Great work, Frank. As someone who came from absolute dirt to permanent financial independence, you have a great handle on the levers to make change, as well as a nice relatable delivery. As you pointed out here, #1 is pay yourself first and #2 don't blow money. One of the tools I use when I'm giving financial literacy consults is the pizza cost analogy. As you know, on average a 60/40 market index fund will double roughly ever 8 years. So if you are 20 years old and plan on retiring at 60, that is 5 times doubling up your money (20 to 28, 28 to 36, etc.) So that $10 pizza you buy at 20 years old actually costs you $320 when you consider what it would have given you had you had a pack of ramen and invested the money instead. The power of compounded interest is staggering. Is that pizza worth it? Is is worth buying the $30k car when a $10k car gets you to the same place just the same. Keep teaching it Frank.
Chris, thank you for the comment! And yes, we have to keep teaching folks about compounding interest and how to create better money habits. It all starts with knowledge and then we have to gain the discipline to keep at it for decades. Thanks again for watching I really appreciate you.
Hi, if you could make an introductory video on how to get started with stocks, that would be so useful. These are all valid points though, but perhaps you could expand wider, some people, such as myself, understand these points at surface level, but don't really understand it in-depth. If you could touch base with all the points made in the video, and explain it to us like we were 5 years old, I think it would be more informative as a video. :))
Great work, Frank. As someone who came from absolute dirt to permanent financial independence, you have a great handle on the levers to make change, as well as a nice relatable delivery. As you pointed out here, #1 is pay yourself first and #2 don't blow money. One of the tools I use when I'm giving financial literacy consults is the pizza cost analogy. As you know, on average a 60/40 market index fund will double roughly ever 8 years. So if you are 20 years old and plan on retiring at 60, that is 5 times doubling up your money (20 to 28, 28 to 36, etc.) So that $10 pizza you buy at 20 years old actually costs you $320 when you consider what it would have given you had you had a pack of ramen and invested the money instead. The power of compounded interest is staggering. Is that pizza worth it? Is is worth buying the $30k car when a $10k car gets you to the same place just the same. Keep teaching it Frank.
Chris, thank you for the comment! And yes, we have to keep teaching folks about compounding interest and how to create better money habits. It all starts with knowledge and then we have to gain the discipline to keep at it for decades. Thanks again for watching I really appreciate you.
Hi, if you could make an introductory video on how to get started with stocks, that would be so useful.
These are all valid points though, but perhaps you could expand wider, some people, such as myself, understand these points at surface level, but don't really understand it in-depth.
If you could touch base with all the points made in the video, and explain it to us like we were 5 years old, I think it would be more informative as a video. :))
That’s great feedback. I really appreciate you for this and will try to incorporate this
Which habit do you relate to the most? Let me know!