How To STOP Living Paycheck to Paycheck
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- Опубліковано 9 вер 2024
- In this video I will teach you 4 steps to stop living paycheck to paycheck.
Stop Living Paycheck To Paycheck! Once you do so, it will allow you to plan your financial goals around long-term objectives rather than short-term ones. For example, “How much am I saving for retirement” vs. “Can I afford groceries this week”.
Here are some not-so-fun facts about living paycheck to paycheck.
According to the 2017 survey, CareerBuilder, a leading job site, found some startling statistics related to debt, budgeting and making ends meet.
For example, here are some findings from the survey:
- Nearly one in 10 workers making $100,000+ live paycheck to paycheck
- More than 1 in 4 workers do not set aside any savings each month
- Nearly 3 in 4 workers say they are in debt - and more than half think they always will be
- More than half of minimum wage workers say they have to work more than one job to make ends meet
- 28% of workers making $50,000-$99,999 usually or always live paycheck to paycheck, and 70% are in debt
The survey also found that 32% of the nearly 3,500 full-time workers surveyed use a budget and only 56% save $100 or less a month.
Financial Samurai Article:
www.financials...
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My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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started the year with 24k in debt. Me and my wife were totally fed up with all our extra money going to debt. only 4500 left to go! never again!
ImVeryBrad what was your debt because I am in the same situation
@@carlosrosete3344 it was a combination of things but I was a line of credit at about 7% interest rather than having it on a credit card. It built up over the years after our first child and the mat leave money dried up. It can be a big change to what you are used to. In our case we didn't adjust our spending enough. Once you get up to that 20k mark it's really hard to get it back down. Fortunately I make really good money and have lots of opportunity to get overtime. So it's been about 4 years we've had money on the credit line and we were both ready to be done with it forever. Takes alot of team work, patience and dedication. But you can do it man. Get mad at that debt and get it gone for good
@@ImVeryBrad Very inspiring! When we were young, we would literally spend my entire paycheck on going out to dinner almost every night (we both worked and got home tired and late). It was fun, it was exciting, it was having a date and a party with the person you love all the time. But it also meant no savings for emergencies, no savings for our old age (which we thought was a million years away), and let's face it... just plain crazy to spend one spouses paycheck on nothing but entertainment!
That all changed when we bought our house (wow! that was an eye opener!), then changed again when we had a child (the other eye opened then!!).
We learned life wasn't just to party, just to be together, just to do something until something else came up, but to grow and change and struggle and sacrifice for the right reasons, and ultimately... to flourish.
@@RoadsofLife how we change as we get older 😁 good luck to you and your family
ImVeryBrad my friend I’m also navigating The Valley of debt. Would you please share with me your recipe to rid of debt? Forever grateful and humble to you
as a 17 year old, it is quite great to invest my time into learning these type of things they never bother to teach in school
A- Goat you lucky with UA-cam and shit didn’t have that shit when I was your age.
Behailu Meshesha Isn’t that the truth!!
same here
man, wish I knew what i didn't know when I was your age, Kid. Keep at it!.. you'll be a millionaire by the time you get to your 30s or earlier.
@@behailumeshesha4210 true shitt
Jokes on you I'm living direct deposit to direct deposit.
🤣🤣🤣 great comment
David Soto 😱😱😱😱😂😂😂😂😂😂....No one is beating that come back.
Yo 😂😂😂😂 perfect
😂🤣
David Soto 😂😂😂
I’m 30 and started my financial journey six months ago and finally, yesterday I have saved up $1,000 in my emergency Fund. That’s the most I have ever saved and I’m proud I was consistent and stuck with my plan. I listen to Dave Ramsey a lot, so now I put my emergency Fund on pause and now work on my stupid debt like my credit cards and car then student loans!
I stopped shopping for clothes, accessories and stupid things like that. I only buy my essentials and things I NEED. After I stopped my crazy spending on clothes and bullshit I felt like I actually got a raise and my money was going towards things it needed to go to!
Candice Dodd i can feel that happiness ..well done since i know how hard it is to save 1k$ s
Awesome! I started Dave's plan in January, it has changed my life and i hope it can do the same for you!
👏 yes and every penny counts
Good for you..You are on your way to financial freedom (I quite like the FIRE Movement and wish I knew that in my 20's)...Now I am starting my New Year with a No Buy Year for 2020 & only allowing myself to buy anything for replacement of necessities item only(only what I Need)..
I am interested in what this no spend 2020 is all about? How can I apply these things to my life I have 5 kids ages 4 months-14 years old
Learn more on UA-cam than I ever learned in grade school
cooking at home and stop going to mall weekly would save you a lots of money.
true
so true ! i need to start doing that i think i have an addiction of going to stores and buying clothes :/
What’s a mall?
Thousands of dollars in savings. But people like to pay high prices diet programs drive the latest cars and other nonsense. Or some one a son or daughter is dependent on them as well
Now this is what they need to teach in high school !
Agreed
I think the economy wouldn't be as booming as it is If children learned to save money haha so maybe they don't teach it for a reason but i'm just being foolish
Amen 👏🏾💯
I’m 17, I just dropped out of college and started a full time job. I earn about a grand a month and I’m realising how easy it is to spend money. The world is full of things that make you want to empty your pockets, ive bought a phone that I didn’t really need, tons of clothes from online stores etc. Now I’m trying to plan for my future, as I know in 10 years time, this iPhone XR in my hands won’t matter at all but the money that I used to buy it could’ve made a difference if I used it in a better way. Watching your videos is helping me understand how to handle my money and how to invest so I thank you for your consistency and clear deliverance.
White people are predominantly in debt
Go back to college fr I regret dropping out
Was 60k in student loans. Moved home and it's now down to 3k in just 3 years. Sucks I can't spend my paycheck but I'll be done very soon. Then it will be saving for a house
You're lucky you had your parents to fall back on.
@@Roch10Family Good point. I know lots of people for whatever reason just don't take time after High School and buy into the "must go to fancy college". Literally, you can work after HS (assuming you have docs) and figure things out. No one is forcing you to go college right after HS. Also, Community College+Part time job+ some FinAid and Scholarships helps out.
Also check out straighterline.com to take the gen. ed courses online and then transfer them over. Wish I had known about StraighterLine but they didn't exist back then.
Nicely done ✅
Okay, saving for a house is dumb. You would basically be trading one debt for another debt. Better to just rent a house and use the surplus to invest in assets that pay you.
Way to go. Delayed gratification is really tough, but it'll be worth it.
Don't marry a spender. Finances play a big part in marriage conflicts. Make sure sure the person you marry knows how to manage their finances.
even better:
1. never marry
2. never have kids
those are the biggest burdens on your finances
very shallow and meaningless life in my opinion
@@WhiteBoardFinance well, I agree. But we aren't talking a meaning of life here but finances, aren't we?
@@oddixgames6704 What's the point of having good finances if your life is meaningless?
@@Roch10Family what's the point of living broke? moreover, everybody put different meaning in their lives.
I wish your videos existed when I was 19, Im 33 now, got a lot of catching up to do. Great videos as usual, keep em coming.
Thanks Manny
Manny J Don't feel bad Manny. I'm watching this at 43. 😁
33 sounds old ONLY if you're 33 or less.
Right there with ya. We have plenty of time to guarantee great financial posture by 40 by starting now!
I'm about to turn 33 and I've struggled to get it together as well. Saying that, Ed Latimore said a while ago that if you struggle with finances, you either need more income or more control. Whenever I'm in a tight spot, I ask myself which one it is, and adjust my habits and game plan. Things fell into place quickly for me with that concept.
i am here because i truely am bad in budgeting. I truely appreciate videos like this😢
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I think the most difficult step for most people is to stop keeping up with appearances to their peer groups, we have been so brainwashed into being all about material things and consuming everything in sight we so long to be accepted by the tribes, most want to continue to live the way the person next to them lives and behaves, people have that basic instinct for acceptance to do the opposite is a scary proposition of being ostrized by society
Yeah, it blows my mind to see people with good income living p2p and complaining about anything and everything instead of owning up.
Those people tend to have a more expensive phone than me (up to 5 times), multiple game consoles, a bigger (unneeded) tv, having 2 cars while only needing 1, expensive clothing, the list goes on and on...
ron sylvia I don’t care what others think or keep up with the Jones, I just like nice things and like to live comfortable
@@Kris_M N ppl with GOOD jobs too😪😪
I had to learn that for myself. A lot of my money was going to buying expensive clothes and shoes.
Surround yourself with people who don't expect so much ya know?. Me and my group of friends all own beater cars, wear regular clothes, play games that we all happen to own and don't expect each other to buy a game just to join the group. It's a true friend group when there is no tension to and need to one up or catch up to each other.
Separate your needs from you wants! Wants can wait!
Single mom in nursing school, I am here for the knowledge!!
Thanks!
"The way to build wealth is by increasing your income, saving, investing, and simplification"
-secrets of the millionaire mind
you are absolutely correct about responsibility and budgeting, they are essential.
I like that your trying to help people who arent good at managing money,
Watching your videos made me increase my 401k contributions, start an emergency fund and an extra savings fund. Thanks 😊
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I drive a 10 year old truck and have a cash-fully-paid-for fairly affordable motorcycle. I see guys making significantly less than I make with fancy new cars and much much more expensive bikes, that they then deck out with expensive extras ("better" exhaust system, all kinds of additional electronics, of course zero protective equipment). They laugh and say "Hahaha, never" when the subject of retirement or saving comes up.
I'm 32 and just now trying to learn as much as I can about budgeting and financing. I'm so tired of the paycheck to paycheck life. I have kids that I need to start saving for and I want to do it now that they're still little. I am so grateful that I found this channel.
Dude thank you for this video. I'm now starting to get into financial shape. I just started the Baby Steps from Dave Ramsey, now I'm going to use this method. Thank you.
I appreciate this channel, turned 18 a few months ago and they don’t teach you this stuff in school. God bless you
Im sorry if your make 100k a year and living pay check to pay check that ones all on you.
Exactly!
I guess only the ones who actually make 100k a year know the feeling..
Why would you be sorry?...
@@beastmofoJE its not really a "im sorry" its more of a if you blast through that much money and cant save thats a little hard to be understanding of sort of thing. If that makes sens e
@@foreverkenzie2397 I hear ya now!
I'm one of those people who makes over $100k/yr (well, if you combine my wife's income we are like $120k/yr) and living paycheck to paycheck. At Xmas of last year we were $102,000 in debt due to some bad lifestyle choices and I'm proud to say that 9 months later we paid off $20,000 of it! Kudos to your wife too! I'm starting up NP school next year myself!
Do you have a update ? Hope all is well
@@bradwatton5385 Hey! I'm most of the way through NP school right now. We actually paid off another $20k but student loans added that right back in. That said, my income next year is going to be permanently a lot higher and we'll keep saving some money!
@@TheExciteMike keep at it thanks for the update I wish you nothing but success
@@TheExciteMike are you in Cali?
If your gonna take Christ out of Christmas don’t celebrate it
Everything you said in this video is so true. For example, I have friends who squander money away as soon as they get it. They spend so much money each day on things like alcohol, cigarettes and junk food. They buy a new toy for their toddler with every paycheck. They recently had their electricity turned off. The husband came over to my place to see if he could borrow some money. I told him I couldn't help him with that, but I did sit down with him and showed him the real numbers of their spending. They were spending about $2k per month on useless crap, yet they were constantly getting vital and necessary services cut off, and they never seemed to have any money. It was all due to their spending. All I could do was tell them that the only way they could build a solid financial condition was to rearrange their priorities, do without the extraneous garbage, work out a budget and stick to it (and their health would improve as well). I hope they listened.
Living paycheck to paycheck is definitely draining. This is great information to pass on to others that may still struggle with this.
Stay away from debt. It is a paycheck killer. Great video!
Agreed
Not all debts are bad it's the type of debt the debt that doesn't pay for itself is the one you want to stay away from
@@earlthorpe4852 I like keeping my money. The only debt I believe is good is a mortgage.
Came across your video! It opened my eyes a little bit more! ❤️ shoutout from Jamaica 🇯🇲
I woke up a year ago to budgeting and saving, been out of debt for a while but was not saving money before, since I went all in last year I have the most money saved I ever had in my life, I’m 52 now wasted a lot of time and money but on track now. My biggest problem is the wife right now which is not 100% on board, she has some debt not too much but not budgeting just yet but working on her. A very detailed budget is key, know where every dime is going and then work on reducing expenses where you can, whatever is left over attack your debt and then save every month consistently. Agree with everything here on vid, I need to work on other income streams is my next goal.
I think many over think the extra income thing, looking for big numbers or nothing, trying to reinvent the wheel or that perfect thing. I keep the goal small and expand on it. Have a goal how can I make $50 extra dollars a week and do it! Then how can I expand and make $150 a week and make it happen and so on.
I checked the description under his video. He had a link for financial coaching. I clicked it to see if the price would be crazy, but it's actually a great rate for what he is offering. I am not in position yet, but just in case it could help you and your wife get personalized help. He didn't tell me to do this, (I'm new here), it's just a breath of fresh air when people teach freely without asking anything in return. I'm definitely going to do so when I can.
Thanks to you and channels like yours, my wife and I have over 3k put away in emergency savings. Last year we had zero.
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This guy will become big one day. He talks sense!
As a young adult trying to figure out how to start out right, this helps a lot! Thank you for this
The Pyramid with the base of Responsibility reminds me just as my mom taught me as a young toddler, Eat the bread crust first so you can fully and guiltlessly enjoy the soft inside of the bread
Really like his analogy of “diet” which makes it more relatable for me... Thank you! His words are so true!
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Spend below your means!!!! When I make $2500 a month, I spend $1500 and when I make $5000 a month; I still spend $1500!!
Tiny Rick just use your portal gun and rob a bank Rick! You have your grandson to help you for that lol
Easy to say in theory. In practice it takes a lot of discipline.
Sometimes that budget wont work. Living in metro areas rent is $1200
I like this perspective, it's funny how I was pre-emptively expecting to hear the 'pay yourself first' rhetoric. Pleasantly surprised with these philosophical and highly achievable methods.
I like how you mention increase income as last, in that so many people put it first. "I could get out of debt if I could just make some more money"
It's true, but a lot of people can't handle it until they've disciplined themselves
CPayne. It's true in a sense. If you are in a significant amount of debt you may be lucky to barely scrape by to afford minimum payments and become entrapped in debt. I think it requires 2 equally drastic changes, both scaling back costs and increasing your income to order to attack debt. Then financial freedom will come. Loved your point Marko on people inflating their lifestyle causing them to continue the cycle of living P2P. So true. When your income increases you have to know when to maintain your lifestyle and apply the extra to investments and long term financial goals. Make your money work for you, don't just work for the money.
it is true though because costs rise but income doesn't rise to match. we have to kick that into gear. my rent increased $200 last year but i can't afford to up and move with a child.
27 years old with a mortgage here. I soooo needed to watch this. Putting it this way on a pyramid just nips it in the bud! Thank you ❤
Thanks for watching
Absolutely obsessed with personal finance. Right now, I'm working on my side hustles while working pay check to check. Budget, have sinking funds. Saved $2000 so far in 3 months!
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Congratulations! Your content is addicting enough for me to create a new playlist on my UA-cam acct. I do appreciate your effort in all of these videos.
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One more thing
Giving your finances back to Jesus
I gave back not just in tides but the people God has around me
I saved without income tax $8000 in one year I didn’t pay rent but all my bills added up to 1300 a month
I worked over time until God said stop
But I’m so blessed for what he’s done for me plus I repeatedly and daily spoke out scriptures over every situation I was in and over time u believe them and ur whole situation has turn for his good for example “I have more than enough”
“The lord is my Shepard I am lacking nothing”
Speak blessings out loud even when things don’t seem right
Najee H thank you for your advice. God bless you!!
Amen thank you
U mean the white man
Giving money to god is part of your lifestyle in budgeting terms.
Save your money don’t give shit to the church 🤦🏾♂️ why would God ask for money
I can say this past year I paid literally everything off and all we have left is a small mortgage payment. I'm sitting on 6 month emergency fund, and it is like a whole new world and breathe of fresh air. Knowing that if an unexpected event comes up financially, it turns into a non event. I just pay the cash or use my debit card now with no stress. It's straight up like slavery to be making massive payments every month and have nothing left.
Well done!!
I look forward to the day I can be in your situation!
Melaia Waisale exactly! I was about to say that
I love this post. Congratulations. Good for you 👏👏👏
Been watching your videos for almost 4hrs. I've never had financial issues till i decided to get my own apartment and a car. You are always paying for something. Adulting is so hard but your videos come handy. Thank you for the info.
I started my own small business from home and I support my partner for medical reasons. So I'm the only earner. One thing my accountant did was send me what he calls a "Lifestyle Costs Analysis". It was an Excel spreadsheet with absolutely every possible thing you would spend money on. Groceries, rent, bills of course but things like how many car washes a year? How many pet treats a year? How much on wedding gifts? Haircuts? Charity? I mean everything. Took me a day to fill it out! But it was awesome cos now I know the number it costs for me to run my house and my lifestyle. I need to hit that number each year in my earnings. It's comforting when I hit it early in the year and the rest is savings. Also he taught me how to work out my break even point for work too which is a relief.
Smart!
Could you share the spreadsheet please?
Step 1: quit smoking.
Working on it the cost do add up
Step2: quit fast food
The best way to invest in your future is taking care of your health first. There is no enjoyment of your assets without having a great health.
Step 3: stop drinking
For me the best way to not live paycheck to paycheck is to understand where the need to buy and own thing come from. You need to dig deep into yourself and see the child that within you. As a child I was poor and did not had what I needed or wanted and in my adult life I was filling a void. This void took me in 100k++ in dept I had to work hard and give it a 100 % to come out off . Like I said the best way to never live paycheck to paycheck is to understand the need and deal with the need in other ways thanks marco I think you are one off the smatest people I saw posting on youtube and I like your videos keep them up !!!
Max
Thank you very much Maxim. Very wise words on your part as well
Maxim Desloges Thank you for this comment, I myself got into the same situation.
Not to humble brag, but even though I make close to $140k, I still think and spend like I make $25k per year.
This video is not for you, get outta here. Shoo!
smkinrade he’s bragging
@smkinrade 😂😂😂😂
@@smkinrade lmao he just wants to fit in with us peasants
@appleiphone69 what do you do for a living
This video confirmed what my husband and I are currently in the process of! So it motivates me to keep going! We are part of the 100k who still live paycheck to paycheck. We live in California with two small children and housing and childcare take a big cut out of our finances. On top of the debt we’ve accrued and student loans we decided to increase our income. My husband went back to school to earn his Bachelors in the career he was already in and I’m currently going to enroll in the BSN program next year with long term goals of obtains my NP license as well! We sacrifice a lot and had to make some major life changes to start cleaning up our debt, cheaper housing, but we are seeing the hard work pay off. My husband increased his income by 20k and with my current company with obtaining my BSN I will double my income. So thank you for this helpful advise! It’s very encouraging 👊🏼
Great! God bless you!
Once I get my driver's license, I'm going to switch to my local credit union, invest & plan my budget ahead & other do tips from you & other pro investors. That way I have no $ trouble :)
Now the question is how a person that barely makes 30 k a year can stop living check by check?????
That's exactly what I was wondering!
Go back to what he said, take responsibility. Once you’ve reconciled with yourself, go back to basics - budgeting, track every spending, etc. if you don’t do that, you will never get out from under it.
I was making way less when I was younger. So I chose not to have my own apartment and lived with roommates. I was always going out to eat so I learned how to cook. I was always hanging out with friends so I buried myself with work and cut back on going out but asked my friends to not stop inviting me coz some days I may need to go unwind. I cut back on spending when I go out. I either do things that don’t cost money - like walking the beach, hiking, relaxing - or if I spend, I limit my spending to $20.
There are conscious choices to make. If you choose right, no matter how much bad luck you encounter, you will succeed. Then you’ll stop blaming everyone and everything and start patting yourself in the back for a job well done!
I do currently and live in nyc. It’s all about being frugal and having fun from home without going out & spending!
@@adiizsi7251 I think this vids are for people that makes 50k and up as he says, for those of us that do less than that no body cares...
Pay yourself first. Put 5% into a savings to start building an emergency fund.
40k in school debt. That’s a 1/3 of all my life debt: never again! Thank you!
One problem with that statistic about 100k+ incomes is that in some cities, like SF, NYC, Boston, DC, etc., 100k is not that much money. A recent WP article said you need to make $133k to be considered comfortable in DC, 33% more than that $100k figure. In SF, it's closer to $189k. If your local median rent is $2,500k for a one bedroom, then $100k is not an exorbitant income to be living hand to mouth.
100k is enough no matter what state you live in that article is bs I come from CT so I'm no stranger to NY I guarantee I could live comfortable af there with 100k unless you want some manhattan pent house
dex203 I agree! I would be in tears with a $100,000 salary in Connecticut. I budget like crazy and all I do is save. I would be super comfortable with that amount of money and have no debt.
Living in San Diego too 😩
I love how he is all about common sense and ACCOUNTABILITY!!!!
I don't feel bad for people making 6 figures and still somehow living P2P...
I don't feel bad for anyone living p2p unless they have disabilities or something. They made the mistakes to lead them to where they are.
It’s all relative my friend. You wouldn’t want someone making 20k judging you if you make 50k or whatever
Exactly. If you are making over 6 figures and P2P, then you need to downsize.
@@gerardparker4220 The reason why some people that make 6 figures live P2P is that their jobs are located in areas with insane costs of living. A 1,400 sq ft apartment in Silicon valley costs over a million dollars. You would have to pay 4 grand a month for rent to live there.And they can't move becuase where else are they going to find a job that deals with the specific manufacturing of 7nm transistors for AMD server based proccessors in some remote small town? That person spend nearly a decade in college and grad school to get his PhD and now also has 150 grand worth of debt from student loans.
If I made $100,000 a year I’d be able to save $70,000 a year and live very comfortably easy.
Best channel ever on UA-cam!
Thanks Marco, after years and years of being a dummy with money I have come to realise this. It took a lot of years of misery and wondering how I am always broke. I'm still in the hole but at least now I understand how I put myself here and how I can get myself out. Thanks for the sharing 👍
I love your content, makes a lot of sense and we'll put together
The “diet” analogy is a great comparison! Thank you 🙏🏽
Excellent video with good and practical content
Anyone reading this please do yourself a favor and avoid payday loans and car title loans. If you live P2P, something will eventually happen that will be of a cost too high for you to cover. That's when you will be tempted to use one of these types of loans. They are almost as bad as going to a loan shark. The best means to avoid them is to stop living P2P and save something towards that emergency.
Yet another great video, Marko. You are performing a public service, may you please be blessed.
Thank you Mark :) Please pay it forward by sharing on social media for your friends to benefit!
We have paid thousands in interest from payday loans... It is the worst thing anyone could ever do. They really should be illegal!
As someone who's on a diet. This is the best explanation and advice ever. Thank you
That "lifestyle inflation" concept he explains is where I messed up. Now, I am in the process of recovery. Thanks for the tips, Marco.
Subscribed after watching how simple you are with 397K subscribers and thousands of views :)
i am so close to being debt free but between you and dave i stopped paying the debt to get the $1000 emergency fund. love the videos i am trying to learn so i can be the master of my money vs the money managing me.
Smart keep it up
I been working minimum wage for years and have always spended my hard earn money on wants and the reason for that is, what if I died one of this days, I rather enjoy and buy the things I want and enjoy while I'm still alive. That's how i been thinking all this years. Spent 10k in a single month, went on, got in high debt, paid it off. 0 debt.
If you are like me, from experience I can tell you those wants(90% electronics for me) are actually worthless in your life.
Now, what matters to me is seeing those digits in my bank account balance, that's my high. I been working two jobs saved thousands of dollars and will be buying my own house by at end of this year if all goes according to plans.
Thank you for your videos. Pure power, knowledge.
You seem to be a very sincere and honest person. Thanks a lot for putting up such contents.
RN in the house aha !! Congrats, to your wife in taking the NP step👍
excellent!!! clear, concise and to the point.
I don’t know what happened to me this past year but something clicked in my brain and I just lost interest in everything. I stopped caring about material things, stopped hanging out with friends and for a while it led to depression I then realized that I started having a lot of money left over each month so I started throwing that in my savings account in turn lifting my spirits and giving me something to get excited about. Now I’m all in like never before!
Wish they taught this in high school.. I'm 36 now & I have 2 daughters.
I started out 2019 with $24,000 in debt. I’ve paid off $12,000 and have $12,000 to go. I managed to move it to a zero interest card and hope to have it paid off in 6 to 12 months. I became a minimalist and it changed my life permanently, never again is an understatement. 💪
This may be embarrassing to share but here we go...
I grew up poor, parents were poor, and so on... I never learned how to manage money (still no excuses) and when I got in my late 20s I completely screwed up in buying a car I couldn't afford, maxed out my ccs because I had bought a house and ALL of my money went to the down payment and then out of nowhere repairs were needed, furniture, just owning a home expenses. Then I was laid off and I really got into a hole... I just rushed into owning a home before properly saving and I'm playing catch-up now. I'm making better money now at my new job but it's still a grind to pay everything off, I don't go out to eat anymore, don't have cable, no vacations, ect. but the interest on all these cards are killing me. I'm trying but it's really hard... I have one year left on this car and I'll have an extra 500 a month to pay on debt... I really don't want to file bankruptcy since I'm so close to financial relief but man, I'm not sure how much longer I can live so bare minimum and still paying so much money towards interest, especially with kids. My wife has an interview today for a position making double what she is currently, we're hopeful she can get it.... That will go a long way in relieving all this self inflicted stress we have currently. I see a lot of ppl saying how could ppl do this and so on but it happens. I've learned my lesson for sure which is why I'm here and other places for money counseling/guidance. Im slowly but surely paying off all this debt and I vow to never make this same mistake again... Especially for my kids, they will know exactly what not to do from my mistakes and how to save/invest properly.
You're in the right place
You can also look into consumer credit counseling. They negotiate the the interest rates on your credit cards to about 2-3%. They do close down all your credit lines but you’re out of cc debt in 5 years. I went through this process was tough not having any open credit for emergencies but now that I’m out of debt it was all worth it. Best of luck to you and your family
I feel more motivated to proceed on my Nurse Practitioner program. 😊
When I was in school they didnt have a finance class that I ever saw or heard of. I didnt learn in anything about money I'm home ec, that's was the nearest thing to money education that we had. I've never saved money and just lived paycheck to paycheck. I figured I'm not gonna retire, because if I stopped working I would lose my will to live. Now I'm 28 and looking to invest in the stock market and try to figure out how money works.
Awesome JOB MARKO!😉 GREAT PRACTICAL ADVICE!BEST THING LIKE A DIET IS WRITE EVERYTHING DOWN YOU SPEND NO MATTER HOW SMALL FOR 2 WEEKS AT LEAST IT'LL AMAZE YOU!// TAKE $20-50 PUT IN QUARTERS THEN WHEN YOU WANT COFFEE ECT. USE QUARTERS
agreed
My bank shows me a graph of my spending against what I make. It helps me know what I can safely drop into my savings account.
nice good job
The value of this video is out of the charts.
thank you, please share on social media so others can benefit :)
Great video Marko - very important steps to stop living aka "Hand to Mouth" - so important to really break these sections down as they apply to your own lives. I try to live by these 10 Golden Finance Rules -
1) Have a Goal
2) Determine wants vs needs
3) Build a budget and stay within it.
4) Have a Savings Budget
5) Always Pay Yourself First - One of the Most Important Rules.
6) Know where you stand with your assets and liabilities.
7) Be mindful of Revolving Credit - aka (Credit Cards) - They will bleed you dry and will demolish your whole Budget Plan if you don't control them.
8) Pay highest interest rate bills first - Marko talked about this in a previous video.
9) Invest in a product / market you are educated in never invest in markets your not familiar with.
10) Emergency Fund - Marko also talked about this in a previous video - always have an emergency fund on hand.
Wow every since i left my parasite of a gf i can save money
the worst
@@geochafg 🤣 I've been on both sides. But if you want to have some nice a** gotta be ready to have some parasite !
@@cryptobbq so true..!
Why was she a parasite to you?
Good for you 👍
I love your videos. I'm learning alot. You should think about doing a short supercut intro with music. Something catchy.
Thank you so much for your videos! I'm an educational assistant teaching students in a banking/finance class and I wanted to emphasize and demonstrate the importance of budgeting, and your videos have helped give me ideas on how to teach them! (I'm not actually a teacher, just an instructional assistant, but sadly the teacher doesn't really teach them anything about responsible banking, so I'm taking it upon myself to help the students as much as I can). Such a great resource, my friend! 😊😊😊😊
Marko the money guru
I wish I was thought this while I was in high school
The moment I started budgeting and cutting back on eating out. I started to see money carry over to my next check and felt so good lol
Thank you again for another informational financial video. Your videos are truly helpful for me. 👍👍👍👍
I saved 16K due to responsibility and the needs vs wants Thank you.
Great advice. I have got myself into trouble with debt. I've been trying to follow these in my own way but it's good to see someone sharing the information as well.
What I have been doing is planning out all of my bills, debt payments, and services then sending that to one bank account. All my bills are paid automatically I never take anything out of it other than bills. What is leftover is sent to another where I budget for food, gas, and entertainment. I just recently got a promotion at work with a sizeable income increase, that increase is going to be paying off debt fast then turn into investments. Also trying to keep my lifestyle around the same amount with a small increase in housing.
I really like this guy, he's very plain in what he's saying and straightforward. Way to go Marko!
Lifestyle inflation hat's the one that gets me in trouble. "You need to know when to stop". Your so right about that.
I have my WRX STI paid off (and I love my STI) but lately I have been wanting second faster car, it makes no sense for me to want these things. I took a test ride today in a Supercharged Mustang and it had me so excited that I was ready to take a high APR personal loan out for it... but then my rational side kicked in and told me "They aren't going anywhere and mustangs are everywhere, so what's the rush?" I really don't understand why my mind is all over the place and craving for these material things. I feel lost sometimes, like i'm in a race with myself... I just need peace.
I don't think social media / instagram is helping me either... I see all the cars on there and end up unwittingly comparing myself to other people and feeling the need to be faster. I'm going to delete instagram for a while so I can focus on myself. Instagram is like a trigger for me... then my youtube suggestions give me tons of car videos which sometimes is a trigger as well. I need to understand that my wants can only come after my absolute needs are satisfied.
American consumerism and advertising propaganda :)
We all have an addiction in one form or another. Yours is quite simply, "Newer-betteritis". Fairly common condition, afflicting over 100 million Americans 😥
gravityhammer25 That lifestyle inflation gets a lot of us. You’re not alone. And at least you recognize it and you were successful in talking yourself out of taking on more debt. I had to learn how to talk myself out of the instant gratification I would get when buying new things. ✌🏽
At least you recognise your desires could hurt you financially. I'm like you in that I like cars, esp Subaru's! I'm sick of always having car loans, paying them off, and then starting another. No more. You could have a look at buddhism, it helps you understand that all you need is a healthy you, to be happy.
Great content!
Wow this might just be your best video to date if nothing else it touches a topic that most working class people can relate to. Thanks for taking the time to make this video.
my pleasure please share earl
Even when I cut out the “fun stuff” it seems like I just don’t make enough money to “catch up” if I was all “caught up” I could easily live off my income
All starts with a plan!
2yrs later… still the best comment! 🤣🤣🤣
I graduated high school in 2014 and was very very fortunate to have a personal finance teacher who walked us completely through Dave Ramsey and lots of finance stuff 🙏
Excellent tips!!
Great stuff Marko.. enjoyed the Jungle Book reference at 4:39 mins :)
Excellent video and advice