Why 70% of Millennials Won't Be Able To Retire
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- Опубліковано 1 гру 2019
- We need to address a problem. Although Millennials are more educated than previous generations, we find ourselves in worse financial positions. The average net worth of the Millennial generation is less than $8,000.
The average student loan debt upon graduation in America is over $30,000.
Why are Millennials poorer than previous generations, and what can we do to make up for the difference in wealth? In this video, I will explain some of the reasons why Millennials struggle to achieve financial freedom and the steps that you can take to gain independence and retire early.
One note I forgot to mention in the video: Millennials are getting married later in life than previous generations. The average age for a first marriage for women in the U.S. was 27, with men marrying for the first time at age 29.
Compare those numbers to the ages in 1980 which were 22 for women and 25 for men.
Additionally, for the first time ever, more women are having children in their 30’s than in their 20’s.
In general, many people do not begin to make serious efforts towards retirement plans and financial stability until they begin to “settle” or start a family. This, of course, is my opinion.
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Hi guys. Thanks for supporting the channel. Comment which video you would like to see next!
How about maybe doing interviews with different people that are also passionate about finances 😊 that could be fun. Or maybe do that challenge of how much money u spend in a week (those type of videos have been going around) 👍
Nate O'Brien I need the secret formula to what you use for your hair #feelinglikeplankton
How to build wealth/combine finances for new, young, broke couples! Who want to make good decisions but are starting at zero.... With another person!
(Like two newly graduated college kids around 22-28 who are broke and are just starting out, targeting Gen Z/millenials)
Don't fall victim to the blame game or stop complaining and start doing.
Cryptocurrency.? Your opinions
How did you get financial literacy ?
I just had two co-workers drop dead at 65. Never got to retirement. Don't forget to enjoy some of your money as you go. Balance in all things.
You right. Adding a Healthy Life will increase the chances of enjoy your retirement.
Right on,life to short so find ways to enjoy life an have fun even if money if money is tight or no money.
Soooo true. Save like a maniac, but take some time to do something fun, every now & then. Life is full of choices...try to make the right ones. Get advice from people who are doing those right things. God will lead you...if you allow Him.
So true! I say travel now, buy your mid-life crisis sports car, crank your stereo and have a blast now, don't wait until you can scuttle around some blue haired-filled cruise ship at 70. A good friend of mine worked his butt off, his entire working career, saving every dime he could and when retirement came, he found his money was completely gone--his accountant had drained his account and moved overseas, never to be found. Another good friend of ours just passed away at: 64, a year before her and her husband planned to retire and start enjoying life. So sad. Live your best every day as you might not be here tomorrow.
Haters be like..
*_I just turned 60, was planning to Retire Soon? BooM the Economy Crashes into Recession and High Inflation ! I guess I will keep working another yr or 2?...._*
Biggest hurdle is people care too much of how people think of them. Screw what people think and be the weird one bringing lunch to work, driving used cars, not partying every weekend!
Financial Shinanigans so true
I bring lunch everyday to work but I don’t think I’m even close to being weird. I just can’t justify paying $8-15 everyday for food ($2080-$3900 per year).
So true!😂😂
Erick Dabandan It really adds up in a year... yikes.
Yep, that’s why I drive a used Prius and have a roommate. I have a high income but my goal is to travel and retire early, not waste money on expensive depreciating cars.
I'm AVERAGE. I make 35k a year. I spend 30% of my income in rent. 6% in my car insurance. And I manage to save 30-40% of income annually. I have no debt.
Disadvantage I'm 40 and I just start around 5y ago. But better than never.
Good on you saving so much. Hope you are doing all stocks and no bonds.
you are 40 and ONLY make 35k? i hope you live in a poor state.
Right on
You make 35k a year yet you're already financially ahead compared to my family. Not only do you save a good portion of your income, but you have no debt.
Good for you! Kids need to be taught this in school from kindergarten. Pay yourself first. Save at least 10% of all your income and invest it. If we did this as a nation we would be rich beyond our wildest imagination.
You know he’s serious when he drink orange juice like that
70% of millennials can't retire because they don't subscribe to Nate. Help a friend achieve their goals by sharing this video with them 👌💰
Are you Nate's brother? Ok, auto subscribe. 😂😍👍
Nobody seems to care or think about retirement until they are 5 years away from that age. Great Video
Personal Finance with Eann just because of two reasons most of us think short term. For example what kind of car do I want, what kind of computer do I want, and other stuff like that. What it takes is having parents that understand investing. My role model and that was my grandfather. And my grandfather invested a lot of his money and he was a teacher.
John Sheridan agreed
I make a budget every month and it made me realize how unorganized I was. I've been able to account for every expense and pay my debt faster than I thought I could
Yes same here. Also when I adopted minimalism, that helped me stop buying things I don’t really want or need.
One of the best decisions I made when I was younger was to pay cash for a good but not great used car. Still driving that same car 17 years later. Insurance is $18/mo since it is older, and I really don't put many miles on it since I utilize public transit from a Park and Ride for my work commute. It blows my mind when I see people with $500+ car payments. That's a lot of opportunity cost, so just be sure that's what you actually want.
I had never really looked into personal finance or savings until I started watching your videos a year ago. I'm currently 22 y/o and thanks to you I'm growing so wise; my friends think I'm making a lot of money at my job and that's why I'm ahead of them but really it's all thanks to your videos and the education it provides. Keep up the great work!
You should share the information with your friends so they don't struggle.
@@junexgalaxy I do with my friends and family. But some people just don't have that sorta self control especially In their early 20s when they just wanna go out and party every weekend. It's hard to save up then
@@explorerharshi be careful then! I was the same in my early twenties. Purchased my first home at 22. When my friends didn't want to get on board with my methods they started ostracizing me. Try and make friends who think the same way 💜
"Money is evil" you think like that and you'll be living on the street for your retirement. Money is options, no money no options.
Yeah I agree with this 100%. I didn’t realize how many options money gives until I was able to save a healthy sum. It takes so much stress off knowing if I lost my job, I won’t be homeless next month.
The love of money is the root of evil. Whether you're broke or rich l, if you're obsessed with money it'll lead to problems.
@@Lainabell1496 But if your not focused on your financials goals you will be living paycheck to paycheck your entire life like the 70% Americans that are currently doing so. A comfortable retirement doesn't just fall into your lap these days. Check back in with me when you're 65.
Don't inflate your lifestyle. My income doubled from 6 years ago but still living the same lifestyle. Actually my rent went up because I've moved to downtown which is closer to work but got rid of the car (no car payments/gas/maintenance) so comes out to be similar.
I cut back on everything and started my own business. In 6 months I doubled my income. Focus and execute. It will happen.
How did you think of a business idea?
Not everyone has the ability to create a business. Most people are just workers that need good paying jobs.
Yeah okay bro…
Cant wait for the year 2040 so we can get to see the "Ok, Millenial" memes
ok smart joe
Smart Joe awesome.
😂😂😂😂😂
then, ok zoomer 😂😂😂
BTC will oscillate 100k-200k by 2040 lol
Invest in your health first and in your retirement second.
@T M Without taking care of one's health. That individual will not make it to a senior age, correct? My comment was not directed to a specific age, just to take care of yourself along the way. An individual may have all the money in the world, but if their health is poor. That individual will still have less of a life span.
@@lemaitrethemonk or invest in both! 😁
I just moved out from my parents last month and started budgeting right away thanks to you Nate!
“Offense wins games. Defense wins championships”
*Thanks for covering this! Sometimes playing defense is better than playing offense especially when it comes to finances.* 👍
Another great video well done, I keep learning from you. Can't thank you enough.
I have 5 points for anyone looking to save money and help them financially as well! 💰
Spend less than you make.
Avoid consumer debt.
Buy what you need not what you want.
Cut needless expenses.
Live on a budget.
Damn, I gotta say I’ve been watching Nate’s channel for about a month now and I don’t know why I don’t talk about it or recommended it to my friends more often, it’s almost like I feel embarrassed for watching videos on personal finance😅🤦🏾♂️Either way dude is providing invaluable content and advise... FOR FREE!! Appreciate the time and effort you put into these videos, Nate! Really helping me change my outlook on personal finance🙏🏾
3 vids in a week the boy is back in his bag!! Love the OJ intro. I’d like to hear about strengthening your relationship with money. That relationship that each of us has with money is very important and I think you should give your perspective on it 💰🌱
Love the sports analogy too, something I’ve applied to life and finance as well 😊
Cranking work in december
Yes!!! So glad to see another upload.
Wow, just going through the initial budget is giving me so much anxiety! I feel pretty lucky that I'm an older Millennial that graduated in 2005 vs. in 2008. It still hasn't been easy, but I finally feel like I'm making some financial headway at 37.
This is so true Nate! Thanks for sharing some great tips. Those transportation costs are a KILLER when it comes to the percentage of your monthly income that it can take up.
Thank you Nate. I learn a lot from you than my economics teachers in the past. God bless man
My endless thanks for making this!
Simple efficient tips. Having a long term vision is not easy but important!
I treat my personal finances like I am running a business. I do budgeting, I have a monthly Income statement, and a balance sheet. This helps me see where I stand with my money. 👍👍 Great video!
I came across your channel fairly recently but I love the content. I prefer spending my time on youtube trying to learn new things and absorb new knowledge more than entertainment. And this is one area that is really great to learn about. I'm really loving the content and would greatly love to see the video about paying off debt on a low income.
Been keeping up with your videos for awhile now! Because of you and a few other UA-camrs, I've been able to lower my monthly budget significantly and save a lot of my income! Thanks!
Let's gooo
"i dont want to scare anyone"
*opens video drinking straight out of the oj bottle
Exactly always be on the offence! Defence is so cool in the financial minimalist space but making a bit more is way more effective if you need it!
Super great info that brings to light the fact that money comes as fast as it goes. An analysis on paying debt bi-monthly would be awesome.
Nate, you changed my life. Thank you for your inspirational videos! Your future is so bright
If you don't find a way to make money in your sleep, you will work forever...
Not if you save 50 plus percent of your your income my FI number is 9.5 years away!
If everyone was retired, who’s going to be the government’s income tax base?
@@NothingButStardust Very few people are disciplined enough to be able to afford to retire.
Great video Nate! I appreciate you putting out these valuable content for free. Keep it up
This was very interesting, thanks for sharing!
Very excited for Thursday's video!
Yikes, I live in Beijing and spend about $8 a month on transportation.
America needs to discover public transport.
Thats so cheap!! My train fare is alone $160 a month in aus
@@jadiecakes3241
Annual Mobike subscription: $16 (my primary mode of transport, between home-work-gym every day in segregated bike lanes).
Occasional bus: $0.14 - only on weekends, only if too cold to cycle.
Occasional subway: $0.42 (with a frequency of 85 seconds between trains during peak commuting)
Occasional Didi (our Uber): probably the same as anywhere else in the world but I only use this when absolutely necessary (3am from a party or something), maybe once a month and always split with my girlfriend
No they need to build it lol
I live in aus and I used to spend $50 a week on public transport. Public transport is also restrictive. I’ve been living in country areas for the last couple of years and there’s either no public transport or very limited in certain areas and Monday-Friday. The only way to get around is to drive.
The one thing you’re forgetting is the cost of public transportation while it meets the cheap or you live in other places it might be more expensive. And another fact is public transportation it’s not always feasible in certain areas. And highly unrealistic.
The best hope for millennials, such as myself, and generations after is to take advantage of the free financial resources online and begin the process of educating themselves to be financially literate. Also, it probably doesn't make sense to limit yourself to jobs which will wear your body, yet won't be able to depend on in your older age. That doesn't mean it, not to pursue such labor jobs, but to save well, invest, and always be eager to acquiring skills which can serve you until the day you die.
I appreciate you and what you're doing with these videos, thank you for the value
Thanks so much for the awesome video Nate 🔥 This will definitely help me grow my business and improve my mindset & finances!! Keep it up! 💯💯🙌
Great video! This is an important topic
Great video
Having a budget and sticking to that is really one if the best things I did in my life! Since than I know nearly exactly what I spend & earn every month and therefore can fulfill one of my dreams!
This is a very informative channel on personal finance, with a solid advice on frugal living and explanations of the dangers of consumerism.
It's just that with so many personal finance and financial survival channels, and their high popularity, it looks that the young generations rarely ask: " What is wrong with the system, and how we can change it so that we could live better lives in a better world." Instead, the only question asked by the majority is: "How can I fit in the system so that I could survive or (hopefully) get enough money to escape the system."
Awesome advice my man, Looking forward to the next video, Keep up the great work buddy!
I would be very, very interested in seeing the video you have planned for Thursday!
I really enjoyed this video, because as a millennial I can relate! Things add up really fast! Thanks for this helpful content 😀
I may be 20 years older but I am learning a lot from you, Nate! Only old dogs never learn! Thanks for the valuable lessons, Nate. I may be late in terms of financial growth but I will do my best.
As of this year, I beat out all small debts ( 1st student loan, collections, credit card bill, leaving my student loans last...) so I am very interested in Thursdays Student LOAN video! I was not smart and deferred for 10 years, I have researched how daily compounding interest works, however it's just fine tuning ways to "pay down" faster, 2 times a month vs once a month? EXTRA $100 a month/ or / one extra payment in a giant lump sum? It's my last 'Ball-n-chain' debt.
You really helped lead Me onto wiser investing & savings. You add value to my life!
Yes definitely I want to see the video on debt! Love your videos
I love your videos! They have given me so much knowledge and guidance! Keep doing what you’re doing! Pls!
Hello Nate. Love your videos.
I'm not young, but I think a video showing young people not to compare themselves with others who have fancy cars and fancy clothes and fancy homes that lots of times people who appear to "have it all" are in great financial distress. Young people are easy targets of peer pressure and I think they should know that even if they have $20 at the end of the month clear, they are doing much better than rich people who don't have a cent at the end of the month. Nate, sorry for this long comment but I think young people should know that all that glitters isn't gold.
Cheers, Nate, and keep up the great videos! You are inspirational!
I think your videos are really important!!!! and thank you soooooo much for making them and teaching us all how to manage our personal finances. Thank you Nate...Love you brother!!! happy 2020
Yeah, you are right about Millennials. Good video.
"We sell nothing on this channel, no products, this is just all free information" .. well you do have sponsored links which does kick back to you (full exposure and all). Good to be clear on that too. You don't just rely on AdRev.
You give great info Thanks
Another great video, thanks Nate. You the man!! 🤪
Good video I believe that is why it's even more important people get financially educated since it is not something you learn in school.
yes!
Keep it up I love Ur videos
Good that I live in Amsterdam, and go everywhere by bike. Saving loads on transportation.
And wow, health insurance of 440 dollars a month. That is insanely expensive.
Sietske I pay 10k a year for my insurance
USA doesnt have these lovely welfares that us europeans do... it really is insane, and probably makes people insane too 😬😬😬😬
Sietske we live in Germany and we have to pay 450 Euros per person per month for health insurance. It is insane here too!
@@marvelenia6702 450?! Is that normal in Germany? I'll pay 105 a month next year, which is only the mandatory basics and with a bit of student discount.
But do you get subsidies like here? I get a health subsidy of 100 euros a month, because my income is low.
@@SietskePaco We've got staterun and private health insurance, in case you've got a private one, you'll end up with higher fees but you'll benefit in certain ways from like a better and especially faster service, basically never having to wait for surgery etc.
I've heard some people pay up to 800 a month (if you're earning more than 100k anually)
More Personal Finance videos! Thank you for what you do.
Thanks Fernando!
When Nate uploads, I click, I like 👍
Keep uploading personal finance videos, you have been such a huge inspiration to me. Seeing what you have been able to achieve has made me take my UA-cam channel seriously. Thank you Nate!
Another great video btw, I love these in depth conversation type videos! 👍
Thanks bud
@@NateOBrien Any time! You definitely don't get enough recognition as you deserve, so I thought I would just show my appreciation for what you do. :)
Keep it up!
Nate memorizing the statistics to drop knowledge!
Love your channel Nate,would love to see a video on treating your income/finances like a business,saw this somewhere and thought it was a great idea,would love to hear your take on it.
Hi Nate, how's day? ;) Thanks for a video!
Day is great!
Great upload Nate ! l really hope to see the video about how to pay off debt with low income. l am certain tons of people would benefit !
Gladly watching the ads :)
Love these videos thanks man
Chuggin some Simply Orange... that good stuff!
i love making my budget every month. it gives me a lot of peace of mind knowing that my bills are covered and then knowing how much money i have to do me stuff :)
Thanks Nate I send your videos to my son he is 24 years old and not good with money even though I'm trying to have him avoid my mistakes Doing much better now but wish I knew earlier Thank you for what you do God bless!!!
Great video!
Thanks Marti!
People are being sold fleeting highs through the picturesque idea of having it all at a young age, which looks something like "enjoy life to the fullest, buy that expensive car, buy new tech every year, travel every month, buy new clothes, don't worry about how much you spend because it will make you happy and money is evil" , and then they wonder why after having all those things they are still unhappy and stressed, this is why. I fell for it too though tbh, built a ton of debt and was paying the minimum p/m, but I decided a change was needed and cleared that 4 years ahead of time :). This is something I talk a lot about, it's interesting to me how some people choose to live. You can buy all the material things now but it won't buy away the looming stress of financial failure, no stable future, and no inner peace. Of course balance is key, live life but don't through away your life either.
So true. And with technology becoming more pervasive the propaganda and advertising is misleading more people for longer periods of time.
Great video. I challenge the 15% or 5k/year tax number through.
The standard deduction for a single taxpayer in the US is $12k in 2019 and the next ~$10k is taxed at 10%. That's $1k in taxes for the first $22k in income, leaving the last $13k taxed at 12%, or $1.56k. Adding that up gets you about $2.5k in taxes, or ~7% effective tax rate. That extra $200 a month might not make or break the budget but it can help.
#1 way to have money for retirement. Stay out of debt and invest at a young age.
Now school and exams have been cancelled, I finally have time to learn something useful!
I'm not sure how much time you've spent living in different areas of the country, but a great video would be about comparing regional expenses and benefits. This could include; average wage, industry, rent averages, taxes, etc. You could always do some research, take polls and do interviews to collect your information!
Or, until someone makes a UA-cam video, you could look all that stuff up yourself.
I'm just gonna combat this by becoming a Hobbit and living off rabbits in the Welsh hills
Sadly, it's not just the millenials facing this problem. I am part of Gen X and we have to worry about retirement as well. I just started using YNAB and while it takes a bit of time to learn, i think it helps to change your behavior a lot.
Nate, you are SO SO far ahead of the game. Hope it sounds okay if i say i am proud of you. I soooo wish i had thought the same as you at your age. Unfortunately, i was like many of your friends that you described, when i was in my 20s. But i am proof that maybe you can teach an old dog new tricks. :-)
Thats because most don’t make enough to retire. Many are making survival wages.
Survival wages would be making as much as you spend. The way the video describes what is going on is more like withering wages. It's enough money so you don't immediately die from the debt. The deficit is slowly crushing you, like a withering tree.
That’s absolutely incorrect. To say that most don’t make enough to retire is wrong. It’s all about balance in life. The problem is people don’t work too far ahead they’re too concerned short term. What I mean by that is there to read about next week or a month from now. The problem is you need to work for ahead and have a plan. Anybody at any level of income can’t save money to retire. Now the huge difference is how much you’re willing to save for your future and how much time you have. And how much money will give you the kind of retirement. And as far is survival wages or minimum-wage. There’s an easy solution that is to get out of that situation. Far too often People make excuses. I was one of those people 25 years ago.
John Sheridan A significant portion of the country makes 18k per year. Frugal people who make 18k May be able to have an emergency fund overtime but I can BS on saving a significant amount for retirement.
Chic Noir29 First of all if you’re making minimum-wages And you’re older than 18 you should be making moves to a better job so that you can save quicker and also invest your money wisely.
John Sheridan Ideally yes but that isn’t the reality for a large number of people in this country. That’s why people are working multiple jobs and have side hustles.
excellent
Nice video. The only thing I’d say is that people making average salary most likely won’t spend those average amount. Those numbers usually don’t happen to a given individual at the same time.
I’m a millennial and one of the things that has worked for me is taking control of my taxes. Take control of taxes and everything else should fall into play.
I would definitely like to see a video on how to pay off debt on a 30k-40k income.
try not adding to debt. live on less.
look up debt snowball
Thanks for the replies guys, I know what a debt snowball and avalanche is. I was just responding to Nate's in-video request of whether or not we'd like to see his take on how to get out of debt on a low income.
I know you're waiting on a reply from Nate but I'm sure it'll be along the lines of cutting expenses by living with parents or a roommate, spending frugally, use what you have before buying more, repair items such as clothes instead buying new, and increase income by quitting your job or getting a side hustle.
I used to make $27K a year 5 years ago but I moved up in the work place and did tutoring on the side. I currently make $43K and I'm on track to earn $50K next year. Through all of my struggles I've always kept one thing in mind... don't go into more debt.
I'm at $47K in debt now but I've reinvested my cash into my schooling to increase my income along the way.
@@MrTearyOne What's the point of your 200k if you don't use it? Start a scalable business, or, alternatively, invest into real estate, which isn't a good idea if you don't have any business acumen.
8:29 i am looking forward to see what you have to say on that.
tip right there: try to advertise the next video in the beginning of the current video.
Mint app is pretty good too it connects to your accounts and you can organize the data see trends etc, set goals, budgets, see what you’re spending most in each month. I’m always going over my eating out budget because I don’t find the time to cook.
Large batch cooking and meal planning my friend.
Can you do a video on how to have fun on a budget? Like I find it hard to say no to going out to eat or doing other things with friends that cost money
i got some options, since im literally in the same situation as u.
My roommate and i have decided to do this:
1. have someone approve the money you spend. Look at what you spend your money on most. (for us it's amazon, so we're telling each other what the other can or cant buy - only necessities allowed).
2. if you want to have fun buy card games. We have a bunch of them - one of them is a charades game..and believe it or not its insanely fun. Cards against humanity - another ex.
3. Put a piggy bank for money people will contribute for food when they come over. That will pay for itsself .
4. Friends can bring food, drink, games over to yourself. stay inside!!!!
5. Learn to cook! we save soooo much making tacos instead of buying out. I once ordered pizza for a party at our place and it totaled 70$. F that. Never doing that again lol. The tacos cost like 20$ and we had left over to eat the rest of week for dinner.
6. if you doooo want to go out, like clubbing: PREGAME! i Cannot stress this enough. If you need to be tipsy or drunk to have fun out..drink enough to spend as little as possible after you go out. drinks r pricy af. Also, go before 10pm. Usually most clubs it's free if you can get in before 10pm.
7. If you want to go barhopping. A) pregame, B) find online barhopping deals that let you go get cheap or free drinks at like 6 bars. its fun to do (usually do on holidays like halloween) and way cheaper. But keep an eye out on the deals. some r shitty. I've had great deals and crap deals. Dont do it last minute. Plan for it and find something cheap.
That's all i got for now but hope it helps. It sure has helped me big time on saving like a mofo!
VioletIsBulletproof thanks for the tips!!
Agreed. Get a budget, get a roommate, and drive a cheap car. If you make a great income, good on you... Everyone else, sacrifice!!!
So true tho, its like a lost cause trying to help your friends develop better habits. It's almost as hard as not losing friends after playing monopoly.
I'm prepping a video on a Big Short you should check it when it comes out. I've also got a new ANIME Intro for my finance channel.
Focusing on short term pleasure will cause long term pains, starting out with a vacation mentality will not procure a freedom account. People want to live now, but at the cost of working for the rest of their lives. I think people need to become aware of their actions, if you become aware, they would think about saving and finding sources of income to secure their lives.
I think social security funds will dry up by 2035, before my mom can start her own retirement. I automatically assume I won't get any, so I'm very fortunate to have a 401k and contribute to it every pay check. Even so, I do worry about the future.
I watch videos on personal finance all the time, and itemize every single receipt on an app called Expensify, since I would spend a lot at target and walmart, but I never remembered what it was I bought! I also pay as much of my credit card debt as I can at least once a month, it's only about a $550 balance so it's not much at all. I also never use my credit card to buy anything that I couldn't afford in the first place. Luckily, I also listened to my gut instinct and turned down an acceptance and meager scholarship from a well known private university in Chicago in favor of a transfer program at a community college, so I'm VERY fortunate to not carry student loan debt! I knew I would never sleep if I had a 30k debt hovering above my head.
I wish they taught us this in school, but unfortunately, many industries in America make a big profit off of peoples' ignorance/ lack of money/mistakes
I believe in 2033 they will be paying 77% of promised benefits not 0%.
This is why I'm kinda glad I have horrible driving anxiety. Never was able to properly learn to drive due to panicking. So, my transportation cost is $97 per month for a bus/train pass.
Facts. Watched the new Money Guy episode about net worth by age if you want a decent retirement and oh man
I learn so much from you man, fellow Millennial here. Keep up being humble, youre on the right path! Happy late thanksgiving.
Thanks Luis!
I'd love to watch a video about what's best, to save up money and invest now when your young and enjoy the benefits when you're older. Or enjoy now spending money on what you love (not recklessly) and enjoy the whole journey of your life. It seems that most young people prefer the second option
I came out with about $30,000 in student debt. I'm 25 and debt-free now. Some of my friends came out with less debt and are making more than me, but they still have their student debt. It wasn't until I just hunkered down, sucked things up, and disciplined myself for a few months did I realize I can actually accumulate wealth. And some of my friends came out with less debt and make more than me but they still have their student debt. It's all about discipline
What if my income and expenses have been the same for two years? Should I keep a budget? By the way, here is my picture (Russia): I earn RUB 49,000 per month after taxes (about USD 760) and I spend RUB 6,000 (USD 100) on food, RUB 2,000 (USD 30) on transportation, and RUB 6,000 (USD 100) on bills and internet. So I spend a total of RUB 14,000 (USD 220) out of RUB 49,000. Mind you, I spend very little compared to many so you should not think that is how everyone spends money over here. One other question about the offense: I never did the offense because it never sounded good after saving every penny as in you try saving here and there and end up saving, for instance, 20% of your salary amount per month just by saying no to the things. So when it comes to spending on offense and taking courses or whatever it costs a damn fortune like 200% of your salary AND it is not guaranteed to bring any results... And 200% sounds way more for someone who saves money habitually than for someone who spends it all the time.
same question came in my mind too.