Taxes are something you have to consider when making these decisions as well. $50/hour at a job might only end up being around $35/hr after taxes are paid. Whereas money saved by various penny pinching methods is tax free, so if I can save $35 an hour then it's equivalent to making $50 at my job.
I like the natural shift from penny saving video's to the option of building a skill set instead. It's a perfect evolution of your videos, nice choice and great idea
It's all a balancing act For example, if buying a nicer car(that you can afford) will allow you to network with inviduals who will help you advance then it's worth it.
I can really appreciate this. Not only the content but the journey that you've gone through and the amount you've shared with you're viewers. Much appreciated 🙏
I was one of those who stopped watching when the channel was flooded with US-only penny-pinching videos... definitely agree bigger value/ideas videos will be more helpful to audience
This is really good. I am currently making a business plan and was wondering how to benchmark my hourly rate working on it. Then I watched this video and it gave me the answer with the divide by your annual salary by 2000. Thank you!
I think it's best to favor penny pinching that has some extra side benefits. For example, any kind of physical exercise can be counted against the ~1 hour a day that is necessary for health and to avoid getting fat. So, for example, if I shovel the snow off my driveway and it takes me 1 hour, but then I don't need to run for an hour, then shoveling snow costs me 0 time.
physical exercise that is meant to be exercise is usually more efficient and less harmful though. i like your thought process but id say 1 hr of snow shovelling = about 1/2 hour of other exercise same goes for gardening or lawn mowing etc. id give those about a factor of 1/4
I would agrue that sometimes it's not worth penny pinching even if you don't do something productive instead. Let's use the lawn mowing example, if it's something that also relaxes you then sure, by all means, do it, but if it's only an annoying chore then you're probably better off not saving on a gardener because people need to relax too, nobody can work all day every day without burning themselves out. I also value my time so sometimes when someting around the house breaks down I tell my wife to call a professional but other times, especially when I'm not tired and I find the job interesting and challenging, I do it myself. So my point is that I value my time but that doesn't mean that repairing a toilet tank is beneath me. I was kinda curious what's in that thing anyway :)
I remembered your "How to make Pho" video, it was so much work and waste a lot of time. From buying the ingredients to cooking each of them and cleaning afterward, it wasn't worth saving that $10-15 man. I also stopped making your kimchi. It was an experience and fun during that time, but one of those things no longer worth doing.
The key to food savings for me(I live in nyc) is i make 80% of my meals on Sunday all at once. It takes about an hour and a half. I package each meal individually and refrigerate everything. I eat out a couple times a week too.
Keep in mind when not flushing toilet you’re also saving wear and tear on the parts and increasing the longevity of the toilet, and delaying a repair bill until later on down the road. Even if you fix it yourself that’s still money spent for the part and your time spent fixing it.
same with the plug! my gosh imagine how quick you'd short out the wire, ruin the plug and if it breaks in the wall....disaster. I've never understood people who do that - at least get a power cord strip with a switch!
It'a a good idea to adjust for wear and tear, but for a toilet even accounting for the wear and tear it's still not worth it. An entire parts kit for a toilet is less than $30 usually and the main seal will wear out eventually whether you're using the toilet or not. Also you have to scrub/clean the bowl less if you flush after every use.
Incredible. I never would’ve thought I’d have seen this video before. A year ago I told you to look into poverty consciousness! You left me a comment that was a little rude and condescending and look where we are today.
Great video as always, Francis! I'd add that if you value your relaxation and happiness in life at more than $50/hour (if you made 100k/yr) it would be worth it to watch that drama. It's a bit harder to quantify but I'm sure we can all agree that we shouldn't work for more than 8 hours a day because it affects productivity --I'd even go as far as to argue that you shouldn't work for more than 6 hours a day if you can afford it and still achieve your financial goals. Keep preaching bro.
more time spent working does not necessarily mean higher earnings potential. its just as important to find passive and investment opportunities so you can spend less time working and have a better work life balance.
I make 47 an hr and if I work more they pay me double ,and I can work as many hrs I want , I’m cheap and do all of my own handy work / everything , but it makes me feel better to do my own work! I do have house cleaners as they are worth the money / time
What line of work are you in, if you don't mind me asking? I agree about the handy work btw. I do all the handy work I can on my house as I enjoy doing it and the sense of accomplishment when it's finished.
@@GingerBeardMan_ I work for Att making sure the internet gets to buss and residence, maintenance tech I keep the fiber and copper in working condition
@@campingforayearrenoheart5908 Nice, I appreciate the reply. They actually just laid down new underground lines here in my area, changing from overhead lines. What kind of schooling or training do they require?
While I agree with the spirit of your argument, here are some potential flaws: * what if I'm just sick of working and hate the idea of spending any extra time at work? * Money saved can be invested and over the years can grow greatly in value, the same is not true for time saved. Time saved has to be converted into money first (for example in increased job earnings). * For FIRE purposes, any dollar of extra spending per month means I have to save ~$300 extra in order to retire using a 4% SWR.
Since many people tend to watch TV/social media/UA-cam for 4+ hours a day (I'm guilty of this as well), perhaps we should look at this as a quite expensive habit as well? At your example "hourly rate" , that's $100+ per day.
I wish I learn this concept earlier and achieve financial success much quicker. It wasn’t until I start tracking my networth and realized saving alone will not achieve wealth. Great content BTB. Focus on what you are good at and make more money. As a millionaire, I still pull the unplug 🔌 on my electrics, skip flashing toilet 🚽 and tear off part of bounty towel. The mindset slowly switch on tracking the best use of my time (rather than saving money) to earn more money. This is one of my favorite video you make lately!!
Another simple analogy (and i have friends that do this) is those that ride around extra to save a few pennies per gallon os gas at the pump. Now factor what they spent both in gas and time compared to how much they actually saved.
One more thing to factor in is when and if you pay someone say $20/h to mow the lawn or what ever. you actually have to earn close to $30/hour factoring in a tax rate of ~30%. probably even a little more if you are being charge $20/h + tax. To me if you HATE doing a job house cleaning mowing the lawn etc the money is worth spending. but if its a minor inconvenience or even a joy to mow the lawn clean the house etc you are better off saving the money doing it yourself. Money is a tool. Save it for your future, and spend it to increase your happiness.
I love this video and have had these thoughts as well. As someone in the IT field, there is a very direct link between time invested learning new skills and more money. I might try an experiment where I start investing more money into time saving services like food prep, lawn care, and house cleaning and see if I can put that extra time into generating more income. I would estimate that if i were able to increase my salary by $20k it would be worth it. My main concern is a point that you mentioned, that it’s very likely I’ll end up watching an extra episode of Netflix per day instead of working harder, but it might be worth trying.
You don't have to be doing your highest earning activity during the time you are not doing whatever activity you outsource. If someone choses to watch TV while someone mows their yard, there is nothing wrong with that if they can afford it.
yes but you are spending your net earnings while earning gross income. You should divide that by your paycheck reductions (tax, health,401k, etc) after dividing your income by 2000. Don't forget the equipment that you sometimes have to buy when you DIY. That lawnmower isn't cheap.
For people doing a 9-5 job penny pinching is away of increasing your hourly rate however like you touched upon it all depends everyone's individual situations. The jobs that aren't really worth doing after you calculate it is still going to be worth doing if you enjoy doing it. I am pretty sure you said you enjoy getting special offers.
I agree, time is the one thing you cant buy. im not ganna be 900 years old. thats why things like Doordash have value- not because people are lazy necessarily (though maybe true) its more people buying time because they dont have time to cook with our insane modern work schedules
BTB you could have looked at it a different way , with your 4 hour shift , look at it as a gym workout and you are getting paid $15 per hour to workout and keep fit .......thoughts ?
I was thinking the same thing. In the beginning you might be a little sore.....But then if you continue the muscles get used to it and you pace yourself and get in a little work out at the same time. I knew he wouldn't last. He didn't really want the job. He was just trying it on for fun.
Even if I use that hour saved to play video games or simply relax with a pastime, there is still tangible benefit here. I cannot focus on the most lucrative work all the time. I need to unwind, so that when I am working, I can focus and be the most productive.
i always like to calculate how much doing things (that i dont like doing) is saving me and compare it to my net hourly wage... ive calculated that with current gas prices the extra gas that i spent going quicker than about 60mph is more than my net hourly wage for every hour i save going 5 or 10 or 20mph faster. so since i enjoy listening to podcasts or music in my car i rarely go over 50 anymore if the traffic allows it. saves me about 35 bucks a month
Flushing the toilet might be very costly of you are on a well that goes dry because your neighbors spray water on the lawn 4 times a week or the pump burns out
100% agree. I used to do extreme couponing & it was worth it when my kids were small but not worth it now bc I no longer use most items you can get doing that. 👍🏽
@@jlina 🤣😂🤣 Um, no! You've obviously never tried "EXTREME" couponing. I would get $200 worth of groceries for $0.89 & sometimes got cash back. It took a couple hours to plan and execute, but it's WAY less expensive than buying generic. It has its place, just not in my life any longer. 💰🤗
Some people just enjoy wasting their time. Its theirs and thata what they want to be doing. I might not be penny pinching but I'm always comparing similar items
Francis, it is not all about money. It could well be that penny pinching on some things can you a better feeling and bring you in a better mood. How do you want to express these intangible benefits in money??
I Think like this. if i make 50 an hour and it costs 30 an hour to mow the lawn for example. i would much rather mow the law because i enjoy doing that way more than working at my job. its worth that $20 every so often
I am semi retired aka trying out retirement but still holding on my job. What I love doing is yoga. I have taken up yoga teacher training and is certified. I did it for my own progress and not going to teach. Reason is here teachers are paid poorly and the need to run from studio to studio and the time to prepare for it just isn’t worth my hourly pay. So my question is what if my passions do not earn me income.
There's another factor you didn't really touch on, which is that the value of penny-pinching skills tends to be more durable than salary. What I mean is that you can be pushed out of a job by age, the economy, etc., but you can always save on trash bags, lol. Being able to cut costs and dependencies across the board reduces your dependence on job income. This is still good advice, especially because in good times, higher earnings can be saved to offset higher costs in the bad times, but I still think there are times where it makes sense to save money. For example, learning to do handy work around the house is usually a good investment, because not only can you save hundreds or thousands of dollars over time, but you'll become more knowledgeable about home systems and end up maintaining your house better and more consistently. Not flushing the toilet to save half a penny is just silly, lol.
I think people should flush less not to save money, but rather to save water. Because honestly we waste too much water just to flush especially when you're flushing urine.
hmmm interesting...l do go to cheap grocery store but i dont even look at the flyers and i dont really look at pricetags that much if it looks vaguely cheap i just buy it. i do save and invest a lot though. yeah i think there was a point i realized there is a spending floor that you must pay to stay alive so u have to focus more on being savvy and creating more value and earning more because that really has no ceiling
My brother would go shopping all over to get a few cents worth of discount per item. Meanwhile, he is using up gas and the wear and tear on the car. Plus the stress of traffic. Unbelievable to me. I'd rather just shop at one reasonably priced supermarket and get everything at one go. Time is worth way more than a few dollars and cents.
I've thought about this when it comes to my dress clothes. Is it worth my time ironing dress shirts, which I hate doing, or would it make more sense to take them to the dry cleaners.
My newest money saving thing is getting away from paper products, but at 7 cents a paper plate, if it takes me 20 seconds to clean a real plate, that’s 7 cents times 180 plates an hour, that only saves me $12.60/hour
I get the not returning items b/c of time but I still do since it's a waste for the environment throwing it away-unless I can find someone else who wants it or donate to.
The penny pinching mentality is much easier to follow because money saved there is a guarantee. There is no certainty that performing better at work will lead to a higher payout, regardless of how much extra value you add. This is a gamble. On the flip side, if you spend the time you save not penny pinching on developing an independent means of making money, your expected income there is guaranteed.
its really only the main things like housing, transportation, eating out too much, and not cooking that saves you money. Everything else is really a waste of time.
Beat the bush, i want to travel, I want to buy RV and get starlink which is available November. If, i make this my home, I can pay rent on land. What would this cost. My extra money what should I do..
it probably makes sense to focus not only on the expense/cost side, but also on the revenue/income side … and to “level up” the floor on each side as time goes on
Penny wise / dollar dumb is a survival mechanism. Pennywise means practicing habits that allow us to survive well during a market/ economic crash. Yes in our current financial situation it is dollar dumb. Imagine living during the Great Depression and have never learnt to live with minimum resources? I prefer pretend being poor than force to be poor.
Good content - saving on penny or dollar and lose valuable time is unwise move. Instead focus on earning more money, improve your skill or keep chasing your goal. I stop watching your watch channel bc it was so focus on saving Pennies. Let’s focus on make big money or improving skills to make money. Focus more content on this type of content. Thank you for sharing!!
Most people who penny pinch are taking the time from free time to do it, they aren’t taking time from working a hundred dollar an hour job to do it. People with good paying jobs who are very time restricted do not penny pinch.
I usually always leave one light on when I leave. I live in the basement and walking downstairs blind or having to turn one light to turn another one off is ridiculous. When I leave the light stays on!
@@BeatTheBush the switch is upstairs. I have to turn a light on downstairs then either go upstairs to turn the light off or I just unscrew the lightbulb. I leave the light switch on and the bulb unscrewed then just leave a light on in my main room
Well, ok, BTB but Walmart refused to cancel my damn order so now I've gotta return $30! I think my do not return limit is maybe $8. So I have a $13 item from Target - but Target does returns for 90 days so I'll definitely go there anyway. I used to wonder about this with your videos. However, there is something to be said about taking care of your own stuff and the resilience it promotes within your mind set. Next video - mind set self sustainable? :)
You save enough for a down payment to buy a rental. You save enough for an emergency fund. You also save for a big expense to pay cash. But you shouldn’t have money saved only to have it frozen in the bank. You lose money with INFLATION.
holy God.. this guy overthinks things so much especially about being cheap... imagine dating him. I know ppl in my culture who are like him and cheap as hell ... usually can't stand them for too long. I heave learned a big lesson in life, that is Life is short - work hard, play hard.
were laid off 2 wweeks at home everyone is sitting at home penching pennys tryna get through it meanwhile im going make 20 dollars an hour cash on a side gig you cant out save what you can earn
Taxes are something you have to consider when making these decisions as well. $50/hour at a job might only end up being around $35/hr after taxes are paid. Whereas money saved by various penny pinching methods is tax free, so if I can save $35 an hour then it's equivalent to making $50 at my job.
I like the natural shift from penny saving video's to the option of building a skill set instead. It's a perfect evolution of your videos, nice choice and great idea
@@BruceOtw good call catching the fake account. I deleted and blocked them
You hit the nail with this video. Growing up in a lower middle class family, we tend to penny pinch instead of trying to grow our income
It's all a balancing act
For example, if buying a nicer car(that you can afford) will allow you to network with inviduals who will help you advance then it's worth it.
I can really appreciate this. Not only the content but the journey that you've gone through and the amount you've shared with you're viewers. Much appreciated 🙏
Time is more valuable than money.
I was one of those who stopped watching when the channel was flooded with US-only penny-pinching videos... definitely agree bigger value/ideas videos will be more helpful to audience
This is really good. I am currently making a business plan and was wondering how to benchmark my hourly rate working on it. Then I watched this video and it gave me the answer with the divide by your annual salary by 2000. Thank you!
I think it's best to favor penny pinching that has some extra side benefits. For example, any kind of physical exercise can be counted against the ~1 hour a day that is necessary for health and to avoid getting fat. So, for example, if I shovel the snow off my driveway and it takes me 1 hour, but then I don't need to run for an hour, then shoveling snow costs me 0 time.
physical exercise that is meant to be exercise is usually more efficient and less harmful though.
i like your thought process but id say 1 hr of snow shovelling = about 1/2 hour of other exercise same goes for gardening or lawn mowing etc. id give those about a factor of 1/4
I would agrue that sometimes it's not worth penny pinching even if you don't do something productive instead. Let's use the lawn mowing example, if it's something that also relaxes you then sure, by all means, do it, but if it's only an annoying chore then you're probably better off not saving on a gardener because people need to relax too, nobody can work all day every day without burning themselves out.
I also value my time so sometimes when someting around the house breaks down I tell my wife to call a professional but other times, especially when I'm not tired and I find the job interesting and challenging, I do it myself. So my point is that I value my time but that doesn't mean that repairing a toilet tank is beneath me. I was kinda curious what's in that thing anyway :)
I remembered your "How to make Pho" video, it was so much work and waste a lot of time. From buying the ingredients to cooking each of them and cleaning afterward, it wasn't worth saving that $10-15 man. I also stopped making your kimchi. It was an experience and fun during that time, but one of those things no longer worth doing.
The key to food savings for me(I live in nyc) is i make 80% of my meals on Sunday all at once. It takes about an hour and a half. I package each meal individually and refrigerate everything. I eat out a couple times a week too.
True, wastes a lot of time
Keep in mind when not flushing toilet you’re also saving wear and tear on the parts and increasing the longevity of the toilet, and delaying a repair bill until later on down the road. Even if you fix it yourself that’s still money spent for the part and your time spent fixing it.
same with the plug! my gosh imagine how quick you'd short out the wire, ruin the plug and if it breaks in the wall....disaster. I've never understood people who do that - at least get a power cord strip with a switch!
It'a a good idea to adjust for wear and tear, but for a toilet even accounting for the wear and tear it's still not worth it. An entire parts kit for a toilet is less than $30 usually and the main seal will wear out eventually whether you're using the toilet or not. Also you have to scrub/clean the bowl less if you flush after every use.
Incredible. I never would’ve thought I’d have seen this video before. A year ago I told you to look into poverty consciousness! You left me a comment that was a little rude and condescending and look where we are today.
"Holding on to anger is like grasping a hot coal with the intent of throwing it at someone else; you are the one who gets burned."
😂😂😂😂 classic beatthebush
Great video as always, Francis! I'd add that if you value your relaxation and happiness in life at more than $50/hour (if you made 100k/yr) it would be worth it to watch that drama. It's a bit harder to quantify but I'm sure we can all agree that we shouldn't work for more than 8 hours a day because it affects productivity --I'd even go as far as to argue that you shouldn't work for more than 6 hours a day if you can afford it and still achieve your financial goals. Keep preaching bro.
more time spent working does not necessarily mean higher earnings potential. its just as important to find passive and investment opportunities so you can spend less time working and have a better work life balance.
I make 47 an hr and if I work more they pay me double ,and I can work as many hrs I want , I’m cheap and do all of my own handy work / everything , but it makes me feel better to do my own work! I do have house cleaners as they are worth the money / time
me too.
I just said that although I make zip....there is something to be said about doing your own stuff. Mindset resilience. You CAN do it if you have to :)
What line of work are you in, if you don't mind me asking? I agree about the handy work btw. I do all the handy work I can on my house as I enjoy doing it and the sense of accomplishment when it's finished.
@@GingerBeardMan_ I work for Att making sure the internet gets to buss and residence, maintenance tech I keep the fiber and copper in working condition
@@campingforayearrenoheart5908 Nice, I appreciate the reply. They actually just laid down new underground lines here in my area, changing from overhead lines. What kind of schooling or training do they require?
That’s true. We ve been outsourcing lawn mowing for the past few years now and it s one of the best money we ve spend as far as saving time !
your ability to look back and criticize your own actions is a great virtue
Can't wait to see you on Graham's podcast!
Ok.. so mind telling me who ratted me out?
@@BeatTheBush you just did! 😹
@@BeatTheBush GRAHAM ratted you out francis in his recent podcast with other asian dude lol.
@@BeatTheBush Looking forward to the podcast! Graham mentioned it in his recent episode with AskSelby
While I agree with the spirit of your argument, here are some potential flaws:
* what if I'm just sick of working and hate the idea of spending any extra time at work?
* Money saved can be invested and over the years can grow greatly in value, the same is not true for time saved. Time saved has to be converted into money first (for example in increased job earnings).
* For FIRE purposes, any dollar of extra spending per month means I have to save ~$300 extra in order to retire using a 4% SWR.
Since many people tend to watch TV/social media/UA-cam for 4+ hours a day (I'm guilty of this as well), perhaps we should look at this as a quite expensive habit as well? At your example "hourly rate" , that's $100+ per day.
Not applicable for FIRE people. Maybe for people working towards FI.
I love your penny pinching videos!
I wish I learn this concept earlier and achieve financial success much quicker. It wasn’t until I start tracking my networth and realized saving alone will not achieve wealth. Great content BTB. Focus on what you are good at and make more money.
As a millionaire, I still pull the unplug 🔌 on my electrics, skip flashing toilet 🚽 and tear off part of bounty towel. The mindset slowly switch on tracking the best use of my time (rather than saving money) to earn more money. This is one of my favorite video you make lately!!
Another simple analogy (and i have friends that do this) is those that ride around extra to save a few pennies per gallon os gas at the pump. Now factor what they spent both in gas and time compared to how much they actually saved.
One more thing to factor in is when and if you pay someone say $20/h to mow the lawn or what ever. you actually have to earn close to $30/hour factoring in a tax rate of ~30%. probably even a little more if you are being charge $20/h + tax. To me if you HATE doing a job house cleaning mowing the lawn etc the money is worth spending. but if its a minor inconvenience or even a joy to mow the lawn clean the house etc you are better off saving the money doing it yourself. Money is a tool. Save it for your future, and spend it to increase your happiness.
Taxes though. My take home for extra work is 1/2 … actually less but that’s due to retirement, etc. I use a bit under 1/2 for my budgeting math.
I have had this issue before. But it was a good lesson to learn and has made me wiser about my time and where I spend my time.
Either way, looking at everything through this lens of dollar & cents is a bit soul crushing to me
Do what you love and the money will follow
I love this video and have had these thoughts as well. As someone in the IT field, there is a very direct link between time invested learning new skills and more money. I might try an experiment where I start investing more money into time saving services like food prep, lawn care, and house cleaning and see if I can put that extra time into generating more income. I would estimate that if i were able to increase my salary by $20k it would be worth it. My main concern is a point that you mentioned, that it’s very likely I’ll end up watching an extra episode of Netflix per day instead of working harder, but it might be worth trying.
You don't have to be doing your highest earning activity during the time you are not doing whatever activity you outsource. If someone choses to watch TV while someone mows their yard, there is nothing wrong with that if they can afford it.
yes but you are spending your net earnings while earning gross income. You should divide that by your paycheck reductions (tax, health,401k, etc) after dividing your income by 2000.
Don't forget the equipment that you sometimes have to buy when you DIY. That lawnmower isn't cheap.
For people doing a 9-5 job penny pinching is away of increasing your hourly rate however like you touched upon it all depends everyone's individual situations. The jobs that aren't really worth doing after you calculate it is still going to be worth doing if you enjoy doing it. I am pretty sure you said you enjoy getting special offers.
I did enjoy the special offers but there comes a time when the potential opportunity cost is becoming too great.
Engineering dictum:
"Work smarter, not harder."
I agree, time is the one thing you cant buy. im not ganna be 900 years old. thats why things like Doordash have value- not because people are lazy necessarily (though maybe true) its more people buying time because they dont have time to cook with our insane modern work schedules
BTB you could have looked at it a different way , with your 4 hour shift , look at it as a gym workout and you are getting paid $15 per hour to workout and keep fit .......thoughts ?
I was thinking the same thing. In the beginning you might be a little sore.....But then if you continue the muscles get used to it and you pace yourself and get in a little work out at the same time. I knew he wouldn't last. He didn't really want the job. He was just trying it on for fun.
Even if I use that hour saved to play video games or simply relax with a pastime, there is still tangible benefit here. I cannot focus on the most lucrative work all the time. I need to unwind, so that when I am working, I can focus and be the most productive.
i always like to calculate how much doing things (that i dont like doing) is saving me and compare it to my net hourly wage... ive calculated that with current gas prices the extra gas that i spent going quicker than about 60mph is more than my net hourly wage for every hour i save going 5 or 10 or 20mph faster. so since i enjoy listening to podcasts or music in my car i rarely go over 50 anymore if the traffic allows it. saves me about 35 bucks a month
Flushing the toilet might be very costly of you are on a well that goes dry because your neighbors spray water on the lawn 4 times a week or the pump burns out
It's true time is great resource, use it wisely
100% agree. I used to do extreme couponing & it was worth it when my kids were small but not worth it now bc I no longer use most items you can get doing that. 👍🏽
plus it's so much easier to just always buy generic to me :)
@@jlina 🤣😂🤣 Um, no! You've obviously never tried "EXTREME" couponing. I would get $200 worth of groceries for $0.89 & sometimes got cash back. It took a couple hours to plan and execute, but it's WAY less expensive than buying generic. It has its place, just not in my life any longer. 💰🤗
Calculate the wear on the toilet components per flush?
Some people just enjoy wasting their time. Its theirs and thata what they want to be doing. I might not be penny pinching but I'm always comparing similar items
I agree. Not everyone can be always on and super productive.
Francis, it is not all about money. It could well be that penny pinching on some things can you a better feeling and bring you in a better mood. How do you want to express these intangible benefits in money??
I also like to collect penny and both ways of success. And I like to look into every drawer.
I Think like this. if i make 50 an hour and it costs 30 an hour to mow the lawn for example. i would much rather mow the law because i enjoy doing that way more than working at my job. its worth that $20 every so often
but the points said in this video are very true
ooh good point~ I'd much rather shovel dirt than buy groceries!
@@jlina i dont get it do you buy groceries or shovel dirt for a living?
@@gerardjachymiak5822 probably both concidering they are near minimum wage jobs either way.
I am semi retired aka trying out retirement but still holding on my job. What I love doing is yoga. I have taken up yoga teacher training and is certified. I did it for my own progress and not going to teach. Reason is here teachers are paid poorly and the need to run from studio to studio and the time to prepare for it just isn’t worth my hourly pay. So my question is what if my passions do not earn me income.
There's another factor you didn't really touch on, which is that the value of penny-pinching skills tends to be more durable than salary. What I mean is that you can be pushed out of a job by age, the economy, etc., but you can always save on trash bags, lol. Being able to cut costs and dependencies across the board reduces your dependence on job income. This is still good advice, especially because in good times, higher earnings can be saved to offset higher costs in the bad times, but I still think there are times where it makes sense to save money. For example, learning to do handy work around the house is usually a good investment, because not only can you save hundreds or thousands of dollars over time, but you'll become more knowledgeable about home systems and end up maintaining your house better and more consistently. Not flushing the toilet to save half a penny is just silly, lol.
I think people should flush less not to save money, but rather to save water. Because honestly we waste too much water just to flush especially when you're flushing urine.
Your toilet bowl starts to stink. It’s gross 🤢
hmmm interesting...l do go to cheap grocery store but i dont even look at the flyers and i dont really look at pricetags that much if it looks vaguely cheap i just buy it. i do save and invest a lot though. yeah i think there was a point i realized there is a spending floor that you must pay to stay alive so u have to focus more on being savvy and creating more value and earning more because that really has no ceiling
My brother would go shopping all over to get a few cents worth of discount per item. Meanwhile, he is using up gas and the wear and tear on the car. Plus the stress of traffic. Unbelievable to me. I'd rather just shop at one reasonably priced supermarket and get everything at one go. Time is worth way more than a few dollars and cents.
Heard you're going on The Iced Coffee Hour. Looking forward to seeing you on a podcast!
I've thought about this when it comes to my dress clothes. Is it worth my time ironing dress shirts, which I hate doing, or would it make more sense to take them to the dry cleaners.
My newest money saving thing is getting away from paper products, but at 7 cents a paper plate, if it takes me 20 seconds to clean a real plate, that’s 7 cents times 180 plates an hour, that only saves me $12.60/hour
I get the not returning items b/c of time but I still do since it's a waste for the environment throwing it away-unless I can find someone else who wants it or donate to.
Exactly. Some would just give it away.
The penny pinching mentality is much easier to follow because money saved there is a guarantee. There is no certainty that performing better at work will lead to a higher payout, regardless of how much extra value you add. This is a gamble.
On the flip side, if you spend the time you save not penny pinching on developing an independent means of making money, your expected income there is guaranteed.
bro i love your cheapskate vides. also remember to compare after after tax income. so $100/hr -> $60/hr in reality.
its really only the main things like housing, transportation, eating out too much, and not cooking that saves you money. Everything else is really a waste of time.
yeah im grinding leetcode and sys design to jump faang companies for that sweet 500k+ TC for senior roles
save time is save money...
buy bulk when get a promotion.
esspecialy during pandemic and inflation.
Beat the bush, i want to travel, I want to buy RV and get starlink which is available November. If, i make this my home, I can pay rent on land. What would this cost. My extra money what should I do..
it probably makes sense to focus not only on the expense/cost side, but also on the revenue/income side … and to “level up” the floor on each side as time goes on
Funny, UA-cam just showed me your penny pinching video about not flushing the toilet and 30 min later I’m watching this video. How things change.
Wow never in a million years would i think you would make a video like this. Welcome to 2021
Thanks!
Thank you!
I was thinking this when I was watching you install a bidet to your toilet.
That's time (money) neither of us will get back! 😂
I only ever penny pinch if I literally have no money and you can also think of a $1 investment will help you get that next $1,000 paycheck
A lot of the penny-pinching things that I do are more out of habit than wanting to save money.
Penny wise / dollar dumb is a survival mechanism. Pennywise means practicing habits that allow us to survive well during a market/ economic crash. Yes in our current financial situation it is dollar dumb. Imagine living during the Great Depression and have never learnt to live with minimum resources? I prefer pretend being poor than force to be poor.
Buy items in bulk sometimes saves $$$! If all else FAILS we still have crypto ✌️
Be an efficient spender
Good content - saving on penny or dollar and lose valuable time is unwise move. Instead focus on earning more money, improve your skill or keep chasing your goal. I stop watching your watch channel bc it was so focus on saving Pennies. Let’s focus on make big money or improving skills to make money. Focus more content on this type of content. Thank you for sharing!!
Most people who penny pinch are taking the time from free time to do it, they aren’t taking time from working a hundred dollar an hour job to do it.
People with good paying jobs who are very time restricted do not penny pinch.
I usually always leave one light on when I leave. I live in the basement and walking downstairs blind or having to turn one light to turn another one off is ridiculous. When I leave the light stays on!
How about a motion sensor in the switch plate?
@@BeatTheBush the switch is upstairs. I have to turn a light on downstairs then either go upstairs to turn the light off or I just unscrew the lightbulb. I leave the light switch on and the bulb unscrewed then just leave a light on in my main room
I have a hard time doing this since I watch stocks drop and get scared. I love saving though. It’s going to cost me
being frugal can't make you rich, but make you smart!
This is a great video and one which is well worth thinking about--after all our time is just important as our energy and our money!
Careful not to make enemies with the Mouse (clones clip) 😉. As a long time BTB fan, looking forward to ur interview w/ TICH.
Well, ok, BTB but Walmart refused to cancel my damn order so now I've gotta return $30! I think my do not return limit is maybe $8. So I have a $13 item from Target - but Target does returns for 90 days so I'll definitely go there anyway. I used to wonder about this with your videos. However, there is something to be said about taking care of your own stuff and the resilience it promotes within your mind set. Next video - mind set self sustainable? :)
Even if we make twenty dollars an hour you are right it’s not worth it to waste our time.
excellent, i need this
you just defined opportunity cost
Have you read 'Early Retirement' Extreme by Jacob Lund Fisker? Definitely suggesting
Nice man. I just got settled into my new house.
i so agree with you!!
You save enough for a down payment to buy a rental. You save enough for an emergency fund. You also save for a big expense to pay cash. But you shouldn’t have money saved only to have it frozen in the bank. You lose money with INFLATION.
holy God.. this guy overthinks things so much especially about being cheap... imagine dating him. I know ppl in my culture who are like him and cheap as hell ... usually can't stand them for too long. I heave learned a big lesson in life, that is Life is short - work hard, play hard.
Great breakdown totally agree
'not flushing the toilet' - LMAO
You should read The Theory of Poker
This video makes a lot of sense but it does negate a lot of your previous preaching
Now you spittin fax
Thanks for owning up but you good bro
Awareness. Congrats!
Great advice. I've seen a lot of people spending a ton of time just to save a very low amount of money. Often at the cost of their free time
SMART.
=D
Pinching Pennies < F**k Pennies
TLDR: opportunity cost
i was penny pinching when i was in college and realizing i was not gonna be able to own a house with the current employment situation
were laid off 2 wweeks at home everyone is sitting at home penching pennys tryna get through it meanwhile im going make 20 dollars an hour cash on a side gig you cant out save what you can earn
Yep... you can only save so much.
The mindset of scarcity is hard to escape from.