Quick Jump Sections 0:00 - Your favorite gurus are wrong 0:21 - Blue pill, red pill? 1:01 - Bias/Fallacy #1 4:13 - Bias/Fallacy #2 6:23 - What to do about it 8:10 - Advice that worked for me, but may not work for you: ua-cam.com/video/LlqzgefuZlU/v-deo.html
Hi man. Your video explaining YNAB changed my life. Watched it back in summer of 2019. I used YNAB for 6 months. For the first time I learned how to budget. It made me gain positive momentum. Went from 1K in savings to 85K today. So thanks for what you did! Have a nice end of the year!
Hey thanks Thibaut! So glad to hear that and congrats on saving so much! That's amazing. Serious kudos to you for putting in the hard work to make that happen
I second that. Went from -15K to +20K in less than two years. All triggered by Nick and his YNAB for beginners -video. So thanks Nick, you are saving lives!
Nick, thanks for being so understanding and nonjudgmental. You are working to help people in the place where they are, without the extreme shame and preaching that some of the so-called experts spew. Shame, judgement and guilt trips won’t get 99% of folks to the place they want to get to. This advice can be used in so many parts of life; finances, weight, work, health, life in general. Listen to many perspectives and figure out what works for you.
Thanks Aquila! That means a ton to hear. Agreed that shame is definitely not the best way to help people implement the changes they want and to reach their goals. As always, really appreciate you.
Great message. Too many people are looking for someone to just tell them what to do, so they can do that and be OK. There's lots of considered and useful advice out there, but as you mention, it's all best taken as various data inputs into a decision specific to your circumstances. Having said all that, while opinions can be wrong, maths never is, so if people stick to basic mathematical fundaments (spend less than you earn, invest as early and often as you can to take advantage of compound interest and dollar cost averaging, avoid interest-bearing debt wherever possible to do so) it's hard to go truly wrong.
Totally agreed. Math isn’t wrong and there’s something to be said for following the basic principles. Appreciate you watching and taking the time to comment.
You and Graham Stephen have helped me far more than any other person/advice has, especially with how to budget. I would not be "almost debt free" without you and Graham's videos. Especially with the YNAB videos, Thanks :)
Thanks for that Marcus! I’m a huge fan of Graham. His videos are great and he does a great job of challenging folks to think different. So glad that my videos have helped you and congrats on being almost debt free!
Love Nick's blog. It's so awesome!!! We forget the first part of Personal Finance, PERSONAL. Gotta make things work for you not what works for everyone.
Reminds me of some of the topics covered in the book "The Invisible Gorilla: And other ways our intuition deceives us" a book by Christopher Chabris and Daniel Simons. Great video!
Great video, Nick! Found you a couple years ago when I started using YNAB. Love the podcast. You and Hannah are amazing! Keep up the good work sharing your information 👏👏
Excellent points made, Nick. Every one is different, and we all interpret information in ways unique to each of us. Learn from various source as you stated.
Very good points. Part of perhaps the Post hoc fallacy - success can depend on being in the right place at the right time. For example, when I started my business, it was a great time for my type of business. The competition was low for my niche (digital graphics) and Google algorithm was different. I did really well my first years of business. Fast forward to a decade later and now the competition is very high (graphics markets, etc.) and the Social Media and Google algorithms are not as easy. What I was doing a decade ago no longer works very well.
Great video. I've been making this point on my channel. I recently made the analogy that finance is more like BBQ where you can watch 10 different videos about how to make a spice rub and you can probably make one better than mine. It's not a baking show where you have to do exactly what I did. We are just giving people one piece of a recipe that they need to finish. You can totally steal my analogy if you just tell your 50K how smart I am 🤑😜😂 Keep on making more of these gems.
Quick Jump Sections
0:00 - Your favorite gurus are wrong
0:21 - Blue pill, red pill?
1:01 - Bias/Fallacy #1
4:13 - Bias/Fallacy #2
6:23 - What to do about it
8:10 - Advice that worked for me, but may not work for you: ua-cam.com/video/LlqzgefuZlU/v-deo.html
Hi man. Your video explaining YNAB changed my life. Watched it back in summer of 2019. I used YNAB for 6 months. For the first time I learned how to budget. It made me gain positive momentum. Went from 1K in savings to 85K today. So thanks for what you did! Have a nice end of the year!
Hey thanks Thibaut! So glad to hear that and congrats on saving so much! That's amazing. Serious kudos to you for putting in the hard work to make that happen
I second that. Went from -15K to +20K in less than two years. All triggered by Nick and his YNAB for beginners -video. So thanks Nick, you are saving lives!
@@rolledude Amazing progress! Keep it up! And a nice end of the year! ;)
Nick, thanks for being so understanding and nonjudgmental. You are working to help people in the place where they are, without the extreme shame and preaching that some of the so-called experts spew. Shame, judgement and guilt trips won’t get 99% of folks to the place they want to get to.
This advice can be used in so many parts of life; finances, weight, work, health, life in general. Listen to many perspectives and figure out what works for you.
Thanks Aquila! That means a ton to hear. Agreed that shame is definitely not the best way to help people implement the changes they want and to reach their goals.
As always, really appreciate you.
Great message. Too many people are looking for someone to just tell them what to do, so they can do that and be OK. There's lots of considered and useful advice out there, but as you mention, it's all best taken as various data inputs into a decision specific to your circumstances. Having said all that, while opinions can be wrong, maths never is, so if people stick to basic mathematical fundaments (spend less than you earn, invest as early and often as you can to take advantage of compound interest and dollar cost averaging, avoid interest-bearing debt wherever possible to do so) it's hard to go truly wrong.
Totally agreed. Math isn’t wrong and there’s something to be said for following the basic principles. Appreciate you watching and taking the time to comment.
This is the realest financial video on all of youtube right at this moment.
Thanks Michael. Appreciate that!
You and Graham Stephen have helped me far more than any other person/advice has, especially with how to budget. I would not be "almost debt free" without you and Graham's videos. Especially with the YNAB videos, Thanks :)
Thanks for that Marcus! I’m a huge fan of Graham. His videos are great and he does a great job of challenging folks to think different.
So glad that my videos have helped you and congrats on being almost debt free!
That red pill is a hard pill to swallow for a lot of people. Glad you're handing them out though!
Thanks Lance, appreciate that!
Love Nick's blog. It's so awesome!!!
We forget the first part of Personal Finance, PERSONAL. Gotta make things work for you not what works for everyone.
Hey thanks! Totally right that you've gotta make it work for you
Reminds me of some of the topics covered in the book "The Invisible Gorilla: And other ways our intuition deceives us" a book by Christopher Chabris and Daniel Simons. Great video!
Oh I haven't heard of that book. Just added it to my list, sounds right up my alley.
Excellent video about an important topic. Can be applied to all sort of self-help materials.
Great video, Nick! Found you a couple years ago when I started using YNAB. Love the podcast. You and Hannah are amazing! Keep up the good work sharing your information 👏👏
Thanks Krystal! I really appreciate you saying that. So glad you’ve found the videos and podcasts helpful.
Excellent points made, Nick. Every one is different, and we all interpret information in ways unique to each of us. Learn from various source as you stated.
Thanks Ebert, so glad this resonated with you.
Yay! Always a good day when there's a new MappedOutMoney. Thanks for the vids!
Thanks for watching Brittany!
Valid points! Good to see a new video, always appreciate your thought provoking insights!
Hey thanks man, good to see you here. Hope y'all are doing well!
Finally new video! Can you please do an overview of the YNAB new debt payment feature?
So many great new features in YNAB! I need Nick to walk me through them. That mortgage loan one is a game changer.
Those are 2 biases I don’t think about all that much, but they make sense.
Thanks Ron, glad that made sense!
Very good points. Part of perhaps the Post hoc fallacy - success can depend on being in the right place at the right time. For example, when I started my business, it was a great time for my type of business. The competition was low for my niche (digital graphics) and Google algorithm was different. I did really well my first years of business. Fast forward to a decade later and now the competition is very high (graphics markets, etc.) and the Social Media and Google algorithms are not as easy. What I was doing a decade ago no longer works very well.
Great message, and applies to everything, not just to finances.
Great video love the transparency
Thanks Denzel, I appreciate it!
Great video. I've been making this point on my channel. I recently made the analogy that finance is more like BBQ where you can watch 10 different videos about how to make a spice rub and you can probably make one better than mine. It's not a baking show where you have to do exactly what I did. We are just giving people one piece of a recipe that they need to finish. You can totally steal my analogy if you just tell your 50K how smart I am 🤑😜😂 Keep on making more of these gems.
haha, thanks man! Love the BBQ analogy. That's spot on. Lots of ways to smoke some meat that's for sure.
This dude is intermittently prudent.
Great video!
Hey thanks Ryan!
Great video Nick.
Hey thanks man!
post hoc is so true
Totally. It’s a big deal and easy to do if you aren’t careful.
Bathroom looks good, Nick!
I took the blue pill. BYE!!!
Just kidding. 😁
haha, thanks Robert! Glad you stuck it out ;)
@@mappedoutmoney Haha. Of course and thanks for what you do. YNAB has been a game changer for me. And your videos really helped me to learn it. 👍🏾👍🏾👍🏾
Nice matrix reference. Hahaa!
Whoo! First comment :)
Thanks Amber!