Hi everyone 🖤 What did you think of my minimalist budgeting system? Let me know! And please show me some love in the comments... for the UA-cam algorithm 😎
1. 401K 2. Checkings Account 3. Emergency Fund 4. Roth IRA 5. Needs (Groceries, Rent, Gas, etc.) 6. Short-term savings 7. Guilt-free spending 8. More investing Still watch the video for more details and better explanations of each! I just like to take notes and make lists of all her videos :)
As a single father of two paying child support and other expenses, it is difficult to save in the key amounts you stated, especially when my career goals were garbage. Now, at the age of 35, i have been able to re-balance 70% of my past mistakes and finally have a career making decent money. I take full advantage of my companies 401k. This week, i have paid off all of my debt and finally open a savings account. Yes everyone, i started a savings account at age 35.....Anyways, trust me, i want to do all of these things you mention, but the reality is that my mistakes in the past has cost me a lot of stress in the future. I may not talk as professionally as a lot of people on here but for anyone younger seeing this, please make these steps to better your future. You will feel much healthier than what i felt stressing with my ex, then the constant roommates to survive until i had to move back home. That was very stressful because of the rules and the rules set for my kids. I know my kids will remember that but they know they have a father that is not a quitter. In the end, i will not be able to provide enough money for my kids college education, but what i can teach them is financial education. Anyways, i have subscribe to the channel and will increase my contributions overtime.
It is hard to save esp if companies don’t pay you enough to cover your living expenses even if on the budget. Her points are great , but everyone ‘s situation is different for each individual.
Yep. I didn't open a savings OR a checking account until I was 47. I had one before I met my financially abusive ex, but opened one as I was leaving. I cannot wait for the redistribution of money when our divorce is complete. He will have to process losing- and I will just feel more secure going forward (for myself and my kids). I second that it is essential to be in charge of your finances/life. You can't get that back.
You're not alone. I always knew it was important to be financially savvy. I've been through divorce & a vehicle repo. Really messed up my credit. I'm a late bloomer financially. I'm in my 40's and finally have well over $20k in my savings. Wish I knew more in my early 20's!
So me and my fiance had different views on finances. I like to plan, budget, invest etc. and she basically is the type of person who says " money is not everything." no saving or planning. That relationship ended. Word of advice be with someone who understands finances if you are about that life :D
You should say "money isnt everything huh"? Ok (wifey) you pay for dinner tonight at this restaurant, you pay the mortgage, car note, etc. etc. etc....
Wow im dealing with the same exact thing now all while he has no savings and doesn't even listen to me when I speak about investing and saving techniques.
I know right? School was so boring and I never learned anything useful! Seems like I spent years learning about the revolutionary war and the lifecycle of a cell, but not how to get a job, or pay bills, or fix things!
Yes jarc! I actually asked for classes like that in my highschool and got told I was an honors student "so I wouldn't need it." I was also told that if I was interested in "adult roles" classes I could take home a fake baby in health class. I was like wow neither one of those things has anything to do with investing or getting a job once I graduate. The takeaway was pretty much don't have babies. Babies=broke and miserable. That's all my highschool wanted to teach us. Also apparently honor students just need to worry about acing exams and getting into college....where I also learned none of this stuff lol. Thank goodness nowadays we have smartphones and UA-cam so I can learn whatever I want!
@@aliciab6193 I ask because in HS I had no interests in this and wanted to gauge if there are HS age students who would be interested. I am old school and learned by watching CNBC and reading books.
I am in my 60s. I've been watching UA-camrs like you lately. I'm learning a lot. I think your budget advice is very practical. After each step, I paused the video to make adjustments to my savings accounts.
Excellent advice, Rose. I wish I knew these techniques when I first entered the work world 40 years ago. I would only add one thing - give something to a charity of your choice on a regular basis.
Randy Chestnut Awww I didn’t think of putting that in a budget, darn!! Giving is so important though... I would definitely include a monthly donation to a charity, perhaps somewhere along with the guilt-free spending category
I give to my church mostly, Eileen. Some years I can deduct charitable contributions when I can itemize deductions, and some years I don't meet the threshold. But I always give to my church, whether I can itemize deductions or not.
Ugh ROSE!!! Thank you so much! I’m 23 years old, with student loans (less than 30k) and a leased car ( worried on what crazy fees I might need to pay due to cosmetic & damages) but with a stable income ( thank god) . I have pulled the curtain off my lifestyle and it was SCARY! I have a LONG way to go but thank you for teaching me so much, I don’t have any support system in finances but you filled that role for me. Thank you thank you thank you
Something I had to do to prevent dipping into my emergency fund or just not contributing to it was to make a savings account at a separate bank and modify my direct deposit instructions to divert a certain amount to that savings account. This way I never see the money, much like the 401(k) withholding, and it's just enough harder to use the money because of the delayed transfer to my checking account at the other bank and the additional username and password to access it. Paying oneself first is a great tip.
Yes! Thanks for sharing! When I decided to take control of my money and started INVESTING IN REAL ESTATE that’s when my financial situation changed and now I’m nearing financial freedom! Great video.
Brooke Mitchell there are so many different ways to invest and different markets it really depends on what you are trying to do. If you’re wholesaling you might not need any money at all, if you’re buying a rental in an affordable CASHFLOW market maybe $20k, if you’re flipping in volatile markets you may need millions. Just depends what you’re trying to do and where. Hope that helps
Rose, not only are you financially smart and disciplined, you are absolutely beautiful. I enjoy your videos, I learn a lot from you. Thank you for the time and effort you put into these videos
Hi rose, I've only recently starting investing I'm 23 , and I find your videos different compared to all the other ones on youtube. I love that you can THINK for yourself. You've actually opened my mind into alot of opportunities even though I'm in Australia. I greatly appreciate your videos. Keep it up, you're an amazing human being ❤❤
Just scrolling in UA-cam to kill time and then I found this video. The learnings I got in this video are like a eureka moment for me - a serendipitous realization. I’m not even from USA, so the first two steps don’t personally apply, but I got the meat of the lesson and now I’m truly excited to plan my future that is financially free 🙏
Great video! The only thing I would add between the 401K Match and Checking Account would be an HSA. I only learned about HSAs and their tax advantages last year but I'm happy I started maxing mine out last year. Keep up the great videos! I'm learning a lot! Thanks!!!
For any Canadians here, - 401k Canadian equivalent = RRSP (Registered Retirement Savings Plan) - Roth IRA Cdn. equivalent = TFSA (Tax Free Savings Account) - Taxable Brokerage Account Cdn. equivalent = NRA (Non-Registered Account) Some Canadian-based wealth management and investment services: - Wealth Simple - Questrade Or you can just use direct investing through your banks or other institutions, whichever you feel more comfortable using.
vina l I feel ya I’m going on 47 I’m broke and basically homeless didn’t have assignment for money and it vanished leaving me scratching my head wondering where the hell diid it all go?? 🤔😞 😩
Great advice! Only thing I would modify is spending from a credit card vs spending directly out of the checking account. For one, the identity/consumer protection is much stronger in credit accounts vs checking... A fraudulent charge on your checking account could have your money held in limbo while one on your credit is only holding your credit card company's money in limbo. Second, you can earn free money! With a rewards card such as one with cash back you can earn ~1-5% back on some/all of your spendings that you would've spent anyway. The third advantage is you can help increase your credit score and your relationship with your credit provider, eventually increasing your spending power. The BIG caveat is you MUST spend responsibly and pay your bill in full each month. Paying your bill in full will avoid any interest charges and paying attention to your statement total on the statement date (keeping it under 10% of total credit line) can help boost your credit score.
I absolutely agree! The amount of fraud these days is mind boggling! We only use our debit card if we need to get cash from the ATM. If our credit card gets compromised, it’s not my money! When you put your debit card in the little black wallet at a restaurant, you are leaving yourself wide open for someone to steal your card information and they will wipe you out in a blink of an eye!!!!
Your going to change my life Rose 🌹. I wanna Thank you for what you do . I’m new to your channel I will binge watch your videos and adjust my habits . I will listen to your advice. 🙏🏽 Thank you ❤️
This is the best budgeting video I've ever watched. It was perfectly laid out and easy to follow. Now I can enjoy my guilt free spending. Thanks Rose! :)
I just realized two things: it’s insane that most of us never learn this in school, nor at home. I also realized I’m very frugal but I don’t feel like im missing out. I hang out with quality people and I read a lot. Feels very lucky 🍀
Jeremy no, your parent teach you to brush your teeth and shower, if they don’t and you regularly go to school dirty, the teacher generally helps to a point before reporting to social services. BUT Finances isn’t monitored at all! As a child and young adult you get fed to the debt wolves and told, well you’re supposed to know this. No One helps you! I cry every time someone says I got afterpay to get my new XYZ because I couldn’t afford the $500 right now...
This was really helpful for me, especially since i'm starting my first full time job out of university! I'm gonna definitely follow this beginner budget 👍
Deanna Wong Yayyy the perfect time to start!!! Glad you are going to learn from my mistakes because I definitely didn’t do this at my first real paycheck 😆
Same here, started watching Rose's videos shortly before graduating (I just did, Yay!) and before starting my fulltime job. Corona's given me more time to be more financially literate!
Rose, this video is amazing! I'm very interested in personal finance and have been reading a lot on Reddit and watching finance videos on UA-cam, but your channel is so succinct and helpful. I'm sharing this video with my younger sister to help her get set up with her finances. Really appreciate it!
Man oh man. Goodness gracious; that part where you said you wish you knew what you could have done to invest your money when you was getting bonuses or when your mother told you to save but didn't really hit home for me. I have wasted funds in the past and although I may have had a bank account from a young age, was familiar with stock investing, etc I was never really sat down, went through each option, or was told the MAJOR benefits and options by anyone. The thing now is we learned from those mistakes so everything else from this point (starting/re-education point) is smooth sailing.
I really enjoy watching and learning from your videos. I don't money smarts to begin with and made quite a lot of bad choices and wondered why I am always broke. I am about to change it. Your videos are a great help.
8.2% interest from Fidelity, that's INSANE. I'm so sad I'm just learning about this but also so thankful. My money is just wasting away building NOTHING with BofA. Thank you!!
Once I'm eligible, I'll open a 401K with my employer. I use Capital One 360 as my emergency fund I use Fitness Bank as my short-term savings (saving up for a car). Opened a Roth IRA with TD Ameritrade just recently and I plan to contribute $500 per month. I set up my direct deposit to put 70% in my checking account, 25% in my Fitness Bank account, and 5 % into the Emergency Fund (which right now has about $2,000)
I fell off being financially responsible. I randomly saw one video and have since subscribed. Now, thanks to your videos I feel like I’m getting back on track.
Just stumbled across you last night, been listening all night at work. I know a lot about finances already but I’m a newbie to investing. I also like to hear others’ opinions and see where I can improve
I had read " Latte Factor " by David Bach" and inspired about Investing money for my future. I wish I started earlier age. I'm in 40s now but I'm going to start. I wonder if you could make a video for late starter.....
Hey same here! I'm in my 40s and I wish I started earlier but Rose your videos have inspired me! Plus the way you explain concepts very simple! Keep up good work!
Same here, I'm the mid of 40s just migrated to US less than 2 years, have start everything from 0. Now i had a quite good job and company offer 401k. Would like to hear your advice for late starter 😊
Good solid "meat and potatoes" advice and a recipe for success. Budgets do suck but I still make one at the beginning of the year of my expenses, not to determine how much I can spend, but how much I can save. This is basically how I started 25 years ago although I made saving and investing more of a priority with a high savings rate by spending only what I needed to be happy and I'm glad I did. We still had everything including several low cost, relaxing vacations each year and there's nothing better than the financial security we achieved relatively early. I hope you younger workers are going to act immediately on the good advice in the video as this is the first step on the path to success.
Rose, you are my inspiration! I have always been bad with money because it stresses me out, but after watching some of your videos where in one video you said you can do it as an immigrant, we should too. I am just summarizing your words. So that motivated me to do well. I wish I could be well off and retire early. I'm 37-year-old and I'm clueless about finances. I live in Canada so I always have to look up the equivalent of the things you mention in your video. Your videos are simply put and love your warmth and cordiality. 🥰🥰🥰🐭
i thoroughly enjoyed learning some the basics to money management....like you wish i had this lesson some years sooner...but now im trying teach my grown children how to handle their money...so thanks for sharing your knowledge and advice.....
Thank you Rose. Definitely this video is so helpful to me. and I will put all your tips into practice. I wanted to say to, because of your video about Fidelity saving account, I recently submitted my application to open an account with Fidelity. Hopefully I get approved. Thank you again. 🙏🏾
Hello. I’m 21 almost 22. I had a TERRIBLE habit of spending my savings. This video has taught me a few things about proper financial maintenance. I started saving and my goal is to reach $5,000 to start off. This video has given me a wake up call. I wish my peers would teach me this instead of calling me irresponsible and not showing me how to effectively save.
As far as me agreeing with you I normally do but I think Dave's baby steps 1 through 3 is the most solid advice as far as getting out of survival mode and changing behavior. I dont agree with his 4-6 steps because it's not black and white for everybody. But back to what I was saying, the focusing on one thing at a time is crucial in getting out of that mode of survival. I agree with you on everything else though and I love that you said that the brokerage account is the bonus step. I see guys personally that skip to that bonus step and they still have lots of consumer debt excluding the mortgage.
Hi Rose, I pass stap by stap budgeting. I doing procent budgeting. Every month 20% saving, 40% food, 25% other expenses and 15% emergency fund. The savings are for investments. You are doing great.
Thank you so much! I work at a bank and the only things I knew about in this video were the 401k and IRA stuff. It never occurred to me to open an account with another bank because it might pay me more. That pay yourself first stuff sounds like a really good strategy and I want to get up earlier too. Please keep making great videos!
I actually did some digging today at work and found we had some other types of accounts I didn't know about. I opened one today and set up some auto transfers since it was payday. Just $10 a week now will add up to alot later. I also learned that my CD could be put into a Roth IRA instead and not affect my taxes. I also redid my w4s in the hopes of not having to pay state taxes next year. And I wouldn't have done any of this today if I hadn't watched your video because I was too bummed and overwhelmed. I hope to learn more soon about what to do with the real estate I own to make more money.
Very short, Simple and to the Point Videos. I Want You to know that You Are Very Much Appreciated. You Are Helping Me a Bunch. Gracias, Gracias,Gracias!!!
I use Fidelity's money market as my checking account. It can do everything that their regular checking account does but at a much higher interest rate.
Thanks for your nuggets of wisdom that you're willing to share. So glad I stumbled onto your channel since I've committed myself to take some serious steps into budgeting and being financially stable.No more check to check lifestyle!!!
Love the layout of the video and the explanations! The only questions I have- where would debt payoff payments come in? Paying off hospital bills, personal loans, etc? After you pay "needs" such as rent, gas, etc and before short term savings?
I used to pay my self last(if it was any left)but my 2020 resolution was to pay me first. Do or die! I'm saving one week per month and finally I seeing my savings grow and invest. It's not easy, but doable.
Hi Rose! Your youtube videos are just everything that we need to learn/hear about investments, I am extremely happy to have fallen on your channel, it brought me back motivation to start learning investing/trading :) Keep it up, cheers!
I use Chase for checking. They waive the monthly fee if you have at least $500 direct deposited into your account. Zelle comes in handy to receive or send money.
One thing I would add is put all bills, if applicable, into your credit card that has cash back. Pulling funds out of checking account to pay bills does not add more funds into your savings. Also grocery or needs should also be into rewards card. I get 1.5% from all spending and may switch over to another card with 2-3%.
I like your show. I think you provide good sound advice unlike some other financial people. The only thing that I like to comment is big brand name banks do not charge accounts fees for a checking account. Actually it is the opposite. They provide convenience, they have local branches all over the US and provide accessible. I feel that a main checking account that does everything should be convenience and easily accessible.
Hi everyone 🖤 What did you think of my minimalist budgeting system? Let me know! And please show me some love in the comments... for the UA-cam algorithm 😎
Ok Rose hi
You are beyond cool. We love you Rose 💞
Great Video Rose! You are so down to earth! I will follow your steps! Makes total sense!
Rose, these videos are great. I’m new to investing and I’m finding these to be very informational and easy to understand. Keep up the good work.
Good info and advice. Thanks.
1. 401K
2. Checkings Account
3. Emergency Fund
4. Roth IRA
5. Needs (Groceries, Rent, Gas, etc.)
6. Short-term savings
7. Guilt-free spending
8. More investing
Still watch the video for more details and better explanations of each! I just like to take notes and make lists of all her videos :)
Thank you💖💖💖
I never knew Fidelity had a cash management acct. Im glad they do
Is 300 dollars a month for guilt free spending for my starbucks and lunch too much?
@@ramseyabsessien8990 No.
Number one 401k ???
Really
As a single father of two paying child support and other expenses, it is difficult to save in the key amounts you stated, especially when my career goals were garbage. Now, at the age of 35, i have been able to re-balance 70% of my past mistakes and finally have a career making decent money. I take full advantage of my companies 401k. This week, i have paid off all of my debt and finally open a savings account. Yes everyone, i started a savings account at age 35.....Anyways, trust me, i want to do all of these things you mention, but the reality is that my mistakes in the past has cost me a lot of stress in the future. I may not talk as professionally as a lot of people on here but for anyone younger seeing this, please make these steps to better your future. You will feel much healthier than what i felt stressing with my ex, then the constant roommates to survive until i had to move back home. That was very stressful because of the rules and the rules set for my kids. I know my kids will remember that but they know they have a father that is not a quitter. In the end, i will not be able to provide enough money for my kids college education, but what i can teach them is financial education. Anyways, i have subscribe to the channel and will increase my contributions overtime.
Thank you for sharing your story and your vulnerability. Your path and strength inspires me. Keep fighting for your and your kids’ financial freedom.
Good job! 🎉
It is hard to save esp if companies don’t pay you enough to cover your living expenses even if on the budget. Her points are great , but everyone ‘s situation is different for each individual.
Yep. I didn't open a savings OR a checking account until I was 47. I had one before I met my financially abusive ex, but opened one as I was leaving. I cannot wait for the redistribution of money when our divorce is complete. He will have to process losing- and I will just feel more secure going forward (for myself and my kids).
I second that it is essential to be in charge of your finances/life. You can't get that back.
You're not alone. I always knew it was important to be financially savvy. I've been through divorce & a vehicle repo. Really messed up my credit. I'm a late bloomer financially. I'm in my 40's and finally have well over $20k in my savings. Wish I knew more in my early 20's!
So me and my fiance had different views on finances. I like to plan, budget, invest etc. and she basically is the type of person who says " money is not everything." no saving or planning. That relationship ended. Word of advice be with someone who understands finances if you are about that life :D
Teech 100
Problem is i am married to 1 😭
Amen
You should say "money isnt everything huh"? Ok (wifey) you pay for dinner tonight at this restaurant, you pay the mortgage, car note, etc. etc. etc....
Wow im dealing with the same exact thing now all while he has no savings and doesn't even listen to me when I speak about investing and saving techniques.
I really do wish that they had taught me this stuff in school. All those wasted years!
I know right? School was so boring and I never learned anything useful! Seems like I spent years learning about the revolutionary war and the lifecycle of a cell, but not how to get a job, or pay bills, or fix things!
@Andrew and @Akicia if they did offer a high school course in this would you have been interested in taking it at the time?
Andrew Costello 💯 💯 💯
Yes jarc! I actually asked for classes like that in my highschool and got told I was an honors student "so I wouldn't need it." I was also told that if I was interested in "adult roles" classes I could take home a fake baby in health class. I was like wow neither one of those things has anything to do with investing or getting a job once I graduate. The takeaway was pretty much don't have babies. Babies=broke and miserable. That's all my highschool wanted to teach us. Also apparently honor students just need to worry about acing exams and getting into college....where I also learned none of this stuff lol. Thank goodness nowadays we have smartphones and UA-cam so I can learn whatever I want!
@@aliciab6193 I ask because in HS I had no interests in this and wanted to gauge if there are HS age students who would be interested. I am old school and learned by watching CNBC and reading books.
I am in my 60s. I've been watching UA-camrs like you lately. I'm learning a lot. I think your budget advice is very practical. After each step, I paused the video to make adjustments to my savings accounts.
I just discovered Rose..........I bought a notebook and cancelled all my weekend plans lol! Thank you Rose! ❤️
Excellent advice, Rose. I wish I knew these techniques when I first entered the work world 40 years ago. I would only add one thing - give something to a charity of your choice on a regular basis.
Yes we donate $5 to charity twice a month at my work. Our boss takes it and donates to various places and they send us a Christmas card as thanks.
Randy Chestnut Awww I didn’t think of putting that in a budget, darn!! Giving is so important though... I would definitely include a monthly donation to a charity, perhaps somewhere along with the guilt-free spending category
SAME!
. He's suppose to give you the name and tax I'd of the charity so you can claim in on your taxes.
He's probably claiming all that money on his taxes.
I give to my church mostly, Eileen. Some years I can deduct charitable contributions when I can itemize deductions, and some years I don't meet the threshold. But I always give to my church, whether I can itemize deductions or not.
Love your vibrant and bubbly personality! I’m almost 60 🤦🏻♀️ and still finding your videos useful. Great job, kid! Stay safe and healthy!
Ugh ROSE!!! Thank you so much! I’m 23 years old, with student loans (less than 30k) and a leased car ( worried on what crazy fees I might need to pay due to cosmetic & damages) but with a stable income ( thank god) . I have pulled the curtain off my lifestyle and it was SCARY! I have a LONG way to go but thank you for teaching me so much, I don’t have any support system in finances but you filled that role for me. Thank you thank you thank you
Something I had to do to prevent dipping into my emergency fund or just not contributing to it was to make a savings account at a separate bank and modify my direct deposit instructions to divert a certain amount to that savings account. This way I never see the money, much like the 401(k) withholding, and it's just enough harder to use the money because of the delayed transfer to my checking account at the other bank and the additional username and password to access it.
Paying oneself first is a great tip.
love how you're doing it - when you don't see the money, it's easier not to spend it!
Yes! Thanks for sharing! When I decided to take control of my money and started INVESTING IN REAL ESTATE that’s when my financial situation changed and now I’m nearing financial freedom! Great video.
Steve Ram Hi, Steve! What would you say is a good range of money to have before investing in real estate?
Brooke Mitchell there are so many different ways to invest and different markets it really depends on what you are trying to do. If you’re wholesaling you might not need any money at all, if you’re buying a rental in an affordable CASHFLOW market maybe $20k, if you’re flipping in volatile markets you may need millions. Just depends what you’re trying to do and where. Hope that helps
Steve Ram that does help. thank you, Steve!
As usual, great material and presentation! This is exactly the kind of stuff that should be taught in EVERY high school. Love the channel Rose.
Walt Butler thank you!! 🙌🏼
Love this concept of paying yourself first before other things. I’ve always tried to do it the other way around. Thanks!
Rose, not only are you financially smart and disciplined, you are absolutely beautiful.
I enjoy your videos, I learn a lot from you. Thank you for the time and effort you put into these videos
I am currently a 20 year old making around $950 a week and thanks to you , now I know where to put my money in.
Hi rose, I've only recently starting investing I'm 23 , and I find your videos different compared to all the other ones on youtube. I love that you can THINK for yourself. You've actually opened my mind into alot of opportunities even though I'm in Australia. I greatly appreciate your videos. Keep it up, you're an amazing human being ❤❤
Just scrolling in UA-cam to kill time and then I found this video. The learnings I got in this video are like a eureka moment for me - a serendipitous realization. I’m not even from USA, so the first two steps don’t personally apply, but I got the meat of the lesson and now I’m truly excited to plan my future that is financially free 🙏
Great video! The only thing I would add between the 401K Match and Checking Account would be an HSA. I only learned about HSAs and their tax advantages last year but I'm happy I started maxing mine out last year. Keep up the great videos! I'm learning a lot! Thanks!!!
For any Canadians here,
- 401k Canadian equivalent = RRSP (Registered Retirement Savings Plan)
- Roth IRA Cdn. equivalent = TFSA (Tax Free Savings Account)
- Taxable Brokerage Account Cdn. equivalent = NRA (Non-Registered Account)
Some Canadian-based wealth management and investment services:
- Wealth Simple
- Questrade
Or you can just use direct investing through your banks or other institutions, whichever you feel more comfortable using.
So true. If I don't have a specific assignment for my money it just disappears.
vina l I feel ya I’m going on 47 I’m broke and basically homeless didn’t have assignment for money and it vanished leaving me scratching my head wondering where the hell diid it all go?? 🤔😞 😩
Calculate your monthly income. To create a budget, first, you should calculate your income.
Great advice! Only thing I would modify is spending from a credit card vs spending directly out of the checking account. For one, the identity/consumer protection is much stronger in credit accounts vs checking... A fraudulent charge on your checking account could have your money held in limbo while one on your credit is only holding your credit card company's money in limbo. Second, you can earn free money! With a rewards card such as one with cash back you can earn ~1-5% back on some/all of your spendings that you would've spent anyway. The third advantage is you can help increase your credit score and your relationship with your credit provider, eventually increasing your spending power. The BIG caveat is you MUST spend responsibly and pay your bill in full each month. Paying your bill in full will avoid any interest charges and paying attention to your statement total on the statement date (keeping it under 10% of total credit line) can help boost your credit score.
I absolutely agree! The amount of fraud these days is mind boggling! We only use our debit card if we need to get cash from the ATM. If our credit card gets compromised, it’s not my money! When you put your debit card in the little black wallet at a restaurant, you are leaving yourself wide open for someone to steal your card information and they will wipe you out in a blink of an eye!!!!
Your going to change my life Rose 🌹. I wanna Thank you for what you do . I’m new to your channel I will binge watch your videos and adjust my habits .
I will listen to your advice.
🙏🏽 Thank you ❤️
Thank you Rose! You definitely made this budgeting system simple and easy to follow, I really appreciate it!
*Yes, so true. Know what you are doing with your money and always pay yourself, first.* 👍
I was never prepared for this in school I learned all this stuff over the last forty years, if I New this in my twenties I wood be a million air.
This is the best budgeting video I've ever watched. It was perfectly laid out and easy to follow. Now I can enjoy my guilt free spending. Thanks Rose! :)
I just realized two things: it’s insane that most of us never learn this in school, nor at home. I also realized I’m very frugal but I don’t feel like im missing out. I hang out with quality people and I read a lot. Feels very lucky 🍀
Jeremy no, your parent teach you to brush your teeth and shower, if they don’t and you regularly go to school dirty, the teacher generally helps to a point before reporting to social services. BUT Finances isn’t monitored at all! As a child and young adult you get fed to the debt wolves and told, well you’re supposed to know this. No One helps you! I cry every time someone says I got afterpay to get my new XYZ because I couldn’t afford the $500 right now...
@@nataliaportal5346 🥰♡♡so true
This was really helpful for me, especially since i'm starting my first full time job out of university! I'm gonna definitely follow this beginner budget 👍
Deanna Wong Yayyy the perfect time to start!!! Glad you are going to learn from my mistakes because I definitely didn’t do this at my first real paycheck 😆
Same here, started watching Rose's videos shortly before graduating (I just did, Yay!) and before starting my fulltime job. Corona's given me more time to be more financially literate!
Rose, this video is amazing! I'm very interested in personal finance and have been reading a lot on Reddit and watching finance videos on UA-cam, but your channel is so succinct and helpful. I'm sharing this video with my younger sister to help her get set up with her finances. Really appreciate it!
Man oh man. Goodness gracious; that part where you said you wish you knew what you could have done to invest your money when you was getting bonuses or when your mother told you to save but didn't really hit home for me. I have wasted funds in the past and although I may have had a bank account from a young age, was familiar with stock investing, etc I was never really sat down, went through each option, or was told the MAJOR benefits and options by anyone. The thing now is we learned from those mistakes so everything else from this point (starting/re-education point) is smooth sailing.
I love the tip about thinking of your employer’s contribution as “free money” and contributing the max. Such a great tip, thank you!
I really enjoy watching and learning from your videos. I don't money smarts to begin with and made quite a lot of bad choices and wondered why I am always broke. I am about to change it. Your videos are a great help.
Thank you for this. 2020 has really humbled me and I'm trying to set myself up better financially
I’m very happy to have found your page - your content is awesome! All of the direct and precise information that I was looking for. Thank you so much!
So important to have a plan for your money! Thanks Rose! 😊
Tiffany Thomas, your wealth mentor Agreed!
Definitely need a plan so you don’t spend more and more, just like Rose said!
😊😊😊
More videos for us entrepreneurs please. It’s difficult to save when cash flow can vary.
Excellent advice Rose! You made it so easy to understand
I've seen quite a few investment pages but you just became my favorite. answering so many question I didn't know I had
Thank you!! Sent this to my son since he won’t listen to me 😊😃
I’m learning so much from you! More than I have about finances in all my 34 years!! Thank you 😊
8.2% interest from Fidelity, that's INSANE. I'm so sad I'm just learning about this but also so thankful. My money is just wasting away building NOTHING with BofA. Thank you!!
I was looking for a video JUST like this! You have such a great voice and know how to put things simply. Great job.
Thankful to come across to one of your vids! Now I am hooked. This is is exactly the channel I've been looking for.
Once I'm eligible, I'll open a 401K with my employer.
I use Capital One 360 as my emergency fund
I use Fitness Bank as my short-term savings (saving up for a car).
Opened a Roth IRA with TD Ameritrade just recently and I plan to contribute $500 per month.
I set up my direct deposit to put 70% in my checking account, 25% in my Fitness Bank account, and 5 % into the Emergency Fund (which right now has about $2,000)
Honey you are doing it! And a true inspiration!
Education on the fundamentals of money is so important... information like this really needs to be part of the school curriculum.
This is really great info! Currently working on paying down debt but your mentality with money is very similar to mine once I get my debt paid.
Oh my god... this is what I've been searching for my whole life. Thank you.
I fell off being financially responsible. I randomly saw one video and have since subscribed. Now, thanks to your videos I feel like I’m getting back on track.
this was well organized and easy to follow. this made the whole process way less daunting for me! thanks so much!
Big Dave Ramsey vibes in this video! The Total Money Makeover is a good book to read!
Just stumbled across you last night, been listening all night at work. I know a lot about finances already but I’m a newbie to investing. I also like to hear others’ opinions and see where I can improve
Love your videos started watching many today.
I am gona budget myself this weekend with the mentioned steps. Thanks Rose. Keep up the good work
Thank you for explaining in a way that makes sense to the layperson! I know now what I’m already doing and what my next steps are. 💖
I had read " Latte Factor " by David Bach" and inspired about Investing money for my future. I wish I started earlier age. I'm in 40s now but I'm going to start. I wonder if you could make a video for late starter.....
Fox hound Great video idea - will put it on the list!
I'm in the same boat. Thanks for making this request!
Same here!! Need help to get started now that I'm on my 40's working in restaurants that don't offer ANY type of benefit 😓
Hey same here! I'm in my 40s and I wish I started earlier but Rose your videos have inspired me! Plus the way you explain concepts very simple! Keep up good work!
Same here, I'm the
mid of 40s just migrated to US less than 2 years, have start everything from 0. Now i had a quite good job and company offer 401k. Would like to hear your advice for late starter 😊
Rose, this video is absolutely GOLD. THANK U
Great info. I have a long way to go to be debt free but I will begin making small changes.
This is so on point! PAY YOURSELF FIRST!!!🙌🏾
Thanks for the tips!💪🏾
Good solid "meat and potatoes" advice and a recipe for success. Budgets do suck but I still make one at the beginning of the year of my expenses, not to determine how much I can spend, but how much I can save. This is basically how I started 25 years ago although I made saving and investing more of a priority with a high savings rate by spending only what I needed to be happy and I'm glad I did. We still had everything including several low cost, relaxing vacations each year and there's nothing better than the financial security we achieved relatively early. I hope you younger workers are going to act immediately on the good advice in the video as this is the first step on the path to success.
Rose, you are my inspiration! I have always been bad with money because it stresses me out, but after watching some of your videos where in one video you said you can do it as an immigrant, we should too. I am just summarizing your words. So that motivated me to do well. I wish I could be well off and retire early. I'm 37-year-old and I'm clueless about finances. I live in Canada so I always have to look up the equivalent of the things you mention in your video. Your videos are simply put and love your warmth and cordiality. 🥰🥰🥰🐭
i thoroughly enjoyed learning some the basics to money management....like you wish i had this lesson some years sooner...but now im trying teach my grown children how to handle their money...so thanks for sharing your knowledge and advice.....
Thank you Rose for your valuable advice. You are great with these tips.
One of the easiest and most high yield budgeting video I’ve seen. Great job!
I have been looking at personal financial budgeting and investing videos and I have to say Rose hands down. You’re the best!
Are you Cameroonian?
If only I found this video back when i started working in college. Thank you Rose for the great financial insight!
New to your channel and I love how you broke this down! I watch quite a few financial help channels and yours is one of the best. Thank you 😊
Thank you Rose. Definitely this video is so helpful to me. and I will put all your tips into practice. I wanted to say to, because of your video about Fidelity saving account, I recently submitted my application to open an account with Fidelity. Hopefully I get approved. Thank you again. 🙏🏾
Rose, I will do anything you say! Your videos have helped me so much!!
Hello. I’m 21 almost 22. I had a TERRIBLE habit of spending my savings. This video has taught me a few things about proper financial maintenance. I started saving and my goal is to reach $5,000 to start off. This video has given me a wake up call. I wish my peers would teach me this instead of calling me irresponsible and not showing me how to effectively save.
You are young still. It's not too late for you.
Pay yourself first! I love that!!
As far as me agreeing with you I normally do but I think Dave's baby steps 1 through 3 is the most solid advice as far as getting out of survival mode and changing behavior. I dont agree with his 4-6 steps because it's not black and white for everybody. But back to what I was saying, the focusing on one thing at a time is crucial in getting out of that mode of survival. I agree with you on everything else though and I love that you said that the brokerage account is the bonus step. I see guys personally that skip to that bonus step and they still have lots of consumer debt excluding the mortgage.
Hi Rose, I pass stap by stap budgeting. I doing procent budgeting. Every month 20% saving, 40% food, 25% other expenses and 15% emergency fund. The savings are for investments. You are doing great.
Thank you so much! I work at a bank and the only things I knew about in this video were the 401k and IRA stuff. It never occurred to me to open an account with another bank because it might pay me more. That pay yourself first stuff sounds like a really good strategy and I want to get up earlier too. Please keep making great videos!
Alicia B You’re so welcome! Very happy to hear that my video gave you some new ideas. I will keep the videos coming 😊
I actually did some digging today at work and found we had some other types of accounts I didn't know about. I opened one today and set up some auto transfers since it was payday. Just $10 a week now will add up to alot later. I also learned that my CD could be put into a Roth IRA instead and not affect my taxes. I also redid my w4s in the hopes of not having to pay state taxes next year.
And I wouldn't have done any of this today if I hadn't watched your video because I was too bummed and overwhelmed. I hope to learn more soon about what to do with the real estate I own to make more money.
Excellent video. My Roth is with capital one 360
Hi Rose! Thanks for sharing your approach on budgeting. It was very clear and understandable.
That was awesome. I've never seen it broken down like that. I will work this immediately and teach my kids. Thanks so much!
Thank you for being my financial advisor 😭
What I think is that this video was very informative and that you absolutely KILL IT!!!
Very short, Simple and to the Point Videos. I Want You to know that You Are Very Much Appreciated. You Are Helping Me a Bunch. Gracias, Gracias,Gracias!!!
I use Fidelity's money market as my checking account. It can do everything that their regular checking account does but at a much higher interest rate.
You are amazing Rose! thank you for all your tips.
Thanks for your nuggets of wisdom that you're willing to share. So glad I stumbled onto your channel since I've committed myself to take some serious steps into budgeting and being financially stable.No more check to check lifestyle!!!
Love the layout of the video and the explanations! The only questions I have- where would debt payoff payments come in? Paying off hospital bills, personal loans, etc? After you pay "needs" such as rent, gas, etc and before short term savings?
GREAT video! I am finally on a journey of learning about financial education at 21 and it’s exciting. your videos really help me out!!
You are absolutely amazing 😍 this knowledge is truly universal, and we truly thank you for giving it to us for the free free.
I used to pay my self last(if it was any left)but my 2020 resolution was to pay me first. Do or die! I'm saving one week per month and finally I seeing my savings grow and invest. It's not easy, but doable.
Thanks God for this video. Thank you Rose for share your knowledge! I really like to hear your videos!
Hi Rose!
Your youtube videos are just everything that we need to learn/hear about investments, I am extremely happy to have fallen on your channel, it brought me back motivation to start learning investing/trading :)
Keep it up, cheers!
😘🙏💙
@16:13 money is the key to happiness.
It helps...lol.
Great video to rewatch over again over time.
This is something I need to watch once every week lol.
I wish I had your advising when I was a kid starting in the workforce.
I use Chase for checking. They waive the monthly fee if you have at least $500 direct deposited into your account. Zelle comes in handy to receive or send money.
One thing I would add is put all bills, if applicable, into your credit card that has cash back. Pulling funds out of checking account to pay bills does not add more funds into your savings. Also grocery or needs should also be into rewards card. I get 1.5% from all spending and may switch over to another card with 2-3%.
THIS WAS SOME VERY VALUABLE INFO, THANK YOU ROSE
Such a great video!
I personally am at the very beginning of my healthy relationship with money and your channel helps a lot 🐱 so thank you Rose! 😊
Wealthfront is another option for the emergency fund
I like your show. I think you provide good sound advice unlike some other financial people. The only thing that I like to comment is big brand name banks do not charge accounts fees for a checking account. Actually it is the opposite. They provide convenience, they have local branches all over the US and provide accessible. I feel that a main checking account that does everything should be convenience and easily accessible.