This seems to be a subject that a lot of people wanted advice on. We don't have all the answers but I hope y'all can take something away from this. We're still learning but we've made and learned from our mistakes, so hopefully you won't have to go through the same bullshit we went through. Love y'all!!!
So I know that y'all invest in business and get passive income from UA-cam, but do you guys invest in Real Estate? If not, why? It will always be a business where it will go up and if it drops it takes time, unlike stocks that suddenly goes up and the next couple of hours can drop. It's a great source of passive income. I'm just curious.
You guys talked about this briefly, at least regarding ones that cost money. How would you recommend I or anyone else help cut back on vices? One of my vices is coffee, I get it cheap but I buy a lot throughout the day. What tactics/methods do you know of or had done successfully when it comes to reducing, or even quiting all together, certain pleasures in life? Especially ones that take time, money, or attention away from important things?
Save 15% of your gross annual income, then whatever you have left should determine your lifestyle. If not then get ready to work at Home Depot when your retirement savings runs out. Assuming retail jobs will still be how they are in 30 years.
@@pdg7290 So... You need to get an accounting degree for school to teach you taxes. That's a very specific field to go into for something that everyone in the damn world should know.
110% always listen to every podcast. Would be down to hear More about financial advice and how to start and run the business from marketing all the way to the final sale and taxes etc. but I’m also down to hear about life advice and to see your perspective on it.
38:00 hits hella close, my immigrant parents never allowed me to work and school was always easy for me so I never learnt how to work hard and now that I am a year out of school working a shitty warehouse job I realise how hard it must have been for my father to work 50+ hours a week never taking a day off and picking up extra shifts so that his family could have a good life, immigrant parents are actual heroes
For part 2 can you discuss some investing strategies/opportunities. As someone who works in a 9 to 5 type of field, how do you go about starting to find that side hustle? Who do you speak to/network to make that connection? This is a topic I think most people who graduated college all the way to being in their 30s can benefit from the most.
1. Make a habit out of reading journals like WSJ in order to stay on top of current events that affect financial markets and investment risk/opportunity. * Recent example 1: Just last week, the inversion of the yield curve (a popular and fairly accurate indication of an upcoming recession) caused the S&P 500 to drop a couple of percentage points * Example 2: Slowing global growth, combined with uncertainty regarding U.S/China trade talks and Brexit are making investors nervous * Example 3: OPEC oil production cuts are driving up energy prices which may eat into corporate profit margin * Example 4: The Federal Reserve has signaled that it won't raise interest rates this year, providing a boost to the market. 2. When you're investing in stocks, you need to understand the industry in which the company is competing in and how that may impact its performance (retail stocks are doing well as real wages (adjusted for inflation) are rising so consumers are buying more goods on Amazon, Target, etc.). In other words, don't invest in companies just because they're popular, like Tesla. 3. Since you're young, you can take more risk when it comes to investing into stocks, particularly "small stocks" and "value stocks." These stocks are typically less popular and more risky, but in the long term yield higher returns. With stocks, you can lose your entire initial investment, but stocks also have potentially unlimited returns. 4. Since you're young, your investment portfolio should consist mostly of stocks and very little in bonds, which have guaranteed returns but do not return very much (U.S. government issued Treasury bonds right now yield about 2.5%). As you get older, re-balance your portfolio so that it's mostly weighted by bonds, low-cost index funds, and less in stocks. 5. If you don't believe in the importance of re-balancing your portfolio, just read up on how during the Great Recession, older workers who were reaching retirement age saw their savings get absolutely DESTROYED. 6. If possible, start investing EARLY and participate in your company's 401k plan. Defer as much of your income as you can and get the maximum matched contribution from your employer. This is essentially FREE money you can get from your employer in addition to your salary.
@@wooju-og9qm Don't be so condescending when the guy's just trying to give out advice. To get a guaranteed return on your 401k, you contribute as much as your employer can match, and then you allocate all of your contributions and your employer's match to a stable value fund. Here's a short example from USNews for anyone reading to understand how this works: "Assume that your annual income is $75,000. Let’s further assume that your employer matches 50 percent of your 401(k) contributions up to 6 percent of your income. If you contribute $4,500 (6 percent of $75,000), your employer will match that with $2,250 (50 percent of your $4,500). Finally, you direct your 401(k) plan administrator to place all of the $6,750 (your contributions plus the employer match) in your plan’s stable value fund. At the end of the year you will have a total of $6,750 credited to your retirement account, from your investment of only $4,500. You may even have closer to $6,950 in your account, assuming a 3 percent return from the stable value fund. You will have earned a 53 percent return from your retirement account while taking on virtually zero risk. And that’s not even counting the important tax deferral benefits of saving for retirement using a 401(k). This is a return that you are unlikely to get anywhere else."
"Its been an hour and 15 minutes. This might be overwhelmingly for you guys" Bitch, give me a 3 hour podcast and I will still listen to you and your guest! I love genius brain podcast! Keep up the awesome work!!
As entertaining as this was, it was also very informational and inspiring, thanks David and Joe! really needed this as I transition into the workforce next month after graduating a 4 year university
Y’all almost made me tear up when y’all started talking about y’all’s immigrant parents. Especially as a Nigerian myself lol That’s why I love y’all, man. P.S. been following Joe’s “Refugee Savings Plan” ever since I graduated college God Bless y’all
Also parents, don't push things on your kids because you think they're not going anywhere. I went to psu straight after high school (no summer break) instead of going to a 2 year (which I did a little later) and was forced into jrotc (HATED IT) and preoptometry (also did not like) because I didn't know what I wanted to do at 17 and my parents thought I should've known then. Fortunately I took bio classes then that counts now. Another thing is I didn't start off with 101 classes and I was so lost lol, especially stem classes. On top of that, I was depressed so I didn't do that well in some of my classes (even 100 level classes). I don't know what changed in my mind from then or how but now I'm able to take 300 - 400 level classes and do well
don't spend money on fast fashion definitely. When I first got my job I would buy nice dresses and shirts, but then I realized I don't have that often special occasions to wear em'. So now I wear any old shirt, got a couple plain grey t shirts and I havent spent since. Minimal wear is great!!
I really felt like I needed this. A lot of points hit home and it helped me think clearer on my own situation. I did fit certain descriptions you guys mentioned which I felt a bit shameful of, but it helped me gain a new perspective on how to improve. Definitely was helpful.
Yo thanks for the content David. Really loved listening to you and Joe talk about life advice. I'm 16 and counted up school, work, and volunteering and I got around 40 hours a week filled out without homework. Hearing this podcast really inspires me to look for ways to do better in work and life - this podcast helps keep me going.
I totally agree with you, I am currently going to college and I work. I have been doing this since I am 17. My friend graduated a year and a half ago. But hes still jobless. Now that I became the manager of my establishment I tried to extend a helping hand to him like hey bro I can help you get a job with us until you can get a better job, I can get you which ever shift you need day or night, full time or part time and if u need to be pay under the table I can help you. But what happens was he expect since hes a "college grad" he expects to get a high paying jobs where he got zero experience from and now hes just at home playing games all day. And when I tried to help him out he basically laugh in my face like how are you going to offer me this lowly job when i am a college grad. Am just like well, I mean yes its low pay but look, am making money enough where I can save up for trips to Japan while you sat on ur ass playing games all day. I work and was able to buy what I want, while you sit here saving change for food....idk what do you think of my situation? And btw am 23 atm and hes 24.
Dang, when Joe talked about how he first viewed money and how it’s all about choices it opened my eyes to view money differently. I’m like Joe right now, when he was not too concerned about money. I could careless about getting new shoes, car, or whatever. Thanks Joe for sharing that man! That helped motivate me!
Seriously I love it when you both do Podcast together because y’all always give me that motivation to keep pushing. Just yesterday I was thinking of dropping some classes and maybe even taking a break from next semester of college. But y’all fr just have me the motivation to keep going. ❤️ y’all fr make an impact on my life.
These guys are saying 100% facts. The way they balanced being so wise while being humorous is what makes this podcast so good. They know how it feels like to be dead broke, practically rock bottom and they got themselves out of it. They encourage us that it’s possible and definitely attainable. One thing they won’t say is that it was Easy.
Bio major and work/volunteer experience is pretty important. Of course there is a 3.0 GPA minimum for grad school, but when it comes to the work force, I'm trying to do as much as I can
So i was listening to this when i was revising and since i finished my work halfway through this vid i felt like i had to finish the podcast so i did extra work. Wow look what you have done
Very motivating podcast tbh. My dad was in college while also in the military, ROTC, a frat to STAY in the military, had a Korean wife (still does lol) who knew zero English in Alabama, going to sports games to sell beer and snacks on the weekends with friends, and cleaning chicken assholes in a factory to keep his family above water. At one point, he was taking 22 credit hours to get into nursing school one semester while doing all this shit. I've never really had a job, but both my dad's story and this podcast inspires me to work twice as hard so we can get this bag and have more free time to do what I want. Thank u joe and david truly
I agree with everything you guys said, especially just working until you get the job you want. When I graduated as a civil engineer I was able to find a engineering job in about 2 months. After I lost that job, I refused to work for as anything else because I wanted to use my degree. I didn't work for almost a year and a half before I noticed my checking and savings account were running low. I swallowed my pride and ended up working at Walmart so that I could at the very least help my family out with bills, help pay for my younger brothers' college expenses, and also have my own money to spend. 4 months later, some friends told me that another engineering position opened up and I've been here working for that past 3.5 years. I definitely regret thinking I was above customer service jobs. Working at Walmart humbled me and I definitely could've risen up to major managing positions in the time span I wasn't working (I was offered a managing position in 3 months, right before I left). Also I probably had more in my savings account. I wasted so much time. I'm grateful for what I have now. Trust me, there's no shame in working in retail or food service. You never know people's circumstances. Now, I just need to work on understanding investments...
I think going into how to move around your money, managing credit and the different types of accounts you can put your money in would be interesting to learn about.
I'm SUPERR grateful for this. I've been stressing about what to do (about money) after high school and I like seeing you guys talk about finances more :)
I just wanna say shout out to David and Joe for spreading this knowledge cause it's tru I'm 18 and wasted a year of doing Jack shit when I could've been making money but I thought McDonald's was beneath me now I work retail and its changed my perspective drastically and now I'm learning stocks cause Joe made it so interesting to me so basically thanks for making such a dope impact on me but I can't cut jk vids it's free and Im already like 3000+ worth of minutes I've invested into u guys lol love y'all man keep being yall also me n David have the same bday so obviously he's my brother
Thanks guys! I actually Listened to this podcast on my morning hike. Charged me up for the day, great money advice always from Joe especially. I like you're divide and conquor strategy for high credit card debt.
I have to say, i recently turned 18 and my life is going in very mixed directions all at the same time, but these podcasts, and the whole jk crew and everyone involved with them really inspire me, like i know i aint gonna change over night, its gonna take time , but slowly they make me realise those real things in life that really change my perspective on life and how to live it. Its gonna take a lot of time to change the way i want to live, but so much respect to these guys for being so real with life and genuinely helping a lot out people out there (including me) So much respect, blessed ❤
Fucking hell. Don't know who this Joe guy is but I appreciate the tips and wake up call. Felt understood like a person really cared for the situation I was in. I admit the biggest critic is myself and I'm the biggest enemy with my anxiety and fears. Your delivery was gentle and almost fatherly, first time feeling that energy. You understood our fears but not allowing us to hide.
This definitely best video you will ever find on UA-cam for the struggles of this generation. These guys and everyone on the JK Family are like everyones older sibling we wished we had!
I thank so much for getting to know you guys, cause i was completly lost about so many things in life. I got into law school really early because my parents wanted and they always said study and you're gonna get money. I graduated i could not pay one single bill, because yeah i studied a lot, i had a lot of knowledge but no social skills, so i didn't have connections to work as a lawyer, and being a lawyer is not about how much you know, but how many people you know. It was a complete disaster, plus, it wasn't something i had chosen, it was just so frustrating. Then i decided to change area and do something that i was actually good at. Now I'm a teacher, i teacher english here in Brazil, with a whole different perspective, i'm not only worried about knowledge but also networking. But there is still a lot of things that i have to work on it, because in the end of the day, the only thing i did my whole life was studying, so the only thing I'm actually good at is studying. I'm working hard to be good in my career and also as a person. I don't know shit about money, every income that i have i spend all of it and i don't know even with what I'm spending. I had a privilege life which I've never had to think about bills or food, but now I'm 27 years old and i don't want to live like that anymore, i want to take responsibility for my own life, and having you guys is so so so important, you guys David and Jknews have been the true professors in my life, and I'm sp thankful, really really. I love you guys.
David&Joe thank you for this video! It was so simple and relatable that I truly learned a lot and feel that I’ll be able to carry this advice through out my life.
I got my very first job recently halfway through college. My mom also wanted me to focus on school alone, but I knew not having this job before I graduated would stunt my growth. So I am going to school and working, and getting them grades LOL
I got here by autoplay while washing my hair lol and im SOOOOOOO grateful i came across this!!!! I seriously adore Joe (and david) but something about Joe....He seems so sympathetic. He just inspired tf out of me!!! Im about to go look for a job right now!!
20 min in but great advice. What I personally do is I have a simple excel sheet where i put in the income I wanna get by and all of my monthly recurring payments. So rent, car, insurance, phone, internet, netflix and more. Then I add in money for food, haircut and other hygiene stuff. I also take into account some money I want to save up. The money I am left with I can freely spend or invest. If you this this you will for one, have a clear oversight on what you are spending and where you can spend less. And secondly you can then set a clear goal to the amount of money you will need to earn actively or passively to get by.
Thank you David and Joe for sharing this! This is definitely something I'm interested in listening further into this topic. Love GeniusBrain conversations!
Honestly I needed this. My spending habits have been insane. I've dug a huge hole for myself. Now I have to pay back. Thank you for this podcast. Gonna grind and hopefully pay off all my debt I accumulated within the next 3 years.
Thanks David and Joe! I just got out of my personal financial class, and I can assured you that your tips and information are extremely helpful! Great content as always👏🏼
I graduated HS, worked for McD for 3 yrs while going to PCC. Became a manager in my second year and quit because the store didn't value my input. I was a Shift manager who learned to do assist manager responsibilities and did them more efficiently. The supervisor also quit soon after...
Yes go into detail please. Talk about how living off a portion of your income then saving for the rest. I was thinking about doing that. Taking advantage of living with my parents then use the money saved to pay off my tuition when I transfer. Be be somewhat debt free.
Yoda David! Great Podcast - I needed this about 10 years ago LOL .. couldn't agree more and related to everrrrrrrrrrything you guys were saying . So awesome. Keep it up
I like what david said in Geo and barts vlog where he said to that new girl on the show, "Never set goals for your self and just keep doing you on every day basic because if you do you set your self for failure and never try the things you set your future goals to".
Great episode! Budgeting sucks but it’s totally worth it in the long run! As for future topics. Maybe one about friends and how friends change as you grow. Surrounding yourself around people who in courage you as friends who only call you when they need something
I love this podcast so much. Someone who's first gen Asian, completed my bachelors and now masters, I'm struggling to get a job. This really really helped me and pushed me a lot. It's true, just having bachelors or even masters doesn't really mean shit, when employers will choose experience over a title.
thank you so much for being motivational and real. i felt as i were there in the room with you all! looking for a job at the moment to help out the parents!
Can you both go into depth on how stocks work, obtaining assets, how to start putting money into investments, and developing passive income? Also on starting companies, how to start paying and hiring employees, licenses or permits... it’s just always great hearing both your experiences and knowledge. This by far was my favorite episode.
For the next financial podcast, can you guys go over credit score? Maybe go over your experiences with credit score, ways to maintain it and ways to improve credit score. Thanks! You guys are killing it with the podcast! Love listening to the podcast!
I just wanted you guys to know that this really helped like really even though I don't live in the states I could relate to a lot of this just because you are sharing a lot of life experience which a lot of people that come on really don't have either because they are too young like me or just because they really did not get that financial knowledge growing up so thanks a lot.🙏
Hey David So. I’m a huge fan of you and JK and these podcasts have been amazing. This one in particular stood out to me because the business I’m a part of is actually going out and teaching people about financial literacy. We actually are campaigning for financial literacy and are hoping to help 1 million families to become financially independent by 2020. We run free workshops and teach all over the country. I would love to talk to you more about what we do so it would mean the world to me if you reached out!
Well of course we couldn't be certain that Joe is Japanese till he told us but hell a lot of us speculated around 2012-2013 towards Japanese and there's been comments. Anyways I really enjoyed every single podcast episode, I'm interested into seeing more financial based topics as I am a university student looking to plan out my financials, I always been told to start investing and also been told to buy stocks. But I don't even know where to preciously start. Yes I am budgeting, yes I am lowering my expenses, but I just don't know what/where to invest. If you guys could cover that more I'll be really grateful. Thank you 100x.
1. Make a habit out of reading journals like WSJ in order to stay on top of current events that affect financial markets and investment risk/opportunity. * Recent example 1: Just last week, the inversion of the yield curve (a popular and fairly accurate indication of an upcoming recession) caused the S&P 500 to drop a couple of percentage points * Example 2: Slowing global growth, combined with uncertainty regarding U.S/China trade talks and Brexit are making investors nervous * Example 3: OPEC oil production cuts are driving up energy prices which may eat into corporate profit margin * Example 4: The Federal Reserve has signaled that it won't raise interest rates this year, providing a boost to the market. 2. When you're investing in stocks, you need to understand the industry in which the company is competing in and how that may impact its performance (retail stocks are doing well as real wages (adjusted for inflation) are rising so consumers are buying more goods on Amazon, Target, etc.). In other words, don't invest in companies just because they're popular, like Tesla. 3. Since you're young, you can take more risk when it comes to investing into stocks, particularly "small stocks" and "value stocks." These stocks are typically less popular and more risky, but in the long term yield higher returns. With stocks, you can lose your entire initial investment, but stocks also have potentially unlimited returns. 4. Since you're young, your investment portfolio should consist mostly of stocks and very little in bonds, which have guaranteed returns but do not return very much (U.S. government issued Treasury bonds right now yield about 2.5%). As you get older, re-balance your portfolio so that it's mostly weighted by bonds, low-cost index funds, and less in stocks. 5. If you don't believe in the importance of re-balancing your portfolio, just read up on how during the Great Recession, older workers who were reaching retirement age saw their savings get absolutely DESTROYED. 6. If possible, start investing EARLY and participate in your company's 401k plan. Defer as much of your income as you can and get the maximum matched contribution from your employer. This is essentially FREE money you can get from your employer in addition to your salary.
This was awesome.... then you could do a series on what to invest in after you have something in your pocket besides buttons. 😄 I appreciate genius brain so much
The financial knowledge bombs are some of the most interesting topic whenever I hear the JK fam talk about it, but it's just fascinating when y'all go into depth with it. I would like to hear more about it and the different perspectives on life. Just hearing about different perspectives allows me to see things from another angle and helps broaden my horizon.
I really liked this episode, and appreciated Joe's advice about breaking habits and defining necessities. If you guys are gonna do another episode, I'd like more advice on starting to invest (how much money should you save up to start out with? Are small investment apps worth it? what sources of knowledge helped you most when starting out? did you have any major failures investing?)
I’m only 13, but i really want to know a lot about financing. So thank u for this video cuz it’s giving me a lot of helpful information and helps me think more about things in my life. I hope u make more videos or podcasts about financing cuz this was very helpful for me. Thank u.
This episode was so incredibly helpful and enlightening. Hoping you and joe can talk further about credit cards, getting out of debt, and maybe even cooking/food ideas for when you’re budgeting on a really low income. Thank you!!
Heyo, I've been listening on Spotify by wanted to stop by and say hi, and thank y'all for the podcast! As far as topics go, I'd LOVE to hear Joe talk more abt the eBay hustle, cause I've done a bit of the yard sale flipping stuff myself, but never heard about wholesaler's licenses. And I wanna hear abt David's come-up as a musician-what was teaching yourself to perform like? Peace. ✌🏾
Our immigrant parents hustled like we can't even imagine. I relate so hard to David's story about his dad. Our generation, we whine about not having the latest iPhones or whatever BS. Really helps when I'm down to keep that in perspective and be grateful for what I have. Nothing was guaranteed for them, they had mouths to feed and bills to pay, but they made it happen, created family, security and social fabric from nothing.
Thank u david and joe. Im one of those who grew up stupid under my parents home rules and wanting to leave. I left and worked so hard. Building credit cause i grew up hearing my mom tell me credit cards are dangerous.. And im figuring out shit. Paying mortgage and taxes that go up n down. House expenses. Car brakes and oil shit. I need to figure out financing and money management. Credit cards are dangerous. Im trying to pay that off. Ugh. But yes. To kno i not suffering this myself... gives kind of a sigh of relief. This was great info. And advice. Thank u for the knowledge boost. Sorry for spewing a bunch of stuff. So much. bogged down.
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
This seems to be a subject that a lot of people wanted advice on. We don't have all the answers but I hope y'all can take something away from this. We're still learning but we've made and learned from our mistakes, so hopefully you won't have to go through the same bullshit we went through. Love y'all!!!
So I know that y'all invest in business and get passive income from UA-cam, but do you guys invest in Real Estate? If not, why? It will always be a business where it will go up and if it drops it takes time, unlike stocks that suddenly goes up and the next couple of hours can drop. It's a great source of passive income. I'm just curious.
Thanks for the video David.
You guys talked about this briefly, at least regarding ones that cost money. How would you recommend I or anyone else help cut back on vices? One of my vices is coffee, I get it cheap but I buy a lot throughout the day. What tactics/methods do you know of or had done successfully when it comes to reducing, or even quiting all together, certain pleasures in life? Especially ones that take time, money, or attention away from important things?
Save 15% of your gross annual income, then whatever you have left should determine your lifestyle. If not then get ready to work at Home Depot when your retirement savings runs out. Assuming retail jobs will still be how they are in 30 years.
good episode. just noticed you started cutting out of frame a lot towards the end.
David and Joe dropping knowledge on what they should really be teaching on school
School doesn't even teach you to file taxes.
@@memeothymemelous5313 online courses
@@thomaschristopherwhite9043 Go to college to become an accountant and open up a small practice, hope this helps
@@pdg7290 So... You need to get an accounting degree for school to teach you taxes. That's a very specific field to go into for something that everyone in the damn world should know.
@@thomaschristopherwhite9043 i dont even know what taxes are :-/
110% always listen to every podcast. Would be down to hear More about financial advice and how to start and run the business from marketing all the way to the final sale and taxes etc. but I’m also down to hear about life advice and to see your perspective on it.
38:00 hits hella close, my immigrant parents never allowed me to work and school was always easy for me so I never learnt how to work hard and now that I am a year out of school working a shitty warehouse job I realise how hard it must have been for my father to work 50+ hours a week never taking a day off and picking up extra shifts so that his family could have a good life, immigrant parents are actual heroes
For part 2 can you discuss some investing strategies/opportunities. As someone who works in a 9 to 5 type of field, how do you go about starting to find that side hustle? Who do you speak to/network to make that connection? This is a topic I think most people who graduated college all the way to being in their 30s can benefit from the most.
1. Make a habit out of reading journals like WSJ in order to stay on top of current events that affect financial markets and investment risk/opportunity.
* Recent example 1: Just last week, the inversion of the yield curve (a popular and fairly accurate indication of an upcoming recession) caused the S&P 500 to drop a couple of percentage points
* Example 2: Slowing global growth, combined with uncertainty regarding U.S/China trade talks and Brexit are making investors nervous
* Example 3: OPEC oil production cuts are driving up energy prices which may eat into corporate profit margin
* Example 4: The Federal Reserve has signaled that it won't raise interest rates this year, providing a boost to the market.
2. When you're investing in stocks, you need to understand the industry in which the company is competing in and how that may impact its performance (retail stocks are doing well as real wages (adjusted for inflation) are rising so consumers are buying more goods on Amazon, Target, etc.). In other words, don't invest in companies just because they're popular, like Tesla.
3. Since you're young, you can take more risk when it comes to investing into stocks, particularly "small stocks" and "value stocks." These stocks are typically less popular and more risky, but in the long term yield higher returns. With stocks, you can lose your entire initial investment, but stocks also have potentially unlimited returns.
4. Since you're young, your investment portfolio should consist mostly of stocks and very little in bonds, which have guaranteed returns but do not return very much (U.S. government issued Treasury bonds right now yield about 2.5%). As you get older, re-balance your portfolio so that it's mostly weighted by bonds, low-cost index funds, and less in stocks.
5. If you don't believe in the importance of re-balancing your portfolio, just read up on how during the Great Recession, older workers who were reaching retirement age saw their savings get absolutely DESTROYED.
6. If possible, start investing EARLY and participate in your company's 401k plan. Defer as much of your income as you can and get the maximum matched contribution from your employer. This is essentially FREE money you can get from your employer in addition to your salary.
@@wooju-og9qm hahahahahahaha 😎THUG LIFE just imagine the glasses flying on to your face and music kicks on lol you win sir
@@wooju-og9qm Don't be so condescending when the guy's just trying to give out advice. To get a guaranteed return on your 401k, you contribute as much as your employer can match, and then you allocate all of your contributions and your employer's match to a stable value fund.
Here's a short example from USNews for anyone reading to understand how this works:
"Assume that your annual income is $75,000. Let’s further assume that your employer matches 50 percent of your 401(k) contributions up to 6 percent of your income. If you contribute $4,500 (6 percent of $75,000), your employer will match that with $2,250 (50 percent of your $4,500). Finally, you direct your 401(k) plan administrator to place all of the $6,750 (your contributions plus the employer match) in your plan’s stable value fund.
At the end of the year you will have a total of $6,750 credited to your retirement account, from your investment of only $4,500. You may even have closer to $6,950 in your account, assuming a 3 percent return from the stable value fund. You will have earned a 53 percent return from your retirement account while taking on virtually zero risk. And that’s not even counting the important tax deferral benefits of saving for retirement using a 401(k). This is a return that you are unlikely to get anywhere else."
@@In7enseCA There is no such thing as a guaranteed return. Hence the infamous "No free lunch" theory in economics.
"Its been an hour and 15 minutes. This might be overwhelmingly for you guys"
Bitch, give me a 3 hour podcast and I will still listen to you and your guest! I love genius brain podcast! Keep up the awesome work!!
As entertaining as this was, it was also very informational and inspiring, thanks David and Joe! really needed this as I transition into the workforce next month after graduating a 4 year university
Thank you! I'm 24 and started my first corporate job and just moved out to my new place. Definitely a good podcast episode and much needed.
Y’all almost made me tear up when y’all started talking about y’all’s immigrant parents. Especially as a Nigerian myself lol
That’s why I love y’all, man. P.S. been following Joe’s “Refugee Savings Plan” ever since I graduated college
God Bless y’all
Also parents, don't push things on your kids because you think they're not going anywhere. I went to psu straight after high school (no summer break) instead of going to a 2 year (which I did a little later) and was forced into jrotc (HATED IT) and preoptometry (also did not like) because I didn't know what I wanted to do at 17 and my parents thought I should've known then. Fortunately I took bio classes then that counts now.
Another thing is I didn't start off with 101 classes and I was so lost lol, especially stem classes. On top of that, I was depressed so I didn't do that well in some of my classes (even 100 level classes). I don't know what changed in my mind from then or how but now I'm able to take 300 - 400 level classes and do well
For college students, what would your advice be to get a better start on managing money?
no alcohol if its doable
don't spend money on fast fashion definitely. When I first got my job I would buy nice dresses and shirts, but then I realized I don't have that often special occasions to wear em'. So now I wear any old shirt, got a couple plain grey t shirts and I havent spent since. Minimal wear is great!!
You have enough clothes. I repeat you have enough clothes
@@HJima fast fashion is cheap. Confused here. Did you mean dont spend on high end fashion?
I really felt like I needed this. A lot of points hit home and it helped me think clearer on my own situation. I did fit certain descriptions you guys mentioned which I felt a bit shameful of, but it helped me gain a new perspective on how to improve. Definitely was helpful.
Perfect Timing, I was just about to start my homework and I needed something to listen
Yo thanks for the content David. Really loved listening to you and Joe talk about life advice. I'm 16 and counted up school, work, and volunteering and I got around 40 hours a week filled out without homework. Hearing this podcast really inspires me to look for ways to do better in work and life - this podcast helps keep me going.
Great episode! I would like to hear more of Joe's strategies to pay off debt.
I totally agree with you, I am currently going to college and I work. I have been doing this since I am 17. My friend graduated a year and a half ago. But hes still jobless. Now that I became the manager of my establishment I tried to extend a helping hand to him like hey bro I can help you get a job with us until you can get a better job, I can get you which ever shift you need day or night, full time or part time and if u need to be pay under the table I can help you. But what happens was he expect since hes a "college grad" he expects to get a high paying jobs where he got zero experience from and now hes just at home playing games all day. And when I tried to help him out he basically laugh in my face like how are you going to offer me this lowly job when i am a college grad. Am just like well, I mean yes its low pay but look, am making money enough where I can save up for trips to Japan while you sat on ur ass playing games all day. I work and was able to buy what I want, while you sit here saving change for food....idk what do you think of my situation? And btw am 23 atm and hes 24.
Dang, when Joe talked about how he first viewed money and how it’s all about choices it opened my eyes to view money differently. I’m like Joe right now, when he was not too concerned about money. I could careless about getting new shoes, car, or whatever. Thanks Joe for sharing that man! That helped motivate me!
Seriously I love it when you both do Podcast together because y’all always give me that motivation to keep pushing. Just yesterday I was thinking of dropping some classes and maybe even taking a break from next semester of college. But y’all fr just have me the motivation to keep going. ❤️ y’all fr make an impact on my life.
1:02:00 1:03:00 self control
1:15:00 baby steps
1:16:00 habits groove
1:17:00 anxiety/baby-steps
The part about self control was exactly the slap in the face I needed. Thank you
These guys are saying 100% facts. The way they balanced being so wise while being humorous is what makes this podcast so good. They know how it feels like to be dead broke, practically rock bottom and they got themselves out of it. They encourage us that it’s possible and definitely attainable. One thing they won’t say is that it was Easy.
Bio major and work/volunteer experience is pretty important. Of course there is a 3.0 GPA minimum for grad school, but when it comes to the work force, I'm trying to do as much as I can
So i was listening to this when i was revising and since i finished my work halfway through this vid i felt like i had to finish the podcast so i did extra work. Wow look what you have done
Very motivating podcast tbh. My dad was in college while also in the military, ROTC, a frat to STAY in the military, had a Korean wife (still does lol) who knew zero English in Alabama, going to sports games to sell beer and snacks on the weekends with friends, and cleaning chicken assholes in a factory to keep his family above water. At one point, he was taking 22 credit hours to get into nursing school one semester while doing all this shit. I've never really had a job, but both my dad's story and this podcast inspires me to work twice as hard so we can get this bag and have more free time to do what I want. Thank u joe and david truly
I love these podcasts!! Please keep doing them!! I love to listen while I'm driving/commuting. This gives me so much insight. My time is well spent!
I agree with everything you guys said, especially just working until you get the job you want. When I graduated as a civil engineer I was able to find a engineering job in about 2 months. After I lost that job, I refused to work for as anything else because I wanted to use my degree. I didn't work for almost a year and a half before I noticed my checking and savings account were running low. I swallowed my pride and ended up working at Walmart so that I could at the very least help my family out with bills, help pay for my younger brothers' college expenses, and also have my own money to spend. 4 months later, some friends told me that another engineering position opened up and I've been here working for that past 3.5 years.
I definitely regret thinking I was above customer service jobs. Working at Walmart humbled me and I definitely could've risen up to major managing positions in the time span I wasn't working (I was offered a managing position in 3 months, right before I left). Also I probably had more in my savings account. I wasted so much time. I'm grateful for what I have now. Trust me, there's no shame in working in retail or food service. You never know people's circumstances. Now, I just need to work on understanding investments...
I think going into how to move around your money, managing credit and the different types of accounts you can put your money in would be interesting to learn about.
I'm SUPERR grateful for this. I've been stressing about what to do (about money) after high school and I like seeing you guys talk about finances more :)
LOVE LOVE THIS CONVERSATION! So on point!
I just wanna say shout out to David and Joe for spreading this knowledge cause it's tru I'm 18 and wasted a year of doing Jack shit when I could've been making money but I thought McDonald's was beneath me now I work retail and its changed my perspective drastically and now I'm learning stocks cause Joe made it so interesting to me so basically thanks for making such a dope impact on me but I can't cut jk vids it's free and Im already like 3000+ worth of minutes I've invested into u guys lol love y'all man keep being yall also me n David have the same bday so obviously he's my brother
Thanks guys! I actually Listened to this podcast on my morning hike.
Charged me up for the day, great money advice always from Joe especially. I like you're divide and conquor strategy for high credit card debt.
I have to say, i recently turned 18 and my life is going in very mixed directions all at the same time, but these podcasts, and the whole jk crew and everyone involved with them really inspire me, like i know i aint gonna change over night, its gonna take time , but slowly they make me realise those real things in life that really change my perspective on life and how to live it. Its gonna take a lot of time to change the way i want to live, but so much respect to these guys for being so real with life and genuinely helping a lot out people out there (including me)
So much respect, blessed ❤
Fucking hell. Don't know who this Joe guy is but I appreciate the tips and wake up call. Felt understood like a person really cared for the situation I was in. I admit the biggest critic is myself and I'm the biggest enemy with my anxiety and fears. Your delivery was gentle and almost fatherly, first time feeling that energy. You understood our fears but not allowing us to hide.
"The David and Joe show"
This definitely best video you will ever find on UA-cam for the struggles of this generation. These guys and everyone on the JK Family are like everyones older sibling we wished we had!
@36:37 when David was listing all the things his dad did made me tear up. I can relate.
I thank so much for getting to know you guys, cause i was completly lost about so many things in life. I got into law school really early because my parents wanted and they always said study and you're gonna get money. I graduated i could not pay one single bill, because yeah i studied a lot, i had a lot of knowledge but no social skills, so i didn't have connections to work as a lawyer, and being a lawyer is not about how much you know, but how many people you know. It was a complete disaster, plus, it wasn't something i had chosen, it was just so frustrating. Then i decided to change area and do something that i was actually good at. Now I'm a teacher, i teacher english here in Brazil, with a whole different perspective, i'm not only worried about knowledge but also networking. But there is still a lot of things that i have to work on it, because in the end of the day, the only thing i did my whole life was studying, so the only thing I'm actually good at is studying. I'm working hard to be good in my career and also as a person. I don't know shit about money, every income that i have i spend all of it and i don't know even with what I'm spending. I had a privilege life which I've never had to think about bills or food, but now I'm 27 years old and i don't want to live like that anymore, i want to take responsibility for my own life, and having you guys is so so so important, you guys David and Jknews have been the true professors in my life, and I'm sp thankful, really really. I love you guys.
Been binge watching youre podcasts. Great tips & videos btw. Next i really want a video on motivation and how do you know if its the job/life for you.
I really needed this! More life lesson podcasts PLEASE!!
awesome awesome episode, really loved this one
Students and business starters like myself should listen to this podcast.
David&Joe thank you for this video! It was so simple and relatable that I truly learned a lot and feel that I’ll be able to carry this advice through out my life.
I got my very first job recently halfway through college. My mom also wanted me to focus on school alone, but I knew not having this job before I graduated would stunt my growth. So I am going to school and working, and getting them grades LOL
I got here by autoplay while washing my hair lol and im SOOOOOOO grateful i came across this!!!! I seriously adore Joe (and david) but something about Joe....He seems so sympathetic. He just inspired tf out of me!!! Im about to go look for a job right now!!
Thank you for another great upload DAVID :D
20 min in but great advice. What I personally do is I have a simple excel sheet where i put in the income I wanna get by and all of my monthly recurring payments. So rent, car, insurance, phone, internet, netflix and more. Then I add in money for food, haircut and other hygiene stuff. I also take into account some money I want to save up. The money I am left with I can freely spend or invest. If you this this you will for one, have a clear oversight on what you are spending and where you can spend less. And secondly you can then set a clear goal to the amount of money you will need to earn actively or passively to get by.
Thank you David and Joe for sharing this! This is definitely something I'm interested in listening further into this topic. Love GeniusBrain conversations!
Honestly I needed this. My spending habits have been insane. I've dug a huge hole for myself. Now I have to pay back. Thank you for this podcast. Gonna grind and hopefully pay off all my debt I accumulated within the next 3 years.
Thanks David and Joe! I just got out of my personal financial class, and I can assured you that your tips and information are extremely helpful! Great content as always👏🏼
I graduated HS, worked for McD for 3 yrs while going to PCC. Became a manager in my second year and quit because the store didn't value my input. I was a Shift manager who learned to do assist manager responsibilities and did them more efficiently. The supervisor also quit soon after...
Great way to start my morning :)
Yes go into detail please. Talk about how living off a portion of your income then saving for the rest.
I was thinking about doing that. Taking advantage of living with my parents then use the money saved to pay off my tuition when I transfer. Be be somewhat debt free.
I'm doing the same thing!!
Listening to joe felt like he was talking directly to me. Thank u joe
Very insightful episode. I learned a lot!
I got more insight and knowledge from your podcast then going to a seminar... love the content and what you guys do
Yoda David! Great Podcast - I needed this about 10 years ago LOL ..
couldn't agree more and related to everrrrrrrrrrything you guys were saying . So awesome. Keep it up
I like what david said in Geo and barts vlog where he said to that new girl on the show, "Never set goals for your self and just keep doing you on every day basic because if you do you set your self for failure and never try the things you set your future goals to".
Great episode! Budgeting sucks but it’s totally worth it in the long run! As for future topics. Maybe one about friends and how friends change as you grow. Surrounding yourself around people who in courage you as friends who only call you when they need something
I love this podcast so much. Someone who's first gen Asian, completed my bachelors and now masters, I'm struggling to get a job. This really really helped me and pushed me a lot. It's true, just having bachelors or even masters doesn't really mean shit, when employers will choose experience over a title.
please do these kind of topics with joe. i think geo is the best guest so far so plz do more with him.
love it
keep it up !
thank you so much for being motivational and real. i felt as i were there in the room with you all! looking for a job at the moment to help out the parents!
Classic episode, I learned so much u guys were dropping gems thank you!
Can you both go into depth on how stocks work, obtaining assets, how to start putting money into investments, and developing passive income? Also on starting companies, how to start paying and hiring employees, licenses or permits... it’s just always great hearing both your experiences and knowledge. This by far was my favorite episode.
Really do appreciate you & joes background knowledge. I could listen to you guys for hours. Keep em coming.
Loved the whole thing!!! Would love it if you guys would go more into the topic of investing!!
Thank you David & Joe for this information! Sometimes you gotta hear from someone else.. I’ definitely need this. Y’all are the best 👍🏽
This was amazing!! Great Job!
This was really good. I appreciated hearing the "come up" stories. I never thought about the credit card balance transfer idea 👍🏼
This is so helpful! I'll be going into the real world soon once I graduate. Money & finances is something I think about a lot these days.
i loved this podcast. you guys actually talked about real life stuff that are useful for me right now.
I love all of your topics. Thank you for sharing this!!!💛
This just changed my whole mindset. Hella motivated. I love these guys 😭
This was really useful, thank you!
For the next financial podcast, can you guys go over credit score? Maybe go over your experiences with credit score, ways to maintain it and ways to improve credit score. Thanks! You guys are killing it with the podcast! Love listening to the podcast!
good shit david and joe i love the knowledge
I just wanted you guys to know that this really helped like really even though I don't live in the states I could relate to a lot of this just because you are sharing a lot of life experience which a lot of people that come on really don't have either because they are too young like me or just because they really did not get that financial knowledge growing up so thanks a lot.🙏
Thanks for the advice! Im from NYC and it’s very easy to spend on “bare necessities” but it’s things that I don’t need
Hey David So. I’m a huge fan of you and JK and these podcasts have been amazing. This one in particular stood out to me because the business I’m a part of is actually going out and teaching people about financial literacy. We actually are campaigning for financial literacy and are hoping to help 1 million families to become financially independent by 2020. We run free workshops and teach all over the country. I would love to talk to you more about what we do so it would mean the world to me if you reached out!
Yo David and Joe, thanks for doing this. Really great advices.
thank you for this video! I really need this. Please make a long video about investing.
I loved this!! Agreed with so many points.
Well of course we couldn't be certain that Joe is Japanese till he told us but hell a lot of us speculated around 2012-2013 towards Japanese and there's been comments.
Anyways I really enjoyed every single podcast episode, I'm interested into seeing more financial based topics as I am a university student looking to plan out my financials, I always been told to start investing and also been told to buy stocks. But I don't even know where to preciously start. Yes I am budgeting, yes I am lowering my expenses, but I just don't know what/where to invest. If you guys could cover that more I'll be really grateful. Thank you 100x.
1. Make a habit out of reading journals like WSJ in order to stay on top of current events that affect financial markets and investment risk/opportunity.
* Recent example 1: Just last week, the inversion of the yield curve (a popular and fairly accurate indication of an upcoming recession) caused the S&P 500 to drop a couple of percentage points
* Example 2: Slowing global growth, combined with uncertainty regarding U.S/China trade talks and Brexit are making investors nervous
* Example 3: OPEC oil production cuts are driving up energy prices which may eat into corporate profit margin
* Example 4: The Federal Reserve has signaled that it won't raise interest rates this year, providing a boost to the market.
2. When you're investing in stocks, you need to understand the industry in which the company is competing in and how that may impact its performance (retail stocks are doing well as real wages (adjusted for inflation) are rising so consumers are buying more goods on Amazon, Target, etc.). In other words, don't invest in companies just because they're popular, like Tesla.
3. Since you're young, you can take more risk when it comes to investing into stocks, particularly "small stocks" and "value stocks." These stocks are typically less popular and more risky, but in the long term yield higher returns. With stocks, you can lose your entire initial investment, but stocks also have potentially unlimited returns.
4. Since you're young, your investment portfolio should consist mostly of stocks and very little in bonds, which have guaranteed returns but do not return very much (U.S. government issued Treasury bonds right now yield about 2.5%). As you get older, re-balance your portfolio so that it's mostly weighted by bonds, low-cost index funds, and less in stocks.
5. If you don't believe in the importance of re-balancing your portfolio, just read up on how during the Great Recession, older workers who were reaching retirement age saw their savings get absolutely DESTROYED.
6. If possible, start investing EARLY and participate in your company's 401k plan. Defer as much of your income as you can and get the maximum matched contribution from your employer. This is essentially FREE money you can get from your employer in addition to your salary.
39:03 This is what I'm going through, my dad spoiled my brother and I too much.
This was awesome.... then you could do a series on what to invest in after you have something in your pocket besides buttons. 😄 I appreciate genius brain so much
thank you for this guys
jesus, i learn more about saving from this video than learning this mandatory course i had to do to graduate
AMazing podcast. Great advises. A lot of the things hit hard. Thanks.
The financial knowledge bombs are some of the most interesting topic whenever I hear the JK fam talk about it, but it's just fascinating when y'all go into depth with it. I would like to hear more about it and the different perspectives on life. Just hearing about different perspectives allows me to see things from another angle and helps broaden my horizon.
Really enjoyed this podcast. Thanks so much for the insightful conversation and laughs! :)
I really liked this episode, and appreciated Joe's advice about breaking habits and defining necessities. If you guys are gonna do another episode, I'd like more advice on starting to invest (how much money should you save up to start out with? Are small investment apps worth it? what sources of knowledge helped you most when starting out? did you have any major failures investing?)
I'm down to listen to the boring stuff that Joe was taking about if there's a part 2.
I’ve been in the JK comments for a long time and quite a lot of people speculated that Joe is Japanese
Good episode, You guys hit every nail on head
I’m only 13, but i really want to know a lot about financing. So thank u for this video cuz it’s giving me a lot of helpful information and helps me think more about things in my life. I hope u make more videos or podcasts about financing cuz this was very helpful for me. Thank u.
Please talk more about getting out of debt and how to use credit cards TO OUR ADVANTAGE!
This episode was so incredibly helpful and enlightening. Hoping you and joe can talk further about credit cards, getting out of debt, and maybe even cooking/food ideas for when you’re budgeting on a really low income. Thank you!!
Heyo, I've been listening on Spotify by wanted to stop by and say hi, and thank y'all for the podcast!
As far as topics go, I'd LOVE to hear Joe talk more abt the eBay hustle, cause I've done a bit of the yard sale flipping stuff myself, but never heard about wholesaler's licenses.
And I wanna hear abt David's come-up as a musician-what was teaching yourself to perform like?
Peace. ✌🏾
Our immigrant parents hustled like we can't even imagine. I relate so hard to David's story about his dad. Our generation, we whine about not having the latest iPhones or whatever BS. Really helps when I'm down to keep that in perspective and be grateful for what I have. Nothing was guaranteed for them, they had mouths to feed and bills to pay, but they made it happen, created family, security and social fabric from nothing.
Fantastic podcast! More on financial advise would be great
Thank u david and joe. Im one of those who grew up stupid under my parents home rules and wanting to leave. I left and worked so hard. Building credit cause i grew up hearing my mom tell me credit cards are dangerous.. And im figuring out shit. Paying mortgage and taxes that go up n down. House expenses. Car brakes and oil shit. I need to figure out financing and money management. Credit cards are dangerous. Im trying to pay that off. Ugh. But yes. To kno i not suffering this myself... gives kind of a sigh of relief. This was great info. And advice. Thank u for the knowledge boost. Sorry for spewing a bunch of stuff. So much. bogged down.
colors in the back make me think sailor moon every time. sailor moon podcast