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Here are some simple things that completely transformed my life: 1. I took full responsibility for my life and stopped blaming others 2. I read books on Mindbloomery (all of them) 3. I stopped telling myself: 'I'll do it tomorrow' 4. I learned to value time as much as money Clear mind and great mental well-being make everything possible.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
After about 1 year of improving my personal finances, largely with the help of this channel, I can confirm that saving 10-20% of my monthly income has made me much more relaxed. I recently had to undergo expensive dental operation. A year ago this would have ruined my finances, but today it's just "Damn, there goes most of my savings... but it will not ruin me, and anyway this is what I was saving for: unseen expenses."
This is a wonderful tutorial. I am 60 and started investing in a 401(k) in 1989. I have saved (and earned interest on that savings) to the point when I can retire today without worry. Had I not taken the steps prescribed in this video, I’d be much less prepared for life after career.
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Nobody knows anything You need to create your own process, manage risk and stick to the plan, through thick or thin While also continuously learning from mistakes and improving.
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Love the 15/65/20 system! It’s a simple yet effective way to balance savings, essential expenses, and personal enjoyment. Building an emergency fund and investing early with compound interest is key to long-term wealth. Great advice for anyone looking to manage their money like the 1%!
I watched this video a month ago and loved the idea. Talked my wife into it. So we are gradually getting there. Started with 6 - 82 - 12 and it feels great. We have been together almost 20 years and always gone from paycheck to paycheck even though our income has more than doubled in that time. Baby steps. Thanks for your videos! PS: not sure if pension counts in the first part, then we are on 18 - 70 - 12
This lesson in compound interest at 2:08 is excellent and what young investors need to see to encourage them to start saving early, thanks for putting this in a nice format like this!
My wife and I have just over $10M, and we're in our late 50s. What I learned from Nischa's video is that we're not spending enough, although we spend around $20k a year on domestic and international trips. We love fine restaurants and travel! We don't own a lot of material things, just high-quality things used for our travels. We started saving AND aggressively investing in our mid-20s, about 40% of our compensation and never took our foot off the gas pedal of investing aggressively, through market lows and highs (just after the lows is when we made the most on our investments, just as Warren Buffet said we would do). Good luck everyone. Keep learning about finance, I still do even though we're quite comfortable because the "game" is fun.
Having an emergnecy fund is great, but it's worth looking to see if you can also obtain some insurance for your income that would pay out if you were to fall sick. Having an emergency fund allows you to defers the point at which you would have to claim on this insurance, which makes it much more affordable. If you have children, both parents should have life insurance in case the other dies and one of you can't work as much due to childcare responsibilities.
I am so grateful I found your videos in my 30s! I’ve opened up a S&S ISA, a LISA and I plan to open junior SIPPS and JISAs for my kids to set them up for life.
Fantastic breakdown of the 15/65/20 system! For those starting out, a helpful tip is to use budgeting apps to track expenses and automate savings, which can make sticking to this system much easier. Also, as you mentioned, maximizing contributions to employer-matched retirement accounts or tax-advantaged accounts like a Roth IRA is a game-changer. Thank you for sharing your knowledge!
Thanks Mate, the sad truth is that no one has a clue, we all react to what happens as it happens and try to analyze it but can’t predict an iota of what is going to unfold in the markets… content creators are like amplifiers, when times are good they affirm it and try to tell you why it’s good and that it’s looking bullish but then all of a sudden the market turns bearish and everyone affirms it again and try to analyze why
I am really bad with money management , been following your channel for quite a while. I plan to implement these principles once i am done paying by credit card debt. 👍🏼
Hey! Can I reframe this for you please? You are managing your money well by paying off your credit card debt. Lots of people are just racking up more! You’re also looking into future positive money management techniques - that’s all great stuff! Sending some good vibes your way 💫
I appreciate your commitment to guiding others toward financial success. We all strive for security and a better quality of life, and this can be achieved through smart investments, mindful spending, and effective budgeting. I'm thankful I discovered the value of hard work and financial independence early on in my journey.
Even though I engage in investing, I feel disheartened by my lack of expertise in assessing the performance of individual companies and determining the optimal timing for stock purchases. The erosion of my financial reserves due to inflation adds to my concerns. At this point, I require precise market trajectory information, but I find myself unsure about the appropriate course of action.
Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
thanks for the lead, curiously searched Sharon by her full name, easily spotted her consulting page and was able to schedule a call session, she seems highly professional from her resumé
Increasing tax rates are the reason I rolled over my 300k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or strategy to keep my retirement contributions on track to my $5m goal.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner.
That's right, My advisr helped me rebalance my $2m portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions.within my tax bracket. Thanks to her guidance
I've experimented with a few over the past years, but I've stuck with ‘’SHARON CRUMP CLINE” for about five years now, and her performance has been consistently impressive.
Been doing this for about 2 years now. The system is good, feels comfortable. The UK has become very expensive over the past years though , anything from rent, food, energy to parking, cafes, pubs. I know my friends working in hospitality that back in 2008 could go out, now they can’t anymore.
Terrific Video! and after watching I can honestly say that although my 20% & 15% goes to operating my side hustle eCommerce, investments & eSavings I do feel satisfied in the way I am utilizing money. For myself (and myself only, not for everyone), being single, kids out of the house, extremely low rent in Colorado & paid off vehicles are the governing factors when it came to experiencing financial freedom. Life is easy on the way into this world and should be equally easy on the way out! Thank you Nischa, look forward to seeing more from you in the future!
Hi nischa you just fired my brains up my name is Mike and that first explanation made me regret exactly what I have been doing may Allah reward you generously It made me feel like it's too late but I will start the discipline You are a rare Gift to humanity thanks
I am fifty, and speaking from experience this spot on. I love this video, it’s articulated very well, straight to the point, zero fluff and I wish someone would have told me this in my twenties. So to all you in your twenties, this is the roadmap
I didn’t achieve financial freedom until my 40s, but I’m incredibly grateful I started investing. After facing many challenges, I now own a new home and earn $155,000 a month. God has been faithful, and my family is thriving. If this can encourage anyone-no matter your age, you can start investing today and change your future. Investing in the financial market was the best choice I made.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Her name is Jennifer Lea Jenson. You should definitely check her out. I was a bit hesitant about having someone else handle my finances at first, but I’m really happy I did.
It's amazing how history keeps repeating itself, and the urgency to prepare is definitely real! Investing can be the best decision of your financial life. I hope you've positioned for the epic bullrun.
@@geodude7116 The first one can't be emphasized enough.. Gotta pay attention to what you're eating is eating.. organic and pasture raised as much as you can.. wild caught seafood (norweign farmed salmon is good though.. they have the highest farming standards in the world for fish
I see lots of people obsessing about wathing porn and I find it funny. Watching porn or masturbation is supposed to be a free and relaxing way to enjoy yourself, I really dont get what the hype is with no doing it. If you dont plan on being in a relatiopship any timer sooner or just enjoy the single life in general, I don't a problem with watching porn at all. Yall must be losing your jobs to a mastrubation streak or some shi like that to take those kind of radical decisions lmao. Y'all tripping like crazy
Thanks for the refresher, It has always been hard for me to save , though my earning is among the 1% but I have always overspent , I had been investing in real estate but never built my stock/mutual fund portfolio which is I want to start to act now to save for the emergency fund + savings for the future. I wish I knew this when I was quite young. never bothered just enjoyed the life.
Success is inextricably linked to the choices and efforts we make in pursuit of it. Accumulating wealth, for example, often hinges on cultivating sound practices, such as consistent saving and strategic investing. Financial literacy and responsible money management are undeniably crucial, yet many tend to avoid these topics, often to their detriment down the road. My sincere hope is that everyone who encounters these words finds prosperity and fulfillment in life!
I retired at 56 by saving 35-40% in IRA & 401K between 21-55. Time Value of Money & Opportunity Cost are powerful concepts. Freedom at 56 in the U.S.A. means A LOT.
Really do recommend and suggest people try adding that 20% personal investment into their respective budgets, if they can, as a 'fun fund' if you will. As someone who's been (and to be honest continues to be) a chronic saver and probably unhealthily disciplined with finances over the last few years, having that percentage (albeit an allocation smaller than 20%) saved per month to spend without feeling guilty does make a difference. Really helps knowing everything else is taken care of but I can still treat myself and cover the 'wants', and that it's not just the needs or essentials and that's it.
Agreed. This idea of paying yourself first really works. If you invest in your future as soon as you know you can cover your basic living costs, you can take advantage of the effect of time and compounding. It also stops you wasting your money on buying 'stuff' just so you have stuff.
Must admit that "buying stuff" for the sake of having it was something I used to do a few years ago. Granted I didn't know that it was "for the sake of having it" at the time, but later on you realise it.
All my 20 percent goes toward my investments. I don’t need much to have a good time. However I do wait at the end of the year to spend at least 2 months of checks on a nice vacation. Sometimes I go on a resort in the Caribbean or just buy a new tech like the latest iPhone or watch. I’m in my 30s and I am on the right track. I want to retire early and comfortably.
THIS IS SO IMPORTANT TO START FROM DAY ONE BIT GUYS IT IS A LOT ABOUT HOW MUCH YOU MAKE, YOU CANT SAVE NOTHING, FOCUS ON MAKING AS MUCH MONEY AS POSSIBLE FIRST AS WELL AS DOING THIS
I’ve always enjoyed your videos. I wonder if you might be able to do a video for people that don’t have a home loan, have investments and have a good job and probably wasting too much money buying other stuff. Thanks again for all of your fantastic advice.
*I didn't become financially independent until I was in my late 40's, and I'm still in my 40's. In addition to having purchased my second home and earning money on a monthly basis through passive income, I've also achieved three out of five goals. I just hope this inspires someone to realize that it doesn't matter if you don't have any of these things yet, you can start today no matter your age. Change your future by investing! I made a rather big decision by investing in the financial market.*
It took me until my early 40s to really stabilize and get to a place of financial stability. Earlier in my life I was just focused on making ends meet. Being able to save money was not really feasible until later in life. I did buy a home at 27 with a rental unit. The home investment (it was a dump) took most of my spare money for a decade. But it’s a tangible assset. Now at 54 I’m in a spot where I could live frugally and retire right now. But that whole thing was a process to get to. I’ll be retiring at 56.
Great advice! But one might ask, why allow yourself more fun-now-money than invest-for-the-future money? Why not make it a 15-70-15 plan? Or a 20-65-15 plan?
Hi Nischa, This was interesting. I remember watching a previous video of yours about the intentional spending. You even provided an Excel template for it. In that video you talked about allocating your monthly budget according to a 50-30-20 distribution. In this video, you talk about 15-65-20 or if I reorder it the same way as before - 65-20-15. Can you share what changed between the old video and this one? WHy the change in distribution?
Bc it's all a clickbate. To promote whatever they're selling, and to get views for sponsors. It's just a way to make money, not a way to help YOU make money
@@arturakhmerov1359 Exactly. Lots of valuable information on youtube but by no means get confused most of it is for the content creator to make money so it's just the same stuff repeated over and over.
Is the old allocation for people that are paying off debts like credit cards and personal loans and student loans-consumer debt. And this new allocation is for people who have none of that kind of debt? Just a thought.
Here I thought the rule was 1. Do whatever it takes to get out of debt and secure an emergency fund 2. Lock down basic living expenses (property tax, grocery, gas, electricity, water, trash). 3. At least 65% of gross income toward investing. If you can't do that then the area you live is too expensive time to move. 4. Allocate a small amount of sugar money for blowing on going out or buying toys. 5. When you have a lot of money saved up, feel free to spend a few grand on a nice trip.
That doesn’t sound possible? Is this in the UK? After my tax, NI, pension deduction and student loan deduction I’m left with £3,000 a year if I invested 65% of my gross income…
I asked chatgpt about Einstein's 8th wonder quote: "It’s often attributed to Einstein, but there’s no verified record of him saying, “Compound interest is the eighth wonder of the world.” The saying likely comes from a misattribution or popular financial lore, as many people credit him with statements about the power of compound interest to highlight its impact on wealth building over time."
I'm so happy I made productive decisions about my finances that changed my life forever. I'm 51 living in Melbourne Australia, bought my new mansion in August and hoping to do more if things keep going smoothly for me..
Congratulations dear. You're really doing well for yourself, I'm 49 and my financial life is in a mess. Any great tips would really go a long way in shaping my life. I want to buy my own house, that's really a big flex
Tracy Britt Cool Consulting was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Tracy.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
I’d be retiring or working less in 5 years, curious to know how best people split their pay, how much of it goes into savings, spendings, and investments. I earn around $250k per year but nothing significant to show for it yet.
I'm quite lucky exposed to finance at early age, started full time job at 19, purchased first home 28. Going forward, got laid off 36 amid covid-outbreak and at once consulted a professional. As of today, I'm just about 10% short of $1m after 100s of thousands invested.
bravo!! retired in my 40s after inheriting money from a childless relative, traveled overseas and found a girl almost my age, happily married but only issue is how to grow and preserve our wealth... think your FA can be of help?
If you're not doing it already, I recommend maxing out your 401k contributions (or Roth 401k if eligible/available) while and for as long as you're still working. Then max out your IRA contribution (Roth if eligible - but maybe not based on income; PS - if you're not eligible for Roth IRA, your spouse might be). If you can't come up with enough to max these out, you might consider cutting back on discretionary spending.
It's amazing how history keeps repeating itself, and the urgency to prepare is definitely real, Investing can be the best decision of your financial life. I started my journey in 2021, and it has been the best choice I have made for my finances.
Wife and I are 33 with about $800k in investments, excluding home equity and rainy day funds. I've always strived to stay on top of my finances, hoping that being disciplined in my 20s would allow me/us to have more breathing room in our 40s+ but it gets hectic, should we get a partner?
My wife and i (mid 30s) just did our net worth calculation and were astonished to find out that combined we're net worth millionaires, with ~450k in retirement/investments. Years of driving 20+ year old cars with multiple shades of paint (or as i called it, "custom" paint jobs) and knocking out $170k in student loans literally paid off. To people going through the struggle, take it step by (non trademark) baby step. You'll get through it. Its worth it.
I’m 42 with $997k in my 401k. I started working full time right out of high school. I'm still with the same company. I've been in their 401k plan since I was 18. I contribute 10% and get a 4.75% company match. My f/a who isn’t very traditional taught me that compound interest is you best friend. The sooner you start, the better off you are. I didn’t feel the need to mention the roi on brokerage account used under guidance of Monica but surely get a partner.
Monica Mary Strigle is the licensed advsr I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm seeking reliable guide on stock. Does Monica Mary Strigle offer personalized recommendations? I'm overwhelmed by unsolicited talk from others and want to follow a proven expert.
I also unfortunately didn’t really start until 40. I’m very fortunate however in that I’m in a position to aggressively save and invest now for the next 25 years to have a reasonable retirement. Another trick is to pay yourself first. This really helps keep the lifestyle inflation in check!
Most of my $2m portfolio is in (20% Index funds, 20% CD's 30% Bonds/T-bills and other assets) but I want to explore different strategies for better growth with the current market, just here for ideas
This is the exact thought process of persons handling their portfolio themselves. I will advice you engage guidance to help you make smarter portfolio decisions.
I've been through the 'bonds are beating stocks' periods since the 90s with no bonds and with all aggressive stock mutual funds. Currently, my IRA and cash accounts are far more than I expected for my retirement. I can easily handle a worst-case 80% stock crash, Thanks to my CFA.
@nischa - thanks for talking us through the 15-65-20 rule. I wondered in which category should saving for/expenditure on renovations fit? Presumably the 65%? Thanks.
One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $30k of my savings in stocks this year, and I hope I make profits.
You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
Rebecca Nassar Dunne has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
I spend around... - 12% for my subscriptions, devices, insurance, transportation and electricity. - 36% Rent. - 27% Grocery. - 13% Saving. - 10% Clothes. I'm not sure if I'm doing well TBH cause I can't spend any cent on travel or vacation or any other thing that might give me a little bit of joy. But I think that's okay for now cause I pay for two.
Don't spend money on clothes, put it in your savings and cancel the subscriptions and don't upgrade your devices. They are not essential. If you want a vacation, put that money in a separate account.
@@anaalves3658 I need to save 10% of my income on clothing so I can invest in good-quality pieces that will last, like a jacket that could serve me for at least 10 years. To dress well, it’s important to have at least two of each essential item-like two pairs of pants and two pairs of shoes. Being well-dressed helps you fit into society better and can even improve financial opportunities by making it easier to build connections. Since I moved to Europe only two years ago from a country with limited resources, I still lack many basic items.
Question: under which category or % do you put Retirement annuaty, Investments , tax free savings accouts? Its not really a necessity, its not really emergency funds and its not really treating yourself?
Thanks for featuring Katherine Ann McGrath in one of your episodes. I took your advice and contacted her for investment and budgeting opportunities. The results have been incredible. Started with slightly less than $40k, and now I’ve paid off my $300k loan in 6 months. Now totally debt free with 2 paid off rentals, having no debt for the last 12 months. My stock portfolio now is way over $850k.
I don’t think it’s a coincidence that I have as well come across Katherine Ann McGrath, she’s an exceptional person and great in her field of financial services.
This is an impressive achievement. How can I look up the stated expert? I plan on setting my finances on an autopilot till the second quarter of the year.
Can you make a series about money management that acknowledges that the wealthiest 1% should not be glorified in any way? Like why are we trying to emulate criminals?
Building an emergency fund takes time, to save 1 months expenses may take four or five months, so be aware that saving for a fully funded 6 month emergency fund will probably take three or four years (if no emergency arises during this time, partially emptying your fund). This point is never fully explained, and means that progress on improving ones' situation can feel very slow, even though every penny in the emergency fund is essentially changing potential disasters into simple difficulties.
Hi Nischa. Great work thanks. Raymond from Uganda. Which category would you put things like contribution to friends' wedding meetings, donations or even tithe?
I liked this. However it needs to emphasise more that the 65% is a target cap. For some their necessary spend may be more than 65% (eg lower paid; cost of living rises etc) and so the remainder after necessary spend should then be split 15:20 between reserve and leisure.
Good advice. I’m just a little bit confused by the 15%. How can Janet’s emergency fund also be an investment fund ‘untouched for twenty years’? Surely you need immediate access to that money in case of emergency.
I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I’m just here for ideas
I like the idea of this strategy and that it suits any income. But where do costs associated with children fall? Clothes, schooling etc obviously in the 65% but what about their leisure costs? Do they come out of my (our) 20%? Or is there a different ratio strategy? Maybe I (we) should allocate them some money (from my (our) 65%) and apply the same rule to help them manage money early?
Something to consider is if your investment align with your ethics and world view or not. If you’re passively investing with only returns in mind you might be contributing to furthering causes/businesses/industries that you normally wouldn’t support. Do you have any tips on making investments that both align with your financial goals and your personal values?
A lot of fraud happening though. A game has been created with winners and losers and the 1% hold the manual to the game, and the back door keys too. Have you seen "Dumb money"? They call these people dumb, and the way they make money or currency should I say, the 1% makes dumb money and it always has to come from somewhere or someone that loses out. Thanks for sharing, you're very clued up and give good advice
Still waiting for the video about forex/futures traders in the UK, what’s best approach when it comes to taxes, what type of company and so on, especially when you trade other people’s money (prop firms), basically being a contractor.
Love this! 💸 The '15/65/20 system' sounds like the perfect blueprint for financial freedom-saving smart, spending wisely, and still having fun! 🥳💰 Who's ready to level up their money game? Must watch
Hi Nischa , Thanks for all your videos. It is really helpful.😊 I have tried few ways like print on demand and dropshipping to make money to support my ambiton but nothing worked. Can you please make a video on booming passive income ideas for students in 2025 ?
I just turned 49 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $500k
Personally, I would say have a mentor. Not sure where you will get an experienced one, but if your knowledge of the market is limited, it seems like a good bet.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can I participate in this? I sincerely aspire to establish a secure financlal future and i'm eager to participate. Who is the driving force behind your success?
I'm very cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like Judith Lynn Staufer I've worked with her for some years and highly recommend her. Check if she meets your criteria.
Surely like for like for Janet and Mike would be 10k for 20 years versus 20k for 10 years. Lumps sum versus drip feed not the same. Very interesting details though. Or maybe difference between lump sum and regular investment.
Not sure I like this ratio better than the standard 50/30/20… and I would venture to say keeping expenses down and savings and play up will offer better preparation and enjoyment. I think this caters to people who like to buy expensive things and those become necessities, such as the large expensive house and car. Perhaps the 1% can get by saving a lower percentage because their incomes overall are higher.. the logic is the same behind either ratio, I just don’t necessarily agree with the ratio. If however, you make a lower income and because of the cost of necessities, your bills are more than 50% of your income, then incorporating both a lower spend and savings rate could be beneficial to get and stay on the wealth development bandwagon. Also, personally, I feel if I make more, I will not increase the amount for my necessities and spending, but rather refigure for a higher savings rate as my other spending remains the same. Not sure I can get on with these recommendations.
Excellent advice. But how does this apply to (single) people who work at minimum wage with a kid or two or even three? In other words, who would be doing these minimum-wage jobs if everyone built a business? Or why can't the minimum wage be three or four times more per hour so millions more people would have more disposable income to save and invest? Take a look at “The Working Poor | The Price of the American Dream”documentary on here
What prompted you to buy the black caviar and lambskin bags? Also, do you think they are different enough? I ask this question because I have the caviar bag, but always want to buy the black lambskin bag. I try to explain that because I also have the black lambskin square mini bag. Recently I was going to buy this one a *gtdupe* because it is very cheap.
thats very interesting im curious. where would you put some health stuff like seeing a chiropractor or psychologist ? in the invest in yourself part or fundamentals expense 🤔
👉🏽 My free masterclass (limited spots left!): nischa.me/masterclass10
interesting
FYI the link in your description for this masterclass isn’t working (submit button not working). This link in the comments allows you to “submit” but doesn’t go past the loading wheel.
Also didn't work for me, the countdown just led to a frozen screen.
Accent is 😍
This compares Apples with Oranges. If Mike invests 20k at age 40 he will get ~ 35k. Would still show the power of compound interest. 😉
Here are some simple things that completely transformed my life:
1. I took full responsibility for my life and stopped blaming others
2. I read books on Mindbloomery (all of them)
3. I stopped telling myself: 'I'll do it tomorrow'
4. I learned to value time as much as money
Clear mind and great mental well-being make everything possible.
Thanks for reminding me about this concept.
Mindset is definitely our best asset.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
impressive gains! how can I get your advlsor please, if you dont mind me asking? I could really use a help as of now
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Amen
thanks for the tips, I read the book on how to attract money and learned amazing techniques there
But where do people find this information from books? It’s unreal that I haven’t known this until now
Where can i find that book
@ i bought on vexolist i think its limited sale
@@simimajmun6113 Whats the name?
After about 1 year of improving my personal finances, largely with the help of this channel, I can confirm that saving 10-20% of my monthly income has made me much more relaxed. I recently had to undergo expensive dental operation. A year ago this would have ruined my finances, but today it's just "Damn, there goes most of my savings... but it will not ruin me, and anyway this is what I was saving for: unseen expenses."
Every month i save also some money for my dentist: to deepclean my teeth twice a year, to check them once a year
This is a wonderful tutorial. I am 60 and started investing in a 401(k) in 1989. I have saved (and earned interest on that savings) to the point when I can retire today without worry. Had I not taken the steps prescribed in this video, I’d be much less prepared for life after career.
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Nobody knows anything You need to create your own process, manage risk and stick to the plan, through thick or thin While also continuously learning from mistakes and improving.
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Love the 15/65/20 system! It’s a simple yet effective way to balance savings, essential expenses, and personal enjoyment. Building an emergency fund and investing early with compound interest is key to long-term wealth. Great advice for anyone looking to manage their money like the 1%!
I watched this video a month ago and loved the idea. Talked my wife into it. So we are gradually getting there.
Started with 6 - 82 - 12 and it feels great. We have been together almost 20 years and always gone from paycheck to paycheck even though our income has more than doubled in that time.
Baby steps.
Thanks for your videos!
PS: not sure if pension counts in the first part, then we are on 18 - 70 - 12
Great fondation advice to building wealth and a secure life! I did this for 33 years with boring low cost mutual funds and now I'm retired and secure.
This lesson in compound interest at 2:08 is excellent and what young investors need to see to encourage them to start saving early, thanks for putting this in a nice format like this!
My wife and I have just over $10M, and we're in our late 50s. What I learned from Nischa's video is that we're not spending enough, although we spend around $20k a year on domestic and international trips. We love fine restaurants and travel! We don't own a lot of material things, just high-quality things used for our travels. We started saving AND aggressively investing in our mid-20s, about 40% of our compensation and never took our foot off the gas pedal of investing aggressively, through market lows and highs (just after the lows is when we made the most on our investments, just as Warren Buffet said we would do). Good luck everyone. Keep learning about finance, I still do even though we're quite comfortable because the "game" is fun.
Waow 👏 You're an inspiration
Wow, well done. Congratulations!
@@briankimotho5622 Thank you! Best wishes to you!
@@RalphNardell Best wishes to you and thanks!
I only wish the best for my fellow investors!
" It's not about how much you make, it's about how you manage what you make." Truer words have never been said
Having an emergnecy fund is great, but it's worth looking to see if you can also obtain some insurance for your income that would pay out if you were to fall sick. Having an emergency fund allows you to defers the point at which you would have to claim on this insurance, which makes it much more affordable. If you have children, both parents should have life insurance in case the other dies and one of you can't work as much due to childcare responsibilities.
Yes, especially the father.
I am so grateful I found your videos in my 30s! I’ve opened up a S&S ISA, a LISA and I plan to open junior SIPPS and JISAs for my kids to set them up for life.
Fantastic breakdown of the 15/65/20 system! For those starting out, a helpful tip is to use budgeting apps to track expenses and automate savings, which can make sticking to this system much easier. Also, as you mentioned, maximizing contributions to employer-matched retirement accounts or tax-advantaged accounts like a Roth IRA is a game-changer. Thank you for sharing your knowledge!
Thanks Mate, the sad truth is that no one has a clue, we all react to what happens as it happens and try to analyze it but can’t predict an iota of what is going to unfold in the markets… content creators are like amplifiers, when times are good they affirm it and try to tell you why it’s good and that it’s looking bullish but then all of a sudden the market turns bearish and everyone affirms it again and try to analyze why
@@harleybrian-i7s Could you kindly elaborate on the advisor's background and qualifications?
have seen so many financial influencers but I genuinely find your videos helpful and calming too !
I am really bad with money management , been following your channel for quite a while. I plan to implement these principles once i am done paying by credit card debt. 👍🏼
I feel you. Don't give up!
Hey! Can I reframe this for you please?
You are managing your money well by paying off your credit card debt. Lots of people are just racking up more!
You’re also looking into future positive money management techniques - that’s all great stuff! Sending some good vibes your way 💫
I appreciate your commitment to guiding others toward financial success. We all strive for security and a better quality of life, and this can be achieved through smart investments, mindful spending, and effective budgeting. I'm thankful I discovered the value of hard work and financial independence early on in my journey.
Even though I engage in investing, I feel disheartened by my lack of expertise in assessing the performance of individual companies and determining the optimal timing for stock purchases. The erosion of my financial reserves due to inflation adds to my concerns. At this point, I require precise market trajectory information, but I find myself unsure about the appropriate course of action.
Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
Could you possibly recommend a CFA you've consulted with?
Credits goes to “Sharon Ann Meny” one of the finest portfolio managers in the field. She's widely recognised; you should take a look at her work.
thanks for the lead, curiously searched Sharon by her full name, easily spotted her consulting page and was able to schedule a call session, she seems highly professional from her resumé
Increasing tax rates are the reason I rolled over my 300k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or strategy to keep my retirement contributions on track to my $5m goal.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner.
That's right, My advisr helped me rebalance my $2m portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions.within my tax bracket. Thanks to her guidance
Can you share details of your advis0r?
I've experimented with a few over the past years, but I've stuck with ‘’SHARON CRUMP CLINE” for about five years now, and her performance has been consistently impressive.
Been doing this for about 2 years now. The system is good, feels comfortable. The UK has become very expensive over the past years though , anything from rent, food, energy to parking, cafes, pubs. I know my friends working in hospitality that back in 2008 could go out, now they can’t anymore.
Terrific Video! and after watching I can honestly say that although my 20% & 15% goes to operating my side hustle eCommerce, investments & eSavings I do feel satisfied in the way I am utilizing money. For myself (and myself only, not for everyone), being single, kids out of the house, extremely low rent in Colorado & paid off vehicles are the governing factors when it came to experiencing financial freedom. Life is easy on the way into this world and should be equally easy on the way out! Thank you Nischa, look forward to seeing more from you in the future!
Hi nischa you just fired my brains up my name is Mike and that first explanation made me regret exactly what I have been doing may Allah reward you generously
It made me feel like it's too late but I will start the discipline
You are a rare Gift to humanity thanks
I am fifty, and speaking from experience this spot on. I love this video, it’s articulated very well, straight to the point, zero fluff and I wish someone would have told me this in my twenties.
So to all you in your twenties, this is the roadmap
I didn’t achieve financial freedom until my 40s, but I’m incredibly grateful I started investing. After facing many challenges, I now own a new home and earn $155,000 a month. God has been faithful, and my family is thriving. If this can encourage anyone-no matter your age, you can start investing today and change your future. Investing in the financial market was the best choice I made.
How do you make so much in a month?mind sharing?
through investing
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Her name is Jennifer Lea Jenson. You should definitely check her out. I was a bit hesitant about having someone else handle my finances at first, but I’m really happy I did.
It's amazing how history keeps repeating itself, and the urgency to prepare is definitely real! Investing can be the best decision of your financial life. I hope you've positioned for the epic bullrun.
What's the best way to begin, and how long until it starts yielding profits?
3 things that helped me and literally changed my life
1. I stopped watching porn
2. I read books on Borlest (for money)
3. Stop drinking
were you already exercising regularly? That's usually an ingredient for these types of transformations.
Congratulations bro 🙏🏽
3 things that most significantly changed my life are eating quality clean food, exercising, and almost no social media.
@@geodude7116 The first one can't be emphasized enough.. Gotta pay attention to what you're eating is eating.. organic and pasture raised as much as you can.. wild caught seafood (norweign farmed salmon is good though.. they have the highest farming standards in the world for fish
I see lots of people obsessing about wathing porn and I find it funny. Watching porn or masturbation is supposed to be a free and relaxing way to enjoy yourself, I really dont get what the hype is with no doing it. If you dont plan on being in a relatiopship any timer sooner or just enjoy the single life in general, I don't a problem with watching porn at all. Yall must be losing your jobs to a mastrubation streak or some shi like that to take those kind of radical decisions lmao. Y'all tripping like crazy
Thanks for the refresher, It has always been hard for me to save , though my earning is among the 1% but I have always overspent , I had been investing in real estate but never built my stock/mutual fund portfolio which is I want to start to act now to save for the emergency fund + savings for the future. I wish I knew this when I was quite young. never bothered just enjoyed the life.
Success is inextricably linked to the choices and efforts we make in pursuit of it. Accumulating wealth, for example, often hinges on cultivating sound practices, such as consistent saving and strategic investing. Financial literacy and responsible money management are undeniably crucial, yet many tend to avoid these topics, often to their detriment down the road. My sincere hope is that everyone who encounters these words finds prosperity and fulfillment in life!
A key take away here is to TAKE ACTION! great video Nischa 👏🏽
I retired at 56 by saving 35-40% in IRA & 401K between 21-55.
Time Value of Money & Opportunity Cost are powerful concepts.
Freedom at 56 in the U.S.A. means A LOT.
Really do recommend and suggest people try adding that 20% personal investment into their respective budgets, if they can, as a 'fun fund' if you will. As someone who's been (and to be honest continues to be) a chronic saver and probably unhealthily disciplined with finances over the last few years, having that percentage (albeit an allocation smaller than 20%) saved per month to spend without feeling guilty does make a difference. Really helps knowing everything else is taken care of but I can still treat myself and cover the 'wants', and that it's not just the needs or essentials and that's it.
Agreed. This idea of paying yourself first really works. If you invest in your future as soon as you know you can cover your basic living costs, you can take advantage of the effect of time and compounding. It also stops you wasting your money on buying 'stuff' just so you have stuff.
Must admit that "buying stuff" for the sake of having it was something I used to do a few years ago. Granted I didn't know that it was "for the sake of having it" at the time, but later on you realise it.
All my 20 percent goes toward my investments. I don’t need much to have a good time. However I do wait at the end of the year to spend at least 2 months of checks on a nice vacation. Sometimes I go on a resort in the Caribbean or just buy a new tech like the latest iPhone or watch. I’m in my 30s and I am on the right track. I want to retire early and comfortably.
THIS IS SO IMPORTANT TO START FROM DAY ONE BIT GUYS IT IS A LOT ABOUT HOW MUCH YOU MAKE, YOU CANT SAVE NOTHING, FOCUS ON MAKING AS MUCH MONEY AS POSSIBLE FIRST AS WELL AS DOING THIS
This video was super helpful and I love all the visuals. Thank you! I’m definitely going to implement this into my budgeting style.
I’ve always enjoyed your videos. I wonder if you might be able to do a video for people that don’t have a home loan, have investments and have a good job and probably wasting too much money buying other stuff. Thanks again for all of your fantastic advice.
*I didn't become financially independent until I was in my late 40's, and I'm still in my 40's. In addition to having purchased my second home and earning money on a monthly basis through passive income, I've also achieved three out of five goals. I just hope this inspires someone to realize that it doesn't matter if you don't have any of these things yet, you can start today no matter your age. Change your future by investing! I made a rather big decision by investing in the financial market.*
Caught this video on time because my part time job is hiring me full time and they are giving me a raise. I need to organize my funds 🎉
Love the color theme of 4RA, it’s so catchy and vibrant! Eye-candy bhi, money-candy bhi.
Very good information. I am not sure I’ve ever heard of this method before. But, I am definitely going to give it a try. Thank you and God Bless!
It took me until my early 40s to really stabilize and get to a place of financial stability. Earlier in my life I was just focused on making ends meet. Being able to save money was not really feasible until later in life. I did buy a home at 27 with a rental unit. The home investment (it was a dump) took most of my spare money for a decade. But it’s a tangible assset. Now at 54 I’m in a spot where I could live frugally and retire right now. But that whole thing was a process to get to. I’ll be retiring at 56.
Nisha thank you so much for these great tips. Very helpful! I will be definitely joining your free master class ☺️
I have seen so many financial influencers but I genuinely find your videos helpful and calming too and plus you are so pretty!!
I learned so much. I think I will try these money management tips!
Chapters
00:00:00 - Key Money Management
00:01:08 - Emergency Fund Importance
00:02:06 - Power of Compound Interest
00:03:20 - Workplace Retirement Plans
00:04:03 - Tax-Advantaged Accounts
00:04:48 - Investing in Passive Funds
00:06:46 - Managing Fundamental Expenses
00:08:27 - Guilt-Free Spending
00:10:03 - Conclusion & Recap
Great advice! But one might ask, why allow yourself more fun-now-money than invest-for-the-future money? Why not make it a 15-70-15 plan? Or a 20-65-15 plan?
Hi Nischa,
This was interesting.
I remember watching a previous video of yours about the intentional spending. You even provided an Excel template for it. In that video you talked about allocating your monthly budget according to a 50-30-20 distribution.
In this video, you talk about 15-65-20 or if I reorder it the same way as before - 65-20-15.
Can you share what changed between the old video and this one? WHy the change in distribution?
YEAH! @Nischa hmm hmmm waiting!
Love how serious her viewers are.
Bc it's all a clickbate. To promote whatever they're selling, and to get views for sponsors. It's just a way to make money, not a way to help YOU make money
@@arturakhmerov1359 Exactly. Lots of valuable information on youtube but by no means get confused most of it is for the content creator to make money so it's just the same stuff repeated over and over.
Is the old allocation for people that are paying off debts like credit cards and personal loans and student loans-consumer debt. And this new allocation is for people who have none of that kind of debt? Just a thought.
Here I thought the rule was
1. Do whatever it takes to get out of debt and secure an emergency fund
2. Lock down basic living expenses (property tax, grocery, gas, electricity, water, trash).
3. At least 65% of gross income toward investing. If you can't do that then the area you live is too expensive time to move.
4. Allocate a small amount of sugar money for blowing on going out or buying toys.
5. When you have a lot of money saved up, feel free to spend a few grand on a nice trip.
That doesn’t sound possible? Is this in the UK? After my tax, NI, pension deduction and student loan deduction I’m left with £3,000 a year if I invested 65% of my gross income…
Before I watched this video I thought the 65% is for investing 😊
15 for basic survival
20 for spending on enjoyment
65% investing? Okay 😂
@@BigPhil2024 👏👏
Had a question about a game, and 4ra's support was right there, super quick! 🕒🙌
I asked chatgpt about Einstein's 8th wonder quote: "It’s often attributed to Einstein, but there’s no verified record of him saying, “Compound interest is the eighth wonder of the world.” The saying likely comes from a misattribution or popular financial lore, as many people credit him with statements about the power of compound interest to highlight its impact on wealth building over time."
I'm so happy I made productive decisions about my finances that changed my life forever. I'm 51 living in Melbourne Australia, bought my new mansion in August and hoping to do more if things keep going smoothly for me..
Congratulations dear. You're really doing well for yourself, I'm 49 and my financial life is in a mess. Any great tips would really go a long way in shaping my life. I want to buy my own house, that's really a big flex
Tracy Britt Cool Consulting was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Tracy.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
How can i reach this Tracy Britt Cool Consulting, if you don't mind me asking? I've known her by her reputation at Berkshire Hathaway
Her name is Tracy Britt Cool Consulting.
I’d be retiring or working less in 5 years, curious to know how best people split their pay, how much of it goes into savings, spendings, and investments. I earn around $250k per year but nothing significant to show for it yet.
I'm quite lucky exposed to finance at early age, started full time job at 19, purchased first home 28. Going forward, got laid off 36 amid covid-outbreak and at once consulted a professional. As of today, I'm just about 10% short of $1m after 100s of thousands invested.
bravo!! retired in my 40s after inheriting money from a childless relative, traveled overseas and found a girl almost my age, happily married but only issue is how to grow and preserve our wealth... think your FA can be of help?
If you're not doing it already, I recommend maxing out your 401k contributions (or Roth 401k if eligible/available) while and for as long as you're still working. Then max out your IRA contribution (Roth if eligible - but maybe not based on income; PS - if you're not eligible for Roth IRA, your spouse might be).
If you can't come up with enough to max these out, you might consider cutting back on discretionary spending.
For me, there is no difference between the original and the imitation, so I choose to buy it cheaper *gtdupe*
250k a year, buy yourself an apartment building......6 unit.....
It's amazing how history keeps repeating itself, and the urgency to prepare is definitely real, Investing can be the best decision of your financial life. I started my journey in 2021, and it has been the best choice I have made for my finances.
What's the best way to begin, and how long until it starts yielding profits?
Wife and I are 33 with about $800k in investments, excluding home equity and rainy day funds. I've always strived to stay on top of my finances, hoping that being disciplined in my 20s would allow me/us to have more breathing room in our 40s+ but it gets hectic, should we get a partner?
My wife and i (mid 30s) just did our net worth calculation and were astonished to find out that combined we're net worth millionaires, with ~450k in retirement/investments. Years of driving 20+ year old cars with multiple shades of paint (or as i called it, "custom" paint jobs) and knocking out $170k in student loans literally paid off. To people going through the struggle, take it step by (non trademark) baby step. You'll get through it. Its worth it.
I’m 42 with $997k in my 401k. I started working full time right out of high school. I'm still with the same company. I've been in their 401k plan since I was 18. I contribute 10% and get a 4.75% company match. My f/a who isn’t very traditional taught me that compound interest is you best friend. The sooner you start, the better off you are. I didn’t feel the need to mention the roi on brokerage account used under guidance of Monica but surely get a partner.
Who is this person you work with ? Monica ? Can I get a phone number?
Monica Mary Strigle is the licensed advsr I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm seeking reliable guide on stock. Does Monica Mary Strigle offer personalized recommendations? I'm overwhelmed by unsolicited talk from others and want to follow a proven expert.
I also unfortunately didn’t really start until 40. I’m very fortunate however in that I’m in a position to aggressively save and invest now for the next 25 years to have a reasonable retirement. Another trick is to pay yourself first. This really helps keep the lifestyle inflation in check!
ya. check out aubrey de grey to get more life
I am impressed with your update on these stocks, now my question is which is best to buy at this time. I have some liquid assets to diversify.
Most of my $2m portfolio is in (20% Index funds, 20% CD's 30% Bonds/T-bills and other assets) but I want to explore different strategies for better growth with the current market, just here for ideas
This is the exact thought process of persons handling their portfolio themselves. I will advice you engage guidance to help you make smarter portfolio decisions.
I've been through the 'bonds are beating stocks' periods since the 90s with no bonds and with all aggressive stock mutual funds. Currently, my IRA and cash accounts are far more than I expected for my retirement. I can easily handle a worst-case 80% stock crash, Thanks to my CFA.
Please, how can I reach this expert? I need someone to help me manage my portfolio
“Sonya Lee Mitchell” is based in the U.S. but works with clients everywhere. You can find more info about her online.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
@nischa - thanks for talking us through the 15-65-20 rule. I wondered in which category should saving for/expenditure on renovations fit? Presumably the 65%? Thanks.
I’m in love 😻 that accent and beautiful skin color 🔥
One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $30k of my savings in stocks this year, and I hope I make profits.
You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
Could you possibly recommend a CFA you've consulted with?
Rebecca Nassar Dunne has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Brilliant content - you are a natural presenter. Well done.
Yet another no nonsense video 😍
Very disciplined way to approach money
I spend around...
- 12% for my subscriptions, devices, insurance, transportation and electricity.
- 36% Rent.
- 27% Grocery.
- 13% Saving.
- 10% Clothes.
I'm not sure if I'm doing well TBH cause I can't spend any cent on travel or vacation or any other thing that might give me a little bit of joy. But I think that's okay for now cause I pay for two.
You’re not doing well until you have a significant % going to retirement and savings.
Don't spend money on clothes, put it in your savings and cancel the subscriptions and don't upgrade your devices. They are not essential. If you want a vacation, put that money in a separate account.
@@anaalves3658 I need to save 10% of my income on clothing so I can invest in good-quality pieces that will last, like a jacket that could serve me for at least 10 years. To dress well, it’s important to have at least two of each essential item-like two pairs of pants and two pairs of shoes. Being well-dressed helps you fit into society better and can even improve financial opportunities by making it easier to build connections.
Since I moved to Europe only two years ago from a country with limited resources, I still lack many basic items.
10% on clothes? Say rent is 1800, are you spending 500 on clothes each month?
@@meg7578 no, something less than 300 euros for two person.
Question: under which category or % do you put Retirement annuaty, Investments , tax free savings accouts? Its not really a necessity, its not really emergency funds and its not really treating yourself?
Been with 4RA for months now, their fair play is why I keep coming back.
Thanks for featuring Katherine Ann McGrath in one of your episodes. I took your advice and contacted her for investment and budgeting opportunities. The results have been incredible. Started with slightly less than $40k, and now I’ve paid off my $300k loan in 6 months. Now totally debt free with 2 paid off rentals, having no debt for the last 12 months. My stock portfolio now is way over $850k.
Just another similar commendation on her expertise, I saw the interview and immediately I knew she was financially intellectual as said.
I don’t think it’s a coincidence that I have as well come across Katherine Ann McGrath, she’s an exceptional person and great in her field of financial services.
This is an impressive achievement. How can I look up the stated expert? I plan on setting my finances on an autopilot till the second quarter of the year.
Her website ranks top, you can as well see her certifications and years of expertise on SEC and FINRA broker check.
Can you make a series about money management that acknowledges that the wealthiest 1% should not be glorified in any way? Like why are we trying to emulate criminals?
Hi Nischa,
It was very informative. But you did not address what % should go to investments. Can you please suggest that as well.
Building an emergency fund takes time, to save 1 months expenses may take four or five months, so be aware that saving for a fully funded 6 month emergency fund will probably take three or four years (if no emergency arises during this time, partially emptying your fund). This point is never fully explained, and means that progress on improving ones' situation can feel very slow, even though every penny in the emergency fund is essentially changing potential disasters into simple difficulties.
Good one Nischa .
Keep up your good work
Hi Nischa. Great work thanks. Raymond from Uganda. Which category would you put things like contribution to friends' wedding meetings, donations or even tithe?
I liked this. However it needs to emphasise more that the 65% is a target cap. For some their necessary spend may be more than 65% (eg lower paid; cost of living rises etc) and so the remainder after necessary spend should then be split 15:20 between reserve and leisure.
I have to watch your video twice to understand it because the first time i keep admiring you and the second time i listen what yous say
Her videos are full of valuable information, but honestly I could watch them even if I was deaf, just because she’s so gorgeous 😅
And saving for holidays and travels? Which is your advice about it?
It's a good thing that you give such good information in your videos. (I would still listen to you if you were talking about chalk).
Good advice. I’m just a little bit confused by the 15%. How can Janet’s emergency fund also be an investment fund ‘untouched for twenty years’? Surely you need immediate access to that money in case of emergency.
I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I’m just here for ideas
Beautiful message. Beautiful hair.
I like the idea of this strategy and that it suits any income. But where do costs associated with children fall? Clothes, schooling etc obviously in the 65% but what about their leisure costs? Do they come out of my (our) 20%? Or is there a different ratio strategy? Maybe I (we) should allocate them some money (from my (our) 65%) and apply the same rule to help them manage money early?
Something to consider is if your investment align with your ethics and world view or not. If you’re passively investing with only returns in mind you might be contributing to furthering causes/businesses/industries that you normally wouldn’t support. Do you have any tips on making investments that both align with your financial goals and your personal values?
A lot of fraud happening though. A game has been created with winners and losers and the 1% hold the manual to the game, and the back door keys too. Have you seen "Dumb money"? They call these people dumb, and the way they make money or currency should I say, the 1% makes dumb money and it always has to come from somewhere or someone that loses out. Thanks for sharing, you're very clued up and give good advice
Thank you! Very helpful!🙏🏄🌅
Still waiting for the video about forex/futures traders in the UK, what’s best approach when it comes to taxes, what type of company and so on, especially when you trade other people’s money (prop firms), basically being a contractor.
love how this factors in joy
Well done, I'm learning!!
Love this! 💸 The '15/65/20 system' sounds like the perfect blueprint for financial freedom-saving smart, spending wisely, and still having fun! 🥳💰 Who's ready to level up their money game? Must watch
I keep coming back to 4ra for the crisp and clear graphics, feels like a video game 🎮👾
Hi Nischa ,
Thanks for all your videos. It is really helpful.😊
I have tried few ways like print on demand and dropshipping to make money to support my ambiton but nothing worked.
Can you please make a video on booming passive income ideas for students in 2025 ?
The way your hair jumps out from one take to the other got me a couple of times😂😅
I love the opening statement Nischa! Great video, I always learn something every time! 🙏💯
I pay myself first now, and let the fear of not being able to pay the rest of my bills, motivate me to make more money. Scary, but worth it over time.
I just turned 49 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $500k
Personally, I would say have a mentor. Not sure where you will get an experienced one, but if your knowledge of the market is limited, it seems like a good bet.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can I participate in this? I sincerely aspire to establish a secure financlal future and i'm eager to participate. Who is the driving force behind your success?
I'm very cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like Judith Lynn Staufer I've worked with her for some years and highly recommend her. Check if she meets your criteria.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Surely like for like for Janet and Mike would be 10k for 20 years versus 20k for 10 years. Lumps sum versus drip feed not the same. Very interesting details though. Or maybe difference between lump sum and regular investment.
Not sure I like this ratio better than the standard 50/30/20… and I would venture to say keeping expenses down and savings and play up will offer better preparation and enjoyment. I think this caters to people who like to buy expensive things and those become necessities, such as the large expensive house and car. Perhaps the 1% can get by saving a lower percentage because their incomes overall are higher.. the logic is the same behind either ratio, I just don’t necessarily agree with the ratio. If however, you make a lower income and because of the cost of necessities, your bills are more than 50% of your income, then incorporating both a lower spend and savings rate could be beneficial to get and stay on the wealth development bandwagon. Also, personally, I feel if I make more, I will not increase the amount for my necessities and spending, but rather refigure for a higher savings rate as my other spending remains the same. Not sure I can get on with these recommendations.
In the states, health care costs should be part of the 15c.
Excellent advice. But how does this apply to (single) people who work at minimum wage with a kid or two or even three? In other words, who would be doing these minimum-wage jobs if everyone built a business? Or why can't the minimum wage be three or four times more per hour so millions more people would have more disposable income to save and invest?
Take a look at “The Working Poor | The Price of the American Dream”documentary on here
What prompted you to buy the black caviar and lambskin bags? Also, do you think they are different enough? I ask this question because I have the caviar bag, but always want to buy the black lambskin bag. I try to explain that because I also have the black lambskin square mini bag. Recently I was going to buy this one a *gtdupe* because it is very cheap.
thats very interesting
im curious. where would you put some health stuff like seeing a chiropractor or psychologist ? in the invest in yourself part or fundamentals expense 🤔
This is huge Nischa , thanks.