What I Taught My Employees About Money
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- Опубліковано 15 чер 2024
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Join Andrew as he discusses the lessons he taught his employees about money management, especially those who had little to no prior financial education. He also provides valuable insights on simple investment options for beginners and the benefits of sticking to a long-term investment strategy.
With Andrew's expertise and real-life examples, you can gain valuable insights into managing your finances effectively.
00:00 Start
1:47 Be Prepared for Anything
2:23 Start an Emergency Fund
4:14 Budget That Zero's Out
6:45 No Debt
7:51 Pay the Smallest Debts first
9:03 Pay Yourself First
9:18 Save Raises - Keep Lifestyle
10:37 Keep First Investments Simple
13:14 Stick With Your Principles
16:03 Long-Term Strategy
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
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This is the best video Nomad Capitalist has done. Please do more like this to help teach ordinary people how to save and invest so one day they too may become 7-8 figure entrepreneurs.
Thank you! We're glad you loved the video ❤
Yiu should start a personal finance channel.
😂🤣 then that would be financial advice
Facts like I'd like to know his knowledge on assets
Great idea but maybe a good series on how to SPEND money in other countries 🤔 for different lifestyles
@@HeyMr.Johnson901Roughly: this is not Financial Advice and here's some Financial advice
Or, you could listen to Dave Ramsey!
You are an awesome individual. A way out and a way up. Yes an AMAZING FELLOW.
Thank you!!
Love the channeling of Trump at 1.18 😂
😂
Amazing. All companies should offer their staff this course!
Yes, work out a budget, include a budget for investments, and cut off greedy friends. Yes, cars generally are a lifestyle factor and quickly depreciating asset. Greedy friends are the worst.
P.S., you also do have to change your lifestyle as circumstances evolve. Otherwise, you are trapped in a sort of financial version of Stockholm Syndrome, where you strongly and emotionally defend your kidnapper.
Been watching your videos for a while now, been a big help to me. Im leaving Australia November to live in the Philippines. My brother has decided to come with me, he's selling his houses August, he used to run his own business and has a lot of contacts, who are becoming quite interested in what Im doing, one has quite a bit of money behind him,said he might back us, so Im trying to get as much knowledge as possible, Im good with languages, learning Tagalog at the moment, speak basic Spanish.
Down to earth, practical advice ! Great. You know decades ago, most people knew this and many acted accordingly.
But it is very good Andrew reminds us again! Stay out of debt, and especially pay yourself first is the way to go.
Thanks Andrew! I am in the process of moving out of the US in the next 7-months. Your info over the last two years has been incredibly helpful. Appreciate you! 🙏
Best of luck!
Thank you! This was very down to earth and helpful advice. I like that you care about your employees 😊
Thanks for watching!
I paid my home off 10yrs ago at 50. I live near a university. I added three rooms with bathrooms.
I rent out the 6bedroom.
A management co who specializes in students housing. I've been average six figures.
Think of converting the two car garage. That's where my money is going.
Nice
Wich state are you in ? if you live in a country with poor landlords rights renting is a nightmare.
California San luis obispo.
This city is more pro landlord.
Outstanding management company.
@@ralphramirez1979 Here in Italy it's totally against LandLords , would never rent here.
11:08 that's such a lovely design!
This is really sound advice that can benefit almost anyone especially for future entrepreneurs.
No lottery tickets?! But Andrew, that's my plan to afford to be your client! 🤣
@youknowbbaby
I apologize for the misunderstanding and any inconvenience caused. At Nomad Capitalist, we certainly do provide assistance with citizenship by descent, and we are eager to help you with your citizenship journey.
To get more information about our Citizenship by Descent program and how we can assist you, please visit our dedicated page at nomadcapitalist.com/products/citizenship-by-descent/?. You'll find comprehensive details about the program and the steps involved in obtaining citizenship through this route.
I needed this. Love it!
Tips:
1. Be prepared for anything
2. Start an emergency fund (start from 500/1000$ to 6-months emergency fund)
3. Budget that zero's out
4. No debt
5. Pay the smallest debt first
6. Pay yourself first
7. Save raises - keep lifestyle
8. Keep first investments simple
9. Stick with your principles
10. Long-term strategy
Excelent advices 🙌🏻 thank you!
Glad it was helpful!
Fun segment!
❤
Thanks Andrew, please consider doing more videos that can help normal people to become financially independent. I've been following you for years and your lessons have been invaluable.
Thank you for the inspiration ~ invaluable chan!
Glad you enjoy it!
I understand your target demograph is 7 and 8 figure entrepreneurs but I think you would get a ton of traction with 6 figure entrepreneurs looking to get there. I think the gap between the two is the hardest for people to jump and advice would be well received.
As a tech entrepreneur I am trying to figure out where I should move so that I can start a company. Should I relocate or just open the business in another country? What are the most tech and blockchain friendly places? I have been eyeing Thailand, but am still looking what other options are.
🤣🤣
He has a client cut off of either $500,000 pretax annual income, or $1M minimum net worth, so $500,000 is 6 figures.
I know it is cultural in certain countries, but this permanent in-debt situation always terrified me. I grew up during in a country with crazy hyperinflation (like more than 80% a MONTH). My first concern was always to keep a zero debt condition and place the money on assets that could preserve value (and even offer some gain whenever possible). Even today, with 42 years of career (21 as expatriate), banks come and make offers to raise my overdraft limits...my answer: "why do you guys offer me an increase on the limit, when you know I never use it? I do not have credit cards, only debit cards. I live strictly from what I make." The only hypothesis I can contract a debt is when it is a programmed-self-inflicted debt" for tax reasons in certain jurisdictions, but the provision to pay it off is always there. Otherwise I wouldn't sleep at night.
Really nice tips! Thank you for great content
My pleasure!
I would recommend people stop using the word "money" and instead use "currency". The etymological root of currency is the latin word "currens" which also gave us words like current as in electric or water. This implies it should be moving and like water it is not a good thing for it to just sit and do nothing. Just as an example, if a person had taken $100k usd in 2010 and buried it in the ground or put in a 0% interest account that would buy roughly $60k usd worth of stuff compared to 2010 dollars. Meaning usd has lost about 40% of its purchasing power since 2010. Just to maintain the same purchasing power a person would have had to earn about 5%, a little less, compounding interest over that time period. It doesn't matter which fiat currency we're talking about because all fiat currencies lose purchasing over time and some are worse about that than others. Money kinda implies you get it and hold on to it with a death grip whereas currency kinda implies it needs to be constantly moving or flowing. This is an important fundamental mental shift imho
In addition to thinking in terms of currency vs money I'd also suggest switching the value proposition from currency to time. Currency is virtually infinite but your time is for sure, without a single doubt, finite so your time should be more valuable in relation to currency over time assuming you're improving and not getting worse over time. As an example, I quit my last salary job in 2008 because I realized I was losing by going to work for someone else when I could be freelancing. Then just as an exercise I looked at the cost of my rent relative to an hour's worth of salary and noticed a disturbing trend. Over a 10 year period the total number of hours that took me to work at a salary job to cover rent each month had increased by nearly 50% despite nearly 100% salary increase over that time period. I prefer to not use a government's official inflation numbers and instead I use median rent and some multiples like 4. Meaning a person should earn at least 4x their rent and if we assume 160 hours a month that means an hour should be h=(r*4)/160. If you plot that against the median wage over time you'll see how working for someone else is on average a long term losing strategy.
@PatRisberg so I hold crypto and I'm an early adopter but deflationary currencies have potential issues. As an example, years ago I spent 50btc buying a shirt that said "I
I think the far future monetary systems, assuming we're still largely captialistc at that point, will have to have both a deflationary and inflationary component. Meaning something akin to your standard deflationary cryptocurrency like btc, eth, and so on as well as an inflationary currency similar to most fiat currencies. There could be two inflationary mechanisms like one being some fixed amount, or fluctuating, of interest based on the value of the held of the deflationary currency. For example, think of it like putting bitcoin in a savings account that pays interest in dollars. This would allow sovereign nations to still play that inflationary game of increasing sovereign debt while also giving the people a hedge against that. Either way we've entered an era of increased competition between governments. Fiat monetary systems are going to be forced to compete with decentralized deflationary monetary systems and trying to regulate into oblivion simply won't work now, it is too late for that and even for something like the US gov. In addition to that governments are going to have to compete more and more for talented populations of citizens.
@@crypticnomad
I like your history lesson of *currency.*
Yes... it needs to be in constant motion
❤❤
Interesting video bro
From paying out your iphone loan to acquiring some s&p500 and pushing that same button in your regular hussle)
The impromptu Trump impersonations are hilarious and always on point. 😂
I don't have 7 or 8 figures yet.. But I will and I'll be calling you
Such a rational person. This is the perfect guy to follow. Why anyone needs to follow Andrew Tate.. when u got people like Andrew Henderson... Is beyond me. Ideal role model and advice giver.
Thank you for the kind words and support!!
Yes 🙌🏾
01:27 nice
Yep, I feel the same way about Pup-Pup. I just wish she'd learn to close the door when she comes back in the house. (She figured out how put paw on handle and open door but not push it shut)
I wish to move out with my Solar Buyings and online Courses so kindly suggest a suitable plan for me to move out
Do a video of how your riches client invest hopefully they are billionaries. Thank You
2nd the best i guess
Would debt free include student debt? Im in the UK, but considering my options to live in other countries as a videographer. Would it be worth erasing my student debt prior to moving or putting my savings towards a future elsewhere?
1:20 I love how you do Trump's voice randomly, lol. Bernie Sanders I think I heard you do as well. Oh, and thank you for the video - enjoyed it as per usual!
Thank you!
@@nomadcapitalist you are welcome, but no thanks necessary, really. Thanks (in part) to your videos I ended up in South America last year. I spent 6 months in Argentina, exploring the possibilities and also in Uruguay. Completely agree on your take on Uruguay - nice, but expensive (or "higher price point" if you will), but stable and VERY boring. We ended up absolutely loving Buenos Aires and my wife and I are considering it for a future residence. During the trip I have acquired quiet a few useful connections in the area (South America, just like Latvia where I am from, or any country form the ex-Soviet sphere is all about "connections", as I am sure you know), so feel free to ask for a pointer or two! Thank you again for your videos!
look at the book the Richest man of Babylon and the rules of gold.
Love this book.
@@NomadicChad should make a movie
Just bought an alcatel off Amazon for $60, does what I need it to
His trump voice when he said schools gave me a good chuckle lol 😂
One of the first ones here
I grew up in Czechoslovakia during the communism and everyone in the secondary schools had economic education, I live in Australia now and I am shocked how Australians are financially uneducated, most have debts and mortgages and young generation has an issue to save 20% for deposit, I was able to buy first home in Melbourne after 3 years after my arrival. Many of Australians have 3 credit cards, they buy everything on loan even a car for 15K, communists maybe did not offer too much moving freedom, but they provided 1class education for free and for everyone! 13:18
Which Banks do you recommend overseas and which countries ?
Hi there, here is an article about The Best Offshore Banks for 2023: nomadcapitalist.com/finance/offshore/best-offshore-banks/#:~:text=Premier%20Banking%3A%20DBS%20Treasures,next%2Dgeneration%20robo%2Dinvesting.
Should have told them to convert $1k every month into BTC..
Looks like some Dave Ramsey here
If it ain't broke...
I like that he gave credit to DR, shows a mature outlook. To some degree these ideas are just common sense, but common sense isn't that common.
@@johng4093 He also admits that he has a protestant mentality and ethic. That's sort of where Dave Ramsey comes from as well.
you still hiring?
Hi, you can see our open positions here: nomadcapitalist.com/careers/
S&P 500 ETF has lower annual fee compared to an index fund. For the rest: great advise.
That is an index fund....huh?
The s&p 500 is an index
@@MH-et5sn
🤣🤣
There are no index funds. There are ETFs (Exchange Traded Funds) based on an index, and mutual funds based on an index. Most people use the term "index fund" to refer to ETFs, and not mutual funds.
Employees who want to "share the wealth" of a business also need to "share the risk" of their own capital.
Hey Andrew, could you make a video about what you sacrifice living your trifecta lifestyle in those cheap countries? I bet you miss a lot of networking since there is a minimal amount of successful people lives, plus service is also not good. You save a lot, but you miss the networking part, and IMHO living in expensive cities pushes you to work harder.
He lives in Dubai, Belgrade, Istanbul, Kuala Lumpur, Bogota, and Mexico City. What lack of networking and servicing are you talking about?
@@Learned333 what kind of service or networking you get in Belgrade, Instanbul, Bogota and Mexico and KL?
He doesn’t live there because they’re cheap, but he did cover it here: ua-cam.com/video/kMcERRN4fJk/v-deo.html
ha i am worth x and drive a $10k volvo ! thats ten years old
I hope you just bought the Volvo and someone else owned it for those 10 years of depreciation 🤣Otherwise...
@@Learned333 Bought second hand a 2011 model for $10k and pretty sure its gone up in value since I bought it!
✌️😎👍
Where can American men go to find women who they can trust to marry, who will make a team, and where that country's divorce laws won't set him up to be robbed?
Hi, hope it helps :) ua-cam.com/video/2giCInGQlA8/v-deo.html
Get a good xiaomi
I say this with the love of a friend lol, I laugh, but seriously, with love.... your consciously developed animated speaking style, has become a facial twirtch, which can be consciously undeveloped, very quickly if you know about it. .... Also, Imo, which is an enlightened opinion, lol, your particular model of spectacles, weakens your presence. Meaning, from what I know of your personality, your glasses would under represent you, upon meeting you. For myself. Idk if that is clear, lol... I think, maybe, they would make me question whether your ideas were bound to lead to success? They don't eschew success, lol... They make you look like, ummm, ok, NOT look like a tiger, but an accountant from Minnesota. lol Idk, dude.
Peace
Hey! My tax accountant resides in Minnesota! He doesn't always do the best work on my tax return; but, he keeps me out of jail. I don't trust myself.
These things help make Andrew unique and memorable. Don't change a thing Andrew!
People come for the ideas, and he inspires a lot of people. And honestly, I like him the way he is.
What a load of crap! You are hyper conscious! I'm focused on his message so I don't notice!
@@johng4093 Lol, I don't think he needs to be defended from love. I agree with everything you said, including, liking him the way he is. Can a person believe that, and also believe everything I said in my comment? You're just going to have to open your mind a bit. ...
What's wrong with giving an opinion to a friend on a look? Or pointing out a fact which they may not be aware of, because you think they would like to know? But making zero judgement, nor in any way does it carry a suggestion of less acceptance. That my friend is love. Withholding opinions and observations is neither love, nor healthy behavior.
Absolute Truth - I just got a suggestion from the algo, for a video on toxic positivity. Seriously it is right above your comment, the next notification. I actually clicked on it by mistake, before clicking here. Just sayin....
Peace
Maybe this will help... would you give your partner suggestions what to wear, if they were invited on the Tonight Show? What your favorites were, what you get excited seeing them in, when you thought they looked the best, what you thought represented them best?
Wait what? Stash something on the side, budget, minimize debt, and invest? GTFO 👀😉
Lol what is this..
I'm sorry but how are you sure all of this has not already been common knowledge among your employees? Seems likely to me... And how about living with your parents at 40 in... the US? This is even a little less uncomfortable than in the developing countries (where it tends to be crowded in the housing department), exactly the same level of cringy and embarrassing, but just look how much you can save this way! I bet people really, really enjoyed the presentation.
HAHAHA - money isn’t everything right.. getting my employees thinking that way, I can shaft the employees paychecks and keep the lions of the cash for myself.. and that’s the standard capitalist mantra and mentality….
Get a good xiaomi