3 Money Questions You Shouldn't Ask
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- Опубліковано 28 лип 2024
- Every day we all ask questions about how to get ahead with money. But what if you're asking the wrong questions? We're told that the quality of our life is determined by the quality of the questions we ask. So it's important to be sure you're asking the right questions. Let me know show you 3 commonly asked questions, why they're wrong, and better questions you should be asking.
3 Pieces Of Bad Money Advice To Ignore: • 3 Pieces of Bad Money ...
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Quick Jump Sections
0:00 - Intro
0:21 - Question #1
0:48 - Better Question #1
2:15 - Question #2
4:38 - Better Question #2
5:49 - Question #3
8:00 - Better Question #3
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If you liked this video, be sure to check out this one next: 3 Pieces Of Bad Money Advice To Ignore: ua-cam.com/video/BQEhipRLrZ8/v-deo.html
Quick Jump Sections
0:00 - Intro
0:21 - Question #1
0:48 - Better Question #1
2:15 - Question #2
4:38 - Better Question #2
5:49 - Question #3
8:00 - Better Question #3
"Can I afford this?" is a very hard one. We see readers having that mentality all the time and it's a hard one to break. Thanks for calling that out along with the other questions too. Groceries is a big one for sure!
Hey John! Thanks for stopping by man. Appreciate it. And yes, the "Can I afford this?" is definitely tough to break!
This should be part of pre-marital counseling or at least conversation! Shared values in the area of money is very helpful! :)
Thanks Nancy! Totally agree that shared values are so so so key. Glad it was helpful for you!
Yes groceries! When you have a family of four with two teenagers living in a resort town, the grocery cost can be pretty outrageous. I had to stop looking at other people's budget line in this area, because it always made me ill thinking about how much we spend. I have started taking a monthly average so I know if we are on track. I also consider if our teens have had friends over, if there was a gathering or holiday where I was making extra food, or if we are in the boy child's soccer season. All of these have an effect on the grocery bill.
haha, totally get that!! I used to run cross country and my parents let me have friends over all the time. I really pity them looking back on it. I know their grocery bill was insane when my brother and I were in high school at the same time! Appreciate you watching Lauren :)
Great advice. As someone who tried for 2yrs to make EveryDollar work for me, when I tried YNAB something about it just resonated with me and drove change in my habits.
Not at all bashing ED as it could be the opposite for someone else but it’s so important to find what works for you.
spot on! reminds me of personal finance, its personal not one size fits all. i know for us we picked and choose what worked for us and got us to the goals we wanted to reach. great video and great questions.
Hey Kari! Good to see you :) And yes, you're right on. You've got to pick and choose what works for you and your specific goals. Thanks for watching!
Been enjoying the videos! Love the concept of the video. One micro finance question people ask all the time is should I buy the morning coffee or not? For me, I am more focused on asking the bigger £2000 questions (vacations), £20,000 questions (upgrade car), £200,000 questions (mortgage) then a £2 question. I know the small purchases can add up I get it, but should not be where your energy and focus are prioritised. Just my personal opinion. Thanks for the thought starter!!!
haha, yes! And funny you bring that up Patrick, I actually did a video discussing my take on the "latte factor" ua-cam.com/video/MFBrPhPk604/v-deo.html
To me, similar to what I talk about in this video, the better question is "Do you even want the latte in the first place?"
Most of those little purchases are based on habits and not conscious decision-making. But yes, you're totally right, even if we save money on the coffee, if we make poor decisions on vacations, cars, and houses, the coffee savings won't help.
Appreciate you watching!
Always excited for a new video!
Hey thanks Rachel! I really really appreciate that :)
You are wise beyond your years Nick! Very well re-stating of those 3 questions! Thanks for sharing your knowledge!
Appreciate it Taj! Thanks for taking the time to watch. Glad you enjoyed it!
Nick true, glad I found your channel. You've got some quality in those vid's and my husband likes your beard. Loved this video so much. Question 1 and 3 are quite familiar to me but never interpreted how Question 2 actually does impact your decisions. Actually knowing and having the amount other people spend on certain things at the back of your mind impacts what you think you are allowed to spend, which is absolute rubbish, it should still be a question based on your personal situation. Thanks Nick. Subscribed!
Hey thanks :) I really appreciate that. You're totally right that it should be based on your personal situation. So glad that you've enjoyed the videos!
I loved hearing about your workout kickstarter package! Makes so much sense to think of it as an investment now. I needed to hear that. Thanks for sharing your tips! And keep up with workout journey!
Hey thanks Luna! Really appreciate that. Glad you liked the video and glad that was helpful for you. Thanks for taking the time to comment!
Love the mic usage Nick! That audio is CLEAN
Hey thanks! I really appreciate that :)
Highly underrated channel, only 33k subs. Great video btw, and point #1 and 2# can be used in both business/personal situations.
Hey thanks. That means a ton :)
Great video, Nick. It’s so important to unlearn the mindset behind these questions. 💪💪💪
Thanks Ryan! Really appreciate you stopping by my friend.
Great advice. We can all save money by being frugal where it matters less and depending more where we will see bigger gains in the long run
Most definitely! Appreciate you watching John.
I think the question on what the average budget items are is looking at it as a starting point target. Rough rule of thumb - most definitely
Totally agreed. It's a not a bad place to start, but it's a definite rough rule of thumb and should be taken with a hefty grain of salt.
Spot on Ronald, appreciate you watching!
Nick True - MappedOutMoney - appreciate you videos. Very helpful on learning YNAB. And other money matters.
Went thru a bankruptcy recently, so I had to budget. “Had” to budget since I now have no credit to fall back on, ( have to do everything in cash - gotta ensure I have the cash!) and plus: it’s a condition of the bankruptcy rules. ...just recently got my first (secured) credit card. Went back to your video covering YNAB with CC’s: it’s easy peasy! :-) thanks!
I started asking myself, why do I use traditional banks? And it is because that is all I knew at the time. I found out about this app called Outlet Finance and started earning 6% APY compared to 1% APY at my traditional bank. I love sharing this bc I know this could help others either think differently about WHERE they put their money or help them make more. Hope this helps and maybe gives you inspiration for another video! :)
Keep making videos. I look forward to them.
Hey thanks Jason, I really appreciate that. Trying to get more regular for sure!
The price of YNAB combined with them axing the 4 month trial link has made it nearly impossible for me to recruit any new users. People need to use it for more than a month to really understand that it's worth it. Plus my $45 US/year (grandfathered/annual) price is a dirty little secret when trying to recruit new users. I really think they should create a new price tier that allows manual entry (instead of linked accounts) at a reduced price. Almost $115 canadian dollars a year ($195 CAD if you pay monthly) for a budgeting app is really hard for people to justify.
Totally get that. It easily saves me 10x $115/year but I agree that it's a steep learning curve and most people can't truly see the value after only 34 days. But alas, I'm not on the YNAB team and they know the numbers. I'm sure they can see on the back-end who pays and who doesn't, they're a business after all. I doubt they'll continue down this path if it turns out to be less profitable. And if they continue, maybe it's more profitable than we think?
I've found that when I think I know something, almost always, there's more going on behind the scenes than I'm aware of.
But I totally hear you... It's certainly made it a harder sell to my friends, so I know exactly where you're coming from.
Appreciate you watching!
I would argue the value is well worth the $115. Most people spend more than that a year on roller food. Which they would know if they used YNAB.
@@liers99 Yes, but that's the perspective of a current user, and I agree. The problem is convincing trial users that it's worth it.
What happened to my settings?.. I sign on and it always kicks back into May, and I have a huge white gab between my menu and my categories, not to mention I can only see half my header..This just started today.
NIck, have you used or compared Mvelopes to YNAB? What's the main different?
I haven't recently. I tried Mvelopes years ago, and chose YNAB. But that was nearly 5 years ago now. I need to go try it and do an up to date review, but I haven't used it in a long time. Sorry I can't be of more help!