Thanks a lot Nischa. I've been reading every email with my morning coffee very insightful. Thanks for the very high-quality free work you provide to your audience
The first tip is rarely mentioned, and I'm here to tell you it's so true. After 12 years of working in the same company, I decided to move on. After 3 years, I have changed two jobs and one country. My salary now is 250% more. It was just in 3 years. And because of that, I'm now able to invest. Imagine if I had realized that earlier.
Dunno, my wife and i were making 150k(net) in 2006. Then changed jobs which involved living in other countries. It fulfilled a dream of forever traveling. However, it paid only 60k (net). Only this year we are back to 150k net in that same job. But we've traveled the world and feel fulfilled. No more 2-3 week Hodister, but fulltime travelling. Or was worth it to us, but money wise less advantageous.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
@@MaryroseMandarin -- most parents can't manage money themselves, they certainly wouldn't be in a position to teach it. Most people live paycheck-to-paycheck and/or have huge amounts of debt 🤷♀️
Well to be fair you do need math skills to know how to manage money but money management would definitely be more important for most than say calculus or geometry
exactly! i wish i was taught all this! iv had credit cards since 18. im 34 now in 20k student loan debt. 37k loan debt. 17k car debt. 189k debt mortgage. But could have been so different if i had money management skills from young
"The rat race isn't about working a 9-5 job. It's about living life on such an edge where you are always chasing the next thing (whether it's a paycheck or a material possession) in a way that your greater life goals and your ambitions are placed in the background". Nicely put!
I might have said this before but it's nice to have a financial advisor on UA-cam who is giving genuine advice instead of the thousands of sleazy get rich quick schemes that seem to dominate the genre.
Unfortunately many people just want to hear get rich quick and the American dream is for everyone, when really you have to just keep plugging away and stop straying from your lane
I also appreciate that she's a woman because as a woman myself, I often feel like it's more achievable for me when I see other women giving out (good) financial advice on YT. Don't get me wrong. I'm not saying that I think men are the worst and I actually do follow a few but to ME I have this subconscious feeling of "well that might apply to you but not necessarily me"...idk how to describe. It's just harder for me to believe that what they're saying applies to me. Idk if any of that made sense but the main point was that while I follow both men and women finance UA-camrs, I tend to prefer the women because it makes me feel like it's actually possible for me to achieve these 'lofty' goals I have. I guess it's easier to see myself in their place.
Would be great to have a video about financial literacy for 30-40’s who were not taught. Perhaps linked with a video for parents outlining teaching their children to be financially literate
This is a great video. I graduated in 2007, and one requirement for us to graduate HS in our Economics class was 1. Invest in a stock 2. File your taxes. 3. Know how 401K/IRAs work. Hell, it was so difficult, but once we did it a few times…it was like riding a bike. I grew up poor, parents didn’t graduate from HS, never went to college. I didn’t know any better until I had a teacher tell me, “you have a choice in how you grow up, and how much money you make. But it’s up to you.” From that day forward I made a choice to break the chains and graduate HS and go to college. I’ve made mistakes, but I’ve learned and chose to not make the same ones. There is such freedom when you are not chained to debt. ❤
1. Working less than you are worth 2. Buying more than you can afford 3. Relying on one source of income 4. Ignoring importance of saving 5. Consumption vs production
Very valid comments - good advice. I've worked full-time for 47 years. This is what I have personally learnt from the experiences Nischa discusses here and I have fallen down many of the traps Nischa mentions... 1. Have more than one income stream 2. If you can learn a foreign language - One that is in demand...Spanish, Chinese etc. - great the younger and earlier in your career timeline you are 3. Nail down your unnecessary surplus expenditures - often DD's / SO's for stuff you have to ask yourself - Do I need this? Luxury goods - Do I really need? 4. Don't do to please others - do what's right for you
One thing very unique about the man is how he can work with anyone to develop a personalized investment plan that aligns with their financial goals. This approach keeps one focused on long-term objectives and avoid making impulsive decisions based on market fluctuations.
I think the most difficult step is the second income one. A lot of full time jobs don’t leave a lot of time to think about a second job or income. It’s hard to even find the time to research stock markets. I’ve tried to invest in an isa but interest is so small, I’ve also been selling a lot of things on Vinted but again this actually takes a lot of time. Time is more precious than money it seems.
i've just found a weekend job after casually looking at job ads for few months and applying only to those that would suit me(no crazy hours and walking distance). Got nice hours (8-2) and extra 8k that i'll be putting straight into savings.
3 things that helped me and literally changed my life 1. I stopped watching p**n 2. I read the book called 'Secret Pathway To Triumph' 3. Stopped drinking
Love this list. "doing what everyone else is doing" is such a trap these days given all the comparison-driven purchases influenced by social media. Great practical advice on how to stay grounded & actually become wealthy rather than just appear so.
It took me years to learn these things until about 2 years ago. I am 53 now and I finally realized that material things don't bring happiness, only temporary happiness. I have been on a 3 year mission to pay off all my debt and never accumulate it again. I finally reach that goal in January of 2025 and then will begin to enjoy travel a few times a year instead of material items.
Ron I’m in the same place. Going through a divorce and have lots of debt. I’m trying to only pay off debt and not buying possessions anymore which I thought made me and my ex wife happy but it didn’t.
I always knew this, but never took action and it's kind of weird that I stumbled on this comment. Recently, I stop spending money on things that give me temporary happiness and I focused on what I truely need. I have no debt, but I could save more money to have better life experiences. I hope you find what your looking for.
I’m 33 and I go on and out of financial literacy. I feel like I’m so late in the game and it’s hard to learn, never any straight answers. I’m sick of having excuses so thank you for kicking my ass into gear.
I've done a lot of consulting work as an accountant and I've bounced around between many different companies. It's amazing how people will keep a job they don't like for years. After having these types tell me for years that they could never do what I do, I figured it out. They value stability above all else. They would much rather go back to a job they hate for years then take on something that they might hate even more.
Point #1 was absolutely spot-on. I stayed in a position where I was underpaid and underappreciated for far too long then I should have because I was scared to leave. I'm with a new organization now and I am significantly better compensated and appreciated.
I became financially literate because I was tired of working a difficult job full-time and not knowing where it was going. I pulled an all-nighter to create a custom budget that I followed religiously for 1.5 years. That template helped me to build good money habits. I hope that I can reach financial independence by the age of 40. I'd like to do Barista FIRE - work part-time doing something social and physical to stay active, but not have to sit 8 hours at a desk to afford to live. Thank you for lecturing everyone on what's important.
Sitting at a desk staring at a screen just ain't normal 😢 You seem to have quite a similar approach to the one adopted by me recently. We should swap contact details, honestly. Could also do with someone to check in with.
UA-cam is the greatest school ever...u learn things you were never taught at home or at school and that too for free.... All the creators rather TEACHERS who give out these priceless lessons....I wish I could express my gratitude in a way that does justice... But nevertheless THANK YOU.
Loved not only the content, but also the form. I've taken a speaking course before but struggle to find a balance to put emotion and expression into a technical subject. You did it flawlessly. Engaging without exaggeration. Great job!
Great video! My husband and I are one of the lucky ones who grew up with parents who live a simple life and frugal. We didn’t grow up dirt poor but our parents provided everything that we needed and taught us the value of money and the importance of savings. We’re 35 and 40 and consumer debt free but have a new mortgage that we’re hoping to pay off in less than 10 years. We’re passing down our wisdom we learned from our parents to our two little kids.
Great tips! I think a lot of what holds people back is worrying about stepping outside of societal norms, which keeps many people feeling "comfortable" but dissatisfied on some level. The more we can break out of that, the more growth we can see in our lives and finances. Great video 😊
I was feeling bummed out, but then this video showed up on my UA-cam suggestions. I'm so glad I saw it. It's the most helpful video on financial tips I've ever seen. There's no beating around the bush or dragging things out. Just strait to the point, simple, useful, applicable advice. Very helpful. Thank you for this video!
Low hanging fruit - stop buying lunches and coffees while at work. You can save thousands a year by bringing your lunch and getting used to instant coffee.
My Grandma taught me as a little boy to save a minimum of 10% of everything you ever earn. that was 40 years ago, just from that and being eager to make a better life for myself and family i retired at 52 years old!!!! Awesome Video, Have you quit you day job yet? You are very talented individual!!!!
@@joshuat6124 i actually saved more than 10 percent, like 30 percent!!!. If you save $150-$300 per month of the time your 18-20 years old till 55 years old and can get 4-7 percent you to can retire
I like your way of phrasing, such as 'putting yourself in a risky situation' or 'that's a whole other thing' - you stay away from being judgmental. It's inspiring. I'm going to try it out when talking about personal finances with friends/family.
Something I tell younger people around me -- financial compound interest is a magical thing -- think about knowledge as having compound interest as well. What you learn today through challenges, failures, reading is something you can keep referring to as you grow through life and allows you to develop deeper understandings.
The first tip is rarely mentioned, and I'm here to tell you it's so true. After 12 years of working in the same company, I decided to move on. After 3 years, I have changed two jobs and one country. My salary now is 250% more. It was just in 3 years. And because of that, I'm now able to invest. Imagine if I had realized that earlier.
Hi Nisha yes I agree we do spend money on New Items to keep up appearances more so when younger. As we hit our 40's I have noticed people do this less. It's more important to hold onto what we have and be greatful in life 😊
When people like yourself start UA-cam channels like theses they normally don't truly understand how powerful the content they're creating is.. WE THANK YOU💯
I would be in a different place today if I had heard your words of wisdom in my 20s!! (I am also much older than you). Keep up the good work and sound financial advice! I will be sharing your channel with my kids... may their generation be different from mine.🙂
I enjoy the short videos that blend financial & life lessons. I think we all go through the cycle where our pursuits shifts to purpose and then finally yearns for meaning. I watch your own growth in these videos and I am reminded of a quote by Anthony Bourdain. “The journey changes you; it should change you. You take something with you. Hopefully, you leave something good behind”
Loved the video! I drove, for the longest time, a '96 minicar. When I started driving it it was 2014 (18 years-old car), and I sold it in 2021 (25 years-old). Everyone looked at me sideways, and some actually did say to me: "Why are you driving that piece of crap?", and "Don't you have money to buy something else?", or even "Don''t you see that you can upgrade to a modern car and save on fuel?". I simply ignored what that people said, because: a) It was very inexpensive to maintain; b) All the fixed costs on that car were quite low (insurance and taxes); c) Replacement parts, either new or used, were plentyful, as I bought a new rear view mirror for 11€. Yes, the fuel costs were quite high, as it was an old engine. But, would buying a 5.000€ car be a good bet to save 2€ a week on fue, which will amount to 520€ in five years time? That is non-sense! I kept that car for as long as it was (a) reliable and (b) had a resell value. Right before what I thought it was its limit as a depreciating asset, I sold it and bought a 19 years-old car - again - for 1.500€. Now, I started having better fuel economy, without breaking the back, and losing what I consider to be a small amount of money. People just find different ways to justify their purchases - which are mainly driven to drive other people's attention. A shiny new car, a fancy house, or new clothes very year. Consumption is what makes us poor.
I'm so happy that your channel has exploded over the last 6 months. I've said this before but you give some of the most well-rounded personal finance advice/content on UA-cam. So many UA-camrs in the personal finance content space post for simply for views, it's 'click baity'. I wish I was more serious about my financial literacy in my 20s, but it's not too late for me!
My life has been wasted, debts and interest. But at least I can try educate my kids not to make the same mistakes for a healthier and better life.. Thank you for your insights and guidance.
Miss Nischa. What a powerful message, ignoring financial literacy is like ignoring your doctors advice. My financial freedom for me is making sure my wife has the essentials in life. My only excuse is that when I was young no one taught me the principles of the “cost” of living.Thank you for your insight and compassion you give to your viewers so good to know you care about the future of your followers blessings to you and your family
I'm a school drop-out dual business owner, I have no debt, nor do I own a credit card. I have being very fortunate to have being well eulducated about money, no loans for anything other than a home and investing in only assets that go up in value e.g ETFs and not vehicles. Terrible! If I can do it anyone else can. Dam you're drop dead gorgeous Nischa ❤
Great tips! I think a lot of what holds people back is worrying about stepping outside of societal norms, which keeps many people feeling "comfortable" but dissatisfied on some level. The more we can break out of that, the more growth we can see in our lives and finances. Great video
Absolutely bang on! I can see it in my workplace - who's got the latest car (avge price new car UK £39K). Once you switch into what do I need and you're internally proud of this and don't buy into the "financial hamster wheel" - you're more than half way there. I buy a car (small one around £15k to £18k every seven years. That's how generally they are reliable for and it works out at £2k - £2.5k a year or £200 a month. Better than any leasing scheme. Why do they push them?? Not in our interest that's for sure. Excellent clip Nischa and gets the middle class off to a tee! Thank you.
You're pretty smart for calculating that. Finance background by any chance? Most people don't realise how much they're costing themselves by PCPing a car v buying one outright. Even if you don't have the cash for it, taking out a loan is much better APY% wise whether it be a personal loan (high) or a mortgage (lowest) because you're buying a cheaper car. But we live in an age where consumerism has taken over society. If you don't have the latest, new things society will look down on you which is sad.
@@Ggwp10-i2l Hi Chris no financial background - just take an interest in statistics / mental arithmetic and always start with the questions "who will benefit from this deal" As they say in the movies "just follow the money". And agree with your comment - sad we're being so shallow as a society to judge by appearance. ☹️
I spent all of my 30s learning financial information that would’ve been so helpful when I was younger. (I did not overspend or be overindulgent. I had great credit. I just didn’t know much and married young.) Now I’m 41 and my 20 year old son does know and understand finance at a basic level, we regularly discuss our money habits and outlook, he also took financial math this semester and he is frustrated he can’t fit in the second course. (Investing, darn! 😂) But he only has one year left to complete two degrees. He did say it went over what I taught him already but now he knows the formulas and the specifics of lending and loans. Etc I have directed him here but it could take years before gets interested enough to put in more effort.
Increase your financial literacy is key especially in your financial income calendar.. love this content once again and thanks I love what you said at the end, if you spend on things that makes you happy and you know it’s not reducing your worth then go ahead.. saving should be a lifestyle
Increasing your financial literacy is a good sales pitch for a financial literacy channel. It’s harder than ever before to actually define what makes you happy but a hint is cuddling up with your partner on the sofa and doing nothing at all. That’s free. Everything else is a submission to marketing and advertising. Do your research and you’ll find the truth about materialism and experience retailing and how women are the most susceptible to its media narrative spun through marketing and advertising. It’s rather frightening. Caveat emptor, every male.
Thank you Nischa - here in Australia I have my father who came from a poor family with eight siblings to thank for those many dinner table Saturday afternoon discussions on value, quality and budgeting for life - he taught me the how to ‘make a Vegemite sandwich last a week’ principle and spending on things that appreciate - every A$ went into the bank for second hand cars but for me property was the best for long term security as paying rent is ‘dead’ money - also each salary increase went into my superannuation to a max of 10 percent matched by the employer - mind you I never got married or had children so avoided all those types of expensive lifelong financial commitments - I enjoy my countryside retirement/gardening now and occasional solo cycling treks overseas.
Love the content Nischa. In summary I will say you nailed it again. I don’t see myself again buying a car if it’s not needed or if it won’t make me have a better life.. I always try to clear my debts especially before the end of the year..
I was never taught this and now at 37 I have finally woken up to my lack of knowledge and I’m working hard to change that. The fear and anxiety I have for finances is now dissipating and I’m taking control. I am enrolling in study and working on starting a business.
Very deep knowledge. Any job that pays you less and you are not okay with, I feel is time to leave and please always go to the next one that’s better pay or makes you happy. Be smart about decisions so thanks for this
This video should be a mandatory viewing in ALL high school classes across the nation! Seniors need to watch this before graduating and moving on to college.
As far as jobs, always keep your resume up to date and out there. Then apply the 3 t's. 1. Too much work (long hours or added reaponsibilities) 2. Ten % increase offer elsewhere 3. Two years (if you haven't received a promotion or raise, time to look elsewhere)
#1. I know many people stuck in the same jobs over several years and never got past a 30k salary after all this work experience, its such a shame. I am done with the rat race and would semi-retire if I could afford it! Sadly, I can't, not until I've paid off my mortgage at least, so I am doing my financial planning now😊
Myself and all your subscribers really appreciate your advice Nischa. You are a High value woman, and you are helping many people to think of money differently. I will keep supporting you and your channel, Hopefully We can network in the future, all the best Nischa.
Thank you so much for this! I worked as an aupair for rich families in my 20s and rich people didn't spend money on things to impress. They got good quality clothes (wool, line) without caring about the brand. Their cars were normal, but they were filthy rich. One was an English-Jewish family with generational wealth and the other an English man who was a genius in engineering. I know people who want to impress and spends thousands on expensive stuff they can't really afford. After working hard and moving countries, I have now a job with an almost 6 figure income but I still have an Etsy shop that gives me ca 500-1000 usd extra per month. I've been learning a lot about how to use the money. Thanks for your video. subscribed
Great video. My income increased exponentially when I left my 9 - 5 and went into business full time. I was building the business part time for a few years before I quit. It was difficult but worth the effort. And I am still proudly driving my 2008 Honda that was paid off in 2013.
It's crazy how many people are perfectly aware of these destructive habits but continue disregarding them as they lack the patience and have a tendency to flaunt themselves. It would be wonderful if people could shift their focus to their well-being and their financial security instead of pursuing status symbols...
I typically refrain from participating in the comments section, but given my extensive experience with investments and the content I have read, I can confidently say that you are correct. Thank you for your insights, they are greatly appreciated.
Leaving a company for a new one is the fastest, most advantageous way to get ahead in the rat race. I was receiving 4-6% raises for 6 years at my last company, internal promotions were just above that rate. I left the company for another one and got a 31% increase in salary. If I took the exact same role as a promotion at the previous company, I would have earned less than a 10% raise.
Thank you Nischa! Love your content and no practical, no-nonsense approach. Opened Roth IRAs for my 18 and 23 y.o. kids since they have a long runway. Winding down my career 57 but trying to figure out what to do PT to stay active/social. Cheers!
I never had the benefit of a personal finance course in elementary and secondary school, but do have the benefit of growing up with parents that have good financial habits. Thankfully, these days, despite the junk and noise on youtube, there are also some great resources like this channel.
I’ve met a lot of executives, and most are either very driven work oriented people, or people who wish they could spend more time at home, but are tied down by tons of debt.
I agree with all those except the one where you say we should have a second job. I don't know about other people, but I'm pretty much wiped out after my day job, and doing a second job would have a negative impact on my health, not to mention we work to live and not live to work - there is more to life than just working and earning money. I do get the importance of a second income, but instead you could just save an emergency fund to sustain you for at least a few months in case you find yourself out of work. I think a second job is something that should be considered only out of necessity, in my humble opinion.
You were doing so well at most people are not getting payed what they are worth, but lost it at get a second job. The majority of these side hustles make less then minimum wage once you add in expenses and fully track your time.
Great content and messages Nischa. Even 15% for a car on your net take home is pretty high. I would halve it to 7-8% max. I stay under 5% on my car payments - all included
This is brilliant advice 👍. I worked for over 20 years as an employee. My annual salary increased by £4000 over that period. Then I set up a business, and within 2 years, I was earning 3 times my employee salary. I wish I knew what I know now 20 odd years ago. You will always be held within a pay band as an employee. Even when you're earning way over the average, you are then taxed to high heaven to keep you in that band. This is by design. My children will now know what I didn't. And I will be giving them the financial education that the schools just aren't doing. Maybe that's by design as well.
Another great video Nischa, thank you! It's such a shame we were never taught any of this at school. It seems to me that financial literacy is an absolute necessity in life. Personally, now I'm in my 60's, I probably would be a lot better off if I had been provided with some financial education!
Hello Nischa, Being an Upper-Class person is also a form of being entrapped into the RAT RACE. To some extent, we agree that people's economics are behind what they achieve, especially if we look abstractly at economics as the choices people make or take. What you have kindly stated in your video is the RAT RACE itself. We need a simpler philosophy to influence people's lives. Beyond economics and beyond order.
I'm 34 living in UK lost my career in 2021 due to cuts and now just work temp jobs through agency to make ends meet. I hate it and really wish I had learnt rhis stuff sooner wanting to learn it now not 100% sure what to search bur I am making the effort to change my situation. If you are young watching this please learn this stuff. Do not end up like me.
One thing i have learnt from my personal life experience, "Brand is just an ego". This is my original liner I often suggest my near and dear ones. I feel fortunate that my life has taught me it so early. Why to waste your hard earned money to satisfy your or match someone else ego.? And guess who's getting richer & richer. Use your money smartly.
It seems that I am experiencing a situation where I am being compensated less than my worth, but just enough to prevent me from leaving. This resonates with my entire career thus far. Currently, I am working under a senior instructional designer who earns more than me and has recently been promoted, despite possessing limited knowledge in the field. This individual spent four months on a PowerPoint presentation that was ultimately deemed unsatisfactory by their manager, who then instructed me to condense it into ten slides. Nevertheless, the manager proceeded with the promotion. In my team, I consistently receive more work than others and possess the highest skill set. At the end of last year, most of my colleagues felt that they had not been assigned valuable work, and those who believed they had could only identify a single project. Meanwhile, I managed seven projects and even contributed to my team members' projects. I suspect that unconscious bias may be at play in this situation.
Yeah. Enough is enough. I'm telling myself the story over and over about a learning disability in math and how hard an expensive life is. I'm just going to follow you and see how this goes. You rule. Thanks for sharing your wisdom.
I am so not disciplined- I spend money to fills the holes in my life- saving is a trigger word because I dont do it. im worried about when get older because I do not know how to mange money properly. I appreciate this video because it is brief, organized, and you share fresh simple to understand perspectives. Thank you.
In many countries there are jobs for grab anyway e.g. Belgium - IT sector). There is literally no need for having a second income if you're good at what you do. Nevertheless, it remains good advice for many. Also, you might want to take into account the budget impact of having a family and kids.
If i it was up to me I'd pin this video to UA-cam's home page and keep it there forever. You really cover the quintessential points very well. Once you build a wealth machine and you can see your hard earned dollars working for you - knowing that one day you'll derive cash flow from your smart decisions earlier in life - well thats far more rewarding than needless consumption.
LOVE THE CONTENT! I wish i knew more in my 20's. I always felt i dont understand finance, and was scared to get involved in any finance decisions. Although, its never too late .
We did commerce in the 1980s at school. How to manage your finances, how credit works, mortgages, working within a budget, how taxation works, the importance of saving for retirement, etc, is just as important as core subjects and should be taught to all kids before leaving school.
On point #1 People don't know what they're worth and tend to assume they're worth more than they actually are. A degree and 0 experience doesn't automatically mean you're worth 100k/year. That kind of entitled attitude will keep as poor as someone working a job where they are legitimately underpaid because they're scared to leave. If you don't have realistic expectations of your worth you're going to keep bouncing around the bottom rung instead of grinding something out for a few years and working your way up.
One of the best things I ever did for my own mental/financial well being was to quit giving a damn what anyone else thinks of me. I drive a paid for car. It's not fancy, but it's paid for and highly efficient on fuel/maintenance/insurance. My house is also paid for. It's small, but I don't have a mortgage payment but rather a savings account.
I think you missed being sucked into all the special ‘days’ that are aimed at draining your money on a regular basis. Easter spend money, Christmas spend money, bank holiday spend money, Kings Coronation spend money etc.. all of this spending is aimed at ego and trying to impress others. I think this idiotic and constant expectation to keep buying because of a date on the calendar has now become mindless and pointless.
@@nischa to be honest this was typed before you said that but I still don’t think people would assume you would mean such things because as I said it has become mindless.
Really great advice and revelations! Really makes you take a hard look at how you have been living and what is truly important to you in terms of finances! Thanks! ❤
Its very hard these days to find people who recommend buying a car outright which is what I do. You are the first in a long time I heard say otherwise. My thinking is that if I take a lease, yes I will want a more expensive car but it won't be mine and then I have to pay monthly which means if I ever want to save or splurge on anything else, I have that big chunk reducing my finances every month. Also, if anything happens, that car is not mine so I have no possible returns from it. I still have to pay the lease. If it is damaged, or if I need to sell it as I need emergency funds or something, I can get the maximum back and not have to deal with low balling from the leasing company. I still own some equity in the vehicle but not if I lease. That is my thinking, I can't really understand the positives of leasing other than to buy a more expensive car.
Thank you for this video. It popped out just when I was needing it. Nonetheless, I’m finding it hard to link some of your advices to what I actually struggle with. As a freelancer, mostly but not only in arts, I can say that relying on multiple sources of income is actually a crazy rat race too. Because if you have a part-time job which you combine with something else, employers usually expect you to do more than what you can do in your hours. If you’re self-employed and work in different fields, then you have to prepare for each of them separately or you have to travel a lot and then you actually spend a lot of time and energy on switching from one thing to another. Yes, I try to think about that as working hours and cover these with the salary I earn, but it is not easy, especially in a field as underpaid as the arts (theater, to be exact). How would you combat that, if not by going to a different industry? I also have another question: let’s imagine you have a very demanding but very well paid job for a couple of months and then you want to come back to what actually fulfills you, although it barely pays for your living expenses. Would you use part of the money you had saved to increase your standard of living, even though you know that right now you are not working enough to cover that? I have for example rented a (very cheap) working place. Not having to work at home has made my working process so much better! But I do struggle with second thoughts and a certain guilt, because I think I am spending above my income. Do you have any thoughts on that? Thank you in advance!
The first one 'working for less than you are worth' is so important. I've been in the same job for so many years due to flexibility and good pay. I work in a small team of 6 people and 3 of them do the exact same job as me, yet none of them have a bachelor's degree in the field we work in. I'm the only one with a degree. I feel like I could earn so much more with the knowledge I learned when I was studying for 3 years
Superb video. We are all looking for a better way of life and financial independence. With wise investing, a thrifty lifestyle, and smart budgeting, this is not difficult to do. I'm glad I had the foresight to pursue financial independence early on. As Warren Buffet noted, he has experienced this numerous times during his life. not a shareholder. Never did my husband and I make more than a middle-class income. We intend to retire at age 58 with a $4 million stock portfolio. Never have we ever sold even one share of stock...
For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.
@@biankabrodeur01 It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
Nischa this is my first view on your this video blog. It's amazingly wise and so thoughtful. I think wasted much time on shorts when a financial diva like you is here to listen. well done.
👉🏽 My Intentional Spending Tracker (free) - nischa.me/intentionalspendingtracker
Hi Nischa! Your youtube course is not more avaible?
On your next video, you should probably explore who is working/middle and higher class. That should be fun without offending anyone lol
Thank you I would like to learn
Thanks a lot Nischa. I've been reading every email with my morning coffee very insightful. Thanks for the very high-quality free work you provide to your audience
Love your work Nischa .....love from your 🇺🇬 brother..keep the content coming...I am learning alot of financial knowledge from you daily
The first tip is rarely mentioned, and I'm here to tell you it's so true. After 12 years of working in the same company, I decided to move on. After 3 years, I have changed two jobs and one country. My salary now is 250% more. It was just in 3 years. And because of that, I'm now able to invest. Imagine if I had realized that earlier.
That is mistake I made. Getting stuck at one place for 24 years while my wife changed jobs often. She makes double my money.
Dunno, my wife and i were making 150k(net) in 2006. Then changed jobs which involved living in other countries. It fulfilled a dream of forever traveling. However, it paid only 60k (net). Only this year we are back to 150k net in that same job. But we've traveled the world and feel fulfilled. No more 2-3 week Hodister, but fulltime travelling. Or was worth it to us, but money wise less advantageous.
@@GeroNimo-pk1fbVery true. Your years served at one company is no longer an asset. Companies don't care about your seniority anymore.
@@KH-nt7ej True, only when I told them I would be retiring at the end of the year, they gave me more money (probably thinking I will change my mind).
What about your community or family? Do you have any?
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
Impressive can you share more info?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
It's a real shame children are not taught money management in school, this is as important (if not more) than basic English and maths.
Fair enough but it’s also incumbent on parents to teach their children these skills too even more than the state.
@@MaryroseMandarin -- most parents can't manage money themselves, they certainly wouldn't be in a position to teach it. Most people live paycheck-to-paycheck and/or have huge amounts of debt 🤷♀️
Well to be fair you do need math skills to know how to manage money but money management would definitely be more important for most than say calculus or geometry
exactly! i wish i was taught all this! iv had credit cards since 18. im 34 now in 20k student loan debt. 37k loan debt. 17k car debt. 189k debt mortgage. But could have been so different if i had money management skills from young
People don't want to learn math but want to understand finances.
Good luck to you all.
"The rat race isn't about working a 9-5 job. It's about living life on such an edge where you are always chasing the next thing (whether it's a paycheck or a material possession) in a way that your greater life goals and your ambitions are placed in the background". Nicely put!
I might have said this before but it's nice to have a financial advisor on UA-cam who is giving genuine advice instead of the thousands of sleazy get rich quick schemes that seem to dominate the genre.
agree!
Young people are taught “Real Estate always goes up” and are easily leveraged up into speculative home purchases. Trees don’t grow to the sky!!
Unfortunately many people just want to hear get rich quick and the American dream is for everyone, when really you have to just keep plugging away and stop straying from your lane
I also appreciate that she's a woman because as a woman myself, I often feel like it's more achievable for me when I see other women giving out (good) financial advice on YT. Don't get me wrong. I'm not saying that I think men are the worst and I actually do follow a few but to ME I have this subconscious feeling of "well that might apply to you but not necessarily me"...idk how to describe. It's just harder for me to believe that what they're saying applies to me. Idk if any of that made sense but the main point was that while I follow both men and women finance UA-camrs, I tend to prefer the women because it makes me feel like it's actually possible for me to achieve these 'lofty' goals I have. I guess it's easier to see myself in their place.
That genre you mentioned is so big because people are looking for get rich scams vs learning anything new that could boost their income.
Would be great to have a video about financial literacy for 30-40’s who were not taught. Perhaps linked with a video for parents outlining teaching their children to be financially literate
Echo that
Yes, please!!!
Yes please make a video on it
u r screwed dude😂
Read or listen to the Richest Man in Babylon and money makeover -Dave Ramsey.
I don’t like Dave Ramsey but he’s got some good points there.
This is a great video. I graduated in 2007, and one requirement for us to graduate HS in our Economics class was 1. Invest in a stock 2. File your taxes. 3. Know how 401K/IRAs work. Hell, it was so difficult, but once we did it a few times…it was like riding a bike. I grew up poor, parents didn’t graduate from HS, never went to college. I didn’t know any better until I had a teacher tell me, “you have a choice in how you grow up, and how much money you make. But it’s up to you.” From that day forward I made a choice to break the chains and graduate HS and go to college. I’ve made mistakes, but I’ve learned and chose to not make the same ones. There is such freedom when you are not chained to debt. ❤
that’s a weird thing to lie about.
You had Economics class in High School? Was this a substitute for Social studies?
💯💯💯
Your hs in 2007 made u invest in a stock in order to graduate? What hs did u go to? Ive never heard this at all
@@powerhouse884 nope, we had to do both. American history then economics.
1. Working less than you are worth
2. Buying more than you can afford
3. Relying on one source of income
4. Ignoring importance of saving
5. Consumption vs production
I never want to have to work 2 sources of income to survive again. Being able to make it on one source of income is healthy.
@@audreyhuggins8822 The trick is to have additional sources of income which are passive such as dividends and interest.
@@audreyhuggins8822agree
@@audreyhuggins8822 so what happens when that one source of income disappears due to redundancy or pandemic?
@@Rob-us5po You get another job. I worked two jobs for years, and it is way better to know you can make it on one.
Very valid comments - good advice. I've worked full-time for 47 years. This is what I have personally learnt from the experiences Nischa discusses here and I have fallen down many of the traps Nischa mentions...
1. Have more than one income stream
2. If you can learn a foreign language - One that is in demand...Spanish, Chinese etc. - great the younger and earlier in your career timeline you are
3. Nail down your unnecessary surplus expenditures - often DD's / SO's for stuff you have to ask yourself - Do I need this? Luxury goods - Do I really need?
4. Don't do to please others - do what's right for you
Love this
Success is not measured by material things
One thing very unique about the man is how he can work with anyone to develop a personalized investment plan that aligns with their financial goals. This approach keeps one focused on long-term objectives and avoid making impulsive decisions based on market fluctuations.
I have read a lot about Mr Zach Micah Demers
How can I find him?
Search his full name
Zachery Micah Demers
I think the most difficult step is the second income one. A lot of full time jobs don’t leave a lot of time to think about a second job or income. It’s hard to even find the time to research stock markets. I’ve tried to invest in an isa but interest is so small, I’ve also been selling a lot of things on Vinted but again this actually takes a lot of time. Time is more precious than money it seems.
i've just found a weekend job after casually looking at job ads for few months and applying only to those that would suit me(no crazy hours and walking distance).
Got nice hours (8-2) and extra 8k that i'll be putting straight into savings.
@@一本のうんち Sounds great, what kind of job is this?
Yep I would love to get a second job but my contract with my first employer doesn't allow it!
Very good point about the time, i have some expensive stuff to sell but it takes so much time i might as well do overtime.
@@一本のうんち that’s great. Try to find semi passive income on top of that :) it’s possible
3 things that helped me and literally changed my life
1. I stopped watching p**n
2. I read the book called 'Secret Pathway To Triumph'
3. Stopped drinking
How did you stop watching p word? (Asking for a friend.)
@@thebookwasbetter3650 just interest in other things. Gym, working and etc. The 2. Step gave me great financial advice.
Love this list. "doing what everyone else is doing" is such a trap these days given all the comparison-driven purchases influenced by social media. Great practical advice on how to stay grounded & actually become wealthy rather than just appear so.
It took me years to learn these things until about 2 years ago. I am 53 now and I finally realized that material things don't bring happiness, only temporary happiness. I have been on a 3 year mission to pay off all my debt and never accumulate it again. I finally reach that goal in January of 2025 and then will begin to enjoy travel a few times a year instead of material items.
Ron I’m in the same place. Going through a divorce and have lots of debt. I’m trying to only pay off debt and not buying possessions anymore which I thought made me and my ex wife happy but it didn’t.
I always knew this, but never took action and it's kind of weird that I stumbled on this comment. Recently, I stop spending money on things that give me temporary happiness and I focused on what I truely need. I have no debt, but I could save more money to have better life experiences. I hope you find what your looking for.
I’m 33 and I go on and out of financial literacy. I feel like I’m so late in the game and it’s hard to learn, never any straight answers. I’m sick of having excuses so thank you for kicking my ass into gear.
Let me tell you, you are at the relative beginning and have all the time to make a massive impact.
Better late than never.
33 late 😂 I am 54 and I am late 😢
Perfect timing. I am 46 and now getting this right. 😅
Perfect timing. I am 46 and now getting this right. 😅
I've done a lot of consulting work as an accountant and I've bounced around between many different companies. It's amazing how people will keep a job they don't like for years. After having these types tell me for years that they could never do what I do, I figured it out. They value stability above all else. They would much rather go back to a job they hate for years then take on something that they might hate even more.
Point #1 was absolutely spot-on. I stayed in a position where I was underpaid and underappreciated for far too long then I should have because I was scared to leave. I'm with a new organization now and I am significantly better compensated and appreciated.
I can’t find a ft job period
I became financially literate because I was tired of working a difficult job full-time and not knowing where it was going. I pulled an all-nighter to create a custom budget that I followed religiously for 1.5 years. That template helped me to build good money habits. I hope that I can reach financial independence by the age of 40. I'd like to do Barista FIRE - work part-time doing something social and physical to stay active, but not have to sit 8 hours at a desk to afford to live. Thank you for lecturing everyone on what's important.
Sitting at a desk staring at a screen just ain't normal 😢 You seem to have quite a similar approach to the one adopted by me recently. We should swap contact details, honestly. Could also do with someone to check in with.
UA-cam is the greatest school ever...u learn things you were never taught at home or at school and that too for free.... All the creators rather TEACHERS who give out these priceless lessons....I wish I could express my gratitude in a way that does justice... But nevertheless THANK YOU.
Absolutly
Loved not only the content, but also the form. I've taken a speaking course before but struggle to find a balance to put emotion and expression into a technical subject. You did it flawlessly. Engaging without exaggeration. Great job!
This is v kind - thank you!
Great video! My husband and I are one of the lucky ones who grew up with parents who live a simple life and frugal. We didn’t grow up dirt poor but our parents provided everything that we needed and taught us the value of money and the importance of savings. We’re 35 and 40 and consumer debt free but have a new mortgage that we’re hoping to pay off in less than 10 years. We’re passing down our wisdom we learned from our parents to our two little kids.
Your post is music to my ears. I wish you much happiness.
Great tips! I think a lot of what holds people back is worrying about stepping outside of societal norms, which keeps many people feeling "comfortable" but dissatisfied on some level. The more we can break out of that, the more growth we can see in our lives and finances. Great video 😊
I was feeling bummed out, but then this video showed up on my UA-cam suggestions. I'm so glad I saw it. It's the most helpful video on financial tips I've ever seen. There's no beating around the bush or dragging things out. Just strait to the point, simple, useful, applicable advice. Very helpful.
Thank you for this video!
Low hanging fruit - stop buying lunches and coffees while at work. You can save thousands a year by bringing your lunch and getting used to instant coffee.
How about drinking water? I'd rather have one good cup o coffee in the morning and drink water during the day than have some crap coffee all day long.
My Grandma taught me as a little boy to save a minimum of 10% of everything you ever earn. that was 40 years ago, just from that and being eager to make a better life for myself and family i retired at 52 years old!!!!
Awesome Video, Have you quit you day job yet?
You are very talented individual!!!!
solid advice! Thank you :) Update coming soon....... ;)
Did you invest in anything? I find it hard to believe saving 10 percent is alone enough to retire early due to inflation.
@@joshuat6124 i actually saved more than 10 percent, like 30 percent!!!.
If you save $150-$300 per month of the time your 18-20 years old till 55 years old and can get 4-7 percent you to can retire
I like your way of phrasing, such as 'putting yourself in a risky situation' or 'that's a whole other thing' - you stay away from being judgmental. It's inspiring. I'm going to try it out when talking about personal finances with friends/family.
You are so right! Most people can’t afford to buy a house now a days, or a car and live paycheck to paycheck, with little to no savings.
"Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don't need." Tyler Durden 1998
Yes, that's what many people don't understand. Being an employee is not the safest way to work. It's important to have more than one income stream.
Something I tell younger people around me -- financial compound interest is a magical thing -- think about knowledge as having compound interest as well. What you learn today through challenges, failures, reading is something you can keep referring to as you grow through life and allows you to develop deeper understandings.
I love how you spoke about production and consumption I made that shift in my twenties and it's made the biggest difference 👏🏾🌹✊🏾 Thanks for sharing
The first tip is rarely mentioned, and I'm here to tell you it's so true. After 12 years of working in the same company, I decided to move on. After 3 years, I have changed two jobs and one country. My salary now is 250% more. It was just in 3 years. And because of that, I'm now able to invest. Imagine if I had realized that earlier.
Hi Nisha yes I agree we do spend money on New Items to keep up appearances more so when younger. As we hit our 40's I have noticed people do this less. It's more important to hold onto what we have and be greatful in life 😊
When people like yourself start UA-cam channels like theses they normally don't truly understand how powerful the content they're creating is.. WE THANK YOU💯
I would be in a different place today if I had heard your words of wisdom in my 20s!! (I am also much older than you). Keep up the good work and sound financial advice! I will be sharing your channel with my kids... may their generation be different from mine.🙂
Thank you so much for sharing!
X2
This is great! Since I grew up poor and no one taught me about finance, I always feel so lost. But this was super clear and helpful ❤
I enjoy the short videos that blend financial & life lessons.
I think we all go through the cycle where our pursuits shifts to purpose and then finally yearns for meaning.
I watch your own growth in these videos and I am reminded of a quote by Anthony Bourdain.
“The journey changes you; it should change you. You take something with you. Hopefully, you leave something good behind”
Loved the video!
I drove, for the longest time, a '96 minicar.
When I started driving it it was 2014 (18 years-old car), and I sold it in 2021 (25 years-old).
Everyone looked at me sideways, and some actually did say to me: "Why are you driving that piece of crap?", and "Don't you have money to buy something else?", or even "Don''t you see that you can upgrade to a modern car and save on fuel?".
I simply ignored what that people said, because:
a) It was very inexpensive to maintain;
b) All the fixed costs on that car were quite low (insurance and taxes);
c) Replacement parts, either new or used, were plentyful, as I bought a new rear view mirror for 11€.
Yes, the fuel costs were quite high, as it was an old engine.
But, would buying a 5.000€ car be a good bet to save 2€ a week on fue, which will amount to 520€ in five years time?
That is non-sense!
I kept that car for as long as it was (a) reliable and (b) had a resell value.
Right before what I thought it was its limit as a depreciating asset, I sold it and bought a 19 years-old car - again - for 1.500€.
Now, I started having better fuel economy, without breaking the back, and losing what I consider to be a small amount of money.
People just find different ways to justify their purchases - which are mainly driven to drive other people's attention.
A shiny new car, a fancy house, or new clothes very year.
Consumption is what makes us poor.
I'm so happy that your channel has exploded over the last 6 months. I've said this before but you give some of the most well-rounded personal finance advice/content on UA-cam. So many UA-camrs in the personal finance content space post for simply for views, it's 'click baity'. I wish I was more serious about my financial literacy in my 20s, but it's not too late for me!
My life has been wasted, debts and interest. But at least I can try educate my kids not to make the same mistakes for a healthier and better life.. Thank you for your insights and guidance.
How old are you?
Miss Nischa. What a powerful message, ignoring financial literacy is like ignoring your doctors advice. My financial freedom for me is making sure my wife has the essentials in life. My only excuse is that when I was young no one taught me the principles of the “cost” of living.Thank you for your insight and compassion you give to your viewers so good to know you care about the future of your followers blessings to you and your family
I'm a school drop-out dual business owner, I have no debt, nor do I own a credit card. I have being very fortunate to have being well eulducated about money, no loans for anything other than a home and investing in only assets that go up in value e.g ETFs and not vehicles. Terrible!
If I can do it anyone else can.
Dam you're drop dead gorgeous Nischa ❤
all your videos are so clear and straight-forward, thank you for all the work you put in them!
Thank you Sophie!
Great tips! I think a lot of what holds people back is worrying about stepping outside of societal norms, which keeps many people feeling "comfortable" but dissatisfied on some level. The more we can break out of that, the more growth we can see in our lives and finances. Great video
Absolutely bang on! I can see it in my workplace - who's got the latest car (avge price new car UK £39K). Once you switch into what do I need and you're internally proud of this and don't buy into the "financial hamster wheel" - you're more than half way there. I buy a car (small one around £15k to £18k every seven years. That's how generally they are reliable for and it works out at £2k - £2.5k a year or £200 a month. Better than any leasing scheme. Why do they push them?? Not in our interest that's for sure. Excellent clip Nischa and gets the middle class off to a tee! Thank you.
You're pretty smart for calculating that. Finance background by any chance? Most people don't realise how much they're costing themselves by PCPing a car v buying one outright. Even if you don't have the cash for it, taking out a loan is much better APY% wise whether it be a personal loan (high) or a mortgage (lowest) because you're buying a cheaper car. But we live in an age where consumerism has taken over society. If you don't have the latest, new things society will look down on you which is sad.
@@Ggwp10-i2l Hi Chris no financial background - just take an interest in statistics / mental arithmetic and always start with the questions "who will benefit from this deal" As they say in the movies "just follow the money". And agree with your comment - sad we're being so shallow as a society to judge by appearance. ☹️
I spent all of my 30s learning financial information that would’ve been so helpful when I was younger. (I did not overspend or be overindulgent. I had great credit. I just didn’t know much and married young.) Now I’m 41 and my 20 year old son does know and understand finance at a basic level, we regularly discuss our money habits and outlook, he also took financial math this semester and he is frustrated he can’t fit in the second course. (Investing, darn! 😂) But he only has one year left to complete two degrees. He did say it went over what I taught him already but now he knows the formulas and the specifics of lending and loans. Etc I have directed him here but it could take years before gets interested enough to put in more effort.
Increase your financial literacy is key especially in your financial income calendar.. love this content once again and thanks I love what you said at the end, if you spend on things that makes you happy and you know it’s not reducing your worth then go ahead..
saving should be a lifestyle
Agree!
Increasing your financial literacy is a good sales pitch for a financial literacy channel. It’s harder than ever before to actually define what makes you happy but a hint is cuddling up with your partner on the sofa and doing nothing at all. That’s free. Everything else is a submission to marketing and advertising. Do your research and you’ll find the truth about materialism and experience retailing and how women are the most susceptible to its media narrative spun through marketing and advertising. It’s rather frightening. Caveat emptor, every male.
Thank you Nischa - here in Australia I have my father who came from a poor family with eight siblings to thank for those many dinner table Saturday afternoon discussions on value, quality and budgeting for life - he taught me the how to ‘make a Vegemite sandwich last a week’ principle and spending on things that appreciate - every A$ went into the bank for second hand cars but for me property was the best for long term security as paying rent is ‘dead’ money - also each salary increase went into my superannuation to a max of 10 percent matched by the employer - mind you I never got married or had children so avoided all those types of expensive lifelong financial commitments - I enjoy my countryside retirement/gardening now and occasional solo cycling treks overseas.
Love the content Nischa. In summary I will say you nailed it again. I don’t see myself again buying a car if it’s not needed or if it won’t make me have a better life.. I always try to clear my debts especially before the end of the year..
I was never taught this and now at 37 I have finally woken up to my lack of knowledge and I’m working hard to change that. The fear and anxiety I have for finances is now dissipating and I’m taking control. I am enrolling in study and working on starting a business.
Very deep knowledge. Any job that pays you less and you are not okay with, I feel is time to leave and please always go to the next one that’s better pay or makes you happy. Be smart about decisions so thanks for this
This video should be a mandatory viewing in ALL high school classes across the nation! Seniors need to watch this before graduating and moving on to college.
As far as jobs, always keep your resume up to date and out there.
Then apply the 3 t's.
1. Too much work (long hours or added reaponsibilities)
2. Ten % increase offer elsewhere
3. Two years (if you haven't received a promotion or raise, time to look elsewhere)
#1. I know many people stuck in the same jobs over several years and never got past a 30k salary after all this work experience, its such a shame. I am done with the rat race and would semi-retire if I could afford it! Sadly, I can't, not until I've paid off my mortgage at least, so I am doing my financial planning now😊
Myself and all your subscribers really appreciate your advice Nischa. You are a High value woman, and you are helping many people to think of money differently. I will keep supporting you and your channel, Hopefully We can network in the future, all the best Nischa.
Thank you so much for this! I worked as an aupair for rich families in my 20s and rich people didn't spend money on things to impress. They got good quality clothes (wool, line) without caring about the brand. Their cars were normal, but they were filthy rich. One was an English-Jewish family with generational wealth and the other an English man who was a genius in engineering. I know people who want to impress and spends thousands on expensive stuff they can't really afford. After working hard and moving countries, I have now a job with an almost 6 figure income but I still have an Etsy shop that gives me ca 500-1000 usd extra per month. I've been learning a lot about how to use the money. Thanks for your video. subscribed
Great video. My income increased exponentially when I left my 9 - 5 and went into business full time. I was building the business part time for a few years before I quit. It was difficult but worth the effort. And I am still proudly driving my 2008 Honda that was paid off in 2013.
What's your business Mike? I am hoping to quit my 9-5 job too and started freelancing on the side.
@@dorathelinguist I am a full time real estate investor?
@@dorathelinguist scratch the question mark, haha
@@MikeOtranto All right, otherwise it looks like you are questioning what you're doing ;-)
"The rat race is not working a 9-5, it's about living on edge, always chasing the next thing." Very important to know the difference! Great video!
Thank you for keeping your videos under 10 minutes. Long enough but always powerful advise.
It's crazy how many people are perfectly aware of these destructive habits but continue disregarding them as they lack the patience and have a tendency to flaunt themselves. It would be wonderful if people could shift their focus to their well-being and their financial security instead of pursuing status symbols...
I typically refrain from participating in the comments section, but given my extensive experience with investments and the content I have read, I can confidently say that you are correct. Thank you for your insights, they are greatly appreciated.
Leaving a company for a new one is the fastest, most advantageous way to get ahead in the rat race.
I was receiving 4-6% raises for 6 years at my last company, internal promotions were just above that rate. I left the company for another one and got a 31% increase in salary. If I took the exact same role as a promotion at the previous company, I would have earned less than a 10% raise.
That's dope! Good for you man! ✊🏾
@@Husseinalbaiaty i hope success and happinness for you my bro,dont give up,keep moving forward
Thank you Nischa! Love your content and no practical, no-nonsense approach. Opened Roth IRAs for my 18 and 23 y.o. kids since they have a long runway. Winding down my career 57 but trying to figure out what to do PT to stay active/social. Cheers!
As soon as you said 9 years in investment banking.. after which I had to take everything you said with a pinch of salt 😂
Mind if I ask why?
I never had the benefit of a personal finance course in elementary and secondary school, but do have the benefit of growing up with parents that have good financial habits. Thankfully, these days, despite the junk and noise on youtube, there are also some great resources like this channel.
Great points here! Have a healthy, balanced relationship with money. Take care of it and it will take care of you. 🙏🙏🙏
I’ve met a lot of executives, and most are either very driven work oriented people, or people who wish they could spend more time at home, but are tied down by tons of debt.
I agree with all those except the one where you say we should have a second job.
I don't know about other people, but I'm pretty much wiped out after my day job, and doing a second job would have a negative impact on my health, not to mention we work to live and not live to work - there is more to life than just working and earning money.
I do get the importance of a second income, but instead you could just save an emergency fund to sustain you for at least a few months in case you find yourself out of work. I think a second job is something that should be considered only out of necessity, in my humble opinion.
Very true
You were doing so well at most people are not getting payed what they are worth, but lost it at get a second job. The majority of these side hustles make less then minimum wage once you add in expenses and fully track your time.
Great content and messages Nischa. Even 15% for a car on your net take home is pretty high. I would halve it to 7-8% max. I stay under 5% on my car payments - all included
This is brilliant advice 👍. I worked for over 20 years as an employee. My annual salary increased by £4000 over that period. Then I set up a business, and within 2 years, I was earning 3 times my employee salary. I wish I knew what I know now 20 odd years ago. You will always be held within a pay band as an employee. Even when you're earning way over the average, you are then taxed to high heaven to keep you in that band. This is by design. My children will now know what I didn't. And I will be giving them the financial education that the schools just aren't doing. Maybe that's by design as well.
Another great video Nischa, thank you!
It's such a shame we were never taught any of this at school. It seems to me that financial literacy is an absolute necessity in life.
Personally, now I'm in my 60's, I probably would be a lot better off if I had been provided with some financial education!
Hello Nischa, Being an Upper-Class person is also a form of being entrapped into the RAT RACE. To some extent, we agree that people's economics are behind what they achieve, especially if we look abstractly at economics as the choices people make or take. What you have kindly stated in your video is the RAT RACE itself. We need a simpler philosophy to influence people's lives. Beyond economics and beyond order.
I'm 34 living in UK lost my career in 2021 due to cuts and now just work temp jobs through agency to make ends meet. I hate it and really wish I had learnt rhis stuff sooner wanting to learn it now not 100% sure what to search bur I am making the effort to change my situation. If you are young watching this please learn this stuff. Do not end up like me.
Really sorry to hear this. You can turn it around and you're doing just that
One thing i have learnt from my personal life experience, "Brand is just an ego". This is my original liner I often suggest my near and dear ones. I feel fortunate that my life has taught me it so early. Why to waste your hard earned money to satisfy your or match someone else ego.? And guess who's getting richer & richer. Use your money smartly.
It seems that I am experiencing a situation where I am being compensated less than my worth, but just enough to prevent me from leaving. This resonates with my entire career thus far. Currently, I am working under a senior instructional designer who earns more than me and has recently been promoted, despite possessing limited knowledge in the field. This individual spent four months on a PowerPoint presentation that was ultimately deemed unsatisfactory by their manager, who then instructed me to condense it into ten slides. Nevertheless, the manager proceeded with the promotion.
In my team, I consistently receive more work than others and possess the highest skill set. At the end of last year, most of my colleagues felt that they had not been assigned valuable work, and those who believed they had could only identify a single project. Meanwhile, I managed seven projects and even contributed to my team members' projects. I suspect that unconscious bias may be at play in this situation.
Are you a woman?
Yeah. Enough is enough. I'm telling myself the story over and over about a learning disability in math and how hard an expensive life is. I'm just going to follow you and see how this goes. You rule. Thanks for sharing your wisdom.
Wow fantastic nischa, so blessed to be coming out of the rat race, it's never felt right - look forward to learning more financial literacy with you 🙇
I am so not disciplined- I spend money to fills the holes in my life- saving is a trigger word because I dont do it. im worried about when get older because I do not know how to mange money properly.
I appreciate this video because it is brief, organized, and you share fresh simple to understand perspectives. Thank you.
Advice that everyone should know well before their career starts.
'doing what everyone else is doing' is the scariest thing for the middle class and unfortunately it has become a widespread reality. Nice video.
In many countries there are jobs for grab anyway e.g. Belgium - IT sector). There is literally no need for having a second income if you're good at what you do. Nevertheless, it remains good advice for many. Also, you might want to take into account the budget impact of having a family and kids.
If i it was up to me I'd pin this video to UA-cam's home page and keep it there forever. You really cover the quintessential points very well. Once you build a wealth machine and you can see your hard earned dollars working for you - knowing that one day you'll derive cash flow from your smart decisions earlier in life - well thats far more rewarding than needless consumption.
LOVE THE CONTENT! I wish i knew more in my 20's. I always felt i dont understand finance, and was scared to get involved in any finance decisions.
Although, its never too late .
Same but exactly, better late than never 🙌🏻
We did commerce in the 1980s at school. How to manage your finances, how credit works, mortgages, working within a budget, how taxation works, the importance of saving for retirement, etc, is just as important as core subjects and should be taught to all kids before leaving school.
Hi Nischa, in regards to finance literacy, will you be able to do a series of videos on basics of finance lessons? Will be really helpful
of course - I will do
On point #1
People don't know what they're worth and tend to assume they're worth more than they actually are. A degree and 0 experience doesn't automatically mean you're worth 100k/year. That kind of entitled attitude will keep as poor as someone working a job where they are legitimately underpaid because they're scared to leave. If you don't have realistic expectations of your worth you're going to keep bouncing around the bottom rung instead of grinding something out for a few years and working your way up.
we the poor counts our cents. The thing keeping us in the rat race are the rich taking the value of our work for themselves, period.
One of the best things I ever did for my own mental/financial well being was to quit giving a damn what anyone else thinks of me. I drive a paid for car. It's not fancy, but it's paid for and highly efficient on fuel/maintenance/insurance. My house is also paid for. It's small, but I don't have a mortgage payment but rather a savings account.
I think you missed being sucked into all the special ‘days’ that are aimed at draining your money on a regular basis. Easter spend money, Christmas spend money, bank holiday spend money, Kings Coronation spend money etc.. all of this spending is aimed at ego and trying to impress others. I think this idiotic and constant expectation to keep buying because of a date on the calendar has now become mindless and pointless.
"doing what everyone else is doing"...
@@nischa to be honest this was typed before you said that but I still don’t think people would assume you would mean such things because as I said it has become mindless.
4:01 4.) Ignoring the importance of saving for old age.
Really great advice and revelations! Really makes you take a hard look at how you have been living and what is truly important to you in terms of finances! Thanks! ❤
Its very hard these days to find people who recommend buying a car outright which is what I do. You are the first in a long time I heard say otherwise. My thinking is that if I take a lease, yes I will want a more expensive car but it won't be mine and then I have to pay monthly which means if I ever want to save or splurge on anything else, I have that big chunk reducing my finances every month. Also, if anything happens, that car is not mine so I have no possible returns from it. I still have to pay the lease. If it is damaged, or if I need to sell it as I need emergency funds or something, I can get the maximum back and not have to deal with low balling from the leasing company. I still own some equity in the vehicle but not if I lease. That is my thinking, I can't really understand the positives of leasing other than to buy a more expensive car.
Thank you for this video. It popped out just when I was needing it.
Nonetheless, I’m finding it hard to link some of your advices to what I actually struggle with.
As a freelancer, mostly but not only in arts, I can say that relying on multiple sources of income is actually a crazy rat race too. Because if you have a part-time job which you combine with something else, employers usually expect you to do more than what you can do in your hours. If you’re self-employed and work in different fields, then you have to prepare for each of them separately or you have to travel a lot and then you actually spend a lot of time and energy on switching from one thing to another.
Yes, I try to think about that as working hours and cover these with the salary I earn, but it is not easy, especially in a field as underpaid as the arts (theater, to be exact). How would you combat that, if not by going to a different industry?
I also have another question: let’s imagine you have a very demanding but very well paid job for a couple of months and then you want to come back to what actually fulfills you, although it barely pays for your living expenses. Would you use part of the money you had saved to increase your standard of living, even though you know that right now you are not working enough to cover that?
I have for example rented a (very cheap) working place. Not having to work at home has made my working process so much better! But I do struggle with second thoughts and a certain guilt, because I think I am spending above my income.
Do you have any thoughts on that?
Thank you in advance!
Its rare to find someone who speaks so much sense!
Great video! Keep up the good work you are helping so many people 😃
The first one 'working for less than you are worth' is so important. I've been in the same job for so many years due to flexibility and good pay. I work in a small team of 6 people and 3 of them do the exact same job as me, yet none of them have a bachelor's degree in the field we work in. I'm the only one with a degree. I feel like I could earn so much more with the knowledge I learned when I was studying for 3 years
if you all do the exact same job, then what benefit did the degree bring- what knowledge are you referring to?
Superb video. We are all looking for a better way of life and financial independence. With wise investing, a thrifty lifestyle, and smart budgeting, this is not difficult to do. I'm glad I had the foresight to pursue financial independence early on. As Warren Buffet noted, he has experienced this numerous times during his life. not a shareholder. Never did my husband and I make more than a middle-class income. We intend to retire at age 58 with a $4 million stock portfolio. Never have we ever sold even one share of stock...
For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.
@@biankabrodeur01 It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
Nischa this is my first view on your this video blog. It's amazingly wise and so thoughtful. I think wasted much time on shorts when a financial diva like you is here to listen. well done.