I'm earning six figures, but of all my friends and co worker, I have the smallest house(1900 sqft) and the less luxurious car. Before I dream of owning what they have but now that I have simplified and have enough financial wisdom, I wouldn't trade this freedom for anything. I was once living paycheck to paycheck.
Congrats👏 When a person’s priorities change then financial security is its own reward. Like Dave Ramsey says, “The paid-off home mortgage has replaced the BMW as the status symbol of choice.”
1. Start a side hustle away from 9-5 -Avg millionaire has 7 streams of income -waiting to earn 6 figures at job takes a lot of time Ex: sell photos, freelance digital copyright, graphic artist, virtual secretary 2. Make budget prioritizing savings -ex: avg $137,000 debt (includes house) 3. Reduce spending -Save on items you don’t need or cheaper alternative (lower rent, cheaper car, read) -stick to budget -cut out areas you’re carelessly spending -track your spending 4. Avoid owing debt -most don’t know how to use credit correctly, so better to avoid 5. Understand spending habits so you can control it 6 . Don’t compare what you have to what others do. Normal is broke - if you’re comfortable with your lifestyle, don’t car what other think or try to follow Joneses 7. Limit credit card uses -most aren’t aware of fees, interest $6,194 average credit debt per person -use only emergency 8. Pay yourself at least 10% into savings for each paycheck
For me, I think the OVERALL theme should be to save more money. Paying Yourself First should have been first on this list because let's be real, making side hustle money isn't the answer because more money ..... more problems. The problem is people don't save which this video ADDRESSES BUT savings should be the #1 priority.
“The three most harmful addictions are heroin, carbohydrates, and a monthly salary.” [Nassim Nicholas Taleb]. Every addiction starts with pain and ends with Pain 🖖
Absolutely! With the ongoing diabetes pandemic I don't understand why lots of people still think carbohydrates are essential which they are not. You can live without carbohydrates and without heroine. Still trying to figure out how to live without a monthly salary.
i disagree about credit cards, it only has a negative effect if you font pay it off in full every single month, and i get this is where most people would struggle with, but if you can do this, a lot of cards come with good perks, like cashback, or points you can redeem, definitely should take advantage of these benefits for money that would have bin spent anyways
Steps to Escape Living Paycheck to Paycheck Pay yourself first. ... Start a side hustle that pays immediately. ... Downsize your lifestyle. ... Understand your spending habits. ... Limit your credit card usage. ... Don't rely on bonuses, tax refunds, or raises. ... Ignore what your friends or family have.
When we went into lockdown, I found out how "rich" I was on food. I just had to open my kitchen cabinets, my fridge, my freezer, pantry etc. I could easily survive for another 3 months. I was horrified. 😳🙈
Yeah, it's funny how in a time of a terrible disaster .....how we actually start to think. Maybe we need TO ALWAYS live in a moment of panic and continually think the world is gonna end. It really let's us understand how spoiled we are when something gets taken away. I'm glad you understand this now. Seriously
I'm so glad I have no debt...car is paid off....I don't use my charge cards....I pay cash for everything!... peace of mind is so much better then living the rat race of materialism and debt!
At 7:40.. you said “(paying off debts) is key to leaving a financially stress free life”... I think the word you’re looking for is LEADING.. not leaving 😳why would I want to leave a financially stress free life?
I am glad that I have my UA-cam channel that has 19k subscribers when I lost my job because the state of Virginia ran out of money to pay the unemployment benefit for millions of people who lost their job due to the pandemic. We still received some passive income from UA-cam to buy food.
Hey there love your videos, for number 7. I would not agree, I use by credit card, but pay it right away. Otherwise, I won't use it. This helps me create a great credit score. Which with the mortgage gave me less money to pay because of the assurance. :)
It's very important to know when your money goes. If you don't know where it when it won't be easy to control and save it. Automate saving. I made a very big mistake by not automating my saving 10 years ago. Now I have lost so much compound interest. I will soon post a video on my channel about how much I lost due to this glitch.
Budgets are hard to stick to,because most people use debit, or credit, to buy things. If more people spent actual hard currency, they could see the money leaving their wallets, and be conscious of their spending habits. Also people have been brainwashed into instant gratification, instead of saving the money, then buying something. Using credit cards is ok, if you can pay the balance, at the end of the month, in full.
Can you do a video on "strange peoples you encountered in real estate business "? I sawn a video of your channel before on which you said you encountered many mad peoples, that's why i asked.
Once a year we do our tax return if you get a tax return back you can take half of that money but in an IRA retirement and the other half monthly bills now you're a month ahead .
One good tip is stay away from credit cards and loans. If you don't have the money, don't buy it. Credit cards are only good for building credit. You purchase something that is $200 dollars, you better have that money ready to send it out so that you don't pay interest for months and months.
My 3rd income stream is collecting fresh roadkill and using the meat for my burger stand which is setup near a very large factory in my hometown. As long as the buying public doesn't know the source of the meat, I'm good to go. The burger stand is only in operation from 11:00 a.m. to 1:00 p.m. Mon. - Fri.
You escape this by not trapping yourself with kids or a wife and mortgage. When you only need to feed yourself you can do what you love and grow it. A lack of money is a symptom of bad choices, not the pay you make.
How to stop living paycheck to paycheck. Step 1: create a balanced budget. Step 2: follow that budget. Step 3: work more if your expenses are greater than your income.
@@SmartMoneyAnimation just asking because i can see bitcoin everywhere in your video which is perfect. Im happy to meet you as long as im bitcoin fan and hodler too ;)
@@STLFBS I've got a bitcoin video, but I've heard that the algorithm doesn't like it when we talk about Bitcoin. Come check it out and let me know what you think.
if you know nothing about crypto currency. and you want to get into, don't rely on UA-cam videos alone to teach you how to trade or earn Read books , follow analysis and most importantly get a trader instructor to trade firstly on your behalf
For anyone who needs help with budgeting there is a app on the App Store apple and android called EveryDollar it is a great way to budget your paychecks and it’s completely free
Forgot to comment on your killer whale and seal analogy video. Great analogy, well done To my legit souurce *DailywebEARN🦠NETt* Glad to see this one too. I've seen bullish patterns in this downtrend. Ready for either outcome but the last 5 or so days im seeing reasons to be bullish at least near term. Again, excellent video on MMs and Retail.
And a rule of thumb I go by is this:
It's not how much you make .....but how much you keep. That's the begining of wealth building
One of the best 🙏🏼.
I'm earning six figures, but of all my friends and co worker, I have the smallest house(1900 sqft) and the less luxurious car. Before I dream of owning what they have but now that I have simplified and have enough financial wisdom, I wouldn't trade this freedom for anything. I was once living paycheck to paycheck.
Congrats👏 When a person’s priorities change then financial security is its own reward. Like Dave Ramsey says, “The paid-off home mortgage has replaced the BMW as the status symbol of choice.”
Congrats!!!! Nevertheless how do you earn the six figure if you don't mind sharing.
How did u get there,,if u don't mind sharing???
@@bettymacharia most likely software engineering.
Stop borrowing money.
Stop obtaining credit cards.
Pay cash for everything.
Don’t have kids.
Increase your cash flow.
Dont have kids 😂😂😂🤣🤣🤣. I hate to tell you, the joy children bring is much more than money
Don't have kids😂🤣
1. Start a side hustle away from 9-5
-Avg millionaire has 7 streams of income
-waiting to earn 6 figures at job takes a lot of time
Ex: sell photos, freelance digital copyright, graphic artist, virtual secretary
2. Make budget prioritizing savings
-ex: avg $137,000 debt (includes house)
3. Reduce spending
-Save on items you don’t need or cheaper alternative (lower rent, cheaper car, read)
-stick to budget
-cut out areas you’re carelessly spending
-track your spending
4. Avoid owing debt
-most don’t know how to use credit correctly, so better to avoid
5. Understand spending habits so you can control it
6 . Don’t compare what you have to what others do. Normal is broke
- if you’re comfortable with your lifestyle, don’t car what other think or try to follow Joneses
7. Limit credit card uses
-most aren’t aware of fees, interest
$6,194 average credit debt per person
-use only emergency
8. Pay yourself at least 10% into savings for each paycheck
For me, I think the OVERALL theme should be to save more money. Paying Yourself First should have been first on this list because let's be real, making side hustle money isn't the answer because more money ..... more problems. The problem is people don't save which this video ADDRESSES BUT savings should be the #1 priority.
“The three most harmful addictions are heroin, carbohydrates, and a monthly salary.” [Nassim Nicholas Taleb]. Every addiction starts with pain and ends with Pain 🖖
Great quote!
🙏🏼.
Absolutely! With the ongoing diabetes pandemic I don't understand why lots of people still think carbohydrates are essential which they are not. You can live without carbohydrates and without heroine. Still trying to figure out how to live without a monthly salary.
I absolutely love the fact that you quote scriptures and at the same time teach true financial literacy.
i disagree about credit cards, it only has a negative effect if you font pay it off in full every single month, and i get this is where most people would struggle with, but if you can do this, a lot of cards come with good perks, like cashback, or points you can redeem, definitely should take advantage of these benefits for money that would have bin spent anyways
Budgeting is a must to get out of the paycheck to paycheck lifestyle. Every dollar has to have a job!
Absolutely!
@Kay A then its up to you to find ways to increase your earnings. I have a few videos on earning extra income on my channel.
It won't be enough
@@varunmanjunath6204 Its always enough to start, my friend!
Steps to Escape Living Paycheck to Paycheck
Pay yourself first. ...
Start a side hustle that pays immediately. ...
Downsize your lifestyle. ...
Understand your spending habits. ...
Limit your credit card usage. ...
Don't rely on bonuses, tax refunds, or raises. ...
Ignore what your friends or family have.
Amazing! 💙
You're speaking facts. I'm currently a work in progress to get out of debt and build wealth.
Emergency fund is better than using a credit card any day for an emergency. All points were great except that. Good vid though!
When you have to go in your savings, you don't have a savings account.
what? having a savings account doesnt say anything about my financial situation
When we went into lockdown, I found out how "rich" I was on food. I just had to open my kitchen cabinets, my fridge, my freezer, pantry etc. I could easily survive for another 3 months. I was horrified. 😳🙈
Yeah, it's funny how in a time of a terrible disaster .....how we actually start to think. Maybe we need TO ALWAYS live in a moment of panic and continually think the world is gonna end. It really let's us understand how spoiled we are when something gets taken away.
I'm glad you understand this now.
Seriously
Use cash whenever possible. It's much easier to keep track of than using cards.
I'm so glad I have no debt...car is paid off....I don't use my charge cards....I pay cash for everything!... peace of mind is so much better then living the rat race of materialism and debt!
At 7:40.. you said “(paying off debts) is key to leaving a financially stress free life”... I think the word you’re looking for is LEADING.. not leaving 😳why would I want to leave a financially stress free life?
He said living a financially stress free life. Not leaving.
I am glad that I have my UA-cam channel that has 19k subscribers when I lost my job because the state of Virginia ran out of money to pay the unemployment benefit for millions of people who lost their job due to the pandemic. We still received some passive income from UA-cam to buy food.
Amazing content as usual. Majority of the population are not financial savvy and need to take the time to get financial education 🙄
Absolutely. It's time people take their financial future more seriously.
Hey there love your videos, for number 7. I would not agree, I use by credit card, but pay it right away. Otherwise, I won't use it. This helps me create a great credit score. Which with the mortgage gave me less money to pay because of the assurance. :)
It's very important to know when your money goes. If you don't know where it when it won't be easy to control and save it.
Automate saving. I made a very big mistake by not automating my saving 10 years ago. Now I have lost so much compound interest. I will soon post a video on my channel about how much I lost due to this glitch.
LOVE this video 👍 I used some of the business ideas and passive incomes showed on my channel to escape the 9-5!
Budgets are hard to stick to,because most people use debit, or credit, to buy things. If more people spent actual hard currency, they could see the money leaving their wallets, and be conscious of their spending habits. Also people have been brainwashed into instant gratification, instead of saving the money, then buying something. Using credit cards is ok, if you can pay the balance, at the end of the month, in full.
The tips started at 2:41. You're welcome 😁
He really took nearly 3 mins to start the video... 😂
Cash should be used for emergency not credit cards.
Can you do a video on "strange peoples you encountered in real estate business "?
I sawn a video of your channel before on which you said you encountered many mad peoples, that's why i asked.
Interesting. Sure, I'll look into it.
@@PracticalWisdom Thanks
Once a year we do our tax return if you get a tax return back you can take half of that money but in an IRA retirement and the other half monthly bills now you're a month ahead .
One good tip is stay away from credit cards and loans. If you don't have the money, don't buy it. Credit cards are only good for building credit. You purchase something that is $200 dollars, you better have that money ready to send it out so that you don't pay interest for months and months.
Good advice
My 3rd income stream is collecting fresh roadkill and using the meat for my burger stand which is setup near a very large factory in my hometown. As long as the buying public doesn't know the source of the meat, I'm good to go. The burger stand is only in operation from 11:00 a.m. to 1:00 p.m. Mon. - Fri.
Lol, how is it working out? :)
@@PracticalWisdom So far so good. lol
That empty wallet looked like my wallet
You escape this by not trapping yourself with kids or a wife and mortgage. When you only need to feed yourself you can do what you love and grow it. A lack of money is a symptom of bad choices, not the pay you make.
How to stop living paycheck to paycheck. Step 1: create a balanced budget. Step 2: follow that budget. Step 3: work more if your expenses are greater than your income.
Completely disagree with credit cards only being for a emergency but everything else is spot on!
Video starts at 2:40
Really good vidoe as always 👍
Glad you enjoyed it 💙
@@PracticalWisdom ☺️
Thanks a lot bro appreciate the hard work you put in this love you a lot
Thanks a lot
Thanks dude! Most welcome 😊
I dont have a budget, I just don’t spend any money! 😂
Good point.
Step 1. Read a Finance Book.
I'm sorry, but CHOOSING to pay less rent? That is borderline let them eat cake
Make enough money to "prepay" your damn reoccurring cancers (expenses) for a year?
Are you in Bitcoin mate ? :)
I am. What about it?
@@SmartMoneyAnimation just asking because i can see bitcoin everywhere in your video which is perfect. Im happy to meet you as long as im bitcoin fan and hodler too ;)
@@STLFBS I've got a bitcoin video, but I've heard that the algorithm doesn't like it when we talk about Bitcoin. Come check it out and let me know what you think.
I have a small holding :)
Well I really don't need those new shoes anyways...
Are u rich? Are u telling this from ur life exprience?
I don’t care what anyone think of me
Get a dollop of reality. it's really the paycheck to credit card to paycheck lifestyle
Hi I
You can't escape.. three only way out is death.
I know...
Cryptocurrency/ stock trading is a big chance to make money nowadays, if you can’t see that at this point is time you learn more about it.
Accurately spoken💯
Bitcoin is the only true democracy ever exits in the world and it’s really profitable
if you know nothing about crypto currency. and you want to get into, don't rely on UA-cam videos alone to teach you how to trade or earn
Read books , follow analysis and most importantly get a trader instructor to trade firstly on your behalf
Yes that is correct. Lots of people jump into the exchange market trade blindly without guidance from an expert!
Method 4 sounds Biblical.
Win a million dollar scratch off.
Don't escape it, embrace it instead!😂
😍😍😍
Thank you! 💙
We are like dogs waiting for bones!!! Horrible
Why am i watching this lol
Suicide
Go buy some Safemoon Inu crypto... You will be happy!
Buy some Safemoon Inu. Safemoon Inu is the best mathematics crypto investment for this year and next year too.
For anyone who needs help with budgeting there is a app on the App Store apple and android called EveryDollar it is a great way to budget your paychecks and it’s completely free
Forgot to comment on your killer whale and seal analogy video. Great analogy, well done To my legit souurce *DailywebEARN🦠NETt* Glad to see this one too. I've seen bullish patterns in this downtrend. Ready for either outcome but the last 5 or so days im seeing reasons to be bullish at least near term. Again, excellent video on MMs and Retail.
I wanna give a shout-out wow they are awesomeDailywebEARN🦠NETThank you for helping me with bills during the past year.