@@Mom-yg1rt In the UK (where Xisuma is from) there are no mandatory classes in finance. You can opt to take a two year qualification in "business studies" or "economics" at A-level (age 16-18) but at that age you're limited to four subjects, usually, so few people take them. Some schools do give some financial advice classes but it's usually as part of either the 15-25 minute registration class at the start of the school day or as part of the PSHE (personal, social, health and education) class, which used to be called "sex ed". It's very dependant on what school you go to though, and even in schools that take it seriously, often the students don't!
In Norway we have a saying that goes: ”You shouldn't sell the leather before the bear is shot“ and I think that's a really good advice, especially when it comes to money
They are shit tips, for the most part. Didn't even explain compounding interest and the 72 rule. Go do the free finance course on Khan Academy if you actually want to learn how to manage money.
@@ephraimhxe1799 He's giving people the false impression that they understand finances. That can give them a false sense of security. And the tip about not going into debt is plain wrong, so he is also giving bad advice.
Grimes's economics of boots is always a great example of the poor getting treated badly. The rich man who get 50 gold a month can afford to buy the expensive boots that cost 25 gold and they'll last a life time. The poor man who only gets 5 gold a month has to buy the 2 gold boots which will wear out within a few months and then they'll need to buy new ones.
Mortgages are gross though, and there's really no way to avoid getting screwed. The effective interest rate on a 5% loan over a traditional 30 years loan is over 90% 90% interest It's important to teach how much it sucks, but it's just how it is.
You need to get a finance advisor/consultant on your side and they can get you better conditions for your mortgage. I think you can also combine your mortgage with an investment fund to pay it off sooner. In czech republic it's possible to not overpay a mortgage at all, if you go to a finance advisor from Partners for example. But don't take my word for it, try to find out how it is in your country.
@@Dover939 not true. Not everything is covered, not everyone can afford insurance, and many people can afford insurance but are under-insured. Also if you end up going to a hospital that doesn't work with your insurance company, you're still fucked. If you get laid off from your job and something happens to you before you get your next job you're fucked. Lots of people who have medical debt still have insurance. You have to have really good insurance to be completely safe
"Don't go into debt" I'm pretty sure I was roughly 7 years old when I learnt that "going into red money is bad and makes you lose the game", back when playing SimCity and Themepark as a kid. Was rather easy to grasp that having less than zero was something that should never happen, regardless of whether that was Hit Points or money. The part I didn't quite grasp at the time was the stock market. Way too many numbers, with no idea which were "mine" or what they meant. Bunch of magic buttons which just made your finances go crazy like a roller coaster. $10m in the bank one moment, and then suddenly "Blam, you're bankrupt" without any warning. Morale of the story is that seven year olds probably shouldn't play the stock-market without parental supervision. ._.
The stock market is an odd thing that I still don't get (mainly because I haven't invested time into learning about it). But it is a good way to make money if you know what you're doing, though you do need money to start with. My brother's in the army at a quiet post, so he's made a good amount of money trading while sitting around on guard duty. Of course, he also lost a ton of what he made by continuing past where he should. It can be hard to tell the difference between smart and lucky. Like most risky ways to make money, it's best to quit while you're ahead.
@@onyxtay7246 It's basically investing in a company and if the company is successful you get money from the profits. If the company begins to fail you have lost money.
The stock market is a tricky place. I think people who are paying attention to the businesses that they're investing in will do well, especially if they know well established strategies, but people who try to get in it without any knowledge will probably fail. I choose not to put my hands in that area, because I don't have the interest (no pun intended) or energy to keep up. I prefer to just do my work, create stuff of value, etc.
These are some small things you can save money with: - filling reusable bottles with water instead of buying plastic bottles - GROW YOUR OWN FOOD/SPICES if you can: it only costs you the seeds - cook at home as much as possible (as xisuma said) - take your own food to work, especially LEFTOVERS if you can: it'll save expenses on food and you'll have more power for the afternoon if you have something warm to eat - try to reduce using the heating as much as possible (BUT be aware: at the moment most poor people die because of the cold rather than starving)
Great tips. Its strange why people here in Argentina dont grow their own food (In the town i live every house has a garden where you can plant something, the climate is also greate and theres also a government company that gives you free seeds. My mum does all of this and its super simple but we dont have to buy tomatoes)
Yeh I dont think anyone buys plastic bottles every day I think they just use tap water Also really good advice get a fucking credit card and only use it for netflix or smth and see you're credit score go slowly up
It's good for some, but not everyone. If you dont mind working with your hands, definitely consider a trade, I'm going to classes for electric and not only is it already paid, I get a return on my grant that I got (basically paid for going to school). Due to a shortage of workers in trades at the moment some places are willing to pay out 6 figures. This is all relevant to America though, unsure of across the pond. But definitely know that trades are an option. College is great, but so are trades!
@Samuel Prince I agree with the philosophy part a 1000%, but we'll also always need doctors and nurses and things that do require a college degree, instead of just a trade or technical degree. It all comes down to where you live, and what the job market is like there.
X, for the credit card, you forgot to mention that paying it off every month helps build up your credit rating, making you more favorable to banks for future loans!
He does just advise against personal loans and going into debt in general, tho. But I imagine the ability to take out a loan when needed would be really helpful in financial emergency situations
When it comes to prepared food, you pay for the labour to make the food item as well as the ingredients that went into it. One useful thing that I learned is this: If you go into a shop and see a $1000 TV on sale for $100 and you buy it. You did not save $900, you spent $100. The only time this doesn't apply is if you immediately sell the TV for a profit , or you went into that shop to buy a TV in the first place. EDIT 19:22 sorta what Xisuma and Rex said here
Haven't watched the whole video yet so maybe X said this, but if you're getting fast food you're paying almost only for the labor of the chef. If you go out to eat at a diner/restaurant, you're paying for the labor of the chef as well as the waiter and the tip.
Prepared food at a restaurant doesnt just pay for ingredients and labor. It pays for overhead, maintenance of the establishment, etc. Its usually 3 times minimally the cost of the food.
My friend: *reads personal development books on how to become a millionaire fast* Me: *watches a random dude on youtube explaining how to handle money while playing minecraft* But in all seriousness, great video! Very valuable advice!
Kind of mentioned it in the video, but yeah, do not look at discount, especially if you are buying food like pasta, look at price per kilo, get the cheapest price per kilo, and never more than what you need :)
Good advice. Though all points combined do have one exception: If it's food that can be stored for months, in case you're going to buy it either way, _and_ it happens to be the cheapest option without a discount, _then_ you can buy it in bulk.
to the fan who asked about starting a cafe, the best advice that I've heard is to create an LLC business, and take out the business loan that way. This way the LLC company you create will take the responsibility for the loan, to keep your personal finances separate from the business (you know, in case the business fails, your credit isn't ruined). really, seek a financial professional... otherwise, solid advice X!
Also a tip, try to base this LLC in Delaware. And have that LLC own your brand name and logo, and then have your bakery pay like 90% of it's profits to this LLC as to be able to keep using the brand name and logo, that way you won't have to pay as much taxes. I mean every major business in America already does this.
Xisuma you forgot to say gambling is just a waste of money and time. Yes it might get you some more money but will you be doing this long term? And its a addictive trap they are literally tempting you to spend more money not earn. Plus it teaches us to be irresponsible in handling money.
Yes and no. It depends on your outlook. For me personally I enjoy playing poker. I can go to the casino, pay £20 to enter a tournament, get unlimited drinks that are offered while there and have 7 hours of entertainment playing a game I like. And if I do well, I could earn money! Alternatively, I could spend £20 on a bottle of vodka, get drunk, go to a club and party, most likely spend more money on more drinks that aren’t needed, get food at the end of the night etc. Spending well over the £20, I had just as much fun, maybe, but it cost me more and I regret it the next day as I’m now hungover too. I’d rather spend £20 a week at the casino than I would spending it on a night out.
DocM said something really great about gambling in one of his videos, which went something to the effect of "You could spend $15 to go to a movie, watch that, and maybe spend a little more on snacks/food. Or, you could go to a casino, put $15 in, play a few games, and then back out if or when you break even. Gambling is fine, just don't count on an income from it" I thought that was really good advice.
Fortunately, the highschool I went to had a class called Teen Living, that taught things like this. It was an elective, so not many people actually went to it, but I did, and it was so helpful! The class taught us basics to cooking, cleaning, basic psychology, the development of the brain, how to care for children from new born to toddler, good financial habits, insurance, loans, emergency sewing to fix small things etc. I still use what I learned constantly. If you are still in high school or going to one, look out for similar classes. Edit: Spelling
As someone who is still in school and is an absolute note taking freak. I reccomend buying a nice pen with refillable ink cartridges. I've gone through so many pens, which has costed me tons. But now I buy a single pentel energel, and then buy like a set of 5 or 10 refills. It has saved me tons, especially since its such a nice brand. If you're in the long run for school, I definitely recommend. Just never ever lend these pens because people will take them. I've gone through so many refills, which makes me think that if I didnt do refills, that's a new pen each time. This is also a good investment for your education!
Moo It also so much more enjoyable to write with a nice pen! If you don't tend to lose pens I you could also go for a fountain pen (Lamy Safari is a good decently priced one) it's a bit different to write with, but I prefer it over other pens. It's a bit more expensive to by the pen (~20-30$) but you can refill it with bottles of ink which last way longer than a refill. It's a bit of extra work to refill the pen, and to clean it out every now and then. But I think it's worth it for the writing experience + you can save money in the long run. At least if you don't get into fountain pens as a hobby like I have done :p (The most expensive ones can cost >$100000, but that could be said about almost everything, like watches can be extremely expensive or just cost a few dollars).
Thank you so much for this video! you have changed the way i look at discounts, and gave me a really helpful subreddit! please keep the life advice coming, I am 18 and my free trial for life has ended, I need all the advice
MT ADO, also look into different apps to earn money for when you shop, I use store apps for stores in my town but I also use receipt hog, ibotta, and couponing apps like coupons.com. look for couponing/discount groups on facebook! I've been doing it for years because I come from a family of 6 siblings and with money being tight I always found a way for my dad to be able to get what we needed at a cheaper price, I even worked at the grocery store for a while so I could use the perk card to get a 10 % percent off my orders. Another great thing is food prep/planning. Get a calendar and write down what foods you want to make over a certain period of time and buy stuff just for those dishes and not impulse buy.
My teacher taught our class about credit scores and what they mean and do. He's one of the best teachers I've ever had! (He first taught us this in 6th grade and since he's an elective teacher he teaches us this every year) he taught us about -Don't eat out-a-back-a steak house every week. (save money) -Don't by the sammari swords (Don't spend money all at once) -Don't go into debt (it will hurt your credit score) -Have a good credit score (helps when applying for jobs and ect. -SAVE SAVE SAVE (This will help you when you get in a bad situation)
When you get your first job, get a cheap apartment that only takes up a quarter or so of your salary, the other quarter or so will go to other expenses like food, then put the other fifty percent or so into savings. After a few years, you'll be loaded!
I know this video has been out for a while, but about the eating out food part, I learned early on that eating out is expensive. I've discovered some cooking channels and it makes me want to cook, so I dont have to buy fast food and try to be healthier.
This was really helpful for me. Im 21, and watched this when I aws 19- 20k in debt, because of student loans. My job pays $9/hr. I ended up getting out of debt, finding a new job, and completing university because of this video. If you ever stop youtube, you should give speeches. I'd pay hundreds to listen to them.
Thank you X. I turned 18 about a week and a half ago and I haven't the foggiest what I'm doing with life, and to be honest I am super scared. But this and the fitness video, among others, have really helped. I've started to eat better and exercise more, and I'm determined to be better with finance (now I know what it is). Now I've just got to find a job that doesn't require experience, expensive qualifications, or a driving licence. So just thank you. You've been a massive help.
I remember when I was in a history class in high school... my teacher told us to usually to use a credit cards when you do have your aaving started because for all the reasons you mention but also So when you can be able to pay it up you can keep a good credit score...
Blueso I’m about to move out of my parents’ place and nearly any renter will run a credit check on you. They’ll be more likely to rent to you if you have a good credit score than none at all. I used to think that way, but now I accept that it’s generally a good thing to have good credit instead of none.
I got the same tip when starting uni, but to just use the credit card for one small thing, like a Spotify subscription. Something you should definitely have the funds to repay, even if you need to locate all your loose change to do so, but because you have that card, and pay it off on time, for several years, you get a good credit score.
I started my interest back account at the start of this year and rarely spend and from this, I have been able to save about 600 au dollars and I'm only 13 earning 10 bucks a month of recycled bottles. This video will help me a lot thanks man
Man, I don't drink and do not miss it at all. I do have debt from studying but it is without interest(Netherlands is really great in that regard) and the debt is payed over 35 years so less than 10 euros each month. Another tip: Stop buying stuff on the go, think about your purchases before hand! And NO GAMBLING OR LOTTERY TICKETS! Only gamble if you are going to a casino with friends just to have a good night and consider that money as spent.
Hi X! I’m almost always watching you live (I was here for this one) and watch all your videos. Keep up the good work and don’t stop making us your content!
Thank you! Not only do I learn about tricks and info in Minecraft but also in real life. I’m 18 years old and I still don’t have a job. It’s really hard finding one in these covid-19 times.
@@edrispro 900%, depending on how you define "discount". Assuming it can go beyond being free of cost if the discount is over 100% (and reach a negative price number, i.e. providing you with money). You'd make a 900% profit of the original price, since you pay 100%-1000% of the original price.
@@LinkEX I meant is as in like, let's say the remaining price is $1, but they advertise it as $1000 off (original price 1001) thereby having the "discount" being worth 1000% of the remaining cost.
I'm almost 18, I've never heard about any of those things no one has ever taught us literally anything I'm actually shocked bc I understood half of the terms you used
This channel is just a compilation of the main reason why I watch your livestreams. I love all of these interesting topics with life advice. You've changed my life and way of thinking due to these streams. And you've changed them in a very positive way. I really have to thank you for that!
Saving young is a great idea, I'm only 16 and I already have R1000 (South African currency) in a savings account where I earn money on that money, It's not alot, but its something and the interest rate on the account is 5% so it's not too shabby either! Saving money makes making deposits on cars and other things that need deposits or alot of money alot easier, debt is not good, my mother is in debt and it's a tricky situation to get out of, unfortunately, the economy is a rich get richer system, if you cant stay ahead of debt and owing money, youre one step ahead of the system!
@@jakobharvey352 my degree is in information security. not really a dumb degree. I got dicked over by bureaucracy. I'm making decent money, but I have this fucking loan payment that's 3x my mortgage payment. there's something really fucked up about that.
Story time So i was in 6th grade, and we were supposed to do this project about money management or something like that, but my teacher said that it wasn’t essential so we barely had ANY TIME to actually do the project, instead we spent most of the time we were supposed to do the project learning about history because according to my teacher, ‘history is very important’. Then she got mad when we couldn’t finish the project and nearly failed us, but she couldn’t and she nearly got fired. I still don’t understand her.
2:40 While taking your food from home on the go is something you should totally do, I want to bring up an adjacent topic. There is the idea of avoiding semi-finished products, cooking yourself instead. While it's true that it saves you some money, consider the time you have to spend on cooking. Maybe it's actually more efficient to put that time to work and get more money than you'd save from cooking. And after all, not having to cook is a quality-of-life feature, and QoL is the last thing you want to be saving on.
Juan Ignacio Falcone why we love X - he isn’t doing this solely for the money, he’s doing it because he wants to better others lives through entertainment
I'm not even 18 and I'm listening to this. Not only do I hope I remember this, but I also hope that I listen to this type of stuff in this same amount of attention.
A lot of people point out the flaws of schools for not teaching financial strategies, yet, at the end of the day, school kids don't actually do not care about financial stuff, they have no appreciation for the importance of money (not the value, a lot of kids work, not many fully rely on their own money).
Hi Xisuma. I love this conversation of yours. I love playing Minecraft and love what you do, but during daytime I work as a Certified Financial Planner and have done so for about 15 years. I think this is brilliant advice. People read so-called self-help books claiming that you should use "other people's money" to get ahead, and it is absolute garbage. By not going into debt, you de-risk your own life. Sure, there is some debt that adds value (I use this phrase very carefully) like a mortgage, but only under very strict conditions. Credit Cards are not our friends! Thanks for doing this video and including us in your journey.
At the risk of sounding like a schizo, school is for building a good slave. If they teach you how the world really works, the more astute amongst us wouldn't be very happy. And an angry person may try to change things, which could throw a spanner into this well-oiled machine they've spent so much time, resources and bodies to build. Debt is a means to control people. Work hard to pay for something you don't need--then when it's paid off--rinse and repeat. Spend all your time working and consuming. You're not a risk to anyone that way. You're too tired to do anything except give them more money. Who is them? That's a whole 'nother rabbit hole.
Having a parent or guardian while growing up, to tell you and keep telling you advice like how to save money and handle finances is really the biggest factor. Another big obstacle is knowing the goals, vs. knowing the way to achieve them in a way that works for you.
as a young adult who watched some of his fam/ siblings struggle with money and living, as you say, paycheck to paycheck, this was really helpful. thanks X
Theres nothing other to say than thank you. This is really helpful and gives me hope that I can shape my own future and do something good with my life.
SCHOOLS: TEACHES STUFF WE BARELY NEED IN LIFE XISUMA: TEACHES FINANCIAL TIPS. ME: I KNEW SCHOOL WAS USELESS. I mean why would someone who want to learn Medical learn Mathematics.
I really do love this channel. I really like your streams because you sometimes have thought provoking conversation, but I can't always watch while you're streaming. All of this stuff I've learned because my dad also gave me and my siblings great financial advice, but sometimes it's nice to get a refresher because I'm not always thinking about what I spend my money on. Thank you Xisuma!
School forces you to rote memorize things that you will have no use later in your life. I'm a math genius, but it certainly doesn't help me in my job as a cleaner.
The small expenses are some of the worst. Imagine buying a coffee everyday, it's only $2, but that's $730 a year, For Coffee, never mind entire meals. I'm very thankful that you are willing to talk about these subjects, school teaches you a lot, but not some of the life skills that are needed throughout one's life.
"get a bank account that pays interest" Ha.. ha.. haa... Hahahahhahaaa If anyone finds this unicorn of an account, lemme know! In almost all of the EU you gotta be happy if you don't need to PAY negative interest for an account
@@winterborn82 yes, currently we have _negative_ interest, or rather 0 interest in the vast majority of giro and other daily money accounts. The European Central Bank is putting out the "lead interest" that everyone should follow which has been declining over the past years and is at 0% since 2016. Americas lead interest currently is at 1.8% but it also has been down to 0.13% back in 2008, only rising back up starting in 2015
Super informative! I watch a lot of UA-cam and don't usually see the need to comment but I want you to know this really reached out to me. I've also been very fortunate to know those things and my whole life up until now I've been considered very wealthy. I lost track of these basic rules soly because my mind set changed. I want to get back into my thrifty ways and this video has helped. Thank you.
You’re a top bloke, Xisuma. If you weren’t doing Minecraft, I’m sure you’d be a motivational speaker
Hai ziq
Why not both? :3
Too bad the guy has the gnarliest teeth
Cool Kid BMX How do you know? I thought he’s never done a face reveal
@@coolkidbmx6851 ???
"if you notice you're down a hole, the first step is to stop digging"-some cowboy wisdom for thought
ngl i kinda needed this comment
When you mine straight down
the title has a redundant part in it. It could just be "Financial tips", as none are taught in school
yeah, but some classes are made especially for financial things maybe?
like in uni or college?
I am in eighth grade and our school is very lucky to have a finance class.
edit: bruh how'd I misspell eighth?
In VA you are required to take economics and personal finance. I would like to know what places don't teach it...
Cameron McGehee I think it varies from state but yea it’s a standard at least where I am
@@Mom-yg1rt In the UK (where Xisuma is from) there are no mandatory classes in finance. You can opt to take a two year qualification in "business studies" or "economics" at A-level (age 16-18) but at that age you're limited to four subjects, usually, so few people take them. Some schools do give some financial advice classes but it's usually as part of either the 15-25 minute registration class at the start of the school day or as part of the PSHE (personal, social, health and education) class, which used to be called "sex ed". It's very dependant on what school you go to though, and even in schools that take it seriously, often the students don't!
In Norway we have a saying that goes: ”You shouldn't sell the leather before the bear is shot“ and I think that's a really good advice, especially when it comes to money
especially when it comes to bears as well
In North America, or at least Canada we say “Don’t count your chickens before they hatch”
@@adamwerstiuk4716 yeah we say that in America.
In France we say the exact same thing. I wonder where that saying comes from in the first place...
In finland we say "don`t shoot the communist before they invade"
As a 16yr old watching, I'm thankful for these tips. I'll take them with me into the future!
They are shit tips, for the most part. Didn't even explain compounding interest and the 72 rule. Go do the free finance course on Khan Academy if you actually want to learn how to manage money.
Electricity taster your life is a shit tip.
@@ElectricityTaster mate, he's just giving certain tips, not explaining all of finance. Also, yes, Khan Academy is a better source for everything.
@@ephraimhxe1799 He's giving people the false impression that they understand finances. That can give them a false sense of security. And the tip about not going into debt is plain wrong, so he is also giving bad advice.
@@ElectricityTaster Explain what is so false about them, i would love to hear it.
Grimes's economics of boots is always a great example of the poor getting treated badly.
The rich man who get 50 gold a month can afford to buy the expensive boots that cost 25 gold and they'll last a life time.
The poor man who only gets 5 gold a month has to buy the 2 gold boots which will wear out within a few months and then they'll need to buy new ones.
“Analysing literature is more important than how to take out a mortgage.”
- Teachers 2019
And 2018, and 2017, 16, 15, 14, etc
Mortgages are gross though, and there's really no way to avoid getting screwed. The effective interest rate on a 5% loan over a traditional 30 years loan is over 90%
90% interest
It's important to teach how much it sucks, but it's just how it is.
Tim Hoppen EEWW MORTGAGES ARE GROSS
Tim Hoppen but seriously yes
You need to get a finance advisor/consultant on your side and they can get you better conditions for your mortgage. I think you can also combine your mortgage with an investment fund to pay it off sooner. In czech republic it's possible to not overpay a mortgage at all, if you go to a finance advisor from Partners for example. But don't take my word for it, try to find out how it is in your country.
Me: Lives in America
Also Me: Gets into an unavoidable accident
Guess I'm in life long debt now.
@@Dover939 not true. Not everything is covered, not everyone can afford insurance, and many people can afford insurance but are under-insured.
Also if you end up going to a hospital that doesn't work with your insurance company, you're still fucked. If you get laid off from your job and something happens to you before you get your next job you're fucked.
Lots of people who have medical debt still have insurance. You have to have really good insurance to be completely safe
@@Dover939 bro if you're poor just get health insurance OMG gosh
@@aarontheperson6867 Especially if you're poor, because in America it's fucking free.
@@Dover939 LMAO no it fucking isn't, literally what are you talking about??
That's why you save, literally the point he made
"Don't go into debt"
I'm pretty sure I was roughly 7 years old when I learnt that "going into red money is bad and makes you lose the game", back when playing SimCity and Themepark as a kid. Was rather easy to grasp that having less than zero was something that should never happen, regardless of whether that was Hit Points or money.
The part I didn't quite grasp at the time was the stock market. Way too many numbers, with no idea which were "mine" or what they meant. Bunch of magic buttons which just made your finances go crazy like a roller coaster. $10m in the bank one moment, and then suddenly "Blam, you're bankrupt" without any warning. Morale of the story is that seven year olds probably shouldn't play the stock-market without parental supervision. ._.
The stock market is an odd thing that I still don't get (mainly because I haven't invested time into learning about it). But it is a good way to make money if you know what you're doing, though you do need money to start with. My brother's in the army at a quiet post, so he's made a good amount of money trading while sitting around on guard duty.
Of course, he also lost a ton of what he made by continuing past where he should. It can be hard to tell the difference between smart and lucky. Like most risky ways to make money, it's best to quit while you're ahead.
@@onyxtay7246 It's basically investing in a company and if the company is successful you get money from the profits. If the company begins to fail you have lost money.
The stock market is a tricky place. I think people who are paying attention to the businesses that they're investing in will do well, especially if they know well established strategies, but people who try to get in it without any knowledge will probably fail. I choose not to put my hands in that area, because I don't have the interest (no pun intended) or energy to keep up. I prefer to just do my work, create stuff of value, etc.
These are some small things you can save money with:
- filling reusable bottles with water instead of buying plastic bottles
- GROW YOUR OWN FOOD/SPICES if you can: it only costs you the seeds
- cook at home as much as possible (as xisuma said)
- take your own food to work, especially LEFTOVERS if you can: it'll save expenses on food and you'll have more power for the afternoon if you have something warm to eat
- try to reduce using the heating as much as possible (BUT be aware: at the moment most poor people die because of the cold rather than starving)
yeah I just use my blankets
Bram Van Hooydonck Great tips !
Great tips. Its strange why people here in Argentina dont grow their own food (In the town i live every house has a garden where you can plant something, the climate is also greate and theres also a government company that gives you free seeds. My mum does all of this and its super simple but we dont have to buy tomatoes)
Yeh I dont think anyone buys plastic bottles every day I think they just use tap water
Also really good advice get a fucking credit card and only use it for netflix or smth and see you're credit score go slowly up
imo is better to invest time into more working than to invest it into growing own food
I would love to see Xisuma's point of view on college
It's good for some, but not everyone. If you dont mind working with your hands, definitely consider a trade, I'm going to classes for electric and not only is it already paid, I get a return on my grant that I got (basically paid for going to school). Due to a shortage of workers in trades at the moment some places are willing to pay out 6 figures. This is all relevant to America though, unsure of across the pond. But definitely know that trades are an option. College is great, but so are trades!
@@thugTaters Always take it, unless you're an american then go to comunity collage or trade school
@Samuel Prince I agree with the philosophy part a 1000%, but we'll also always need doctors and nurses and things that do require a college degree, instead of just a trade or technical degree. It all comes down to where you live, and what the job market is like there.
Jason Todd I totally agree
X, for the credit card, you forgot to mention that paying it off every month helps build up your credit rating, making you more favorable to banks for future loans!
He does just advise against personal loans and going into debt in general, tho. But I imagine the ability to take out a loan when needed would be really helpful in financial emergency situations
@@peeblekitty5780 it can help you get lower rates on a mortgage. Still helps when you take out your biggest loan.
@@peeblekitty5780 only go into debt if the debt makes you money
ie mortgage of 1000$ per month but you rent it to other people for 1400$ per month
A credit score only helps you get into more debt. It doesn't help you get a job, a house, etc.
@@zackverbrugge2839 In some places, for some jobs, it does apply
When it comes to prepared food, you pay for the labour to make the food item as well as the ingredients that went into it.
One useful thing that I learned is this: If you go into a shop and see a $1000 TV on sale for $100 and you buy it. You did not save $900, you spent $100. The only time this doesn't apply is if you immediately sell the TV for a profit , or you went into that shop to buy a TV in the first place. EDIT 19:22 sorta what Xisuma and Rex said here
Haven't watched the whole video yet so maybe X said this, but if you're getting fast food you're paying almost only for the labor of the chef. If you go out to eat at a diner/restaurant, you're paying for the labor of the chef as well as the waiter and the tip.
Prepared food at a restaurant doesnt just pay for ingredients and labor. It pays for overhead, maintenance of the establishment, etc. Its usually 3 times minimally the cost of the food.
Everytime i bhought something expensive. Like my phone, it turned out there was a sale
In responce to the tv thing, that is always the case unless you are after a new tv and actually have the funds to support that purchase properly
Yep it's a common sale tactic in most stores,
You don't save 900€ on the tv, you spent 100, and they sold a TV
My friend: *reads personal development books on how to become a millionaire fast*
Me: *watches a random dude on youtube explaining how to handle money while playing minecraft*
But in all seriousness, great video! Very valuable advice!
Kind of mentioned it in the video, but yeah, do not look at discount, especially if you are buying food like pasta, look at price per kilo, get the cheapest price per kilo, and never more than what you need :)
Yes! I always look when something says the price per unit to get the most out of my money
Good advice. Though all points combined do have one exception:
If it's food that can be stored for months, in case you're going to buy it either way, _and_ it happens to be the cheapest option without a discount, _then_ you can buy it in bulk.
>Implying I'm not in debt in order to pay for school (university).
But yeah, this is some really good advice Xisuma.
to the fan who asked about starting a cafe, the best advice that I've heard is to create an LLC business, and take out the business loan that way. This way the LLC company you create will take the responsibility for the loan, to keep your personal finances separate from the business (you know, in case the business fails, your credit isn't ruined). really, seek a financial professional... otherwise, solid advice X!
limited liability anything is a good way to get started. more people are willing to pitch in because theyre at less risk
Also try to get a partnership, yes it cuts your personal profits but LLC partnership gives you a safe bet to fall on in the worst case.
Also a tip, try to base this LLC in Delaware. And have that LLC own your brand name and logo, and then have your bakery pay like 90% of it's profits to this LLC as to be able to keep using the brand name and logo, that way you won't have to pay as much taxes. I mean every major business in America already does this.
Xisuma you forgot to say gambling is just a waste of money and time. Yes it might get you some more money but will you be doing this long term? And its a addictive trap they are literally tempting you to spend more money not earn. Plus it teaches us to be irresponsible in handling money.
Yes and no. It depends on your outlook. For me personally I enjoy playing poker. I can go to the casino, pay £20 to enter a tournament, get unlimited drinks that are offered while there and have 7 hours of entertainment playing a game I like. And if I do well, I could earn money!
Alternatively, I could spend £20 on a bottle of vodka, get drunk, go to a club and party, most likely spend more money on more drinks that aren’t needed, get food at the end of the night etc. Spending well over the £20, I had just as much fun, maybe, but it cost me more and I regret it the next day as I’m now hungover too.
I’d rather spend £20 a week at the casino than I would spending it on a night out.
Certain gambling is bad, however professional blackjack players make $400+ an hour.
Only dumbasses tend to gambling for earning money, that goes without saying.
DocM said something really great about gambling in one of his videos, which went something to the effect of "You could spend $15 to go to a movie, watch that, and maybe spend a little more on snacks/food. Or, you could go to a casino, put $15 in, play a few games, and then back out if or when you break even. Gambling is fine, just don't count on an income from it" I thought that was really good advice.
@@alsodharga_679 Essentially what I said but more concise haha
Fortunately, the highschool I went to had a class called Teen Living, that taught things like this. It was an elective, so not many people actually went to it, but I did, and it was so helpful! The class taught us basics to cooking, cleaning, basic psychology, the development of the brain, how to care for children from new born to toddler, good financial habits, insurance, loans, emergency sewing to fix small things etc. I still use what I learned constantly. If you are still in high school or going to one, look out for similar classes.
Edit: Spelling
I THOUGHT THIS WAS 12 MINUTES THEN I WATCHED THE WHOLE THING WITHOUT LOOKING AT THE TIME BECAUSE IT WAS SO INTERESTING
As someone who is still in school and is an absolute note taking freak. I reccomend buying a nice pen with refillable ink cartridges. I've gone through so many pens, which has costed me tons. But now I buy a single pentel energel, and then buy like a set of 5 or 10 refills. It has saved me tons, especially since its such a nice brand. If you're in the long run for school, I definitely recommend. Just never ever lend these pens because people will take them. I've gone through so many refills, which makes me think that if I didnt do refills, that's a new pen each time. This is also a good investment for your education!
Moo It also so much more enjoyable to write with a nice pen! If you don't tend to lose pens I you could also go for a fountain pen (Lamy Safari is a good decently priced one) it's a bit different to write with, but I prefer it over other pens. It's a bit more expensive to by the pen (~20-30$) but you can refill it with bottles of ink which last way longer than a refill.
It's a bit of extra work to refill the pen, and to clean it out every now and then. But I think it's worth it for the writing experience + you can save money in the long run. At least if you don't get into fountain pens as a hobby like I have done :p (The most expensive ones can cost >$100000, but that could be said about almost everything, like watches can be extremely expensive or just cost a few dollars).
I don't think I have ever used an entire pen. I also can't remember ever buying a pen
@@shifty3453 I write an insane amount. I use like 3 refills for math alone last year.
I never knew refillable pens even existed! Saves me a heck of a lot.
@Barlie Checkwith I've definitely picked up some pretty good pens before but very rarely. Wish I could find bunches, too.
19:35 A tap of glass water? Doesn't seems healthy to drink at all!
in some countries tap water is fine to drink, not in all countries
Why, it's certainly better than a coke of bottle ;-)
Guinea pig Mart ''tap of glass water''
In Serbia its perfectly fine ... even better than bottled one
Glass water.... XD
Thank you so much for this video! you have changed the way i look at discounts, and gave me a really helpful subreddit! please keep the life advice coming, I am 18 and my free trial for life has ended, I need all the advice
"I am 18 and my free trial for life has ended" i love this interpretation
Feel ya on this one.
In the same boat as you buddy
Read rich dad poor dad
MT ADO, also look into different apps to earn money for when you shop, I use store apps for stores in my town but I also use receipt hog, ibotta, and couponing apps like coupons.com. look for couponing/discount groups on facebook! I've been doing it for years because I come from a family of 6 siblings and with money being tight I always found a way for my dad to be able to get what we needed at a cheaper price, I even worked at the grocery store for a while so I could use the perk card to get a 10 % percent off my orders. Another great thing is food prep/planning. Get a calendar and write down what foods you want to make over a certain period of time and buy stuff just for those dishes and not impulse buy.
My teacher taught our class about credit scores and what they mean and do. He's one of the best teachers I've ever had! (He first taught us this in 6th grade and since he's an elective teacher he teaches us this every year)
he taught us about
-Don't eat out-a-back-a steak house every week. (save money)
-Don't by the sammari swords (Don't spend money all at once)
-Don't go into debt (it will hurt your credit score)
-Have a good credit score (helps when applying for jobs and ect.
-SAVE SAVE SAVE (This will help you when you get in a bad situation)
When you get your first job, get a cheap apartment that only takes up a quarter or so of your salary, the other quarter or so will go to other expenses like food, then put the other fifty percent or so into savings.
After a few years, you'll be loaded!
Yeah I agree. Always living below your means is crucial to saving
You forgot the 49% to taxes :/
@@gbfj7683 oof
@@gbfj7683 where the fuck do you live that being in the lower tax income bracket, that you are paying 49%?
@@bruhmoment7546 I am thinking south America
Xisuma: Cut out alcohol
Me, a Uni student: What is this fiction!
“Don’t go into debt!”
*My goodness, what an idea. Why didn’t I think of that?*
Xisuma : don't go in debt
College : That's not yours to decide
Funnily enough, my school actually has a lesson of teaching you life advices like this!
Joshua Poon
why don't other schools do this? *i am confusion*
One important thing I learnt is that think of debts as borrowing money from your future self with an extra costs, so don't go crazy with mortgages.
Good for your school!
I know this video has been out for a while, but about the eating out food part, I learned early on that eating out is expensive. I've discovered some cooking channels and it makes me want to cook, so I dont have to buy fast food and try to be healthier.
Why does the internet always holds so much important things for the future than our school
This was really helpful for me. Im 21, and watched this when I aws 19- 20k in debt, because of student loans. My job pays $9/hr. I ended up getting out of debt, finding a new job, and completing university because of this video. If you ever stop youtube, you should give speeches. I'd pay hundreds to listen to them.
Thank you X.
I turned 18 about a week and a half ago and I haven't the foggiest what I'm doing with life, and to be honest I am super scared.
But this and the fitness video, among others, have really helped.
I've started to eat better and exercise more, and I'm determined to be better with finance (now I know what it is).
Now I've just got to find a job that doesn't require experience, expensive qualifications, or a driving licence.
So just thank you.
You've been a massive help.
Good luck!
@@dreamerrealms2438 Thank you, and to you too. :)(:
Nobody:
Xisuma: do go into debt!
Greece: (chuckles)
That interest and credit thing at 16:00 was something I never understood before
"if you're not wasteful, it's not wasteful" Solid advice
I remember when I was in a history class in high school... my teacher told us to usually to use a credit cards when you do have your aaving started because for all the reasons you mention but also So when you can be able to pay it up you can keep a good credit score...
iEmily Arps you don’t need a good credit score if you never borrow money.
Blueso A bad credit score can lose you a job
DJDJStone I personally believe living under your means, but yeah I can see what you are saying.
Blueso I’m about to move out of my parents’ place and nearly any renter will run a credit check on you. They’ll be more likely to rent to you if you have a good credit score than none at all. I used to think that way, but now I accept that it’s generally a good thing to have good credit instead of none.
I got the same tip when starting uni, but to just use the credit card for one small thing, like a Spotify subscription. Something you should definitely have the funds to repay, even if you need to locate all your loose change to do so, but because you have that card, and pay it off on time, for several years, you get a good credit score.
this is the best thing youtube recommended has ever given me. thanks, x.
I think I like this channel more than your main one. 🙏🙏🙏
Teachers say that writing a 10-page report is important for getting a job, yet a fellow UA-camr can teach people about life way better.
I started my interest back account at the start of this year and rarely spend and from this, I have been able to save about 600 au dollars and I'm only 13 earning 10 bucks a month of recycled bottles. This video will help me a lot thanks man
TGT Tech you have a bank account at 13??????
@@Hanguyen-mg1ue some countries you can do that :D
@@madeleineruusu wow the more you know am I right
19:36 xisuma: ...A tap of glass water.
Man, I don't drink and do not miss it at all. I do have debt from studying but it is without interest(Netherlands is really great in that regard) and the debt is payed over 35 years so less than 10 euros each month.
Another tip: Stop buying stuff on the go, think about your purchases before hand! And NO GAMBLING OR LOTTERY TICKETS! Only gamble if you are going to a casino with friends just to have a good night and consider that money as spent.
In about 2 minutes, you went from being a funny cube man to a cool older brother. Mad respect from a broke college student, much appreciated :)
Hi X! I’m almost always watching you live (I was here for this one) and watch all your videos. Keep up the good work and don’t stop making us your content!
If your tap water tastes bad boil it and then store it in the fridge in reusable bottles or jug
When i eat out, i only do it with friends and i take one of the cheapest stuffs of the menu
this guy is so sweet that when there was a turtle in his way he took the time to gently push it away and not hit it
All I can say is thank you for teaching me and all of us all this important lesson.
Thank you! Not only do I learn about tricks and info in Minecraft but also in real life. I’m 18 years old and I still don’t have a job. It’s really hard finding one in these covid-19 times.
xisumasays: "If you're getting 1000% off, you're still paying the price"
Math: "Am I a joke to you?"
1000% off could mean that there's a discount worth 1000% of the remaining price.
@@edrispro 900%, depending on how you define "discount".
Assuming it can go beyond being free of cost if the discount is over 100% (and reach a negative price number, i.e. providing you with money).
You'd make a 900% profit of the original price, since you pay 100%-1000% of the original price.
@@LinkEX I meant is as in like, let's say the remaining price is $1, but they advertise it as $1000 off (original price 1001) thereby having the "discount" being worth 1000% of the remaining cost.
@@edrispro I don't think that's legal where I'm from
@@bmking1015 oh do they regulate advertisements? Where's that?
When peanut butter is on sale... Buy the shelf!!
This is really good advice but it just kind of feels like debt is unavoidable, especially with university. Guess I’ll die.
This feels like a discussion that teachers should have in school.
2:08 i thought i heard X said "when push came to shovel" lol
I'm almost 18, I've never heard about any of those things no one has ever taught us literally anything I'm actually shocked bc I understood half of the terms you used
Yeee, finances taught by a Minecraft UA-camr: short, practical, interesting. And motivating)
"Nuhhh, shut up dad!"
Why do I love this so much? XD
Yes! I need this so much as a 16 years old kid
D Wolf Buy Tesla stock!
.... what?
@@dwolf9385 don't buy stocks based on some random dude on youtube
@@xsamsungg5735 True but in this specific case he wuold have quintupled his money if he did...
A very helpful video, remember to write down everything you need from the shop before acctually going there to avoid buying stuff you dont need
How to not go into debt: Don’t go into debt
This channel is just a compilation of the main reason why I watch your livestreams. I love all of these interesting topics with life advice. You've changed my life and way of thinking due to these streams. And you've changed them in a very positive way. I really have to thank you for that!
Saving young is a great idea, I'm only 16 and I already have R1000 (South African currency) in a savings account where I earn money on that money, It's not alot, but its something and the interest rate on the account is 5% so it's not too shabby either! Saving money makes making deposits on cars and other things that need deposits or alot of money alot easier, debt is not good, my mother is in debt and it's a tricky situation to get out of, unfortunately, the economy is a rich get richer system, if you cant stay ahead of debt and owing money, youre one step ahead of the system!
I didn't know I wanted to watch this but I loved every minute of it.
the never go into debt thing is a bit late when you already have student loans. 🤷♀️ nothing like a $1300 payment every month
Ouch. That doesn't sound good at all
@@jakobharvey352 an investment that has me living paycheck for paycheck and that won't be payed off for 15 years
viziroth your fault for choosing a dumb degree and not managing your money well
@@jakobharvey352 my degree is in information security. not really a dumb degree. I got dicked over by bureaucracy. I'm making decent money, but I have this fucking loan payment that's 3x my mortgage payment. there's something really fucked up about that.
Jakob Harvey literally any degree can fuck you over lmaooo.
Story time
So i was in 6th grade, and we were supposed to do this project about money management or something like that, but my teacher said that it wasn’t essential so we barely had ANY TIME to actually do the project, instead we spent most of the time we were supposed to do the project learning about history because according to my teacher, ‘history is very important’. Then she got mad when we couldn’t finish the project and nearly failed us, but she couldn’t and she nearly got fired. I still don’t understand her.
Lol X, where I live the interest is like 0.07%. I mean it's not nothing but it's not much either.
You are just losing money slower. Due to money losing value faster than the intrest.
Sjiht001 invest in stocks theb
2:40 While taking your food from home on the go is something you should totally do, I want to bring up an adjacent topic.
There is the idea of avoiding semi-finished products, cooking yourself instead.
While it's true that it saves you some money, consider the time you have to spend on cooking. Maybe it's actually more efficient to put that time to work and get more money than you'd save from cooking.
And after all, not having to cook is a quality-of-life feature, and QoL is the last thing you want to be saving on.
Also when cooking your own food you can make healthier choices for yourself. So in the longterm cooking healthier meals will save a lot of your life
Best life advice I ever received whilst watching a minecraft video
Anybody who is young watching this, LISTEN, xisuma is dead on what he is talking about. This is really good advice.
Minecrafter teaches his audience how to evade taxes
Juan Ignacio Falcone why we love X - he isn’t doing this solely for the money, he’s doing it because he wants to better others lives through entertainment
I'm not even 18 and I'm listening to this.
Not only do I hope I remember this, but I also hope that I listen to this type of stuff in this same amount of attention.
If people were taught how to save in schools those companies who would benefit from the unkowing would suffer
A lot of people point out the flaws of schools for not teaching financial strategies, yet, at the end of the day, school kids don't actually do not care about financial stuff, they have no appreciation for the importance of money (not the value, a lot of kids work, not many fully rely on their own money).
This is actually really good advice, i will keep it in mind while saving for my first car, thanks x
Honestly a lot of this is stuff I have considered, but it's great that it's a more commonly known thing.
Especially the part about not being wasteful.
I want his texture pack with X Turtles
And dis is interesting then hearing it from a teacher
if you meant to say *His* and not fis. you can. its on his website.
@@dylanmcfiggins5816 may god bless you
the texture pack with X turtles is in vanilla tweaks
Hi Xisuma. I love this conversation of yours. I love playing Minecraft and love what you do, but during daytime I work as a Certified Financial Planner and have done so for about 15 years. I think this is brilliant advice. People read so-called self-help books claiming that you should use "other people's money" to get ahead, and it is absolute garbage. By not going into debt, you de-risk your own life. Sure, there is some debt that adds value (I use this phrase very carefully) like a mortgage, but only under very strict conditions. Credit Cards are not our friends!
Thanks for doing this video and including us in your journey.
I feel like the word to describe school is disappointing.
At the risk of sounding like a schizo, school is for building a good slave. If they teach you how the world really works, the more astute amongst us wouldn't be very happy. And an angry person may try to change things, which could throw a spanner into this well-oiled machine they've spent so much time, resources and bodies to build. Debt is a means to control people. Work hard to pay for something you don't need--then when it's paid off--rinse and repeat. Spend all your time working and consuming. You're not a risk to anyone that way. You're too tired to do anything except give them more money. Who is them? That's a whole 'nother rabbit hole.
16:00 - Btw, if you live in a country like Denmark where interest is negative - use a debit card.
Great content! Finally convinced to subscribe
Also:-
Are you going to make this into a podcast? Might be cool
Having a parent or guardian while growing up, to tell you and keep telling you advice like how to save money and handle finances is really the biggest factor. Another big obstacle is knowing the goals, vs. knowing the way to achieve them in a way that works for you.
Why is UA-cam recommanding me this, the day after I buy a car?
as a young adult who watched some of his fam/ siblings struggle with money and living, as you say, paycheck to paycheck, this was really helpful. thanks X
Hey X i really like this channel
I really like just hearing you talking about life and what not. What do you think about investing in stocks?
I’m only 13 years old and I like you’re doing this. I never go with the car/bus within 15 kilometers
This was an interesting live stream, learning about this stuff from someone playing Minecraft is funny to me, but I really enjoyed it!
Theres nothing other to say than thank you. This is really helpful and gives me hope that I can shape my own future and do something good with my life.
SCHOOLS: TEACHES STUFF WE BARELY NEED IN LIFE
XISUMA: TEACHES FINANCIAL TIPS.
ME: I KNEW SCHOOL WAS USELESS.
I mean why would someone who want to learn Medical learn Mathematics.
I really do love this channel. I really like your streams because you sometimes have thought provoking conversation, but I can't always watch while you're streaming. All of this stuff I've learned because my dad also gave me and my siblings great financial advice, but sometimes it's nice to get a refresher because I'm not always thinking about what I spend my money on. Thank you Xisuma!
It's expensive to be poor
About debt and eating out, I totally agree with you!
School:
teaches you about tests
not about life
School forces you to rote memorize things that you will have no use later in your life. I'm a math genius, but it certainly doesn't help me in my job as a cleaner.
@@livedandletdie If you are a math genius then why are you a cleaner and not purusing a career in mathematics?
Walking is free and some things can keep.
Enlighten me on which financial advice they teach in school
mathematics.
@@ElectricityTaster have you tasted mathematics before? it tastes worse than electricity
His mistake was hilarious but honestly i am 14 and listening to these every day and i am learning from these
Learning taxes with Xisuma
The small expenses are some of the worst. Imagine buying a coffee everyday, it's only $2, but that's $730 a year, For Coffee, never mind entire meals. I'm very thankful that you are willing to talk about these subjects, school teaches you a lot, but not some of the life skills that are needed throughout one's life.
"get a bank account that pays interest"
Ha.. ha.. haa... Hahahahhahaaa
If anyone finds this unicorn of an account, lemme know! In almost all of the EU you gotta be happy if you don't need to PAY negative interest for an account
I think for getting bank accounts the cheapest way in the EU, go for online banks like N26, INGDiBa or Comdirect, they have some free options.
@@charlotteice5704 still doesn't pay interest
Is that normal in the EU? I'm in The US and have never had an account that didn't pay interest.
@@winterborn82 yes, currently we have _negative_ interest, or rather 0 interest in the vast majority of giro and other daily money accounts. The European Central Bank is putting out the "lead interest" that everyone should follow which has been declining over the past years and is at 0% since 2016.
Americas lead interest currently is at 1.8% but it also has been down to 0.13% back in 2008, only rising back up starting in 2015
Goes to show how much of an ignorant this youtuber is.
Super informative! I watch a lot of UA-cam and don't usually see the need to comment but I want you to know this really reached out to me. I've also been very fortunate to know those things and my whole life up until now I've been considered very wealthy. I lost track of these basic rules soly because my mind set changed. I want to get back into my thrifty ways and this video has helped. Thank you.