This is exactly what I did and it's been working for the last 3yrs. I have a 401k, I save all coins in a coin jar, cut out an expensive cell bill, stop buying/playing videogames, take a lunch to work at least 4 days a week instead of buying one and most importantly I "pay myself first" before paying any bills. The second part I did was increase my earning ability by changing careers. If you make more, you can save more as well. Don't lose focus...it will work!
401k's are obsolete and are poor investments. They are poor investments because they end up costing you more than they will ever make you. Your profits are greatly impacted from the mutual funds fees, (up to 8% disclosed, up to 24% or more hidden) and when you finally want to retire you must pay not only your own taxes but the mutual funds taxes as well, and your employers taxes. Search: "Frontline The Retirement Gamble" for more info on that. The solution lies in investing in ETFs, which Advisors don't talk about much because they know they'll make more in commissions having your money invested in independent Stocks, instead of large baskets of them like ETFs/Index Funds. In ETFs you won't have to worry about actively managing your money because you know what they do. Compound and rise gradually. The VTI stock for example is one ETF that basically contains roughly the entire U.S. Economy. It's YOUR money. The less that is being taken from you, the more you get to keep for yourself.
Anyone watching this video should just listen to how it applies to your own life and please don't criticize. This is very sound advice, paying yourself first and only spending that amount on self habits or things you like will give you the discipline needed to live today or at anytime. I started living this way years ago and there is never a moment I stress about money, listen to him carefully and use this advice.
I used to get my pay check and put a small amount of money in my savings and then every time I ran out of money in my checkings I would take some money from my savings. Telling myself I would just double the amount on my next pay check. The key to saving is not only "paying yourself first" but to keep that money there. Don't touch it!! I started off with only putting $50 every paycheck and now I am putting over 50% of my monthly income into savings. I love this so much. I would have never been inspired to do so with out this. Thank you!
Saving is great and all but the bank pays you a very small amount per year in interest for you having your money in a savings account. Look into investing it in an index fund and just keep adding to your position so you compound your account. Make your money work for you
I learned the hard way that LUXURY is not your friend. For when times get tough LUXURY will leave you in despair. You may think of course NECESSITY must be your true friend, but nooo, NECESSITY is like Family, it is always nearby but doesn't always help to get you out of a rutt. Who then is your true friend? Your true friend is FRUGALITY, for even during the toughest times it will be there to help you.
I can only afford to save about $100 a week from my Checks, aye, it's better then Nothing! In a year just to know ill have $4800 to play with is great! But if i don't touch it, then in 2 years whopping $9,600! But in 3 years! $14,400! All because i saved $100 a week Adds up real Fast! Lets go baby!
Unless someone understands the magic of "compound interest" saving a small amount of money may seem like a waste of time. But when your money begins to earn money you are making money twice as fast; there is the money you add to your account every month and the interest you earn from monies already in the account. The book "the richest man in Babylon" is a classic and if you have not read it you should. Brian you hit the nail on the head as always. Thanks much
So much this, I took a personal finance and investment class in high school and the teacher spent soooo much time on compound interest that it's forever ingrained in my brain and I'm thankful for that. For those wondering a simple way of looking at compound interest is you earn interest on the total amount including any interest you may have earned previously. If you have 100$ at a 8% rate you get 108 in the account next time around its 8% of 108 added, (rounding) 116, then the next time 125, you earned 25$ of that 100 doing. NOTHING. And that's just a small summary of it some are more complicated but talk to your local bank and find out your options starting small and adding to it and leaving it you will gain over time.
+Jeff Davis This is bull shit! I stared investing when I was 19 years and there is no rhyme or reason for it. The only area where I think there is a great opportunity to understand investing is real estate. Stocks sucks and they are entirely unpredictable. Invest in something you can control or influence. Oh, and compounding interest sucks! It doesn't keep up with interest.
Great explanation I have just started saving and resources like this are always such a great help. I think your guidance is quite valuable as it helps lower the barrier to entry on how to start saving money!
I can't find like his self esteem and self confidence ever ...... it's entirely the most motivational instructor I've ever seen.... thank you sir Brian
Mr. Tracy has similar take on personal finance that my parents instilled in me while growing up. Paying yourself 10% of each paycheck is a great general rule, as well as educating yourself as you age into each financial growth stage in life. Though this video is over a decade old, the advice is still sound.
**Thank you, I'm starting to write things down now. I do Daily Affirmations & I also Meditate now. Just stared these things and I really feel it and people are seeing it too. Thank you for this video**
Great video Brain. I'm 20 years old, have 8K in debt from welding school. My current plan is buy a rig truck and a welding rig. I already have a job welding that pays 22.00$ a hour. My plan is to pay the debt, buy the rig truck because one is available and cheap from someone I know buy the rig. Work my regular full time job, and do some welding on the side and save every penny that I make from working on the side "After I cover the cost of doing the work". With the U.S. in the kind of "Shaky" place it's been it's never a bad thing to have some money stashed up in case of losing my job, or whatever other expenses on top of having a good retirement. I'm going to watch some more of your video's and see where else I can cut cost. Thankfully I have a great girlfriend who loves being cheap as much as me. We have a competition every month to see how low we can get our electric bill. Sounds boring to most people, but I think we are thinking a lot better in terms of other 20 year olds. If I ever do decide to go back to college "I have a two year degree from welding" I'll be sure I pay for it in cash. I cringe when I hear people telling me they have 50k in student loans. Not a good market to be in debt right now.
I agree with the logic of making investing + saving a habit. The more you do something the easier it tends to be. I also think delaying expenditure can lead to making more meaningful purchases.
You are amazing my brother, you are speaking the truth!! I will add you to my other greats: Napoleon Hill, Earl Nightingale, Bob Proctor, Les Brown, Dave Ramsey and many others. Great Job my good brother. Loved it Ed .
this is great. I especially love the idea of setting up a mutual fund account and let interest do the work, and by the time I retire, I'm rich! Will definitely learn more about this.
Great video, I have been saving since I was 13, I am now nearly 19 and I have never taken any money out of my saving... only added to it and it is growing amazingly!
This guidance is of value because he is showing that anyone can save enough money to be financially independent. If you break your norm of impulsive buying and implement frugality you can live comfortable.
i am a little boy and since my family is in debt i found this video helpful so i told my dad about this and he is going to try it. i used to waste all my money that i earn on some stuff, but this video also made me spent only 75% of my income on what i need and i keep the rest safe, by the end of the month i might earn $114 which is not bad for a kid. Thanks for uploading this video!
Overall, this is very sound advice. Saving can be difficult but changing your mindset to "I'm paying myself" can help. It is a great idea to start with a small percentage and increase it as you adjust your mindset.
I typically try to save 80 percent of my check and 20 percent into my checking. With the 80 percent being saved I invest half of it into my Roth IRA and the other half into my savings
A very good tip for saving money is try not to spend so much money on fast food or and restaurant in general because if you think about it you're spending $5 for a meal that's only going to make you satisfied until you're hungry again. Not to mention money spent on fast food adds up.. Quick. Like seriously quick.
maddenmaster365 fuck yeah i wasted so much money eating out all the time. that 10 bucks you spend on one meal from a fast food joint can get you 2-3 meals if you learn how to cook lol
+maddenmaster365 If you spent like 5 to 10 dollars a day eating out a lunch at work, that would add up very quick. It would be between 150 and 300 dollars a month on fast food. If you only make 2000 a month, it could end up being like 15% of your income. That 15% there is what you should be saving.
Being a 55 year old man, coming from a middle-class family, I have learned, that there are three nationalities, that are excellent with saving money, Jewish people, Jewish people, oriental people, and people from the UK, I can say this because I have known many of them, and I know how they think, when it comes to money, most of them look like they don't have money but they do, they don't forget where they came from, I respect all of that, and even though I don't make a lot of money on disability, following their mentality, will make you a wealthy man in time, and I'm not a white boy, I'm Sicilian !!!!
brandon2932 That is what life is about. Work for cash and have fun spending it. Saving is necessary, but spending for fun is vital. And if you can save 3K in 4 month, it means you have no cash problem and earn more money than most people so have fun and enjoy life !
Brilliant, easy-to-follow information. I had wondered how to save, even as I am not prosperous, and this video makes it so simple. I'll just start at 1% savings, and work my way up!!
Love Brian Tracy and what he teaches. Most people are too impatient to try just even this simple step tho. People hate that word "frugality" don't they ?
Brian, the videos you have posted have made some more transformations in my life. Some of them affirmed my thinking, some have changed, some were altered. I am already seeing more results, awesome stuff! Thanks!
Very good keep going on.I love to read this. How far you have progressed since a month ago? I'm anxious to hear about your accomplishments up to now. What about your picture?
I do agree with Brian. This method helps and I do it as well. You cannot touch your savings though you are saving! You have to have the discipline to not spend and save if that is what you want.
you know when i was making minimum wage i was eating out fast food all the time and buying the things i wanted because i wasnt making much money and didnt want to wait to save to get it. putting g away 10% of it and over the years getting better jobs and making more money the amou that the 10% yields is also higher meaning at an oncreased rate of pay you would defi itely be making more than 1 million in your workong life. his figures are based on fixed incomes over the course of 40-50 years. if you include variable incomes, meaning your pay changes or goes up then the amiunt you save is more. genius plan and makes a lot of sense. this should help most people in life. please listen to him.
Thank you so much sir, u changed my life. already I save but when I started thinking in a different way, I realized that I am spending little AMT for daily transport, now I am going in a public transport and I started investing in mutual fund for 15 years locking period. When I become 60 that would have yielded five lakhs.
Ironically I'm the opposite of most people. I try to save around 50% of my income as a part time worker full time student and even at 7 would save all my birthday and Christmas money. I get around 14% interest P.A on my account as I've never withdrawn for over 12 years. I had 22K to my name when I was 18 (without working). By the time I'm 21 and continue working part time I should have around 50k. Your advice is a great approach to adopting a savers mentality and once you have that, you learn to save even more. Goodluck to all the savers and future savers out there.
Hi, I really have no idea of economics maybe you can help me a bit. That money that you save and which you get interest for, is it just money you put in the account? or is it "frozen" money? invested? etc?
I set up 2 accounts, one has a very strong interest rate that appreciates the longer I dont make withdrawels. Had it for 15 years and never withdrawn. The second is for my income, which has no interest rate and serves as a medium between pay/saving. I take out a portion of that income as cash, usually enough to cover my basic expenses and 1 desired item, be it a game, a night out, etc. After that i transfer all remaining income into my other account. The account the money then goes into is invested in "Steady stocks." Volatility can lead to immense profit, but in the long run certainty is what I feel is needed. Especially considering the avg business cycle is 20 years so a recession/depression is always around the corner. When the gfc hit i only lost 5% of what was in my account, yet i get on avg a return of 15% so i made all that back in around 4 months. Keep in mind there is no such that as a truly "Safe stock" in the short run so in reality this can only work in terms of long run goals
This is another example of what "Brian Tracy" is teaching about. A really committed person who is working to achieve his wealth building goals. Since the last years the global financial market has changed, while offering more competitive and safe wealth building solutions
Mr table tennis I like that.I start saving the 30% of my salary last year every month.I am going to check in my bank about stocks I really need to encrease my saving I never touch that 1.gracias for sharing
Thanks Brian, honestly i have been making efforts to achieve this but it hasnt been so easy because of other financial commitments. However after your message i have taken decision to be disciplined towards this. Thanks.
You are correct, I sympathize with your thought that each customer/ investor will be better off with an investment they understand and deliver a frequent yield. Is exactly what we are practicing to assist, to support our customers to achieve their wealth building goals.
Exactly! Saving is the norm, that's what I thought. I made a video about it because the other day a friend was flabbergasted as to why did I even bother to save!
Thats what I need to do. Im getting caught up with all my bills and by February I want to atleast save $40 a week from my checks and put inside my savings account
I don't know what just happened. I have spent the whole morning looking at your videos. Just when I was at a blink of an exhastion over all the knowledge my brain has absorbed from your videos, I closed my eyes for a brief moment. And then... I saw money pouring down from the roof. Without even thinking about how this is possible, my hand automatically reached at it. And rather than reachinga t it, I could feel my hand grabbing it and catching it. I am still a bit of shocked. But happy
Thank you for your clear presentation about the subject of "wealth Building".Love these internet of things. Hereby I express our intent to establish a mutual beneficial working relationship with your company.
The whole sale price of milk is 6 cents cheaper than retail, compare that to all the groceries you buy in a month, then you will notice how much money you can save!
I do believe his thought is valuable because knowing that you can save a potion of your income to become financially free is a really awesome thing to know. Knowing that you can become a millionaire just by saving a portion of your income can change so many lives.
![How To Turn Your Yearly Income Into Your Monthly Income - Bob Proctor [ The Law of Compensation ]](http://i.ytimg.com/vi/IHlXgCaJvR4/mqdefault.jpg)
This is exactly what I did and it's been working for the last 3yrs. I have a 401k, I save all coins in a coin jar, cut out an expensive cell bill, stop buying/playing videogames, take a lunch to work at least 4 days a week instead of buying one and most importantly I "pay myself first" before paying any bills. The second part I did was increase my earning ability by changing careers. If you make more, you can save more as well. Don't lose focus...it will work!
+Roger Thatt All great tactics, Roger!
401k's are obsolete and are poor investments. They are poor investments because they end up costing you more than they will ever make you. Your profits are greatly impacted from the mutual funds fees, (up to 8% disclosed, up to 24% or more hidden) and when you finally want to retire you must pay not only your own taxes but the mutual funds taxes as well, and your employers taxes.
Search: "Frontline The Retirement Gamble" for more info on that.
The solution lies in investing in ETFs, which Advisors don't talk about much because they know they'll make more in commissions having your money invested in independent Stocks, instead of large baskets of them like ETFs/Index Funds.
In ETFs you won't have to worry about actively managing your money because you know what they do. Compound and rise gradually. The VTI stock for example is one ETF that basically contains roughly the entire U.S. Economy.
It's YOUR money.
The less that is being taken from you, the more you get to keep for yourself.
Good job dude.
+Bryan James am going to check them out
How old are you if you don't mind me asking?
Anyone watching this video should just listen to how it applies to your own life and please don't criticize. This is very sound advice, paying yourself first and only spending that amount on self habits or things you like will give you the discipline needed to live today or at anytime. I started living this way years ago and there is never a moment I stress about money, listen to him carefully and use this advice.
Nobody can criticize
I can save for 3 months and spend it all and sometimes when I try to save thts when problems come
I used to get my pay check and put a small amount of money in my savings and then every time I ran out of money in my checkings I would take some money from my savings. Telling myself I would just double the amount on my next pay check. The key to saving is not only "paying yourself first" but to keep that money there. Don't touch it!! I started off with only putting $50 every paycheck and now I am putting over 50% of my monthly income into savings. I love this so much. I would have never been inspired to do so with out this. Thank you!
+Leticia Rodriguez That is great, Leticia!
That's crazy I thought I was the only one lmaoo
Leticia Rodriguez Wow so beautiful 😘😍
Leticia Rodriguez
Saving is great and all but the bank pays you a very small amount per year in interest for you having your money in a savings account. Look into investing it in an index fund and just keep adding to your position so you compound your account. Make your money work for you
I learned the hard way that LUXURY is not your friend. For when times get tough LUXURY will leave you in despair. You may think of course NECESSITY must be your true friend, but nooo, NECESSITY is like Family, it is always nearby but doesn't always help to get you out of a rutt. Who then is your true friend? Your true friend is FRUGALITY, for even during the toughest times it will be there to help you.
What does frugality mean?
frugality -
the quality of being economical with money or food; thriftiness.
Sam C thank you.
Excellent! You tell em!
How true it is
I can only afford to save about $100 a week from my Checks, aye, it's better then Nothing!
In a year just to know ill have $4800 to play with is great! But if i don't touch it, then in 2 years whopping $9,600! But in 3 years! $14,400! All because i saved $100 a week Adds up real Fast! Lets go baby!
Just don't spend it on a car when you finally get all that money.
You don't make any interest on your money????
no doubt that you are still the best in the world sir
It is true
Unless someone understands the magic of "compound interest" saving a small amount of money may seem like a waste of time. But when your money begins to earn money you are making money twice as fast; there is the money you add to your account every month and the interest you earn from monies already in the account. The book "the richest man in Babylon" is a classic and if you have not read it you should. Brian you hit the nail on the head as always. Thanks much
So much this, I took a personal finance and investment class in high school and the teacher spent soooo much time on compound interest that it's forever ingrained in my brain and I'm thankful for that.
For those wondering a simple way of looking at compound interest is you earn interest on the total amount including any interest you may have earned previously.
If you have 100$ at a 8% rate you get 108 in the account next time around its 8% of 108 added, (rounding) 116, then the next time 125, you earned 25$ of that 100 doing. NOTHING. And that's just a small summary of it some are more complicated but talk to your local bank and find out your options starting small and adding to it and leaving it you will gain over time.
+Jeff Davis This is bull shit! I stared investing when I was 19 years and there is no rhyme or reason for it. The only area where I think there is a great opportunity to understand investing is real estate. Stocks sucks and they are entirely unpredictable. Invest in something you can control or influence. Oh, and compounding interest sucks! It doesn't keep up with interest.
Real estate is risky as well, most shining example would be 2007/2008 recession.
Great explanation I have just started saving and resources like this are always such a great help. I think your guidance is quite valuable as it helps lower the barrier to entry on how to start saving money!
I love how Tracy is explaining just like my late dad
I will start . Thank u ❤
I can't find like his self esteem and self confidence ever ...... it's entirely the most motivational instructor I've ever seen.... thank you sir Brian
Mr. Tracy has similar take on personal finance that my parents instilled in me while growing up. Paying yourself 10% of each paycheck is a great general rule, as well as educating yourself as you age into each financial growth stage in life. Though this video is over a decade old, the advice is still sound.
**Thank you, I'm starting to write things down now. I do Daily Affirmations & I also Meditate now. Just stared these things and I really feel it and people are seeing it too. Thank you for this video**
I'm never tired of listening to Brain 🎊🥳🤗
Great video Brain. I'm 20 years old, have 8K in debt from welding school. My current plan is buy a rig truck and a welding rig. I already have a job welding that pays 22.00$ a hour. My plan is to pay the debt, buy the rig truck because one is available and cheap from someone I know buy the rig. Work my regular full time job, and do some welding on the side and save every penny that I make from working on the side "After I cover the cost of doing the work". With the U.S. in the kind of "Shaky" place it's been it's never a bad thing to have some money stashed up in case of losing my job, or whatever other expenses on top of having a good retirement. I'm going to watch some more of your video's and see where else I can cut cost. Thankfully I have a great girlfriend who loves being cheap as much as me. We have a competition every month to see how low we can get our electric bill. Sounds boring to most people, but I think we are thinking a lot better in terms of other 20 year olds. If I ever do decide to go back to college "I have a two year degree from welding" I'll be sure I pay for it in cash. I cringe when I hear people telling me they have 50k in student loans. Not a good market to be in debt right now.
2020 and now I am financially free💪🏼💪🏼💪🏼
@Brian Tracy jajajaj no thanks SCAMMER.
Thanks a lot for sharing this useful video
I agree with the logic of making investing + saving a habit. The more you do something the easier it tends to be. I also think delaying expenditure can lead to making more meaningful purchases.
Thank you for your great videos and advice!
Thank you for sharing this. The advices seem so simple but so difficult to do sometimes.
You are amazing my brother, you are speaking the truth!!
I will add you to my other greats: Napoleon Hill, Earl Nightingale, Bob Proctor, Les Brown, Dave Ramsey and many others.
Great Job my good brother.
Loved it
Ed .
And tai Lopez
this is great. I especially love the idea of setting up a mutual fund account and let interest do the work, and by the time I retire, I'm rich! Will definitely learn more about this.
I'm hearing you and I will start this week because I get paid every monday. thank you so much for this video
Good video with excellent advice, without trying to sell you anything. Thumbs up!
Starting is the hardest part. Then going from 1% and up and up and up is the process to get you there.
I agree! It is crucial in your young working life to be disciplined toward saving in order to become financially free.
Great video, I have been saving since I was 13, I am now nearly 19 and I have never taken any money out of my saving... only added to it and it is growing amazingly!
How much have you saved up by now?
@@gamaryan 6.00 dollars
Can I borrow some money
@@percyastronautstatus.8780 Congrats, soon that 6.00 will turn into a 600
Unless you keep buying random shit u don't need
The self payment is very beneficial. I like how he say pay yourself first.
This guidance is of value because he is showing that anyone can save enough money to be financially independent. If you break your norm of impulsive buying and implement frugality you can live comfortable.
i am a little boy and since my family is in debt i found this video helpful so i told my dad about this and he is going to try it. i used to waste all my money that i earn on some stuff, but this video also made me spent only 75% of my income on what i need and i keep the rest safe, by the end of the month i might earn $114 which is not bad for a kid. Thanks for uploading this video!
Good for you! And don't stop and watch your money grow :) you'll have a brighter future. It's smart to start saving at a young age. :)
Overall, this is very sound advice. Saving can be difficult but changing your mindset to "I'm paying myself" can help. It is a great idea to start with a small percentage and increase it as you adjust your mindset.
I typically try to save 80 percent of my check and 20 percent into my checking. With the 80 percent being saved I invest half of it into my Roth IRA and the other half into my savings
A very good tip for saving money is try not to spend so much money on fast food or and restaurant in general because if you think about it you're spending $5 for a meal that's only going to make you satisfied until you're hungry again. Not to mention money spent on fast food adds up.. Quick. Like seriously quick.
maddenmaster365 fuck yeah i wasted so much money eating out all the time. that 10 bucks you spend on one meal from a fast food joint can get you 2-3 meals if you learn how to cook lol
Rusty Ray Plus, you can eat REAL food!
+maddenmaster365 If you spent like 5 to 10 dollars a day eating out a lunch at work, that would add up very quick. It would be between 150 and 300 dollars a month on fast food. If you only make 2000 a month, it could end up being like 15% of your income. That 15% there is what you should be saving.
Awesome book!
Your money saving presentation is worthy of being on our readers financial library.
This made me start saving, I'm working on it.
Being a 55 year old man, coming from a middle-class family, I have learned, that there are three nationalities, that are excellent with saving money, Jewish people, Jewish people, oriental people, and people from the UK, I can say this because I have known many of them, and I know how they think, when it comes to money, most of them look like they don't have money but they do, they don't forget where they came from, I respect all of that, and even though I don't make a lot of money on disability, following their mentality, will make you a wealthy man in time, and I'm not a white boy, I'm Sicilian !!!!
Thanks Mr. Tracy. Awesome tips!
Thank you for the great advices.
Started applying the Latte Factor and it is making a difference.
Thank You Brian for sharing.
I can see how his advice could be useful for people that
have no clue on what to do for finances. I think his guidance is valuable.
Been saving up since I was a little kid, always loved money I guess haha. I'm 23 now, i'm planning my worldtravel trough 28 countries for 1.5 years !
Rick Groot so if we start to ow we can world travel in 23 years.. Not bad :)
I will study and save money, Thanks Brian.
I saved $3000 in 4 months putting money aside!! But I rewarded myself by going to Vegas and spent it all :/
Isn't that what savings are for? ;)
brandon2932 That is what life is about. Work for cash and have fun spending it. Saving is necessary, but spending for fun is vital. And if you can save 3K in 4 month, it means you have no cash problem and earn more money than most people so have fun and enjoy life !
+Alex Plays bruh are joking
+fiji.12o7 are you joking *
That's why you should have separate accounts for savings which you intend to invest and for savings which you intend to just blow away.
the hand motions have me mesmerized. I need a latte now.
im sorry but your comment had me crying laughing
this guy is right thoe saving is the best way to get rich,
Brilliant, easy-to-follow information. I had wondered how to save, even as I am not prosperous, and this video makes it so simple. I'll just start at 1% savings, and work my way up!!
Thank you so much for sharing! I need to get that concept in my head: PAY YOURSELF FIRST!
We started 20 years to late. But still we will in the next 27 years:) Our home will be paid in about 10 years if all stays well.
Love Brian Tracy and what he teaches. Most people are too impatient to try just even this simple step tho. People hate that word "frugality" don't they ?
Brian, the videos you have posted have made some more transformations in my life. Some of them affirmed my thinking, some have changed, some were altered. I am already seeing more results, awesome stuff! Thanks!
Very good keep going on.I love to read this. How far you have progressed since a month ago? I'm anxious to hear about your accomplishments up to now. What about your picture?
Great insight I must start doing this ...GO
Thank you Brian for your video. Your books was my first steps for my freedom. Thank you for your help.
Your teachings are profound
thank u for the advice start with 10% until 20% saving,,from now on I will follow ur advice.
this is very helpful , I will start using these advices and hopefully start saving more money !
Love you brian tracy. Thanks for all your guidance
I do agree with Brian. This method helps and I do it as well. You cannot touch your savings though you are saving! You have to have the discipline to not spend and save if that is what you want.
Thanks Brian Tracy!
Very helpful. Very professional
Thank you Mr Tracy for your hard work in putting these video together. It's been very helpful. X
you know when i was making minimum wage i was eating out fast food all the time and buying the things i wanted because i wasnt making much money and didnt want to wait to save to get it. putting g away 10% of it and over the years getting better jobs and making more money the amou that the 10% yields is also higher meaning at an oncreased rate of pay you would defi itely be making more than 1 million in your workong life. his figures are based on fixed incomes over the course of 40-50 years. if you include variable incomes, meaning your pay changes or goes up then the amiunt you save is more. genius plan and makes a lot of sense. this should help most people in life. please listen to him.
Timeless advice.
Thank you for the wisdom. I really like the idea of learning to pay yourself first.
Thank you so much sir, u changed my life. already I save but when I started thinking in a different way, I realized that I am spending little AMT for daily transport, now I am going in a public transport and I started investing in mutual fund for 15 years locking period. When I become 60 that would have yielded five lakhs.
Ironically I'm the opposite of most people. I try to save around 50% of my income as a part time worker full time student and even at 7 would save all my birthday and Christmas money. I get around 14% interest P.A on my account as I've never withdrawn for over 12 years. I had 22K to my name when I was 18 (without working). By the time I'm 21 and continue working part time I should have around 50k.
Your advice is a great approach to adopting a savers mentality and once you have that, you learn to save even more. Goodluck to all the savers and future savers out there.
Hi, I really have no idea of economics maybe you can help me a bit. That money that you save and which you get interest for, is it just money you put in the account? or is it "frozen" money? invested? etc?
I set up 2 accounts, one has a very strong interest rate that appreciates the longer I dont make withdrawels. Had it for 15 years and never withdrawn. The second is for my income, which has no interest rate and serves as a medium between pay/saving. I take out a portion of that income as cash, usually enough to cover my basic expenses and 1 desired item, be it a game, a night out, etc.
After that i transfer all remaining income into my other account.
The account the money then goes into is invested in "Steady stocks." Volatility can lead to immense profit, but in the long run certainty is what I feel is needed. Especially considering the avg business cycle is 20 years so a recession/depression is always around the corner. When the gfc hit i only lost 5% of what was in my account, yet i get on avg a return of 15% so i made all that back in around 4 months.
Keep in mind there is no such that as a truly "Safe stock" in the short run so in reality this can only work in terms of long run goals
alejandrito Check out my channel for money advice and saving tips!
This is another example of what "Brian Tracy" is teaching about. A really committed person who is working to achieve his wealth building goals. Since the last years the global financial market has changed, while offering more competitive and safe wealth building solutions
Mr table tennis I like that.I start saving the 30% of my salary last year every month.I am going to check in my bank about stocks I really need to encrease my saving I never touch that 1.gracias for sharing
Brian you have really made a huge impact in my life. Thank you so much!
This guide was very helpful and now I feel equipped with the tips and tricks to start saving.
Thank you so much for this!
I love how short the video is. It has my full undivided attention.
thank you...😊😊
Great advice. Everyone must start saving as soon as possible. The best savings can start by cutting down on expenditure.
I am thirteen years old boy from Myanmar. I wish you are my grandpa.
Woow thank you very much.
That was really helpful
Sir your great man
Thank you 😊
Omg thank you for this.
Thanks Brian, honestly i have been making efforts to achieve this but it hasnt been so easy because of other financial commitments. However after your message i have taken decision to be disciplined towards this. Thanks.
It's very hard to keep money it's the tafest thing to do
Personally I think you are better off with an investment you understand, one that pays you money every month or week like a rental property.
You are correct, I sympathize with your thought that each customer/ investor will be better off with an investment they understand and deliver a frequent yield. Is exactly what we are practicing to assist, to support our customers to achieve their wealth building goals.
8-10% interest...yea gl to that
Learn how to trade... I make 2% a month which works out at 26.4% a year. 5 minutes work a day. Financial stability is easy.
the average historical return of the stock market is 9% a year
Thank you sir ❤
I was a little confused by this but I think sorta get the gist of it, thanks for the vid!
Richest man in Babylon was the book changed my mind set on savings! Great book
really helped thanks
Brian thank you! You are the Best man in the world.
You are very welcome. To YOUR success, Brian Tracy
Useful practical insightful tips
Wow! The same thing that my grandfather used to taught me..
Great tips thank you Brian!!
This technique may sound very simple but it is very effective and efficient.
Exactly! Saving is the norm, that's what I thought. I made a video about it because the other day a friend was flabbergasted as to why did I even bother to save!
Yeah but I wasn't asking you ... I was asking Brian Tracy the real expert and a real American !!!
True. Become financially independent is just a question of time
I learn now, thanks Tracy
Thats what I need to do. Im getting caught up with all my bills and by February I want to atleast save $40 a week from my checks and put inside my savings account
I don't know what just happened. I have spent the whole morning looking at your videos. Just when I was at a blink of an exhastion over all the knowledge my brain has absorbed from your videos, I closed my eyes for a brief moment. And then... I saw money pouring down from the roof. Without even thinking about how this is possible, my hand automatically reached at it. And rather than reachinga t it, I could feel my hand grabbing it and catching it.
I am still a bit of shocked. But happy
Thank you so much! This is a big help.
❤️ thank you !!!
Thank you for your clear presentation about the subject of "wealth Building".Love these internet of things. Hereby I express our intent to establish a mutual beneficial working relationship with your company.
The whole sale price of milk is 6 cents cheaper than retail, compare that to all the groceries you buy in a month, then you will notice how much money you can save!
I do believe his thought is valuable because knowing that you can save a potion of your income to become financially free is a really awesome thing to know. Knowing that you can become a millionaire just by saving a portion of your income can change so many lives.