To the person that said they can live on $1600 a month social security.... They either own their own home or they are getting a lot of senior citizen subsidies to help them survive. Or they are working part time on the weekends to supplement the social security check.
To be fair, a net worth of $1 million at a very reasonable 4.25% interest would net you $42,500 a year. That's solid enough for a single person to retire on. I've seen a few CD's paying over 4% right now. Not saying that's a good investment if you are young, but if in retirement that is a good option.
As someone who’s been around for a while, I definitely recommend buying your car used, between 2 to 5 years. Take it in for regular maintenance and drive it until the wheels fall off. Then you replace it. That’s what I did. You can save a ton of money.
@roseeze166 spot on. I was an idiot and git divorced at 17. Married for 10 years. Long story short - in the 5 years we've been divorced I've basically 5× my life for the better compared to ex wife. Owning 5 cars (4 paid off) & just a mortgage for all my total debt. I'm 33. Getting divorced saved my life
i bought a new honda odyssey i 2003. it has 44K miles, runs great, and all i've done is oil changes, 2 paint jobs, air filter, wiper blades, tires and brake pads. it was $26K/20years=$1,300 a year and getting cheaper every year..of course, maint tires etc, has driven the price up a bit, but you get the picture. now i ride a bicycle almost everywhere, the van hauls fire wood, goes camping, and takes me to pick up heavy items i don't carry on a bike. my friends bug me to sell it to them. haha, there is NO WAY.
@RagingBad you people are hilarious. Have a look what net personal wealth really is worldwide. You're insisting everyone under the top 1% is starving poor. Pathetic. Keep chasing the endless horizon.
I have an older friend that I'm so impressed with. He saved and constantly talked about "living beneath your means and embrace being poor." He retired at 53 and are now traveling with his wife seeing the world. What a guy.
That's pretty much what I plan to do, but the travel part. I'm perfectly content to tend to my fruit plants and chickens and work on my writing and game design stuff everyday if possible. Right now my target age to semiretirement (retirement is a trap and I don't advise it, have to stay active) is 55 or in 8 years. Worse case scenario is in 12 years if I'm not able to lump sum the house payment in a few years. Either way, I'll be semiretired before the average person even pays off a house. And this is after losing everything 13 years ago and going $60k in the hole on a house I lost during a custody case. Otherwise, I'd already have been semiretired for like 7-8 years since about the age of 40.
First part is smart, traveling however??? I don't get, people are people, places are places.. Its all the same now for the most part. The exotic world ended 100 years ago
@@Gamesso1slOo0l People are not people. Places are not places. They are not all the same. Traveling the world broadens your mind. You learn about the history, culture, and the people that live there so that you don't become xenophobic and make the comment that you did.
"Being a landlord is not for everyone" So true. We have a spare third room in our current house and were debating the pros and cons of renting it out for extra cash. Based on both of our personalities we decided it would never work. And having to deal with the day to day problems of a stranger seemed off-putting.
Can you look into raising quail or mealworms in your spare room? Mushrooms? Something that generates income w/o putting a person in the room. A dedicated room for a Doggy day-care, maybe?
yes, you can save a fortune but some people like their small vices to reward themselves after working hard. the rule is 50% on needs, 30% on wants, and 20% on savings. if you are just working to live, life will be miserable. You can't take it with you when you go.
@@liveandletlive2894 Yeah, because I don't want my money spent on a box going in the ground. Throw me in the cremator, pay the dude $500, and call it done.
@ We did that last year. Spent $250 each for my husband and I a spot in a little country cemetery where his family is. A little no-name place, but I don’t care since I won’t really be in that spot when I die anyway.😅
I don't worry about $ or materialistic things. My mom got her car totalled & is broke af. Offered her my 2020 mirage for free. She said she would feel bad of she didn't pay me so I said okay whatever you can afford. So she pays me what she can. I don't expect anything
Never lend to family or friends and expect to get it back. Consider it a gift. As one very rich investor said. "If family member asked you a loan , give it to them as a one time gift, with the understanding that they are never to ask again".
indeed just look at all the "storage " places popping up all over , filled with ' STUFF" people don,t have room for , and the storage biz is getting very wealthy renting out the same room, month after month after month
unfortunately most americans will end up living solely on social security regardless of how wise they were with money when they were still young enough to work and earn more than social security pays .
there is no connection between a poor 80 year old and how he spent his money in his 20s , unless he was a 20 year old millionaire who spent all his money by the time he was 50 or 60 .
Michael you and your wife do not have to toss out your sofa just because it is not so fluffy anymore. I saved my old but still lovely sofa by purchasing bags of clean pillow stuffing. (Sometimes it comes in rolls as a flat pad for chair recovering.) Just unzip your sofa cushions and carefully place the new stuffing in there until it looks great!! 😊
Most older sofas, couches are much better made with real solid hardwood, and thick steel springs. Just get it stuffed and recovered with some nice newer fabric.
@@Doug-g8i You are so right, I am sitting on my this moment, it is steel reinforced hardwood. It is easy to tell if it is a older good one, if one person can lift it up, it is not a good one.
I got my wooden sofa which has ton of carving upholstered. Chose the fabric on discount from downtown and spent 3k in upholstery where we changed the seats cushions and then painted the frame off white to match the kinds of sofas going on today. The kids of sofas that come in 3k now a days are trash and lose shape in a year
I spent a fortune on my sofa set 15 years ago. Its still as comfortable now as it was then though its starting to show its age. Some things are worth it.
I feel awful for anyone starting the dark road of gambling, trust me you will always be chasing the win, over the years I’ve lost maybe 100k over my lifetime,
I hear you. My mother was bitten by the gambling bug years back, and she probably lost 100 grand a year for about 7 years. She owned her own business and made good money, but blew it all on gambling. Her reasoning was she was making it, so she could do whatever she wanted with it. Which was great until she began losing things like her vehicles, land and home.
I live in a casino town, and it is crazy how many people have lost everything in those casinos, but still go back in their car with plastic over the window and dents all in it, the second their SS check comes in, chasing that big jackpot that never comes.
Drive a 2006 Toyota, realized years ago I have nobody to impress, and if people won't be friends because of the car I drive or the clothes I wear, etc., I don't want them in my life anyways.
Big weddings are the WORST! The reason: There are too many times when people realize they are making a mistake to marry this person but THE MONEY SPENT STOPS THEM from from doing the best for all involved!
it would seem that half the people who get married get divorced. it cost my buddy a house, his harley, his truck, AND $500K CASH! he got to keep his other house where he now lives and he kept his $60K credit card debt!! i thought he was crazy when he got married, now i know he's crazy.
When I was younger, I wasted money on vinyl records. Thousands of them. Now I’m clearing out my record shelves and filling them with stockpiled food. Funny how priorities change as we get older.
Dress shoes? Thrift store, Goodwill, etc. With all the old folks kicking off in Florida, there should be a bunch. You can find new ones all the time... hint hint...
I dont weigh my success by how much money i make, but by what i have seen, experienced and accomplished. I also weigh my wealth in how many people I have helped, what I have learned and my health.
We brought two tungsten wedding rings from Walmart to our courthouse wedding. Our friends and coworkers met us afterwards at a local pool house/ bar/ restaurant. The whole thing costed us less than $250.
In fact new houses usually come with the basics only and you need to pay extra for the fence, the trees, all sorts of equipment and whatnot. A well maintained older house is a much better deal.
my house will turn 100 in 4 years. it is lovely, although i replaced the walls, added skylights, replaced all 40 windows, heater, kitchen, you get the idea.
I concur. I live in a 150+ yr old house that is on the National Register of Historic Places along with a Historic Marker sign in the front yard. It is the oldest home in my town on its original foundation. How many people can say they live in a National Register Historic Home? Not many. My husband has owned the home over 15 years. The home is structurally sound. The roof is of cedar shingles and copper. The windows are the old raise/pully kind. Over the years, we put in a new central air and heating system, installed a new bathroom, kitchen and upgraded the electric. Not all old homes are money pits, Michael.
Balance is key, you don't want to die and have all that money to be given to the government or state if you don't have offspring or family you love because what's the point. But, you also don't want to be homeless with a bunch of stuff.
If you have $1, someone will want to get it from you. The only thing anyone needs to remember when someone asks for money is 'I'm broke, too'. Doesn't matter if you have a million in the bank: You. Are. Broke.
I bought a 60 dollar inflatable boat and a drill paddle... I've only used it 3 times but can deflate it and put it in the back of my car when done with it.... If I spent 10 grand I wouldn't have used it more...
My idea of a wise purchase is tools ,good tools will last a long time and if you learn how to do a lot of your own repairs on home ,car etc. you will save a lot of money and pay for the tools over and over again .
you gotta have tools. i was a home improvement contractor for 25 years and still have/use all the tools from the remodeling biz. of course alot have burned out, so just buy new ones when you need them.
My husband is very handy and also believes in purchasing quality tools. He has saved us a boat load of money repairing our houses and cars! Well worth the expense.
We are farmers and I have a house in “town” pop. 12,000, I had my Home Depot list ready and waiting for Black Friday. 😂 I finally ordered at 11:00pm, with 12 months no interest. Milwaukee Heated jacket, safety glasses, work gloves and small scaffolding, for around $380!!!! At 51 I’m beyond excited 😂
I bought a pair Johnson & Murphy dresses shoes… 20 years ago for $200. I had the soles replaced for $45 3 years ago. They still look great and are still comfortable.
I think buying fixer upper houses is a great plan. I bought a .mobile home fixer upper for $7,000. I have bought $40,000 of materials and supplies over 10 years. Because I live in a beach community, the home is worth $140,000 easily.
The wedding industry also preys on young impressionable men, trying to convince them of silly things like a supposed ¨two months’ salary rule” for buying a ring. I think it’s scandalous that young, struggling kids are talked into wasting what amounts to a potential downpayment on a house for some stupid Cinderella fantasy.
Of course not, or we'd never had an economy before the 1950s. But what it would do is cut the stock market by half to 2/3 along with all profits and everything connected like the checks people are getting. And that's where we need to be to fix what's happening. Essentially, we have to reset to the bare basics or watch the debt mountain grow until it collapses on us. Another very major issue with modern economies is that production has become disconnected from money making and that promotes issues like all the people stealing millions in money. So not only do we have to push people back into production jobs, we have to do so at the expense of any none production jobs.
Weed doesn't damage you, but it does increase endurance, promote recovery time, expand lung capacity, and does other stuff like help fight cancer and viruses (Like most well known herbs do, actually). Alcohol kills 10% of everyone. They're not comparable in any way.
Being 75 years old when I was on my way up to earning 9 figures and done l have realized this, the more you earn you tend to be able to spend it. So if you’re lucky enough and smart enough you will resist paying stupid money for wants rather than needs is the best advice I can offer. The more something costs the more it costs you to keep it and most fail to realize this. THINK ABOUT IT AND RESIST IT. I DONT PLAY CHESS BUT I THINK ITS YOUR MOVE…!
I was always told and reminded that you don't own it, it owns you. You have to repair and maintain it, insure it, license it, house it, store it, babysit it etc. Got to plan for your dog, your mail, your lawn, if you're leaving town. There's always a hitch!!
I bought a newer truck 2 years ago, 1/3 down and I'll pay it off next month. Other than that nothing on the list has hooked me in. Thanks Michael. If people followed your advice they would be happy with life and their bank account balance.
$3.5 million on a 4% rule is nearly $12,OOO per month for the rest of your life. If you are needing more that, you should probably consider looking inward and fixing that issue because no amount of money will fix waste. $12k a month is not a bad deal in retirement. Just learn how to manage money. 5 million @ 4% is $16,600 per month…. $9M is $30k per month Make sure you have an attainable goal that you can actually accomplish in 1 lifetime.
Michael, don't count on expensive dress shoes fitting in 20 years. Feet tend to flaten and expand with age, so you probably will need a wider width and maybe a half size longer. Also, with arthritic feet, I had to go to really wide shoes to accommodate the thick orthopedic pads required.
Very true. I always looked after my feet and they served me well. But as I aged I inherited a few issues from my gene pool and foot structure changed. Good shoes are always worth it. Just need to accept replacing them more often to accommodate the changes.
I love the grounded reality of this channel!!! *If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you..prevent inflation*
I feel sympathy and empathy for our country, low income earners are suffering to survive, and I appreciate Wayne. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading.
Honestly, our government has no idea how people are suffering these days. I feel sorry for disabled people who don't get the help they deserve. All thanks to Mr Michael Wayne, imagine investing $1000 and receiving $5700 in a few days..
Did someone just mention Mr Wayne!? Damn! You just made my day; what a coincidence.. I've worked with him for over 2years and I can tell how good he is
Fun fact: Did you know if you spend $15 every day at lunch, only 5 days a week every month of the year, that's 36k in 10 years? If invested by dollar cost averaging into steady assets with moderate growth, that could equal approximately 100k. Your average person would rather eat 100K instead of making their own lunch.
Always keep it simple stupid or stupid simple. The things I want are usually so niche, they never go on sale. I always wait, I visualize living with it for several months and if I still want it, only then do I pull the trigger. That way I never regret the purchase and It's still something that figuratively puts a smile on my face every time I use or see it.
Michael- Your words bring comfort to my ears! I love hearing people speaking the truth, which is what you do! Love your channel! Keep it up! Life is hard for me as of late, but your channel lets me know I don't live in a bubble! Other people are facing the same challenges as me! I'm looking to purchase my first home, I am 54, and have worked 2 jobs for the last 15 years!
Not if you hire the right custom home builder. I know becasue I have been one for 40 years. I’ve never spent a dime on advertising because all our work is by referrals or repeat buyers. Old houses suck.
My home which was built in 1903, has been in the family this whole time. Just keeps getting passed down. It's 90% original. Still has the original windows. This thing is built like a brick #%$&house! Has storm sheathing placed on 45 degree. ,as well as subfloor on 45 degree. 2" x 12" oak joists on 12 " centers.
My parents one and only house has bad the same shingles for 50+ years. They were still brand new looking but changed due to new siding colour change. My house? 3rd or maybe 4th roof in 33 years! Top of the line Shingles each time. Mind you I live where snow is abundant in winter. Nothing lasts anymore. It's guaranteed employment for roofers @ at 20 grand a pop! 😢
I don't know if a home warrenty would have worked for me on my current home but the inspector never checked to see if the dishwasher worked. So day one of owning this house I'm installing a new dishwasher. The really bad part is, the hot water line was copper soldered to the unit, luckily I'm good with plumbing so that wasn't a problem for me but for most people, they would have had to hire a contractor to fix this mess.
Regarding the income needs of various generations, they should quit comparing themselves with all the celebrities they see on TV. Successful actors receive a boatload of money, but most actors can’t support themselves on what they earn from acting.
Take the money you’re going to spend on Starbucks and designer crap and put it in retirement accounts. When you retire you’ll be very happy and start as soon as you can. It’s not what you make it’s what you keep
Don't waste money on crappy walmart and target pillows. Spend extra and get a good one. Goes for the mattress too. Don't cut corners on something you use about a third of your life. It's obvious but i didn't learn that lesson until i wasted a lot of money through the years on junky stuff.
Thats actually a good point. Although its not about how much the pillow or mattress costs necessarily. Its if its comfortable for you. You can find pretty nice mattresses and pillows for relatively cheap. But yeah overall solid advice.
I always buy used. I just bought a new used purse (yes needed one, old one very worn). Stone Mountain brand in perfect condition, $8.99 at thrift shop. It should last a few years!
I have my spending ALMOST under control. I dont go into debt for it, but i have a problem buying board games. Theres something comforting about having entertainment when the lights go out forever. All of my 'debt' is home, home repair, and vehicle.
Buying a new car is silly, especially if you have to finance the purchase. In other words, you’re paying interest to finance a depreciating asset. On the other hand, the purchase probably makes some sense if you intend to drive the car into the ground.
2007 I bought a new car for 0% interest. Paid it off in 3 years. It's now 17 years old and I'm still driving it. Hoping it holds out another 17 years. If you can finance at 0%, I say do it.
I had an estimate done just to recover a chair and the upholstery fabric was averaging @ $75/square meter and ridiculous amount for the installation. It's unaffordable BUT the furniture quality makes me cringe. Just tiny me and my husband and furniture here lasts about 3-4 years. I was warned by the delivery guy. Should have sent it right back and lose out the 30% restocking fee. The arms feels and sounds like cardboard is inside. Wow.
I just bought a new PRS guitar $1999 on sale for $1299. To buy the same model used guitar was about the same as the sale price. I've been retired since 2010. I am 68 and have 3 million in assets. For me its way more than I will ever need. Great videos thanks
The biggest thing people are blowing money on right now is cell phones and cell phone service. When people are lining up to buy a new iphone for $1,600 (which many are having to make payments on in order to afford) it is a clear sign of having your priorities out of whack. Also, when people are spending a hundred dollars each month for cell phone service this is also just blowing money. I have a cheap LG Phoenix 5 cell phone that I bought in 2021 for $60 that still works great, and my cell phone service is the cheapest plan at $30.00 and I am good to go.
$270,000? Get out! I live a great life on a beach overseas with $25,000 annually in SS. So much $ left over each month I paid off all my post-divorce debt.
I am a hvac company owner and i agree with the home warranty scam .i have had many customers over the last 40 years who had home warrantys and always waited an extremely long time to get there old unit patched with used old parts and when the systems became un fixable due to rust they simply told them they dont cover rust..read the fine print these warranties are indeed a total scam..buyer beware!!
I will be forever thankful to you, you changed my life and I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver
As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
I just bought a pair of leather work boots on sale for 50% off for just over $100. I’ve been waiting over two years for the purchase and when I spotted them go on sale I bought them right away. They will last for years and they cost me 100 bucks. It’s the only way I buy shoes my husband and I also bought titanium wedding rings which cost us just over 120 for both of them. We don’t replace anything unless it breaks, including phones. We keep our phones for 5+ years.
11:40 while I normally agree with most things you say, Michael, I couldn't disagree more about the swing set. I grew up on that thing. There were dirt pits below the two swings from our feet. Probably put a hundred miles on that thing, if not a thousand. It was a staple in the backyard for so long that the chains rusted and my dad replaced them. When he did, he made one swing taller off the ground so us older kids wouldn't drag our feet. As beneficial as it was for us kids, I'm sure our mom appreciated having us out of the house most evenings too.
My dad got a free large wooden barrel that held electric wire at one time, I had a small ladder to climb onto the top. Could use crayons or markers to draw into it and then the sun and rain would fade it and you could do it again. It was always special when my mom or older brother would stop to draw something. Oh!!!! It was always fun when my brother would throw firecrackers into the middle, such a great sound!!!!😂
@@roxyrockster It used to be there were "iPad kids" and "regular kids", depending largely on the parents. Now the local school district standard issues an iPad when they hit 3rd or 4th grade. They say it's for curriculum and homework. Swing set, the outdoors, or even just "playing" will probably never be as popular as it was for so long.
I agree with the $100k a year as a boomer with a paid off house, paid off cars and zero debt. A pension and social security pays my bills. Biggest accomplishment is not that stuff, it was paying for my daughters education including grad school, her wedding, helping her with her first house and pre paying for her 2 year old daughters college education.
Best thing to do is go to an investment calculator. Plug in small amounts at a reasonable rate of return for forty years and see what small amounts can turn into.
Having kids is a huge expenditure and people still do it. Even though child births are way down. Cost hundreds of thousands to raise 2 kids. It’s a shame. Shouldn’t have to be that way.
Everyone makes choices in life. Some people spend money on expensive homes or vacays because they have no kids. Others choose children and if they are on a budget, they economize elsewhere.
You can get kids clothes for free a lot of times. Or at least really cheap. Your kids dont need expensive clothes. Food, pretty cheap. Just make extra of whatever food youre already making for yourselves. Dont eat out, its unhealthy and expensive. Entertainment, cheap. Take them to a park, let them draw and make art out of free or basically free stuff. Even a used game system on ebay is cheap. Dont need 4 extra bedrooms for 4 kids. 2 kids to a room is perfectly reasonable. In a lot of countries 4 or 5 kids will sleep in the same room. They dont even think twice about it. The main thing a kid needs is: food, clothing, a bed to sleep in, and very importantly they want to spend time with their parents. Especially the younger they are. It really just comes down to what you prioritize in life.
Don't even need 5. I have 7 different types of fruit (17 varieties), 20 chickens, and a garden area on 1/2 acre and still have like 75% of it free. Studies from Africa show that only .1 acre can feed a single person if used right. I could very easily feed myself as of next year if I upped the numbers of chickens and started sticking the extras in the freezer.
@@FernandoAvelino That's why you free range as much as possible and get all the free food you can to feed them. I'm able to score up about a week of free food per month for my chickens, which comes to about 3 months of free food per year, so I'm not even paying to feed them 1/4 of the time, and that doesn't count the spring and summer when they forage and I have to feed them even less.
Years ago, our retired neighbor said spending too much on clothes, furniture, vehicles, etc... was unwise, because they're depreciating assets. The book 'Your Money or Your Life' admonished one to gain perspective by looking at the cost of everything based on hours of work. This changed our relationship with money. We've only purchased low-mileage used vehicles and have acquired about 80% of our belongings from yard/estate sales. No doubt this has contributed to a comfortable retirement. It's not about how much you have, it's about how little you spend.
Well thats dumb, $$$ per hour is how most workers earned their money but is not the true value of it For buissnes don’t work by the hour so to speak. To keep me grounded i judge money by the day it takes to earn and how long the item would outlast it or provide a beneficial benffetit to make it worth it. $100=1 day. Has long has relise this getting money was easier and i discover just how much value we truly get out of things, and its a lot.
Something the older generation is not even aware of in todays society is subscription accounts. Today's avocado toast generation has way too many subscriptions: Spotify, Apple, Amazon Prime, gym, cloud storage, cell service, broadband services, printer ink refill subscriptions, charities, et al. When I was young, there was only one: Capital Records and Tapes: 6 albums for 1 penny, provided you buy a new album once a month...LOL. I think I still owe them money.
Most of these companies made subscriptions a standard therefore they can make more money. I used to be able to play Playstation online without a subscription until they saw Microsoft do it and then it became a competition. Things like Gym memberships I can understand, it's always been that way.
I am a '91 Millennial and I feel a lot more ahead of a lot of my peers just because I own my car with no car payments. Seeing some of my Gen Y and Gen Z co-workers driving nearly brand new cars with $700-$1000 car payments is so absurd. And they're the first to complain about how broke they are. A car made in 2002 and one made in 2022 will take you to the same destination. Instead of making a car payment, I put money aside in case of any future repairs needed 🤷♂ A bird in one hand is worth two in the bush.
i notice i wear the same 6 heavy duty flannel shirts for the past 40 years. they never wear out, and i wear them like a jacket, they may not even get washed once a year. i am wearing jeans i bought 40 years ago also.
An extended warranty did come in handy with my '76 Chevrolet Vega, with its linerless aluminum block mated to a cast-iron cylinder head (causing two different rates of expansion when hot). As auto journalist Tom McCahill said at the time, "That engine had the durability of a potato chip".
I purchased my house May of 2012 the day of the bottom of the market and paid 1/3rd the value of it. I also purchase used cars at a discount. I drive them for a year or two and then sell them for more than I paid for. I basically drive for free. I also am a DIYer and do all the work on my home and vehicles myself as I'm pretty handy. I also am a big saver and put all my savings into physical gold and silver. I like silver much better at the current moment due to the GSR. My next purchase will be raw land and will build another rental property as soon as the big financial crash happens.
2025: Getting an FHA Loan JUST GOT EASIER! ua-cam.com/video/dVvGet9GdtY/v-deo.html
I got up to 27 rentals around 2016. Down to 9 now and hoping to have all sold in next 2 years. FREEDOM!
To the person that said they can live on $1600 a month social security....
They either own their own home or they are getting a lot of senior citizen subsidies to help them survive.
Or they are working part time on the weekends to supplement the social security check.
To be fair, a net worth of $1 million at a very reasonable 4.25% interest would net you $42,500 a year. That's solid enough for a single person to retire on.
I've seen a few CD's paying over 4% right now. Not saying that's a good investment if you are young, but if in retirement that is a good option.
@@henrythegreatamerican8136plus most people have social security and pensions as well.
As someone who’s been around for a while, I definitely recommend buying your car used, between 2 to 5 years. Take it in for regular maintenance and drive it until the wheels fall off. Then you replace it. That’s what I did. You can save a ton of money.
I stayed home black Friday and saved 100%
Good one ☝️ 😂
I bought all my NEEDS for the coming year at 60% off…winner..👍🏽
@eldonjons7442 Why did you have to stay home to save money? I thought Black Friday was all about buying stuff online.
@@plica06that took real reserve to not be online shopping 😊
@@plica06you missed the point. You save when you don’t spend on frivolous things despite the “sale”.
“I spent half my money on gambling, alcohol and wild women. The other half I wasted.”--W.C. Fields
His parents were Hucksters from Kensington Philadelphia..where the meth epidemic is right now.
😂
George Best
People love to hate on camwhores but they've done wonders for my mental health. I've never been more productive at work.
😂😂😂
You left three important things off your list. Don’t get divorced. Take care of your car and make it last at least 15 years. Be a safe driver.
Divorce is necessary for some people's quality of life and in some cases to SAVE THEIR life
@@roseeze16670% initiated by women with 90% of those not involving domestic violence.
Or better yet, don't get married in the first place.
@roseeze166 spot on. I was an idiot and git divorced at 17. Married for 10 years. Long story short - in the 5 years we've been divorced I've basically 5× my life for the better compared to ex wife. Owning 5 cars (4 paid off) & just a mortgage for all my total debt. I'm 33. Getting divorced saved my life
i bought a new honda odyssey i 2003. it has 44K miles, runs great, and all i've done is oil changes, 2 paint jobs, air filter, wiper blades, tires and brake pads. it was $26K/20years=$1,300 a year and getting cheaper every year..of course, maint tires etc, has driven the price up a bit, but you get the picture. now i ride a bicycle almost everywhere, the van hauls fire wood, goes camping, and takes me to pick up heavy items i don't carry on a bike. my friends bug me to sell it to them. haha, there is NO WAY.
Don’t ever co-sign for anybody under any circumstance. Never ends well
It took me being homeless to cast off materialism and embrace minimalism. Best thing I ever did...
You are so very right!!!!! God bless you!!
I'm "homeless" in my yacht, with a mil in the bank, living off the interest.
💯👍🏽
@Ghekko-kw3zz we all know that is bullshit, but if it was true, that's the dumbest thing to do, buy a yacht and leave only one million to live off
@RagingBad you people are hilarious. Have a look what net personal wealth really is worldwide. You're insisting everyone under the top 1% is starving poor. Pathetic. Keep chasing the endless horizon.
I have an older friend that I'm so impressed with. He saved and constantly talked about "living beneath your means and embrace being poor." He retired at 53 and are now traveling with his wife seeing the world. What a guy.
I’ve always thought about that and then figured what if I don’t live to see the fruits of my actions. So I try to find a happy medium.
That's pretty much what I plan to do, but the travel part. I'm perfectly content to tend to my fruit plants and chickens and work on my writing and game design stuff everyday if possible. Right now my target age to semiretirement (retirement is a trap and I don't advise it, have to stay active) is 55 or in 8 years. Worse case scenario is in 12 years if I'm not able to lump sum the house payment in a few years. Either way, I'll be semiretired before the average person even pays off a house. And this is after losing everything 13 years ago and going $60k in the hole on a house I lost during a custody case. Otherwise, I'd already have been semiretired for like 7-8 years since about the age of 40.
And people think they’re crazy until they see them retire 😂😂😂
First part is smart, traveling however??? I don't get, people are people, places are places.. Its all the same now for the most part. The exotic world ended 100 years ago
@@Gamesso1slOo0l People are not people. Places are not places. They are not all the same. Traveling the world broadens your mind. You learn about the history, culture, and the people that live there so that you don't become xenophobic and make the comment that you did.
The idea of driving somewhere to get coffee is unthinkable to me. I couldn't even get out the front door with out making coffee in my own kitchen.
Same! I have only ever done that if my power was out
You can make good coffee at home so cheap. And it's better tasting if you buy the right kind and learn how to brew it.
My daughter in law has a cup of coffee delivered!
@@masulliv55unbelievable. Sounds like a princess.
@ yep
Pay cash for everything. Cook the bulk of your own food. It’s healthier and far cheaper. Happy holidays. Be the example of kindness to follow.
They get to keep their campaign contributions, why they get so rich!!!! lol
i adopt stray animals to be an example of the kindness to follow.
Michael saves money by purchasing shirts without sleeves.
If you lived in FL, you would too.
I was looking at heated jackets and they also had heated vests. I did the math and it was $20 a sleeve!!! 😂😂
🤣🤣🤣
"Being a landlord is not for everyone"
So true. We have a spare third room in our current house and were debating the pros and cons of renting it out for extra cash. Based on both of our personalities we decided it would never work. And having to deal with the day to day problems of a stranger seemed off-putting.
Can you look into raising quail or mealworms in your spare room? Mushrooms? Something that generates income w/o putting a person in the room. A dedicated room for a Doggy day-care, maybe?
PLUS people are WACKOS today !
Whatever problems they have, you have too!
It's not for everyone.
You rent it out you will asking for troubles
Michael this episode should be re -broadcast every month, just to remind people how much money can be saved. Excellent advices.
Drop out alcohol, cigarettes, weed, drugs and you'll save a fortune.
3 out of 4 ain't bad..
@@randymanchester6993so you like beer or whiskey? 😂
yes, you can save a fortune but some people like their small vices to reward themselves after working hard. the rule is 50% on needs, 30% on wants, and 20% on savings. if you are just working to live, life will be miserable. You can't take it with you when you go.
So get rid of everything that makes people happy?
I have never smoked, drank or did drugs and o did become a healthy older millionaire. Maybe it’s a coincidence 😂.
While the masses are out spending money they don't have on black Friday, I have been relaxing at home deleting hundreds of retailer emails ‼️
😂
Me too. I have yet to see anything worth spending on…
Yes, I did to. Deleted emails & texts.
Lol...yup
I dont spend a dime for any holiday. Lol.
It’s not worth spending lots of money on a fancy funeral also
Does that really matter though once you're gone?
@@liveandletlive2894 Yeah, because I don't want my money spent on a box going in the ground. Throw me in the cremator, pay the dude $500, and call it done.
Exactly. I’m going to prepay for my funeral so my sons won’t have to do anything, but it won’t be top of the line casket for sure.
@@KnowledgeIsComfortSame! Buying plots next year.
@ We did that last year. Spent $250 each for my husband and I a spot in a little country cemetery where his family is. A little no-name place, but I don’t care since I won’t really be in that spot when I die anyway.😅
Don't be jealous of old people when you are young, you will be old before you know it.
Growing old is a gift many people don't get to experience.
i'm jealous of young people. what i would give to be young before i know it.
@@MFFL674 I am jealous of their bodies, nothing else 😊
And don’t be jealous of young people wjen you are old.. soon their arrogant little asses will be old and likely not looking/doing as good as you 😂
@@jerrysanders9101 and there is no guarantee they will make old age!
Dont lend money to friends and family...90 percent will not pay it back...and it will make you crazy chasing it down...😊
I don't worry about $ or materialistic things. My mom got her car totalled & is broke af. Offered her my 2020 mirage for free. She said she would feel bad of she didn't pay me so I said okay whatever you can afford. So she pays me what she can. I don't expect anything
i lend money with collateral, interest, payment plan. biz is biz. so far always been paid.
My daughter 26 I gave a 1000 bucks for a car and she paid me 20 a week 😂😂 I said screw this at 500
Make it a gift, or don't do it.
Never lend to family or friends and expect to get it back. Consider it a gift. As one very rich investor said. "If family member asked you a loan , give it to them as a one time gift, with the understanding that they are never to ask again".
Tatoos need to be top of the list in Florida
Also in Australia 🇦🇺
Or cosmetic surgery...
What about tatoo removal, LOL!
Body piercings, too.
Strange people do that crap.
Everyone selling something, don’t buy it and you win.
Exactly. Turn down everything, including the bandwagon bs of the day, and you'll be 98% correct. The 2% you're wrong will rarely matter at that level.
My grandfather taught me several great life lessons but the biggest one was this….the things you own eventually own you.
we never really own anything except for the debt of the things we think we own.
If you let it get out of hand you become a prisoner of your possessions.
He had cats obviously....hahaha
ESPECIALLY WITH GUNS.
indeed just look at all the "storage " places popping up all over , filled with ' STUFF" people don,t have room for , and the storage biz is getting very wealthy renting out the same room, month after month after month
Stuff is just stuff... as my dog says, if you can't eat it or play with it, pee on it and walk away😅
I pee on the toilet and walk away. hehe
My dogs are only interested in poop, and food. Pood.
LMAO exactly!!!!!
@@ColdPotato grossss bro
I'm happily retired.
My rescue chihuahuas are the only ones now who tell me what to do. Sometimes I don't listen, but they always forgive me.
Wasting money when you are young makes you poor when you are old.
@@actualfacts1055 Indeed. Well said. Wish I knew then what I know now.
unfortunately most americans will end up living solely on social security regardless of how wise they were with money when they were still young enough to work and earn more than social security pays .
Don't let the Future YOU ... Hate YOU!
But you can afford to be stupid and suffer when you’re young
there is no connection between a poor 80 year old and how he spent his money in his 20s , unless he was a 20 year old millionaire who spent all his money by the time he was 50 or 60 .
Michael you and your wife do not have to toss out your sofa just because it is not so fluffy anymore. I saved my old but still lovely sofa by purchasing bags of clean pillow stuffing. (Sometimes it comes in rolls as a flat pad for chair recovering.) Just unzip your sofa cushions and carefully place the new stuffing in there until it looks great!! 😊
Most older sofas, couches are much better made with real solid hardwood, and thick steel springs. Just get it stuffed and recovered with some nice newer fabric.
@@Doug-g8i You are so right, I am sitting on my this moment, it is steel reinforced hardwood. It is easy to tell if it is a older good one, if one person can lift it up, it is not a good one.
I got my wooden sofa which has ton of carving upholstered. Chose the fabric on discount from downtown and spent 3k in upholstery where we changed the seats cushions and then painted the frame off white to match the kinds of sofas going on today. The kids of sofas that come in 3k now a days are trash and lose shape in a year
I spent a fortune on my sofa set 15 years ago. Its still as comfortable now as it was then though its starting to show its age. Some things are worth it.
I would pick up sofas by the road. Raised my kids on them. People (wives) want brand new and chunk really nice ones.
Please spend wisely, America.
They consume. Brainwashed
I feel awful for anyone starting the dark road of gambling, trust me you will always be chasing the win, over the years I’ve lost maybe 100k over my lifetime,
I hear you. My mother was bitten by the gambling bug years back, and she probably lost 100 grand a year for about 7 years. She owned her own business and made good money, but blew it all on gambling. Her reasoning was she was making it, so she could do whatever she wanted with it. Which was great until she began losing things like her vehicles, land and home.
I live in a casino town, and it is crazy how many people have lost everything in those casinos, but still go back in their car with plastic over the window and dents all in it, the second their SS check comes in, chasing that big jackpot that never comes.
Drive a 2006 Toyota, realized years ago I have nobody to impress, and if people won't be friends because of the car I drive or the clothes I wear, etc., I don't want them in my life anyways.
Same. 2007. Still kickin’.
Smart!
2005 Silverado here. lol
2011 Hyundai Tucson.
2006 Elantra. nearly 500,000 miles. sole owner. babied it all these years. drives as good as the day I paid cash for it.
Big weddings are the WORST! The reason: There are too many times when people realize they are making a mistake to marry this person but THE MONEY SPENT STOPS THEM from from doing the best for all involved!
@lindaknox6623 -- Just look at what celebrities spend on weddings, rings, honeymoons, homes . . . and then those marriages don't always last.
it would seem that half the people who get married get divorced. it cost my buddy a house, his harley, his truck, AND $500K CASH! he got to keep his other house where he now lives and he kept his $60K credit card debt!! i thought he was crazy when he got married, now i know he's crazy.
Yep. Going into debt for a one-day event is dumb.
We did our wedding on the cheap (dj, buffet-style eats) and it was to this day (objectively) the funnest and best wedding I've ever been to
My daughter had a $35k wedding. marriage lasted 18 mths.
When I was younger, I wasted money on vinyl records. Thousands of them. Now I’m clearing out my record shelves and filling them with stockpiled food. Funny how priorities change as we get older.
i thought they were worth something these days. i gave my vinyls away 15 years ago and was regretting it lately.
Those old records are coming back, and they are worth big buck bucks! Unless they are polka polka or Lowrance Welk...
When I listed or sold a home, I always put a home warranty on it. Good selling feature plus cheap insurance... for me...
PORN? What brought that up?
Dress shoes? Thrift store, Goodwill, etc. With all the old folks kicking off in Florida, there should be a bunch. You can find new ones all the time... hint hint...
I dont weigh my success by how much money i make, but by what i have seen, experienced and accomplished.
I also weigh my wealth in how many people I have helped, what I have learned and my health.
Don’t spend money on storage bins or stage units… just get rid of it and reduce clutter.
Short List, three things you must buy...Food, Shelter and Clothing.
A courthouse wedding is okay, and a modest wedding too... but dude, at least buy you both wedding rings. They don't have to be expensive.
Skip the wedding expenses and put that money on a house.
I don't wear rings, she does !
Weddings are way cheaper than divorces. Most are scams.
We brought two tungsten wedding rings from Walmart to our courthouse wedding. Our friends and coworkers met us afterwards at a local pool house/ bar/ restaurant. The whole thing costed us less than $250.
I don't agree with number 10. All homes even the new ones need maintenance. People buy new construction homes and they are a disaster.
In fact new houses usually come with the basics only and you need to pay extra for the fence, the trees, all sorts of equipment and whatnot.
A well maintained older house is a much better deal.
my house will turn 100 in 4 years. it is lovely, although i replaced the walls, added skylights, replaced all 40 windows, heater, kitchen, you get the idea.
I concur. I live in a 150+ yr old house that is on the National Register of Historic Places along with a Historic Marker sign in the front yard. It is the oldest home in my town on its original foundation. How many people can say they live in a National Register Historic Home? Not many. My husband has owned the home over 15 years. The home is structurally sound. The roof is of cedar shingles and copper. The windows are the old raise/pully kind. Over the years, we put in a new central air and heating system, installed a new bathroom, kitchen and upgraded the electric. Not all old homes are money pits, Michael.
@@eh4236Why did you need to post this comment multiple times?
@minigirl6839 I posted it once in response to the op then I decided to repost for Michael to see. Got a problem with that?
Its not a wasting of money of you make money and want something nice for yourself. Who wants to just work to pay bills and save. Spend on yourself!
Balance is key, you don't want to die and have all that money to be given to the government or state if you don't have offspring or family you love because what's the point. But, you also don't want to be homeless with a bunch of stuff.
The savings is to be able to invest so you don't have to work until death
Being a landlord sucks !! Never again !!
Let me guess why - tenants ?
I have a management company handle my property
When you finally get wealth, everyone then wants to get it from you.
If you have $1, someone will want to get it from you. The only thing anyone needs to remember when someone asks for money is 'I'm broke, too'. Doesn't matter if you have a million in the bank: You. Are. Broke.
#20, don't buy a boat. #21, don't get married unless you want kids.
Don’t need marriage for kids. American society has proven that. 😂
I bought a 60 dollar inflatable boat and a drill paddle... I've only used it 3 times but can deflate it and put it in the back of my car when done with it.... If I spent 10 grand I wouldn't have used it more...
# 22, don’t have kids!
Don't buy a boat, RV, airplane, or other big toys.
@@Maynardddon't have kids? What a dumb thing to say
My idea of a wise purchase is tools ,good tools will last a long time and if you learn how to do a lot of your own repairs on home ,car etc. you will save a lot of money and pay for the tools over and over again .
you gotta have tools. i was a home improvement contractor for 25 years and still have/use all the tools from the remodeling biz. of course alot have burned out, so just buy new ones when you need them.
My husband is very handy and also believes in purchasing quality tools. He has saved us a boat load of money repairing our houses and cars! Well worth the expense.
We are farmers and I have a house in “town” pop. 12,000, I had my Home Depot list ready and waiting for Black Friday. 😂 I finally ordered at 11:00pm, with 12 months no interest. Milwaukee Heated jacket, safety glasses, work gloves and small scaffolding, for around $380!!!! At 51 I’m beyond excited 😂
Got rid of the house, now the tools are dusty.
@@BiometricHomeis your home really biometric?
I bought a pair Johnson & Murphy dresses shoes… 20 years ago for $200. I had the soles replaced for $45 3 years ago. They still look great and are still comfortable.
I think buying fixer upper houses is a great plan. I bought a .mobile home fixer upper for $7,000. I have bought $40,000 of materials and supplies over 10 years. Because I live in a beach community, the home is worth $140,000 easily.
The wedding industry also preys on young impressionable men, trying to convince them of silly things like a supposed ¨two months’ salary rule” for buying a ring. I think it’s scandalous that young, struggling kids are talked into wasting what amounts to a potential downpayment on a house for some stupid Cinderella fantasy.
Great points about marriage. We did the Court House and $200. matched rings. We are Good.
The funny thing in all of this is that the American economy will probably collapse if people spend sensibly.
Bingo!😂
Of course not, or we'd never had an economy before the 1950s. But what it would do is cut the stock market by half to 2/3 along with all profits and everything connected like the checks people are getting. And that's where we need to be to fix what's happening. Essentially, we have to reset to the bare basics or watch the debt mountain grow until it collapses on us. Another very major issue with modern economies is that production has become disconnected from money making and that promotes issues like all the people stealing millions in money. So not only do we have to push people back into production jobs, we have to do so at the expense of any none production jobs.
Wasted so much money on weed and alc. plus the damage it’s done to me physically
buddy don't dwell on it, heal yourself as much as you can. the human body is resilient.
Moderation.
Yep. Drinking especially is a waste of money. The only thing worse is drinking in a bar, where your drink pays the bar's rent.
Weed doesn't damage you, but it does increase endurance, promote recovery time, expand lung capacity, and does other stuff like help fight cancer and viruses (Like most well known herbs do, actually). Alcohol kills 10% of everyone. They're not comparable in any way.
15:43 #19... Do you need it? as you're walking past a boat with quad 350's. 🤣
Lol, good eye.
I recently spent 3500 bucks on a new lawn tractor and lawn sweeper, with the size of my yard and the amount of leaves we have, worth every penny.
Nice. I bought one recently also. Best thing I've bought in ages. Can't wait for my grass to grow now.
Plus. All that collected makes GREAT COMPOST! Black gold. Grass and leaves are the best.
I want a riding mower. I'll have to wait
Man, having a large yard and my dad finally getting a huge lawn sweep, Wow!! What an amazing difference and the cows were very happy too
The guy across the street has a RIDING MOWER….for a LAWN of 400 square feet!!!
Being 75 years old when I was on my way up to earning 9 figures and done l have realized this, the more you earn you tend to be able to spend it. So if you’re lucky enough and smart enough you will resist paying stupid money for wants rather than needs is the best advice I can offer. The more something costs the more it costs you to keep it and most fail to realize this.
THINK ABOUT IT AND RESIST IT. I DONT PLAY CHESS BUT I THINK ITS YOUR MOVE…!
You earn $100,000,000 per year? That’s nine figures.
@@rogerblakely8462 Could also be $1 short of a billion...like $999,999,999... lol
I was always told and reminded that you don't own it, it owns you. You have to repair and maintain it, insure it, license it, house it, store it, babysit it etc. Got to plan for your dog, your mail, your lawn, if you're leaving town. There's always a hitch!!
Do what makes you happy not what someone else thinks that you should do.
I've been retired over 14 years. I'm still living on less than 90K a year, and want nothing other than staying healthy. Enjoyed the boats
I bought a newer truck 2 years ago, 1/3 down and I'll pay it off next month. Other than that nothing on the list has hooked me in. Thanks Michael. If people followed your advice they would be happy with life and their bank account balance.
Alot of wisdom for a 37 year old. Good job.
Every 100 dollars that you spend is 200 dollars that you will never see again.
$3.5 million on a 4% rule is nearly $12,OOO per month for the rest of your life. If you are needing more that, you should probably consider looking inward and fixing that issue because no amount of money will fix waste. $12k a month is not a bad deal in retirement. Just learn how to manage money. 5 million @ 4% is $16,600 per month…. $9M is $30k per month
Make sure you have an attainable goal that you can actually accomplish in 1 lifetime.
Michael, don't count on expensive dress shoes fitting in 20 years. Feet tend to flaten and expand with age, so you probably will need a wider width and maybe a half size longer. Also, with arthritic feet, I had to go to really wide shoes to accommodate the thick orthopedic pads required.
I’ve got 15 year old dress shoes. Just had them redone. Still fit. Just stay relatively fit bro.
Very true. I always looked after my feet and they served me well. But as I aged I inherited a few issues from my gene pool and foot structure changed. Good shoes are always worth it. Just need to accept replacing them more often to accommodate the changes.
@@mowtivatedmechanic1172 It has to do with time and gravity. I am 145 lbs. wet, so weight is not a problem here.
Try stating out of gas stations/quikymarts. Seriously, pay at the pump. You'd be surprised how much money is wasted daily. Also, cook at home.
Learn to fix stuff, It will probably be frustrating at first but once you get better at fixing things you can save a lot of money.
I love the grounded reality of this channel!!!
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you..prevent inflation*
I feel sympathy and empathy for our country, low income earners are suffering to survive, and I appreciate Wayne. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading.
Honestly, our government has no idea how people are suffering these days. I feel sorry for disabled people who don't get the help they deserve. All thanks to Mr Michael Wayne, imagine investing $1000 and receiving $5700 in a few days..
I'm in a similar situation where should I look to increase income? Do you have any advice? What did you do? Thank you
I will recommend. Michael Wayne . Investing Services. to you. He is good at what he does.
Did someone just mention Mr Wayne!? Damn! You just made my day; what a coincidence.. I've worked with him for over 2years and I can tell how good he is
Enjoyed the list. Totally agreed. I'm 80 and I feel like 1/2 million net worth is plenty for me.
🌴🌴🌴 Way too many people buy things to just impress their family and friends 😢😢😢.
Thank you Michael
Tons of love and respect, Carlos
Fun fact: Did you know if you spend $15 every day at lunch, only 5 days a week every month of the year, that's 36k in 10 years? If invested by dollar cost averaging into steady assets with moderate growth, that could equal approximately 100k. Your average person would rather eat 100K instead of making their own lunch.
Definitely me. 😵 Except more most days. Working on cooking more.
Nowadays 15$ won't buy you nothing at the store for lunch
Just because you factored $15 for lunch, if you eat out, doesn't mean that by eating at home is free. Hello!
Been bringing my homemade lunch to work for decades 👍
@DouglasRamirez-dj7sd do you have 100k yet 🤣🤣
what a great discussion. I'm almost 72.....great advice.....hope this topic results in major views and shares!
Always keep it simple stupid or stupid simple. The things I want are usually so niche, they never go on sale. I always wait, I visualize living with it for several months and if I still want it, only then do I pull the trigger. That way I never regret the purchase and It's still something that figuratively puts a smile on my face every time I use or see it.
Michael- Your words bring comfort to my ears! I love hearing people speaking the truth, which is what you do! Love your channel! Keep it up! Life is hard for me as of late, but your channel lets me know I don't live in a bubble! Other people are facing the same challenges as me! I'm looking to purchase my first home, I am 54, and have worked 2 jobs for the last 15 years!
Totally disagree about new builds better than old, there are 100 year old homes with wood windows and solid….new builds cheap and crap wood fall apart
So Trueeeeeeee
Not if you hire the right custom home builder. I know becasue I have been one for 40 years. I’ve never spent a dime on advertising because all our work is by referrals or repeat buyers. Old houses suck.
Wood windows suck, that’s a guaranteed replacement in a few years.
My home which was built in 1903, has been in the family this whole time. Just keeps getting passed down. It's 90% original. Still has the original windows. This thing is built like a brick #%$&house! Has storm sheathing placed on 45 degree. ,as well as subfloor on 45 degree. 2" x 12" oak joists on 12 " centers.
My parents one and only house has bad the same shingles for 50+ years. They were still brand new looking but changed due to new siding colour change.
My house? 3rd or maybe 4th roof in 33 years! Top of the line Shingles each time. Mind you I live where snow is abundant in winter. Nothing lasts anymore. It's guaranteed employment for roofers @ at 20 grand a pop! 😢
Any insurance is a bad deal!!! Good for the Insurance and bad for the fool that bought it!
You are betting against yourself!
I don't know if a home warrenty would have worked for me on my current home but the inspector never checked to see if the dishwasher worked. So day one of owning this house I'm installing a new dishwasher. The really bad part is, the hot water line was copper soldered to the unit, luckily I'm good with plumbing so that wasn't a problem for me but for most people, they would have had to hire a contractor to fix this mess.
Regarding the income needs of various generations, they should quit comparing themselves with all the celebrities they see on TV. Successful actors receive a boatload of money, but most actors can’t support themselves on what they earn from acting.
Take the money you’re going to spend on Starbucks and designer crap and put it in retirement accounts. When you retire you’ll be very happy and start as soon as you can. It’s not what you make it’s what you keep
Don't waste money on crappy walmart and target pillows. Spend extra and get a good one. Goes for the mattress too. Don't cut corners on something you use about a third of your life. It's obvious but i didn't learn that lesson until i wasted a lot of money through the years on junky stuff.
Thats actually a good point. Although its not about how much the pillow or mattress costs necessarily. Its if its comfortable for you. You can find pretty nice mattresses and pillows for relatively cheap. But yeah overall solid advice.
Buy used or refurbished, good for the environment too
I always buy used. I just bought a new used purse (yes needed one, old one very worn). Stone Mountain brand in perfect condition, $8.99 at thrift shop. It should last a few years!
I have my spending ALMOST under control. I dont go into debt for it, but i have a problem buying board games. Theres something comforting about having entertainment when the lights go out forever. All of my 'debt' is home, home repair, and vehicle.
Sounds like a good purchase 💜 It also can be frugal entertainment even when the electricity doesn't go out!
Make your self happy, if your going to enjoy it for than month and only buy it once do it. :)))
If that’s your worst problem, that is a great one to have 😊
Buying a new car is silly, especially if you have to finance the purchase. In other words, you’re paying interest to finance a depreciating asset. On the other hand, the purchase probably makes some sense if you intend to drive the car into the ground.
2007 I bought a new car for 0% interest. Paid it off in 3 years. It's now 17 years old and I'm still driving it. Hoping it holds out another 17 years. If you can finance at 0%, I say do it.
I bought our minivan in 2002 and just replaced it with a new one. It still runs although 280,000 miles is pushing it though.
our new Davenport of 25yrs is on its 4th cover 😂 !
Davenport, hahaha, I haven’t heard that word in 40 years.
I had an estimate done just to recover a chair and the upholstery fabric was averaging @ $75/square meter and ridiculous amount for the installation. It's unaffordable BUT the furniture quality makes me cringe. Just tiny me and my husband and furniture here lasts about 3-4 years. I was warned by the delivery guy. Should have sent it right back and lose out the 30% restocking fee. The arms feels and sounds like cardboard is inside. Wow.
I just bought a new PRS guitar $1999 on sale for $1299. To buy the same model used guitar was about the same as the sale price. I've been retired since 2010. I am 68 and have 3 million in assets. For me its way more than I will ever need. Great videos thanks
i have 8 guitars, can't play any of them!!
Enjoy it while you’re here, ain’t taking anything with you to the afterlife except your memories.
@@5dc61You're not taking your memories. There will be no You anymore as if you never existed.
The biggest thing people are blowing money on right now is cell phones and cell phone service. When people are lining up to buy a new iphone for $1,600 (which many are having to make payments on in order to afford) it is a clear sign of having your priorities out of whack. Also, when people are spending a hundred dollars each month for cell phone service this is also just blowing money. I have a cheap LG Phoenix 5 cell phone that I bought in 2021 for $60 that still works great, and my cell phone service is the cheapest plan at $30.00 and I am good to go.
😂 Spending addiction is a mental health crisis at this point
Do you need that Cybertruck, bro? haha!
$270,000? Get out! I live a great life on a beach overseas with $25,000 annually in SS. So much $ left over each month I paid off all my post-divorce debt.
Nice work Amigo.
Which country do you live if you don't mind me asking?
I am a hvac company owner and i agree with the home warranty scam .i have had many customers over the last 40 years who had home warrantys and always waited an extremely long time to get there old unit patched with used old parts and when the systems became un fixable due to rust they simply told them they dont cover rust..read the fine print these warranties are indeed a total scam..buyer beware!!
Hit 240k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in September 2024.,..
I would really love to know how much work you did put in to get to this stage
I will be forever thankful to you, you changed my life and I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver
As a beginner in this, it’s essential for you to have a mentor to keep you accountable.
Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
His guidance allowed me to restructure my retirement plan, resulting in an estimated $700,000 more by the time I retire.
I just bought a pair of leather work boots on sale for 50% off for just over $100. I’ve been waiting over two years for the purchase and when I spotted them go on sale I bought them right away. They will last for years and they cost me 100 bucks. It’s the only way I buy shoes my husband and I also bought titanium wedding rings which cost us just over 120 for both of them. We don’t replace anything unless it breaks, including phones. We keep our phones for 5+ years.
11:40 while I normally agree with most things you say, Michael, I couldn't disagree more about the swing set. I grew up on that thing. There were dirt pits below the two swings from our feet. Probably put a hundred miles on that thing, if not a thousand. It was a staple in the backyard for so long that the chains rusted and my dad replaced them. When he did, he made one swing taller off the ground so us older kids wouldn't drag our feet. As beneficial as it was for us kids, I'm sure our mom appreciated having us out of the house most evenings too.
I did too. It was the best investment my dad could have made. We played on it daily. These kids these days may not appreciate it but I loved it…
My dad got a free large wooden barrel that held electric wire at one time, I had a small ladder to climb onto the top. Could use crayons or markers to draw into it and then the sun and rain would fade it and you could do it again. It was always special when my mom or older brother would stop to draw something. Oh!!!! It was always fun when my brother would throw firecrackers into the middle, such a great sound!!!!😂
Yes we all loved the swing and my kids also loved their swing set. Now a days kids are more into video games and tiktok I guess.
@@roxyrockster It used to be there were "iPad kids" and "regular kids", depending largely on the parents. Now the local school district standard issues an iPad when they hit 3rd or 4th grade. They say it's for curriculum and homework. Swing set, the outdoors, or even just "playing" will probably never be as popular as it was for so long.
I agree with the $100k a year as a boomer with a paid off house, paid off cars and zero debt. A pension and social security pays my bills.
Biggest accomplishment is not that stuff, it was paying for my daughters education including grad school, her wedding, helping her with her first house and pre paying for her 2 year old daughters college education.
Best thing to do is go to an investment calculator. Plug in small amounts at a reasonable rate of return for forty years and see what small amounts can turn into.
People used to scrimp and save and have a very basic lifestyle and ended up well off in old age, young people now want it all straight out of school.
And cheeseburgers use to cost $.15 cents.
@@Lori1976
Been costing me zero since the 90s.
Great video as always Michael - thank you!
Enjoyed this segment. Mid-Boomer living as minimally as humanly possible; and still see various people with much less.
So basically do the total opposite of 75%-80% of what other people do and you will be better off!
GREAT advice, and spot on 🎯we got a good laugh too!! Have a wonderful weekend! 😎🌴
You need to impress yourself, not others.
Having kids is a huge expenditure and people still do it. Even though child births are way down. Cost hundreds of thousands to raise 2 kids. It’s a shame. Shouldn’t have to be that way.
Do not need to cost that much.
@ They do cost that much. why having kids late in life puts off many retirements. Kids are very $ to raise. It’s not a secret.
Everyone makes choices in life. Some people spend money on expensive homes or vacays because they have no kids. Others choose children and if they are on a budget, they economize elsewhere.
You can get kids clothes for free a lot of times. Or at least really cheap. Your kids dont need expensive clothes. Food, pretty cheap. Just make extra of whatever food youre already making for yourselves. Dont eat out, its unhealthy and expensive. Entertainment, cheap. Take them to a park, let them draw and make art out of free or basically free stuff. Even a used game system on ebay is cheap. Dont need 4 extra bedrooms for 4 kids. 2 kids to a room is perfectly reasonable. In a lot of countries 4 or 5 kids will sleep in the same room. They dont even think twice about it. The main thing a kid needs is: food, clothing, a bed to sleep in, and very importantly they want to spend time with their parents. Especially the younger they are. It really just comes down to what you prioritize in life.
@@blackpillfitness9136 Food is cheap ? Try dressing your kids in hand-me-downsclothes as they get oler. You are setting them up for bullying
Buy 5 acres, some chickens and a few goats. Done.
Animals cost money to feed
Been there. Not as cheap, easy or charming as it seems.
Don't even need 5. I have 7 different types of fruit (17 varieties), 20 chickens, and a garden area on 1/2 acre and still have like 75% of it free. Studies from Africa show that only .1 acre can feed a single person if used right. I could very easily feed myself as of next year if I upped the numbers of chickens and started sticking the extras in the freezer.
@@FernandoAvelino That's why you free range as much as possible and get all the free food you can to feed them. I'm able to score up about a week of free food per month for my chickens, which comes to about 3 months of free food per year, so I'm not even paying to feed them 1/4 of the time, and that doesn't count the spring and summer when they forage and I have to feed them even less.
@jeremiahdonaldson1678 That is sweet. I am thinking about doing something similar in the future.
Hope you and Lisi had a great Thanksgiving Michael Bordenaro! 👏💙🙏✝️ 🇺🇸
Years ago, our retired neighbor said spending too much on clothes, furniture, vehicles, etc... was unwise, because they're depreciating assets. The book 'Your Money or Your Life' admonished one to gain perspective by looking at the cost of everything based on hours of work. This changed our relationship with money. We've only purchased low-mileage used vehicles and have acquired about 80% of our belongings from yard/estate sales. No doubt this has contributed to a comfortable retirement. It's not about how much you have, it's about how little you spend.
Well thats dumb, $$$ per hour is how most workers earned their money but is not the true value of it For buissnes don’t work by the hour so to speak. To keep me grounded i judge money by the day it takes to earn and how long the item would outlast it or provide a beneficial benffetit to make it worth it. $100=1 day. Has long has relise this getting money was easier and i discover just how much value we truly get out of things, and its a lot.
Something the older generation is not even aware of in todays society is subscription accounts. Today's avocado toast generation has way too many subscriptions: Spotify, Apple, Amazon Prime, gym, cloud storage, cell service, broadband services, printer ink refill subscriptions, charities, et al.
When I was young, there was only one: Capital Records and Tapes: 6 albums for 1 penny, provided you buy a new album once a month...LOL. I think I still owe them money.
I'm a Millennial and I don't own a mobile phone.
Good old Columbia House.....what a nightmare memory! ^..^
Most of these companies made subscriptions a standard therefore they can make more money. I used to be able to play Playstation online without a subscription until they saw Microsoft do it and then it became a competition. Things like Gym memberships I can understand, it's always been that way.
@@LukaDonesnitch Gym memberships are good when you are living in your car. Safe place to shower.
Me too!! lol!!!!
I am a '91 Millennial and I feel a lot more ahead of a lot of my peers just because I own my car with no car payments. Seeing some of my Gen Y and Gen Z co-workers driving nearly brand new cars with $700-$1000 car payments is so absurd. And they're the first to complain about how broke they are. A car made in 2002 and one made in 2022 will take you to the same destination. Instead of making a car payment, I put money aside in case of any future repairs needed 🤷♂ A bird in one hand is worth two in the bush.
Alcohol, smoke, eating out, tats, big houses, expensive cars, clothes, vacations, credit cards, kids
Street walkers, dope, uber eats, new phone every year, video games…
i notice i wear the same 6 heavy duty flannel shirts for the past 40 years. they never wear out, and i wear them like a jacket, they may not even get washed once a year. i am wearing jeans i bought 40 years ago also.
Crypto currency, YOLO (you only live once), and buy now pay later.
An extended warranty did come in handy with my '76 Chevrolet Vega, with its linerless aluminum block mated to a cast-iron cylinder head (causing two different rates of expansion when hot). As auto journalist Tom McCahill said at the time, "That engine had the durability of a potato chip".
Ahh. Vegas and Pintos. The 70s were interesting.
lol, then they swapped engine design for cast iron blocks, and aluminum heads.
I purchased my house May of 2012 the day of the bottom of the market and paid 1/3rd the value of it. I also purchase used cars at a discount. I drive them for a year or two and then sell them for more than I paid for. I basically drive for free. I also am a DIYer and do all the work on my home and vehicles myself as I'm pretty handy. I also am a big saver and put all my savings into physical gold and silver. I like silver much better at the current moment due to the GSR. My next purchase will be raw land and will build another rental property as soon as the big financial crash happens.
Don’t waste money on designer jeans…the ones at the thrift store look the same.