How Do I Budget Now That I'm Out of Debt?
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- Опубліковано 13 тра 2021
- How Do I Budget Now That I'm Out of Debt?
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It's kinda similar to being on a super strict diet and then reaching your goal weight. You definitely don't want to go back to how you were but it's difficult knowing where the new line is
Exactly. Sometimes keeping the weight off is harder than losing it in the first place.
@@LG123ABC yes, that's why it's so hard to set the "balance" line when you're done with the weight loss. I would imagine that finishing paying off debt would be similar
I did when I packed on muscle-diet-look
I mean staying out of debt is pretty easy, you just stop using other people's money to buy stuff. It really is that easy. Now, managing your money to save for the stuff you want is the hard part.
Great analogy
“Discipline=Freedom” Jocko!
DEFCOR
Good
Amen. Jacko's books are amazing.
We need a Ramsey Jocko collab immediately. America needs it.
Just paid 70k total debt!
I heard Discipline Equals Freedom and immediately went to the comments to find the other Jocko podcast fans, wasn't disappointed. GOOD.
YES! SAME
Jocko!!!
SKINNY KNEES
When I paid off my mortgage the .$1500/mo just switched to additional savings and continued on.
I was already doing fine while paying monthly mortgage so nothing really changed financially other than saving an additional $18k each year since 2008.
This is why finding a home you can truly afford is important.
How’s that going now?
Good on him for paying off his debt!
Are you out of debt ?
one of the American Dreams
YES almost
This man will go far in life!
Haha I love when Dave talks about his wife, it’s so funny sometimes, but I know he absolutely loves her
Paying off debt is like making a foundation for a beautiful house you're planning to build. Now that this guy has laid the foundation, he needs to keep his motivation going by envisioning what his house is going to look like. He should start by setting short and long-term goals for his net worth, and then focusing his energy on reaching them. That should help keep him driven.
Great question Matt! My wife and I paid off all our debts two months ago and are struggling with the same issue as you!
Axel... Your issue is that you have a wife and you are trying to improve your life for her... A man should be focused only on his goals... Not making someone else life better... Nicola Tesla, Albert Einstein, Leonardo Da Vinci, Only cared about their goals and nothing else... Now their achievements ended up benefiting everyone. But they didn't care about any of us when they where doing what they did... They didn't care about their wives or their kids... So what you need to do Is ask your self what is it that you want to accomplish in your life. And then take steps to make it happen...
My wife and bought our wedding rings used on eBay, we could afford new but why..?
No one knows but you!
Discipline = Freedom -Jocko Willink! The great book is Extreme Ownership. Also read the Dichotomy of Leadership.
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Thanks man, I'll check them out
One months salary for a ring is way too much
Depends on your salary too
@@Blestmama7 true
Check out the menus of your favorite restaurants & replicate the foods at home. As well as the coffee drinks from the coffee shops.
We paid off our house on May 1st it took us 18 years but we did it.We Alsace started our business listening to Dave so now we can help other people .We have been telling everyone we know not bragging just showing that it works.
Omg I’ve been having the same issue. Like I just became debt free this week, 35K paid and gone right before I graduate college and I’ve been feeling the same way, like how should I operate my life now. Luckily my sister and this video had told me the same answer
I love when they said that when youre in debt you play by their rules. Their due date, their amount. When you save up for a goal, there are no rules. You want to save for trip, its on youre terms. Thanks yall!
I felt exactly the same after I paid off my mortgage. When paying it off I was literally putting 70-80% on my mortgage and living off nothing. However then I paid it off and couldn’t save anything. My solution was to buy a rental property with debt - I know Dave wouldn’t approve but I need a forced savings plan.
By investing aggressively 👍
I dont think this realizes that he won the battle. He didnt win the war... getting out of debt especially without a house is the 1st step but he still has a long long way to go to reach true financial freedom
You don't need a mortgage or a house to get rich. Just don't spend more than you make and save consistently. NOT THAT HARD if you make decent money.
Marriage is a long, grueling, intoxicating war according to General Martok
A month of income? 😂 I proposed. My husbands ring cost me more than my first ring. It’s such a wasteful expense to impress other people that other people really don’t care about.
Exactly. And jewelry is NOT an investment !!
The problem Revna is that the number of women who think like you is a small small minority. Most of them walk around expecting a man who is some combination of Christian Gray, Gordon Ramsay with Jeff Bezos bank account.
Dude.... just ask the question.
I felt this way after I paid off my debt, but then I started saving for a house.
He sounds like a genuinely nice guy.
Nice work 🎇✨🎆
This is a very smart young man
You know
You know
You know
Lol. This guys is great
You know, you know... This guy is about to ruin his life with marriage...
If saving money and setting goals is difficult for you, try this. If you are paid twice a month, live off one paycheck a month. All your expenses are paid by that one check. You reduce your expenses to fit in one paycheck. This could mean getting a roommate, buying a used car, finding free or inexpensive, entertainment or even dating less. You save everything else. After a year of this, you will be shocked how much money you have saved.
Congrats to the caller. Now it’s the easy part which Dave already explained - 15% to 20% into Retirment accounts, save up for a house/ring/car, once your in them start paying them down while having fun. It’s not rocket science. Now if you want to retire early, there’s a little rocket science😅
Don't pay sticker price for that engagement ring! The mark up is insane. My wife's was 6k+ tax and I paid 4k out the door for it.
Who's your guest? Would be nice to include that in the header data above if not introduced during the video itself.
when he says build up the savings and knock out the item, he means in addition to your emergency fund right? he doesn't mean use the emergency fund?
yes
Never use the emergency fund for anything other than an emergency
Our budget game is so weak. We need to tighten it up.
Have u guys ever seen VINTAGE engagement rings? STUNNING, historic, crafts in such a beautiful way. Now everyone wants the same basic expensive ring... so many beautiful colored stones out there but everyone wants a colorless stone that shines like a cubic zirconia 😂😂😂
My Grandpa has a lot of very nice rings and jewelry in general, and you're right they're all natural stones or maybe gems or whatever. She keeps trying to give grandkids these things but no one wants them lol.
dedalliance1 my grandma gave me so many pieces and I melted to make new pieces. Biggest regret of my life!!! Vintage Jewelry is my passion.
Now that am out of debts ,how do I move forward.
Americans can easily spend 25% of their paycheck to repay debt. $1000 in - $250 is gone. Only $750 left.
Imagine zero debt. Its like a 25 percent pay raise. How often do you get a 25% pay raise.
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“How do I budget now that I’m out of debt?”
The same way you did when you were in debt you just put that money into investments instead of debt. That way you make interest instead of pay it.
the side kick woman: when it comes to buying a ring, do you have some guidelines?
logic: yes, absolutely. don't.
It is amazing how people don't know how to manage their money, especially people who makes more than 75k per year. NOT HARD.
You make more, you spend more.
Wait for the sales. Buy the ring then and offer cash. Ask for a discount for cash👍
My husband and I only paid $200 for both of our rings when we got married
What a wonderful call. It got me more motivated.
When he said he was about to get married🤦♂️
He needs a few years to focus on self so he’s prepared to be with a virtuous woman.
@@rdb0819 - where can I find one of those nowadays ?
Not just married, but talking about how much he wants to put on the table for her. Guy would be a very wealthy man if he avoided getting married but his future wife saw this simp sucker from a mile away.
@@chartuck Exactly
Diamonds? Ouch. Those are intrinsically worthless.
Jeez...JUST SAVE !
This clip had potential...
the answer is a Visual Goal Board. never more impactful than when you put it in pictures and clippings in plain site
The money you was paying a month on debt. Now start saving that amount. That's what I started doing.. just save the money for different things
Just don't be a goof and finance a car that keeps too many smart people broke
Great advice don't spend more than half your income on a car and pay cash my little extra don't buy brand new buy a couple of years old
Living in constant debt? GOOD
The only way you get rich on diamonds is if you discover natural stones with gemstone potential while digging in your back yard. Good luck with that.
Good question.
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Not really
@@fkillah send a direct msg right away on what’spp
+ 1 4 2 4 2 6 5 8 3 6 6,
Save and invest the rest and grow the wealth.
Hello future millionaires
Being temporarily debt free is not debt free. He will take on a mortgage debt plus car debt. Good luck.
There’s nothing to budget. All your money’s gone fool.
No F’n way I would pay $4k on a f’n ring ….
4k for a engagement 💍? No way!
but he said she "deserves" it. Deserves? This boy is toast.
Get one of those silicone rings and I guarantee that you will be just as married as someone wearing a 50k diamond
definitely a humanities major
Live on less than make...if are 100% debt free and have a decent income no reason you cant save and invest 30% of net.
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Get married in Vegas win-win
Win-win-lose goes the craps table.
DON'T get MARRED... Under any circumstances... Don't get a ring. You will just throw money away and invite misery in your life... Have your long term relationship if you want, as long as it makes sense. And If it doesn't, If she doesn't put in as much effort as you do, you are better off going solo...
Buy Safemoon Crytpo✌🏼✌🏼
I gave my wife a fisher price ring
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ex-wife after it broke and fell off her finger
I thought Dave used to advise not more than 30% of your income into cars
Maybe the 50% is for all cars combined I've heard him say that before. So maybe the 30% is a maximum for one car and then the other car wouldn't be able to be more than 20%. I persoanlly haven't heard him say 30% but maybe its because people would do 30% for each car and then wind up at 60%.
Just know that she's getting half one day. 70%divorce rate...
It's amazing how 80% of people who file for divorce are women lol
That's what a prenup is for
Unless he's in the 30%
Prenups can be thrown out by the judge and doesn't protect wat u make while ur married just wat u came in with
@@art_healing_marine would YOU get on a plane that had a 70% chance of crashing?!...
This gut got out of debt, and he's thinking about buying a car. Wow, David is right. It's all mental. 😅
You were doing good up until he said marriage. Be prepared to be broke again.
😆
This dude sounds like a politician, just say what you mean and mean what you say.
dont get married
read the rational male
date ..... dont move in
they will b forced to stay motivated..........
Get in debt again and your problem is solved. 😁
I´m 21
Out of debt
I have a very little salary paid montly
I want to bring some friends in 2026
Suggestions?
Use that salary to create some sort of EF and then invest some. You can bring some friends for whatever you want to do after you have an EF and your investments are paying the bills. Good luck!
😎👌✌👍🖖😁
This guy talks on and on and on and on and on
He will be back In dept in about 10 years when his stay at home mom wife decides she can do better
What department?
Sounds like this happened to you... Maybe you’d have a higher wage if you knew how to spell Debt.
Lol
@@guillomen happens to a lot of people like almost half
Pray for Palestinians
May Allah help them.
and pray for ISREAL
I pray for them to go back to the Arabian countries where they belong.
Pray for Israel to get real
They all need to make peace with each other. Let bygones be bygones and stop messing with each other.