No matter how much money you make, if your expenses are greater than your income you will be living paycheck to paycheck. People need to learn to lower expenses!
Oh, absolutely agree with you, actually a lot of people don't think about future, don't investe money and only waste,in my country it is super typical situation 😔
I realized that the secret to making a million is making better investment. I always tell myself you don't need that new Car or that vacation just yet and that mindset helps me make more money invest:ng. For example last year I invested 70k in blue chip stocks and crypt0 s (with the help of my advisor of course) and made about 380k, but guess what? I put it back and traded with her again and now I'm rounding up close to a million. Delayed gratification always pays off.
My biggest takeaway is what you said in the beginning. Most people are afraid to even analyze their current position because they’re AFRAID of what they might find!! I give a lot of financial advice myself and I must say: Nate, your channel is extremely impressive. You motivate me to put out more content. Cheers!
Hey Nate, I really like how you talked about running yourself like a business- this type of thinking really forces you to stop making excuses on unnecessary purchases.
Some great tips in here, I would encourage anyone whilst your younger to build and create like mad. These paycheck to paycheck fears get worse when your older and have more responsibilities. Make it happen now!
absolutely! live like a broke college student as long as you can! i moved to LA with 400 and no job... literally worked side gigs and made 19k my first year and saved 9k. Next year i made like 40k and had a total monthly expense of 900. Was saving like 50-75% of my income.. my first week income covered all my monthly bills. Paved the way to invest in 20 properties. It's harder the older you get and the more responsibilities you have.. but in the end it's all about numbers and you MUST make sure you are saving
I’m definitely on my way to financial freedom! I’m not living pay check to pay check but I’m also not living financial comfortably. Still got some progress to make but I’m going down the right track 🙌
lifelong journey... especially if you are doing it right and constantly reinvesting.. you won't live comfortable for a while.. BUT when you do get to that point..that money won't stop rolling in. Keep pushing man... lets crush this.
I like that the first step is to "acknowledge the problem" LOL. Great breakdown, but it's so true. You have to know where you are first in order to take steps to create passive income and financial freedom.
Love watching your videos and I'm happy you're making people aware of what's going on, nice breakdown! I had a 9-5 and was struggling because of my lifestyle, now I don't have a job but I don't live paycheck to paycheck anymore because I make much smarter decisions, it's way less stressful.
“This is not going to be an exciting video. I’m not going to crack a lot of jokes but if you want to get from where you are to financial freedom, this is the video for you.” And I thought I was here to hear some jokes
Nate O'Brien do not know how else to get ahold of you but just saw a recent post on Facebook of someone sharing one of your older videos. I thought cool cause I watch you all the time. Click the link and she had it so you had to put in your info to watch your youtube video! Was very unpleased with seeing someone try to make money off your hard work. I reported the post and got it deleted but please be aware of this! I really enjoy your content and would hate to see others steal it from you for their own personal gains. Thanks for all you do and keep up the great work!
Thank you very much ! I took notes on what you said. I've already running myself as a business and have a sheet for all my cost and incomes and everything that I spend and get, it's massively profitable to get better to control my financial situation. I just need to play offense now and set consistent goals and I realized that if it was so hard for me it's because I skipped my financial education ! I will just read about how taxes work in my country, how can I get the maximum benefits when I will start my business. Thanks to your help it became clear and easy to take actions on. Thank you so much !
Always looking for this kind of advice! I am a healthy woman a little over the age of most of your followers. I was laid off after 10 years at my job and outsourced to India. I'm now working two lower paying jobs just to still be in the negative each month and have cut back everywhere I can, but sometimes there are just no answers.
This is great. Nate you do an awesome job explaining this. I've just started subscribing. I've also started making some videos like this myself on my channel since I've learned that a lot of people need help with things like this.
@@thenorthpolecompany1113 Thank you!! Please do - I talk about passive income, finances, and being able to do it while being able to follow your passions as well. Thanks!
I would love to see you review the barefoot investor. I think that would be really interesting on this subject. (if you do read it, Super or superannuation is what we have instead of like 401ks etc, except it has a lot of rules around when you can access it, just in case you didnt know, took me so long to work out what a 401k is haha)
An alternative to step 3 is setting systems instead of goals. "What are systems?" Unlike goals which are a one time thing, systems are periodical. Example: a goal is gain $1000, a system is gain $100 each month. So instead of setting a goal to be debt free, you can set a system in which you pay off a part of your debt with each paycheck. This method tends to make you stick with your plan better. "Why?" If you accomplish your goal, you tend to be happy with the results and stop. If you take too long to accomplish a goal, you get bored or frustrated and eventually stop pursuing it. If you set a system, there is no end to it. But you don't get bored or frustrated with it too, because you accomplish it each given period.
I don't have those negative thoughts now. But I'm still busy. Lol. I'm naturally like that - dealing with mood swings. So you better be good at giving physical touch! HAHAHA!
Nate, can you also consider within the assets the network you have? the people and connections you have, "your network, can be your networth" it is an item to also take into account :) best business can come from your network :)
I’ve really enjoyed your videos and I’m learning to have better and smarter financial freedom for that but I wanted to ask the question. If you were in a situation where you feel your not happy with the job or career and to be happier with a new career you would have to take a pay cut in order to leave. How would you approach that situation if you don’t mind me asking?
I wish I would found your channel years ago. I do feel that women have more expenses than men, especially those like myself who are quite femine. Have you thought about making a video covering this subject? By the way, I am 52 years old and enjoy your channel. Your parents must be so proud of you! I need to share this with my 20 year olds.
Great video man ! It’s amazing how many people don’t have an emergency fund. Just wanted to thank you for your great content, you’ve inspired me to start my own real estate and finance channel and I hope I’ll be as successful as you one day 🤞
Great video Nate I agree on playing offense that’s why I made i channel to help people find that side hustle so they can start making extra money and maybe make it there full time income. And thx to you Nate I started this channel cuz you said you started your channel about finances to help people 👍
When I calculate my net worth, should I add my stock investment growths to it? Personally, I feel that it might be confusing to do it as the value of the stocks keep changing from time to time. What is your best advice on this?
I am retired and have zero debt. However...other than a small monthly social security. But I can live on it. Barely. My net worth (assets) = 29 bucks give or take some pocket change. I am screwed.
Congrats! That’s an awesome start. Exploring ways to grow your money through investments is another way to reach financial freedom. Best of luck on your journey
@@traviswilliams1296 thank you, but i am at the end of the road. i am 50 and i don't have much money saved. i must fight teeth and nails to be able to survive for 5 years with the money saved. right now i have money to survive for 2.5 years and i have 6 years left to save. it is my last chance. young people should know that life is very short and that the physical weakness comes over night. today i saw a dress that i want so badly, but until now i didn't press the buy button. my freedom is so much more important and i have wasted money on clothes for my whole life. now i am crawling on the floor.
How much savings rate do you, guys here, consider to be limit for balanced life? I feel like that 50-60% is the optimum and more can be detrimental to your motivation to increase income? I am a natural saver but there is still part of me that enjoys having some buffer for better food or have some fun and that enables me to keep my motivation to work harder. Just wonder what other people consider to be optimal for them.
I hope I can raise my child to want the kind of education you have. I would love to be able to get him at 5 years old right now to be able to open a custodial Roth IRA or some kind of account that will build his money before he's 20. I am doing good but not in the path to retire when i wanted (45 years old). Looking more towards 70 now.
hi Nate, I do not live in the US and I would like to start investing in the stock market. Do you know an app that I can use? Thank you in advance Cheers!
@@alexianedidrick251 cos nobody will give you money in exchange for nothing. i wouldn't risk with that. you need to sweat a whole lot and to make a whole lot of sacrifices to save money. the only thing that it does worth investing in is houses, unless there's a financial crisis like the one in 2007, but usually in order to buy a house you need to sweat for your whole life.
Most people choose to live paycheck to paycheck! I don't spend any more or less money on any given day of the month because I "just got paid" my bills are paid and the rest stays in the bank and any extra after a few months goes into investing! I buy "extra" with a credit card and my credit card bill is also auto paid. I don't even "budject" but I always have EXTRA $$$$ left over. What u see is a problem? People who "Waite" on there paycheck. And what do they do when they get paid? Spend it on "wants" I can buy "wants" any day of the week! Because I have a lot more in bank then I live off of in one month. There is a LOT of things I want and I can buy them any time! THAT is fredom!!!! But the difference between that and someone else.... Does someone else tend to buy the stuff they want... While someone like me does not. (Even though I could afford to any day of the week) there are people that blow money and there are people that save money.... But as much as you can't get a spender to save..... You also can't get a saver to spend! Someone could hand me $20,000 right now.... The entire amount would go in the bank!!!!!! I wouldn't even spend 20 bucks!!!! Poverty is a state of mind! And it's most of the time a choice! Hence I said "most" of the time! You have people coming to America from other countries with 50 cents in their pocket!!!! 20 years later they own their own home and their own business!!!
The best way to get in a good financial position is step #6. Increase your income! All these other steps won't work if your making a bare bones living. Of course, if you're living high, you can look at cutting back. But if you're making $20k per year and can't pay your bills, analyzing your budget won't get you very far. Cutting costs may be impossible. Remember the old joke about how to become a millionaire. First, get a million dollars.
Nate, I have 16,000 in emergency funds. to start investing, should i just transfer 6000 into my Roth IRA? and should i invest a good chunk of that into one index fund? i'm still really confused on what and how to make that 6000 work for me. anyone willing to chime in? thanks!
@@msizziekay well yes but actually no I think. I think that when you day trade then you trade stocks and when you invest I think it's more long term. I always thought that trading ment fx trading Pepsi for AP Møller Mærsk. But then I learned about day trading. You are maybe right I'm a stupid 12 year or so I think of myself. I didn't try to be offensive but it's just my opinion;-) Edit: but yes you're right Isabel👍
@@vitustillebeck4965 Not at all offensive ;) Absolutely true that there are different forms of trading. In addition to day trading, there is short-term, mid-term trading, and more complex forms such as FX or options, etc. - and it sure can be profitable, when done very wisely/skillfully, which requires a good amount of time to learn. You need to be very aware of the risks, and it's always recommendable to start practicing by doing paper-trades for a while. However, I think it's generally preferable to just invest in stocks for the longer term (after doing good research, of course). Oftentimes your returns are just as good, or even better, and it's a lot less stressful :)
@@msizziekay thank you. I kinda lost you there at the start jk. But that's so true I papir trade on saxotradergo (not recommend just the only thing I can use because I live in Denmark) I currently got from 100000 to 120000 in a weak. This was my first weak ever trade- i mean investing 😂. But I'm not a pro invester at all. I learned something from your comment and I'm grateful thank you🙏. What do you invest in? Edit: btw I day trade on the papir trading account because I have nothing to lose and because it's a 30 day trial in case you were wondering 😁.
@@vitustillebeck4965 You're very welcome 🙂 That's cool that you've already dipped your toes into paper trading. If you keep practicing and learning you could develop a useful skill ;) There's many good books on the topic out there. I personally (plan to) mostly invest in US Tech Stocks. Greetings to Denmark from Germany! 😉
No matter how much money you make, if your expenses are greater than your income you will be living paycheck to paycheck. People need to learn to lower expenses!
And there's a big difference between once and needs when you factor in the word expenses.
Exactly, so many people don't understand that to save money you just need to spend less than you make, it's as simple as that!
@@Henry-rp8fw 👍👍👍😎👏👊
@Mr. R Are you able to write in a clear language?
Oh, absolutely agree with you, actually a lot of people don't think about future, don't investe money and only waste,in my country it is super typical situation 😔
I realized that the secret to making a million is making better investment. I always tell myself you don't need that new Car or that vacation just yet and that mindset helps me make more money invest:ng. For example last year I invested 70k in blue chip stocks and crypt0 s (with the help of my advisor of course) and made about 380k, but guess what? I put it back and traded with her again and now I'm rounding up close to a million. Delayed gratification always pays off.
@Stacy White I found her on a CNBC market interview, so I looked her up and we begun our awesome partnership
@Stacy White You can connect with her on what'saap
+150
2273
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My biggest takeaway is what you said in the beginning. Most people are afraid to even analyze their current position because they’re AFRAID of what they might find!! I give a lot of financial advice myself and I must say: Nate, your channel is extremely impressive. You motivate me to put out more content. Cheers!
Reggie Bryant but can you really blame them? that’s the scariest thing to do
Hey Nate, I really like how you talked about running yourself like a business- this type of thinking really forces you to stop making excuses on unnecessary purchases.
Bread Chasers very good point
A lot of people will watch this, get excited, and then go back to broke. Don't just watch these videos, TAKE ACTION!!
The Cash Compass take notes too
Bruno Millalaf agreed! Can’t trust the mind to remember all this lol
The Cash Compass have you taken action?
these videos are helping to rewire my brain
I make a budget and i always set aside 30 buck for the strip club.
I'm going to send my parents the link to this video. Thank you 😜
I’ll send my parents a link to your video
@@NateOBrien Guys like you two are making personal finance almost 'cool', which I'm glad to see
Always payed myself first 10%, that was never touched, also 5%Emergency fund, and kept out of debt. Retired at 54 .
Some great tips in here, I would encourage anyone whilst your younger to build and create like mad. These paycheck to paycheck fears get worse when your older and have more responsibilities. Make it happen now!
absolutely! live like a broke college student as long as you can! i moved to LA with 400 and no job... literally worked side gigs and made 19k my first year and saved 9k. Next year i made like 40k and had a total monthly expense of 900. Was saving like 50-75% of my income.. my first week income covered all my monthly bills. Paved the way to invest in 20 properties. It's harder the older you get and the more responsibilities you have.. but in the end it's all about numbers and you MUST make sure you are saving
I’m definitely on my way to financial freedom! I’m not living pay check to pay check but I’m also not living financial comfortably. Still got some progress to make but I’m going down the right track 🙌
lifelong journey... especially if you are doing it right and constantly reinvesting.. you won't live comfortable for a while.. BUT when you do get to that point..that money won't stop rolling in. Keep pushing man... lets crush this.
I like that the first step is to "acknowledge the problem" LOL. Great breakdown, but it's so true. You have to know where you are first in order to take steps to create passive income and financial freedom.
“If you do something stupid, well...that’s on you” 🤣😂
Love watching your videos and I'm happy you're making people aware of what's going on, nice breakdown! I had a 9-5 and was struggling because of my lifestyle, now I don't have a job but I don't live paycheck to paycheck anymore because I make much smarter decisions, it's way less stressful.
Happy to hear it!
How did you get out of the 9-5 rat race?
A tool that I use for budgeting is the Every Dollar app by Dave Ramsey.
“This is not going to be an exciting video. I’m not going to crack a lot of jokes but if you want to get from where you are to financial freedom, this is the video for you.”
And I thought I was here to hear some jokes
......
Nates videos seem to be some of the only ones that aren't trying to sell you a course or a book....refreshing!
Most people would be much better off cutting down on restaurants, clothing, and car payments. REALLY adds up. Great tips Nate!
I like #4 Education. Continue to learn every single day! The more you learn the more your net worth grows 📈🚀😎
Nate O'Brien do not know how else to get ahold of you but just saw a recent post on Facebook of someone sharing one of your older videos. I thought cool cause I watch you all the time. Click the link and she had it so you had to put in your info to watch your youtube video! Was very unpleased with seeing someone try to make money off your hard work. I reported the post and got it deleted but please be aware of this! I really enjoy your content and would hate to see others steal it from you for their own personal gains. Thanks for all you do and keep up the great work!
Such a shame. Thanks for the heads up
An excellent process to follow and then to Follow up at the end of the year and revamp every 3 to 5 years
yes, i was planning for 5 years, but i didn't think of following up at the end of the year.
Investing in Financial literacy and awareness is soo important to break this cycle 📚📈
Aaron P exactly! We gotta do what others wont
Did Graham Stephan just copied your video and made his own version of it just in 2 days?
Thank you very much ! I took notes on what you said. I've already running myself as a business and have a sheet for all my cost and incomes and everything that I spend and get, it's massively profitable to get better to control my financial situation. I just need to play offense now and set consistent goals and I realized that if it was so hard for me it's because I skipped my financial education ! I will just read about how taxes work in my country, how can I get the maximum benefits when I will start my business. Thanks to your help it became clear and easy to take actions on. Thank you so much !
Always looking for this kind of advice! I am a healthy woman a little over the age of most of your followers. I was laid off after 10 years at my job and outsourced to India. I'm now working two lower paying jobs just to still be in the negative each month and have cut back everywhere I can, but sometimes there are just no answers.
This was a great video, Nate! Very well structured and packed with useful information.
This is great. Nate you do an awesome job explaining this. I've just started subscribing. I've also started making some videos like this myself on my channel since I've learned that a lot of people need help with things like this.
Will check it out
He does do a great job explaining things
@@thenorthpolecompany1113 Thank you!! Please do - I talk about passive income, finances, and being able to do it while being able to follow your passions as well. Thanks!
@@juniorsantiago8187 Yes, he does. I'll take some pointers. Right to the point.
hey,i watched many of your videos and found them useful. thanks for that
JUST discovered this channel...here I go binge watching all the videos
I love it how you can just talk without cutting videos so much.
Eventhought I am not in US, yours is very useful.
Yo, for the one that is reading this, you gonna make it! 🙌🏼 And I'm here to help you with my videos as well ❤️
❤️
@@itsyourboy4785 🙌🏼
I like the watch Nate, what is it?
It's an old Hamilton masterpiece
@@NateOBrien Beautiful watch face, was it passed down to you?
Solid and concise message. Thanks for sharing Nate!
*On the road to financial freedom. Got spending under control. Got savings and investing on track. Time to increase income!*
Glad I came across your UA-cam. Very informative
I would love to see you review the barefoot investor. I think that would be really interesting on this subject. (if you do read it, Super or superannuation is what we have instead of like 401ks etc, except it has a lot of rules around when you can access it, just in case you didnt know, took me so long to work out what a 401k is haha)
Dude made A Football Anology!!! Dope 💯
Thanks for the info, Mr O’Brien - have been a big fan for a while now
Benjamin Biesek me too! He’s always bringing value
Goodness you are so ' effortlessly ' smart 🙂. Thank you for this. Especially appreciate your perspective on credit.
An alternative to step 3 is setting systems instead of goals.
"What are systems?" Unlike goals which are a one time thing, systems are periodical. Example: a goal is gain $1000, a system is gain $100 each month. So instead of setting a goal to be debt free, you can set a system in which you pay off a part of your debt with each paycheck. This method tends to make you stick with your plan better.
"Why?" If you accomplish your goal, you tend to be happy with the results and stop. If you take too long to accomplish a goal, you get bored or frustrated and eventually stop pursuing it. If you set a system, there is no end to it. But you don't get bored or frustrated with it too, because you accomplish it each given period.
Look forward to your videos every week Nate great work
I don't have those negative thoughts now. But I'm still busy. Lol. I'm naturally like that - dealing with mood swings.
So you better be good at giving physical touch! HAHAHA!
Everytime I see you drop a new video, I get excited. Can’t wait to watch this one!
Martin Su i agree i like the way he describes his ideas
I highly recommend PocketGuard if you prefer to use an app.
Love your analytical thought! Great advice.
I love your signature fringe, ps hello from nz, appreciate your content
Appreciated what you're doing and what you can do at this stage of age. Keep improving.
......
Nate, can you also consider within the assets the network you have? the people and connections you have, "your network, can be your networth" it is an item to also take into account :) best business can come from your network :)
I’ve really enjoyed your videos and I’m learning to have better and smarter financial freedom for that but I wanted to ask the question. If you were in a situation where you feel your not happy with the job or career and to be happier with a new career you would have to take a pay cut in order to leave. How would you approach that situation if you don’t mind me asking?
awesome content!!! You are the best in UA-cam Nate 👍🏽👍🏽👍🏽
My plan is, to earn 1500€ and only give away for living etc pp 800€. The rest I will save.
If you don't mind answering, where are you from?
That´s a sound plan bro :) hehe. Keep yourself DISCIPLINED bro and dont spend money, if you dont have to.
I wish I had this knowledge when I was coming out of High School...
You’re amazing Nate! I really love your videos and content. You’re so mature for your age. You should make an app of your own. Thanks!
*Great tips Nate!* 👍
I’d say instead of just reading and writing down notes apply what you are reading to everything you do.
Great video thanks for sharing
I wish I would found your channel years ago. I do feel that women have more expenses than men, especially those like myself who are quite femine. Have you thought about making a video covering this subject? By the way, I am 52 years old and enjoy your channel. Your parents must be so proud of you! I need to share this with my 20 year olds.
......
Great video man ! It’s amazing how many people don’t have an emergency fund. Just wanted to thank you for your great content, you’ve inspired me to start my own real estate and finance channel and I hope I’ll be as successful as you one day 🤞
Awesome man !
Yo I'll subscribe to you if you subscribe to me ;)
I'm surprised no finance channels ever talk about secret shopping to save on food
I love how you fix your hair here and there:-) nice videos btw
hey, can you please... let us know what microphone you are using ??? loved the audio?
Also i cut my budget by not having a car and im 100% ok with it since i live right next to my jobs
I’m about to be in the same boat. 2018 that I have the funds to pay off and then eventually sell and I’m walking distance to work!
Great video Nate I agree on playing offense that’s why I made i channel to help people find that side hustle so they can start making extra money and maybe make it there full time income. And thx to you Nate I started this channel cuz you said you started your channel about finances to help people 👍
Hey coach. Can u do a book summary of FU MOney by Dan Lok
.......
🐾
I talk a lot of nonsense. Thanks for tolerating me.😜😽
I have a feeling the algorithm is going to like this one :)
I'm thinking you should create a AA group for spenders called "Nates 7 Steps to Debt Sobriety"
In all seriousness good information and a great video!
......
Would paying off my subsidized student loan in a year negatively affect my credit score due to decreasing the “length of credit?”
......
When I calculate my net worth, should I add my stock investment growths to it? Personally, I feel that it might be confusing to do it as the value of the stocks keep changing from time to time. What is your best advice on this?
Yes, add your portfolios worth at the time you calculate your net worth
I am retired and have zero debt.
However...other than a small monthly social security. But I can live on it. Barely.
My net worth (assets) = 29 bucks give or take some pocket change.
I am screwed.
.......
Great video Brother
Thanks for the information
james goodenough he’s always bringing value to the table
yay! i succeeded to put to the bank almost half of my income this month. I just need to be perseverent. thanks Nate!
Congrats! That’s an awesome start. Exploring ways to grow your money through investments is another way to reach financial freedom. Best of luck on your journey
@@traviswilliams1296 thank you, but i am at the end of the road. i am 50 and i don't have much money saved. i must fight teeth and nails to be able to survive for 5 years with the money saved. right now i have money to survive for 2.5 years and i have 6 years left to save. it is my last chance. young people should know that life is very short and that the physical weakness comes over night. today i saw a dress that i want so badly, but until now i didn't press the buy button. my freedom is so much more important and i have wasted money on clothes for my whole life. now i am crawling on the floor.
Love your insight. So intelligent especially for your age ;)
Dont spend beyond means.
How much savings rate do you, guys here, consider to be limit for balanced life? I feel like that 50-60% is the optimum and more can be detrimental to your motivation to increase income? I am a natural saver but there is still part of me that enjoys having some buffer for better food or have some fun and that enables me to keep my motivation to work harder. Just wonder what other people consider to be optimal for them.
Fortunate enough, since my first job I never live paycheck to paycheck. I would have lived in a constant anxiety. I save 50% of my salary
......
I have 7 credit cards and my credit score just increased over 765. It all depends how you handle it.
14:23 church
Amazing video!!!
I hope I can raise my child to want the kind of education you have. I would love to be able to get him at 5 years old right now to be able to open a custodial Roth IRA or some kind of account that will build his money before he's 20. I am doing good but not in the path to retire when i wanted (45 years old). Looking more towards 70 now.
......
I Will receive Financial Freedom to leave this toxic household I'm in with my parents
Dezi felt this bro honestly,
Same I plan to move out at the end of the year🙏🏾
Bro please make a video about best personal finance books
.......
hi Nate, I do not live in the US and I would like to start investing in the stock market. Do you know an app that I can use?
Thank you in advance
Cheers!
Same
i think that the stock market is a scam, but each with their own. maybe nate can explain.
@@globalmuffin2 why do you think it's a scam?
@@alexianedidrick251 cos nobody will give you money in exchange for nothing. i wouldn't risk with that. you need to sweat a whole lot and to make a whole lot of sacrifices to save money. the only thing that it does worth investing in is houses, unless there's a financial crisis like the one in 2007, but usually in order to buy a house you need to sweat for your whole life.
@@alexianedidrick251 you can also invest in gold, but it is risky (gold value doesn't keep pace with inflation either).
1:04 "we" ?
Do you consider home equity in your net worth calculation?
.......
How come you never mention US savings bonds?
I do have a hard time with money since I only make 15 bucks a hour
RIP WOO🕊
Most people choose to live paycheck to paycheck! I don't spend any more or less money on any given day of the month because I "just got paid" my bills are paid and the rest stays in the bank and any extra after a few months goes into investing! I buy "extra" with a credit card and my credit card bill is also auto paid. I don't even "budject" but I always have EXTRA $$$$ left over. What u see is a problem? People who "Waite" on there paycheck. And what do they do when they get paid? Spend it on "wants" I can buy "wants" any day of the week! Because I have a lot more in bank then I live off of in one month. There is a LOT of things I want and I can buy them any time! THAT is fredom!!!! But the difference between that and someone else.... Does someone else tend to buy the stuff they want... While someone like me does not. (Even though I could afford to any day of the week) there are people that blow money and there are people that save money.... But as much as you can't get a spender to save..... You also can't get a saver to spend! Someone could hand me $20,000 right now.... The entire amount would go in the bank!!!!!! I wouldn't even spend 20 bucks!!!!
Poverty is a state of mind!
And it's most of the time a choice!
Hence I said "most" of the time!
You have people coming to America from other countries with 50 cents in their pocket!!!!
20 years later they own their own home and their own business!!!
My guys got broader shoulders than Michael Phelps
That might be a stretch
@@NateOBrien Love you nate
Huh?🤷
What happens when your income isn't fixed income?
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The best way to get in a good financial position is step #6. Increase your income! All these other steps won't work if your making a bare bones living. Of course, if you're living high, you can look at cutting back. But if you're making $20k per year and can't pay your bills, analyzing your budget won't get you very far. Cutting costs may be impossible. Remember the old joke about how to become a millionaire. First, get a million dollars.
Nate, I have 16,000 in emergency funds. to start investing, should i just transfer 6000 into my Roth IRA? and should i invest a good chunk of that into one index fund? i'm still really confused on what and how to make that 6000 work for me. anyone willing to chime in? thanks!
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Main Rule: Don't buy unesessary things just because you have the money for it.
hey boyz and girls
check out greenpath if you are in debt
Its a solid service
Americas #1 reason for being in debt is trying to impress people who don't even matter or, KEEPING UP WITH THE JONES'.... if you will.
Stonks
What the hell can a 21 year tell you about living pay check to pay check with no family
Hey Nate what stocks do you trade. Everyone can answer.
Don't trade, invest ;)
@@msizziekay well yes but actually no I think. I think that when you day trade then you trade stocks and when you invest I think it's more long term. I always thought that trading ment fx trading Pepsi for AP Møller Mærsk. But then I learned about day trading. You are maybe right I'm a stupid 12 year or so I think of myself. I didn't try to be offensive but it's just my opinion;-)
Edit: but yes you're right Isabel👍
@@vitustillebeck4965 Not at all offensive ;) Absolutely true that there are different forms of trading. In addition to day trading, there is short-term, mid-term trading, and more complex forms such as FX or options, etc. - and it sure can be profitable, when done very wisely/skillfully, which requires a good amount of time to learn. You need to be very aware of the risks, and it's always recommendable to start practicing by doing paper-trades for a while. However, I think it's generally preferable to just invest in stocks for the longer term (after doing good research, of course). Oftentimes your returns are just as good, or even better, and it's a lot less stressful :)
@@msizziekay thank you. I kinda lost you there at the start jk. But that's so true I papir trade on saxotradergo (not recommend just the only thing I can use because I live in Denmark) I currently got from 100000 to 120000 in a weak. This was my first weak ever trade- i mean investing 😂. But I'm not a pro invester at all. I learned something from your comment and I'm grateful thank you🙏. What do you invest in?
Edit: btw I day trade on the papir trading account because I have nothing to lose and because it's a 30 day trial in case you were wondering 😁.
@@vitustillebeck4965 You're very welcome 🙂 That's cool that you've already dipped your toes into paper trading. If you keep practicing and learning you could develop a useful skill ;) There's many good books on the topic out there. I personally (plan to) mostly invest in US Tech Stocks. Greetings to Denmark from Germany! 😉