I've realized that a big part of my life is coping with everyone around me. Not only from the personal development perspective (I'm a researcher in Computer Science, so I have to constantly grow intellectually and stay up to date with new technologies), but also from the financial perspective. "Oh, they got the latest iphone", "wow, they went for vacation there...", "they bought a fancy house", etc. This is all crap and just a waste of energy and time. Thank you, guys.
I recently read "The Millionaire Next Door". Many great concepts and very helpful. I'm 26 and unfortunately haven't dedicated much to my 401k. I have some debt and have used Dave Ramsey principles to gain traction in my financial life. Listening to you guys is super helpful!
I grew up in the era when a woman expected to be married, and own the matching china for company, the special silver for holiday occasions, everyone's houses in the neighborhood had similar furniture (and similar standards of upkeep and cleanliness) and there was a sort of competition to maintain, but if you were getting uppity, it was time to move to a wealthier neighborhood. That life has vanished. I am now working full time, and desperate to get rid of the matching china, and other items and get down to where I can move at a moment's notice for work. The stability of the past has vanished for the most part. We also didn't save; we were always going to be "okay' somehow. Pensions, social security. All gone. The younger generation gets it. We didn't.
My social security is 1069 a month I feel that I live pretty good 200 that mount go straight to saving I pay my bills no mortgage no car payment no charge card debt just your typical utilities whatever is left from that I divided by how many weeks till my next check that's what I have to live on each week I dine out two times a week with friends I have saved all my stimulus checks I don't need more stuff I do have a small Roth IRA and 401k and enough liquid savings to last me a year. So yes you can live on Social Security
I think Instagram, fb and the competitive game of social media has jacked our minds up. We compete and compare ourselves.... I own the smallest house on my street. It’s roughly 1000 sq feet smaller than the other owes (most of them are 3500 sq feet)... however, I hired an awesome architect to design it. It’s the smallest yet most well appointed with the best curb appeal. Keep that in mind... bigger isn’t better!!!
The phenomenon is referred to as the "Big Fish Little Pond Effect" by Prof Herb Marsh. Although typically in the context of academic self concept, it effectively shows you compare yourself to your peers in your immediate environment. If you see yourself as not as accomplished as others, your self concept reduces. Works the other way (e.g., buying the wealthiest in a poor neighbourhood makes you feel more wealthy). Love your show, millennial property investor here from Australia. Shame you aren't here, otherwise I would definitely be applying for a job :)
I just came across this old episode. It's so true that only once you don't feel the need to keep up with the Jones, you have more freedom in life. You just don't care about "stuff" others have. I just recently sold off my paid for Lamborghini and paid for Ferrari and went to a little Porsche because I just felt like it. I just don't care what others think anymore....and it's so refreshing!
I work at a gas station in a fairly affluent neighborhood. I see so many people with luxury vehicles and performance luxury vehicles. But they come to me asking me for 30-50 dollars for gas and im thinking, with gas prices these days it’s going to cost you at least 60-70 dollars minimum to fill the tank of that car plus it takes premium octane, listen these folks are putting in regular octane-theyr going to ruin the engine-but they cant afford to fill the tank with premium octane fuel like it requires. Also some folks come to me asking why their card isnt going through outside and on my computer screen it says the card got declined. And i look at where theyre pumping at theyre driving this luxury vehicle. There are a lot of folks that are trying to keep up with the joneses out there.
Love your guys view on credit cards. I am 29 years old and have never owned a credit card and have a 810 credit score. Credit can be built without the dangerous credit cards! Love your advice guys
My parents live in a neighbourhood where the properties are worth between US$515,000 and US$737,000 and typically have US$89,000 worth of vehicles parked in the driveway. It’s not a particularly affluent suburb, just middle class. I don’t know how everyone can afford it. But then I read recently that my country, Australia, has the largest debt per capita now. It’s scary. I’m thankful that I am in a financially stable position.
Brian, you gotta try ice coffee in your tumbler ;) I went to your website and signed up for the packet. I can't wait to go thur it. Thanks so much for all the free content. It really means a lot to us beginners.
Great to hear MNeuenswander! You and your spouse will enjoy it. If anyone else is interested, sign-up here: www.moneyguy.com/30-minuteish-financial-plan/
My cousins love to impress the People they don’t like. As for me, I like to keep quiet about our wealth. I’m at peace and I have no one to impress but God by doing good to others.
FICO scores are primarily based on how you handle CREDIT CARDS. So you must have one but PAY IT OFF monthly; you only have to use it once every few months and for a small purchase.
...yeah mister bo haaaseen using micheal DELL THE WORKSTAION LAPTOP... ITS I-MAC COMPETITION ALONGSISE ASUS ZEN,,, AND ACER ASPIRE ... AND '' MAY GOD BLESS--- ''
I signed up for the financial plan. My husband and I have a decent plan in place, but it never hurts to doublecheck your work, right? :) Apologies if you mentioned this and I missed it, but do you have any advice for how to handle family and friends who seem to see you as The Joneses? We live frugally and well within our means, but we have had people try to bait us into competition in the past... we have resisted the challenge, but I always wish that I had the right words to say to kindly tell them to get off that hamster wheel. Thoughts?
Laura Redfield, good to hear! The financial plan will be a great financial health check for you and your husband. To your question, you can't control what people choose to think about you. All you can control is your actions and how you treat others. It sounds like you an your husband are delaying gratification in order to grow wealth despite peer pressure. Great job! As far as educating people, The best approach would be to share with people what decisions you have made in your own personal life that are helping you win with money. Avoid the whole "you need to do this or that". Share from personal experience. Just as an example, if someone is having trouble paying bills month to month and they share that concern with you. This is your opportunity to show sympathy, share a similar story of how you were in a tight money situation once, and what steps you took to avoid that from happening again. Hope this helps. Thanks for watching and commenting!
The Money Guy Show - Thanks for your thorough reply! We don’t seem to have any trouble resisting the temptation to ‘keep up’ with anybody, but it’s sad to see people close to us make their situation worse due to the need to compete. An example would be a neighbor couple who has been very vocal about how difficult it is to keep up with their bills, but then they will go and make an upgrade on their home (using credit) weeks after we’ve done ours (after saving up the cash). It’s obviously their choice to live that way, just as it’s our choice to delay gratification & save for things, but it’s troubling... I find myself feeling somewhat guilty when we get something new because I know they’ll try to ‘keep up’. :shrug: Humans are strange creatures sometimes.
Laura Redfield, our pleasure! You'll find a lot of freedom from guilt if you accept you're not responsible for what other people do with their money. Your heart is in the right place and you're doing the right thing, just don't let other people takeaway your joy just because you are making wise money decisions and they're not.
I am currently investing 25% Net and looking to get income up and not not letting up on the percentage I may be even be able to increase my monthly investing amount as living only cost so much. One of my main goals is so that my passive income exceeds my earned income.
Many parents / grandparents transfer the max allowed by IRS to children to minimize estate tax later on. However, the children should invest that “gift” not use it to live.
Keeping up with the Joneses was started in 1913 if you ain't ahead of the Joneses with the electricity and a phone and just about everything we use in technology .I don't know what to tell you. I can't tell you a time that I've ever thought they were ahead of me for me to have to keep up
If you're going to talk about them at least have an education on what they about and who they really were cuz I don't remember them cuz if it started 1913 I'd have to say they're dead or is it the Joneses great great grandchildren. I don't remember any rich or famous Joneses .Rockefellers ,Morgan's, Fords, but not a Joneses was I absent that day
Hi guys, you're creating great content! I have sincere appreciation for your work because you're sharing nuggets of information that is gold, especially to someone outside the USA. In my country very few people get the things you're saying, let alone apply them. More often than not people laugh the moment you mention saving, because to them that's putting money aside in a bank account or under a mattress.
Our house cost 75k€, what is only 1 year income. Now it is payed off. It is several millionaire on our street, but nobody show off here on Åland islands, so nobody feel bad.
How does Brian go from buying the cheapest house in the neighborhood to being the poorest person in the neighborhood? There is no logic here. The poorest person maybe the one that bought the most expensive house in the neighborhood.
KeesFW, the main point was to "not fake it" by purchasing a house that you can't afford. So you're right, the poorest person in the neighborhood may own the most expensive house in the neighborhood just to give the illusion of success. Thanks for watching and commenting KeesFW!
*Sign-up for The 30min(ish) Financial plan today!
www.moneyguy.com/30-minuteish-financial-plan/
Another cool thing about you guys being Southern is I can listen on 2x speed and not miss anything .
The list of benefits of being Southern keeps getting longer and longer! Thanks for watching William.
Brilliant.
William Tokarski 😂😂😂
I've realized that a big part of my life is coping with everyone around me. Not only from the personal development perspective (I'm a researcher in Computer Science, so I have to constantly grow intellectually and stay up to date with new technologies), but also from the financial perspective. "Oh, they got the latest iphone", "wow, they went for vacation there...", "they bought a fancy house", etc. This is all crap and just a waste of energy and time. Thank you, guys.
I recently read "The Millionaire Next Door". Many great concepts and very helpful. I'm 26 and unfortunately haven't dedicated much to my 401k. I have some debt and have used Dave Ramsey principles to gain traction in my financial life. Listening to you guys is super helpful!
Keep up the great work M M! So glad you find our content helpful.
I grew up in the era when a woman expected to be married, and own the matching china for company, the special silver for holiday occasions, everyone's houses in the neighborhood had similar furniture (and similar standards of upkeep and cleanliness) and there was a sort of competition to maintain, but if you were getting uppity, it was time to move to a wealthier neighborhood. That life has vanished. I am now working full time, and desperate to get rid of the matching china, and other items and get down to where I can move at a moment's notice for work. The stability of the past has vanished for the most part. We also didn't save; we were always going to be "okay' somehow. Pensions, social security. All gone. The younger generation gets it. We didn't.
Caitlin Broza great comment🍓
My social security is 1069 a month I feel that I live pretty good 200 that mount go straight to saving I pay my bills no mortgage no car payment no charge card debt just your typical utilities whatever is left from that I divided by how many weeks till my next check that's what I have to live on each week I dine out two times a week with friends I have saved all my stimulus checks I don't need more stuff I do have a small Roth IRA and 401k and enough liquid savings to last me a year. So yes you can live on Social Security
I think Instagram, fb and the competitive game of social media has jacked our minds up. We compete and compare ourselves.... I own the smallest house on my street. It’s roughly 1000 sq feet smaller than the other owes (most of them are 3500 sq feet)... however, I hired an awesome architect to design it. It’s the smallest yet most well appointed with the best curb appeal. Keep that in mind... bigger isn’t better!!!
Excellent video. I'm a relatively new viewer/listener and this was 100% worth my time.
The phenomenon is referred to as the "Big Fish Little Pond Effect" by Prof Herb Marsh. Although typically in the context of academic self concept, it effectively shows you compare yourself to your peers in your immediate environment. If you see yourself as not as accomplished as others, your self concept reduces. Works the other way (e.g., buying the wealthiest in a poor neighbourhood makes you feel more wealthy).
Love your show, millennial property investor here from Australia. Shame you aren't here, otherwise I would definitely be applying for a job :)
I just came across this old episode. It's so true that only once you don't feel the need to keep up with the Jones, you have more freedom in life. You just don't care about "stuff" others have.
I just recently sold off my paid for Lamborghini and paid for Ferrari and went to a little Porsche because I just felt like it. I just don't care what others think anymore....and it's so refreshing!
Not much of a downgrade but ok
I work at a gas station in a fairly affluent neighborhood. I see so many people with luxury vehicles and performance luxury vehicles. But they come to me asking me for 30-50 dollars for gas and im thinking, with gas prices these days it’s going to cost you at least 60-70 dollars minimum to fill the tank of that car plus it takes premium octane, listen these folks are putting in regular octane-theyr going to ruin the engine-but they cant afford to fill the tank with premium octane fuel like it requires. Also some folks come to me asking why their card isnt going through outside and on my computer screen it says the card got declined. And i look at where theyre pumping at theyre driving this luxury vehicle. There are a lot of folks that are trying to keep up with the joneses out there.
Interesting observation.
This 26 y/o is saving on average 50% of his gross income per month 💪
On the path to becoming an Empire Builder 👍 - Congratulations!
@@MoneyGuyShow Thanks y'all, love the content.
Love your guys view on credit cards. I am 29 years old and have never owned a credit card and have a 810 credit score. Credit can be built without the dangerous credit cards! Love your advice guys
I appreciate your humility mixed with your abundant knowledge and passion.
My parents live in a neighbourhood where the properties are worth between US$515,000 and US$737,000 and typically have US$89,000 worth of vehicles parked in the driveway. It’s not a particularly affluent suburb, just middle class. I don’t know how everyone can afford it. But then I read recently that my country, Australia, has the largest debt per capita now. It’s scary. I’m thankful that I am in a financially stable position.
On my street the biggest homes have toyotas in the driveway-the smallest home has a fully loaded BMW in their driveway lol
Just discovered your channel and subscribed. I really appreciate the fact that you guys speak a little slowly,
I absolutely love your show. As a business owner, you have given me the tools necessary to work toward my dreams.
I'm not keeping up with anyone . I'm simply trying to elevate my individuality .
That's very inspiring. Although, the "need" for me to keep up with the "Jonesses" kinda keeps me on my toes. All depends on how you see it.
First. I feel this startment in my spirit.
Brian, you gotta try ice coffee in your tumbler ;) I went to your website and signed up for the packet. I can't wait to go thur it. Thanks so much for all the free content. It really means a lot to us beginners.
selena cope, wii do! So glad to hear you are enjoying the content and that you signed up for the 30min Financial Plan. Thanks for watching!
Signed up for the financial plan. Bonus points if you go through it with your spouse!
Great to hear MNeuenswander! You and your spouse will enjoy it.
If anyone else is interested, sign-up here: www.moneyguy.com/30-minuteish-financial-plan/
My cousins love to impress the People they don’t like. As for me, I like to keep quiet about our wealth. I’m at peace and I have no one to impress but God by doing good to others.
FICO scores are primarily based on how you handle CREDIT CARDS. So you must have one but PAY IT OFF monthly; you only have to use it once every few months and for a small purchase.
Warren Buffet still lives in the same house after forty years, never divorced, doesn’t constantly update his home... live simple and save save save.
*never divorced. Though he lived separate from his first wife for years and had permission to date other women.
...yeah mister bo haaaseen using micheal DELL THE WORKSTAION LAPTOP... ITS I-MAC COMPETITION ALONGSISE ASUS ZEN,,, AND ACER ASPIRE ... AND '' MAY GOD BLESS--- ''
I really like your discussions
Thanks for watching Euan Ellery! Glad you enjoyed the show.
I signed up for the financial plan. My husband and I have a decent plan in place, but it never hurts to doublecheck your work, right? :)
Apologies if you mentioned this and I missed it, but do you have any advice for how to handle family and friends who seem to see you as The Joneses? We live frugally and well within our means, but we have had people try to bait us into competition in the past... we have resisted the challenge, but I always wish that I had the right words to say to kindly tell them to get off that hamster wheel. Thoughts?
Laura Redfield, good to hear! The financial plan will be a great financial health check for you and your husband.
To your question, you can't control what people choose to think about you. All you can control is your actions and how you treat others. It sounds like you an your husband are delaying gratification in order to grow wealth despite peer pressure. Great job!
As far as educating people, The best approach would be to share with people what decisions you have made in your own personal life that are helping you win with money. Avoid the whole "you need to do this or that". Share from personal experience.
Just as an example, if someone is having trouble paying bills month to month and they share that concern with you. This is your opportunity to show sympathy, share a similar story of how you were in a tight money situation once, and what steps you took to avoid that from happening again. Hope this helps.
Thanks for watching and commenting!
The Money Guy Show - Thanks for your thorough reply! We don’t seem to have any trouble resisting the temptation to ‘keep up’ with anybody, but it’s sad to see people close to us make their situation worse due to the need to compete. An example would be a neighbor couple who has been very vocal about how difficult it is to keep up with their bills, but then they will go and make an upgrade on their home (using credit) weeks after we’ve done ours (after saving up the cash). It’s obviously their choice to live that way, just as it’s our choice to delay gratification & save for things, but it’s troubling... I find myself feeling somewhat guilty when we get something new because I know they’ll try to ‘keep up’. :shrug: Humans are strange creatures sometimes.
Laura Redfield, our pleasure! You'll find a lot of freedom from guilt if you accept you're not responsible for what other people do with their money. Your heart is in the right place and you're doing the right thing, just don't let other people takeaway your joy just because you are making wise money decisions and they're not.
I've never been called a financial mutant. I wear this label with pride.
Money freak!
I am currently investing 25% Net and looking to get income up and not not letting up on the percentage I may be even be able to increase my monthly investing amount as living only cost so much. One of my main goals is so that my passive income exceeds my earned income.
Many parents / grandparents transfer the max allowed by IRS to children to minimize estate tax later on. However, the children should invest that “gift” not use it to live.
Put me on the "Money Guy Nursery Rhyme" wait-list.
Keeping up with the Joneses was started in 1913 if you ain't ahead of the Joneses with the electricity and a phone and just about everything we use in technology .I don't know what to tell you. I can't tell you a time that I've ever thought they were ahead of me for me to have to keep up
If you're going to talk about them at least have an education on what they about and who they really were cuz I don't remember them cuz if it started 1913 I'd have to say they're dead or is it the Joneses great great grandchildren. I don't remember any rich or famous Joneses .Rockefellers ,Morgan's, Fords, but not a Joneses was I absent that day
Hi guys, you're creating great content! I have sincere appreciation for your work because you're sharing nuggets of information that is gold, especially to someone outside the USA.
In my country very few people get the things you're saying, let alone apply them. More often than not people laugh the moment you mention saving, because to them that's putting money aside in a bank account or under a mattress.
We appreciate it Alex, thanks for watching!
Hi Alex, may I ask where you live and what the money culture's like there? Thanks for the comment!
25 percent of gross income? I always thought it was 25 percent after taxes. I would never spend that much on a house.
It seems like he meant net because he said “take home pay”. I think it was a slip of the tongue, I was wondering the same thing.
I love the show like this .
I would say the reason people should pay cash for a car is because most people will spend less when they’re forced to write a big check.
Inspiring talk
Our house cost 75k€, what is only 1 year income. Now it is payed off. It is several millionaire on our street, but nobody show off here on Åland islands, so nobody feel bad.
So in conclusion: It is worth it, money DOES buy nice things and thus happiness
Great show guys. New Sub
Thanks for watching and subscribing Aven!
I'm just hitting 40 w no debt and millionaire status by 60. So awesome to hear basic, time tested, advice that any one can do. You dudes rock!
I know all (most) this stuff..., keep up the good work.
Thanks for watching Ramone!
I am glad that i found self fulfillment by creating new pool move once every two weeks. sucks that covid forced all the pools to close.
Just saying hello, from the 4th child in the statistic they present at 16:00 lol
My neighbor got a semi so not sure I can keep up, lol.
I work in good service to others .
Cash for a car or you can’t afford it.
Flexibility on payments is a disaster waiting to happen.
How does Brian go from buying the cheapest house in the neighborhood to being the poorest person in the neighborhood? There is no logic here. The poorest person maybe the one that bought the most expensive house in the neighborhood.
KeesFW, the main point was to "not fake it" by purchasing a house that you can't afford. So you're right, the poorest person in the neighborhood may own the most expensive house in the neighborhood just to give the illusion of success. Thanks for watching and commenting KeesFW!
people just declare bankruptcy these days, wait a few years and then start the whole cycle again... it's pretty easy
Stop comparing anyways