy apartment or a loan on a fancy car. If you've already committed to spending more than you should be spending, getting out from under it could be a long and/or expensive process. It's also important to understand the differences between Wants and Needs. A Want is any expense that is not a Need. A Need is an expense that keeps you alive, enables you to work, or maintains your health. Period. Full stop. Any tortured logic that you use does not change a Want into a Need. You should keep your expenses for Needs as low as practicable, and your expenses for Wants as low as you can get by with, at least in the early days. (You can increase Want spending later on.) There is nothing wrong with spending money on Wants, but you should do so mindfully, and get good value for the money: think "high-impact Want." Future Retirement Security is a high-impact Want with a very long timeline. The money you invest for the Want of Future Retirement Security will come most easily from not spending on low-impact Wants of today; possibly later, from reduced shelter and transportation expenses; and allocating a significant portion of future raises instead of spending all of it on more-expensive versions of Needs and more Wants. (Applied to money, Parkinson's Law would state that the amount of money needed to meet living expenses will expand to equal all the money available.)
Living 30 people per household. The government knows and has adjusted the economy accordingly. I was waiting for it to be quite honest. The one that caught me off gaurd is tesla making 30% of the world rich.....then us who are not rich picking up for those who left and stop contributing to the economy.
You can’t spend Net Worth from the asset part of the calculation unless it’s cash or until you sell something. Net worth is a useless number if you don’t have some cash or are willing to sell. Always focus on income streams for retirement as the net worth will take care of itself if you don’t over spend.
Focusing on income producing assets while you're young and still working is a great way to put a huge drag on your growth due to taxes. At least when it comes to investing, there's zero difference between total return and "income". Income producing assets don't magically break the 4% rule or any other sell-off strategy for retirement. It's why chasing dividend yields is irrelevant.
My problem is thinking everyone has money. I’m not broke, I have savings, investments (no house tho - we chose not to buy because we don’t see it as an investment and we’re not certain of WHERE we want to settle down yet). Nonetheless I’ve had to be a bit more weary of my actions around some of my friends. I realised things which are normal for me to spend on, are not for some of my friends. Sometimes I want to smack myself for being so ignorant to the fact that there ARE broke people.
They're all broke dude. Don't let the lifestyle they portray fool you. The vast majority of people have credit card debt, student loan debt, car loans, high mortgage payments, etc. Most families can't come up with $1000 on short notice.
High interest rate is tax on the rich who likes to store money away. No cash circulation. =[ meaning new money has to be made. Inflation. Yeet! Sell the realestate! Start the burst. And the economy will pick up.
“Wasn’t just luck that got them there.” Well it was luck of birth that gave them the intelligence and education to be able to make those decisions so yeah it’s pretty much luck all the way down.
You have to invest. That's really the only way to make substantial wealth on a normal salary. You also have to stay out of debt as much as possible. I pitch investing like this to younger guys I work with. Every dollar you spend today equals around $88 in 30 years if invested in the S&P500. So that 3 dollar energy drink doesn't just cost $3. It costs $264 that you've stolen from your future self. You're robbing your future self of financial security to pay for frivolous crap in the present. When you put it like that they tend to understand. I'm only 34, but I'm on my way to being retired around 50-55.
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Window washer here. Was a professional orchestra musician. I get laughed at by my old colleagues... They only see the dirt on my tough hands. I make $1,000-$2,000 per day, work only 5 months a year, own a home, and live in Mexico for the winter. ..."Have you seen a man skillful at his work? He will stand before kings; He will not stand before common men." - Proverbs 22:29
What company name?! I want to do that
@@josephkelley3035I’m an engineer, I want to do that too. 😂😂
I would like to wash windows on buildings. How would I get into this type of position?
@@chaselesser3191 I run a couple restaurants and I am ready!
Qualified......
Pay no attention to the man behind the curtain
@@josephkelley3035Honestly I think he is the sole employee, probably started off doing homes on the side, picked the skills. And then started reaching out to commercial buildings, and built up his commercial businesses and only does those during the spring/summer/, maybe some fall.
Coming out of facing alot, I knew two things about the stock market: It caused the Great Depression, and the fastest way to make a million on the markets was to start with two million. And then the Great Recession happened only a few years later. So yeah, I wish someone had better explained it to me earlier in life. Having a good entry and exit strategy will make you succeed in the stock market.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
Exactly, most of the investors pays more attention to the profit aspect forgetting that the market involves ups and down. securing your financial position requires lots of patience and proper education on the market so as to know the right profitable stock to buy and invest in. I made over $260k in profits, from just the Q4 of 2021. Investing in the stock market is most profitable when you understand how the market actually works.
I really acknowledge your comment, i have been trading stocks for a while now but i have not been able to make much. how do you achieve this feat?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
This seems like the worst period.
Even the market are now very unpredictable.
Started investing recently when the market prices were a bit high, today I am more than 60% down!
Don't be confuse buying the dip in a bear market, with guaranteed future returns.
Just because that company is down 60% + from ATH does NOT make it a sound long-term investment. Make sure you're investing in great companies. kudos to
Sylvia nicolas.
I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading.
please educate me, i am willing to make consultation to improve my situation.
She's recognized as 'Mrs sylvia. One of the finest portfolio managers in the field.
She's widely recognized; you should take a look at her work.
Yeah, 123k from sylvia nicolas., looking up to acquire a new House, blessings
It blows my mind how much money my coworkers spend every day. All of them buy breakfast, snacks and lunch from gas stations every day!!!!!!! They think I'm weird cause I pack a lunch every day. It really is the little things. Not too mentioned most of them smoke and chew tobacco... It's insane. No wonder people are broke! 😢
Part of not being broke is to also be humble around your friends and family. In these times when others might not be doing well, we shouldn't brag or give unwanted advice (we live by example).
So true!! Not good to even “humble brag” either. I’m trying to bite my lip around accidental bragging
❤
I wish more people could understand this.
Im celebrating my 31st birthday today (time seems to speed up as soon as you graduate high-school)
I earn a decent amount of money but less than some friends. I have a better life than them because of how much i invest and how little crap I own. I spent September to January this year traveling the philippines and enjoying life.
Even my vacations are thought out.
Most people burn money before they even get it and wait until their next paycheck to pay off last months credit card bill. If you dont figure it out early youre going to live your entire life feeling like youre falling behind. BECAUSE YOU ARE.
Happy 31st birthday
@@FutureRainn thank you. It's been a wild life. I'm happy to say I've become a boring person. Calm and without worries
Intentional and mindful spending + index funds = road to riches
from a personal angle I'm aware continuing to invest in periods of higher volatility is a Smart way to build wealth....i believe that's why most are not broke
Certainly also You need to get a financial planner or expert on investments to aid diversify your portfolio to commodities index funds, digital assets etc, to provide illumination and guidance in the financial markets.
indeed, most people downplay the roles of financial planners until burnt by there mistakes. Productivity is optimized and keeping up to date strategies and analysis makes it more lucrative. I've been able to navigate the volatilities and scaled up 880k from 220k with professional guidance.
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.
How can I join in? These layoffs are scary, being broke is not an option, I will be happy growing my money while giving a few of it away to charity, giving back is as good as receiving,
@@gabrielbruhnr impressive, I'll definitely check it out, I buy the idea of employing the services of a financial advisor because finding that balance between saving and living requires counsel. Who do you work with
Here’s how I did it, started with IRA accounts in 1984, 40 years ago. Was prepared to retire at 60 with no mortgage and plenty of retirement savings. I still work in my early sixties 3 days week, and earn $125k, it pays for international travel and giving to charitable causes
You can pretty much tell if your friends are broke, because usually they don't just spend a lot in a few areas, but in a lot of areas.
I live modestly so that I can prioritize maxing out my 401k. If your friends are actually broke ask them if they heard of an Roth IRA or their works 401k, if they say they don’t know what those are then they are probably broke
Sometimes I get into my own head. It's honestly hard to gauge other peoples wealth.
I feel like I am super behind, and I am probably behind compared to a lot of people, but I am also far ahead of others.
That's ultimately the problem. As you get older you realize that people vary WILDLY.
I see people who are BROKE, like they have maxed out credit cards and live in crappy apartments. I also see people who live in $600k houses.
There is just so much variance depending on where you live, whether you went to college, etc.
Comparison really is kinda a waste of time in a competition sense. Knowing the people you are dealing with IS important though.
Just depends.
Not true. I don’t spend a lot because I don’t need much to live. No one needs a lot to live. I am quite frugal with my life and that’s the reason I am able to invest and have my money grow while I sleep. The problem with most is they think money is just for spending and that’s not it at all. Lack of financial literacy is high in this world. Y’all think everyone is broke because they don’t spend like y’all do. You would be surprised who is wealthy, but keep it silent.
FACTs
You smart.
I don’t have student loans, never took one. I have no credit card debt, I paid it off. I have no car loan, paid it off too. Don’t pay rent or mortgage, house is paid off. I invest most of my money in the stock market. It wasn’t easy. Gotta work hard, multiple sources of income, pay off your debt, no luxuries, no vacations, no clothes or shoes, shop at the thrift store, not going out, not eating out, no subscriptions. Save most of your money. Only buy needs. The sacrifice is temporary, it will pay off in the future if you stick with it.
Very disciplined for a young person. Keep up the great work.
Education is key, my parents taught me to live frugally - I researched how the money system works & took appropriate action.
Give me some tips
@@Terry7806 1. Spend less than you earn so you build up some savings
2. Never ever borrow money unless its to buy a house, save up for what you want
3. Learn the secrets of investing; be patient and take a long term view
Step 1- get out of debt ASAP. This means living on bare minimum and working as much as possible. (other than mortgage)
Step 2- plan and save for the future
Step 3- live below your mean
My wife and I did this exact thing in our mid - late 20’s and few couple yrs into our 30’s. She worked 2 jobs and I worked 3. Short term pain for long term gain. Not having debt has been one of the best decisions we’ve made.
Good advice except in reverse order. 👍
Step 1, no mortgage rent or debt
Step 2, emergency fund to afford property taxes utilities groceries yearly for a couple years in case of job loss
Step 3, learn how to invest all discretionary income into highly leveraged investments ASAP like stock options
You need to live a good life. It passes by quickly. 2-3 jobs isn’t it either. If you can’t survive well on 1 job, you need to change it. Your life isn’t made for working day and night. Life below your means and keep to 1 job, change industry if you have to. actually live well.
@@VBoo459 a year or two of high hours isn't so bad. Every doctor and lawyer does it
Need to get out of debt and stay out of debt as fast as possible. Then the other two. Steps are much easier
Starbucks loves to sell gift cards. In addition to any other benefits, Starbucks' research shows that the giftee will use the gift card to make high-profit-margin luxury purchases; basically, they will buy stuff that they would never buy with their own money, but will do so because they are spending someone else's money.
Assume that through many decades of hard work and sacrifice, John Smith Sr. amassed a large fortune, which he left to John Jr. John Jr. lives his life, and leaves his assets to John III. John III lives his life. Research shows that 90% of the time, there will be no money left from John Sr.'s fortune to leave to John IV. What happened is that people who inherit a lot of money do not appreciate what it took to amass the fortune, and treat the inheritance like a giant gift card. That's what I remembered when Chris mentioned that people who receive inheritances may be enjoying a higher standard of living.
My primary home is paid off and so are several of my rental properties. These properties were mainly purchased, between 2009 and 2014. This allowed me to retire at a young age, last year.
Ok
I dont remember asking
Congrats! I hope to be there someday. You scored with great timing and preparation. I hope to have a similar opportunity.
@abysscodes is someone a little jealous??
@@blackfishgaming7145thank you!
I’m sure you’ll get there. I had the same attitude as you do, and I believe that having a positive mind set is 90% of getting there. It keeps you going even through the bad times.
I was born and raised in East LA…came from dirt. My brothers and I were even on the brink of the State taking us from our single mother, and becoming foster kids. I dropped out of school in the 10th grade, and started working construction.
If I can do it…anyone can.
That what each of us calls our 'necessary expenses' will always grow to equal our incomes, unless we protest to the contrary. - Arkad, The Richest Man in Babylon
Really good video Chris. With the exception of inheritance and parents giving their kids money, the other advice is truly in the hands of the individual. It takes personal accountability. Many today would rather blame others than be responsible for their own actions. I’ll be curious to see if your video gets flamed by those folks.
Even with an inheritance, you are still responsible for how you handle that money. I've heard plenty of lottery winner stories who won millions and end up broke again.
"Those who bought a house at the right time, meaning a couple of years ago, are sitting pretty."
Not necessarily the case. All it takes is a change in life situation (loss of job, medical, etc) to turn even a decent situation into one where someone loses their home. There will even be people who didn't have that, but didn't handle their money well, 2nd mortgage, etc, and still lost their homes...
It can happen, even to those who bought at the right time...
Except those that purchased a home several years ago are sitting on a bunch of equity. If they run into a hardship, they could sell. Of course, unlikely they’d do that since their mortgage payment is likely less than what it would cost to rent.
@@steveguillory7568 My whole point was that that "bunch of equity" isn't a given. In my examples, there is no equity...
Not if they do a cash out refi or a HELOC. @@steveguillory7568
If you're so illiquid that you can't get through a simple emergency without losing the house, you really shouldn't have bought a house. Somewhat predictable maintenance work alone could be just as financially harmful as examples you mentioned.
@@ordinaryhuman5645 Not arguing that. Lots of people who buy probably shouldn't have. That's my point.
Fantastic video Chris. The point of spending to maximize your own satisfaction resonates with me
So a PhD in Unicorn 🦄 Studies with the associated debt isn’t a good investment???
Who would have thunk it…
I'm living 6 pack to 6 pack
It honestly might even be cheaper than water bottles. 😂
Oh, that was my mistake, I didn't buy a house when I was 12.
Dumb logic. 1) You didn't have money at 12. 2) You would restrict your future. Be happy and stop playing victim.
@@V8Brah Joke - a thing that someone says to cause amusement or laughter, especially a story with a funny punchline.
@@chiepah2 u mightve been joking but i hear a lot of people say this who just don't understand lol
These days, if you are not rich and you got to college, you just gave that college your first house and got nothing of value back.
I worked manufacturing immediately after graduating High School, putting 60-70 hours a week. Did that for 11 years religiously, by age 29 I had 3 rentals paid off and $40k in blue chip stocks, almost $3k a month of passive income is more than enough to cover utilities and groceries. Currently working a minimum wage 40hrs a week job just to have insurance benefits.
What year did you graduate from high school?
I have benefited tremendously from
COVID and inflation.
most people arent broke, it's why even in a high interest rate environment, inflation remains high as well. noone in my friends or family group are having money issues atm, but it's also because we planned well and are conscious about our spending.
You can’t say most people aren’t broke. The stats show most people are. Your family and friends are not indicative of an entire population.
@@VBoo459 the stats show most people don’t have any money not that they’re broke. They don’t have any money because they spend wild amounts on stupid shot. The people that don’t waste their lives incomes aren’t having issues. If everyone was truly out of money we wouldn’t be seeing inflation and high gdp growth. Everyone keeps saying how unaffordable houses and cars are but they’re still selling. If ppl were broke we’d be seeing low consumer spending as well. So no the stats don’t bear it out.
@@titolovely8237 Spending all of your income every month equals broke. In my opinion, if you aren't saving and investing at least 25% of your monthly income, you're living beyond your means.
There some that are not broke, some are so broke they can't pay attention! :(
A person's two largest expenses are for shelter and transportation. One way to keep these costs low is to avoid undertaking expensive long-term obligations, such as a lease on a fancy apartment or a loan on a fancy car. If you've already committed to spending more than you should be spending, getting out from under it could be a long and/or expensive process.
It's also important to understand the differences between Wants and Needs. A Want is any expense that is not a Need. A Need is an expense that keeps you alive, enables you to work, or maintains your health. Period. Full stop. Any tortured logic that you use does not change a Want into a Need. You should keep your expenses for Needs as low as practicable, and your expenses for Wants as low as you can get by with, at least in the early days. (You can increase Want spending later on.) There is nothing wrong with spending money on Wants, but you should do so mindfully, and get good value for the money: think "high-impact Want." Future Retirement Security is a high-impact Want with a very long timeline. The money you invest for the Want of Future Retirement Security will come most easily from not spending on low-impact Wants of today; possibly later, from reduced shelter and transportation expenses; and allocating a significant portion of future raises instead of spending all of it on more-expensive versions of Needs and more Wants. (Applied to money, Parkinson's Law would state that the amount of money needed to meet living expenses will expand to equal all the money available.)
I got a great job, pension, bought a house a long time ago and save $4K a month in index funds. Will retire at 57
Do you have kids?
Pension? What is that nowadays? LOL
@@IrisP989 Yes 2 but they’re adults now
@@stefaniems424 I know I’m lucky my employer still offers a traditional pension.
Great stuff
Living 30 people per household. The government knows and has adjusted the economy accordingly. I was waiting for it to be quite honest. The one that caught me off gaurd is tesla making 30% of the world rich.....then us who are not rich picking up for those who left and stop contributing to the economy.
Excellent video
You can’t spend Net Worth from the asset part of the calculation unless it’s cash or until you sell something. Net worth is a useless number if you don’t have some cash or are willing to sell. Always focus on income streams for retirement as the net worth will take care of itself if you don’t over spend.
Focusing on income producing assets while you're young and still working is a great way to put a huge drag on your growth due to taxes. At least when it comes to investing, there's zero difference between total return and "income". Income producing assets don't magically break the 4% rule or any other sell-off strategy for retirement. It's why chasing dividend yields is irrelevant.
Algorithm comment. Idea for the next video could be buying bonds as passive income vs stocks that pay dividends.... Unless you've already done this.
You can just leave cash sitting in your brokerage account and it will earn 5% APY, why have bonds
@@CaptainBenjamins They increase/decrease in value.
Which software do you use to make whiteboard animation ?
Can anyone answer me please ?
Great video!
My problem is thinking everyone has money. I’m not broke, I have savings, investments (no house tho - we chose not to buy because we don’t see it as an investment and we’re not certain of WHERE we want to settle down yet). Nonetheless I’ve had to be a bit more weary of my actions around some of my friends. I realised things which are normal for me to spend on, are not for some of my friends. Sometimes I want to smack myself for being so ignorant to the fact that there ARE broke people.
They're all broke dude. Don't let the lifestyle they portray fool you. The vast majority of people have credit card debt, student loan debt, car loans, high mortgage payments, etc. Most families can't come up with $1000 on short notice.
High interest rate is tax on the rich who likes to store money away. No cash circulation. =[ meaning new money has to be made. Inflation. Yeet! Sell the realestate! Start the burst. And the economy will pick up.
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“Wasn’t just luck that got them there.” Well it was luck of birth that gave them the intelligence and education to be able to make those decisions so yeah it’s pretty much luck all the way down.
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You have to invest. That's really the only way to make substantial wealth on a normal salary. You also have to stay out of debt as much as possible.
I pitch investing like this to younger guys I work with. Every dollar you spend today equals around $88 in 30 years if invested in the S&P500. So that 3 dollar energy drink doesn't just cost $3. It costs $264 that you've stolen from your future self. You're robbing your future self of financial security to pay for frivolous crap in the present. When you put it like that they tend to understand.
I'm only 34, but I'm on my way to being retired around 50-55.