0:42 Monthly expenses 1:25 Net (take-home) pay 1:57 Liquid reserves 2:50 Debts categorized by short-term, long-term, interest rate 3:45 Assets 4:09 Net worth (assets - debts) 4:37 Current retirement savings 4:54 Contributions to retirement accounts 5:24 Target retirement savings (lump sum) 6:29 Estimated returns based on retirement account asset allocation 7:21 Projected retirement savings 8:25 Other financial goals (e.g., education, weddings for children) you foresee 9:15 How much income could you generate without working 9:46 Life insurance 10:39 How many trusted people can you turn to for advice
I REALLY APPRECIATE YOUR ADVICE. VERY DOWN TO EARTH,AND EASY TO UNDERSTAND, AND THE INFORMATION IS VERY MUCH NEEDED FOR FINANCIAL PEACE OF MIND. THANK YOU FOR YOUR SERVICE. SIGNED, DAVID FOR BETTER OPTIONS
Looking forward to your videos. So far your easy to listen to and not too wordy. Appreciate the way you explain things without tooting your horn and just getting to the topic. Just bought our home a year ago next month....now buying my moms home (for rental property) who recently died. So I'm definitely wanting tips on finances. Questions on online buying...aka the "A..Zon" its ads are worse than the old Sunday paper. It's in /on every online thing I use. Out of site out of mind...how the heck to get it out of site. My biggest problem these days is now online purchases. The money's there to buy it but it's a horrible habit due to stupid algorithms. Suggestions? Thanks.
Wish I had a solution for Amazon. I have a separate budget category just for that so I can see how much my wife spends on there every month. Honestly for me…I refuse to even go on the site because I know I will want to buy some crap. I also used to sell on Amazon fba and that helped me learn just how much fake bs goes on with reviews and poorly made products. Made me want to stop buying on there.
I generally understand what you are talking about here bro. Bro damn, it's so stressful thinking of cash day in and day out. One suggestion from me.... Live simple and spend just what we need.
I spent $250 on gas alone each month. Next goal is to decrease spending on gas by walking to the store (buy in bulk when shopping). By buying in bulk, I can save money on gas for many visits to the store.
Great video and advice. I'm going to check out the compound interest video since I understand the concept but I like that you are taking out the calculator. I truly am learning a great deal and I appreciate you making it straight-forward and so clear. Keep them coming!
One of my favorite personal finance videos, but could you make one for people under 20 years old that emphasizes Financial Security and Flexibility, instead retirement?
I use a "Think Position" or "Financial Style Goal" called "Financial Flexibility!" My Definition of that, is, you have a Flexibility in how you can face a collection of Financial Challenges, like, will you be able, if you wanted, to pay Cash (no, not "Debit" - from a Bank Account, but good old fashioned "Cash!"); Or could you Pay for that challenge, by Debit from your Checking Account; or, Could you use a Credit Card, or a Personal Line Of Credit, or from a Home Equity Line Of Credit? Or, a Business Account, Line Of Credit, or Credit Card? The more "Choices" you have, at your disposal, the more "Financial Flexibility" you will have! But they all take time to prepare, collect, save for, or qualify for. Start with some simple savings, then seek to get the best savings Rates!
For Financial Security - Think in terms of 1 Week, 2 Weeks, 1 Month, 3 Months, 6 Months, 1 Year: as to - A: How much Cash On Hand, do I need to 1) Survive, or 2) To Live like I Am, or 3) to live like I want! B - How Much "Available Credit" do I have, compared to my Expenses? Both in Credit Cards, and in Personal Lines of Credit! C - What You are doing, or can do, to cover those financial targets? How much Progress can you make towards those goals, Today? This Week? This Month? This Year?
As to determining "Survival" costs, vs How you Live, vs How you'd like to live: the last one, is a bit harder to research, your current situation only requires good record keeping, and some time to add it all up! The survival choice, is also not too hard, as you start with your current situation, and subtract: Entertainment, Fast Food & Restaurants, Travel, Routine Shopping for anything beyond Food, etc. The "How I'd Like To Live" part, really should not be a Priority, until you have "At Least" figured out, how to live without your job, for a bare minimum of 3-6 Months! (Not "Survive" but To "Live" just like you spend $ today!) And, that if needed, you could "Survive" for at least 6-12 Months! And, at that point, it should really only be, about 5% of your Thoughts and Research! Once, you know you could "Easily" Live, without a Job Income, for Over a Year, AND have Tested that idea out, by not dipping into your Pay Earnings for at least a Month, you'll be able to tell, you figured it out, correctly!
That was quite a comprehensive list. Yes, it’s important to know people with financial knowledge. When I was in my twenties I had to be talked into enrolling in a 401(k) and the company was matching it. Now I’m the one giving financial advice to all my young coworkers.
Hello, do you have any new videos June 2023 about this way too survive just have enough to survive and a little less than that. Any help to make it better don’t have money to save.
@@SchoolofPersonalFinance I'm just loving your financial advice. I tried to review the segment of mortgage payment and it motivated to pay extra to my mortgage
0:42 Monthly expenses
1:25 Net (take-home) pay
1:57 Liquid reserves
2:50 Debts categorized by short-term, long-term, interest rate
3:45 Assets
4:09 Net worth (assets - debts)
4:37 Current retirement savings
4:54 Contributions to retirement accounts
5:24 Target retirement savings (lump sum)
6:29 Estimated returns based on retirement account asset allocation
7:21 Projected retirement savings
8:25 Other financial goals (e.g., education, weddings for children) you foresee
9:15 How much income could you generate without working
9:46 Life insurance
10:39 How many trusted people can you turn to for advice
Thanks!
Please add living trust and/or asset protection.
I REALLY APPRECIATE YOUR ADVICE.
VERY DOWN TO EARTH,AND EASY TO UNDERSTAND, AND THE INFORMATION IS VERY MUCH NEEDED FOR FINANCIAL PEACE OF MIND. THANK
YOU FOR YOUR SERVICE.
SIGNED, DAVID FOR BETTER OPTIONS
Looking forward to your videos. So far your easy to listen to and not too wordy. Appreciate the way you explain things without tooting your horn and just getting to the topic. Just bought our home a year ago next month....now buying my moms home (for rental property) who recently died. So I'm definitely wanting tips on finances. Questions on online buying...aka the "A..Zon" its ads are worse than the old Sunday paper. It's in /on every online thing I use. Out of site out of mind...how the heck to get it out of site. My biggest problem these days is now online purchases. The money's there to buy it but it's a horrible habit due to stupid algorithms. Suggestions? Thanks.
Wish I had a solution for Amazon. I have a separate budget category just for that so I can see how much my wife spends on there every month. Honestly for me…I refuse to even go on the site because I know I will want to buy some crap. I also used to sell on Amazon fba and that helped me learn just how much fake bs goes on with reviews and poorly made products. Made me want to stop buying on there.
I generally understand what you are talking about here bro. Bro damn, it's so stressful thinking of cash day in and day out. One suggestion from me.... Live simple and spend just what we need.
Thanks!! That is a great suggestion 👍
This guy is a genius! Great information and content. Everyone should listen to this.
My man!!
I agree! ✓
Great list. Thank you!
Thanks Meli!
I spent $250 on gas alone each month. Next goal is to decrease spending on gas by walking to the store (buy in bulk when shopping). By buying in bulk, I can save money on gas for many visits to the store.
Good stuff!!
Carrying the 50lb bag of rice, you can save money on the gym membership too...
Good video. Thought provoking
Thanks jason!
Great content, thank you for creating it!
Thanks David!!
@@SchoolofPersonalFinance My pleasure.😀
Great video and advice. I'm going to check out the compound interest video since I understand the concept but I like that you are taking out the calculator. I truly am learning a great deal and I appreciate you making it straight-forward and so clear. Keep them coming!
Thank you!!
One of my favorite personal finance videos, but could you make one for people under 20 years old that emphasizes Financial Security and Flexibility, instead retirement?
I use a "Think Position" or "Financial Style Goal" called "Financial Flexibility!"
My Definition of that, is, you have a Flexibility in how you can face a collection of Financial Challenges, like, will you be able, if you wanted, to pay Cash (no, not "Debit" - from a Bank Account, but good old fashioned "Cash!"); Or could you Pay for that challenge, by Debit from your Checking Account; or, Could you use a Credit Card, or a Personal Line Of Credit, or from a Home Equity Line Of Credit? Or, a Business Account, Line Of Credit, or Credit Card?
The more "Choices" you have, at your disposal, the more "Financial Flexibility" you will have!
But they all take time to prepare, collect, save for, or qualify for. Start with some simple savings, then seek to get the best savings Rates!
For Financial Security - Think in terms of 1 Week, 2 Weeks, 1 Month, 3 Months, 6 Months, 1 Year: as to - A: How much Cash On Hand, do I need to 1) Survive, or 2) To Live like I Am, or 3) to live like I want!
B - How Much "Available Credit" do I have, compared to my Expenses? Both in Credit Cards, and in Personal Lines of Credit!
C - What You are doing, or can do, to cover those financial targets? How much Progress can you make towards those goals, Today? This Week? This Month? This Year?
As to determining "Survival" costs, vs How you Live, vs How you'd like to live: the last one, is a bit harder to research, your current situation only requires good record keeping, and some time to add it all up!
The survival choice, is also not too hard, as you start with your current situation, and subtract: Entertainment, Fast Food & Restaurants, Travel, Routine Shopping for anything beyond Food, etc.
The "How I'd Like To Live" part, really should not be a Priority, until you have "At Least" figured out, how to live without your job, for a bare minimum of 3-6 Months! (Not "Survive" but To "Live" just like you spend $ today!) And, that if needed, you could "Survive" for at least 6-12 Months!
And, at that point, it should really only be, about 5% of your Thoughts and Research! Once, you know you could "Easily" Live, without a Job Income, for Over a Year, AND have Tested that idea out, by not dipping into your Pay Earnings for at least a Month, you'll be able to tell, you figured it out, correctly!
“We all want to be rich…” [title banner reads name “Rich”] - love it!
Just found your videos today - these are great!
Thanks!! 👍
That was quite a comprehensive list. Yes, it’s important to know people with financial knowledge. When I was in my twenties I had to be talked into enrolling in a 401(k) and the company was matching it. Now I’m the one giving financial advice to all my young coworkers.
That is great!! They will all thank you one day!
Thanks man good info
Thanks! 👍
Fantastic content
Thanks Jordan!!
Hello, do you have any new videos June 2023 about this way too survive just have enough to survive and a little less than that. Any help to make it better don’t have money to save.
Love u daddy
🥰🥰🥰😘😘😘😘😘
Excellent information :) thankyou
Fyi, your information is reaching Perth Western Australia :)
Thanks Nate!! Appreciate that!!
This was amazing 👏
Thank you Unwana!!
When you save money, the money have to work for you.
That is the truth!!!
Hi, just curious, what is your educational background?
I went to Marist College in NY graduated 2000 with a degree is Business. Got my my CFP designation in 2011. Why u ask?
@@SchoolofPersonalFinance I'm just loving your financial advice. I tried to review the segment of mortgage payment and it motivated to pay extra to my mortgage
Just so straight forward. I appreciate the plan talk so much. This was absolutely great, and the early mortgage payoff was excellent.
Thanks Adrienne!!
None no money left after paying bills and doing anything extraordinary
I am building my rental property portfolio so I will have cash flow for the rest of my life
Me too!! That is the plan. Create your own pension.
I’m totally hooked up to your videos 👍 Great informations and advice. Thank you so much 🙏🙏
Thanks so much Catherine!! Make sure to check out www.schoolofpersonalfinance.com and join my email list!! 👍🤑
I thought number 15 was Burger King foot lettuce
Hey, mister. You forgot something. You also need to know what your monthly food stamp benefits are.
Especially theses days Kevin...sad but true.
Wow! Awesome Content! I love all the topics u tackle, hope we can work together
Thanks!!
ur handsome
I often think this information actually frightens people, especially the broke people.
Truth!! Admitting that there is a problem is the first step lol.