EP#42 | Getting Your Financial House In Order (Our Tales of Personal Financial)
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- Опубліковано 30 кві 2020
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The Crew discusses their personal finance journey, investments, and personal practices that have helped us take control of our financial future!
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The amount of variety all of the corridor channels offer at this point is just amazing to me. Every single one of your channels is gold. It's corny to say this, but you guys have contributed so much joy to my life. Keep on going brothers!
Much love! Thanks
I wonder if Clint ever got round to figuring out his taxes..
Classic video!
This reference belongs with our founders
Oh my golly I had to look up that video again. Hilarious!
This is a deep cut.
What a throwback! He was so stressed out lol
I've got a good stock market story.
Back at the end of high school I took all the money my family gave me after graduation (total $300) and invested it. I bought a few shares in a mutual fund but my most prized possession were the shares I bought of Amazon.
I ended up forgetting about this account for years as life continued and work got busy. At a low point one summer I had realized i racked up a good bit of credit card debt. I took a peek into the long forgotten IRA and realized Amazon blew up since i initially bought the shares. A few hundred dollars turned into $4000. I know I should have kept going, but my credit interest was high and I needed to get out quick. It really saved me and now I am much more stable and investing regularly again.
Really great advice here guys!
I see Clint was playing the role of quiet student
I noticed earlier from the filmmaking tutorials on corridor crew that Niko was really good at explaining stuff. I'm new to filmmaking and I see a lot of videos that use jargon words that leave me confused, but Niko simplifies things and explains them so well. This video was another proof of that and I really wish Niko was my professor in college.
This episode has an absurdly low number of views for being one of the most interesting. Really educational and inspiring.
Thank you :)
I would love to see a video how you maximize your UA-cam income. Like we all know longer videos make more but how do you apply midrolls, when do you release,are schedules more important, you rename your videos often and change thumbnails how to measure the changes in UA-cam's algorithm, do you go through a MCN that takes a cut or straight through AdSense and just use Google's cut.
Do you rely mostly on patreon and sponsored segments etc. I realize this is a bit more personal into the finances of your business but I think you could broadly talk about this.
Do UA-cam's tags even matter anymore, does captioning your videos help the algorithms etc.
I appreciate what they're doing with this entry-level educational stuff, but with all the different voices coming in (like Wes & Clint, who aren't as familiar with the financial concepts), it's very easy for people to get confused. I'm a financial professional, and I feel myself wanting to jump in and correct something or explain something more clearly like every 10 seconds. For anyone new to personal finance -- Niko understands what he's talking about. Listen to him. Wes's questions really seem to confuse some of the things they're talking about.
Jake's ending explanation was perfect.
I can't believe how knowledgeable Niko is on this topic. He knows more than most of my classmates do.
You guys are like the friends I which I could be close with
Keep doing what you do best
Never stop!!
So hype every time I see one of these come up!
Seeing how confused Wes is really made me realize how confusing investing can be for some people. I kinda feel like investing is something that should be taught in high school lol. (I'm listening to them talk about mutual funds right now, and I feel like Common Sense by John Bogle is a good read (as far as I can tell, he just craps on actively managed mutual funds lol))
Literally the most useless book to me when I first read it but still the one I suggest the most for other people to read, so many mistakes can be avoided by investing a few hours on that book.
This is when Clint first got serious about his finances.
ua-cam.com/video/NWMu2ZTAKSE/v-deo.html
Classssicccc
never stop these podcasts plz they are great
oh man I love corridor!! every time I sit at my computer I just turn on their podcast and listen to like all day long!!
Wow I love this podcast, thank you guys! Also Clint looked like he was in a stocks newsroom 😮
I am 23, about to turn 24 in June, just graduated College in December and started my new job as a systems engineer in Arizona and it's been such a weird time for my finances. If anything, I always knew I should save or that I should not spend all my money in one place or in general and should keep it around. Then when I started my job the whole taxes thing became a thing (including the massive chunk out of my signing bonus) and I was super shocked and just overly upset at the system, especially since a lot of my friends were just telling me to invest or do this and that to get past it in some way and it became too big of a thing to calculate and put together for myself so it went to the back burner. This video/podcast/lecture was so valuable to me in understanding what people have been telling me everywhere and honestly I was in the exact same spot in terms of knowledge as Wes. I knew some stuff and that what I didn't know was important, but I didn't think it was hurting me very much. DEFINITELY a different story now but honestly really appreciated this. Thanks y'all. I'm going to try to share with some friends I know who are basically in the same boat as me or maybe a little further along to see if they can get some value out of it too.
as an irish person, the long discussion about high/low risk IRA investment was funny. this video is obviously specific to america but that part for over here has a very diferent context
Haha
Clint is still sitting silently somewhere pondering all of this conversation.
This one may have not have a record breaking view count. But I’m so excited to watch. Thanks guys!
Thanks guys for inspiring me to get into visual effects
Love this type. Helped me out guys. Thank you.
I already know a decent amount about the topics discussed in this podcast, but so glad I didn't skip this episode and miss out on Niko pointing out the exact moment Wes turned a little bit Republican (around 1:13:11 for those those looking for some lols). Funniest moment I've seen in a while haha.
I started listening all the episodes of the podcast since last week and today finished listening to this and yeah you guys gave me a wake up call. I really like to now know how to even start in investing as I'm in my 1st job after college
Should've invited Graham Stephen for this
CHECK YOUR TAX WITHHOLDING ON YOUR PAYCHECK
This bit me in the ass few years ago. I ended up having to take out a loan due to an issue with my withholding. Would have been an extremely easy fix if I was actually paying attention. The IRS has a tax calculator which is a bit of a pain, but worth is just to verify your withholding is correct. Just to note as well, you can also have an additional amount withheld from your paycheck as well. This will either cover any additional taxes (like say if you got a raise part way through the year that moves you up a tax bracket), or it will be paid back to you when you file your tax return.
This happened to me right after I left college and got a decent job. Taxes during college aren't really a big deal as most of the money gets returned to you anyway, so there was never really an incentive for me to pay too much attention to my withholding on each paycheck.
As soon as wes mentions Robinhood I was practically screaming "Wesssss noooooo" ah if only they could see the future. Well just in case they see this in the past. REMEMBER THE WORD GAMESTOP GUYS.
Lately, I’m more exited for cast episodes than for node. And that’s not nodes fault. Keep it up guys
Kolupsy node’s dead.
'Rich Dad, Poor Dad' is great. I recommend reading, 'The Automatic Millionaire' if you want some more bangin financial advice
Watching this after I just paid off my first student loan.
Thats a guaranteed 70 bucks month im now "making"
Thankfully I learned how to save money and invest a long time ago, and actually have a positive net worth.
Roth is better than 401 because the tax comes out at the end of the tax year. You could have already got up to a whole year of interest on the money put in before you ever paid the tax on it. The downside is smaller or negative tax returns, but ideally your tax returns should be low because that means you got more of your money when you earned it.
I originally had the misconception that X amount Roth would be less than X amount 401 because the tax gets taken out, but it's not - they are both a percentage of your GROSS pay, or a flat contribution, depending on how you set it up. So X Roth or X 401 will look the same in your IRA, but the Roth will come out tax-free because you already paid in your yearly taxes.
It took me a long time to understand this, and a meeting with a financial advisor from The Standard through my work helped me a lot. If you can, talk to the people who do this for a living, they can help you.
Please upvote if this made any sense. I know a lot of people don't understand this.
I think the oposite aproach is the best one, the longer you can keep your money from que government the better you will do.
This is pretty useful. I recently opened a td account
First and I love your guys videos they make me so happy to see and when I have a bad day and then I see one of your guys vids pop up make my day let dark wether it be node the pod cast or corridor keep doing what you are doing
The person who was first didn't waste time with saying first
Except this wasn’t first.
Yea
Nicky Luna I mean, if he was the first to comment, then he was first, you can’t prove he wasn’t if no one else posted
Nicky Luna if you don’t have a screenshot then we don’t know that, what impact?
Can you guys do a Q&A pls!
For anyone about to start putting their personal finances together, I recommend starting by reading "I Will Teach You to Be Rich" by Remit Sethi. The title sounds super cheesy, but it's a life changing book. I read it when I was 18 and knew nothing about money, yet I enjoyed it, understood it and even laughed at its dumb jokes eventually. If you're looking for like a beginner's guide, check it out, it's really worth it. :)
Nice
At 24 all I had was a 401k through my work with half in target retirement funds and half in random mutual funds some with high maintenance cost. I read the book elements of investing. Learned a tone about looking at cost and about tax shelters. Built up my emergency fund and paid off my car loan. Ended up opening a Roth IRA so I have tax diversification with my 401k. So my Roth taxes today’s money and 401k taxes future money. Also switched to super low cost funds. That book is the first thing I recommend to people who ask about investing cause it is simple and approachable.
There are so many good quality beginner friendly investment books nowadays that sou can literaly save hundreds of thounsant dollars by the time you retire, just taking a couple hours to learn the basics will pay very well in the long run.
You guys should also chat about Roth IRA. Another great thing to know about
They did. 😂
If you want to see a graphical representation of this great advice, I recommend checking out the Prime Directive at the Personal Finance subreddit: www.reddit.com/r/personalfinance/wiki/commontopics
Can you guys please add these podcasts on itunes?
Investing in Ireland also sucks, we pay 40% in income tax then 33% on any gain
Damn I am learnding
I started investing at 16, but I ought to look into ally. I make sure to have at least a tenth of what I have in stocks in savings but I never realized I be almost breaking even.
Every time they mention IRA, I’m trying not to make “I hear IRA give you troubles” and “I had some money in an IRA but it bombed” jokes...
shouldn't you be shorting dobe stock?
Niko! You invest that Monopoly Cash!!
I liked the other zoom-based podcast where i could see all the members of the podcast at the same time. its a little distracting to have the video keep switching to each person who makes a noise. Also, its more interesting to see everyone's reactions as someone is speaking, as opposed to just the current speaker. The conversations in the last couple podcasts have been good though! Everyone feels really natural and plus its great seeing people like Christian who don't get a lot of airtime in the vlogs usually.
Where did Niko get his financial knowledge? Would like to learn from his source.
Am I crazy or does the McDonalds theme play really quietly just after 4:38??
a big thing that people look to is day trading. look at meta trader to be able to trade forex,stocks,options,etc. look up the candlestick trading bible.
As Im watching this,
1,480 views and 148 likes and 0 dislikes.
Im happy now.
I would've thought the partners of Wesley & Wesley wouldn't need to invest because of all the cash they make from representing their high profile clients...
It so dam obvious Niko know his shit vs Wes just following the trends to make a profit 😂
The thing about capital gains tax is that you're going to owe 20% of whatever you gain eventually, so whether you make the gains every year or one time in 40 years, the number doesn't change. Therefore you shouldn't be afraid of the tax, you should just account for it in whatever your strategy is because you have to pay that same number either way
I’d rather make $100 and keep $80, than to just have nothing.
The company I work for gave everyone $2500 of shares. Someone actually said “I don’t want them cause I have to pay tax” didn’t care that he still had $2000 after tax
@@thomasa5619 Well said! A percentage of something vs all of nothing should be an easy choice
@@thomasa5619 Although, thinking back on it, there is a benefit to waiting. The larger the current balance of your holdings, the faster it compounds. So yeah, it's really all about which strategy suits you best, and either way the tax is going to be there sooner or later
Jason Plante I’m not 100% sure what you mean
It works out better to be in a tax deferred account cause you can compound before tax
This year you make 10%, next year 11%
Compared to 10-2=8%, then 10.8-2.16=8.64%
Jason Plante or do you just mean holding shares to realise a larger gain later on?
Ideally you wouldn’t realise a capital gain until you need to money, or have a better opportunity elsewhere once you consider tax consequences
@Corridor Cast please review vfx of beutiful song -Enigma - Sadeness. love from india
wow im early
Hey so my dad's been working with stocks and investments for like 30 years and when I told him I was listening to a podcast about stocks he went nuts and nitpicked every little thing because of "misinformation".
I had no clue what he was saying was wrong so I can't say what is and isn't correct.
To be fair, most of it is technically wrong
But they’re not toooo far from the truth
Schwab has lower expense ratios, and their online banking has no ATM fees globally, even withdrawing in other currencies. Cannot recommend them enough!
Jake with a banjo > Jake without a banjo
There is an interesting mix of correct and incorrect/misleading pseudo on track information. Hence why you don't rely on your favorite VFX artists to give personal financial info. Love your videos otherwise guys.
Wes's questions help fill in the gaps, Thank you. I started investing 2 years ago. Ill tell a little gain but large loss story. When i started, shopfiy was around $180 a share it did a roller coaster up to $240 and back down to the $180 twice. (This was over the course of a few months) I thought i figured out day trading. Hit 260 sold for the 3rd time but it didnt drop this time... And shopify is almost at $900 a share right now... lmao if your young dont sell....
well, in theory it wasn't the worst decision to sell, since it meant you could use that money to invest in a different company that may have grown more (in theory, of course)
@@nblade66 correct. But nothing like a $700 gain per share in 2 years
You made a nearly 50% gain
You didn’t make any loss unless you bought it at $900 and then sold at $260
You don’t have to be right all the time
for everyone listening to this remember their disclaimer at the beginning. They aren't professionals and are getting things wrong here and there so don't just take their word for it. Do some research on your own. Coming from a guy with a master's in accounting
Do you recommend any books and resources? Maybe give some tips yourself
Yeah and Wes mentioned Rich Dad Poor Dad which is a book people need to be careful about haha
No way he doesn't understand investment like he's pretending. Really? Westley is very intelligent. This feels fake for fans. Nikko seems to be quoting Tony Robbins, lol.
Third. OMG
This is pretty hard to watch... im 27 and have been pretty good with financials for a few years now. While I understand they were also learning (Especially Wes) it was very slow paced and almost infuriating to see them go in circles to just skim the basics for so long... not to be mean against them learning but as a watcher this was almost too slow and cringy to watch... Also for Wes to be investing without even knowing the fees that hes paying... yeesh :/ One thing that they havent mentioned yet (im paused @ 28 mins while typing this) is that you should invest into your education! That $100 could go into some courses, learn a new skill, learn the stock market, maybe start a business with that $100 and turn it into $1000 and up from there. Heres hoping the rest of the video gets better or im not going to make it all the way through.
i love u all and i know we all are just tryin to learn but damn black wes, (face palm) jesus....talkin about yahoo coupons and Roth IRAs lik u have some, u hav no intellect in the game, go to school, watch more than just youtube fincance videos. its like listening to a guy describe being on mushrooms thats never been. move to texas sam & niko, its not ur job to educate simpltons on how life works. if black wes had the intellect to stay in the game then this would be a conversation. his actions didnt display that.
EDIT: excuse the grammer i dont care
Guys - one request. Can you quit the really annoying, distracting backgrounds? I hate them so much!!! XD