How The 1% Manage Their Money
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- Опубліковано 12 чер 2024
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Current net worth 1.9 million! Zero debt Zero mortgage!!!
You're not using your capital to its full capacity. "Opportunity cost"
You could be making way more using leverage.
Don't pat yourself on the back too much.
@@shanep.9442 I'm happy with what I have not looking to get involved in any SCAMS I like my money like diabetes slow and steady!!! Don't need any help growing my money!!! I do pat myself in the back 👍👌
@@RB-je3yj Very well then. 👍
@@shanep.9442 sorry Shane, but this is wrong headed thinking. Leverage may be good when starting out, but no debt on multiple sources passive income is better.
I learned the hard way in my real estate portfolio back in 2008. The financial crisis made all my tenants lose their jobs and my properties became vacant. The mortgages, taxes, insurance still had to be paid...then even with never a late or missed payment, banks called in my lines of credit....those were days of banking panic. All of a sudden, you go from being flush to breaking point tight..
I recovered everything and more and with my aluminum manufacturing company, networth of 4.1M no business debt, no personal debt period.
Everything is free cashflow.
@@ShamileII Wow, well handled!
That's a heck of a cautionary tale for sure.
I don’t budget anymore…. I’m 68 and budgeted for 40 years starting after I got out of college…invested 20% of my gross earnings…have a very nice portfolio and need to spend down and have more fun while I’m on this earth….
Enjoy
I am wishing you all the best in this phase of your life and hope you do all the things you enjoy ... you've earned it
I budget by the penny: i earn $1978/month with expenses being $1,000/month and i save/invest about $10K-$11K/year. Too much investing?
I bike & take the bus, eat 15 meals/week at work for free, buy shoes only when they start getting a hole at the bottom, wear clothes until they're worn out.
@@bettermentboss recently i found out i have heart inflammation, but I've read float therapy (sensory deprivation) may help lower that. I haven't gone very much in the last year since i was focused on investing.
They have 90 min floats for $54 + 6.5% tax. How often/many times per month should i go? I would go weekly if it wasn't for wanting to invest weekly. There is also the option of Fire & Ice contrast therapy for the same price (which can also help).
@@shaereub4450 what kind of work do you do that your employer offers 15 free meals?
I’m so inspired by your lifestyle! I sold all my old furniture and got $10,000 cash, paid off all my credit cards, and I’m sleeping on the floor right now getting ready to move to a move affordable place.
@@philipw4849 2 jobs: eating breakfast and lunch with the kids at a daycare 5 days/week, diner at a fast food place 5 nights/week
@@shaereub4450 awesome!!
Keep it simple
75% Expenses
15% Save
10% Invest
That’s it? More like 75% invest. 15% expenses. 10% save
no little, it should be 40% expenses, 40%invest and 20% save
I would LOVE to put my money into a Wells Fargo savings account at .001% interest with a $5/month fee, but wait,,,, what,,, I am charged more in fees than I could make in interest in 20 years. This should be illegal, but it isn't. If you buy dividend stocks that pay 8%, 9% and 10% no matter what the stock market does, why wouldn't you. That's what the 1% know that we don't
Definitely live by a prepared budget....just like any business.
I run a quarterly budget of cashflow and a balance sheet. I don't need to do it monthly as my expenses don't vary much and after so many years, conscious spending becomes habit.
If you have to say " where did all the money go?" .....you need a budget lol
Budget and stick to it. Coming up on end of this month and we are 500 below budget. I don't see us spending 500 in 2 days. That extra will be thrown into one of our non retirement funds since all other IRAs and 401Ks are maxed already. Many years ago we had no idea where our money was going. Looking at early retirement now after taking control of our money. We discovered that after tweaking some behaviors we live on 1/5 our income. Our savings and investment rate is well above the recommended 15% We also look forward a quarter or year for potential large expenses, like remodels, vacations, car purchases, etc and plan additional savings a couple months before or after those events are triggered. For instance we booked a little trip for our anniversary in Oct and know the price of that and can plan what year end numbers will be.
Thanks!
Thank you
In budgeting, I PAY MYSELF FIRST! Before anything else. I pay a percentage 'TO ME.' Just like an expense or a debt. #2 Is investing a small percentage. I look at my balance sheet each month, assets vs, liabilities then plan current month's debt elimination. I look at my net worth and plan on how to improve it. Then comes Lifes expenses.
Thanks!!
I learned a lot, you tube can be an educational like public TV.
This is one of those examples.
While in college, I worked in a grocery store.
I had set a budget, being down to 7.85 to my name had rent coming up.
I used envelopes marked for rent, phone, etc.
I worked every second they let me.
My second time of nearly losing it all, I suffered a concussion.
I had problems working with cracked skull and shattered eye socket could barely see.
Down to under 3$ to my name I got up 2 am walled all over town with large trash bag collecting cans and bottles did not return until it was full.
Learned life is not free, must work to exist.
Learn to manage money while being popular. DON'T SPEND ALL YOUR MONEY ON OTHERS JUST TO REMAIN POPULAR!!!
People need Discipline and Knowledge to take care of their money. Great video :)
is it a machine voice, do you use software to create it?
I agree with budget but that's crazy that you need to live poor to be rich
I don't budget. But still my networth is in grow mode! Al though it ain't big yet. 🤑
Highest expense for most people is taxes...
I'm not sure I'd consider mortgage debt as consumer debt, at least not to the same degree as the other types. Mortgage debt is usually about the lowest interest rates and appreciation can lead to a significant increase in equity and build wealth. One of the best and painless ways I've found to save money is through automatic payroll deduction for various retirement vehicles, here in Canada specifically RRSPs.
@@bettermentboss True, but it's still better than renting, providing that it's manageable.
“Did you know the richest 1% is richer than the other 99%”
🤣
No shit Sherlock.
The comment is that the 1% have more money than the COMBINED 99%
Only in the USA.........
I am going to start being more frugal from now on. I am going to start buy more supermarket brand foods & enjoy the benefit of fee foods have the chance to get & enjoy.
If you think the 1% is at home making their own lunch sandwiches then you’re out of your bleeping mind 😆😂🤣
Warren Buffett... "I pay less tax than my secretary.." He's also expressed the view, a number of times, that he and other rich people should pay more tax by law.
He said he pays a lower tax rate, not less tax….
@@hump1953 Semantics. The exact quote is unimportant. What is important is his strongly held view that rich people pay far too little tax.
She hasen't learned a shit at her work. Oh well...some people are born to be slaves and die as slaves.
Food is my down fall
What you miss is Bill Gates doesn't have that much cash. Networth is not the same as Liquid Cash.
saw A movie one were some one had to spind 30 million in 30 days it was a funny movie
BRUSTER'S MILLIONS STARRING RCHARD PRYOR
@@thomasjohnsonjr4913 think you cud not rember the name
Brewsters millions
Wealth inequality income inequality
99% of 99% didn't steal it
Course if Bill Gates wanted to spend that much money it would still take 200 and something years approximately LOL let him try. If I had that much money and I could spend $1 million a day and had 200 years to do it I would definitely save all the animals hope all the homeless and do a ton of good for the world.
Get the bus instead of driving ??? With the bus prices these days ? Cheaper to drive. More convenient and, you don’t have to mix with the peasants. 😉
Some people walk to save money.
My best time was when I worked in a school where I could walk over in 5 minutes: it saved me $150/ month on my bus pass without lifting a finger. $1.500 in a school year.