Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I live on a disability income of $1100 a month n I do the same things as u do. The same $100 in my checking n the excess goes into my high yield savings account. Last yr I saved almost $4000, hoping to save more this yr. The key is being TOTALLY Debt free, No mortgage or rent, No car payment, No credit card debt
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I've been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
I'm just working class, and I think your videos are tapping nto an underserved market; people who don't have much money. But, who want to eventually get ahead.
We are currently saving to pay down our Mortgage (our only debt left) and we’ve been able to pay an extra $500/mo for the past year. Not easy with a family of 4 and our car insurance alone on our 4 cars (two teenagers) is $500/mo, and we make less than $100k, but it’s doable if you are careful. Thanks for another great video! 👍🏼
This is the second month of paying myself first , I now have the emergency 1k fund . I have learnt that every month going forward I need to not just pay myself first but overpay myself first . It really is a combo of out of sight ...out of budget for me plus a very strong resistance/ rage to not access that fund already unless a dire emergency . It's making me think about how can I make more ,which is my next goal . Great video as always ❤
This is pretty much how I manage it. I take every spare penny from all my bank accounts and stick it in an easy access saving account so every spare penny is earning it's own keep.
Think last time you had a $10K challenge I commented that I had £8.5K then. Now, a few months on I'm on £11K which is about $14K. I'm not saving as much since the new tax year and bill increases have slowed it down, but I make sure I set aside at least something each month. Hopefully I'll get a pay rise soon and I can put that into my saves. Thanks Austin
Having Margin. Austin, that's a great way to describe an emergency fund. In my view, margin is to my personal finance management what cartilage is for the body. Cartilage functions to support the body, to bear mechanical stresses without permanent damage to underlying tissues, to provide flexibility and is essential for growth and development of bone. Cartilage is for shock absorption. Margin is the cushion that absorbs unexpected financially demanding shock events that would otherwise ruin the growth and development of my personal finance goals. Watching and learning from Nairobi, Kenya 🇰🇪
I have worked to lower my expenses. It has been a 2 year journey. Suddenly, I realized, the amount of money I have in Savings is now a 3 month emergency fund. When the expenses were higher, I needed more money…now, I can focus on getting my house paid off and putting 15% of my income i to an IRA.
Love these words of wisdom, and your great personality. Such eyes opening tips packed with humor and given to people in calm and easy to understand way. Thank you for this.
Oh gee, this is a new one on me. I could have been earning money on my money all last year… and still have access to it if I needed it. (My bank is awesome.) Gonna start right now. Thanks!
Such an underrated tip I learned is to not use cash for any purchases, use credit cards such as cash back cards and reward cards to take advantages of the benefits while spending the money you were gonna spend using cash
Great post Austin, wait until you hit 100K that is where the money comes rolling in. I am not U-Tuber but you can create Patron, community page - maybe increase the amount of posts you do to get those views and likes. All you need is 14K more, no pressure. Likes and views makes your posts easier to find - ask your subscribers to like and share your posts, if you don't ask you don't get. Keep up the good work.
I opened a separate account with a different debit card for my variable expenses, and I put a weekly “allowance” in there. Right now most of my extra money is going to paying off my credit cards, but I’m making progress!!!
I only purchase what I need and if something needs replaced. I live below my means and shop my library. I shop at Aldi. I use OTA antenna, free streaming apps, DVDs, CDs, and the radio. After all my bills are paid, the rest goes into savings. I keep a cushion of $300 in my checking just in case. I also claim single 0 for my taxes. When I get my refund it goes directly into savings.
Ok, so this is what I've learned and really worked for me so far: to save money first and spend second. And now I understood why it worked - because I have a strong goal, which is to pay ahead my mortgage. Still, you are way more disciplined than I am. Because in life people get more easily motivated to avoid pain (my extra interest rate) than to seek pleasure (your extra freedom).
That is so awesome! Way to go!!! Im hoping to do the same this year and over estimating taxes as well as putting more into my HSA and hope to open an IRA
Yeah, it's crazy that people will start families without first calculating the cost to see if they can even afford kids before popping out a few and then going OH SHIT WE'RE SCREWED 😅
@@luminous6969even then, unless you’re working or caring for the kids 24/7 at least one or both parents can make time to learn something new, read books, anything productive that will allow them to have the knowledge to reduce costs.
Is that a phonograph in the background? Saving anything extra (tax returns, extra paychecks, bonuses, etc.) is the best way to save bigger money. We didn't have it before, so we don't need to spend it now.
So nice to hear 'sensible handling of finances' = was watching channels of people getting financial advice whose finances were in serious trouble = so frustrating to listen to how people spend & waste their finances = then file for bankruptcy as their solution, or wait 7 yrs for collections to drop off credit score = basically stealing = absolutely NO integrity whatsoever!😬
Here in Maine rent is crazy high. More than 1/2 of my income goes to rent. At least it includes all utilities including internet and cable and is furnished. I also don’t have a car. I’m doing a 30-day challenge with myself to not take an Uber and only use the bus. I mostly work from home.
Can you make a video about how we can we manage life and money right after losing a job? And also what things we need to prepare before it happens in case of losing employment since we are uncertain about the future and anytime we can be replaced by someone else in the job or anything like that? The idea would be great. Keep it up. 🎉
The government really don't need anymore money ,they can print their own money for real.😂.El Augustin can u pleqse make a video on how to pay off student loan debt fast?if possible. ?
You really think this is groundbreaking? What happens if your salary does not pay you enough to cover your living costs. A lot of people on low income are paying rent, food, transport, kids etc. Its easy to save on a low income if i m living with family, or don't have costs.
Austin, message ebike companies they will send you free ebikes if you do a review . Prepper Princess gets tons of them and then resells them. Shes a bit nutty though- beware- lol, but i still like her.
I think this is personal and depends on your current financial situation. If you are in crippling high interest debt, low income and really struggling), obviously it wouldn’t make sense for you to have a large entertainment budget. Maybe $100 p/m would be suitable, just for motivation. But if you’re debt free, stable income, fully funded EF, then I think more is fine. I am the latter and my entertainment budget is about $250 per month, which I think is reasonable. All other disposable income gets saved 💸 What amount do you think is reasonable for you?
It is high but it depends on where you are. In some places there aren't many providers and there's not a lot of options. So the providers who are in those areas can charge higher prices for those areas.
While I do agree it's a good idea to overestimate the taxes for saving purposes you should not over-prepay taxes at the same time. Instead invest the overestimated amount or better yet just understand how taxes work so you arent just guessing. You are only required to prepay 100% of what you owed last year or 90% of the current year without any penalties during tax time. The penalties are relatively small anyway compared to what you could make investing. Don't give a free loan to Uncle Sam. Also on topic of tax returns, tax software is better than skeezy CPAs who are probably just using some version of the same software. Even if you have your own business, tax software will get the best breaks and it is not complicated at all especially if you already have a spreadsheet of your expenses and income. it's literally just totaling them and entering them in a box. Anyway that's enough from me!
Ok...can we get real here? $2600 a month before or after taxes is poverty in the US and utter poverty in Canada. Now granted this guy has no kids so perhaps that allows him to live on so little. Now imagine having a family of 8-10 people. You will then see why there is no money left to save.
Why would anyone have a family of 8-10 people? That is ridiculous and not realistic. The average person does not have 6-8 kids. More like 1 or 2, especially in this economic climate. I am very much like El Augustine. I have an average salary but save almost half of my income by being frugal and careful with my money. I did the same, even with a small income. It’s a habit, it’s a muscle you build over time. You can still save with kids. My dad is a saver, saves a lot like me and he has 5 of us. It is hard but possible, we’re not gonna make excuses for being broke in 2024 in western America! You can always make more money and you can always cut down your spending to save money. People nowadays just don’t want to sacrifice. And side note, if you’re broke don’t have 6 kids! 🥺
@@leahmcdermott4189 Well...we have 6 kids and it isn't ridiculous. We are not broke but no there is not extra money jus sitting around. Those sacrifices you speak of include one parent not working to care for the children, I can assure you there are plenty of sacrifices made by large families. We have a nice house on 5 acres. If that means my husband working overtime...so be bit .
@@breezybre2670 Oh okay! I hope I didn’t offend you, as that wasn’t my intention. It’s so lovely having a big family (if you can afford it) but as I said, the average family does not have 6 children. That is a conscious choice. I wasn’t talking about you, I was just saying in general. A lot of people don’t wish to make sacrifices to save money. But would rather spend on luxuries and neglect savings/retirement. I appreciate that a family of 8 would not be able to survive on $2,600 but it’s not impossible for small families, if they are frugal and cost efficient 💕
@@leahmcdermott4189 I agree people don't want to sacrifice. That's for clarifying....I was afraid you were one of those....big families are ruining the planet types....🤣
I agree with trying to lower your tax bill as much as you can, but realize that you're not scamming the government, you're just claiming the right they give you. If they needed that money, they wouldn't give you the right to claim x, y and z. To say "the government doesn't need money, it can print its own money" is the most idiotic thing I've heard you say, and I'm not a hater, I really enjoy your channel. People need to pay their fair share, emphasis on fair. When the government helps you with taxes by giving you the right to claim some expense, you should be grateful and claim your right, not feeling that you're playing the government. Having the habit of outsmarting the government is what the greedy billionaires do. Evading tax isn't being frugal, it's being a bastard.
How the fuck was your rent only $700 a month? I call shenanigans. Even in the poorest neighborhoods these days you can't get away with paying less then $1200. Has to be roommates? Or something fishy is going on.
He’s told us how much he earns. Why would he lie? He’s not a massive UA-camr either, he has 86k subs. It’s not hard to believe he makes just shy of $3,400 p/m. I mean, it’s not awful but it’s not great money either, so I’d say he’s low income. He’s just frugal, so makes it work
@@leneeanderson4848 Momentarily... eventually preps will run out. The real currency will be the ability to grow food, a water source, and a means to protect it. The Gold and Silver will be for when Rule of Law returns and you become part of the new Millionaire class as it resets!
What does someone recommend to me, I’m 18 years old have a crippling addiction to buying clothes and tend to blow every paycheck on clothes. Is there any tips older people would give me to stop spending or strategies so I can have a savings.
Hey, I'm now 35 and spend my teens and twenties much the same, I would get to about 5 grand in savings and spend it again. It's just in a lot of people's nature when they are young. What I think you should do is learn about the power of compound interest. The longer you save and invest with interest, the more money you will have. So that means that if you start now even with just 100 a month, you will earn so much over time just from interest. To match what you would earn, I would have to save way more a month. I so wish I would have started ten years ago you don't even know. So I wish that for you! You can still buy clothes and have fun as well, that's the thing. You just have to get a little more organised. Also I highly recommend reading The Richest Man in Babylon, quick read, super entertaining and still pretty relevant. Good luck.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Self-control is a muscle that gets stronger with use. I allow myself very small splurged. ❤👍🏼
We have a similar income and I'm able to save about 38% of my take home pay by keeping fixed costs low (while not sacrificing anything). Great video!
I don’t think people understand how good his advice is. Keep going!!
Thanks!
I do, that's why I watch.😃
They don't want to. Can't handle the truth. They want to be saved from themselves
I live on a disability income of $1100 a month n I do the same things as u do. The same $100 in my checking n the excess goes into my high yield savings account. Last yr I saved almost $4000, hoping to save more this yr. The key is being TOTALLY Debt free, No mortgage or rent, No car payment, No credit card debt
How can I do this though? I’m a college student. I Pay 300$ for my car, $350 for rent. I luckily only have $200 in dept but still.. I’m stressed.
@@jasminewhitehead1752 keep your expenses extremely low, pay your debt asap and keep yourself humble. if there's a will there's a way.
Saving that much money a year is very impressive especially on a lower income🎉
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I've been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
I'm surprised that you just mentioned and recommend Mr Jeff Clark. I met him at a conference in 2018 and we have been working together ever since.
he's mostly on Telegrams, using the user-name
@Jeffclark6
I'm just working class, and I think your videos are tapping nto an underserved market; people who don't have much money. But, who want to eventually get ahead.
We are currently saving to pay down our Mortgage (our only debt left) and we’ve been able to pay an extra $500/mo for the past year. Not easy with a family of 4 and our car insurance alone on our 4 cars (two teenagers) is $500/mo, and we make less than $100k, but it’s doable if you are careful. Thanks for another great video! 👍🏼
Haha! Yes, Augustin, you are UA-cam's sweetheart! You make me laugh AND encourage me to stay frugal. ❤❤❤
daily micro-decisions over time compound powerfully into success.
This is the second month of paying myself first , I now have the emergency 1k fund . I have learnt that every month going forward I need to not just pay myself first but overpay myself first . It really is a combo of out of sight ...out of budget for me plus a very strong resistance/ rage to not access that fund already unless a dire emergency . It's making me think about how can I make more ,which is my next goal . Great video as always ❤
This is pretty much how I manage it. I take every spare penny from all my bank accounts and stick it in an easy access saving account so every spare penny is earning it's own keep.
Think last time you had a $10K challenge I commented that I had £8.5K then. Now, a few months on I'm on £11K which is about $14K. I'm not saving as much since the new tax year and bill increases have slowed it down, but I make sure I set aside at least something each month. Hopefully I'll get a pay rise soon and I can put that into my saves. Thanks Austin
Yes I'm working on staying off Amazon, Shein, and Temu. Goal to save 10k by Christmas for my son 1st car ❤
Having Margin. Austin, that's a great way to describe an emergency fund. In my view, margin is to my personal finance management what cartilage is for the body. Cartilage functions to support the body, to bear mechanical stresses without permanent damage to underlying tissues, to provide flexibility and is essential for growth and development of bone. Cartilage is for shock absorption. Margin is the cushion that absorbs unexpected financially demanding shock events that would otherwise ruin the growth and development of my personal finance goals. Watching and learning from Nairobi, Kenya 🇰🇪
Yeah, I have a tax person do mine as well = it is worth the fee to have less stress & know that they are done correctly. 😊
I have worked to lower my expenses. It has been a 2 year journey. Suddenly, I realized, the amount of money I have in Savings is now a 3 month emergency fund. When the expenses were higher, I needed more money…now, I can focus on getting my house paid off and putting 15% of my income i to an IRA.
Love these words of wisdom, and your great personality. Such eyes opening tips packed with humor and given to people in calm and easy to understand way. Thank you for this.
Oh gee, this is a new one on me. I could have been earning money on my money all last year… and still have access to it if I needed it. (My bank is awesome.) Gonna start right now. Thanks!
Very substantive video, Austin. Well done!
Thanks!
Your videos are fantastic, Austin 👏. Keep them coming!!
Thanks!!
Such an underrated tip I learned is to not use cash for any purchases, use credit cards such as cash back cards and reward cards to take advantages of the benefits while spending the money you were gonna spend using cash
Great post Austin, wait until you hit 100K that is where the money comes rolling in. I am not U-Tuber but you can create Patron, community page - maybe increase the amount of posts you do to get those views and likes. All you need is 14K more, no pressure. Likes and views makes your posts easier to find - ask your subscribers to like and share your posts, if you don't ask you don't get. Keep up the good work.
Our water +sewer bill cheap since we dont flush every pee. Flushing is 25% of your bill!😮😢
If you drink your urine you can save even more!
@@danchristopher8649lol😂
Loved the video, thank you! You should do a car tour video at some point 🙏
I opened a separate account with a different debit card for my variable expenses, and I put a weekly “allowance” in there. Right now most of my extra money is going to paying off my credit cards, but I’m making progress!!!
I'm an electrician in the Midwest, I increased my net worth by half a million in 4 years no cap
Thank you for your transparency. An awe-inspiring video, Austin.
I only purchase what I need and if something needs replaced. I live below my means and shop my library. I shop at Aldi. I use OTA antenna, free streaming apps, DVDs, CDs, and the radio. After all my bills are paid, the rest goes into savings. I keep a cushion of $300 in my checking just in case. I also claim single 0 for my taxes. When I get my refund it goes directly into savings.
Ok, so this is what I've learned and really worked for me so far: to save money first and spend second. And now I understood why it worked - because I have a strong goal, which is to pay ahead my mortgage. Still, you are way more disciplined than I am. Because in life people get more easily motivated to avoid pain (my extra interest rate) than to seek pleasure (your extra freedom).
That is so awesome! Way to go!!! Im hoping to do the same this year and over estimating taxes as well as putting more into my HSA and hope to open an IRA
Your planning is awesome El Agustin.. ❤
Thanks!
It’s good too not owe taxes but I always try to also not getting much of a refund. You are just giving the government a free loan.
I dont know much about you. Are you married? Kids? If your not that explains alot. Having a family costs alot.
Yeah, it's crazy that people will start families without first calculating the cost to see if they can even afford kids before popping out a few and then going OH SHIT WE'RE SCREWED 😅
Don’t get married don’t have kids.
@@luminous6969even then, unless you’re working or caring for the kids 24/7 at least one or both parents can make time to learn something new, read books, anything productive that will allow them to have the knowledge to reduce costs.
Yea he single that’s how he’s able to save a lot. I have 2 kids and they cost me money
Which begs the question, why do some people start a family when they're broke to begin with?
That’s actually pretty impressive.
I didn't notice it until getting my taxes ready and I was like, "Wow, I'm doing better than I thought!"
Is that a phonograph in the background? Saving anything extra (tax returns, extra paychecks, bonuses, etc.) is the best way to save bigger money. We didn't have it before, so we don't need to spend it now.
It's a record player!
Thanks for being so honest
So nice to hear 'sensible handling of finances' = was watching channels of people getting financial advice whose finances were in serious trouble = so frustrating to listen to how people spend & waste their finances = then file for bankruptcy as their solution, or wait 7 yrs for collections to drop off credit score = basically stealing = absolutely NO integrity whatsoever!😬
Happy Monday!!!
Happy Monday!
Marvellous! Braveness. Strong will. Bravo!❤
Here in Maine rent is crazy high. More than 1/2 of my income goes to rent. At least it includes all utilities including internet and cable and is furnished. I also don’t have a car. I’m doing a 30-day challenge with myself to not take an Uber and only use the bus. I mostly work from home.
Can you make a video about how we can we manage life and money right after losing a job? And also what things we need to prepare before it happens in case of losing employment since we are uncertain about the future and anytime we can be replaced by someone else in the job or anything like that? The idea would be great. Keep it up. 🎉
That was the best video yet! Thank you.
Happy Friday, El Augustin.
The putting things on the credit card is hard. I just swipe awayyyyyyy 💃🏼
I cut mine up 😅x
So good ElAgustin!!
Debt free means we stick $100/week in savings and buy $100/week of stocks. It took awhile to get here, but here we are.
Technical comment - something is buzzing in your video (not in every clip), I'm assuming it's microphone.
Do you have headphones on? I might need to listen to it with headphones on bc I couldn't hear it. It might be people blowing leaves.
@@ElAgustin Yes, I used headphones, and then I did test without them and with external speakers.
Great will try this this year ! 👍
The government really don't need anymore money ,they can print their own money for real.😂.El Augustin can u pleqse make a video on how to pay off student loan debt fast?if possible. ?
Hello 🤠
As Always Excellent 💯😁 video 📷.
Love 💗 all the way from East world 🌎.
Sorry to say it but the market gonna crach. Soon
You really think this is groundbreaking? What happens if your salary does not pay you enough to cover your living costs. A lot of people on low income are paying rent, food, transport, kids etc. Its easy to save on a low income if i m living with family, or don't have costs.
If you can’t cover your living expenses, you need to bring more money in
Austin, message ebike companies they will send you free ebikes if you do a review . Prepper Princess gets tons of them and then resells them. Shes a bit nutty though- beware- lol, but i still like her.
El que no ahorra es pobre aunque trabaje. Viva la Libertad Carajo!!!!!!
So its easier to save money when you have already saved money.
great information.
turn off the light in the background to improve skin tone.
write down everything you spend every day.
Thanks
Thanks!!!!!!!
Any thoughts of comparing cost of living between Col and Georgia?
I'll do it!
What is a good budget for eating out a month? What is a good budget for entertainment a month? Minimum
I think this is personal and depends on your current financial situation. If you are in crippling high interest debt, low income and really struggling), obviously it wouldn’t make sense for you to have a large entertainment budget. Maybe $100 p/m would be suitable, just for motivation. But if you’re debt free, stable income, fully funded EF, then I think more is fine. I am the latter and my entertainment budget is about $250 per month, which I think is reasonable. All other disposable income gets saved 💸
What amount do you think is reasonable for you?
Try this in CA😅
62 bucks for internet per month? This seems like a rip-off
It is high but it depends on where you are. In some places there aren't many providers and there's not a lot of options. So the providers who are in those areas can charge higher prices for those areas.
Yeah, it was expensive in Colorado Springs. There were only 2 internet companies at the time, which maybe why.
That sounds like a great price. Mine is over $90, just for Internet.
As someone who surpassed 10k saving on a 20+ an hour wage in San Diego. It’s that not easy
Think before spending???? Make that personality
Deposit for a new house. Plus we are doing as team work..😊
I have a spending problem.
Frugal Queen in France is also a great channel for inspiration!
thank you for the recommendation.
I appreciate it.
@@tessajetta8146 I'm frugal by nature, but she gives me even more inspiration
$700 dollar rent😮. What state do you live in?!?!?
Love from the Philippines 🇵🇭
2000 usd is it an average salary ?
700 a month for rent
I wish I had that again! My place is much nicer now though!
Can you talk about Bitcoin?
I wish someone can waive my $250 HOA!
Wow! That's a rip off!😮
It is impossible for me to save 10000 dollars because i am from low income country but i can save 1000
While I do agree it's a good idea to overestimate the taxes for saving purposes you should not over-prepay taxes at the same time. Instead invest the overestimated amount or better yet just understand how taxes work so you arent just guessing. You are only required to prepay 100% of what you owed last year or 90% of the current year without any penalties during tax time. The penalties are relatively small anyway compared to what you could make investing. Don't give a free loan to Uncle Sam. Also on topic of tax returns, tax software is better than skeezy CPAs who are probably just using some version of the same software. Even if you have your own business, tax software will get the best breaks and it is not complicated at all especially if you already have a spreadsheet of your expenses and income. it's literally just totaling them and entering them in a box. Anyway that's enough from me!
Where do you live? That’s so cheap
Ok...can we get real here? $2600 a month before or after taxes is poverty in the US and utter poverty in Canada. Now granted this guy has no kids so perhaps that allows him to live on so little. Now imagine having a family of 8-10 people. You will then see why there is no money left to save.
Why would anyone have a family of 8-10 people? That is ridiculous and not realistic. The average person does not have 6-8 kids. More like 1 or 2, especially in this economic climate. I am very much like El Augustine. I have an average salary but save almost half of my income by being frugal and careful with my money. I did the same, even with a small income. It’s a habit, it’s a muscle you build over time. You can still save with kids. My dad is a saver, saves a lot like me and he has 5 of us. It is hard but possible, we’re not gonna make excuses for being broke in 2024 in western America! You can always make more money and you can always cut down your spending to save money. People nowadays just don’t want to sacrifice.
And side note, if you’re broke don’t have 6 kids! 🥺
@@leahmcdermott4189 Well...we have 6 kids and it isn't ridiculous. We are not broke but no there is not extra money jus sitting around. Those sacrifices you speak of include one parent not working to care for the children, I can assure you there are plenty of sacrifices made by large families. We have a nice house on 5 acres. If that means my husband working overtime...so be bit .
@@breezybre2670 Oh okay! I hope I didn’t offend you, as that wasn’t my intention. It’s so lovely having a big family (if you can afford it) but as I said, the average family does not have 6 children. That is a conscious choice. I wasn’t talking about you, I was just saying in general. A lot of people don’t wish to make sacrifices to save money. But would rather spend on luxuries and neglect savings/retirement. I appreciate that a family of 8 would not be able to survive on $2,600 but it’s not impossible for small families, if they are frugal and cost efficient 💕
@@leahmcdermott4189 I agree people don't want to sacrifice. That's for clarifying....I was afraid you were one of those....big families are ruining the planet types....🤣
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Paying more tax than you need isn’t really that smart
I agree with trying to lower your tax bill as much as you can, but realize that you're not scamming the government, you're just claiming the right they give you. If they needed that money, they wouldn't give you the right to claim x, y and z. To say "the government doesn't need money, it can print its own money" is the most idiotic thing I've heard you say, and I'm not a hater, I really enjoy your channel. People need to pay their fair share, emphasis on fair. When the government helps you with taxes by giving you the right to claim some expense, you should be grateful and claim your right, not feeling that you're playing the government. Having the habit of outsmarting the government is what the greedy billionaires do. Evading tax isn't being frugal, it's being a bastard.
How the fuck was your rent only $700 a month? I call shenanigans. Even in the poorest neighborhoods these days you can't get away with paying less then $1200. Has to be roommates? Or something fishy is going on.
Yay, 3rd
Well, as a youtuber you're not just making a low income. Stop lying.
He’s told us how much he earns. Why would he lie? He’s not a massive UA-camr either, he has 86k subs. It’s not hard to believe he makes just shy of $3,400 p/m. I mean, it’s not awful but it’s not great money either, so I’d say he’s low income. He’s just frugal, so makes it work
@leahmcdermott4189 $3400 a month? He is way above poverty OMG..I hope that he added pet insurance to his budget.
@@Joce123 Ehh, that’s his gross. His net comes out to $2,600 per month. He’s hardly balling c’mon
Don't forget about physical Gold and Silver in your Possession in case the lights or communications go out!
How gold and silver will help you by an electrical break down?
You have still money.
@@Boelgstoff Ask the Ancient Egyptians and Romans. Better yet these days ask your Central Banks why they're loading up on it?!
In case we disend into dystopia, the real value will be bottled water, ammo and gas.
@@leneeanderson4848 Momentarily... eventually preps will run out. The real currency will be the ability to grow food, a water source, and a means to protect it. The Gold and Silver will be for when Rule of Law returns and you become part of the new Millionaire class as it resets!
You can if you don't do anything that cost money no debt and very low housing cost.. probably cant invest 20%either
What does someone recommend to me, I’m 18 years old have a crippling addiction to buying clothes and tend to blow every paycheck on clothes. Is there any tips older people would give me to stop spending or strategies so I can have a savings.
Actually see a counselor and if you don't have money for that go to a church and talk to people at church.
You know the problem. No need to ask for help. Just stop. Simple as that. You are old enough.
Hey, I'm now 35 and spend my teens and twenties much the same, I would get to about 5 grand in savings and spend it again. It's just in a lot of people's nature when they are young. What I think you should do is learn about the power of compound interest. The longer you save and invest with interest, the more money you will have. So that means that if you start now even with just 100 a month, you will earn so much over time just from interest. To match what you would earn, I would have to save way more a month. I so wish I would have started ten years ago you don't even know. So I wish that for you! You can still buy clothes and have fun as well, that's the thing. You just have to get a little more organised.
Also I highly recommend reading The Richest Man in Babylon, quick read, super entertaining and still pretty relevant.
Good luck.