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Unfortunately, not all of us were financially literate early, I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but l'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
Exploring new investment opportunities demonstrates your proactive stance towards financial growth during these volatile times. Diversifying your portfolio can play a crucial role in effectively mitigating risks...
Don't be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you're investing in great companies. kudos to Brooke Miller
Exactly! 'Rich Decoded' gets ignored because people are too comfortable staying blind to the truth. Only those who wake up will see what’s really happening.
Thanks for this video, Tae. I am glad you brought up about a myth about a 9-5 job not making you rich. I have been investing for about three years now I do dollar cost averaging every week from my wage I earn. I budget to do this on a consistent basis. There is nothing like compounding interest and re-investing the dividends. It's amazing.
“Buy low, sell high”. I thought that was all I needed to do when I first started investing in stocks. I bought 100 shares of Apple at $26 a share in the late 90’s. I was so excited and made a whopping $400 in a few months. If I had held them long term, those shares today would be worth over $3 million dollars. I learned holding shares of good tech companies “long term” will make you very wealthy over time.
Great advice as always. Total Market Index Funds are good choice but this strategy is certain to include industry and companies that some may find objectionable. I prefer sector funds, perhaps not as profitable, but at least I sleep a little better at night.
You caught my attention by saying "Good Debt, Bad Debt Myth," (think "low interest rate mortgage") but I'm okay with the presentation. You cannot pick stocks as well as a professional manager. You cannot pick a professional manager because none of them can consistently outperform the S&P 500 after expenses. You cannot pick the time to buy and sell stocks, because stock prices are moved by news, and you cannot predict news (the future). Invest in one of the low-cost total market index funds that Tae mentioned. If you feel as though you have to pick something, pick a banjo.
You can avoid all of these by doing literally three things. Do the best at you can at your job, open a brokerage account, DCA and forget into a broad market index fund every week/month without talking to anyone. There, all 10 traps avoided.
I joined the millionaire next door level by working in a grocery store for 35 years. It took a lot of sacrifices and patience. It can be done if you have the mindset to do so. Especially with todays technology in researching stocks compare to the 1980's.
always DCA. Always. This “all time high” could in retrospect be the middle of a multi year bull run… however it could skew downwards for the next 6 months… you don’t know and DCA is the best for maximized long term gains.
@@SG-xb7de that’s ultimately going to be up to your personal risk tolerance and the make up of the ETFs and the time period you want to spread it out over. Keep watching videos like this and reading traditional investing advice like classic stuff from John Bogle, core investing articles by motley fool ( not any of their opinion articles per se ), and channels like this one. The main test for UA-cam channels: do they tell you boring financial discipline stuff? Then it’s a good channel. If they tell you that pot of gold is right around the corner, or that everything is a fool proof easy no risk formula then it’s a bad channel. Take care of debt first, emergency funds second , retirement third, general investing 4th ( in fact there’s a video on exactly that on this channel IIRC ) I would find a low cost flat rate financial advisor to help you out. What you are wanting is pretty standard advice from them. DCA usually assumes you have income coming in slowly. Since you already have the $100k, there maybe better things to do like leveraging your salary to maximize a Roth IRA and a Roth 401k, or other options depending on your age and career status. Good luck!
12:20 I have two cars: 1. 2014 Ford Focus purchased new and it has 11,500 original miles 2. 1999 Dodge Dakota purchased used in 2017 and it has 144,000 miles Technically I have a third car, a 1994 Dodge Shadow, but it’s non runner with no insurance and registration.
Well, I picked the challenge to put my finances in order. Then I invested in cryptocurrency and stocks, through the assistance of my discretionary fund manager
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
I have been pretty good with crypto buy low - sell high. I wait until everyone is calling it a scam again. Then buy bitcoin. Then when everyone is saying it’s the best thing ever, I sell. Takes about 4 years. I have made a ton.
Get out before the musical chairs stop. Even if you think there’s a few more verses left … when the big boys in crypto want chaos, they’ll absolutely make it happen and individual buyers will lose big time
Used cars aren't worth it in many major cities in today's economy. They're still selling at insanely high prices and depending on where you get it from, you cannot guarantee it's maintenance history and upkeep. Your best bet these days are buying a cheaper new car like a Chevy Trax or a Nissan Versa and versa at or below MSRP between 17 - 20k and do proper maintenance.
The used car market has been nose diving since may. And since many new cars have moved to turbo engines for higher efficiency, if you buy a gently used reliable car like a Honda accord,civic or Toyota Camry ( or Lexus or Acura ) that has a normally aspirated engine and does not have CVT, you are going to have a TCO that is massively lower than a new car. Remember that gently used cars almost always have their factory warranty still in place so basically you get to profit over someone else’s mistake. ( assuming you do your diligence on why they sold it and get a through inspection)
► Get free life insurance quotes from America's top insurers and start saving today with Policygenius: policygenius.com/financialtortoise. Thanks to Policygenius for sponsoring this video!
Unfortunately, not all of us were financially literate early, I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but l'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
I want to start too but i don't know how.
Exploring new investment opportunities demonstrates your proactive stance towards financial growth during these volatile times. Diversifying your portfolio can play a crucial role in effectively mitigating risks...
Don't be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you're investing in great companies. kudos to Brooke Miller
Nice to see you talking about her, sHe is really amazing, she has amazing skills, she changed my 0.3 BT C to 1.9 BT C .....
This sounds so good andi would like to be a party to this, is there any wayl can speak with her?
The fact that nobody talks about the forbidden book Rich Decoded on Borlest speaks volumes about how people are stuck in a trance
Exactly! 'Rich Decoded' gets ignored because people are too comfortable staying blind to the truth. Only those who wake up will see what’s really happening.
Honestly, no one’s talking about 'Rich Decoded' ’cause everyone’s stuck in their little bubble. Once you break out, it all clicks.
Everyone’s sleepin’ on. Once you wake up, it all becomes clear
@@nidzers-wz4nh The silence just proves how deep people are stuck in their little world
Thanks for this video, Tae. I am glad you brought up about a myth about a 9-5 job not making you rich. I have been investing for about three years now I do dollar cost averaging every week from my wage I earn. I budget to do this on a consistent basis. There is nothing like compounding interest and re-investing the dividends. It's amazing.
Great content. I laughed when you said you can't touch this to you can't afford this.
“Buy low, sell high”. I thought that was all I needed to do when I first started investing in stocks. I bought 100 shares of Apple at $26 a share in the late 90’s. I was so excited and made a whopping $400 in a few months. If I had held them long term, those shares today would be worth over $3 million dollars. I learned holding shares of good tech companies “long term” will make you very wealthy over time.
13:11 my hair 😂 certainly on top of everybody's list!
My car is over 18 years old and has over 248,000 miles on it. I am gonna need a newer used car to replace my older used car in the very near future.
Great advice as always. Total Market Index Funds are good choice but this strategy is certain to include industry and companies that some may find objectionable. I prefer sector funds, perhaps not as profitable, but at least I sleep a little better at night.
ETF service superior product from a tax perspective, maintaining similarity, low expense ratios
Cool sponsor. Can you do a video on life insurance
My 2014 Mazda 6 has 148k miles. Going for 300k miles cause I love not having a car payment
When you bike to work you get to skip all the maintenance, insurance, and registrations costs as well.
@@SpicyBoba7431 that’s dope. I’m sure that’s helping you a lot financially
One of your best videos.
I didn't need CFP help to make my money in my career and I don't need them to manage it now
Loved the MC Hammer example. Like.. Why would you need to own 17 super cars? And don't get me started with the horses...
You caught my attention by saying "Good Debt, Bad Debt Myth," (think "low interest rate mortgage") but I'm okay with the presentation.
You cannot pick stocks as well as a professional manager.
You cannot pick a professional manager because none of them can consistently outperform the S&P 500 after expenses.
You cannot pick the time to buy and sell stocks, because stock prices are moved by news, and you cannot predict news (the future).
Invest in one of the low-cost total market index funds that Tae mentioned. If you feel as though you have to pick something, pick a banjo.
You can avoid all of these by doing literally three things. Do the best at you can at your job, open a brokerage account, DCA and forget into a broad market index fund every week/month without talking to anyone. There, all 10 traps avoided.
DCA all day bossman
Great info 👍 👌 👏
I joined the millionaire next door level by working in a grocery store for 35 years. It took a lot of sacrifices and patience. It can be done if you have the mindset to do so. Especially with todays technology in researching stocks compare to the 1980's.
The worst people with money are ones driving a brand new car
Mister can’t touch this to Mister can’t afford this 😂
So u mean, it's a good time to invest right now when the market is at all time high? If yes, DCA or lumpsum? I'm looking to invest first time.
always DCA. Always. This “all time high” could in retrospect be the middle of a multi year bull run… however it could skew downwards for the next 6 months… you don’t know and DCA is the best for maximized long term gains.
@@MurderMostFowl Thank you! What would you say is the best way to DCA $100k in a 3 Fund ETF? - Weekly, bi-weekly, monthly and how much?TIA :)
@@SG-xb7de that’s ultimately going to be up to your personal risk tolerance and the make up of the ETFs and the time period you want to spread it out over. Keep watching videos like this and reading traditional investing advice like classic stuff from John Bogle, core investing articles by motley fool ( not any of their opinion articles per se ), and channels like this one. The main test for UA-cam channels: do they tell you boring financial discipline stuff? Then it’s a good channel. If they tell you that pot of gold is right around the corner, or that everything is a fool proof easy no risk formula then it’s a bad channel.
Take care of debt first, emergency funds second , retirement third, general investing 4th ( in fact there’s a video on exactly that on this channel IIRC )
I would find a low cost flat rate financial advisor to help you out. What you are wanting is pretty standard advice from them. DCA usually assumes you have income coming in slowly. Since you already have the $100k, there maybe better things to do like leveraging your salary to maximize a Roth IRA and a Roth 401k, or other options depending on your age and career status. Good luck!
I recommend everyone to find the forbidden book titled rich decoded; it goes deep into all of this, and it changed my life
12:20 I have two cars:
1. 2014 Ford Focus purchased new and it has 11,500 original miles
2. 1999 Dodge Dakota purchased used in 2017 and it has 144,000 miles
Technically I have a third car, a 1994 Dodge Shadow, but it’s non runner with no insurance and registration.
Great info. 👏🏾👏🏾👏🏾
Wrong😂 my car has 160k and no plans to buy a new one. Camry 2015❤
There’s no chance MC hammer was making 70 mil a year. I’d be surprised if he even made 7 million a year. The labels definitely robbed him blind
4:37 **cough** Kathy Wood
How do most of you guys still making profit? Even with the downturn of economy and ever increasing life standards
Well, I picked the challenge to put my finances in order. Then I invested in cryptocurrency and stocks, through the assistance of my discretionary fund manager
Mrs Nancy Williams Laplace
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
This is correct, Nancy's strategy has normalized winning trades for me also and it’s a huge milestone for me looking back to how it all started..
Did you watch the video
Pay interest especially in a deprecating value? I rather earn interest
I've been shorting high and covering low.
borlest, rich decoded (thank me later)
Dude I barely recognize your thumbnails with that haircut, you're going all Mike Nesmith on us.
I have been pretty good with crypto buy low - sell high. I wait until everyone is calling it a scam again. Then buy bitcoin. Then when everyone is saying it’s the best thing ever, I sell. Takes about 4 years. I have made a ton.
Get out before the musical chairs stop. Even if you think there’s a few more verses left … when the big boys in crypto want chaos, they’ll absolutely make it happen and individual buyers will lose big time
Used cars aren't worth it in many major cities in today's economy. They're still selling at insanely high prices and depending on where you get it from, you cannot guarantee it's maintenance history and upkeep. Your best bet these days are buying a cheaper new car like a Chevy Trax or a Nissan Versa and versa at or below MSRP between 17 - 20k and do proper maintenance.
Not to mention the lower interest rate vs used.
The used car market has been nose diving since may. And since many new cars have moved to turbo engines for higher efficiency, if you buy a gently used reliable car like a Honda accord,civic or Toyota Camry ( or Lexus or Acura ) that has a normally aspirated engine and does not have CVT, you are going to have a TCO that is massively lower than a new car.
Remember that gently used cars almost always have their factory warranty still in place so basically you get to profit over someone else’s mistake. ( assuming you do your diligence on why they sold it and get a through inspection)
Also remember the biggest benefit of living in a major city… you can pit dealers against each other