I was an assistant manager and one of my employees had a nicer car, nicer phone, nicer clothes, and nicer accessories than me. But I know he made less money than me. So turns out he is in about 16k in debt for all of those things and is struggling to make ends meet. While I was at he salary a few years ago, but I have no debt and I was able to save enough money to purchase the house I currently live at. A majority of people just don't know how to live within their means.
@@MrCherryzz Although that is usually the case, there is another reason why someone looks wealthy, but this is most probably the exception. Maybe that person actually comes from a wealthy family. I had a colleague who earned the same salary as myself but everything she had was better than all of us or she had stuff we didn't have or she could indulge in activities we all saw as luxuries. Turned out, her family was rich and she took that job because she just wanted to do something.
@@whatevergoesforme5129Exactly. It's usually the case about most people I know. They make not much but inherited nice houses, objects and money. Their parents give them travels and nice stuff. Thus they really are richer then me despite having lower paying jobs and not saving at all. Is how life is, unfair
The biggest investment in yourself is looking after your health. All the trinkets in life will mean nothing if you haven't the energy to enjoy them. Nischa, you're so right about the appearance of wealth. I worked in a bank and saw how people were spending their money. It seemed that professional people were the most keen to out do each other and had maxxed out their overdraft facilities. All about ego in reality.
Couldn’t have phrased it better!!! Good health till your Golden later years in Life is your greatest asset; as long as you’re not starving & have A roof over your head !!! All those material things are just for show !!! The exception is if you’re a millionaire or super wealthy & can afford it !!! But all in all ; Good health is all you need.
I read a comment from a former bank teller. It said the people with the fancy clothes, flashy car, and demanding, rude behavior were in debt and bouncing checks. The wealthy people wore old jeans and drove old cars.
I learned two lessons in life, long before I started on the path of entrepreneurship. 1st - If you can’t learn to be happy when you have a little, you’ll never be happy when you have more. 2nd - If you can’t learn to manage your money when you have little, you’ll never be able to manage your money when you have more. Now I have a lot of money. I still drive the same “fix-it-and-it’s-free” car, I still live in the same apartment as I have for almost 5 years, and I prioritize time with my kids and my mental health. The only things I spend money on are things that I truly enjoy, like a decent piano, a guitar and drum set for my kids, travel with them, and a cinema camera because I enjoy filming. And you’re right, I don’t have the time to care what other people think…. And as time moves forward I’m less concerned with that too.
The thing I like about your approach is that you don’t put someone down in order to feel good about yourself. Everyone has their own journey and lane to strive on, just like driving in highways. Everyone exits the ‘highway’ with different destinations in mind, so no need to compare as much.
I've recently joined the millionaire club after years of saving & investing. I drive a 12 year old hail-dented car, still get around in jeans and sneakers -- I just don't feel any particular need to display wealth. There's a difference between being wealthy and looking wealthy...
Me too, although a big part of that is tied up in commercial real estate. Although I am liquid enough to buy pretty much any car cash. But yet I'm driving a 2005 Malibu with bondo patching a couple rust holes. I paid 1700 for it 4 years ago. The only major expense so far has been I put new tires on it at about 450 bucks. People's cars keep them poor
Might feel differently when you get to decamillionaire, I know I did. Although I'm still jeans and a T-shirt. I like to fly international first class rather than economy now.
@@michaelwebsternz I have horrendous spinal hardware, and when I am able to travel again, it is going to have to be first class because of discomfort and pain.
You can't display wealth. You can only boast about it. Even when you are in jeans and a tee-shirt money is no object is also a mentality. You pay the bill you are seen as wealthy. Right now, you are seen as a millionaire. Just boasting. I love not having. Anything.
I have learned to effectively fight Bright Shiny Object Syndrome--the desire to buy some expensive product--by waiting three or four days. Invariably, the desire to buy that product fades considerably and sometimes totally. The money I saved by not buying and is still in the bank is an emotional bonus.
Sad reality is most people have been living their lifestyle on low interest rates, now rates have become much higher, people are less likely to reduce their lifestyle...
Yes it's ridiculous, I'm from Canada and people are so irresponsible with credit. Everything is bought on credit and now that the interest rates are high they cannot even pay the interest on their mortgages.
As a natural saver, I always feel I'm 5-10 years behind where I should be. At the same time I think this comment is completely correct, and it has been a major contributor to inflation. It's unfortunate that people who do the responsible things have to wait till things implode to actually benefit from it.
@@David-135sure, and why’s it increasing? Cuz people are saving less and spending more. Partly to fit in socially and partly because living costs are outpacing wage increases cuz most of the economy consists of luxuries rather than necessities (which means that more money can be extracted from you until you can only afford the necessities and nothing more).
@@barbaralachance5836yep I’m from Canada too. No shortage of 20 something “bros” driving around in leased BMW’s while they live with their parents and the lease payment is 1/3 of their income at the local warehouse
Focusing on personal joy really resonates with me. I retired at 55 with $250k, believing it would be enough, but rising healthcare costs and inflation have made it challenging. Even though each withdrawal affects my savings ability to grow through compounding interest, I wouldn't trade the freedom and joy I've found in retirement for anything. Looking back, I see how crucial it was to plan carefully
I'm almost ready to retire, and having a fund manager has been incredibly beneficial. Since I started investing later in life, I couldn't rely solely on compound interest from index funds. I've managed to earn more than some long-term investors. I'll be retiring with at least $4 million
I usually avoid making specific recommendations since everyone's situation is unique. However, having worked closely with Emily Ava Milligan for years, I can attest to her great service. You might want to see if she meets your criteria
250k wouldn't be enough to retire at 67 with supplemental social security nevermind at 50. I think you should have done your homework. Sorry about being blunt.
My wife is insanely good with money and after meeting her I've really learned to understand the relationship of debt to income. I was hell bent on getting a new motorcycle recently but with interest rates the way they are and having a truck payment I knew she wouldn't be happy about it. It made me crunch some numbers and realize it was a bad move right now. Sometimes its just that pause and reality check that makes an old thing seem not so bad and the thing you want can still be had when condition are more favorable. I could easily afford a bike payment but why give the bank thousands more in interest because I'm impatient and once my trucks paid off I can throw that payment at the bike and pay it off in half the time. The hardest hurdle I think for some is "I can, therefore I should".
That last tip is very true i been saving saving saving for the past year that i haven’t bought myself anything that makes me happy until just recently i decided to buy myself a new pair of shoes and some clothes. I did not waste alot but it sure felt good
Collaboration over competition makes so much sense. To think of all the missed opportunities where I saw competition instead of collaboration. Well done Nischa
I LOVE your videos - they aren't only super informative about financial decision making but you also lean into more mindful side with such ease! One of my favourite UA-camrs! ❤
Right on. A lot of people make the mistake of buying on credit things they don't need to impress people they don't even like. A long time ago I bought my first house, paid off the mortgage in 18 month and never had one again. How did I do it. With the downpayment I had I qualified for a house twice the size, but would have had a much larger mortgage. Plus, I didn't go on a holiday during that time and always lived within my means. The same with all the cars I ever owned.
OMG!!! In this video you are saying out loud my recent experiences, observations and thoughts. I stepped away from my 9-5 job at the beginning of the year and now I am creating my own business and loving the process. However, I went to my first networking event last week and at the end, all the fellow networkers were driving away in top of the range fancy cars and there was me in what felt like the "Flintstones" car.....😁. My first thought was "Where am I going wrong" but then I realised that I am just starting out so I just got curious as to how they built up their businesses. THANK YOU for your amazing content, you take the finance phobia away for me 🌟🙏🏼🙏🏼
there's a book called whispers of manifestation on borlest , and it talks about how using some secret tehniques you can attract almost everything in life it's not some bullshit law of attraction, it's the real deal
I do Uber Eats in Los Angeles so I get a view at the wealth in the city. I understand some of the wealth I encounter, but I am always struck by how many people in their 20s are living in luxury apartments, driving fancy cars and partying very hard. Who are these people and how are they making their money?
As Nischa said many pay these things by credit card and only pay the minimum down payment. These can go for years. Later the accumulated so much debt and can not afford uber eats anymore😂.
Their parents. For us normals it is truly hard to grasp how filthy rich some families are. Most of us complain we can’t afford things, but GDP is good. The money went somewhere. It went to them.
Its culture. Its not that they have money is that they see others who have money. They also live with societys means. What ever is current in society theyll do it as of to not be left behind. Having a story to tell can be expensive...
My markers of wealth is i have my health, my family has their health, my pets have their health and relatives have their health. Also a nice marker of wealth is I own two homes paid off, a new Tesla paid off and fully retired. I dont care about impressing anybody, I am on the top of humanity for sure!
I'm a man of 58. Semi retired at 46 since I made enough money from farming. I'm now a landlord or leaseor. I often wonder how I got to be so well off while others around me are struggling. I think my answer is I'm a saver and absolutely will not borrow money unless it pays for itself. A leased house pays for itself, a new tractor makes me money. I'm a simple man who enjoys simple things. Never bought a new car, never been on a cruise ship, never even bought takeaway coffee. I've noticed that the more money you make the more you spend. I'm happy spending little.
I'm 52. I've done the landlord thing since I was 19. I gave my 2 oldest children free homes. I spend little. I buy what's on sale at the grocery store. I've been saving atleast 80% of my bring home pay. My best friend is eyeballs deep in debt. Barely speaks to me since the day I said the govt is letting people take out 401k penalty free. It's gone from living rich off 401k to living off home equity. Then add credit cards, auto loans, but now pay later. It's insane.
stuff like traveling, going on a cruise, and activities you may find at resorts like paragliding or jetski, im a firm believer that you should still at least try those out once for the experience, maybe it will be life changing and open you up to new hobbies, or you dont really like it in the moment, but looking back, while it may have not been your favorite moment, it was definitely alright.
So so true! When I start my first business I felt like I was failing because everyone seem to have either loads of money or doing really well, I learned after many years I was the one actually doing well not wasting all my money on cars and other things, I always bought secondhand cars and now it’s completely paid off, got a great business running
I felt that before that it seemed like they did have more money than I do. I was wrong! All the things that you've been said are the things that I have accomplished so far in my life. Thank you for sharing.
You are lovely, BRILLIANT, and so life-giving! We are new to your channel and you are beautifully rooted in your values, authenticity, and the legacy you want build throughout your life. So happy to be here. Continued abundance to you and everyone in this community!
I'll be sure to send your video to any friends who might feel that way! I always remind myself that some of my peers have debt to appear wealthier than they really are and I own everything in my possession whereas others probably don't fully own their car or apartment/house!
True wealth is not only about numbers, but more about freedom and options. You could make a million dollars a year but if you spend all your time and energy to make that million and maintain that lifestyle are you really wealthy I think not .
I agree with your point. I believe there is a collective delusion among the working class that relentless hustling and grinding can propel one into the millionaire class. While this scenario might hold true for a select few individuals who manage to break into the wealthy echelon through sheer effort and by sacrificing numerous life experiences for that singular objective, many end up forfeiting friendships, relationships, and the opportunity to witness their children's growth, all in pursuit of a goal that ultimately fails to bring as much joy as the myriad experiences they have forsaken. Additionally, there exists a larger segment of individuals chasing this dream who grow increasingly desperate with age, only to one day awaken to the realization that the prime years of their lives have slipped away.
You are the best, Nischa, thank you. I think the most important thing you have done as a content creator is that you are trustworthy. Every time you upload a new video, I know I can find something valuable there.
I love you! I am an accountant who is at the beginning of her career, so your videos have been more than helpful! I love taking advice from a big finance sister x
It is well worth the crawl. Once you get out there and start saving money up, you'll see something and think, I could buy that with cash, but then you also think, "why". You don't need to impress people with a new phone or a new car anymore. Good luck!
i genuinely wait for your videos and sometimes watch them repeatedly because right now i am almost in a same place that you were in years ago and for real your videos changed my mindset around money all the love nischa
6:44 travel is a priority for my partner & I. We limit eating out, shopping mostly essentials and save over months. It’s not just spur of the moment. I have had to say no to many things, wedding of a close friend which required me to travel when it is super expensive and I had deadlines
If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
Absolutely. My parents were immigrants and even though they never blamed anyone for their personal shortcomings like many do, they did have a sense that rich /wealthy people were different, snobby etc. As i grew up and entered the workforce i started working with customers that were incredibly wealthy and started seeing that what did make them different was their atittude towards things, natural curiosity not afraid to ask questions or for help and most were incredibly nice people that were always inclusive of others. That taught me more about finances and personal relationships than anything my parents showed me in 20 years of living with them.
Iam 43 and have it good. Since the last 25 years I see how times changed. When I was 20 + we lived normal life and spended little money but now same generation lots of them spend 5 to 10 times more. Most is family money since where I live familys have much more and so do their kids.
I never saw my life in chapters which seems to be such a common view on lifetime. Do this when you're 20, do this when you're 30... Mainly the young years are viewed as those where you should live your life to the fullest but with these chapters and goals, those years are easily the most stressful. You do you.
Yup once I discovered what I stood for I became a race horse with blinkers. The comparisons stopped and I focused on honing my craft while enjoying the journey. A modest life but quiet comfortable 😌
I know this has been mentioned many times before on comments but I really appreciate the content that you add. It is so open, transparent and in some cases can be vulnerable. That courage that you have to do this is such a great example for us all. Keep doing what you do. Brilliant video as always. Thank-you 🙂🙏
As someone in my late 40s, I have made numerous financial missteps along the way that are too many to count. With experiences ranging from peaks to valleys, short of facing bankruptcy, the two saving graces that have rescued me from my past errors have been 1. home ownership and 2. my military retirement pay. The steady income stream from my military retirement, available immediately after my service concluded, has been a true lifeline. Having a reliable source of income from my early 40s onwards has been an invaluable safety net, particularly considering the impulsive and less restrained financial behaviors I exhibited in my 20s and 30s.😅
One thing that people overlook when judging wealth is the problems that it sometimes brings, first among them being health related issues due to stress, notably dental problems, arthritis, rheumatism, fibromylagia, stomach problems and kidney problems. The second is failure of relationships due to one or the other partner spending too much time at work. Thirdly, relationships with children and friends. These are all potential casualities from inordinate wealth-chasing. Also, there are, simply, problems that money cannot solve. I know people that are wealthy. They are not healthy...
I make $180,000 CAD a year and am still using an iPhone 8 in 2024 on a basic $18/month 500mb plan. I don't have an Amazon/Netflix/ or any other susbscription memberships. I have never spent money on Uber Eats/other food delivery apps. I know so many other Canadians who complain about cost of living yet waste money on the latest phone model... or are constantly eating out/ordering delivery. Being wealthy is a gift and a curse in Canada. I am frugal with my money and don't live a quality of life equal to some super spender poor people, but the government will punish me and reward those who can't budget by taxing me more and giving them more money.
I look poor from the outside. Reality is I have more wealth than the average american who has nicer stuff than me. I have more money than them because I don't go into debt to have nice objects. Wealth is what you don't see. It's the nice cars not bought.
Ive been feeling so down about this. My friends are all doing so well. Im almost 40 and we've just built our first house together and all I can think about is how much nicer my friends houses are.
Perhaps one more - as I was moaning to my friend how unfortunate I am and how this world is so unfair to me, a friend of mine once told me - count your blessings, I'm sure there are people out there who would give anything to have your level of education, abilities, job, home, opportunities... Might not be a lot to count, but all mine and gained fairly through my hard work and dedication.
Thank you a lot, Nischa! This is one of your best videos so far! I really like your approach and mindset towards other's wealth and how to focus more on our prosperity. 😄
Good job! Well stated and presented. You have transitioned into a really good speaker and demonstrate passion for the topic in these short video clips. Thank you for the effort(s)!
This was a great video. I particularly like focus on the wrong 'c', collaboration is the best. Each person can bring something to the table. What people sometimes forget is even major companies collaborate with each other, they may act like their in competition somewhere there is a collaboration.
Here in Switzerland I know that every day when I walk down the street I am walking by billionaires They do not stand out, and do not want to stand out Most rich people are not really trying to be rich (excluding the trust fund babies who will waste their fortunes) It is a by-product of their ambition and aptitude; few can actually relax and enjoy their fortune Personally I'm neither super wealthy nor ambitious, but I have worked to become financially independent and am very happy
I stumbled on your videos a year ago. You've given me a lot of comfort in where I am financially. So many times have I compared myself to people in debt looking rich and now I feel I'm ahead in my 401k, investments and savings. Thank you.
My 12-year-old daughter came to me one day so I want stuff for when I get it. It still doesn’t seem to make me happy. I think people need to start realizing wants and needs stuff. We want really won’t make you happy so it’s not worth spending wasting money on it.I think it’s fun to treat yourself but don’t look around and compare yourself to others thinking you’ll be happy just because you have stuff.
I learnt at a young age, partly due to what my dad taught me and partly through what I observed myself, that a lot of people who other people classed as 'rich' were actually up to their eyeballs in debt. That's why the only debt I've ever had was my mortgage, everything else I saved up for before buying.
I used to focus on what people thought: clothes, car, watches, gadgets etc. Three years ago I switched to focusing on my pension, savings, investments and paying off my mortgage. It was hard work and continues to be. Every now and again I fixate on something like I used to, believing I need to buy it. It's really difficult. And I have to physically, emotionally and mentally focus back to my long-time goals. I haven't bought clothes for 3 years :-D .......my friends even joke I only have one outfit with different colour tops and bottoms. I love it.
The point that others may choose to spend in areas, travel for instance, that align with their values, is so important. They may hold a car longer so they have money to travel. It's a values decision. Thanks for your vids.
Another EXCELLENT VIDEO . . Im a new subscriber . . Very impressed . . Going to binge watch ya videos over the weekend . . CHEERS FOR YOUR CONTENT !!¡!
in the leasing example you have to really add 2 more factors into it, what does the leasing company is taking off your hands in repair wise and what other things that luxury car gave you maybe it did give you an opportunity to get business or make contacts with people, or you just feel way better about yourself and you manage to perform better car purchase is always a double edge sword specially in cultures where cars are very important like in the eastern euro and balkan region, it is more then a car it is a business card as well
I have a friend who had 15k in credit card debt catch up to him in the form of a lawsuit after about 15 yrs. It doesn’t go away. I am 57 and own 3 rental properties outright and I live a comfortable life being a landlord. I see how my tenants stay trapped because they waste money on leased cars, cugarettes, weed, energy drinks, take out food, clothes etc. I want to see them buy a house but they never will. I refuse to tap into the equity of my rentals. So because of my financial discipline I am set for life. You have to make sacrifices and buy food on sale at the grocery store and resist the urge to buy takeout or new cars or whatever.
Great video Nischa. Very true on displaying wealth and prioritising spending...I drive an older modest car and prefer to invest in experiences. I also work part-time and this benefits my health & wellbeing and also allows me to help out my elderly parents when they need me. I have various investments in equities & bonds also find around 8% return is the norm, higher returns = higher risk.
This is really helpful, Nischa. I wish you could do a vid regarding your learning strategy. Like do you recommend getting a masters degree or be fine with industry certification?
The car example is even more glaring when you take into consideration the cost of insuring, maintaining, and repairing a luxury car. The friend could have also bought the luxiry car with the same payment for a longer term and then really been screwed. At least with the lease they can walk away after 3 years, before long term maintenance and repair costs begin to bite (especially for certain luxury brands).
When you lease a car you can buy it for a low cost after a certain period of time so leasing isn't really that bad, especially as you can upgrade during your lease. It's not really as simple as it may seem.
The free '4 Step Routine' masterclass I mention in the video: nischa.me/wealthmasterclass
Will you have this available on your channel afterwards?
i Subscribed because your are super beautiful :) and have a awesome mind. & i know we will meet each other in the future :) ill see you soon nischa :)
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“Comparison is the thief of joy,”
That should be put in granite.
It can be viewed that way or.. Comparison is what drives progress.
I don’t care other peoples. I like my life as it is. Don’t care the car you drive, the house you own and so on.
@@moulyg7968 they must plant an anxiety that you’re getting behind or you’re not good enough.
Amen
Fun fact: 90% of people who have more money than you don't flaunt it on social media.
truth
you think so?
I was an assistant manager and one of my employees had a nicer car, nicer phone, nicer clothes, and nicer accessories than me. But I know he made less money than me. So turns out he is in about 16k in debt for all of those things and is struggling to make ends meet. While I was at he salary a few years ago, but I have no debt and I was able to save enough money to purchase the house I currently live at. A majority of people just don't know how to live within their means.
@@MrCherryzz Although that is usually the case, there is another reason why someone looks wealthy, but this is most probably the exception. Maybe that person actually comes from a wealthy family. I had a colleague who earned the same salary as myself but everything she had was better than all of us or she had stuff we didn't have or she could indulge in activities we all saw as luxuries. Turned out, her family was rich and she took that job because she just wanted to do something.
@@whatevergoesforme5129Exactly. It's usually the case about most people I know. They make not much but inherited nice houses, objects and money. Their parents give them travels and nice stuff. Thus they really are richer then me despite having lower paying jobs and not saving at all. Is how life is, unfair
The biggest investment in yourself is looking after your health. All the trinkets in life will mean nothing if you haven't the energy to enjoy them.
Nischa, you're so right about the appearance of wealth. I worked in a bank and saw how people were spending their money. It seemed that professional people were the most keen to out do each other and had maxxed out their overdraft facilities. All about ego in reality.
Couldn’t have phrased it better!!! Good health till your Golden later years in Life is your greatest asset; as long as you’re not starving & have A roof over your head !!! All those material things are just for show !!! The exception is if you’re a millionaire or super wealthy & can afford it !!! But all in all ; Good health is all you need.
I read a comment from a former bank teller. It said the people with the fancy clothes, flashy car, and demanding, rude behavior were in debt and bouncing checks. The wealthy people wore old jeans and drove old cars.
I learned two lessons in life, long before I started on the path of entrepreneurship.
1st - If you can’t learn to be happy when you have a little, you’ll never be happy when you have more.
2nd - If you can’t learn to manage your money when you have little, you’ll never be able to manage your money when you have more.
Now I have a lot of money. I still drive the same “fix-it-and-it’s-free” car, I still live in the same apartment as I have for almost 5 years, and I prioritize time with my kids and my mental health.
The only things I spend money on are things that I truly enjoy, like a decent piano, a guitar and drum set for my kids, travel with them, and a cinema camera because I enjoy filming.
And you’re right, I don’t have the time to care what other people think…. And as time moves forward I’m less concerned with that too.
👌Say no more💯
NPC @PatrickWieland1_
The truth is that other people only care about themselves, they don’t care about you.
Sounds great! Can’t agree more
They earn more and spend more than they earn probably
The thing I like about your approach is that you don’t put someone down in order to feel good about yourself. Everyone has their own journey and lane to strive on, just like driving in highways. Everyone exits the ‘highway’ with different destinations in mind, so no need to compare as much.
Very well said!
I've recently joined the millionaire club after years of saving & investing. I drive a 12 year old hail-dented car, still get around in jeans and sneakers -- I just don't feel any particular need to display wealth. There's a difference between being wealthy and looking wealthy...
Me too, although a big part of that is tied up in commercial real estate. Although I am liquid enough to buy pretty much any car cash. But yet I'm driving a 2005 Malibu with bondo patching a couple rust holes. I paid 1700 for it 4 years ago. The only major expense so far has been I put new tires on it at about 450 bucks. People's cars keep them poor
Might feel differently when you get to decamillionaire, I know I did. Although I'm still jeans and a T-shirt. I like to fly international first class rather than economy now.
@@michaelwebsternz I have horrendous spinal hardware, and when I am able to travel again, it is going to have to be first class because of discomfort and pain.
starting to wear quality dresses isn't necessarily a displaying activity.
You can't display wealth. You can only boast about it. Even when you are in jeans and a tee-shirt money is no object is also a mentality. You pay the bill you are seen as wealthy. Right now, you are seen as a millionaire. Just boasting. I love not having. Anything.
That piece, "you don't know what you stand for." Well stated, I needed to hear that.
Felt that too 😂
I have learned to effectively fight Bright Shiny Object Syndrome--the desire to buy some expensive product--by waiting three or four days. Invariably, the desire to buy that product fades considerably and sometimes totally. The money I saved by not buying and is still in the bank is an emotional bonus.
Your right, if you wait a few days to purchase that bright shiny thing, you actually don't really want it.
If I still want it, I find a way to budget it in. Without stuffing up my essential spending.
I do this on ebay all the time, 95% of the time I don't regret not buying it.
Sad reality is most people have been living their lifestyle on low interest rates, now rates have become much higher, people are less likely to reduce their lifestyle...
Yes it's ridiculous, I'm from Canada and people are so irresponsible with credit. Everything is bought on credit and now that the interest rates are high they cannot even pay the interest on their mortgages.
As a natural saver, I always feel I'm 5-10 years behind where I should be. At the same time I think this comment is completely correct, and it has been a major contributor to inflation. It's unfortunate that people who do the responsible things have to wait till things implode to actually benefit from it.
@@cniht Inflation is by definition caused by the increase in money supply.
@@David-135sure, and why’s it increasing? Cuz people are saving less and spending more. Partly to fit in socially and partly because living costs are outpacing wage increases cuz most of the economy consists of luxuries rather than necessities (which means that more money can be extracted from you until you can only afford the necessities and nothing more).
@@barbaralachance5836yep I’m from Canada too. No shortage of 20 something “bros” driving around in leased BMW’s while they live with their parents and the lease payment is 1/3 of their income at the local warehouse
Focusing on personal joy really resonates with me. I retired at 55 with $250k, believing it would be enough, but rising healthcare costs and inflation have made it challenging. Even though each withdrawal affects my savings ability to grow through compounding interest, I wouldn't trade the freedom and joy I've found in retirement for anything. Looking back, I see how crucial it was to plan carefully
I'm almost ready to retire, and having a fund manager has been incredibly beneficial. Since I started investing later in life, I couldn't rely solely on compound interest from index funds. I've managed to earn more than some long-term investors. I'll be retiring with at least $4 million
Your fund manager must be excellent. How can I get in touch with them? I'm worried about my retirement portfolio and could really use some guidance
I usually avoid making specific recommendations since everyone's situation is unique. However, having worked closely with Emily Ava Milligan for years, I can attest to her great service. You might want to see if she meets your criteria
I looked up her name online and found her page. I emailed and made enquiries. Thanks for the help
250k wouldn't be enough to retire at 67 with supplemental social security nevermind at 50. I think you should have done your homework. Sorry about being blunt.
I subscribed to this channel when it has 53k subscribers,wow she has over a million good job nisha
Not Nisha bro! Her name is Nischa!
@@MobasherSarkarSagor thanks
Same!!
My wife is insanely good with money and after meeting her I've really learned to understand the relationship of debt to income. I was hell bent on getting a new motorcycle recently but with interest rates the way they are and having a truck payment I knew she wouldn't be happy about it. It made me crunch some numbers and realize it was a bad move right now.
Sometimes its just that pause and reality check that makes an old thing seem not so bad and the thing you want can still be had when condition are more favorable. I could easily afford a bike payment but why give the bank thousands more in interest because I'm impatient and once my trucks paid off I can throw that payment at the bike and pay it off in half the time. The hardest hurdle I think for some is "I can, therefore I should".
Yep! We focus on traveling so we went way under budget with a house, have used cars, don’t buy much clothing, make budget meal plans, etc.
That last tip is very true i been saving saving saving for the past year that i haven’t bought myself anything that makes me happy until just recently i decided to buy myself a new pair of shoes and some clothes. I did not waste alot but it sure felt good
Collaboration over competition makes so much sense. To think of all the missed opportunities where I saw competition instead of collaboration. Well done Nischa
I LOVE your videos - they aren't only super informative about financial decision making but you also lean into more mindful side with such ease! One of my favourite UA-camrs! ❤
Thanks!
Right on. A lot of people make the mistake of buying on credit things they don't need to impress people they don't even like. A long time ago I bought my first house, paid off the mortgage in 18 month and never had one again. How did I do it. With the downpayment I had I qualified for a house twice the size, but would have had a much larger mortgage. Plus, I didn't go on a holiday during that time and always lived within my means. The same with all the cars I ever owned.
How much was your house? There's a difference between a 100k home and a million dollar home.
OMG!!! In this video you are saying out loud my recent experiences, observations and thoughts. I stepped away from my 9-5 job at the beginning of the year and now I am creating my own business and loving the process. However, I went to my first networking event last week and at the end, all the fellow networkers were driving away in top of the range fancy cars and there was me in what felt like the "Flintstones" car.....😁. My first thought was "Where am I going wrong" but then I realised that I am just starting out so I just got curious as to how they built up their businesses. THANK YOU for your amazing content, you take the finance phobia away for me 🌟🙏🏼🙏🏼
there's a book called whispers of manifestation on borlest , and it talks about how using some secret tehniques you can attract almost everything in life it's not some bullshit law of attraction, it's the real deal
I do Uber Eats in Los Angeles so I get a view at the wealth in the city. I understand some of the wealth I encounter, but I am always struck by how many people in their 20s are living in luxury apartments, driving fancy cars and partying very hard. Who are these people and how are they making their money?
Honestly some may be in their 30s but take care of their health.
As Nischa said many pay these things by credit card and only pay the minimum down payment. These can go for years. Later the accumulated so much debt and can not afford uber eats anymore😂.
Some have rich very wealthy parents, ist always Wasser to spend other peoples money. We don‘t care, just enjoying the moment.
Their parents. For us normals it is truly hard to grasp how filthy rich some families are.
Most of us complain we can’t afford things, but GDP is good. The money went somewhere. It went to them.
Its culture. Its not that they have money is that they see others who have money. They also live with societys means. What ever is current in society theyll do it as of to not be left behind. Having a story to tell can be expensive...
My markers of wealth is i have my health, my family has their health, my pets have their health and relatives have their health. Also a nice marker of wealth is I own two homes paid off, a new Tesla paid off and fully retired. I dont care about impressing anybody, I am on the top of humanity for sure!
I'm a man of 58. Semi retired at 46 since I made enough money from farming. I'm now a landlord or leaseor. I often wonder how I got to be so well off while others around me are struggling. I think my answer is I'm a saver and absolutely will not borrow money unless it pays for itself. A leased house pays for itself, a new tractor makes me money. I'm a simple man who enjoys simple things. Never bought a new car, never been on a cruise ship, never even bought takeaway coffee. I've noticed that the more money you make the more you spend. I'm happy spending little.
It's called; money consciousness!
Great post!
I'm 52. I've done the landlord thing since I was 19. I gave my 2 oldest children free homes. I spend little. I buy what's on sale at the grocery store. I've been saving atleast 80% of my bring home pay.
My best friend is eyeballs deep in debt. Barely speaks to me since the day I said the govt is letting people take out 401k penalty free. It's gone from living rich off 401k to living off home equity. Then add credit cards, auto loans, but now pay later. It's insane.
The more money you make, the more money you save!
stuff like traveling, going on a cruise, and activities you may find at resorts like paragliding or jetski, im a firm believer that you should still at least try those out once for the experience, maybe it will be life changing and open you up to new hobbies, or you dont really like it in the moment, but looking back, while it may have not been your favorite moment, it was definitely alright.
So so true! When I start my first business I felt like I was failing because everyone seem to have either loads of money or doing really well, I learned after many years I was the one actually doing well not wasting all my money on cars and other things, I always bought secondhand cars and now it’s completely paid off, got a great business running
I felt that before that it seemed like they did have more money than I do. I was wrong! All the things that you've been said are the things that I have accomplished so far in my life. Thank you for sharing.
You are lovely, BRILLIANT, and so life-giving! We are new to your channel and you are beautifully rooted in your values, authenticity, and the legacy you want build throughout your life. So happy to be here. Continued abundance to you and everyone in this community!
Honestly, I thought I was the only one feeling this way about money. Great advice on how to stop comparing and start investing in what truly matters.
I'll be sure to send your video to any friends who might feel that way! I always remind myself that some of my peers have debt to appear wealthier than they really are and I own everything in my possession whereas others probably don't fully own their car or apartment/house!
True wealth is not only about numbers, but more about freedom and options. You could make a million dollars a year but if you spend all your time and energy to make that million and maintain that lifestyle are you really wealthy I think not .
If you still get to keep it all after you quit, sure you are.
I agree with your point. I believe there is a collective delusion among the working class that relentless hustling and grinding can propel one into the millionaire class. While this scenario might hold true for a select few individuals who manage to break into the wealthy echelon through sheer effort and by sacrificing numerous life experiences for that singular objective, many end up forfeiting friendships, relationships, and the opportunity to witness their children's growth, all in pursuit of a goal that ultimately fails to bring as much joy as the myriad experiences they have forsaken. Additionally, there exists a larger segment of individuals chasing this dream who grow increasingly desperate with age, only to one day awaken to the realization that the prime years of their lives have slipped away.
@@Donkor640pretty sad. Forfeiting life for future wealth
You are the best, Nischa, thank you. I think the most important thing you have done as a content creator is that you are trustworthy. Every time you upload a new video, I know I can find something valuable there.
I love you! I am an accountant who is at the beginning of her career, so your videos have been more than helpful! I love taking advice from a big finance sister x
Thank you! As someone currently crawling out of debt - ive been feeling so behind.
It is well worth the crawl. Once you get out there and start saving money up, you'll see something and think, I could buy that with cash, but then you also think, "why". You don't need to impress people with a new phone or a new car anymore.
Good luck!
i genuinely wait for your videos and sometimes watch them repeatedly because right now i am almost in a same place that you were in years ago and for real your videos changed my mindset around money all the love nischa
6:44 travel is a priority for my partner & I. We limit eating out, shopping mostly essentials and save over months. It’s not just spur of the moment. I have had to say no to many things, wedding of a close friend which required me to travel when it is super expensive and I had deadlines
I think practicing gratitude 🙏 has brought back to what’s really important. Thank you
Yes, good point. It seems the world is focussed on lack and fear instead of abundance.
If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
Absolutely. My parents were immigrants and even though they never blamed anyone for their personal shortcomings like many do, they did have a sense that rich /wealthy people were different, snobby etc. As i grew up and entered the workforce i started working with customers that were incredibly wealthy and started seeing that what did make them different was their atittude towards things, natural curiosity not afraid to ask questions or for help and most were incredibly nice people that were always inclusive of others. That taught me more about finances and personal relationships than anything my parents showed me in 20 years of living with them.
Iam 43 and have it good. Since the last 25 years I see how times changed. When I was 20 + we lived normal life and spended little money but now same generation lots of them spend 5 to 10 times more. Most is family money since where I live familys have much more and so do their kids.
Exactly what I wanted to hear today. Thanks Nischa.
I never saw my life in chapters which seems to be such a common view on lifetime. Do this when you're 20, do this when you're 30... Mainly the young years are viewed as those where you should live your life to the fullest but with these chapters and goals, those years are easily the most stressful. You do you.
Yup once I discovered what I stood for I became a race horse with blinkers. The comparisons stopped and I focused on honing my craft while enjoying the journey. A modest life but quiet comfortable 😌
I'm secretly rich and no one knows about it, not even my family. I drive a 20 Year old car. I work at a minimum wage place part time.
I feel that we need more honest and view changing videos like this on youtube. Well done. 👍
Great video! I love your pointer on knowing what you stand for!
I’m in banking currently three years in. I’ve learned so many valuable lessons working in finance.
When you mentioned holistically, this point is often overlooked but exceedingly significant
Great topic, well spoken, and well put together. Kudos!
I know this has been mentioned many times before on comments but I really appreciate the content that you add. It is so open, transparent and in some cases can be vulnerable. That courage that you have to do this is such a great example for us all. Keep doing what you do. Brilliant video as always. Thank-you 🙂🙏
Great video of wisdom!
As someone in my late 40s, I have made numerous financial missteps along the way that are too many to count. With experiences ranging from peaks to valleys, short of facing bankruptcy, the two saving graces that have rescued me from my past errors have been 1. home ownership and 2. my military retirement pay. The steady income stream from my military retirement, available immediately after my service concluded, has been a true lifeline. Having a reliable source of income from my early 40s onwards has been an invaluable safety net, particularly considering the impulsive and less restrained financial behaviors I exhibited in my 20s and 30s.😅
One thing that people overlook when judging wealth is the problems that it sometimes brings, first among them being health related issues due to stress, notably dental problems, arthritis, rheumatism, fibromylagia, stomach problems and kidney problems. The second is failure of relationships due to one or the other partner spending too much time at work. Thirdly, relationships with children and friends. These are all potential casualities from inordinate wealth-chasing. Also, there are, simply, problems that money cannot solve. I know people that are wealthy. They are not healthy...
I love this, I know that from my own experience that possessions don't make you happy.
Congratulations, Nisha. I read about you on CNBC and you're indeed a talented, genuinely kind and smart young Lady.
Bert
I make $180,000 CAD a year and am still using an iPhone 8 in 2024 on a basic $18/month 500mb plan. I don't have an Amazon/Netflix/ or any other susbscription memberships. I have never spent money on Uber Eats/other food delivery apps.
I know so many other Canadians who complain about cost of living yet waste money on the latest phone model... or are constantly eating out/ordering delivery.
Being wealthy is a gift and a curse in Canada. I am frugal with my money and don't live a quality of life equal to some super spender poor people, but the government will punish me and reward those who can't budget by taxing me more and giving them more money.
Thing is you're like me, you don't spend money, those that are less frugal keep the economy going. Tight wads like us don't 😂😂😂. Same here in UK.
I look poor from the outside. Reality is I have more wealth than the average american who has nicer stuff than me. I have more money than them because I don't go into debt to have nice objects.
Wealth is what you don't see. It's the nice cars not bought.
I'm learning too slowly by slowly not to get in debt to but nice things.
Same boat, I only buy what I need and spend on things that I like. I couldn't care less what other people view me as
so you'll die one day with a pile of money. you have find a good balance
wealth is intergenerational it depends if you pass it on
Ive been feeling so down about this. My friends are all doing so well. Im almost 40 and we've just built our first house together and all I can think about is how much nicer my friends houses are.
Nischa, this video was so helpful, thank you so much!
Love how you address this topic especially here in california
Excellent reminder. Thank you!
Just moved some spare cash into uSMART, enjoying 6% interest on my instantly available USD. Excited to see it grow!
You've just earned a new subscriber! Awesome content! Thank you Nischa! :)
Perhaps one more - as I was moaning to my friend how unfortunate I am and how this world is so unfair to me, a friend of mine once told me - count your blessings, I'm sure there are people out there who would give anything to have your level of education, abilities, job, home, opportunities... Might not be a lot to count, but all mine and gained fairly through my hard work and dedication.
Thanks for the content! Definetely a good boost for Monday! :)
Thank you a lot, Nischa! This is one of your best videos so far! I really like your approach and mindset towards other's wealth and how to focus more on our prosperity. 😄
Good job! Well stated and presented. You have transitioned into a really good speaker and demonstrate passion for the topic in these short video clips. Thank you for the effort(s)!
Great points here !
This was a great video. I particularly like focus on the wrong 'c', collaboration is the best. Each person can bring something to the table. What people sometimes forget is even major companies collaborate with each other, they may act like their in competition somewhere there is a collaboration.
Love it! Thanks for a breath of fresh perspective!
Here in Switzerland I know that every day when I walk down the street I am walking by billionaires
They do not stand out, and do not want to stand out
Most rich people are not really trying to be rich (excluding the trust fund babies who will waste their fortunes)
It is a by-product of their ambition and aptitude; few can actually relax and enjoy their fortune
Personally I'm neither super wealthy nor ambitious, but I have worked to become financially independent and am very happy
Switzerland is in serious need for diversity.
@@annveronica7795 What do you mean?
@@annveronica7795Have you been? I worked on site for a while with a Swiss company that had people from 39 other countries working and living there.
Excellent video Nischa, some very insightful points, keep up the good work! 👌
Just moved some spare cash into uSMART, enjoying 6% interest on my instantly available USD. Excited to see it grow!
Thank you for this🙏🏾
I stumbled on your videos a year ago. You've given me a lot of comfort in where I am financially. So many times have I compared myself to people in debt looking rich and now I feel I'm ahead in my 401k, investments and savings. Thank you.
My 12-year-old daughter came to me one day so I want stuff for when I get it. It still doesn’t seem to make me happy. I think people need to start realizing wants and needs stuff. We want really won’t make you happy so it’s not worth spending wasting money on it.I think it’s fun to treat yourself but don’t look around and compare yourself to others thinking you’ll be happy just because you have stuff.
I learnt at a young age, partly due to what my dad taught me and partly through what I observed myself, that a lot of people who other people classed as 'rich' were actually up to their eyeballs in debt. That's why the only debt I've ever had was my mortgage, everything else I saved up for before buying.
Love your channel! More people need to listen to this! Keep up the great content!
Another great video 🙌🏾
I used to focus on what people thought: clothes, car, watches, gadgets etc. Three years ago I switched to focusing on my pension, savings, investments and paying off my mortgage. It was hard work and continues to be. Every now and again I fixate on something like I used to, believing I need to buy it. It's really difficult. And I have to physically, emotionally and mentally focus back to my long-time goals. I haven't bought clothes for 3 years :-D .......my friends even joke I only have one outfit with different colour tops and bottoms. I love it.
Thank you. I really needed this.
For me, I don't want to compare myself to others. I want to compare past self, ensuring I'm in a better financial standing now than before.
The point that others may choose to spend in areas, travel for instance, that align with their values, is so important. They may hold a car longer so they have money to travel. It's a values decision. Thanks for your vids.
Thank you Nischa!
I needed that. Thank you.
Such a great video with so many truths! Adjusting your mindset changes everything, from how you view the world, to how others view your new potential!
I discovered your channel recently and just wanted to say you’re amazing!
This was a very eye opening video. Thanks for making me realize my bad habits
Another EXCELLENT VIDEO . . Im a new subscriber . . Very impressed . . Going to binge watch ya videos over the weekend . . CHEERS FOR YOUR CONTENT !!¡!
Mischa you are a class act.
in the leasing example you have to really add 2 more factors into it, what does the leasing company is taking off your hands in repair wise and what other things that luxury car gave you
maybe it did give you an opportunity to get business or make contacts with people, or you just feel way better about yourself and you manage to perform better
car purchase is always a double edge sword specially in cultures where cars are very important like in the eastern euro and balkan region, it is more then a car it is a business card as well
This is a good video to self realise and self reflect and where you at. Thank you for sharing.
Great video Nischa, really valuable content!
Saw the video with masterclass link 1 min before the webinar went live. Thanks a lot.
The collaboration versus competition is mind-blowing.
Just moved some spare cash into uSMART, enjoying 6% interest on my instantly available USD. Excited to see it grow!
I have a friend who had 15k in credit card debt catch up to him in the form of a lawsuit after about 15 yrs. It doesn’t go away.
I am 57 and own 3 rental properties outright and I live a comfortable life being a landlord. I see how my tenants stay trapped because they waste money on leased cars, cugarettes, weed, energy drinks, take out food, clothes etc.
I want to see them buy a house but they never will. I refuse to tap into the equity of my rentals. So because of my financial discipline I am set for life. You have to make sacrifices and buy food on sale at the grocery store and resist the urge to buy takeout or new cars or whatever.
Great video Nischa. Very true on displaying wealth and prioritising spending...I drive an older modest car and prefer to invest in experiences. I also work part-time and this benefits my health & wellbeing and also allows me to help out my elderly parents when they need me. I have various investments in equities & bonds also find around 8% return is the norm, higher returns = higher risk.
Thanks Nischa
Love the black shirt that you always wear. It gives this kind of stability in a way
This is really helpful, Nischa. I wish you could do a vid regarding your learning strategy. Like do you recommend getting a masters degree or be fine with industry certification?
Golden advice!
The car example is even more glaring when you take into consideration the cost of insuring, maintaining, and repairing a luxury car. The friend could have also bought the luxiry car with the same payment for a longer term and then really been screwed. At least with the lease they can walk away after 3 years, before long term maintenance and repair costs begin to bite (especially for certain luxury brands).
Excellent video, perfect timing, than you Nischa
When you lease a car you can buy it for a low cost after a certain period of time so leasing isn't really that bad, especially as you can upgrade during your lease. It's not really as simple as it may seem.