7 Financial Minimalist Principles To "AVOID" Debt
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- Опубліковано 13 лис 2022
- Here's how I have avoid debt...
Here's what I'm reading:
4000 Weeks: amzn.to/3fVeVwy
The Richest Man in Babylon: amzn.to/3UIDKKP
My Frugal Equipment:
Acer Nitro 5 Computer: amzn.to/3R458Br
Rode Videomic GO II: amzn.to/3R7HAf1
Canon EOS M50 Mark II Camera: amzn.to/3TIGDvF
Debt is a big issue that many people face in their lives and many people spend a lot of time trying to figure out how to pay off debt. Debt is basically, "Selling your future for your present." Once a person gets in debt, it is hard to get out of debt. In this video, I discuss "7 Financial Minimalist Principles to Avoid Debt."
1. It’s much easier to do something than undo it
It's much easier to take on debt than get out of debt. It's much easier to max out a credit card or get a car payment than to undo those actions. It's important to think through your decisions before making them because one you do the action, it is much harder to undo it.
2. Keep it simple, stupid
I believe in keeping my finances simple and avoid making things complex. It is impossible to avoid things coming up financially; however, we can minimize the things that can go wrong. If you have a bunch of expensive monthly payments and a bunch of things, there is more that can go wrong and expenses are already high. However, if you have cheaper monthly payments and few things, then there is less that can go wrong.
3. Your burdens must remain your burdens
Debt is basically selling a burden to someone else. Normally, it is in the form of a credit card. Once you sell a burden to someone else, it changes who is in control and gives you less power over your life. And sometimes the burden of the debt can become worse than the original burden.
4. No money must mean more than $0
When someone says, "I have no money," that could mean a lot of different things. For many people, "no money" means when all of their credit cards are maxed out and they're in debt. And that is the point where they start making changes in their finances; however, it is too late at the point. It's important to change your financial habits before you reach $0.
5. Know Thyself
When it comes to finances, it's important to know your strengths and weaknesses, and to not put temptations in front of you that you can't handle. We all have things that we don't like about ourselves that we want to change, but it is just who we are. It is important to know yourself and not put temptations in front of you that you can't handle.
6. Practice patience
I believe that the key to achieving anything in life is "patience." Most of the time, we go in debt over things that could wait. We want things quickly, so we take on debt to get it sooner. When you practice patience, you can avoid debt and you might get more appreciation once you get the item.
7. Stop pointing fingers because Superman ain’t comin’
When it comes to personal finances and money, we love to point fingers and say, "That's why I'm having problems." Then, we hope that Superman will come down and save the day; however, personal finances is about personal responsibilities. It's world is crazy and the world will always be crazy. It's important to be your own superman and take change because help isn't on the way.
*None of this is meant to be construed as financial advice, it's for entertainment purposes only. Austin Williams does not guarantee any specific outcome or profit. Some links above include affiliate links to which Austin Williams will receive compensation at not cost to you.* - Навчання та стиль
What's one principle you use to avoid debt?
If we don’t have the cash (in addition to an emergency fund and investing 20% of our income on top of superannuation) then we don’t buy it :) We save for what we want…which makes us much more choosy about what we spend it on! Love your channel Austin!!
Is it a want or a need? Always stops me right at that question to myself
Patience and no credit cards at all.
@@amyjones8613 My husband and I also don't have credit cards, only Visa Debit cards.
I ask if I didn’t need it yesterday do I really need it today
I'm finding that almost nothing should be complicated. Most people make their lives more complicated than necessary. My father in law died in March. He was 92. That's a good long life. His eyes worked wonderfully well. He had no major health problems. He had great insurance and no debt. He slipped and fell into a banister exiting the hospital and broke a rib. He went back in, they ran X-rays and bandaged him and sent him home. By the next day he was dead. He started bleeding internally. His Will clearly states the estate be divided between my husband and his brother. You wouldn't believe all of the people in the family who believe their names should have been in the Will. His cousin called my husband greedy. Lol. If people managed their money better, they wouldn't feel the need to try to rob the estate. I shake my head at the insanity. I enjoy your videos a great deal.
Thanks! I'm not sure if you've seen the movie "Knives Out," but it reminds me of your story.
@@ElAgustin I will have to look it up.
You really see the true character of people when someone in the family dies.
A white American woman stole $1150 from my paycheck. She lied about us. Why?
I never borrow money or charge purchases on credit cards. It’s best to live life on a “pay as you go” basis. Buy today, pay today, no exceptions to that rule.
There is only 1 major rule for me and that’s NO BUY stuff. Only food and necessities like TP.😊
People always want to buy what they don't need with money they don't have
Thank you Austin. Your principles are not only about frugality, they are principles to live a life full of peace and contment.
My number one principle for avoiding debt is that Ido not wish to live like a slave by consuming in such a way that I become one. The present financial system is created to enslave people. Be wise, defend your freedpm.
Yes, defend your freedom! It's not free!
You are a very wise man. Your advice and videos are very important and should be taught in school. I grow up poor, parents spend like there's no tomorrow and no savings so I thought buying things what I didn't have growing up makes me happy. I now been decluttering and donating things to live a simpler life. Your words is and will guide me to be in the right path to get peace of mind, more money and happier. I'm not in debt but still, the money I wasted from unnecessary things was wasted. 😂 Oh well. I'm glad God put you in my path. I'm now determined to really keep an eye on where my money goes and stop buying unnecessary things. I hope you know that you are a blessing to me. God bless you and thank you for sharing your experience! ❤️🙏
YOUR TOOTHPASTE ANALOGY WAS PERFECT 🥰
Instead of saying "Be your own Superman" I have been saying to myself when times get tough: "I have to call upon my inner Rocky" Both phrases are very similar and very true. Your life is in your hands, make the best out of it instead of complaining!
Yes, it's too risky to wait for Superman!
A quirky thing about me, I actually enjoy delayed gratification, like opening a gift. I can’t wait to buy a car with cash.
I am old school, I don't have a credit card, I only pay
I Love watching your channel and I look forward for each video!!! I take notes and apply your principles and tips in my life!!! 63 life changing videos!!!🥰👏👏👏👏
Thanks!!
I love you! Please don't ever become overwhelmed with creating more videos and burn out! I appreciate the genuine thoughtfulness in each video and quality advice!
Don't worry, I've been developing a decent strategy to create a balance and avoiding burnout! I enjoy making these and this is my full time gig now! Thanks for watching!
FYI LOTS GOING ON IN CANADA, AND IT'S NOT GOOD, UNFORTUNATELY
We live in Canada 🇨🇦
There's a lot going on in Canada 🇨🇦
Trudeau is not taking care of Canadian citizens and inflation in Canada is horrific!
We are watching people do math in even the least expensive grocery stores because the prices are so high!
There is a business PSYCHOLOGICAL game going on in Canada to scare people, by having many grocery shelves in most grocery stores, EMPTY!
I think I'd rather keep up with Augustine 😂😂😂😂🤣🤣🤣🤣
😂💯
Back off, he's mine!
Love your videos, I wish my son can listen to your videos and learn something. I forwarded your video to him
Excellent Video Austin.. A real eye opener.
Great advice as always!
Superman will not come to save the day when it comes to money. Practice patience. Debt can work if it can be paid off quickly using a cash back credit card. I need to work on patience. I bought something for $2000, and 5 months later it was $1250. Patience can be hard .
Great video Austin, facial hair looking splendid by the way 😊.
Thanks Paul. It's a little itchy!
Hi Amigo! Another one full of great advice.
If only I had had your wisdom when I was your age!
Great video! Makes so much sense.
Thank you, Augustino! The seventh principle was the best, the world stays crazy! And i am waiting patiently for your next video!
It's hard to get by just on a smile!! I'll give you a hint for the next video...it's about slow living! I post on Monday/Friday at 7MT (as much as I can keep up)!
Thanks for more weekly videos. Hello from Ottawa Canada 🇨🇦
Just trying to make you proud, Derrick! I (think) I have a good system down to avoid burnout!
Thank you for another great video. I really enjoy watching your channel.
There’s good debt and bad debt. If you have enough reserve funds and cash flow, then something you need could be paid for with credit eg maybe that mortgage for an apartment is fine, but not for one beyond your salary, maybe you can pay off a loan for a new course but not the latest sound system. ‘Pay it later’ debt servicing usually isn’t a good idea when you go shopping! If you do take on debt, there should be an element of future payoff, like an investment. How well will you be able to sleep? is a good test as to whether youve gone too far. Better to err on the side of being conservative with money as you say
Great lighting and great video Agustín 💪
Looked forward to watching ur video this morning! They just make my day 😁 it was perfectly said as always. I can’t tell you enough how much I ❤️ them. You are my favorite channel! I’m always wanting more, thank you for being AMAZING at what you do. U R the best! 👍👌🤗
This was fantastic! Agree 100%
Thanks, Michelle!
Thank you amego!!😎👍
You are sooo insightful! Great video. I am going to take "our burdens must remain our burdens" with me.... Superman is definitely NOT coming!
Thanks! I'm glad they're providing value! Superman ain't comin!
Your humour is priceless!
Thank Marcelle! Trying to put smiles on people's faces!
Great video! 🦸
This is one of the funniest and informative video so far Augustine! 😂😂
Thanks! Learning how to add jokes in. I have a very funny one coming up next week that I can't stop laughing about!
@@ElAgustin 😂😂😂
Thank you for this!
Thank you for the English interpation of your end!!
As always great advice!!! I really enjoy your videos. Thank you Austin
Hello from Greece! Highly inspiring thoughts in your videos. Go on!🎉
“Sometimes your facial hair just isn’t growing how you want it to grow, but that’s just who you are, Ladies and Gentlemen.” Sorry ladies if isn’t growing the way you want it to grow!😮😂 Mine stash is more than enough, lol. 😅
I am only 26 seconds in but after "The Canadians..." you have my full attention 😂
That's the idea! Gotta get the hook!
As a Canadian.... 😎 yep!
Great video, thanks.
It's too cold to not be happy!
Great content
Thanks!
You’re doing a great job! Thank you.
Thanks, Mile!
Nice video as always, debt free is such a relief, thanks God always been a minimalist along the way!
I love listening to you. I'm just like you and its just nice to hear it
Loven them videos :)
Such an important video.
I enjoy your content and by the way, you are very funny! 😂
Thanks, keep trying to make new jokes. I wasn't the best stand up comedian, so this is my second shot!
Excellent video!
Thanks Courtney!
Your videos are great, thanks for your common sense and your wisdom!
Thanks, Patricia!
Well put
Well done my friend :o)
Thanks!
Keeping up with Agustin
No debt here
Wise words for such a young man. I wish I had abided by these principles, but losing my mother at 29 lead me into debt because I was self medicating by buying stuff I didn't need. I am now, in my dotage ( not quite) on a virtual minimum wage, but have my monthly savings goal. I live like a nun ( I don't have bad habits). That was a joke btw for those who don't get British humour. And so my priority is saving. Thanks for your energy, humour and enthusiasm!
You are so funny! I'm Canadian, and your comments about Canada are cute!
Thank you
Correcto... there is no Superman, Agustín. Xo
You are the only,,,,,, I MEAN THE ONLY !!!!!! Person on this platform that makes sense !!! ( cents )..... Only want to watch your $$$$ videos.... You're Brilliant !!!
Thanks for your kind works! I try to keep it simple!
@@ElAgustin I'd love to shake your hand ✋
All good up here in Canada 🇨🇦
I'm sure it's getting cold!
I’ve been afraid to enroll in school because of debt, I just going to get my job to pay for 75% of my tuition!
You are both wise and funny. One of my principles to avoid debt is to choose my company carefully. I had a friend who made tons of money and he always wanted me to go with him to expensive restaurants. He was a costly friend to have. I also avoid social media because if it makes you crave for things and go out and spend.
Hope you can live/ rent in Canada for a few months, and tell us all about the Canadian experience. ✨
One of these days!
Ευχαριστούμε!
Thanks!!!
With personal finance comes personal responsibility. Yes ladies and gentlemen truer words have never been spoken.
Another great video, Mr. Austin Williams. I wish I had a dollar for every time my bank sent me an email or a letter through snail mail and said things such as this regarding my zero balance credit card: " You've been approved for an additional $10,000! Act fast!" They make it seem as though they are doing me a favor for something I didn't request. In other words, they want to control me. I won't become a slave to them.
Thank you for all your fine videos, Mr. Williams. I love your style. Oh, and being a Canadian, thank you for showing the Canadian flag.
haha, I get those too and it's like, "I didn't ask for approval." Very pretty flag!
💯
Sir Agustine. Smart, funny AND handsome too!!😍
Not as handsome as you Amy!
936…most folks do not understand that IF you get a mortgage for the cost of your new home, that it WILL take 5 years or so just to break even when they sell. SO you will be in financial prison for the next 5 years because you cannot sell it without taking a financial loss. The debtor is slave to the lender!
Loved this video as it was very fun, informative and had me laughing. This is one I will probably save and rewatch now that I’m completely debt free. It’s always good to have these reminders. Thank you!! 😊
Awesome! I'm glad.
So proud of my son for attending community college and transferring to a local 4 year college to finish his bachelor of science degree with zero debt. He worked at various jobs and attended school full-time. It can be done with sacrifice and dedication. 🙌🙌
Respect ++
And what about when you already have debts
Sell unneeded assets
Yey...🤭
Pay them off from smallest debt to largest. Or pay them off based on which has the highest interest rate. Whichever makes more sense in your situation. 💛
Cut expenses like crazy and work more to pay your debts off.
@@noneya154 don't eat out, or go out for drinks or make any new debt. Save up a thousand dollar emergency fund in case something needs repair and pay down existing debt once the smallest debt is paid off put that money into the next smallest debt along with that debts payment and so on. No new debt. Become debt Free.
Unfortunately he omits another tenet: You cannot change the past.
A lot of these concepts are good.
You can find them in the Word of God (Holy Bible)
For Example: Principle 6: Practice Patience
Can be found in the following Bible Verse:
James 1:2-3 VOICE
Don’t run from tests and hardships, brothers and sisters. As difficult as they are, you will ultimately find joy in them; if you embrace them, your faith will blossom under pressure and teach you true patience as you endure.
Yup, "Superman ain't comin'" is right. Personal accountability is something many people are sadly lacking. I can't stand hearing people blame: their upbringing, the government, the workforce, their boss, student loans, teachers, relationships, etc, etc, etc. STOP it. Take the wheel of your own life and stop playing the victim. Great advice as usual, Austin.
Keep it simple.... stupid..!!!😂
Motivation 🤗!!!!
Hola Agustin 😎
Can you tell me the brand of your polo shirts and where you buy it? I love wearing men's polo shirts, well, exactly like the one you have, that don't have the brand name visible.
Gracias amiguito, nos vemos ✌🏻
haha, it's called "Goodfellow & Co," they are just cheap $10 shirts from Target. I am a solid, no logo shirt kid of guy!
@@ElAgustin They're on sale for $6 woooohoooo!!! 😎
I'm going out to Target right now.
Thanks for the info, I really needed shirts exactly like the ones you wear, for my son and myself. Much love ✌🏻🤍
I have to return all my summer clothes to Costco and buy winter clothes with the same Money, repeat the process.
❤
appreciate your content. finally someone who has the same views as me.
I'm happy!
😊😊😊
Subtitles!
Letting everyone know what I'm saying...learning as I go!
CC is on.
@@ElAgustin The signature sign off is a good idea.
The CC is not a precise translation.
Tienes mucha razon. Las deudas son la esclavitud. Debt is slavery! Thanks for your videos. I love it when you speak Spanish.
I do too. I don't understand a word he is saying but it's such a beautiful language!
I don't get to speak it too much, so add bits in every now and then!
Thanks for the hilarious memories - the church taught us the toothpaste analogy involving……..ummmm, wait until marriage thing. This forever associated tooth paste with my friends and I laughing our asses off as teens - running Joke for many, many decades :)
Our church taught us releasing a pillow full of feathers at the top of a hill with the wind blowing and then trying to put back all the feathers but I think in that case it was about how difficult bad mouthing or gossiping could be to take back.
Thanks! I heard it from a podcast many years ago!
Hello Austin. I think your videos are pretty great. Considering your age. But I think you consume too much of your time thinking and worrying about financial resources. Money. The most precious resource in this world is knowledge. If you have that you may work miracles. Think about it.
LOVED THIS VIDEO!
ONE OF YOUR BEST 👌!
We watched it 5 times and sent to everyone we know!
THANK YOU 😊
Wow! 5 times is a lot!
I often say it’s not in my budget if I don’t want to pay for something. That doesn’t mean I can’t pay for it. I just don’t want to. I allow myself a certain amount to spend on junk, and when it’s gone it’s gone, and I make myself wait till next month.
Lots of bad things going on Canada, trust me...I live here 🫣
Worse than US? We just dodged a bullet to our democracy! 😥💙
Fellow Canadian here. I think Canada is the best country on Earth!
Haha, I was talking to a friend in Ecuador how crazy the world is and he replied, "Except Canada. You never hear anything bad in Canada." The inspiration for the joke!
@@ElAgustin we sweep it under the rug and as long as the US is in the headlines we get to hide. 😁🫣😬🥴