Can you relate to any of my mistakes with money? Drop a comment and share this video. ⭐ MINT MOBILE - Save Money on your wireless with my channel partner Mint Mobile: trymintmobile.com/smartmoneybro
Mistake 1: hanging on to student loans too long. Lesson: pay off debt asap. Mistake 2: not investing in workplace retirement. Lesson: invest early and invest more than the match. Mistake 3: over leveraged in rental properties. Lesson: ensure you can afford your side business by not over-leveraging and having enough of a cash cushion for set-backs/bad times
@@tomjack1130 I agree with you to some extent. I paid on student loans for 15 years to get them paid off..However the income increase I made, due to my better education, was far more valuable than the loans
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
Annette Christine Conte is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
I remember when I just got into crypto back in 2019 but later in 2020 I ended up selling it because I was dumb and I didn't understand it. I studied and learned and now I know how it works. Got back into crypto early in 2023 with 10k and I’m up with 128k in a short period of time . I was able to build a business from my returns
Learn the basics of investing, create a budget, assess your risk tolerance, pick an investing platform (such as TD Ameritrade, Charles Schwab, or Robinhood), start small, diversify your holdings, stay up to date on market developments, or-better yet-hire a financial advisor to make things easier for you.
@@PatrickLloyd- This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
Sophie Lynn Carrabus is the advisr I use and I'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Damn. Mistake #3 was me from 2006-2008. Three of my four tenants decided that the way they were going to survive the 2008 economic crisis was to not pay me rent. Was literally carrying all of those mortgages. Nearly sunk me. That’s the part no one wants to hear. That you need a substantial amount of cash to even begin investing in real estate. Most invest in real estate in order to GET the cash they lack. That’s where things go wrong.
If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.
Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
Great work! I started really getting things together around 34, so you are ahead of me. I'm 39 now and zero debt and about $200k in assets + retirement.
Im 29, single and still with parents. Right now the only thing on my mind is to pay off my car loan and student loans asap before getting into a serious relationship. Best i can say is save , save and keep saving . Finish paying off that car/student loan? Keep paying it into your savings-make it a habit and before you know it you got bang . Its easy to say than to do but i think this is how ill go about future preparation.
I had 85k in student loans and my wife 13k.....this last year we finally finished paying them all off, it was a 14 year sludge for us, but we got it done. Im 40, and we are now hitting investments hard. Journey's are journeys and in the end we are better for it. If i didnt have student loan debt like i had, i woulda been in a supremely different position in life. But paying them off and down tought me a valuable life lesson, discipline
I been maxing out 401k since 2010. Started since 2006 but didn't really get serious until 2010. Thanks to my younger years. Compound interest is my best friend!!
The only comparison that matters is the one to yesterday's self. Today you're starting which means you're already better than you were yesterday:) I started at 41... was in 7K debt and living in my overdraft. I'm now debt free have a 15K emergency fund. 20K saving pot and just surpassed ~$150K in my portfolio. I am almost 43 now!
41 yo here, and I just started my roth IRA this year, maxed it out, and have $7k set aside for next year. also opened an individual brokerage account and buying ETF's every month. Get after it man!
Well done on profits! I lost a lot chasing individual stocks and I feel pretty silly for not understanding how investing works. I have a double major in economics but I’ve been trying to make sense of the market.
Keep it simple, buy things you understand, take some risk but don't try to shoot the lights out. I’m invested in ETFs, equity index funds, and individual stocks and use a CFA. On average, she takes 10% of earnings, but using *Lina Dineikiene's* system makes it much more hands-off. I conservatively follow her recommendations and market entry and exit points, and tbh this makes it fairly simple for me... I am convinced it's not just hard work but smart work :-)
@@c.miller2691 36 year old...100k 401k with pension and 50k savings. No house but i honestly feel like owning a house nowadays isnt the way at tge moment...the difference from rental/ owning is like $1800.....id rather save that monthly😱...do the math for 30 years.
@@DSNCB919 your asset will be a 30 year old house.....i know im not buying that.....think about the amount of money youve dumped in that + maintenance ei 500k home at 6%...your spending 1.4 million in 30yrs. How is that an investment. 🏡 ownership only makes sense with interest at 3% or below. Genz and some millenials dont even want a house...they want the lavish townhomes with a restaurant in the lobby and no kids 😆. You can also invest that extra money vs giving it away to a mortgage. I love seeing cash 💸 bump all that home is an asset nonsense.
Just Turned 39 today and definitely needed to hear/listen to this message. I still feel behind investments-wise and Financially at this point of my life. It's Better to start and re-tool later than never. Sometimes You have to get knocked down in order to come back stronger.
Thank you for being honest and willing to share your mistakes so that me (and us as the younger generation) can learn from what you've gone through. Much respect for that !!!
I have alot of student loan debt and immediately after I graduated I made a plan to pay it off . Small loan amounts to the large loan amounts . Paid it off for a year while staying at my moms house. Also paid off my car and credit card debt .
just turned 33 and glad i found your channel. you are the father figure everyone needs. I have a good well off father and he taught me alot of important things but just not the topics/subjects you explain. he also doesnt speak as well as you😅😆. thank you so much, dad
Thank you so very much for being transparent. Your message about your financial journey needs to be shared. This is for those that come behind you, to show there is a way out. Equally important, you also provide, what to do once you are in a better position to wealth build. New subscriber here. Thank you.
Yes his content is highly valued most of these financial advisors on UA-cam aren’t telling you the behind the scenes stories how they failed to Sucess I’m still Making hundreds of mistakes every month
I agree with your comment around leverage on rentals. If you only cash flow a few hundred dollars a month, you are one vacancy or repair away from losing money. Being a landlord is not easy.
‼️‼️ Yes that’s why I sold my rental property paid off all my debt ..car/student loans/credit card and started my savings all over. 0 debt and starting over
Also, note that SMB didn't have that strong of a net worth at 47 (he mentioned $200k) but ended up seven figure net worth five years later. If he can do it, we can too!
Hey man! Listen to this man ! He knows!!!! Be glad he bestow his knowledge. Be glad he is and was a teacher. I was raised by teachers and everything he he is saying is dead on ! My brothers!
This month I saved up money for the first time ever. I put 4300 dollars in to my savings account in October alone and put an automatic payment of 430 dollars to my savings account every month from now on. I put a couple of hundreds in stocks and a couple hundreds in retirement. I have my own business and can finally make enough to save up and invest. It's a great feeling. Next year it's my goal to have 15k saved up and still invest every. I've never been a big spender and unfortunately never been a big saver, but from here on out, things will change 🔥
Notice he worked for the federal government. Also, the couple Our Rich Journey who has a successful financial channel, both also worked for the Federal government. I myself, even work for the federal government. Those of us who work for the federal government receive steady pay and great benefits. This helps long-term as you put your years in and begin to move up. Many of us who work for the federal government are millionaires just from our TSP. I encourage anyone whose reading this post to try to get into the federal government for a career. It also adds an extra layer of security job wise as long as you do a great job. Salute to this channel.
For the average man in the street, the best way to make a few million bucks is to be in a well paid stable job, live frugally, and invest in stocks and/or property. A stable government job won't make you a billionaire; you need to create a business for that. But all around me, almost everyone who has tried to create his business has failed, sometimes taking down years of life savings. The very rich did make their money with a concentrated stock portfolio - or 100% focus on their startup business, an even greater risk - but then again, the media never tells us about the many who try and fail, they just hype the winners. In a way, this is sad. We live in a capitalist economy, but it seems almost impossible to set up your small business and grow it big.
@@stephaneaderca7948 Yes, the odds are stacked against you as a business owner, especially if you are just starting out and don't have that much capital. It's going to be hard. Nothing in life is easy, so you have to put in the work. And the best way to do that, is education and get into a job that's stable. The federal position offers stability, benefits and a great matching TSP. I have friends in the feds who are well over a million in their TSP. They are basically millionaires from working a stable job for years and investing in their TSP. They don't have a business at all. So it's possible. You just need patience and financial education.
@@msm41009 Keep. applying. I applied for over 300 applications before I got hired. And just when i was about to give up, and said the hell with these fed jobs, I got hired during Covid. Make sure your online resume wording matches with the job duties your applying for. Answer all questions as if you are an expert in the position. And keep putting in apps. Dont just throw the resume together and hope youll get in. Take your time and put effort into your application.. And apply like crazy. Good luck.
Being a rental property owner does come with certain risks. In my state, especially in my city, rental laws are so crazy that it might not even worth it at all.
Wow! Thank you so much for the video. I now find myself in the same property rental issue. I have lost so much money and in a deep hole. I am in my fifties and always beat myself for taking that step but with your video, I feel like not all is lost. If I have life, then I can overcome some day. Thank you very much.
Thanks for the honest video and encouraging message. Here in UK, our student debt if not paid off after 30 years, gets written off. So there is a 'weighing things up' decision to make on whether you even bother paying it back. Some people based on what they earn will think well what's the point if it's getting written off after 30 years, since the interest on it will also be of no consequence and they would rather save their money up for a house or invest.
Thx for sharing! I am 32 and a FED. When I got a fed position at 21 y/o, no one told me how to invest in TSP, so I had it sitting in the G fund for way too long. 😢 I have student loans. I'm about 3 years from PLSF forgiveness. Im hoping that will still be an option in three years. 🙏
Yes those student loans are a silent killer in a sense. When we were all coming up no one told us or taught us about those loans. We all we encouraged us to get those student loans also. Great video. Thank you. My husband and I started really focusing on investments and a freedom lifestyle. Teaching our grown kids along the way and just hoping they are listening. Congrats on your dislike and your net worth growth!
Hmm... It was common sense to me to payoff my student loan soon when I had money. I did defer a year to two while looking for job. Before Trump changed Tax rules for rich, you can write-off all the student loan interests so long as you pay off each month installments.
A lot of us made these mistakes especially number 2 I’m guilty of that too. But over all I’m happy where I’m at now at age 56 plus we both have pensions. Thank you for your transparency.
one of my biggest mistakes was at 27, i emptied my 401k. i had quit my job as a bus driver, and was going back to school, so i needed the money. it was only about $25k, but i still wish i would've left it alone. it's a battle getting to $100k net worth.
My hugest mistake and I’m in my 30s is saving huge piles of cash on banks and not doing a taxable brokerage. My parents said stocks are gambling and little did I know there was index funds which basically gives you 10% returns on average. I screwed up
@@whit6444 Great, I'm 100% invested in the C fund now and I've seen major growth in my portfolio since I switched from L to C fund one year ago. Boy oh boy, I would have been a TSP million by now if I would have invested in the C fund years ago.
Love the advice, life is a constant learning experience. I’ve made plenty of mistakes but you have to look in the mirror at some point and like you said “jump in”. Live within your means
Damn man, this was such vital information. I appreciate you 👍🏻 year 32 was a tough one for me but I’m happy to say that year 33 seems to be a great net POSITIVE year for me. These gens will be implemented by me asap
Not going to lie this video literally gives me chills I’m about to 30 I’ve worked for the government for 7 years put the bare minimum in my tsp I think 5 percent whatever they match bt I’m in a separation status right now and I have arbitration coming up hopefully I win if not all I will have is the money from my tsp which is exactly the amount you got I can’t make this up
If you are going to stay with the government, you need to up it to 15% or more (preferably max it out). Trust me....that is one of my biggest mistakes. Go hard hard in the 1st and 2nd quarter so you can chill with that W in the 4th quarter of your life!
43 here with a good investment plan that ensures steady income without any doubts I and my wife are prepared for a well organized retirement. I started investing in stocks 2 years ago and so far, I am making a good yield on my dividend. I've learned that getting a good return is very much attainable only if you know your way around it.
You say it like it's easy forgetting that not everyone is as lucky as you are. I've invested for months now without any progress. How are you able to do it?
It's totally far from luck. Sir Jonas Herman, a CFA has consistently outperformed the market ever since I got on his program. He has continued to put my $25k to good use with market driven strategies making me an optimal return of over $101k
Do not forget that when it comes to investing, prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors or “experts” do not influence.
Great video and great content. Thanks for sharing and being so transparent with your floss and mistakes. I own a duplex, and you’re absolutely right when it comes to buying the property the right way. CASH FLOW is king. I’m not controlling a $300k-$400k property just to make $300/month profit or $3,600/year. It’s just not worth it. Uncle GC (Grant Cordone) always say “your cash-flow from the property will determine how long you can hold on to the property. Sooner or later, something is gonna break, and that’s when you gonna find out who been skinny dipping. lol “
Thanks for the invaluable advice, champ! I've been wanting to dive into rental properties for a long time but kept getting led astray by bad advice. I’m grateful to finally be on the right track with your guidance!
Can you relate to any of my mistakes with money? Drop a comment and share this video. ⭐ MINT MOBILE - Save Money on your wireless with my channel partner Mint Mobile: trymintmobile.com/smartmoneybro
SMB, this was your best video. Awesome
Can you make video on mistakes with women
Mistake 1: hanging on to student loans too long. Lesson: pay off debt asap.
Mistake 2: not investing in workplace retirement. Lesson: invest early and invest more than the match.
Mistake 3: over leveraged in rental properties. Lesson: ensure you can afford your side business by not over-leveraging and having enough of a cash cushion for set-backs/bad times
@@LeesaLilHop thank you!
In my opinion...Mistake number 3 had a large effect on the first 2 mistakes
“Mistake 1” isn’t a mistake. Student loans aren’t like other debt. It depends on
@@tomjack1130 I agree with you to some extent. I paid on student loans for 15 years to get them paid off..However the income increase I made, due to my better education, was far more valuable than the loans
@ it is when you defer them indefinitely as described in this video.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@@Aarrenrhonda3 How can I reach this advisers of yours? because I'm seeking for a more effective investment approach on my savings?
Annette Christine Conte is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Appreciate this video. Im 34 and needed to hear this.
@@thetrapboy same bro
@@thetrapboy 👍🏽
@@thetrapboy same. 😔
Same here bro
Me too I just started working two full time jobs
I remember when I just got into crypto back in 2019 but later in 2020 I ended up selling it because I was dumb and I didn't understand it. I studied and learned and now I know how it works. Got back into crypto early in 2023 with 10k and I’m up with 128k in a short period of time . I was able to build a business from my returns
Honestly I really need help learning to trade. Seeing my portfolio low makes me very sad.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
Learn the basics of investing, create a budget, assess your risk tolerance, pick an investing platform (such as TD Ameritrade, Charles Schwab, or Robinhood), start small, diversify your holdings, stay up to date on market developments, or-better yet-hire a financial advisor to make things easier for you.
@@PatrickLloyd- This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
Sophie Lynn Carrabus is the advisr I use and I'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Damn. Mistake #3 was me from 2006-2008. Three of my four tenants decided that the way they were going to survive the 2008 economic crisis was to not pay me rent. Was literally carrying all of those mortgages. Nearly sunk me.
That’s the part no one wants to hear. That you need a substantial amount of cash to even begin investing in real estate. Most invest in real estate in order to GET the cash they lack. That’s where things go wrong.
If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.
You are absolutely right 💯
Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should do?
Cryptocurrency/stock investment, but you will need a professional guide on that.
Facebook 👇
I watch these everyday literally helps me make better decisions everydayyyyy
Big Money Bro, I have your same story. I'm 30 finally getting it together. Investing, saving & working to get Assests. Thanks for your Knowledge
You got this!
Great work! I started really getting things together around 34, so you are ahead of me. I'm 39 now and zero debt and about $200k in assets + retirement.
You’re young bro. Every dollar you can put in now will be greatly multiplied by the time you’re 60. Pay yourself first and invest it wisely!
Im 29, single and still with parents. Right now the only thing on my mind is to pay off my car loan and student loans asap before getting into a serious relationship. Best i can say is save , save and keep saving . Finish paying off that car/student loan? Keep paying it into your savings-make it a habit and before you know it you got bang . Its easy to say than to do but i think this is how ill go about future preparation.
Glad I never took out student loans just to make what I make right now.
smart move!
Straight to the point and personal life experiences, very few channels do this 💯 🙏🏿
I had 85k in student loans and my wife 13k.....this last year we finally finished paying them all off, it was a 14 year sludge for us, but we got it done. Im 40, and we are now hitting investments hard. Journey's are journeys and in the end we are better for it.
If i didnt have student loan debt like i had, i woulda been in a supremely different position in life. But paying them off and down tought me a valuable life lesson, discipline
I been maxing out 401k since 2010. Started since 2006 but didn't really get serious until 2010. Thanks to my younger years. Compound interest is my best friend!!
@@tkhemjinda bravo
TVM
time value of money
good on u my friend
because that is FREE money
Watching in my 40s... And only just starting investing I feel so behind!
Gotta start somewhere
The only comparison that matters is the one to yesterday's self. Today you're starting which means you're already better than you were yesterday:) I started at 41... was in 7K debt and living in my overdraft. I'm now debt free have a 15K emergency fund. 20K saving pot and just surpassed ~$150K in my portfolio. I am almost 43 now!
41 yo here, and I just started my roth IRA this year, maxed it out, and have $7k set aside for next year. also opened an individual brokerage account and buying ETF's every month. Get after it man!
Well done on profits! I lost a lot chasing individual stocks and I feel pretty silly for not understanding how investing works. I have a double major in economics but I’ve been trying to make sense of the market.
Keep it simple, buy things you understand, take some risk but don't try to shoot the lights out. I’m invested in ETFs, equity index funds, and individual stocks and use a CFA. On average, she takes 10% of earnings, but using *Lina Dineikiene's* system makes it much more hands-off. I conservatively follow her recommendations and market entry and exit points, and tbh this makes it fairly simple for me... I am convinced it's not just hard work but smart work :-)
Your an inspiration for us 36 year olds that final got our heads out of the butts
Amen
@@c.miller2691 36 year old...100k 401k with pension and 50k savings.
No house but i honestly feel like owning a house nowadays isnt the way at tge moment...the difference from rental/ owning is like $1800.....id rather save that monthly😱...do the math for 30 years.
@@jeromejerome940 you assume the saving spread will be the same for 20 years. In the UK, it's narrowing.
@@jeromejerome940 hyper inflation your money will loose value your assets will gain value
@@DSNCB919 your asset will be a 30 year old house.....i know im not buying that.....think about the amount of money youve dumped in that + maintenance ei 500k home at 6%...your spending 1.4 million in 30yrs. How is that an investment. 🏡 ownership only makes sense with interest at 3% or below. Genz and some millenials dont even want a house...they want the lavish townhomes with a restaurant in the lobby and no kids 😆. You can also invest that extra money vs giving it away to a mortgage. I love seeing cash 💸 bump all that home is an asset nonsense.
Bro, great advises, I'm in my 30' and your videos have just ease my future path. Some day I will write you how I went. Best regards from Poland
I’m with the post office and I really started contributing to my TSP
Thank you brother
I’m 32 so the time to fix this is NOW !
Just Turned 39 today and definitely needed to hear/listen to this message. I still feel behind investments-wise and Financially at this point of my life. It's Better to start and re-tool later than never.
Sometimes You have to get knocked down in order to come back stronger.
I didn’t search for this but god knows I needed to hear this. Thanks for sharing man
SMB, always value added in your content. Thanks for the honesty about your mistakes.
You're welcome. Thanks for watching.
Thank you for being honest and willing to share your mistakes so that me (and us as the younger generation) can learn from what you've gone through. Much respect for that !!!
I feel ya bro Im still poor 31 but Im gonna do my best now to arrived at 52 and retire at that age Im working since 17 age
I have alot of student loan debt and immediately after I graduated I made a plan to pay it off . Small loan amounts to the large loan amounts . Paid it off for a year while staying at my moms house. Also paid off my car and credit card debt .
Congratulations!!
just turned 33 and glad i found your channel. you are the father figure everyone needs. I have a good well off father and he taught me alot of important things but just not the topics/subjects you explain. he also doesnt speak as well as you😅😆. thank you so much, dad
Been there before brother! Took me 14 years to pay off student loans. Very informative topic. Life is always a roller coaster.
Thanks Unc. Be safe out there. Love the content. Much needed for our community!
Much appreciated
Great story.
Thank you for your input and insight.
I was in a similar situation with student loans. Thanks for the transparency.
Thank you so very much for being transparent. Your message about your financial journey needs to be shared. This is for those that come behind you, to show there is a way out. Equally important, you also provide, what to do once you are in a better position to wealth build. New subscriber here. Thank you.
Yes his content is highly valued most of these financial advisors on UA-cam aren’t telling you the behind the scenes stories how they failed to Sucess I’m still
Making hundreds of mistakes every month
I agree with your comment around leverage on rentals. If you only cash flow a few hundred dollars a month, you are one vacancy or repair away from losing money. Being a landlord is not easy.
Exactly 💯
‼️‼️ Yes that’s why I sold my rental property paid off all my debt ..car/student loans/credit card and started my savings all over. 0 debt and starting over
This guys the approachable Uncle on the Dad’s Side that really be having the keys and the message! Appreciated Unc!🤝
@@rowanv3294 that's a true compliment 😂
Also, note that SMB didn't have that strong of a net worth at 47 (he mentioned $200k) but ended up seven figure net worth five years later. If he can do it, we can too!
Exactly 💯
Wow! Awesome
@MattsGamblingSlots Please who is SMB?
Hey man! Listen to this man !
He knows!!!!
Be glad he bestow his knowledge. Be glad he is and was a teacher. I was raised by teachers and everything he he is saying is dead on !
My brothers!
Thank you for your honesty and sharing your life experience.
Been watching all of your videos recently. I appreciate the wisdom, sir.
Thanks for watching 👀.
This month I saved up money for the first time ever. I put 4300 dollars in to my savings account in October alone and put an automatic payment of 430 dollars to my savings account every month from now on.
I put a couple of hundreds in stocks and a couple hundreds in retirement.
I have my own business and can finally make enough to save up and invest. It's a great feeling.
Next year it's my goal to have 15k saved up and still invest every.
I've never been a big spender and unfortunately never been a big saver, but from here on out, things will change 🔥
My goal is to hit 50k by June next year while paying down student loans. Good job 👏
@@erikjuarezdk2367 Check out Marcus by Goldman Sachs. High Yield Savings Account. You can take your money out at any time also.
@@erikjuarezdk2367 how did you save if you don’t mind me asking did you pay yourself first?
You know what, I appreciate you typing that. I am too going to change that on my end. Keep striving brother.
Notice he worked for the federal government. Also, the couple Our Rich Journey who has a successful financial channel, both also worked for the Federal government. I myself, even work for the federal government. Those of us who work for the federal government receive steady pay and great benefits. This helps long-term as you put your years in and begin to move up. Many of us who work for the federal government are millionaires just from our TSP. I encourage anyone whose reading this post to try to get into the federal government for a career. It also adds an extra layer of security job wise as long as you do a great job. Salute to this channel.
Agree, I'm in govt. It allows for a very comfortable life with the ability to build wealth and pay your bills. It's a hack for sure.
For the average man in the street, the best way to make a few million bucks is to be in a well paid stable job, live frugally, and invest in stocks and/or property. A stable government job won't make you a billionaire; you need to create a business for that. But all around me, almost everyone who has tried to create his business has failed, sometimes taking down years of life savings. The very rich did make their money with a concentrated stock portfolio - or 100% focus on their startup business, an even greater risk - but then again, the media never tells us about the many who try and fail, they just hype the winners.
In a way, this is sad. We live in a capitalist economy, but it seems almost impossible to set up your small business and grow it big.
@@stephaneaderca7948 Yes, the odds are stacked against you as a business owner, especially if you are just starting out and don't have that much capital. It's going to be hard. Nothing in life is easy, so you have to put in the work. And the best way to do that, is education and get into a job that's stable. The federal position offers stability, benefits and a great matching TSP. I have friends in the feds who are well over a million in their TSP. They are basically millionaires from working a stable job for years and investing in their TSP. They don't have a business at all. So it's possible. You just need patience and financial education.
@@Kush333 I'm trying to get a federal government job. I have applied to several jobs and have had no luck. Do you have any advice on how to get in?
@@msm41009 Keep. applying. I applied for over 300 applications before I got hired. And just when i was about to give up, and said the hell with these fed jobs, I got hired during Covid. Make sure your online resume wording matches with the job duties your applying for. Answer all questions as if you are an expert in the position. And keep putting in apps. Dont just throw the resume together and hope youll get in. Take your time and put effort into your application.. And apply like crazy. Good luck.
Being a rental property owner does come with certain risks. In my state, especially in my city, rental laws are so crazy that it might not even worth it at all.
@@Junnie94112 what city by chance? I started investing in real estate 6 years ago, didn't believe in a mortgage so I paid them off asap
Wow! Thank you so much for the video. I now find myself in the same property rental issue. I have lost so much money and in a deep hole. I am in my fifties and always beat myself for taking that step but with your video, I feel like not all is lost. If I have life, then I can overcome some day. Thank you very much.
You can do it!
Hardships are some of the best teachers in life, it's crazy
Absolutely 💯
I’m 29 i turn 30 in may … glad i found this video
@@Prince__Major same here
I can't tell you how much this content is motivating me right now. Thank you so much ❤
You are so welcome!
Thanks for the transparency. These are some good experiences to learn from.
You actually explained everything very well. Wisdom comes with age and we have to learn and teach the young.
Your journey is so inspiring, that its never too early or too late to fix your financial life :)
Thank you. You are so right!!! Thanks for watching.
Thanks for the honest video and encouraging message. Here in UK, our student debt if not paid off after 30 years, gets written off. So there is a 'weighing things up' decision to make on whether you even bother paying it back. Some people based on what they earn will think well what's the point if it's getting written off after 30 years, since the interest on it will also be of no consequence and they would rather save their money up for a house or invest.
Appreciate this 🫡
You say only the trust! It’s the real help !Thank you
I like how you keep it real, I appreciate the honesty.
Watching this at 34 …thank you sir!
Thx for sharing! I am 32 and a FED. When I got a fed position at 21 y/o, no one told me how to invest in TSP, so I had it sitting in the G fund for way too long. 😢
I have student loans. I'm about 3 years from PLSF forgiveness. Im hoping that will still be an option in three years. 🙏
Shalom Ach, you hit it dead on the head especially with the TSP. I tell my Soldiers this all the time! Walk strong and keep the content coming.
This is probably the best advice about money on UA-cam. Just subbed love your content man!
Thanks so much.
Beautiful life story. Perseverance is a good thing.
As a Englishman in his 40s, I concur that this is great advice.
My friend shared ur vid to me, im so happy he did! Learned a lot!💯
Yes those student loans are a silent killer in a sense. When we were all coming up no one told us or taught us about those loans. We all we encouraged us to get those student loans also. Great video. Thank you. My husband and I started really focusing on investments and a freedom lifestyle. Teaching our grown kids along the way and just hoping they are listening. Congrats on your dislike and your net worth growth!
Hmm... It was common sense to me to payoff my student loan soon when I had money. I did defer a year to two while looking for job. Before Trump changed Tax rules for rich, you can write-off all the student loan interests so long as you pay off each month installments.
Always wanted to get into real estate so I love the perspective. Thanks for sharing
There needs to be a part two to this video. At what point did you turn this around and how? Thanks for the fantastic video ✌️💯💝😊
I appreciate your honesty. I’m eager to learn from your mistakes. Thanks for the wisdom!
When I was brand new in the military I was putting 60% of my salary into the TSP and I wasn't even maxing it out. People thought I was crazy.
May God continue to bless you brother. Thank you for teaching me !!!
You are very welcome
A lot of us made these mistakes especially number 2 I’m guilty of that too. But over all I’m happy where I’m at now at age 56 plus we both have pensions. Thank you for your transparency.
Yes sir. Congratulations on those pensions. They will help, for sure.
I really needed to hear this.. just turned 29yo and feeling so behind.. no car note,No debt/student loans,. Live alone trying to get rich.
@@Jay_Safe your blessed
Thanks for being transparent very helpful brother
Thank you for sharing your story, is appreciated!!!
Thank you for the transparency brother! 🙏
Been a few seconds in you got a new subscriber
Thanks
Great message brother! Agreed 100 percent!
Dude I really enjoy your videos. Your honesty and non-victim mentality is really awesome. Keep the content coming! Appreciate you!
Thanks so much!!
Thanks, I'm going to do that TSP increase asap.
Good stuff. Mental note on all the advice given.
Thank you so much for sharing this advice and about bouncing back financially stronger!
one of my biggest mistakes was at 27, i emptied my 401k. i had quit my job as a bus driver, and was going back to school, so i needed the money. it was only about $25k, but i still wish i would've left it alone. it's a battle getting to $100k net worth.
Awesome video SMB and thank you for sharing it, I really learned a lot from this video.
Omg I keep telling people to stop taking out student loans! Doesn’t matter where you get your education as long as they’re accredited!
My hugest mistake and I’m in my 30s is saving huge piles of cash on banks and not doing a taxable brokerage. My parents said stocks are gambling and little did I know there was index funds which basically gives you 10% returns on average. I screwed up
You still have plenty of time to invest and still become a millionaire 👍✌️💯💝😊
I made exactly this same mistake.
I’m going to go s&p index funds now too. Dam 🤦🏽♀️
It’s gambling
Anyone in there 20s watching?
@@dr.sungod2129 yes sir 21!
I need to hear it. Thanks man.
Loved this talk. I mistakenly invested many years in the L fund of TSP. I kick myself, but I have to move on.😅
OMG I understand your regrets. I did worst by having mine invested in the G Fund ☹️
@@kemi1486 yikes 😬 but we move forward 😌
@@janekai.661 i think I’m in the C fund.
@@whit6444 Great, I'm 100% invested in the C fund now and I've seen major growth in my portfolio since I switched from L to C fund one year ago. Boy oh boy, I would have been a TSP million by now if I would have invested in the C fund years ago.
Thank you for sharing your experience
My pleasure!
Love the advice, life is a constant learning experience. I’ve made plenty of mistakes but you have to look in the mirror at some point and like you said “jump in”. Live within your means
Thanks very much for your transparency. You are appreciated!
Thank you so much for this video 🔥🎯💪🏾
Damn man, this was such vital information. I appreciate you 👍🏻 year 32 was a tough one for me but I’m happy to say that year 33 seems to be a great net POSITIVE year for me. These gens will be implemented by me asap
Not going to lie this video literally gives me chills I’m about to 30 I’ve worked for the government for 7 years put the bare minimum in my tsp I think 5 percent whatever they match bt I’m in a separation status right now and I have arbitration coming up hopefully I win if not all I will have is the money from my tsp which is exactly the amount you got I can’t make this up
If you are going to stay with the government, you need to up it to 15% or more (preferably max it out). Trust me....that is one of my biggest mistakes. Go hard hard in the 1st and 2nd quarter so you can chill with that W in the 4th quarter of your life!
thanks for this Unc. Very good advice.
You're welcome!!!
43 here with a good investment plan that ensures steady income without any doubts I and my wife are prepared for a well organized retirement. I started investing in stocks 2 years ago and so far, I am making a good yield on my dividend. I've learned that getting a good return is very much attainable only if you know your way around it.
You say it like it's easy forgetting that not everyone is as lucky as you are. I've invested for months now without any progress. How are you able to do it?
It's totally far from luck. Sir Jonas Herman, a CFA has consistently outperformed the market ever since I got on his program. He has continued to put my $25k to good use with market driven strategies making me an optimal return of over $101k
Do not forget that when it comes to investing, prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors or “experts” do not influence.
I'm green in the investing space. I work most of the week and barely have time to myself. I'd like to use mentorship. How can I get to him?
Hermanw jonas that’s his gmail okay
Great video and great content. Thanks for sharing and being so transparent with your floss and mistakes. I own a duplex, and you’re absolutely right when it comes to buying the property the right way. CASH FLOW is king. I’m not controlling a $300k-$400k property just to make $300/month profit or $3,600/year. It’s just not worth it. Uncle GC (Grant Cordone) always say “your cash-flow from the property will determine how long you can hold on to the property. Sooner or later, something is gonna break, and that’s when you gonna find out who been skinny dipping. lol “
Thanks for the invaluable advice, champ! I've been wanting to dive into rental properties for a long time but kept getting led astray by bad advice. I’m grateful to finally be on the right track with your guidance!
Thanks for your tramsparency. I really appreciate you taking ownership of your choices and making moves to get better!
Great information!!! Thank you for this video!!!
You are so welcome!
Thanks from Australia my good man
This is such a good video, thanks
You're so welcome!
I did the exact same thing in real estate back in the 80's. !!
I truly appreciate this video
Motivation 🔥. I don’t know how the heck I’m going to get out of this student loan debt smh but I’m going to do it.
Great video! Great advise .... unfortunately some people will only understand what you went through when they go through it.