How ACTUALLY To Get Ahead Of 99% Of People Financially
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- Опубліковано 10 тра 2024
- How to actually get ahead of 99% of people financially.
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Make. Save. Invest…!!!
Amen agreed! Yes you have to get the money to work for you!
Yeah (: I just buy stocks & chill. Resulted in ~$3m net worth in my 40s! The best advice I received was from a financial planner I became friendly with at the gym I joined after graduating college. She explained the power of dollar cost averaging and compound interest and the importance of establishing a meaningful savings rate in my 401K while I was 35. By setting this up and steadily increasing it each year, I never felt the pinch of that extra savings. As Gabe has mentioned, “Nobody wins the Super Bowl by accident”. You’ve got to control your money not the other way around. It’s been 7 years, my portfolio’s still growing and I sleep well at night because I knew that there was a path that if I follow would give me financial independence, and IT DID!
I wonder which stocks are the big winners. Holy guacamole!
@@VanillaCherryBread what would you suggest to someone wanting to get into it? This is overwhelming
You may want to do due diligence on
Christine Marie Mila, she’s top notch.
Whenever I finish a book or a UA-cam video that teaches me something, I like to write one habit/change to implement. I have a list of things, I'm implementing this year thanks to your channel and other books. Having goals/habits written down is such a good way to remember and stay on track.
That's a great idea!
Would you be so good as to share your list (cheat sheet!)?
Great idea I am adding that to my calendar that hangs on my refrigerator.
Also make sure to fact check :)
Video about your list sounds good 😊
Rich Dad Poor Dad was the book that really blew my mind wide open. Poor people have Income & Expenses. They use their Income to pay their Expenses and have nothing left. Middle class people have Income, Expenses, & Liabilities. A mortgage for a house they live in, car loans for person vehicles, student loan debt, credit card debt. Rich people have Assets & Expenses. Their Assets generate their Income without working for it.
The 7 Principles:
1. Wealth begins in our minds and ends in our behaviors 0:22
2. The cure for a bad mindset is to replace it with a good mindset 1:13
3. Control your money, or someone else will 3:42
4. Pay yourself first 4:20
5. Recognize Assets Vs. Liabilities 5:12
6. House can either be an asset or a liability 6:21
7. Monitor Your Finances 7:18
Thanks
If you are going to live in your head, make it a pleasant place.
As always a good reminder to tighten your purse strings so that you're not thinking that spending money on frivolities makes you happy. Even though I'm 61 years old I'd got rather lazy with budgeting but I'm back on it now and it really does make you happy to be in charge of your own finances rather than letting money dictate to you.
In 3 years I paid down $27000 in it Wahoo so now what I do is I go out to a nice restaurant for a special occasion 2 x a year.. I eat 1/2 of it and take the other half home.
It is much more cost-effective than McDonald's ..AND ONLY for a special event
Most people my age are going out drinking, partying or at best just starting to get serious on finances. I started several years ago, and have had fairly good financial habits compared to most people I know. All this is better if you start earlier. I also might mention that I stopped partying at like 25 completely and alcohol is bad for your health, and quite expensive
I think it helps not having your social life/friends based on going out to expensive bars and restaurants.
Brilliant as always 💚 Educated yourself and Control your money goes hand in hand . Being a minimalist helped me see that I didn't need to spend money on things I don't need. Have a great weekend
I'm not going to say I retired before 50 but, I quit my "real job" and moved to the beach at 46. I agree with all you say, spend less than you make and learn to invest wisely. I used to talk to people about investing and they knew nothing. It would get to the point they were asking me how they should invest. I always asked, what is your goal. My goal was always to have my money work for me instead of me working for money. I never made a lot of money at my job, always did a lot of work to not have to spend money; garden, raise meat, home remodel/repair, made things instead of bought things, fix stuff I had and stuff I got free or cheap. One of these days I'll figure out how much more my money has made me than I have made in paychecks. It's a lot.
I plan to move to Florida or Hawaii in the coming years when my youngest graduates HS in a few years. No debt and a hefty savings. Going to be hard to walk away from a paid off house though lol. But Ohio winters suck.
@@KevinNordstrom It was not nearly a quick decision but, I really want to get motivated enough to sell the house, put the stuff I'm not ready to part with in a 10x20 storage unit and go to Ecuador. US citizens get their passport stamped at the Ecuador airport and 90 days in the country. One small step at a time. I am going to bet most of the things you "know" about Ecuador are not true.
Investing may not work anymore given the collapsing birthrates. Someone has to do the actual work that supports retirees
Every 3 months I write down things that I either did wrong or could have done better....Instead of getting ready for fall clean up I'm covering most of my flower beds with black plastic..secured with grspefruit sized river rocks ( free)..covered with as little mulch as needed (frugal). Laying 4x8ft painted plywood sheets on a large swath of grassy area- painting cool designs/mural...less mowing I'm getting "ready for taxes" in October...just a bit left to do on January 31st...List "no cook " nutritional meals..less cooking effort-save on utilities.
Love the videos on your channel Gabe, they are refreshing and don't sound scripted like others. Good financial advice and motivation.
I appreciate that! Alot of it is just me talking lol 🤣
Thank you Gabe! 🙏🏼
Great video as always, Gabe. Thank you! 😊
Thanks for sharing with Us. Great insights as usual. One of my favorite guys.
He is right, it is simple (but not easy).
1) Buy ONLY what you really need
2) Save
3) INVEST
“safe”? Also it’s important to have good life experiences. You don’t know how long you’ll live. Living like a ascetic monk your whole life is bad advice
@@DefenestrateYourselfThanks, I have corrected it. Sorry, English is my 3rd language. I agree, it makes sense to find a healthy middle ground. Saving as much as you can, while still allowing yourself to live. Because it is exactly as you say, we don't know how much time we have. Most of us know people who died very early. On the other hand, it is possible that we get 80 or 90 and for THAT it is important to invest, so that when (and if) we reach that age, we don't vegetate in poverty.
It's pretty easy in theory. The first two steps anyone can do properly, but the third is where lots of people fail. It is very hard to invest safely, most of us don't have appropriate knowledge, aka we have no idea what to invest in.
@@LittleMage1 Yes. It is important to inform yourself beforehand. ETFs is what is best for beginners, for example S&P 500, but own research is important. You need to understand what it is.
This is the second week in a row. When you point to a video that you say a UA-cam thinks I might like there was nothing there.
Thank you for the ad. I switched to a cheaper phone already but am under contract with Verizon, switching
Thanks for sharing
I love your Work! I'd pay for this stuff.
Great video about financial education 💰💵. I appreciate your content, it’s very inspiring
Good stuff!👍
What graphing software did you use before wisfi?
Love your videos. Finally get hold of the book you recommended, set for life , all the way from Amazon USA. Can't wait to get started and retired soon. 😂
Understanding the principles of financial freedom is key to breaking away from the system and securing your future. 💰 By taking control of your money and practicing good habits, you can beat the odds and achieve your financial goals.
Evictions current nightmare when you are househacking. You have not only the people you have chosen to live in your property but also the friends who they bring around.
Gabe,
I’m stuck between Dave Ramsey and Robert Kiyosaki. I’m in a mind blown and stand still state. Your video helped me so much.
Just had to comment on your comments regarding education. This country has become obsessed with villifying education. How it can be considered a waste is beyond me. Your comments on the value of going into debt for a job seems to miss the point. If a job is the only reason for the education then maybe leave the space for someone that appreciates knowledge. A basic education is needed just to be an informed citizen, which can be obtained at a community college or on your own in a library(which are also under attack). Glad you found a path financially, but that knowledge is definitely not the end all be all.
Countries with highly educated people will be better off than countries with very low education rates! We need educated people!
Gr8 video! US schools suck at providing USEFUL INFORMATION/EDUCATION.....Read, write, math; YES, but then 95% is ACADEMIC at best. Personal finance & Health & nutrition SHOULD BE CORE SUBJECTS!!
Do you like helium over mint?
Amazing video… I needed this reminder to stop messing around and keep up on my budget. Im 20 trying to retire around 40 and I wanna get into house hacking and I am trying to figure out the most effective investing plan i can to retire early but its pretty difficult
That's great to refocus! And taking step back and really help making sure you're going in the right direction
We’re hitting the gas on paying off our house, which will unlock financial freedom for us. Your videos are inspiring for us!
Might be a good time to buy that Tesla model y you want it’s .99% interest rate for the next 2 weeks.
My husband took an Ax to my two fashion bug credit cards when dating, He HATES credit cards.
I mean scissors would probably have worked too - but yeah, good call
@@curioussentience4935 The Axe was necessary lol.
@@curioussentience4935 Yes it was. I was shopping to fill a void and didn't realize I wasn't a credit card person. I justified it because I worked for the State and thought I needed fancy clothes. Scissors would not have gotten through to me. I owe him for that
I don't hate credit, I just don't use it. In fact I have no credit. People will think that is bad, but I save and invest a lot of money. If I need money for something, I'll borrow it from myself from somewhere. Then pay myself back. I currently have more money to my name then I make on a year, so a random expensive bill will not break me
If you're good with a credit card, and you have your own income, and you enjoy those types of credit card.... it's not up to your then-boyfriend to cut up your credit cards.
I love your vids and you are adorable too!
If there isnt merch saying "78% of people are wrong" - there should be
So true
@@GabeBult Although odds are we're wrong
Before spending any money, think about how many hours you must work at your job to pay for that. Then think about is it truly worth it
House hacking is great! If you have the means to get into it don’t pass up the opportunity. I’m not even mad when a tenant leaves so house hack themselves because there will always be renters.
Everyone wins, tenants don’t have to worry about maintenance, property taxes, etc. and we get to cash flow and make passive income.
Currently watching in 2024. House is a money pit. Constant issues. Paid it off in 6 years but it never ends
I'd love to hear your take on how to approach house hacking in the current market. I see a lot of stressed multifamilies coming on the market. But none of them are cash flowing without offering way under asking. My wife and I are going to be doing our first here soon. Hope to follow in your footsteps
first
needed this video!
Let's go!
Chasing consumer goods empties your soul and your wallet
I shopped around for phone plan and car insurance and was able to get it down to a total of $67 a month
Get enough money so that your money makes a lot of money, and just spend that 😊
*Some of* the systems that we are taught in America encourages spending. Some... not all. Choose your system carefully.
There are other belief systems that discourage spendthrift behaviour. These systems are often espoused by successful people in older generations who are immediately dismissed by younger generations under the false belief that they just had it easier.
You realize how programmed we are early on by society to take money from us
We really need very little. The less you spend the more your eyes are opened
Forgot to link endscreen video
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. But how can one take advantage of compound interest and potentially grow my monthly income over time?
Might want to check up on Rich Dad bankrupt dad….
Not to be confused with "pay yourself first" with "buy yourself first".
Assuming the economy doesn't get any better, those who are struggling need to act fast or get left behind. Education is super important and learning about finances isn't that difficult. As Dave Ramsey says, personal finance is 80% behavior.
"house hacking" cause rental/investment properties apparently have ZERO maintenance, financial, management costs. Want an easy way to make money?! Pay off your home. The money you would've sent to your mortgage company now goes into your pocket.
Yeah house hacking is great until you get a tenant from hell that doesn't pay rent and refuses to leave and then trashes the place on the way out
I always ask myself ,”Do I want it or do I need it?”
Simple have zero consumer debt, and have more than 1000 dollars in savings. The statistics are staggeringly bad. Its simple but doesn't necessarily mean easy
You mean 1k per month.
Is this for singles or families?
i like the idea of house hacking but i am terrified of getting a mortgage and lord knows i can’t afford to get a house with my pocket change
House hacking without a 20% buffer of your income is dangerous.
❤
Are you saying wisefi?
WizeFi
Thanks
How much money do you have, Gabe?
I thought I was, until I realized I was a lap down. 🏁
Spend less than you make and invest/save. Do that and you beat 99% of people.
I needed a taxi yesterday. I called the company back to make sure i was charged correctly for wait time. Still cheaper than a car.
Till the government tells your tenant's not to pay. Lol
Gabe us Mint boys are quite disappointed in your sudden betrayal!!
Mint is also great! Just two different options
What’s up with the giant index finger ring? Seriously, just curious…
😮
☕
From the UA-cam video cover thumbnail curve chart, I thought its about sperms in a condom and accidental pregnancy.
I’m already 61 so I’ve already lost that battle😖
I never made it to where I wanted to be but I am enjoying my grandchildren. Sending you thoughts and prayers for your needs and heart's desires to be filled.
I feel it’s hard to believe 78% of people live paycheck to paycheck
Be careful though of the “99%” titles which, true, bring in clickbait traffic but just make you look like the ‘guru’ hustlers.
The slogan always pay yourself first sounds nice as inspirational quote but end of the day you need to pay key expenses anyway or youll get in trouble. Things like energy or mortgage just really need to get paid each month no matter what, but i think way too many people make sure they actually save each month rather than just overspend on useless things
Excellent Tube! But… you speak toooo fast… 💨
The simplified version is to spend less than you earn, and invest that extra money. Gabe likes rentals. We've done it with stocks, while we had a couple issues renting out our house after buying a new one. A simplified goal is to aim for saving 10%, per "The richest man in Babylon". But more is better, if you can without skimping so much that you feel bad or miss out on things. We retired very early, but if doing it again I would set aside some for fun money, to actually spend. It was too easy to skip out on a surf weekend trip with the outdoor adventure group, that probably would have been under $200, or an inexpensive class with an outdoor survivalist Cody. There's only a handful of things over a decade or so of time, and skipping those helped financially, but in the very long term we already realize we will be donating a lot because we have more than we will spend or pass on. Spending a little more when we were young wouldn't have materially changed that.
Why even bother with renting? People don't rent because they want to IMO they need a place to live which is why everyone is looking for housing......
@@donaldlyons17 Different places have different rent vs own costs, with the flip of that being your ROI for renting out a place that you own. It's not always clear cut, unless you are banking on underlying investment gains. People complain about the high costs of housing or rentals here and the lack of rentals, but we'd have trouble even getting a 4% return after costs. But a relative in Texas is looking at 10%, and with that return things suddenly look a lot more profitable (or the flip, that you should probably buy instead of rent). And that's not taking into account timeframes. With the huge ~6% commissions on total valuation, it really cuts into things if you don't hold onto real estate for a while.
@@giro994 Yeah trying to make money is not bad but people who have too little money are forced to rent since they can't buy..... Housing is a basic need which makes it different from other things.... People wine about crypto yet they don't have to buy it so we should not expect different about owning or renting which all of us have to do for basic shelter.....;.
But why I have to retire before 50?? I'm 50, I studied all my life to do my job and now I have to go?! bahhhh!
D'uh. Whole of humanity can't retire before they are 50.
Your drawing only has 34 people instead of 99.
Who. The hell. Cares😂
Answer:
Buy as much Bitcoin as possible and hold it for min. 10 years
I love your videos, I love what you have to say, but...please change that intro. It should say "Less than 1%" Then is a transition word, than is a comparison word. I like your video on pretend to be poor, but should we also pretend to be illiterate?
Literally said nothing. Lmao fools
this video can't be taken seriously after mentioning Kiyosaki 🤮
Agreed. He’s a liar and a grifter
Was thinking the same.
Can you please explain why? I started reading his book and I don't know anything about him except what I heard on this channel.
Rule 1. Don't buy a Tesla.😂
☕