Do This EVERY Time You Get Paid (Millionaire Payday Routine)
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- Опубліковано 4 чер 2024
- Stop living paycheck to paycheck! In this video, I reveal what you should do every single payday to help you break free from financial stress and build lasting wealth.
TIMESTAMPS
00:00:41 - 1st Place
00:02:59 - 2nd Place
00:04:42 - 3rd Place
00:06:23 - 4th Place
00:10:21 - 5th Place
00:12:00 - 6th Place
00:12:42 - 7th Place
00:14:24 - 8th Place
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**THINGS MENTIONED IN THIS VIDEO! 👀**
💫 Ultimate Guide to Investment Accounts hello.rosehan.com/ultimateguide/
💫 Call To Freedom Email Newsletter: rosehan.com/calltofreedom
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**BOOKS I RECOMMEND 📚**
I Will Teach You to Be Rich (hilarious how-to book on personal finance for millennials)
amzn.to/2VbJ1Pt
The Little Book of Common Sense Investing (Jack Bogle's classic advice on index funds)
amzn.to/32ewzjj
InvestED (step-by-step, millennial-friendly advice on how to pick stocks like Warren Buffett)
amzn.to/2SLTYpn
Unshakeable (this book = courage. blast ALL the fears & misconceptions you have about investing)
amzn.to/2SKyklt
Rich Dad Poor Dad (#1 selling personal finance book of all time... need I say more?)
amzn.to/2SJ6vtx
Think and Grow Rich (the ultimate book on money mindset and wealth consciousness)
amzn.to/37N2adc
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**MY FAVORITE MONEY TOOLS 🖤**
YNAB (I literally can't live without this budgeting app, so obsessed)
www.youneedabudget.com/?ref=Y...
Wise (like Venmo but for international currencies - I use this app a LOT for my life in Mexico)
wise.prf.hn/l/413jE0q
High-Yield Savings Accounts (don't settle for 0% when you can get 3%+ on your savings)
www.bankrate.com/landing/rose...
Ledger Nano S (crypto storage hardware wallet, because "Not Your Keys, Not Your Crypto"!):
amzn.to/3Ne37jy
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DISCLAIMERS & DISCLOSURES ❤
This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Investing With Rose is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Thank you for your support!
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@itsrosehan is my social media handle on all platforms. I will NEVER message or email you about investment schemes, so please be careful and block & report any scammers posing as me.
SAY HI ON SOCIAL! 👋🏼
Website: www.rosehan.com
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Facebook: / itsrosehan
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My mentality hasn’t changed whether I make 20k or 100k. I still have the same mindset that I’m brokeAF and spend the same as if I’m poor. It’s just habit.
My mindset would change. I would be able to save and invest more.
@@xmusic2049 I meant spending wise I’m still the same. Invest more than half my paycheck in my 401k. I do go higher if I make more.
What if you made 5k?
@@angelinasouren are we talking monthly or yearly because it's a big difference 😂😂😂😂😂
@@kauigirl808 yearly
I put away a grand a month but there is always something. Daughters tuition, car needs tires, daughter not working, medical bills, vacation,
Start saving specifically for things you know will come up such as car maintenance, vacation, Christmas, birthday gifts ect. Some people call them sinking funds. I have my main savings which is my emergency fund. But I have smaller amounts that I put money in each month also for expenses I know are coming but aren't very often. That way when they do come up I'm not pulling money out of the main savings (emergency fund)
You left out one key category: GIVING. :)
Very important! Giving is useful plus it just makes me feel richer!
No CC debt, No car payment, Mortgage at 2.25%, building my Brokerage account and saving account.
Then why are you here?
@@TheMFStudios I'm here for motivation to continue to stay debt free. Never stop learning. Cheers!
@@vintagecrazyjay4970 same!
@@TheMFStudios😂
Are you living with your parents still? That's the question we all need an answer to...
The overflow on the credit card debt was accurate 😂😂😂
😆
I chuckled with that too!! 😅🤭🤭🤭
This is literally the blueprint on how to become financially independent and financially stable ❤I love your hair and I love the info that you shared with us and will incorporate this in my money journey! Thank you so much 😊
Thanks, and you got this! Also if only my hair could give financial advice too, we'd all be set! 🤣
That's smart, putting the financial goals before the wants.
Don’t trust family and cousins if they want to borrow money, they won’t pay you back. They’ll say I’ll pay you whenever I pay you back or it’s your fault for asking for the money.
Family is family...business is business. Try to not mix the two if possible
Look at it as if it were a one-time💕 donation.
I learned the hard way when loaning out $. If it will hurt you not to get it back, then don’t loan it out.
Painful true 😂
Just give them
5:36 I've used the "snowball" method that you talk about, but it actually works by taking the payment from each debt and adding it to the next so that you can pay off the debt sooner (unless I misunderstood you). Put another way: if you have 3 cards and each has a $10 monthly payment, you pay off the first card then add that $10 to the second and pay $20, pay it off and add that $20 to the third card and pay $30 until the debt is gone.
On my own journey to become a millionaire, hopefully within the next 5-10 years. Starting from $0 ... WE CAN ALL DO IT
I love the water jug metaphor, its a good way to visibly show a budget being used up
almost 10 yrs in the air force, and i spend as if i'm still making the same pay check as an E-1.
"Making the changes that you usually don't like to make!" was the best quote. I am tired of hearing people complain about finances and yet not willing to make the necessary changes to live below (not within) your means. My only disagreement on the order of filling the cups is that I believe if you have a 401k match, then you should prioritize matching this 100% first before any living expense because most people will adjust their living standards down when they receive a lower paycheck.
Love this! A visual and understandable approach to saving and investing. Rose, I think your videos should be shown in middle school, high schools and colleges.
Thanks for sharing
I agree the point you brought on
Save for emergency funds or pay off debt. A lot of people would save for emergency funds, instead of paying off debt.
Thank you Rose you are helping people grow and making a impact on the world with your videos keep making them please.....
Much love coming from Texas.....
Thank you, Rose we love you
Totally love this Rose!!!
I love the waterfall visual :) thank you for your help friend
401k, mortgage,utilities,stock,saving,cd,529b,all credit card.
I wish I started to take my finances more seriously sooner. I just started seriously saving/investing/paying off debt in the last 6 months or so and just paid off my car completely. I opened a new credit card for the 0% APR on balance transfers and am taking care of CC debt next, and hope to have that wiped out in the next 3 months. After that I have the student loan mountain to climb but it'll be so much easier with the money that would have been going to car payments and CC payments available.
Great insight! Thanks for sharing!
Thanks for your content.
Great info as always Rose. Thank you for sharing. You sharing your knowledge and experience is invaluable to everyone willing to listen. Ì wish I knew then, what I know know. So thank you so much
good job rose your hair looks great
Complete, concise, and crystal clear.
I love visual examples, thank you!!
Hi Rose,
Excellent video with both your wealth of financial knowledge, combined with the visual presentation with the shot glasses!
Jeff
Rose, thank you so much for your transparency and mentality on how to manage money, it has helped me a ton!!
This is great. Simple but profound
So true! I started doing this in getting the habit of paying myself first and that really helps!
The visual and explanation of the glasses filling, and when full, moving to the next glass is clever and I am sure helped visual/analogy learners.
I honestly thought she was going to chug down each shot glass after each step achieved. 😂
Amazing video, thank you ❤
Great tips. Thanks 😊
This was informative and fun to watch, I like the demonstration you presented. I think this will help many people with their finances, thank you 🎉.
Your content is everything!!! Keep it coming nothing like a good binge watch.. always so motivating and lets me know I’m never late and right on time😊
Compound interest! Sounds like a stock funnel!! I’m grateful. Thank you love! ❤
OOOPPS! best part of video/life!
Excellent information.
RE: HSA contributions catch up amount is $5,150 for individual & at age 65 can also w/draw for supplemental income but would be taxed.
Hi Rose, great content. Like you I suggest paying off your debts asap, so we can a little more breathing room to save, invest and have a little more fun. By the way how did someone so young become so wise?
Hi Ms. Han, I love how you broke everything down, and you made it so simple that a child can follow these steps. I am going follow this plan on my next paycheck.
Thank you so much for sharing this information and your personal experience with handling money.
Have a great day.
Warm Regards,
Rj
Great explanation for an HSA. Seems a lot of folks never talk about them either
Love the hair❤. Love the info❤
Thanks so much for sharing this useful information ,I find it very helpful. It's nice that this information is coming from you, because you use the same method
To become financially independent
We need more people like you. Thanks again.
Je suis français, Im 40 And j'aurais aimé tombé sur une vidéo comme la tienne plus tôt dans ma vie. Thank for the share
I love this video... thank you for making it
Very informative and educative content ❤
Thank you Rose
Good morning Rose!! Love your videos. You are smart and beautiful!! What a package!! Keep up the great work! 😍
Thanks there are a few things I can take way as a Europian😊 some of the stuff dont apply.
thank you
Love this video, thank you
First and i love your advices...❤
congrats using youtube for first time. lol
@@Bitcoin_Gold thanks!
Rose Han is definitely MY BIGGEST AND THE LUCKIEST DISCOVERY OF 2024 🍀🌈
It is with YOU that I started my financial learnings!
Although I knew You exists there from around 2023 because of my constant UA-cam recommendations it was not until this year that I actually started watching you!
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Also it was a great video thank you ♥️
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14th may 2024 at 7:39 p.m. Tuesday
I am slowly moving from learning about the money mindset to learning how to actually gather wealth. And this is my first step towards it. So I am listening to this as I am taking an evening walk.🍀
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14th may 2024 at 7:14 p.m. Tuesday
Given before getting into money and growing wealth, the only thing that I already KNEW and figured out by myself was the fact that *I must invest in myself!* And to LEARN high income skills!!
So hearing people like you who have made it say that you have invested thousands of dollars in yourself is such a VALIDATING AND REASSURNING THING TO HEAR!
I can’t I wasn’t subscribed before 😂 as I love 💕 your channel
Good stuff as always 🥳
I like this idea. I was doing the 50-30-20 rule.
Thanks for sharing!
This is sooooo helpful!!! Thank you so much for making it easy to understand. I wish I watched this much earlier lol 🙏🏼🙏🏼🙏🏼
Glad it was helpful!
Great video thank you
So helpful ❤
Great job 👏
I watched one of your old videos and what economist book shows each countries stock indexes.
Really helpful thank you
Should I max 401k yearly contribution or invest in taxable brokerage first?
This video is great!!
Instead of putting emergency money in a high interest rate savings account. Putting it in a no-penalty CD account. Has to be in $500 increments and you can't touch it for the first seven days, but the rate is much higher.
I think she recommends emergency fund $ in a high-yield savings account bcuz when we have an unexpected emergency, we have quick access to the monies, versus being penalized from withdrawing too early from a CD. Having an additional CD / MM account is a smart investment though.
Valuable information 👌
Great tips!
Thank you ❤
Excellent!
correction about roth ira. u can only withdraw what u contribute. for example if i contribute $1000 into a roth, i can only withdraw $1000 at any time. any profit u make on that $1000 that u withdraw before 59 1/2 years old will be taxed and penalized
She says so later in the video.
Wow, thanks for pointing this out.
I’ve heard a lot about IRAs but no one has ever explained it like this. I thought the penalty would apply to any amount withdrawn.
It’s impossible to keep needs under 50% Most people have to work 2 jobs to survive
@itsrosehan Finance and hair goals! 🙌🏽 Loving geeking out on your tried and true tips. Thank you!
Thanks for the wisdom in the financial learnings, but imagine if we all just simply got taxed less in the first place how that would profoundly effect the economy in itself.
rose it feels like your content has shifted from living & loving a full life (incl. van life) to money money money. Money is indeed important - but what about the other things that make life meaningful?
Good point... the UA-cam algorithm doesn't love my vanlife content but seems like you guys miss it?! I'll think about how to incorporate a balance :)
Except this is the content she’s known for and many still want to see this….
Conversely, I was worried when you said during your van life stage that you might shift away from financial guidance... Thank you for not abandoning the financial guidance.
True, AND we still need help with finances (esp our US gov! 🙄). Life balance can come from a wide mix of awesome UA-camrs sharing different skills & meaningful messages.
This was one of my favorites! My story. Im 58 and my husband passed away 7 months ago. Unfortunately, we were not prepared. He paid into a pension but at the time of his passing, he was 55, not the required 60, and was vested 21 yrs and not the required 25. I'm only eligible for his rollover contribution refund. I also have a little extra. Can you explain the difference between a Roth and regular ira? Also. Should I place the refund and the little extra in 2 separate ira's or one? Or put them in a high yield savings account? Id love your opinion. Thanks
Sorry to hear about your husband :( You might find this free guide helpful for deciding which accounts to open and difference between regular/roth IRA: rosehan.com/ultimateguide
As for what to do with the extra funds, I say follow the 8 places that I talk about in the video! Also keep in mind that an IRA is just an account, not an investment, so once you put money in there don’t forget to take the final step to actually INVEST that money. I have a good video on that here: How to Start Investing for Beginners (step-by-step)
ua-cam.com/video/cnjnJYr-8dk/v-deo.html
Very nice! Thank you for sharing this information. I may need to see whether or not this works for me too, since I'm not in the USA. For now I'm actually putting aside 15% after taxes to invest and 10% to my savings. I'm currently also finding a means to increase the cashflow, so that I can get rid of my studentloan debt asap. Is it possible for foreigners to open RIA there?
Yeah, I set up savings accounts with a different bank to my main, so I can't see the amount in my balances. Once the money leaves my account, the day after pay day (set up automated), to me it's effectively spent. So I can't waste it.
Niceee, that’s the way to do it!!
Can you please put chapters on each video? That would be very convenient. Thanks.
Hey Rose! Love all your content and advise but here's a question: Regarding the Emergency Fund......Should this be broken down with cash on hand? (like $1000 cash in your home safe) and of course a dollar amount based on X amount of your monthly expenses? Let me know your thoughts...Thank you!
I say at least 3 months of the most basic version of your monthly expenses for your emergency fund! Also, I hadn't thought about that but you're right it could be good to have a small portion of that as physical cash in your home safe... always good to have a bit of cash on hand!
Pay down/off your MORTGAGE! We all will get old/sick/tired. You don't want to be left with a mortgage/bill/IOU when you're older/sick or laid off....
Paid my junk off last month.
Still have expensive property taxes( never ends
@@nikosniko7092 Taxes, insurance and HOA are about $500 a month for me still the best deal in town.
@@nikosniko7092property taxes is cheaper than having to pay on a loan. Inflating rent is also expensive
Paid off my house last year at age 54. Great feeling not having that over my head.
Rose you are georgeous
I been trying to do this for some time now, i have two pots right now one for saving to buy a house and one for emergency, but want to take from, i guess it would be my emergency savings and start an index fund so i can have some investments, on unemployed right now but hoping when i get another job i can start a Roth Ira
What is a good high yield savings account
Donations are very important
Please do a video about investing in Bitcoin through a Roth IRA. I've been trying to research this and I'm leaning towards setting up an account with itrust capital but still hesitant because I'm unsure what happens if something happens to the custodian holding my crypto. Like if there is another FTX situation in the future I wouldn't want to my investment to disappear but really like having my gains from Bitcoin being tax-free when I retire
One thing I will say is that a high yield savings in today’s economy is almost non-existent. CD specials and interest bearing checking accounts are going to yield the most interest. And even then, your high interest checking accounts have lots of rules in order to earn the interest. Dont let interest bearing be your forefront when starting out your savings. Work to build up the funds to then put in a CD or money market
In your example of a $5,000 paycheck, why not put more towards maxing out your retirement 401k instead of personal investment?
My paycheck is 1,400/month, with rent, car payment, personal loan, cc, etc. So it's tough on savings.
Just start, even if it's $1 for which you can get a fractional share. Forming a habit of investing is probably the most difficult thing. Good luck
It's in big part what she meant about making changes. Are there any places where you can cut back? Are you using all the services that are available to reduce your spending? If you are, then we might need to find some way to get extra income. Get some qualifications and argue for a better wage, or get another job. I hope you can find some way to invest in your future!!
I currently have 8000 in my fidelity, i wanna invest it into something to make more money but i dont know what, what is a good stock
As of 2024, the annual contribution limit for an IRA (Individual Retirement Account) remains at $7,500. This limit may be subject to change, so it's always good to check with the latest IRS guidelines.
Wrong
Excellent video. Would you explain how the solo 401k work. Please. Thanks❤
🙋🏼♀️Yes same, please explain. I’ve not heard of a solo 401K.
I need ideas on high yield savings account
One of the HSA eligibility requirements is that you need to have a high deductible health insurance plan.
Rose, THANK YOU, for this cup-list. I am on cup 7 & 8. Question: Should I pay off my mortgage? It’s currently at 4% & that’s my only debt. I am now looking into a Tax brokerage account since I am maxed out with my TSP and my career match 5%. Can you please recommend some good Tax Brokerage Account?
4% is quite low so I don’t think it’s important to pay off mortgage as quickly! It’s really up to you whether you prioritize that or the brokerage account. I recommend Fidelity or Vanguard!
Every day seems like an Emergency!!! Bills high, Insurance super high, and Income low!!! Doesn’t add up!!!
It wouldve been cool if you did the rainbow shot pour ;]
So for the $5000 example, would the $2500 go towards CC debt if you had it?