Do THIS As Soon As You Get Paid | How To Manage Money Like The Rich
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- Опубліковано 2 чер 2024
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DISCLAIMERS: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
This channel is monetized via UA-cam ads as well as some affiliate links. If a purchase is made after clicking the link, I will receive a small commission at no extra charge to the buyer. Thank you all for watching!
hey kids...
1. cook for yourself
2. eliminate lazy people
3. work as much as you can
4. stay healthy
Whats the deal with lazy people why eliminate
@@jessiepeters3946 you are the average of the 5 closest people in your life
@@jessiepeters3946 You become the closest people to you in life. If you grow plants you dont keep dead ones around.
I have 7 months of emergency funds! I am working on a year I am happy that I planned. I don't eat out as much and I am saving for the future.
That's awesome! I worked super hard for about a year and a half to save every penny I earned so I could invest in real estate! Now I have two properties that are cash flowing me $1100/mo! So happy I took that first step and started saving. I talk about my knowledge and experiences on my UA-cam channel!
Saving first is key - live off the rest. Thanks Sue
One thing that really stood out for me from another video is once you paid yourself on payday, pay for your transportation so you won’t have to worry about going out to make more money
Brother you deserve 5M subs. I will follow your guildence and become a millinare . I am from India and I am a kid who wants to be rich.
Your content is great bro. Keep them coming. !!!
My takeaways:
*spending on things you can do without is unnecessary
*Have a reliable plan you can use when you get paid
*Money allocated to savings improves financial condition
*Do not go for bigger homes than you need
*Know how much to allocate to where Neccesary
*Opening up the right accounts, setting up automated deductions and automaing bill and credit card payment helps a lot
Thank you for giving new and fruitful directions to my life. 🙏🏼😌
This is the BEST informative site on all of UA-cam
Boss,
I am from East world 🌎. So I can understand importance of saving Fiat currency. Therefore I save 40% of my salary. Then rest I make budget for it. My 40% saving I put it tour fractional Gold bars.
thanks for the video, smashed the like button for youtube!
Interesting content! Thanks for sharing!
I am spending the majority of my $ investing into my start-up speakers bureau. At my age spending on 'stuff' no longer excites me but progress does.
Well done Good Video 😊
I have so many things I could share about bill payments & housing costs but it would be a very long comment. Iove watching these videos & learning all I can about finances.
These suggestions I will apply.
I will do this for sure 😉....so cute 👍🏼
Managing income helps you understand how much money you'll need for tax payments, other monthly expenditures, and savings. Always allocate for an emergency fund.
thank you
nice financial literacy
Your content is right on time at this point in my life. Thank You!!!
Keep up the good work bro 🔥👍
50% of my income goes just on my rent, 10% on savings, 5% on food and the rest on other bills like council tax. I'm from the U.K. and it's expensive!
How much do you earn?
i can help
Samantha I'm from Middleton, Manchester. I work as a security guard on minimum wage. Open up an ISA cash or ISA stocks and shares. You can set this up to take out £25 a month. Best thing to do thou before any of these is pay down debts.
Expensive here in the US, too. 53% of my income goes to rent, 7.5% to utilities , etc. Little left over after essencials are taken care of.
@@doriswhite1348 monthly income or weekly?
I was spending extra towards my mortgage, but now that the stock market dropped I am putting more into my 401K.
Thanks for the tips. Which category would buying a better laptop to enhance your work or education fall under? Investment or variable expense?
I'm going to try this
@@bettermentboss thank you
Fixed credit and revolving credit
patience is key
I think the way to control your budget is that you need to make a list on exactly what your spending on more and how can you reduce it and control your budget and save it for your later investment.
Use Mint budgeting app
Hi betterment boss! Which software are you using for your video making/editing?
Greetings from Italy ✌
Give every dollar a job when budgeting. Simple as that
Great commentary, information, and animation lol not only did I learn some things but actually enjoyed watching! New subscriber here
Usually at the end of the week I take what's left of my paycheck and split it in 3 then reallocate it... 1/3 saving ...1/3 stocks or investing i.e. alibaba, Etsy, yard sale, thrift store... And 1/3 was going to precious metals but at the present moment I'm a little hesitant to buy silver with the recent premiums being so high again. Do you think I'm allowing myself too much room to spend unnecessary money by not allocating my money the day I get paid?
I have to disagree with the "direct debit" portion of this. I know so many people who have fallen into the situation where they have a utility, for example, directly debit their account. Then, when they go to change the provider, they have to fight to get the direct debit cancelled by the old utility. Many have lost alot of money in this. and when they finally get something done, they have major cash flow issues.
Open a savings account.
Put extra money on this account instead of spending.
Nice
Well it's hard to stick to badget...
When i got paid
-i save less and spend more on school fees..
- food expenses
But this year thank goodness i save up for a good cost... And bought a small land
Save and invest 👍 thanks boss
Pay yourself 35% off the top. Automated deductions are good to have. Avoid overdraft protection at your bank $35.00 each transaction is not worth it. Allowing a budget while paying in cash or debit card according to this budget is key.
Save it!
Save and invest :) I saved for about a year and a half, worked my butt off, then invested into real estate! Now I have two properties that cash flow $1100/mo! I talk about my knowledge and experiences on my UA-cam channel!
Save it and invest!
Of course! I saved for a year and a half so I could invest into real estate. Now I have two properties that cash flow $1100/mo! I talk about my knowledge and experiences on my UA-cam channel!
important stuff*
Does the 25% on housing include house maintenance, insurance and taxes or just principle and interest?
@@bettermentboss Thank you.
ONE WORD!!! SIMPLYFY!!!
Stocks and gold gas food
Pay yourself first!!!
Thank God I save more than I earn.
What's the secret to saving more than you earn?
Let us know 😊.I was saving more before but now the money is not as value as before.
Question. When you say 25% for housing is that after all taxes have been removed from my salary? Thanks!
@@bettermentboss Thanks!
When I was saving up for my investment properties, I was saving 40% of my day job, 100% of my side hustle (over $1,000/mo, and I just made a UA-cam video about what these side hustles are!), and now I currently have two properties that are cash flowing $1100/mo!
PAY YOURSELF FIRST BEFORE ANYTHING ELSE. With lower wages start small, even if it is $10.00.
Sadly, most of my money is spent on groceries, no matter how much I try to restrain myself...
Coupons and Menus actually help a lot.
Look at weekly ad and stock up on sale items. Go to the grocery store with a list and stick to it.
What may help u is to have a allotment doing payday. That way is you have the money sent to a different account you wont be able to spend it and are forcing yourself to spend smart.
Every payday not doing my bad.
Great content 👍 my savings and investment % is good which is around more than 40% of my salary. My goal is to achieve financial freedom as soon as possible.
I love payday
U forgot tithe.. 10%?
I spend my $$$
On gas and FAST FOOD!!!
If i die tomorrow i wanna be broke!!! As long as i have food clothing shelter I GOOD!!!
self denial is substance*
I'm always surprised how much people spend, I make $2500 a month and I spend 750-900 of it and put the rest into savings and investments.
40% spend
30% Investment
20% Real estate
10% Savings
Ok
Flip everything I touch
Allocate 25% to housing??? I _wish!_ That's unrealistic in today's world, especially if you live in an expensive place like California. Even money management experts typically assume a 33% housing cost percentage, and even _that_ is woefully optimistic in this day and age. (And again, even more so if you live in a high-cost area.)
the crypto/stock market is like a roller coaster of emotions, what goes up comes down only to go back again on a daily basis. Many have investments sitting stagnant in their portfolio, accruing absolutely no profits because of inexperience which is why i rather delegate the responsibility of being hi-jacked in the market to an expert sec licensed broker, instead of blowing up my account or making the same mistakes over a serious investment. I have amassed above $56k profit this passed weeks, taking advantage of the BULL and i'm ready to dabble for more!📈
Not for nothing is the aphorism. "losses are normal" - at least that's what i thought before i began to realize how genius professionals are in managing risks... Congrats on your achievements..
this is quite massive,I look to retire by the end of the year & I have 3IRA's worth $384k how can i reach your broker for advise and how to plan my next 7 months if you don't mind?
😍😍😍😍
If you have a car payment SELL THE CAR and buy a used car with cash. Nothing kills wealth build more that car payments and expensive auto insurance.
Setting up automated deduction is the most importantant thing
I invest in my stomach
I try to do as advise but my income to small it hard for me.
Bro Instead of saying money put videos about make more money bro plzzzzzzzzz
I actually just made a video on 4 things you can be doing to make more money :)
@@JamesHollowayYT ohh thanks bro I going to watch
I buy cocaine when get paid.
Almost alo who watch this can't spend 18,000 on frivolous items! That's more then i net!
New Zealand is way better
i have 5 kids and work at mcdonalds that's all imma say...
Expand your knowledge and reduce expenses.
Use a bicycle and public transport instead of a car.