Hey Humphrey, I made my financial plan, and I realized you are wrong about average SNP500 10% growth. A bit. Technically not, but in practice yes. You say 10% average growth is produced by SNP500 on long term, which is true, but when you calculate compound interest, average is not a good indicator, since it is based on addition and not multiplication. On multiplication and root base if you check snp500 growth ( for example between 1978-2023) is 45.61x. that means if you take the 46 root of 45.61, you get approx. 8.66% growth. This number is not far from 10%, but you get a good 1.5% difference, which adds up a decent difference in pace of 46 years. However you are pretty much correct in 10% growth if you include ~1.4% dividend as well. Anyways thanks for your videos, you really inspire people like me to put away money for the future in stocks, and make me more comfortable on losses on a bad day to enjoy growth on a good day, because actually I have 20 years to grow my wealth. My biggest mistake was that I stopped investing 10 years ago.
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to over $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.
Thank you for sharing, I must say, Rebecca appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
Actually, auto pay is one of the worst things you can set up. Have fun trying to stop them if you leave the contract with the company or utility. I've been there, and with one cable company it took eight months and a LOT of phone calls to have them stop charging and taking funds and refund my money, even WITH the bank trying to help me out. Just use your own bank's free only pay feature like I do - but yes, I DO get the point of your post and yep, correct.
I’m glad you mentioned the social circles. I stopped being friends with people who cared so much about material things because they were toxic. I’m extremely financially stable and very proud of that, I’m not going to blow it on expensive items just for show.
I also backed away from a friend group that were very stuff oriented. Truth is - most of them likely make a lot less than my spouse and I, but loved to flaunt their toys.
Yup. This is exactly why a lot of celebrities won't or stopped hanging out with other celebrities. The cost was unnecessarily high while the experiences were vapid and shallow.
I absolutely love this video! You hit the nail on the head when it comes to flaunting wealth. I lived in Vegas & worked alongside with a handful of very “successful” people. I can say every single one of them had beautiful multi-million dollar homes, a minimum of 3 luxury vehicles each, and every single one of them had little to no money. Cards got declined at in n out, bills upwards of 30-50k were stacking up just to maintain each month. To the rest of their friends, employees, and the outside world, you would never assume they were struggling and it was all a show.
My husband and I are doing pretty well. It is very recent for us, we struggled for years throughout college, working multiple jobs just to get through, and are now pretty stable. Our life goal is to travel - not have things. We save towards trips but live in a small house, have middle range cars, and don’t buy new things. This video makes me feel pretty good about where we are trending! I save 20% of my income monthly, with a potion into the stock market and a portion into a high yield savings account. We don’t have much yet, but we are trending in the right direction. Thanks for this video!!
Travel is more expensive than owning things and is a major way people lose everything. People throw out thousands on flights, hotels, and rentals unless you are using points, hostels, trains, public transport, going to 3rd world countries.
@@Peglegkickboxer "Throw out" is a strange way to put it. You spend your money to gain experiences that you will treasure and cherish for your entire life. The expensive phone? The expensive car? You are probably going to forget that within the next few years. But that amazing trip you took 20 years ago with your partner? You take that to the grave.
@@VidimusWolf This is so true. I took a trip to Ocean City with my friends a few years ago. I spent 700 in total myself but damn was it worth it. I will cherish that forever. I spent 300 on my 1100 dollar current phone and I already dont like it. Memories are so much more valuable.
@@thephantomknyte5759 That is awesome! I also have a ton of great memories with friends. Actually sometimes the cheapest trips are the most memorable because you really try to get all the bang for buck possible haha. 700 total is actually great value!
My spouse and I became wealthy enough to travel well when we were in out mid-40's. We take and plan two or three vacations a year now ( 15 years later) it's the best. We live more modestly, but make lots of great memories.
This all seems reasonable. I’ve always been on a lower income but thankfully never really had any debt. I used to think I was doing poorly financially until I realised the value in that. Decided to make my goal for the year to be more financially literate and work on having savings (I had none after a big international move). So far so good! I feel better after watching this video :)
We are the poorest 6 figure income household among our friends and my own distant relatives in my county. We live in a very high cost of living area. Doing well financially to me is the ability to be a stay at home mom (whether working part time or not), always paying off credit cards on time and never carrying a balance, being able to save for retirement, having an emergency fund, etc.
my wife and I have a 6 figure household income and we live in a very low cost of living area. my house is paid off with no other debts and it's only worth about $102k today. houses in my area average $150k. six figure incomes can be a very different lifestyle depending on where you live. we're pretty much coasting through life here and I've even been turning down higher paying jobs because they don't let me work from home and set my own schedules like this one does
My wife is also a stay at home mom. We're extremely lucky to be able to do that and actually raise our own kids. Our ideas of financial stability are exactly the same.
My husband and I are a 6 figure family and me staying at home is important to us as well. We moved 20 minutes out if the city we were in just over the county line and we got a very nice almost new home with property for 150K less than it would have been in town. I have to drive the older kids to school now but it was well worth moving for a better standard of living
One of the richest dudes I met drove a 30 year old rusty old toyota, walked around in daggy shorts and torn singlet and don't think he'd shaved for at least a couple of years. I didn't realise who he was until a work mate said "do you have any idea who that bloke you spoke to is? Hes worth at least tens of millions". Nice bloke too, he was very friendly and seemed very down to earth. Good on him.
I don’t agree with driving something like that. The dude is one unfortunate situation away from killing himself. At least get something with a 5 star safety rating (car made in the last 15 years) that isn’t rusted out to a point it can snap in half
Zero savings left after the last few years, not earning enough to save, disability limiting how much I can work, buying toys on finance from temu so we can afford to get him something... yeah I think we're not doing well financially too 😄 Still, could be worse.
Thanks for telling me I'm doing really good. I felt like I was but an outside perspective is always very helpful. Currently my expenses are about $1,100 a month without food or entertainment and I bring home net $3000 monthly. I struggled for a really long time but after covid I have appreciated a hockey stick. I feel like the majority of my decisions worked out the best for me even though there were some rocky patches. Net worth now after paying off all debt is about 250k. If I live for 10 more years my retirement will be secured at $4500 a month for the rest of my life and I'll retire at 57. I've worked really, REALLY hard, since 2020 to make this possible.
I have been good with money since I first started working at 16. At that age, I didn’t spend a dime. At one point my parents were encouraging me to treat myself and go somewhere to eat. I started a Roth IRA when I was 17 with the money I didn’t spend when I was 16. Then I started investing when I turned 18 but now I’m 20 and I’ve had some set backs in which I got suckered into materialistic items. I’m trying to break out of that habit although I’m not off the walls with spending but I had a goal this year to reach $25k in investments by the end of this year and I already crushed my goal by $1.5k in September. I plan on leaving that money there and never touching it until it’s time for me to retire.
Good luck! My vice is updating technology. That's the only time I spend real money. New phone every year and smart watch and head phones. Senseless spending. Trying to make 2024 the year I keep the same phone without an upgrade
You should treat yourself and enjoy your youth. You only get one chance and a fat bank account that keeps getting fatter won't add much to your security or happiness.
I've become wealthy by doing all the things you've mentioned including living frugally below your means. Even though I retired at 39 and now am 67 it is so ingrained in me to live within my means I cant stop even though quite unnecessary!
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant and everything changed. In in the first quarter of this year i made $370k and counting.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I enjoy your channel! Finally, after I turned 50… My financial sense kicked in. I don’t have a car payment. I don’t have any credit card debt and I have enough savings. If something went down, I could take care of it. Would love to have some information on ways to improve your wealth after the age of 55. Unfortunately I have gotten started pretty late but I’m on the right track I think.
Dang. Watching videos like this make me feel so proud of how well I’m doing at 33. Got my first off-the-books job at 12 years old (of my own volition and no one forced me, of course), and have always tried to make good decisions with my money. I have 2 cash savings accounts and one Roth IRA that I should be maxing out for the year within the next 2 months. Watching this video had a kind of effect like “well duh, doesn’t everyone do this?” 😊 Go us!
As a high income family we have a lot of friends in very expensive houses. While we bought a nice house we bought well within our means and did a 15 year mortgage so we could afford investment properties and have our mortgage paid off by the time our kids go to college. Just bought our second property cash with all the money we havent been paying towards a huge mortgage like our friends/coworkers.
Time vs money. Some want more money and are happy living life below their means. Others see that their time on earth is finite and would prefer living it luxury.
@@MaSa-bp5qeis it luxury having to work till 65+, likely at a job you don't enjoy? You're right in that time is important... I'm making sacrifices now, living comfortably but FAR from luxury, so that I can retire by 55, and REALLY enjoy my time!
I have (2) close friends who we openly talk financials with. We all push one another and offer advice on financial issues. We try to keep a low profile to outsiders as we build wealth.
I have always been good with money. Saving, living below my means, mostly spending on what I need vs what I want etc. Switching into high gear because I want to FIRE at 60, just turned 53 yesterday. So I have a lot to do… My thing now is I have to learn how to be patient and remember I am working towards a mid-long term goal. And not look at the bank accounts every week. Especially in the beginning, doing things differently since August.
About the comparison ordeal. Work in a luxury dealership such as mercedes, bmw, Audi etc. You’ll quickly realize you make more money than the vast majority of it’s clientele. The actual wealthy clientele who buys the $150k+ models still tend to pick up groceries in “regular traffic” vehicles. Not always the case, but it’s a strong trend. Food for thought!
At 42, I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.
Well, I've gotten into a plethora of assets with $73k spread across stocks (options and futures) for the short term and Roth IRA, index funds, and ETFs, for the long term. I've been investing with help from a pro fund manager, Herman W Jonas who oversees my investments. Now I sit back and reap my dividends while I just reinvest at intervals.
@@Willywillscheng Do not forget that prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors do not influence.
I tried getting into stocks myself some time last month and lost a ton of money as I was ill-advised. Can you please direct me to him as I’d like to hear from an expert?
No idea who you are, but I'm really happy you've come to that realization! I'm 31 and just came to that realization a year ago. I hope life gets easier and more meaningful for you here on out, my friend.
We recently retired early on passive income, yet we feel we are still not doing well financially! I'm not sure if we'll ever feel we've "arrived!" But that's what makes the adventure more interesting, always ways to improve and grow
The point about conflating wealth and social status is well put. Your example on cars is especially pertinent because not only is there the same old "keeping up with the Jones's" angle to it that's more prevalent than ever, aspiring influencers themselves might also be lured by the idea that it's not a purchase, it's an investment because they'll be able to make monetized content for it. But time and time again, we've seen the monetization of content is not a mature, well-established business and it's subject to drastic changes outside of the creator's control.
If you do not worry about the price of everyday things, you are doing financially well. It baffles me that eggs increase by a dollar gets national news coverage and everyone complains, but those same folks are willing to purchase $40k car an hour after they walk into a dealership.
Excellent point about money becoming boring. I've always been fairly restrained with my spending, and this has led to me being in a good position financially. Once in a blue moon though, I'll splash out on a nice toy of some sort. When I do this, it reminds me that "hey, this money stuff and what it can buy is pretty sweet, I should get more of it". The occasional treat incentivises earning and careful financial management.
I do agree with all of the recommendations. I personally highly suggest the mantra of save first, then spend what's leftover. My finances/wealth substantially improved after I could calculate my budget to know how much of my paycheck I CAN save. Then SAVED it immediately when paid. That really helped fight away the urge to spend what I see in my accounts as I walked past any shiny objects.
This makes me feel way better about my situation. Thanks for the template. I don't want to spend money on a budget app that cost money and is linked to my account(s). I meet all these criteria, very healthy nest 🥚 egg, 0 debt 📈, and a some what diverse portfolio. None of the warning signs.Slowly but steadily growing my networth. This got my sub. Thank you Humphrey.
Thanks for such useful information! An inspiring video not only about how to be financially healthy but how to live a simple life without worrying about debts and trying to appear wealthy
In my third year of six figure earnings. Still drive a spraypainted 96 toyota corolla. Bought it for 1200 two years ago. Will continue to drive it untill the wheels fall off. I regularly get looked down on for my car but i could not care less what others think. Ive drove for two years on what most people spend on a car payment in a month or two. The extra goes into my roth ira.
I used to drive a 1997 Toyota Corolla. I learned that people pity me and more willing to help me if I have car problems. People helped me change the car tires when I had a flat. They didn’t know that I made 6 figures a year.
i like talking about finances and goals, not to compare myself to others, but because i'm really excited about projects i'm working on. discussing plans for the future helps me keep on track to achieve those things. i'm 44 now and probably could have retired last year but i'm working on finally setting up my forever home. So - back to budgeting and mapping out those renovations. i'm actually really giddy about fixing the place up, which helps me focus while slogging through the boring months of pinching pennies to make it all happen.
I love this quote: “If you want something, you have to be willing to feel it’s opposite.” If you want to be physically stronger, you have to be okay with feeling weak relative to the weights you pick up. If you want to be emotionally secure, you have to be willing to talk about and address your insecurities. If you want to be smart, you have to be willing to feel dumb while you learn new things. lastly, If you want to have money in the future you have to be willing to feel poor today and not spend what you have.
None of my bills surprise me but I did get a recent surprise bill to pay. My dog developed diabetes and very soon went blind. To pay for eye surgery for a dog and to keep her diabetes under control forced myself and my partner to adjust and prepare for these new expenses. Luckily, we had plenty in an emergency fund to pay for the operation and we're replenishing our savings fund again.
Humphrey, enjoy this video, in 2014 I begin tracking my spending habits, I can see I improve and my accounts goes up every month I actually have and habit to see how much I gain month after month it continually goes up so far, That makes me feel happy. Have and excellent week.
Great video! One important note is that 4% is not a retirement withdrawal rate for perpetuity. It's for 30 years with a 95% rate of success. The numbers came from the Trinity study. A long/early retirement means living off of about 3% per year in order to succeed.
IRL, using a pretty simple bucket system, 4% is still VERY much a feasible withdrawal rate. In fact, the current 10-year T-bill is returning almost 5%, so unless you're calculating in a ton of inflation into your initial 3% withdrawal rate, you're leaving a lot of money out of your potential retirement spending. The long-term (75+ years) rate of return on the stock market is closer to 12%, but you think you can only take out 3%? Your kids will be glad you felt that way, some day.
Agreed, Jason. The author of the Trinity Study even says that 4% is as safe as it gets. I think some people are a bit too cautious, but to each their own.
You can't use the world as a comparison when your living expenses are much higher. It really is region dependent. Also, comparing to the American average isn't great if the average American is struggling.
I've def been there myself thinking im not doing that well, but with no debt and a ton of investments and pretty solid career I think im doing ok overall
There are lots of mixed opinions about stocks and there projection in the next coming years, I aim for short term solid gains from market correction and I'd definitely jump on the boat if I knew a thing or two about day-trading. I'm just looking for the right moves to grow and hedge my stagnant reserve of $490k from inflation.
Avoid hasty decisions based on short-term swings. Prioritize patience and a long-term perspective, and most importantly, seek financial advice to make educated purchasing and selling decisions.
Several individuals minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $235k to $690k despite inflation.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfoIlo allocation
"Laurelyn Gross Pohlmeier," a well-known authority in this field. I would recommend looking into her credentials more because she has a great deal of expertise and is a great resource for anybody looking for advice on how to navigate the financial market.
Good for you! By living well, within your means, you have more options to keep or change jobs, where you live, etc. Getting bang for your buck becomes a game. You might like the book “Your Money or Your Life” by Joe Dominguez and Vicki Robin.
I just feel lucky that I can make rent on time and cook healthy food at home. Good enough for me. Moving from one of the wealthiest states to one of the poorest has made me realize how lucky I am.
i only use my CCs for the convenience. I only put on the cards what I can afford to pay off each month. I am fortunate that this has continued to be the way I live even in retirement. I also stopped comparing myself to others. Just care about what I have and how it allows me to live the retirement life I planned for years ago. Anyway, just enjoyed this video. Thanks for what you do.
Yeah i have to keep reminding myself that though im nowhere near my investment goal im making progress overall in the right direction. Sometimes we all want to be at the finish line, life rarely works that way. Great video 👍
over $1000 a month for a car payment!? yea I can see why people are broke lol. my mortgage payments are less than $1000 a month.... live poor and you'll be rich tbh.@@humphrey
I know that I’m doing well financially but I feel like I’m falling behind because my income has gone up maybe 10% over the last 3 years but the cost of living has gone up 30% in that time frame due to high inflation.
The only debt I’ve had since 1985 was 5 years for a house and another 5 years after buying a condo. I’ve always hated debt with a passion and have always lived below my means.
I have been self managing my portfolio for the past 5 years and also have $1m in assets under management. I have underperformed the past 2 years and this has got me worried, Are there anyways to turn this around or should i sell off some assets?
Agreed, my portfolio is well-matched for every market season yielding 85% from early last year to date. I and my advisr are working on a 7 figure ballpark goal, tho this could take another year. IMO, financial advisors are the most sought-after professionals after doctors.
How is that possible? Equity index funds have been up. Last year was a 20% return year. Get off social media and stop shopping for advisors on UA-cam. Clearly, you are taking bad advice.
@@Galworld761these are scammers/bots. They are all over financially-centered UA-camr's video comments. It's terrible. I just report them as I see them.
Me, getting an unexpected windfall: Teehee, now I can put more into my HYSA and/or investment account 🤭 It's taken YEARS to get to this point. I used to spend like crazy and rack up credit card debt. I'm so glad I improved my financial habits
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .
Becoming a good trader takes time and patience. When i first got into trading i was liquidated twice, and lost my entire mortgage deposit. I could have given up, but decided to learn how to trade and put it into practice. 4 years later and i am glad i made that decision.
It seems like there's potential, but caution is warranted. hence I will advice you get yourself a financial advisor that can provide you with entry and exit points
As a beginner who don't understand how trading really works and you really want to make profit from it. I will advise you to first start working with an expert
Credits goes to " Melissa Elise Robinson" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Small nitpick, the 4% rule from the Trinity study was only for 30 year periods. If your retirement lasts longer than 30 years, it has a much higher chance of failure. Early retirees should use a lower SWR.
Your videos are so well made. I wrote down these points that you made. Thirty years ago I was not doing well but with a little common sense and budgeting (and watching your videos) I remain engaged about money. I never tire about money because we all need it for survival. Thank you for another excellent video.
I completely agree with all the points. I'm doing well on all of them so i feel im on the right path, but i would like to take it to the next level which is finding new ways of income and that requires more like a pro-active approach. I'm just starting so my first goal is to reach 100k asap.
I guess I'm doing well financially since I don't signal my wealth, it's totally not because I can't afford it ; I also always reach my target by having my account in the negative after the 450€ rent and around 100€ of food per month (haven't bought any clothe for five years or anything like that), gotta love being a student without being able to have a job
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
At 2:31 the captioning for Naval says "that doens't fulfill you" instead of "that doesn't fulfill you" which unfortunately invalidates the entire video. I don't make the rules
One possible correction. At 10:04 you say that it is a warning sign if you ever say "How did I ever spend this much money on XY or Z". I propose that this may be an indication that you are on top of your finances. I say that all the time. I scrutinize our spending and it bothers me when we spend money, especially, when reviewing the totals. I would argue that the opposite may be a bigger warning. If you never look at your spending or your spending never bothers you, you likely have a bigger problem.
If you are poor, you will always care what your neighbours think. I remember when my toxic neighbour talked on corners and saying I was poor (my old car, my simple clothes etc.). Few years after I bought an apartment in the same building she desperatly wanted. She is very quite now, looking at floor when passing by me. Horrible type of people...
1:10 Reputation and Status are not the same thing. Work for a good reputation, not a higher status. Good reputation leads to more opportunities, higher status can also bring opportunities such as collaborators but it can also bring some hyenas.
A few houses down someone did an amazing job with a fixer-upper and turned it into a small mansion with a huge, beautiful yard. Good for them. Also good for me, because now my neighborhood is a bit prettier than before. No envy, it's a win/win either way.
I recently inherited almost $500k. I REALLY need to make this money work for me, and not just disappear over time. I've been scrambling for somewhere to put the money, where I can make an effort to use the gains to pay bills so I can quit my job or should force early retirement. All roads have pointed to the financial market of some sort which is a good idea buh where else should I put money besides the financial market? We have a 13% RPI rate so cash is tough.
Yep great question and that’s always the one - where would you rather be if you have an option. Personally I’m always invested aside from a small emergency fund. Financial-market for me seem the only way forward with my long time horizon (accrued almost $1.4m in gains since 2020 ) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe! . Just know the risk you're comfortable with . Mistake is expensive
I fully agree; I'm 60 years old and recently retired with approximately 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds in comparison to my portfolio balance over the last three years. To be honest, the financial advisor's role can only be ignored, not dismissed. Therefore do your research to get a reputable one.
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "HEATHER LEE LARIONI" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Curious why you don't use some transaction aggregator to track your expenses? There are plenty out there, Quicken Simplifi, Monarch, Rocket Money etc. Seems like you'd benefit
A sign of doing well financially is when you realise the power of compound interest & growth. That is usually when you start calculating it on a spreadsheet, playing with the variables (monthly input and growth %). Then you know.
A Porsche dealership said roughly 50% of buyers used the financing. Over 90% of Toyota pickup buyers are using the financing. I am sure majority of Honda owners pay monthy repayment. .
1:35 even if you had cas to buy lambo it would still be better to finance it difference is between is is smart financing or just im eating mac and cheese for 10 years type
My free newsletter and templates: beacons.ai/humphreytalks/freedownloads
Hey Humphrey, I made my financial plan, and I realized you are wrong about average SNP500 10% growth. A bit. Technically not, but in practice yes. You say 10% average growth is produced by SNP500 on long term, which is true, but when you calculate compound interest, average is not a good indicator, since it is based on addition and not multiplication. On multiplication and root base if you check snp500 growth ( for example between 1978-2023) is 45.61x. that means if you take the 46 root of 45.61, you get approx. 8.66% growth. This number is not far from 10%, but you get a good 1.5% difference, which adds up a decent difference in pace of 46 years. However you are pretty much correct in 10% growth if you include ~1.4% dividend as well.
Anyways thanks for your videos, you really inspire people like me to put away money for the future in stocks, and make me more comfortable on losses on a bad day to enjoy growth on a good day, because actually I have 20 years to grow my wealth. My biggest mistake was that I stopped investing 10 years ago.
Please can you help me ? Mr. Humphrey Yang.
Do you just look on UA-cam and take other people’s videos? Are you that unoriginal?
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to over $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.
Thank you for sharing, I must say, Rebecca appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
One of the most valuable “things” someone can have is ENOUGH
Agreed but that point also comes at a certain ceiling
Yes. And the feeling that you can buy whatever but dont need to because you are not a slave anymore.
When your bills are on auto pay. You’re doing well financially.
😂
Lmao 😂 this comment wins
Actually, auto pay is one of the worst things you can set up. Have fun trying to stop them if you leave the contract with the company or utility. I've been there, and with one cable company it took eight months and a LOT of phone calls to have them stop charging and taking funds and refund my money, even WITH the bank trying to help me out. Just use your own bank's free only pay feature like I do - but yes, I DO get the point of your post and yep, correct.
@@dyates6380 That’s why you have more than one bank account.
@@dyates6380 totally agree...I dont have anything on auto pay -- my next car payment is due july 14th...my credit score is over 790.
I’m glad you mentioned the social circles. I stopped being friends with people who cared so much about material things because they were toxic. I’m extremely financially stable and very proud of that, I’m not going to blow it on expensive items just for show.
I also backed away from a friend group that were very stuff oriented. Truth is - most of them likely make a lot less than my spouse and I, but loved to flaunt their toys.
Yup. This is exactly why a lot of celebrities won't or stopped hanging out with other celebrities. The cost was unnecessarily high while the experiences were vapid and shallow.
my boss goes to the office and social events with his Porsche Macan every day, urghhhhh.
I absolutely love this video! You hit the nail on the head when it comes to flaunting wealth. I lived in Vegas & worked alongside with a handful of very “successful” people. I can say every single one of them had beautiful multi-million dollar homes, a minimum of 3 luxury vehicles each, and every single one of them had little to no money. Cards got declined at in n out, bills upwards of 30-50k were stacking up just to maintain each month. To the rest of their friends, employees, and the outside world, you would never assume they were struggling and it was all a show.
My husband and I are doing pretty well. It is very recent for us, we struggled for years throughout college, working multiple jobs just to get through, and are now pretty stable. Our life goal is to travel - not have things. We save towards trips but live in a small house, have middle range cars, and don’t buy new things. This video makes me feel pretty good about where we are trending! I save 20% of my income monthly, with a potion into the stock market and a portion into a high yield savings account. We don’t have much yet, but we are trending in the right direction.
Thanks for this video!!
Travel is more expensive than owning things and is a major way people lose everything. People throw out thousands on flights, hotels, and rentals unless you are using points, hostels, trains, public transport, going to 3rd world countries.
@@Peglegkickboxer "Throw out" is a strange way to put it. You spend your money to gain experiences that you will treasure and cherish for your entire life. The expensive phone? The expensive car? You are probably going to forget that within the next few years. But that amazing trip you took 20 years ago with your partner? You take that to the grave.
@@VidimusWolf This is so true. I took a trip to Ocean City with my friends a few years ago. I spent 700 in total myself but damn was it worth it. I will cherish that forever. I spent 300 on my 1100 dollar current phone and I already dont like it. Memories are so much more valuable.
@@thephantomknyte5759 That is awesome! I also have a ton of great memories with friends. Actually sometimes the cheapest trips are the most memorable because you really try to get all the bang for buck possible haha. 700 total is actually great value!
My spouse and I became wealthy enough to travel well when we were in out mid-40's. We take and plan two or three vacations a year now ( 15 years later) it's the best. We live more modestly, but make lots of great memories.
This all seems reasonable. I’ve always been on a lower income but thankfully never really had any debt. I used to think I was doing poorly financially until I realised the value in that. Decided to make my goal for the year to be more financially literate and work on having savings (I had none after a big international move). So far so good! I feel better after watching this video :)
We are the poorest 6 figure income household among our friends and my own distant relatives in my county. We live in a very high cost of living area. Doing well financially to me is the ability to be a stay at home mom (whether working part time or not), always paying off credit cards on time and never carrying a balance, being able to save for retirement, having an emergency fund, etc.
my wife and I have a 6 figure household income and we live in a very low cost of living area. my house is paid off with no other debts and it's only worth about $102k today. houses in my area average $150k. six figure incomes can be a very different lifestyle depending on where you live. we're pretty much coasting through life here and I've even been turning down higher paying jobs because they don't let me work from home and set my own schedules like this one does
My wife is also a stay at home mom. We're extremely lucky to be able to do that and actually raise our own kids. Our ideas of financial stability are exactly the same.
@@luke-i1w Is your wife planning to work part time when the kids go to school?
@@IrisP989 Most likely. She was a teacher before we had kids.
My husband and I are a 6 figure family and me staying at home is important to us as well. We moved 20 minutes out if the city we were in just over the county line and we got a very nice almost new home with property for 150K less than it would have been in town. I have to drive the older kids to school now but it was well worth moving for a better standard of living
Jeez. Hadn't even considered myself doing well. Important and much needed reality check as I move forward.
I've been looking for excel sheets to help track spending and this is the best one I've seen. Thanks!
My favorite days are dividend payment days. Thanks for another great video.
One of the richest dudes I met drove a 30 year old rusty old toyota, walked around in daggy shorts and torn singlet and don't think he'd shaved for at least a couple of years. I didn't realise who he was until a work mate said "do you have any idea who that bloke you spoke to is? Hes worth at least tens of millions". Nice bloke too, he was very friendly and seemed very down to earth. Good on him.
Great guy!
I don’t agree with driving something like that. The dude is one unfortunate situation away from killing himself.
At least get something with a 5 star safety rating (car made in the last 15 years) that isn’t rusted out to a point it can snap in half
@@chrischoy9 old school land cruiser. She's got another 30 years in her. 😂
I’m definitely not bragging about my wealth. It’s because I have none. 🤷♂️
Yes, then you and I can swap financial secrets!😂
Zero savings left after the last few years, not earning enough to save, disability limiting how much I can work, buying toys on finance from temu so we can afford to get him something... yeah I think we're not doing well financially too 😄 Still, could be worse.
Thanks for telling me I'm doing really good. I felt like I was but an outside perspective is always very helpful. Currently my expenses are about $1,100 a month without food or entertainment and I bring home net $3000 monthly. I struggled for a really long time but after covid I have appreciated a hockey stick. I feel like the majority of my decisions worked out the best for me even though there were some rocky patches. Net worth now after paying off all debt is about 250k. If I live for 10 more years my retirement will be secured at $4500 a month for the rest of my life and I'll retire at 57. I've worked really, REALLY hard, since 2020 to make this possible.
I feel I've made it when I go to the grocery store and just grab the food I want without looking at the prices.
Still wrong. I don't care how much money is in my bank I will always look for the best deal . Save always and everywhere.
@lillianhubl8461 My husband does the same. He's really good 👍 I try to respect him by buying what I want when there's deals.
I don't think it's the grocery store. It's going to a fancy steak house and ordering what I want without even caring about the prices
@@fun2badult Good for you, people have different levels, some would say choosing a ferrari
This is me in the produce aisle
I have been good with money since I first started working at 16. At that age, I didn’t spend a dime. At one point my parents were encouraging me to treat myself and go somewhere to eat. I started a Roth IRA when I was 17 with the money I didn’t spend when I was 16. Then I started investing when I turned 18 but now I’m 20 and I’ve had some set backs in which I got suckered into materialistic items. I’m trying to break out of that habit although I’m not off the walls with spending but I had a goal this year to reach $25k in investments by the end of this year and I already crushed my goal by $1.5k in September. I plan on leaving that money there and never touching it until it’s time for me to retire.
That’s great!
Good luck! My vice is updating technology. That's the only time I spend real money. New phone every year and smart watch and head phones. Senseless spending. Trying to make 2024 the year I keep the same phone without an upgrade
Good luck bro sounds like your off to a good start I’m also 20 and that’s just makes me happy that people my age are doing great. Hope you keep it up
Bravo!
You should treat yourself and enjoy your youth. You only get one chance and a fat bank account that keeps getting fatter won't add much to your security or happiness.
I've become wealthy by doing all the things you've mentioned including living frugally below your means. Even though I retired at 39 and now am 67 it is so ingrained in me to live within my means I cant stop even though quite unnecessary!
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant and everything changed. In in the first quarter of this year i made $370k and counting.
Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
Honestly thank you for this video. It's eye opening. I feel better and I need to stop comparing my self to others. Shits not healthy.
I enjoy your channel! Finally, after I turned 50… My financial sense kicked in. I don’t have a car payment. I don’t have any credit card debt and I have enough savings. If something went down, I could take care of it. Would love to have some information on ways to improve your wealth after the age of 55. Unfortunately I have gotten started pretty late but I’m on the right track I think.
Dang. Watching videos like this make me feel so proud of how well I’m doing at 33. Got my first off-the-books job at 12 years old (of my own volition and no one forced me, of course), and have always tried to make good decisions with my money. I have 2 cash savings accounts and one Roth IRA that I should be maxing out for the year within the next 2 months. Watching this video had a kind of effect like “well duh, doesn’t everyone do this?” 😊 Go us!
Off the books Job at 12 is crazy. You’re a certified hustler lol
I'm doing great! I have my very own cardboard box and an overpass.
As a high income family we have a lot of friends in very expensive houses. While we bought a nice house we bought well within our means and did a 15 year mortgage so we could afford investment properties and have our mortgage paid off by the time our kids go to college. Just bought our second property cash with all the money we havent been paying towards a huge mortgage like our friends/coworkers.
Time vs money. Some want more money and are happy living life below their means. Others see that their time on earth is finite and would prefer living it luxury.
Investment properties are not really the best way to go; it's pretty risky. Better off putting those six figures into ETFs
@@Peglegkickboxerinvestment properties are fine if you know what you're doing
@@MaSa-bp5qeis it luxury having to work till 65+, likely at a job you don't enjoy? You're right in that time is important... I'm making sacrifices now, living comfortably but FAR from luxury, so that I can retire by 55, and REALLY enjoy my time!
I have (2) close friends who we openly talk financials with. We all push one another and offer advice on financial issues. We try to keep a low profile to outsiders as we build wealth.
Thanks for making this video and putting it in perspective, it's always hard to see everything you've accomplished when you're in the weeds!
I have always been good with money. Saving, living below my means, mostly spending on what I need vs what I want etc. Switching into high gear because I want to FIRE at 60, just turned 53 yesterday. So I have a lot to do… My thing now is I have to learn how to be patient and remember I am working towards a mid-long term goal. And not look at the bank accounts every week. Especially in the beginning, doing things differently since August.
I look at bank accounts daily, but I used to be a bank teller. Just a habit to keep me updated on changes.
Thank you for this. I got incredibly lucky to be born where I was. On this day of thanks, I am thankful for that.
About the comparison ordeal. Work in a luxury dealership such as mercedes, bmw, Audi etc. You’ll quickly realize you make more money than the vast majority of it’s clientele. The actual wealthy clientele who buys the $150k+ models still tend to pick up groceries in “regular traffic” vehicles. Not always the case, but it’s a strong trend. Food for thought!
I have most of those signs but the path is still rocky so I have to stay consistent.
At 42, I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.
I'm glad I came to this conclusion at 23, I don't want to have a lot of money that's less valuable
Well, I've gotten into a plethora of assets with $73k spread across stocks (options and futures) for the short term and Roth IRA, index funds, and ETFs, for the long term. I've been investing with help from a pro fund manager, Herman W Jonas who oversees my investments. Now I sit back and reap my dividends while I just reinvest at intervals.
@@Willywillscheng Do not forget that prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors do not influence.
I tried getting into stocks myself some time last month and lost a ton of money as I was ill-advised. Can you please direct me to him as I’d like to hear from an expert?
No idea who you are, but I'm really happy you've come to that realization! I'm 31 and just came to that realization a year ago. I hope life gets easier and more meaningful for you here on out, my friend.
We recently retired early on passive income, yet we feel we are still not doing well financially! I'm not sure if we'll ever feel we've "arrived!" But that's what makes the adventure more interesting, always ways to improve and grow
The point about conflating wealth and social status is well put. Your example on cars is especially pertinent because not only is there the same old "keeping up with the Jones's" angle to it that's more prevalent than ever, aspiring influencers themselves might also be lured by the idea that it's not a purchase, it's an investment because they'll be able to make monetized content for it. But time and time again, we've seen the monetization of content is not a mature, well-established business and it's subject to drastic changes outside of the creator's control.
If you do not worry about the price of everyday things, you are doing financially well. It baffles me that eggs increase by a dollar gets national news coverage and everyone complains, but those same folks are willing to purchase $40k car an hour after they walk into a dealership.
Or it can mean that you’re financially irresponsible
Yup
Based on the metrics in the video I'm doing very well and yet I'm still worried about the price of everyday things.
I am definitely not interested in purchasing a 40K car either though.
And the most eye opening part is that $40K is about the cheapest price that you can pay for an average new vehicle these days!
Excellent point about money becoming boring. I've always been fairly restrained with my spending, and this has led to me being in a good position financially. Once in a blue moon though, I'll splash out on a nice toy of some sort. When I do this, it reminds me that "hey, this money stuff and what it can buy is pretty sweet, I should get more of it". The occasional treat incentivises earning and careful financial management.
I do agree with all of the recommendations. I personally highly suggest the mantra of save first, then spend what's leftover. My finances/wealth substantially improved after I could calculate my budget to know how much of my paycheck I CAN save. Then SAVED it immediately when paid. That really helped fight away the urge to spend what I see in my accounts as I walked past any shiny objects.
This makes me feel way better about my situation. Thanks for the template. I don't want to spend money on a budget app that cost money and is linked to my account(s). I meet all these criteria, very healthy nest 🥚 egg, 0 debt 📈, and a some what diverse portfolio. None of the warning signs.Slowly but steadily growing my networth. This got my sub. Thank you Humphrey.
Thanks for such useful information! An inspiring video not only about how to be financially healthy but how to live a simple life without worrying about debts and trying to appear wealthy
Wow .. I'm doing better than I thought. This video totally changed my mood. I love ur content
I love being very frugal and am very proud of it.
In my third year of six figure earnings. Still drive a spraypainted 96 toyota corolla. Bought it for 1200 two years ago. Will continue to drive it untill the wheels fall off. I regularly get looked down on for my car but i could not care less what others think. Ive drove for two years on what most people spend on a car payment in a month or two. The extra goes into my roth ira.
I used to drive a 1997 Toyota Corolla. I learned that people pity me and more willing to help me if I have car problems. People helped me change the car tires when I had a flat. They didn’t know that I made 6 figures a year.
90k is not six figure.
i like talking about finances and goals, not to compare myself to others, but because i'm really excited about projects i'm working on. discussing plans for the future helps me keep on track to achieve those things. i'm 44 now and probably could have retired last year but i'm working on finally setting up my forever home. So - back to budgeting and mapping out those renovations. i'm actually really giddy about fixing the place up, which helps me focus while slogging through the boring months of pinching pennies to make it all happen.
I love this quote: “If you want something, you have to be willing to feel it’s opposite.”
If you want to be physically stronger, you have to be okay with feeling weak relative to the weights you pick up.
If you want to be emotionally secure, you have to be willing to talk about and address your insecurities.
If you want to be smart, you have to be willing to feel dumb while you learn new things.
lastly,
If you want to have money in the future you have to be willing to feel poor today and not spend what you have.
None of my bills surprise me but I did get a recent surprise bill to pay. My dog developed diabetes and very soon went blind. To pay for eye surgery for a dog and to keep her diabetes under control forced myself and my partner to adjust and prepare for these new expenses. Luckily, we had plenty in an emergency fund to pay for the operation and we're replenishing our savings fund again.
Thanks
This is so helpful! I’ve learned to much from your channel, and am finally getting my financial life together.
Humphrey, enjoy this video, in 2014 I begin tracking my spending habits, I can see I improve
and my accounts goes up every month I actually have and habit to see how much I gain month after month it continually goes up so far, That makes me feel happy. Have and excellent week.
Great video! One important note is that 4% is not a retirement withdrawal rate for perpetuity. It's for 30 years with a 95% rate of success. The numbers came from the Trinity study.
A long/early retirement means living off of about 3% per year in order to succeed.
you are spot on, thanks for clarifying for me, i may have been too brash with what i said there
IRL, using a pretty simple bucket system, 4% is still VERY much a feasible withdrawal rate. In fact, the current 10-year T-bill is returning almost 5%, so unless you're calculating in a ton of inflation into your initial 3% withdrawal rate, you're leaving a lot of money out of your potential retirement spending. The long-term (75+ years) rate of return on the stock market is closer to 12%, but you think you can only take out 3%? Your kids will be glad you felt that way, some day.
@@jasonbroom7147you’d still have to pay tax on that t bill unless you’re pulling out of a roth. So 3% is still a decent benchmark
@@jasonbroom7147 no such thing as looking at the stock mkt on a 75 yr time span/historical. That is meaningless.
Agreed, Jason. The author of the Trinity Study even says that 4% is as safe as it gets. I think some people are a bit too cautious, but to each their own.
You can't use the world as a comparison when your living expenses are much higher. It really is region dependent. Also, comparing to the American average isn't great if the average American is struggling.
The average American has so many luxuries and safety nets that they have forgotten what struggling actually looks like.
I've def been there myself thinking im not doing that well, but with no debt and a ton of investments and pretty solid career I think im doing ok overall
There are lots of mixed opinions about stocks and there projection in the next coming years, I aim for short term solid gains from market correction and I'd definitely jump on the boat if I knew a thing or two about day-trading. I'm just looking for the right moves to grow and hedge my stagnant reserve of $490k from inflation.
Avoid hasty decisions based on short-term swings. Prioritize patience and a long-term perspective, and most importantly, seek financial advice to make educated purchasing and selling decisions.
Several individuals minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $235k to $690k despite inflation.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfoIlo allocation
"Laurelyn Gross Pohlmeier," a well-known authority in this field. I would recommend looking into her credentials more because she has a great deal of expertise and is a great resource for anybody looking for advice on how to navigate the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I'm glad I found you. Keep up the good work.
I don’t feel I’m doing well. I’m building it quietly. My dad raised me not to brag about your wealth. I am frugal.
If you're commenting on vidoes like this all the time im sure you are more aware than others! which is the first step
My dad didn’t even raise me
Yeah I'm probably doing better than you
Good for you! By living well, within your means, you have more options to keep or change jobs, where you live, etc. Getting bang for your buck becomes a game. You might like the book “Your Money or Your Life” by Joe Dominguez and Vicki Robin.
Being frugal is for poor people
Had this talk with a coworker. Many coworkers always borrowing money for bills. I’m just thankful I have said the hostess “can’t, I’m broke”
Hostess?
@@genxx2724I’m just thankful I have not said the words, “can’t, im broke”
I just feel lucky that I can make rent on time and cook healthy food at home. Good enough for me. Moving from one of the wealthiest states to one of the poorest has made me realize how lucky I am.
I downloaded you budget/expenses excel file and love it! Thank you!
I know I’m doing good financially coz I plan to work til I’m 80 not because I need the money… but because I love my profession.❤
That is really fortunate ❤
This is truly a blessing.
i only use my CCs for the convenience. I only put on the cards what I can afford to pay off each month. I am fortunate that this has continued to be the way I live even in retirement. I also stopped comparing myself to others. Just care about what I have and how it allows me to live the retirement life I planned for years ago. Anyway, just enjoyed this video. Thanks for what you do.
Yeah i have to keep reminding myself that though im nowhere near my investment goal im making progress overall in the right direction. Sometimes we all want to be at the finish line, life rarely works that way. Great video 👍
Nice, exactly Chris!
Life is a marathon not race. It’s also not a success only path. We’ve been conditioned to compare and compete. Dont.
over $1000 a month for a car payment!? yea I can see why people are broke lol. my mortgage payments are less than $1000 a month.... live poor and you'll be rich tbh.@@humphrey
This is so useful. I wish I was taught this at school. Thank you!
This spreadsheet is absolutely genius. Thank you for this! Subscribed!
I know that I’m doing well financially but I feel like I’m falling behind because my income has gone up maybe 10% over the last 3 years but the cost of living has gone up 30% in that time frame due to high inflation.
The only debt I’ve had since 1985 was 5 years for a house and another 5 years after buying a condo.
I’ve always hated debt with a passion and have always lived below my means.
Great vid, it really puts things in perspective when you have metrics to look at.
Glad you think so!
I have been self managing my portfolio for the past 5 years and also have $1m in assets under management. I have underperformed the past 2 years and this has got me worried, Are there anyways to turn this around or should i sell off some assets?
Avoid tax complications; consult a financial advisor to restructure your portfolio instead of selling off assets.
Agreed, my portfolio is well-matched for every market season yielding 85% from early last year to date. I and my advisr are working on a 7 figure ballpark goal, tho this could take another year. IMO, financial advisors are the most sought-after professionals after doctors.
How do I reach out to a financial advisor, my portfolio has been struggling since 2022 and I’ve been holding on by the skin of my teeth.
How is that possible? Equity index funds have been up. Last year was a 20% return year. Get off social media and stop shopping for advisors on UA-cam. Clearly, you are taking bad advice.
@@Galworld761these are scammers/bots. They are all over financially-centered UA-camr's video comments. It's terrible. I just report them as I see them.
Me, getting an unexpected windfall: Teehee, now I can put more into my HYSA and/or investment account 🤭
It's taken YEARS to get to this point. I used to spend like crazy and rack up credit card debt. I'm so glad I improved my financial habits
i needed this. thanks!
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .
I feel this video needs to be played in a loop at Americana, Glendale, CA
🤣🤣🤣🤣🤣 Yoooooo
@@FelixNaim-cc5jmu feel me?
Becoming a good trader takes time and patience. When i first got into trading i was liquidated twice, and lost my entire mortgage deposit. I could have given up, but decided to learn how to trade and put it into practice. 4 years later and i am glad i made that decision.
It seems like there's potential, but caution is warranted. hence I will advice you get yourself a financial advisor that can provide you with entry and exit points
As a beginner who don't understand how trading really works and you really want to make profit from it. I will advise you to first start working with an expert
Credits goes to " Melissa Elise Robinson" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Small nitpick, the 4% rule from the Trinity study was only for 30 year periods. If your retirement lasts longer than 30 years, it has a much higher chance of failure. Early retirees should use a lower SWR.
Your videos are so well made. I wrote down these points that you made. Thirty years ago I was not doing well but with a little common sense and budgeting (and watching your videos) I remain engaged about money. I never tire about money because we all need it for survival. Thank you for another excellent video.
You're so on point. I feel better now w/ my financial situation.
Thanks i am doing financially well constantly relying on my next paycheck
Right on track! I need to watch my expenses a bit closer though, I could be having more left for month's end
I completely agree with all the points. I'm doing well on all of them so i feel im on the right path, but i would like to take it to the next level which is finding new ways of income and that requires more like a pro-active approach.
I'm just starting so my first goal is to reach 100k asap.
Thanks Dad ^_^ you really made me feel proud of how I’m doing!
In all seriousness, this is very helpful
Love the emojis lol 😂 Naval is great, have you read his almanac book?
yes!
I wanna see you do an episode with the money guy show. Your are very clever and I think that will be a great conversation
always great to put things into perspective -- thank you for this!! much needed.
Glad it was helpful!
I guess I'm doing well financially since I don't signal my wealth, it's totally not because I can't afford it ; I also always reach my target by having my account in the negative after the 450€ rent and around 100€ of food per month (haven't bought any clothe for five years or anything like that), gotta love being a student without being able to have a job
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
At 2:31 the captioning for Naval says "that doens't fulfill you" instead of "that doesn't fulfill you" which unfortunately invalidates the entire video. I don't make the rules
What an awesome beginner guide on how to a responsible adult, thanks man 😂
One possible correction. At 10:04 you say that it is a warning sign if you ever say "How did I ever spend this much money on XY or Z". I propose that this may be an indication that you are on top of your finances. I say that all the time. I scrutinize our spending and it bothers me when we spend money, especially, when reviewing the totals. I would argue that the opposite may be a bigger warning. If you never look at your spending or your spending never bothers you, you likely have a bigger problem.
If you are poor, you will always care what your neighbours think.
I remember when my toxic neighbour talked on corners and saying I was poor (my old car, my simple clothes etc.). Few years after I bought an apartment in the same building she desperatly wanted. She is very quite now, looking at floor when passing by me. Horrible type of people...
1:10
Reputation and Status are not the same thing. Work for a good reputation, not a higher status. Good reputation leads to more opportunities, higher status can also bring opportunities such as collaborators but it can also bring some hyenas.
I’ve observed that a lot of wealthy people drive Hondas. Like odysseys and ridgelines. Genuinely good cars for reasonable prices that hold value.
You're doing a great job!!! I really like Hump Days. 🎉
A few houses down someone did an amazing job with a fixer-upper and turned it into a small mansion with a huge, beautiful yard. Good for them. Also good for me, because now my neighborhood is a bit prettier than before.
No envy, it's a win/win either way.
Thanks.
I recently inherited almost $500k. I REALLY need to make this money work for me, and not just disappear over time. I've been scrambling for somewhere to put the money, where I can make an effort to use the gains to pay bills so I can quit my job or should force early retirement. All roads have pointed to the financial market of some sort which is a good idea buh where else should I put money besides the financial market? We have a 13% RPI rate so cash is tough.
Yep great question and that’s always the one - where would you rather be if you have an option. Personally I’m always invested aside from a small emergency fund. Financial-market for me seem the only way forward with my long time horizon (accrued almost $1.4m in gains since 2020 ) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe! . Just know the risk you're comfortable with . Mistake is expensive
I fully agree; I'm 60 years old and recently retired with approximately 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds in comparison to my portfolio balance over the last three years. To be honest, the financial advisor's role can only be ignored, not dismissed. Therefore do your research to get a reputable one.
A million dollars in profit is a fantastic achievement; how can I contact this advisør of yours?
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "HEATHER LEE LARIONI" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Thanks for the video…. It made me look at things another way and it felt great!
Glad to hear it!
Sounds corny but since ive been subbed my life is actually turning better
#6 is incredibly important. You'll always be influenced by the Joneses until you recognize and remove that perspective entirely from your brain.
Curious why you don't use some transaction aggregator to track your expenses? There are plenty out there, Quicken Simplifi, Monarch, Rocket Money etc. Seems like you'd benefit
A sign of doing well financially is when you realise the power of compound interest & growth. That is usually when you start calculating it on a spreadsheet, playing with the variables (monthly input and growth %). Then you know.
Why has Mr. Yang never appeared in my feed? Great content!
A Porsche dealership said roughly 50% of buyers used the financing. Over 90% of Toyota pickup buyers are using the financing. I am sure majority of Honda owners pay monthy repayment. .
1:35 even if you had cas to buy lambo it would still be better to finance it difference is between is is smart financing or just im eating mac and cheese for 10 years type