I do not comment often, but lately Louis you trying to be smartass and mostly you came out wrong. First of all, you simply cannot make some statement which is clear message and then said it's not what you mean and then repeat that statement again. Come on, get a grip Secondly I do believe investing is good for people with low amount cash each month to put into stock market, much better than saving on account where they are eaten by inflation. I started investing a year ago and started with putting every month $400. Along the way I got experience, learn a bit more about the stock and much more. Now my portfolio is 11k and no, I do not play options, just stock market. Best advice, not timing the market but time in the market. Good luck everyone
You actually agree with me, but said that I am wrong, because you didn't listen to the video. Your entire 2nd paragraph is the strategy I proposed, and _encouraged_ in this video. And yet you say I am wrong, because you want to rage, without listening to the video. Either listen to the video and comment, or don't listen at all. This is such a waste of time, seriously. Not commenting often, if you comment without watching the video, makes sense IMO.
@@hot4fi I agree 100% that many people of low socioeconomic status live above their means, I’m not sure I fully understand your point though, am I missing something?
@@4bidn1 I think my point wasn’t very clear actually, you’re right. I was alluding to the fact that people who earn an average/high income can also be “broke” if they live above their means. So the term “broke” can describe a myriad amount of people/incomes/lifestyles etc. The question isn’t whether one can invest, but if they’re able to go without some of the conveniences in their life
Yeh here is some not financial advice for people with low funds yet lots of free time. Go to yard sales...the types that sell things for very low amounts. Lots of stuff there can be sold online or on Facebook marketplace for a good profit. It is also great not financial advice for people who aren't adults, or unable to get fast food/minimum wage jobs because everyone at those jobs are in their mid 30s and get hired over teenagers. It also teaches you to learn the value of many items. But don't do what those idiots on pawnstars/ antiques roadhouse do...Do NOT spend big chunks of money on stuff to resell, it is likely a fake. But buying stuff like camping supplies/ appliances, or other garage sale stuff or games for quarters and reselling? Works well if you have the time to do it
@@claudeyaz I did that as a teenager and it's only slightly better than minimum wage. No one was willing to hire someone so young with no work experience :( Nowadays with online reselling, the valuable stuff at yard sales is so scarce it's no longer worth the hunt. There's not much money in used furniture and clothes. edit: Also eBay beats FB Marketplace for avoiding scammers. I'm not saying eBay scammers don't exist but its far less of a headache. Amazon Trade-In was good for used games and consoles until 2020; now they're slightly better than GameStop only because Amazon store credit is more useful.
For those of you wanting to learn to invest here, I recommend reading through 'The Little Book of Common Sense Investing' by John C. Bogle. TL;DR: Buy and hold low cost and low turnover US Stock market index forever for the long run Open a brokerage that allows you trade partial shares and doesn't participate in PFOF like Fidelity Buy a US Stock Market Index (ETF or mutual fund) like VTI with a % of your paycheck each time. The US Market has returned about CAVG 10% a year within a 25+ year time period. In the short term, there's been market drops like Great Depression, Financial Crisis, etc. (equities are extremely volatile in the short term. Make sure to buy knowing this to not sell at the lows.) 10% doesn't sound much at first but understand that compounded returns are quite exponential in growth. Let's say you earn $36k a year and invest in Total Market index like VTI that returns 10% a year (with DRIP plan turned on). If you can invest 10% of that money which is about $300 a month, then your compounded returns would net you $1 million after 35 years. After 43 years, $2.2 million. Inflation will take some of that purchasing power. Assuming inflation of 2.5% long term, $1 million is about $577.6k in today's money. I recommend for starters to invest in your 401k/457b/403b to your match first. Then your Roth IRA (max of $6k). Then your HSA. Then max out remaining of 401(K). Now, everyone's risk tolerance is different and realistically, most people won't go 100% domestic equities (VTI). But it's a solid starter before expanding towards international equities, different types of bonds (short term, intermediate, long term, treasury, TIPS, I/EE Savings, CD), etc. and other financial products out there. Some people just end up investing in low fee target date index funds that match their risk tolerances all their lives. That is a valid strategy and the average target date index investor will probably outperform most other investors out there. That said, the biggest investment at end of day is investing in yourself. To find a better paying job that you can tolerate. From my working experience, jobs that tend to pay well also tend to treat you better as human beings (because the company is investing a lot of money into you). The US bureau of labor statistics, bls.gov, is a really good tool to check out the different fields out there and the pays, job outlook, working conditions, minimum requirements, etc. 'Get rich quick schemes' don't work well in the stock market. If it was that easy, everyone would have been rich which is impossible cause money is a zero sum game in the short term. Plenty of people with Phds working 120+ hours a week struggle to return more than the market return long term (~10%). Don't confuse speculation/gamble/luck with skill. Only like 1% of day traders have abnormal returns before fees and taxes. Hope everyone who read this comment the best. Other books that I would recommend would be Boglehead's Guide to Investing. Don't confuse speculating for investing. Also, almost everyone on UA-cam who talks about making quick money is generally trying to make money by selling you something (subscription, courses, etc.). Coffeezilla makes fun of some of these so called 'millionaire day traders' trying to prey on those who are desperate. Because if something works, then why would someone share the strategy publicly. Cause then the market (especially those in Wall Street) would notice and that strategy will quickly become voided. And, make sure to have a proper emergency fund before anything. $1,000 for starters then take care of any debts you have. Especially credit card debt. Any debt with over 2.5% should be paid off ASAP before investing in anything else. Paying off debt is the most guaranteed return on investment. And once you pay off that debt, try to make at least 3~6 month of emergency fund and put it in some higher yield savings account like at Ally or in a CD or in a I Savings Bond. Then do the above.
I agree 100% 2 years ago I was broke I had 4 felonies. My highest level of education was the 8th grade. Basically I was a bum with no future. I thought I could get out of my situation by doing risky trades. But I kept losing. And I have a best friend who was doing quite well for himself money wise. He gave me the best advice and that was what you said. Invest in yourself first. Once you have a stable and higher income get in the habit of putting 10-20% of your earnings into long term growth stocks or etfs. No trades. And don't invest what you're not willing to lose. Best advice I ever got from anyone. In a few years I'll have enough cash for my own house! Your advice is worth it's weight in gold! Thank you!
Actual New York: Honey. There is a man standing outside our apartment. He hasn't said a word yet...but he is smiling and acting well-adjusted. Call DHS.
When I was a young pirate, I learned to save part of the booty and store it safely. Sadly back then there was no GPS to easily store the places it got buried.
I learned the other day that pirates buried their treasure on islands, because it reduced the weight of their ships. And because pirates existed back before motors were a thing -- whoever weighted the less with sails moved faster. So the goal was to be lighter than your target, so you could catch up to them in a race. It's weird how I made it to my 30's and never actually understood the logic of the treasure island, but it all made sense!
The first and most important investment you make when you're poor is learning good habits. Its very cheap, and translates to everything else you do positively.
@@erikarommel still in Brooklyn. I Always find it crazy people just go up and leave. I understand the city is a cesspit of Degeneracy. But I still enjoy nights out by coney Island and the shopping plazas at Newkirk and so on. Am still young so this might change.
@@juliantheapostate8295 Look at the S&P 500 over the last 50 years and tell me that investing in index funds isn't a gamble that the stock market won't crash. May as well do half and half, I suppose.
@@thewhitefalcon8539 If you plan to invest in the long term then temporary crasjes are not a concern. When you get older convert the shares to bonds and you'll evade crashes when you need to withdraw.
@@jgw9990 Those who invested all their savings right before the 2008 crash now have more than they did when they invested. BUT. Those who invested a few months later got an extra 50%! That's certainly a gamble.
@@thewhitefalcon8539 no it absolutely is not. A gamble would be investing in extremely high-risk stocks. Sure, you might get less, but if you invest every month it isn't an issue to invest in something like the S&P.
@@ericboxer3053 you don’t even have to be in their neighbourhood. They are everywhere. Fun fact: I once visited with my father and we went to look at the Statue of Liberty. While there my dad strikes up a conversation with some Jewish guy and his kid. The guy asks my dad what language we where speaking previously and when my dad said German the guy just straight up turned around and left without a word.
Being from the UK, I just love watching this guy ride through NY. Always loved the architecture and find the city fascinating. It's a shame small businesses are fading away.
Heh. That's funny. Pretty sure Louis is going to have A LOT of people staring at him if he doesn't already. The guy probably tried to fix his own mac... or maybe he's is a landlord.
wouldn't have anything to do with the heavy battery laden moterbike with bright riding clothes, bright shiny helmet and camera on top like a beanie, screaming investing and life stuff out into the world. Actually thinking about it...it's new york. Probably just the norm there. I'm suprised Louis hasn't run across other streamer and youtubers while out riding.
@@FroyourHistory You're right but Louis seems more organic when he talks.. I also watch Alpha Investments with Rudy because of how well he stays on track on a subject without the need to stop.
@@asperbergers7136 I believe its a skill for some. I tried to do an unscripted video once but I just repeated myself and rambled. So I redid the video.
i have a personal story about the whole piracy thing you talked about. about a year and a half ago, i started getting interested in music production. the problem is that i didnt have a job, so i had to pirate the DAW(digital audio workstation) to be able to really get a good start (the free softwares i tried were all pretty bad). fast forward about a year and i finally had the means to buy the software. and i must say, even tho i could have continued to crack the software, it feels good to have legitimate bought it. it just gives me an extra sense of dedication to what i love to do, and the investment gives me an extra reason to not randomly quit making music.
... What about not using software that is locked down and that you have to pay allot for. Nothing feels better then using software that is free and open to modify. Then to improve the software for others? For free? That is dam nice. Since it is a waste to fix it only for yourself if you can improve the software for the next time a update comes along and the fix is already in there. I know music is a hard thing to do since there are no real good open source software for it. But I rather use real instruments and do it old school. Or 8bit whatever. Record the sounds and use some open source simple tool to cut it and layer different instruments or whatever. Really just to avid expensive recording or sound equipment. Having to cut and paste real tape together is a bit stupid. But having to buy expensive equipment or software is also just not right I think. Nothing wrong with it but I rather get a mix of real instruments and software on a PC doing it in harmony. Modern music sounds like trash anyways so the advanced features I find being just a negative, and really there is so many hours of music out there that there is no good reason to try and compete. Better to get good at a guitar and learn to play and write songs solo, or whatever. That is more impressive and a worthwhile skill that is rare to find someone being good at picking up and playing a instrument around others. Open free software is the lowest bar for me. For example, Blender can do Movie, 2D, 3D work all in one application. Gimp or something can do image editing quite well. Then Audacity for simple sound. Text editor? Well plain console is good enough. Or just use Liber Office or some internet thing for text. Like really unless your after the latest and grates being conservative is more honest and really more value in general. I rather watch a video like this going down the streets on a bike then a drone video with some "epic" music or some unrealistic world view to make your life look so much better then it really is. The same goes with everything but the high budget movies or AAA games or whatever. I rather take a shaking camera showing a real world view then some made up fancy camera shot put into software costing $$$. That money and time went just to companies that do not even know what to do with there mounting of money. For blender the "Movie" side it is quite bad compared to the paid or even free options. But it is feasible to do a clean simple movie with it. Like Windows Movie make from back in the day but more powerful. Downloading UA-cam videos for example and watching them offline means I can save the few clips I care to keep and archive them. But most of all I avoid a pointless over advanced web browser and what not. Like really good hardware that is reliable and not braking down is needed, but software is just as important to be kept simple and polished and cared for. Not for money gain but reliability and usefulness. Even now it is all a mess and Linux or whatever is just as broken as any paid OS, the fact that it is open and fixable by the public if needed, it is simply something I require. Big companies are pushing what fits them and do not care about what is right or wrong. Not what the general public really should strive for is relying on big software or hardware companies. Windows 10 is asking for money and spy on you. Why stay with them? same with Photoshop or whatever expensive never improving software. Why? Like really the same is with modern personal computers. They do not need to be a money sink impossible to repair or buy for fair cost. They just need to work and do the job needed to surf the web etc. Same with software. It needs to be simple and lean. Rather do I spend money and interest in software that have little to no piracy or privacy problems. Someone broke or someone rich can use it and benefit from it. The support for this software should come with the interest of keeping the software getting better. And to that end being involved forwards a community and not a cooperation. Piracy problems often exist in the gray area of open source too. But the reason is the HARDWARE. Like where the bridge between hardware and software needs copyrighted code to work. Just as bullshit as selling a device that you are told off from working on or even use. Agen screw Linux. Just like Apple and M$. Just the better pick of 3 rotten apples. GPU and WiFi/Internet sucks. Even CPU's and BIOS are a problem on the software side of things. Really I want my hardware not only to be repairable. But be built in a way that makes running open to the community code as close as flawlessly. The goal being to be lean and not filled with bullshit and do the task needed and NOTHING more. Hardware being built to be a mess to interact with is a real concern. Since the hardware and the ones selling it keep stuff hidden and unaccusable and try and stop you from using it without THERE code. If that is Windows or Apple I do not care. I do not want them involved in my personal data. (I say typing this on a Window10 laptop) So piracy in a big sense is more about not tolerating software being inaccessible to repair and improve. We got the internet we are not stuck in the 70s 90s. Better trying to avoid dealing with big companies if we instead can do it ourselves and keep it open and accessible to everyone. A movie or something should charge money for there movie. But software needed to even have a device turn on? Do something useful? No. It should be open and accessible to improve and fix. The momentum should not be money but to improve the software for everyone that uses it. Then it is going to feel good spending money every month to contribute to a constant improving software we all more or less benefit from.
@@TheDiner50 would you accept the gatekeeper argument? I'm 13, parents don't give an allowance, even if I work, i can make $50 a day working for pay under the table a DAW is upwards of $100, $400 if you want everything that's made with it serum is like $200, omnisphere, $400 yeah, i made music with an instrument, i played clarinet, but even that cost a good bit of money (it was from my middle school tho) so many artists crack software, deadmau5, kanye west, probably beanie eyelashes producer now the software is becoming subscription based arcade by output is $10/month in a year i could have bought a DAW but i don't even own the software?? more shit is becoming like this the only time i advocate against piracy is when non-individuals do it, aka corporations, because that should be apart of their expenses if they need it to operate this doesn't even take into account sample packs, that's a whole sticky situation...
actually i don't even think i could have made $50 a day at 13 without doing something illegally lol, but sometimes you can't even try to see if you like and think you'd be good at these things
@@MihkelMacaroni Personally, if you arn't making money with it yet don't worry about it. But once/if you start making $ from the software fold that into getting better stuff and the official licenses.
Your ability to learn every time you screw up and to realize how much you grow as a person when life has you trapped into a corner is inspiring. I hope you keep screwing up and sharing your experiences for a looong time.
The problem with investing in myself is that I'm depressed and have no motivation or sense of self worth :) But more seriously, I was putting about 40 percent of my salary into an S&P 500 index fund during my last job. With being unemployed during covid I've cashed some of that out and I'm so glad I did the boring conservative thing and lived like a student, stuffing as much into savings as possible.
@Xi Jinping My wife asks why I drink so much, two reasons. One - the time you take off your life are the ones at the END-the ones that suck the most. Two I like leaving a totally worthless body to the world after I'm done. You want me liver? BWAHAHAHA
Great Sage advice Louis. I remember getting my 1st job and my dad saying, "Take $20, $50 dollars a week and put it away for retirement. Have it occur automatically so you don't have to do it because you're going to be too busy to bother. Set it and forget it. Every year, make sure you invest that money in growth mutual funds that have a great track record. And don't panic when the market drops and do anything crazy. You are in for the long haul. Those loses will be your biggest gains". Best financial advise ever!
I can't watch these, provokes too much anxiety. Honestly its no wonder there's so much animosity in the city everyone is afraid of everyone else but too insecure to admit it.
Man, I’m glad I found this channel on UA-cam. Between this video, and the one about the loneliness of “gains,” this channel has been solid gold for me. Thanks for the videos. Also, I don’t know what magic you use, but your outdoor videos sound perfect, even though you’re riding through New York on a bike. You’re a wizard.
It is an electric bike, but I do similar speeds, but just lack the acceleration he has on flat grounds like he mostly rides on. I have a preference for cycling when possible, even in the most hellish mountain areas, like where I live. Lol
Your comment at the end about having someone to slap you really hits home man its so much an advantage to have someone to kick you up the arse when you are being a slob. For me it was my partners father who I spent a few years living with with my partner a couple years back. He had always inspired me to do the best I could even though he had his own problems. He wasnt successful with money but he had a loving family and showed the utmost constraint while also being assertive when needed. He was very firm but fair. He taught me hard work, got me work with friends to get me some experience of hard work. Taught me how I can make a difference in my own life and those around me with things as simple as tidying the garden and making food for everyone. He had a troubled past that came back to bite him and he lived for many years with manic depression. He passed last year but I saw how he was beginning to lift himself up and show the world he wasnt a bad person. He regained contact with his mum who he did everything for. He made contact with old friends and went fishing again. I sense he knew he didnt have long due to becoming ill with cardio vascular disease. He got an operation that gave us more time and I'll always be grateful to the wonderful health services we have in the UK. I am forever in his debt and am working hard to get qualified and work as a software engineer. Im now in my 3rd year of studies with a couple more to go, if I cant find somewhere that will give me a shot in the meantime, and he inspired me so much with his enthusiasm for technology despite his lack of knowledge on the subject. I built him a PC while working as an apprentice technician doing work much like yourself, only we would send people away to people like you for board repairs we wasnt that good haha. He loved all the retro games and playing online games with his friends and family on his mobile. He was taken too soon but I wont let him be forgotten. Now I know how it feels to not have that person to slap you straight and I miss it so dearly.
Louis, thanks so much. Nobody ever explained it to me that way either, until now. The perspective you gifted here is really clarifying and compassionate. Deeply appreciation to you for sharing this wisdom you’ve earned.
@@SvendleBerries Especially on a bike! Road rash has to be roughly scrubbed from the body with sanitizer to prevent or deal with infection, and leaves large scars.
Really good thoughts here Louis. Spot on. The only thing I would add is that a lot of young investors I have spoken to are obsessed with the return they will get. If done properly the return you get is never important. You touched on this but it's not important in the beginning because you don't have much of a balance. It's not important in the middle because your yearly contributions will dwarf any return you get. And if you've done it right it won't be important at the end because you will have so much that even a low return will be enough. Thanks for this and I love your channel.
Love any video while you're just going through town! it's like going on a tour where the tour guide couldn't be bothered to talk about the sights but instead talks about more interesting things. Seriously, take more bike rides and walks through the city on camera. fun every time! ^_^
This is probably my favorite video by you Louis. I loved seeing the city and everyone going about their day while listening to your eternal wisdom. You have a good way of conveying your thoughts, it's very natural and fluid the way you go from point to point or story to story. I always enjoy listening to you talk about random shit and I'd love to see more videos like this in the future even when you get your car I'm sure you're still going to biking around a lot :) Thanks, have a good day
You hit it right on the mark. People don't like being told how to live their life (their perspective) and any suggestions that would help them only paints you as an elitist. Why anyone would rather find out everything the hard way is beyond me.
Re: "I don't want to wait until I'm 60 to enjoy life": I used to hold this belief, but you're not JUST enjoying your life. You're passing on the consequences of your bad habits onto someone else. Since having kids (and having parents who didn't really save), I've realized that I'm not only saving for myself. I'm helping my kids secure THEIR future by not having to worry about helping mom & dad. My #1 priority is still to be financially independent, but the REASON for that priority has shifted. Yes, I want to be comfortable in retirement, but my main drive now is that I don't want to stifle my kids' security by having to rely on them financially when I'm an old man.
I’ve only recently found your channel but I can’t tell how much I enjoy it. I miss New York so much. Also, when you talked about staring someone down it was the most New Yorker thing I’ve ever heard and 100% true.
It's not only that, but broke people tend to choose taking less money upfront than more money long-term, and that keeps feeding itself. I've seen it many times. Being broke makes you desperate and makes you act as if there's no tomorrow because you're just trying to make it through the immediate disaster.
I honestly enjoy your videos that you make these days. The apple repairs helped me out a lot but these talking points you bring up supplement my motivational energy. Thanks Louis
Mind you, this was about 17 years ago, and I'm not in americas.. but when I was in the miltary, I saved half my salary every month. One less pizza every week at the base, less soda/beer don't go out on leave in town etc. After my constription was over, I got my settlement, plus I had half a years salary in the bank. I got myself a rathole and spent 1 year working and making the place nice and sold it. Bought myself a bigger place with room for a family and have been putting in about ~25-50% of my salary in down payments every month. And again, less wasteful spending. At this rate, I will be debt free before 40. I might not be a dollar millionare and probably never will be, but at that point I don't ever have to worry about money again. My goal is to be in a position where I work when I want to, not work because I'm forced to. It's maybe a boring way to get set in life, but it's so much less stress compared to gambling money away on stocks and the like!
"don't get hit by a truck don't get hit by a truck..." man i love these videos! for NY footage. and the background music is rambling instead of stock ukulele stuff they like to put over such footage. those interactions with drivers/people crack me up good
6:00 - stare-down contest. Priceless. 30:25 - a Tesla taxi? How does that work? Not getting a 12-hour shift out of that one... That was an epic video, thank you. I miss the city.
Supercharger can recharge it almost full in like 30 minutes to 45 minutes. At most he would need to charge once a day. In the city electric cars are very efficient.
@@Kobrar44 My brother was a hack decades ago and each car was in use 24/7 in two 24-hour shifts. It's how they put hundreds of thousands of miles on a car in just a few years. That was long before Uber/Lyft though.
I don't like to give advice anymore, tell someone 'yeah that pump and dump isn't a good idea' and they'll cry about your advice when one goes to 1000% briefly before going -70%. (which they wouldn't have only got around to looking at when it was -70% and don't care enough to learn about limits/stops.)
Thanks for the ride! I remember the one a year ago, quarantined, depressed, watching from the bed someone else exercising... that was refreshing tourism.
Your videos are so much better when you speak from the heart, own your mistakes and don’t put blame on anyone. P.s. I hate bikes because if they lean on my car or scratch it, do they have insurance. Every bike should be plated.
With Louis you get both a city trip on bike (which arguably shows more stuff than mindlessly walking around for an hour and half), and on top of that you also receive not financial advise. A heck of a deal.
"I'm a very lazy person at heart...I would be fine to eat wheat thins and hummus all day and play Final Fantasy IX" I see you're a man of culture as well...
Just found your channel.. the one complaining about a four page summons. I can see why you can make it in new york, you are so sharp and fast and explained the situation and appropriate considerations and effects so clearly and completely. thank-you. I'm eager to see two things now, this video riding around new york, and the followup to that summons. I'll subscribe so i get notification when you put it up. Good luck with your quest for fairness. will cost you More time and trouble but at least you'll get a story to share and our appreciation.
More fascinated with bike trip then investing, I know you don’t sweat what people say about you, you make it very clear your not an investment advisor etc, as always Louis greatly entertaining! Simple saying a penny saved is a penny earned, start early, enough said.
The staring contest is so true. I often consciously initiate the contest just to see how often people are willing to participate, and it's not as often as you'd think.
How many times you gonna ride past my house n not stop In n grab a plate of rice&beans n a pork chop!🤣👏 I sued the 79th precinct n won 435K...threw 33% into a 10yr Bond,in 23months I'm paid!🥳...Louis you the man bro🤣👏👍dont ever let a dude stare u down in NYC
@@negotiable_terms1848 👍I did 7days later! Moved rt into Amish paradise🤣 you know how happy I was to finally own a lawn! N then realizing I've never mowed grass🤦♂️🤣
Important to mention that there are actually studies that show that layfolk on average lose money trading. You can't compete with the hedgefunds, unfortunately. The stock market is not for retail traders. Unless you're fine with losing the money and you're actually genuinely interested, refrain from doing it. Statistically it's a better way of pissing away money than making it.
Frankly I hate this narrative that you can't manage your own money. if you don't trade options and buy only fiscally sound companies with good multiples and diversify in 15-20 positions in different sectors and maybe even different countries, you will at least match the SPY.
@@davidwarford3087 Even fiscally good companies can get slammed. Better to just buy the entire index or a total market fund instead. You’re not going to spend hours reading through the prospectus and studying up on the companies unless you are really hardcore or interested.
@@a012345 look, index investing is stupid. why? because it's market cap weighted, which is literally just momentum investing. Index funds have created massive mispricing of assets. diversification doesn't really matter past 20 stocks, you could literally just pick 20 random stocks with good financials and not understand them and your probably smarter than the iditols running the S&P 500 buying tesla at it's peak. It's really not that hard. you buy 20 companies with low debt, low P/E and a increasing dividend. If you do that you do that with random companies you will probably match the S&P because the S&P is frankly a very poor algorithm. Maybe you can do equal weighted index funds if you want real diversification. but just compare the top 10 holdings of the S&P 500 to all the others, every company outside the top 10 is a sliver, when you buy these etfs your basically just buying tech stocks, why not just do that yourself instead of paying a .04% fee for someone to do it for you?
As someone that has never been to NY it's kinda shocking how these people stand ALL THE WAY in the road while waiting to cross... like, you're already half way there why even wait? Curious how common it is for people to get hit by cars.
25:23 "without the city having the means to make the money out of our method of transportation". You still have to recharge your electric bike's battery, so the city is still making some money out of the user's electric bills when they recharge these 1000w+ batteries. It may not be that much, we are talking about 1 Kw/h of billable electric charge per each full charge, but the point is that the city is still getting something instead of full stop nothing.
Personal finance is the biggest thing that so few people understand. And it's not that difficult. I started out of college broke and in debt, I've made a few mistakes and learned a few new things to turbocharge things and now I'm on track to be a multi-millionaire by the time I retire, just putting away 15% of my income every paycheck into good mutual funds. "Personal finance is 80% behavior, it's only 20% head-knowledge." -Dave Ramsey
I'm just a random Lithuanian dude (your Subscriber) enjoying your drive trough NY video while drinking my morning coffee in Norway. Please make more of these, real pleasure to watch as NY is one of my favorite cities.
Amen!!! 1) I started maxing out IRA and then 401(k) at fist real job. 2) paid off credit cards almost every month. 3) made one extra mortgage payment every year. Now we’re retired in our mid-50’s with NO debt. We have a house free n clear. Also, don’t max out on mortgage. A house is not an investment no matter what your bank and realtor say!
Thank you louis. I finally got into my field of study (electrical) after 4 months of job hunting. I'm making decent money and I'll start forming that habit
Generally, you will be better off by paying your debts off faster than by investing in the stock market when poor. Highest interest rate loan first. You need money to make money, and paying off loans frees up more money to mess around with in investments.
@@Nerobyrne Same for renting too. Get into a house as quickly as you can, especially if the interest rates on loans are low. My inner socialist screamed whenever I gave my wages (ie my surplus labor) to some bum who basically sat on his ass and made money off me without working. Then when you're in that house, pay it off as quickly as you can!
@@rtmpgt that's true, many landlords are absolute scum. Mine isn't, but that's because I'm basically covering his costs until he retires in a few years, when I'm moving out and he will move in. He bought an old farmhouse and is fixing it up, so the renting arrangement is great for both of us. It's more the exception than the rule, sadly. I hope to be able to get a housing loan when I have to move out, because I agree with you. Paying off your own house is MUCH better than renting.
17:00 - My family to a T. I had to forcibly ignore everything they were saying in order to be successful. It took years. NEVER let anyone tell you that shit.
![Stroads are Ugly, Expensive, and Dangerous (and they're everywhere) [ST05]](http://i.ytimg.com/vi/ORzNZUeUHAM/mqdefault.jpg)
I do not comment often, but lately Louis you trying to be smartass and mostly you came out wrong.
First of all, you simply cannot make some statement which is clear message and then said it's not what you mean and then repeat that statement again. Come on, get a grip
Secondly I do believe investing is good for people with low amount cash each month to put into stock market, much better than saving on account where they are eaten by inflation. I started investing a year ago and started with putting every month $400. Along the way I got experience, learn a bit more about the stock and much more. Now my portfolio is 11k and no, I do not play options, just stock market. Best advice, not timing the market but time in the market.
Good luck everyone
You actually agree with me, but said that I am wrong, because you didn't listen to the video.
Your entire 2nd paragraph is the strategy I proposed, and _encouraged_ in this video. And yet you say I am wrong, because you want to rage, without listening to the video.
Either listen to the video and comment, or don't listen at all. This is such a waste of time, seriously. Not commenting often, if you comment without watching the video, makes sense IMO.
Just saying, Idk shit about investing in stocks but if you can afford to put $400 a month into stocks you're not truly broke or poor
@@4bidn1 Unfortunately, plenty of people make sufficient income to invest but choose to live paycheck to paycheck and live above their means anyway.
@@hot4fi I agree 100% that many people of low socioeconomic status live above their means, I’m not sure I fully understand your point though, am I missing something?
@@4bidn1 I think my point wasn’t very clear actually, you’re right. I was alluding to the fact that people who earn an average/high income can also be “broke” if they live above their means. So the term “broke” can describe a myriad amount of people/incomes/lifestyles etc. The question isn’t whether one can invest, but if they’re able to go without some of the conveniences in their life
This is my favorite channel to not recieve financial advice from somebody who is not a financial advisor
Yeh here is some not financial advice for people with low funds yet lots of free time. Go to yard sales...the types that sell things for very low amounts. Lots of stuff there can be sold online or on Facebook marketplace for a good profit. It is also great not financial advice for people who aren't adults, or unable to get fast food/minimum wage jobs because everyone at those jobs are in their mid 30s and get hired over teenagers.
It also teaches you to learn the value of many items. But don't do what those idiots on pawnstars/ antiques roadhouse do...Do NOT spend big chunks of money on stuff to resell, it is likely a fake. But buying stuff like camping supplies/ appliances, or other garage sale stuff or games for quarters and reselling? Works well if you have the time to do it
I am totally not taking his not financial advice.
@@claudeyaz I did that as a teenager and it's only slightly better than minimum wage. No one was willing to hire someone so young with no work experience :(
Nowadays with online reselling, the valuable stuff at yard sales is so scarce it's no longer worth the hunt. There's not much money in used furniture and clothes.
edit: Also eBay beats FB Marketplace for avoiding scammers. I'm not saying eBay scammers don't exist but its far less of a headache. Amazon Trade-In was good for used games and consoles until 2020; now they're slightly better than GameStop only because Amazon store credit is more useful.
For those of you wanting to learn to invest here, I recommend reading through 'The Little Book of Common Sense Investing' by John C. Bogle.
TL;DR: Buy and hold low cost and low turnover US Stock market index forever for the long run
Open a brokerage that allows you trade partial shares and doesn't participate in PFOF like Fidelity
Buy a US Stock Market Index (ETF or mutual fund) like VTI with a % of your paycheck each time.
The US Market has returned about CAVG 10% a year within a 25+ year time period. In the short term, there's been market drops like Great Depression, Financial Crisis, etc. (equities are extremely volatile in the short term. Make sure to buy knowing this to not sell at the lows.)
10% doesn't sound much at first but understand that compounded returns are quite exponential in growth.
Let's say you earn $36k a year and invest in Total Market index like VTI that returns 10% a year (with DRIP plan turned on).
If you can invest 10% of that money which is about $300 a month, then your compounded returns would net you $1 million after 35 years. After 43 years, $2.2 million.
Inflation will take some of that purchasing power. Assuming inflation of 2.5% long term, $1 million is about $577.6k in today's money.
I recommend for starters to invest in your 401k/457b/403b to your match first. Then your Roth IRA (max of $6k). Then your HSA. Then max out remaining of 401(K).
Now, everyone's risk tolerance is different and realistically, most people won't go 100% domestic equities (VTI).
But it's a solid starter before expanding towards international equities, different types of bonds (short term, intermediate, long term, treasury, TIPS, I/EE Savings, CD), etc. and other financial products out there. Some people just end up investing in low fee target date index funds that match their risk tolerances all their lives. That is a valid strategy and the average target date index investor will probably outperform most other investors out there.
That said, the biggest investment at end of day is investing in yourself. To find a better paying job that you can tolerate.
From my working experience, jobs that tend to pay well also tend to treat you better as human beings (because the company is investing a lot of money into you).
The US bureau of labor statistics, bls.gov, is a really good tool to check out the different fields out there and the pays, job outlook, working conditions, minimum requirements, etc.
'Get rich quick schemes' don't work well in the stock market.
If it was that easy, everyone would have been rich which is impossible cause money is a zero sum game in the short term.
Plenty of people with Phds working 120+ hours a week struggle to return more than the market return long term (~10%). Don't confuse speculation/gamble/luck with skill.
Only like 1% of day traders have abnormal returns before fees and taxes.
Hope everyone who read this comment the best. Other books that I would recommend would be Boglehead's Guide to Investing.
Don't confuse speculating for investing.
Also, almost everyone on UA-cam who talks about making quick money is generally trying to make money by selling you something (subscription, courses, etc.). Coffeezilla makes fun of some of these so called 'millionaire day traders' trying to prey on those who are desperate.
Because if something works, then why would someone share the strategy publicly. Cause then the market (especially those in Wall Street) would notice and that strategy will quickly become voided.
And, make sure to have a proper emergency fund before anything. $1,000 for starters then take care of any debts you have. Especially credit card debt. Any debt with over 2.5% should be paid off ASAP before investing in anything else. Paying off debt is the most guaranteed return on investment.
And once you pay off that debt, try to make at least 3~6 month of emergency fund and put it in some higher yield savings account like at Ally or in a CD or in a I Savings Bond.
Then do the above.
@@2RosarioVampire wow such an amazing information! I'll have to take a screenshot just to remember!
My favorite part is how the bike lane is basically unusable
Cannot even call it a bike lane - it's a delivery van parking lot.
Noticed that too. People parking wherever they felt like at every turn.
Actually looks fine by my city’s standards. At least it’s a bike lane: You don’t expect perfection!
@@modernalchemist2690 iTs A fReE cOuNtRy!
I'm just waiting for somebody from the Netherlands to chime in.
You always ask how it’s going but you never give me time to answer
He always asks, "how's it going". But he never asks "why is it going" or "where is it going" :(
The proper response to "How do you do" is "How do you do" -- not "fine, thanks". I think this is the same deal.
@diesel passes gases Whaddup.
Don't do stocks if you can't afford to lose...Rule Number 1. You need capital to cover a loss....or you will lose everything.
@@sietuuba 😂
I agree 100% 2 years ago I was broke I had 4 felonies. My highest level of education was the 8th grade. Basically I was a bum with no future. I thought I could get out of my situation by doing risky trades. But I kept losing. And I have a best friend who was doing quite well for himself money wise. He gave me the best advice and that was what you said. Invest in yourself first. Once you have a stable and higher income get in the habit of putting 10-20% of your earnings into long term growth stocks or etfs. No trades. And don't invest what you're not willing to lose. Best advice I ever got from anyone. In a few years I'll have enough cash for my own house! Your advice is worth it's weight in gold! Thank you!
"why is that guy on the bike talking so loud to nobody?"
In NY it's weird if you don't talk loudly to nobody.
Honestly, in NYC nobody even thinks twice about this
Actual New York: Honey. There is a man standing outside our apartment. He hasn't said a word yet...but he is smiling and acting well-adjusted. Call DHS.
It's a fun game to play. Are they on the phone, or are they crazy
This is NYC, Everyone Rambles to themselves in hopes to drive out the noise.... YOU can only hope they have a Bluetooth on them when they're doing it
When I was a young pirate, I learned to save part of the booty and store it safely. Sadly back then there was no GPS to easily store the places it got buried.
I learned the other day that pirates buried their treasure on islands, because it reduced the weight of their ships. And because pirates existed back before motors were a thing -- whoever weighted the less with sails moved faster. So the goal was to be lighter than your target, so you could catch up to them in a race.
It's weird how I made it to my 30's and never actually understood the logic of the treasure island, but it all made sense!
tsk. Shoulda put it in bitpieces-of-eight.
I now eat the booty
@@nauscakes1868 only one pirate ever buried their treasure, and it was because they were facing a death sentence for piracy
@@allenjunge4127 Source?
“I’m going to be yelling.” Like every other New Yorker.
I'm bikin' heeeere!!!
Yeah he's blending right into the background of NYC. Seriously when I was there, Yelling was the default way of communicating.
Heeeeey, i'm yellin' here! 😂
And this is why New Yorkers have the reputation that they’re jerks.then again the closest I’ve been to New York was Oklahoma City.
Eeehh i cooke tha pizza 'ere!
The first and most important investment you make when you're poor is learning good habits.
Its very cheap, and translates to everything else you do positively.
"I can't wait to leave this shithole i really can't."
Most relatable thing in the video and i'm not even American.
@@erikarommel still in Brooklyn. I Always find it crazy people just go up and leave. I understand the city is a cesspit of Degeneracy. But I still enjoy nights out by coney Island and the shopping plazas at Newkirk and so on.
Am still young so this might change.
Agreed, I just quit a job in London for the same reason. Absolute turd pit of a place.
@@erikarommel yes it is, in fact there's grass there, unlike endless asphalt. Having acres of land far surpasses any city pod life.
Mark Twain - 'There are two times in a man's life when he should not speculate: when he can't afford it, and when he can.
@@juliantheapostate8295 Look at the S&P 500 over the last 50 years and tell me that investing in index funds isn't a gamble that the stock market won't crash. May as well do half and half, I suppose.
@@thewhitefalcon8539 If you plan to invest in the long term then temporary crasjes are not a concern. When you get older convert the shares to bonds and you'll evade crashes when you need to withdraw.
@@jgw9990 Those who invested all their savings right before the 2008 crash now have more than they did when they invested. BUT. Those who invested a few months later got an extra 50%! That's certainly a gamble.
@@thewhitefalcon8539 no it absolutely is not. A gamble would be investing in extremely high-risk stocks. Sure, you might get less, but if you invest every month it isn't an issue to invest in something like the S&P.
@@wta1518 You think stocks only go up? Look at the Nikkei or IBEX.
why is every other person dressed like they just walked out of a time machine
jewish.
Not just Jewish, but Hasidic Jewish.
hasidic Jewish neighborhood in NYC..
Well the comments speak for themselves but Passover is in a few days, so that may be a factor too
@@ericboxer3053 you don’t even have to be in their neighbourhood. They are everywhere.
Fun fact: I once visited with my father and we went to look at the Statue of Liberty. While there my dad strikes up a conversation with some Jewish guy and his kid.
The guy asks my dad what language we where speaking previously and when my dad said German the guy just straight up turned around and left without a word.
Being from the UK, I just love watching this guy ride through NY. Always loved the architecture and find the city fascinating. It's a shame small businesses are fading away.
He was only staring because he heard you talking about investing.
Heh. That's funny. Pretty sure Louis is going to have A LOT of people staring at him if he doesn't already. The guy probably tried to fix his own mac... or maybe he's is a landlord.
wouldn't have anything to do with the heavy battery laden moterbike with bright riding clothes, bright shiny helmet and camera on top like a beanie, screaming investing and life stuff out into the world.
Actually thinking about it...it's new york. Probably just the norm there. I'm suprised Louis hasn't run across other streamer and youtubers while out riding.
@@AC3handle lmfao
Can't resist the sweet siren song of the shekel.
Lmao
Can´t remember the last time I sat through a 30+ minute video on UA-cam... the biking makes this really entertaining to watch!
I mean there are plenty of long video essays that are interesting. However, for an unscripted live video that's pretty impressive
@@FroyourHistory You're right but Louis seems more organic when he talks.. I also watch Alpha Investments with Rudy because of how well he stays on track on a subject without the need to stop.
@@asperbergers7136 I believe its a skill for some. I tried to do an unscripted video once but I just repeated myself and rambled. So I redid the video.
@@FroyourHistory Yeah it's definitely not easy. I found myself always trying to ride the fine line of rambling but staying on topic.
@Paulo Pater To do a 30 straight minute video, unscripted, solo. Yeah let's see your attempt. 😂
"The standard is higher for you because they hate you"
I am familiar with this. I find the best thing to do when playing a rigged game is to flip the table.
Came here to say this 😁. Truer words have never been spoken.
@@sultryjmac and then the police shoot you 47 times lol
Sometimes I come here just to get yelled at by Louis to remind me to keep my shit together 👍🏼
Yep
i have a personal story about the whole piracy thing you talked about.
about a year and a half ago, i started getting interested in music production.
the problem is that i didnt have a job, so i had to pirate the DAW(digital audio workstation) to be able to really get a good start (the free softwares i tried were all pretty bad).
fast forward about a year and i finally had the means to buy the software. and i must say, even tho i could have continued to crack the software, it feels good to have legitimate bought it.
it just gives me an extra sense of dedication to what i love to do, and the investment gives me an extra reason to not randomly quit making music.
... What about not using software that is locked down and that you have to pay allot for. Nothing feels better then using software that is free and open to modify. Then to improve the software for others? For free? That is dam nice. Since it is a waste to fix it only for yourself if you can improve the software for the next time a update comes along and the fix is already in there.
I know music is a hard thing to do since there are no real good open source software for it. But I rather use real instruments and do it old school. Or 8bit whatever. Record the sounds and use some open source simple tool to cut it and layer different instruments or whatever. Really just to avid expensive recording or sound equipment. Having to cut and paste real tape together is a bit stupid. But having to buy expensive equipment or software is also just not right I think. Nothing wrong with it but I rather get a mix of real instruments and software on a PC doing it in harmony.
Modern music sounds like trash anyways so the advanced features I find being just a negative, and really there is so many hours of music out there that there is no good reason to try and compete. Better to get good at a guitar and learn to play and write songs solo, or whatever. That is more impressive and a worthwhile skill that is rare to find someone being good at picking up and playing a instrument around others.
Open free software is the lowest bar for me. For example, Blender can do Movie, 2D, 3D work all in one application. Gimp or something can do image editing quite well. Then Audacity for simple sound. Text editor? Well plain console is good enough. Or just use Liber Office or some internet thing for text. Like really unless your after the latest and grates being conservative is more honest and really more value in general. I rather watch a video like this going down the streets on a bike then a drone video with some "epic" music or some unrealistic world view to make your life look so much better then it really is. The same goes with everything but the high budget movies or AAA games or whatever. I rather take a shaking camera showing a real world view then some made up fancy camera shot put into software costing $$$. That money and time went just to companies that do not even know what to do with there mounting of money.
For blender the "Movie" side it is quite bad compared to the paid or even free options. But it is feasible to do a clean simple movie with it. Like Windows Movie make from back in the day but more powerful. Downloading UA-cam videos for example and watching them offline means I can save the few clips I care to keep and archive them. But most of all I avoid a pointless over advanced web browser and what not. Like really good hardware that is reliable and not braking down is needed, but software is just as important to be kept simple and polished and cared for. Not for money gain but reliability and usefulness.
Even now it is all a mess and Linux or whatever is just as broken as any paid OS, the fact that it is open and fixable by the public if needed, it is simply something I require. Big companies are pushing what fits them and do not care about what is right or wrong. Not what the general public really should strive for is relying on big software or hardware companies. Windows 10 is asking for money and spy on you. Why stay with them? same with Photoshop or whatever expensive never improving software. Why?
Like really the same is with modern personal computers. They do not need to be a money sink impossible to repair or buy for fair cost. They just need to work and do the job needed to surf the web etc. Same with software. It needs to be simple and lean. Rather do I spend money and interest in software that have little to no piracy or privacy problems. Someone broke or someone rich can use it and benefit from it. The support for this software should come with the interest of keeping the software getting better. And to that end being involved forwards a community and not a cooperation. Piracy problems often exist in the gray area of open source too. But the reason is the HARDWARE. Like where the bridge between hardware and software needs copyrighted code to work. Just as bullshit as selling a device that you are told off from working on or even use. Agen screw Linux. Just like Apple and M$. Just the better pick of 3 rotten apples.
GPU and WiFi/Internet sucks. Even CPU's and BIOS are a problem on the software side of things. Really I want my hardware not only to be repairable. But be built in a way that makes running open to the community code as close as flawlessly. The goal being to be lean and not filled with bullshit and do the task needed and NOTHING more. Hardware being built to be a mess to interact with is a real concern. Since the hardware and the ones selling it keep stuff hidden and unaccusable and try and stop you from using it without THERE code. If that is Windows or Apple I do not care. I do not want them involved in my personal data. (I say typing this on a Window10 laptop)
So piracy in a big sense is more about not tolerating software being inaccessible to repair and improve. We got the internet we are not stuck in the 70s 90s. Better trying to avoid dealing with big companies if we instead can do it ourselves and keep it open and accessible to everyone. A movie or something should charge money for there movie. But software needed to even have a device turn on? Do something useful? No. It should be open and accessible to improve and fix. The momentum should not be money but to improve the software for everyone that uses it.
Then it is going to feel good spending money every month to contribute to a constant improving software we all more or less benefit from.
@@TheDiner50 would you accept the gatekeeper argument?
I'm 13, parents don't give an allowance, even if I work, i can make $50 a day working for pay under the table
a DAW is upwards of $100, $400 if you want everything that's made with it
serum is like $200, omnisphere, $400
yeah, i made music with an instrument, i played clarinet, but even that cost a good bit of money (it was from my middle school tho)
so many artists crack software, deadmau5, kanye west, probably beanie eyelashes producer
now the software is becoming subscription based
arcade by output is $10/month
in a year i could have bought a DAW but i don't even own the software??
more shit is becoming like this
the only time i advocate against piracy is when non-individuals do it, aka corporations, because that should be apart of their expenses if they need it to operate
this doesn't even take into account sample packs, that's a whole sticky situation...
actually i don't even think i could have made $50 a day at 13 without doing something illegally lol, but sometimes you can't even try to see if you like and think you'd be good at these things
@@MihkelMacaroni Personally, if you arn't making money with it yet don't worry about it. But once/if you start making $ from the software fold that into getting better stuff and the official licenses.
@@MihkelMacaroni ableton has a 90 day trial, I'll tell you now, it's not an easy software to learn, though.
I knew it was not professional financial advice because it was sensible, transparent and the opposite of greedy.
I thought it was fishy when he didn't sell me a course for $7
Your ability to learn every time you screw up and to realize how much you grow as a person when life has you trapped into a corner is inspiring. I hope you keep screwing up and sharing your experiences for a looong time.
The problem with investing in myself is that I'm depressed and have no motivation or sense of self worth :)
But more seriously, I was putting about 40 percent of my salary into an S&P 500 index fund during my last job. With being unemployed during covid I've cashed some of that out and I'm so glad I did the boring conservative thing and lived like a student, stuffing as much into savings as possible.
start only fans ... literally could change your life
@lmao this isn't a name if they are attractive enough, might be the best advice. its a per person basis.
@Xi Jinping My wife asks why I drink so much, two reasons. One - the time you take off your life are the ones at the END-the ones that suck the most. Two I like leaving a totally worthless body to the world after I'm done. You want me liver? BWAHAHAHA
Your bike rides always make me happy
they always make me anxious about how bad cyclists in NY have it
"I'd love to just sit at home all day and eat wheat thins and hummus all day and keep replaying Final Fantasy IX..." damn dude that hit close to come.
1440p 60fps bike ride, A dream comes true!
2160p60fps , perfect!
Great Sage advice Louis. I remember getting my 1st job and my dad saying, "Take $20, $50 dollars a week and put it away for retirement. Have it occur automatically so you don't have to do it because you're going to be too busy to bother. Set it and forget it. Every year, make sure you invest that money in growth mutual funds that have a great track record. And don't panic when the market drops and do anything crazy. You are in for the long haul. Those loses will be your biggest gains". Best financial advise ever!
I can't watch these, provokes too much anxiety. Honestly its no wonder there's so much animosity in the city everyone is afraid of everyone else but too insecure to admit it.
it's on record you didn't have sex with me lol
Man, I’m glad I found this channel on UA-cam. Between this video, and the one about the loneliness of “gains,” this channel has been solid gold for me. Thanks for the videos.
Also, I don’t know what magic you use, but your outdoor videos sound perfect, even though you’re riding through New York on a bike. You’re a wizard.
lmao Louis' voice volume in this video can probably be plotted by a cosine wave.
it's like the tiktok memes, you know the ones
Not a sine wave?
@@joshnabours9102 It starts loud, so it'd be a cosine wave
@@MasterOfAll1294 exactly
@@MasterOfAll1294 he did start talking ten seconds in though.
People think he is talking to himself. When he is talking to 1.5 million people
That one guy probably thought Louis is crazy because he could hear Louis screaming on his bike. Then Louis goes psycho mode and stares back at him. 😂
At this point it’s like 80k people
Subscribers =/= views
can we talk about the speed of him biking, the consistency in speech and the ability to deal with roads traffic of Louis? Like it’s very impressive.
He rides an electric bike lol
It is an electric bike, but I do similar speeds, but just lack the acceleration he has on flat grounds like he mostly rides on. I have a preference for cycling when possible, even in the most hellish mountain areas, like where I live. Lol
@@hemlo7494 it's electric so no pedaling therefore no out of breath
And I note there are way more e-bikes than 2 years ago...wow.
Your comment at the end about having someone to slap you really hits home man its so much an advantage to have someone to kick you up the arse when you are being a slob. For me it was my partners father who I spent a few years living with with my partner a couple years back. He had always inspired me to do the best I could even though he had his own problems. He wasnt successful with money but he had a loving family and showed the utmost constraint while also being assertive when needed. He was very firm but fair. He taught me hard work, got me work with friends to get me some experience of hard work. Taught me how I can make a difference in my own life and those around me with things as simple as tidying the garden and making food for everyone. He had a troubled past that came back to bite him and he lived for many years with manic depression. He passed last year but I saw how he was beginning to lift himself up and show the world he wasnt a bad person. He regained contact with his mum who he did everything for. He made contact with old friends and went fishing again. I sense he knew he didnt have long due to becoming ill with cardio vascular disease. He got an operation that gave us more time and I'll always be grateful to the wonderful health services we have in the UK. I am forever in his debt and am working hard to get qualified and work as a software engineer. Im now in my 3rd year of studies with a couple more to go, if I cant find somewhere that will give me a shot in the meantime, and he inspired me so much with his enthusiasm for technology despite his lack of knowledge on the subject. I built him a PC while working as an apprentice technician doing work much like yourself, only we would send people away to people like you for board repairs we wasnt that good haha. He loved all the retro games and playing online games with his friends and family on his mobile. He was taken too soon but I wont let him be forgotten. Now I know how it feels to not have that person to slap you straight and I miss it so dearly.
It's much more entertaining to pretend you're just running really fast through all that traffic and talking
XD
I'm to high for this lol
Louis, thanks so much. Nobody ever explained it to me that way either, until now. The perspective you gifted here is really clarifying and compassionate. Deeply appreciation to you for sharing this wisdom you’ve earned.
Louis: "don't invest if you're broke" (I agree!)
also louis: "don't get hit by a bus don't get hit by a bus"
LOL
I should have listened to him tbh, it really sucks
About the stocks or the bus?
@@rossmanngroup Yes
@@circeciernova1712
Yeah, it does suck getting hit by a bus.
@@SvendleBerries Especially on a bike! Road rash has to be roughly scrubbed from the body with sanitizer to prevent or deal with infection, and leaves large scars.
Thank you for this talk. I’ve been having similar thoughts lately but you the way you worded it really opened my eyes.
Agreed!
Louis Rossmann: It’s crazy that we have Model 3 taxis now.
Germans who only have Mercedes S and E class taxis: What is he talking about? :D
Really good thoughts here Louis. Spot on. The only thing I would add is that a lot of young investors I have spoken to are obsessed with the return they will get. If done properly the return you get is never important. You touched on this but it's not important in the beginning because you don't have much of a balance. It's not important in the middle because your yearly contributions will dwarf any return you get. And if you've done it right it won't be important at the end because you will have so much that even a low return will be enough. Thanks for this and I love your channel.
Love any video while you're just going through town! it's like going on a tour where the tour guide couldn't be bothered to talk about the sights but instead talks about more interesting things. Seriously, take more bike rides and walks through the city on camera. fun every time! ^_^
I would never want to live in NY, but I live vicariously through Louis as a NY'er. Lol
This is probably my favorite video by you Louis. I loved seeing the city and everyone going about their day while listening to your eternal wisdom. You have a good way of conveying your thoughts, it's very natural and fluid the way you go from point to point or story to story. I always enjoy listening to you talk about random shit and I'd love to see more videos like this in the future even when you get your car I'm sure you're still going to biking around a lot :)
Thanks, have a good day
It's amazing he could ride a bicycle for 30 minutes and still speak delicate topics with sanity.
I think it's a bike with an engine.
You hit it right on the mark. People don't like being told how to live their life (their perspective) and any suggestions that would help them only paints you as an elitist. Why anyone would rather find out everything the hard way is beyond me.
Re: "I don't want to wait until I'm 60 to enjoy life":
I used to hold this belief, but you're not JUST enjoying your life. You're passing on the consequences of your bad habits onto someone else.
Since having kids (and having parents who didn't really save), I've realized that I'm not only saving for myself. I'm helping my kids secure THEIR future by not having to worry about helping mom & dad. My #1 priority is still to be financially independent, but the REASON for that priority has shifted. Yes, I want to be comfortable in retirement, but my main drive now is that I don't want to stifle my kids' security by having to rely on them financially when I'm an old man.
I’ve only recently found your channel but I can’t tell how much I enjoy it. I miss New York so much. Also, when you talked about staring someone down it was the most New Yorker thing I’ve ever heard and 100% true.
It's not only that, but broke people tend to choose taking less money upfront than more money long-term, and that keeps feeding itself. I've seen it many times. Being broke makes you desperate and makes you act as if there's no tomorrow because you're just trying to make it through the immediate disaster.
Scarcity mindset. Very dangerous. Very useful spot to put someone in if you want to bend them to your will. All reason gives way to primal instincts.
I honestly enjoy your videos that you make these days. The apple repairs helped me out a lot but these talking points you bring up supplement my motivational energy. Thanks Louis
Mind you, this was about 17 years ago, and I'm not in americas.. but when I was in the miltary, I saved half my salary every month. One less pizza every week at the base, less soda/beer don't go out on leave in town etc. After my constription was over, I got my settlement, plus I had half a years salary in the bank. I got myself a rathole and spent 1 year working and making the place nice and sold it. Bought myself a bigger place with room for a family and have been putting in about ~25-50% of my salary in down payments every month.
And again, less wasteful spending.
At this rate, I will be debt free before 40. I might not be a dollar millionare and probably never will be, but at that point I don't ever have to worry about money again.
My goal is to be in a position where I work when I want to, not work because I'm forced to.
It's maybe a boring way to get set in life, but it's so much less stress compared to gambling money away on stocks and the like!
"don't get hit by a truck don't get hit by a truck..." man i love these videos! for NY footage. and the background music is rambling instead of stock ukulele stuff they like to put over such footage.
those interactions with drivers/people crack me up good
6:00 - stare-down contest. Priceless.
30:25 - a Tesla taxi? How does that work? Not getting a 12-hour shift out of that one...
That was an epic video, thank you. I miss the city.
12h shift as a driver? Is that even safe?
Supercharger can recharge it almost full in like 30 minutes to 45 minutes. At most he would need to charge once a day. In the city electric cars are very efficient.
@@Kobrar44 My brother was a hack decades ago and each car was in use 24/7 in two 24-hour shifts. It's how they put hundreds of thousands of miles on a car in just a few years. That was long before Uber/Lyft though.
@@david19897 That fast? I guess it could be a lunch break. Thanks.
I don't like to give advice anymore, tell someone 'yeah that pump and dump isn't a good idea' and they'll cry about your advice when one goes to 1000% briefly before going -70%. (which they wouldn't have only got around to looking at when it was -70% and don't care enough to learn about limits/stops.)
Jebus that's a lot of ads
youtube having issues with revenue?
No AdBlocker?
Get UA-cam premium!!!!!!!!
Yes, UA-cam has issues with revenue, and Google is getting tired of subsidising the money pit.
Thanks for the ride!
I remember the one a year ago, quarantined, depressed, watching from the bed someone else exercising... that was refreshing tourism.
6:00 He was probably staring at you, because you're the crazy guy talking to yourself on a bicycle! LOL
All of your biking streams make me really appreciate my fairly rural commute with hardly any excitement!
Top hat gang was out in full force
You are exactly right. You don't put money at risk that you don't have.
“The standard is higher for you because they hate you.” Louis describes all of human nature in one sentence.
Your videos are so much better when you speak from the heart, own your mistakes and don’t put blame on anyone. P.s. I hate bikes because if they lean on my car or scratch it, do they have insurance. Every bike should be plated.
Is it just me or for how much money is in New York the whole place looks dirty AF.
It is and I live here Dan
That's the charm 😂
Last time I visited i rem ref to NY as a dirty theme park.
living in small town, this ride with you was a lot of fun. really, thank you for sharing this
In California gas is $4 right now And it cost me $70 to fill up my tank yesterday 50 bucks a year is nothing
Well maybe you should drive a car instead of an armored vehicle. Tanks are for the Army.
@@josephmassaro I drive an 08 Acura TL Type S with a 20 Gallon tank I don't own a truck
@@patrickcarrillo714 That one went right your over your head. You said you filled up your tank. I said you shouldn't drive a tank. Tough crowd.
@@josephmassaro sorry I have trouble picking up on sarcasm sometimes when reading
@@patrickcarrillo714 ;)
With Louis you get both a city trip on bike (which arguably shows more stuff than mindlessly walking around for an hour and half), and on top of that you also receive not financial advise. A heck of a deal.
6:25 only a new yorker would install a car horn on their bicycle.
my girlfriend's dad installed TRAILER HORN, on her motorbike Ho Chi Minh City!
Air Zound is like $30, and you pump air into it with your bicycle tire pump. Does the job well enough. I figure he has something like that.
Love these bike vids! I commute many miles a day on bikes, and this format of yours is great!
"I'm a very lazy person at heart...I would be fine to eat wheat thins and hummus all day and play Final Fantasy IX"
I see you're a man of culture as well...
Just found your channel.. the one complaining about a four page summons. I can see why you can make it in new york, you are so sharp and fast and explained the situation and appropriate considerations and effects so clearly and completely. thank-you. I'm eager to see two things now, this video riding around new york, and the followup to that summons. I'll subscribe so i get notification when you put it up. Good luck with your quest for fairness. will cost you More time and trouble but at least you'll get a story to share and our appreciation.
You have as many NY plates there as we do in Florida
an invasion
Yeah. Too bad many don't leave.
More fascinated with bike trip then investing, I know you don’t sweat what people say about you, you make it very clear your not an investment advisor etc, as always Louis greatly entertaining! Simple saying a penny saved is a penny earned, start early, enough said.
Never invest what you can't stand to lose.
Amen
Good point
This is by far one of the best advices someone has ever told me
"People become selectively offended by their worst interpretation of what I said."
GQP
Leftism.
@@hunterbiden7391 funny, I was going to say religious fundamentalism and conservatism.
Twitter?
@Killingdance This seems so over the top it's probably a dedicated troll account.
The staring contest is so true. I often consciously initiate the contest just to see how often people are willing to participate, and it's not as often as you'd think.
How many times you gonna ride past my house n not stop In n grab a plate of rice&beans n a pork chop!🤣👏 I sued the 79th precinct n won 435K...threw 33% into a 10yr Bond,in 23months I'm paid!🥳...Louis you the man bro🤣👏👍dont ever let a dude stare u down in NYC
Lol. Use that lawsuit money and leave nyc for a higher quality of life.
@@negotiable_terms1848 👍I did 7days later! Moved rt into Amish paradise🤣 you know how happy I was to finally own a lawn! N then realizing I've never mowed grass🤦♂️🤣
This dude speaks directly at me at times and it's wonderful
Important to mention that there are actually studies that show that layfolk on average lose money trading. You can't compete with the hedgefunds, unfortunately. The stock market is not for retail traders. Unless you're fine with losing the money and you're actually genuinely interested, refrain from doing it. Statistically it's a better way of pissing away money than making it.
Hell, even pros lose money on a regular basis.
Frankly I hate this narrative that you can't manage your own money. if you don't trade options and buy only fiscally sound companies with good multiples and diversify in 15-20 positions in different sectors and maybe even different countries, you will at least match the SPY.
@@davidwarford3087 Even fiscally good companies can get slammed. Better to just buy the entire index or a total market fund instead. You’re not going to spend hours reading through the prospectus and studying up on the companies unless you are really hardcore or interested.
@@a012345 look, index investing is stupid. why? because it's market cap weighted, which is literally just momentum investing. Index funds have created massive mispricing of assets. diversification doesn't really matter past 20 stocks, you could literally just pick 20 random stocks with good financials and not understand them and your probably smarter than the iditols running the S&P 500 buying tesla at it's peak. It's really not that hard. you buy 20 companies with low debt, low P/E and a increasing dividend. If you do that you do that with random companies you will probably match the S&P because the S&P is frankly a very poor algorithm. Maybe you can do equal weighted index funds if you want real diversification. but just compare the top 10 holdings of the S&P 500 to all the others, every company outside the top 10 is a sliver, when you buy these etfs your basically just buying tech stocks, why not just do that yourself instead of paying a .04% fee for someone to do it for you?
cash out on crypto sounds like a good way to make stacks long term
if I put 50% into ETH rn I might get 500-1000$ out of it who knows
As someone that has never been to NY it's kinda shocking how these people stand ALL THE WAY in the road while waiting to cross... like, you're already half way there why even wait? Curious how common it is for people to get hit by cars.
Just listening to you curse throughout the city is worth the watch lol. God I miss NYC.
The traffic arguments and starring contests made this very entertaining 👍🏻
Now I know how to blend in when I go to NYC 🗽
Sounds like you could use a "thudbuster" type saddle mounting solution.
25:23 "without the city having the means to make the money out of our method of transportation".
You still have to recharge your electric bike's battery, so the city is still making some money out of the user's electric bills when they recharge these 1000w+ batteries. It may not be that much, we are talking about 1 Kw/h of billable electric charge per each full charge, but the point is that the city is still getting something instead of full stop nothing.
Staring contest probably would end horribly in Texas.
I've watched enough of these that I know where you're going to turn now.
In a spicy mood this day too, I enjoyed it.
Hopium, need more of that good stuff
You gotta mainline that shit.
Hopium is nothing without some Copium.
Personal finance is the biggest thing that so few people understand. And it's not that difficult. I started out of college broke and in debt, I've made a few mistakes and learned a few new things to turbocharge things and now I'm on track to be a multi-millionaire by the time I retire, just putting away 15% of my income every paycheck into good mutual funds. "Personal finance is 80% behavior, it's only 20% head-knowledge." -Dave Ramsey
You must have no anxiety riding through that. I live in a tiny village, and a couple of cars driving past makes me nervous.
You become numb to it after a while
Tbh it only gets scarier in a car
I'm just a random Lithuanian dude (your Subscriber) enjoying your drive trough NY video while drinking my morning coffee in Norway.
Please make more of these, real pleasure to watch as NY is one of my favorite cities.
26:00 Glad Louis is making his debut on Idiocracy's "ow my balls"
I'm watching this while doing my first repair, thanks to you.
Louis, you and the Action Kid should take a walk together. 😺
Amen!!! 1) I started maxing out IRA and then 401(k) at fist real job. 2) paid off credit cards almost every month. 3) made one extra mortgage payment every year. Now we’re retired in our mid-50’s with NO debt. We have a house free n clear. Also, don’t max out on mortgage. A house is not an investment no matter what your bank and realtor say!
5:50 You have to stare back to assert dominance.
Rules of the jungle 😁
Thank you louis. I finally got into my field of study (electrical) after 4 months of job hunting. I'm making decent money and I'll start forming that habit
Generally, you will be better off by paying your debts off faster than by investing in the stock market when poor. Highest interest rate loan first. You need money to make money, and paying off loans frees up more money to mess around with in investments.
Yes, interest on debt is basically like giving away money
@@Nerobyrne Same for renting too. Get into a house as quickly as you can, especially if the interest rates on loans are low. My inner socialist screamed whenever I gave my wages (ie my surplus labor) to some bum who basically sat on his ass and made money off me without working.
Then when you're in that house, pay it off as quickly as you can!
@@rtmpgt that's true, many landlords are absolute scum.
Mine isn't, but that's because I'm basically covering his costs until he retires in a few years, when I'm moving out and he will move in.
He bought an old farmhouse and is fixing it up, so the renting arrangement is great for both of us.
It's more the exception than the rule, sadly.
I hope to be able to get a housing loan when I have to move out, because I agree with you. Paying off your own house is MUCH better than renting.
17:00 - My family to a T. I had to forcibly ignore everything they were saying in order to be successful. It took years. NEVER let anyone tell you that shit.
Started a roth ira with 10% of my income as soon as I started working full time.
Great to see you going through the chasidec neighborhood in Brooklyn and over the Manhattan bridge
I was born in the Bronx
Love your videos
why does everything look dusty dirty in NY xD and 50% of the surface of the city are parked cars, this is totally insane city planning
It’s not too bad over here lol 😂 but won’t lie to you there’s so many pot holes here
Second half of the video brings back a lot of memories of the general neighbourhood I used to live and work in...
You have convinced me to invest in a electric bicyle and scrap my car heh
Cars are seriously overrated as transport. And this is coming from a guy who really likes cars. I see them more as fun machines.
@@rtmpgt Indeed, long distance they have a use. But in cities, fuck that shit.
Man, I literally cried laughing at 5:38 - 6:05.
you said this soo much better than any crappy financial youtube channel on this platform I hate them so much. thank you!