How I Saved $100k in 5 Years
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- Опубліковано 21 вер 2024
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You're on the right track.
My dad taught me something when i was a kid. He said, "Do you know what rich means? It's not a certain amount of money in the bank. I t means you can wake up when you want to, do whatever you think is productive and interesting to yourself, and go to bed at night having lived your life the way you see fit while never answering to anyone. And knowing you can do it again tomorrow."
I'm 62 now. Here's the funny thing, it takes a lot less money than you think to achieve it.
Boy, you said it. Too many people get caught up with the whole consumerism thing and think rich means lots of things. Then spend their life chasing those things. Of course some amount of savings/investments are good. They give you a lot of that freedom to wake up and do what you want to do :) But you're right, if you're not chasing things all the time it doesn't take as much money as you'd think.
Those with kids can’t really get rich by this definition until they have taught their kids the gift of self sufficiency, some may never get rich by this definition, because they neglected to teach their kids.
Your Dad sounds awesome mate 😊
@@the_bohemian_drifter He was 🙂
Do you have any investment videos? I need more info regarding this.
Living with parents is definitely the biggest boost possible. I don't understand parents who kick their kids out so they live in poverty forever. As long as kids are working full time with a real job, let them stay.
🥇
It’s not easy that’s for sure. I try my best with my kids but they have to live by my rules under my roof. That’s not easy for them and that’s not easy for me either.
They can make money even if they are out if their parents house, they can be bartenders, strippers and make tons of money
@@esraamohammed2685 Ya know you can live with parents and be a stripper right?
My kids have both returned home after relationship break ups. Both my sons were easy to live with, having had partners with varying degrees of lazyitis ( didn't clean house, spent money like it was going out of fashion etc). Nice girls in many ways but my sons were trained to clean up after themselves, have savings, and to disagree without it degenerating into a row/ screaming match. So it was OK my boys returning home, paying rent and getting back on their feet. But friends of mine have had the opposite experience!
The first 100k is the hardest. The next 100k can be achieved in much less time if the 100k is left to compound. The 100k after that is even easier.
I saved up £500k over 14 years (plus another £250k in pension). My "why" was to stop, retire in my 40s and no longer work.
This is my exact plan. Trying to get hubby on board.
@@margauxv25 There are 260 workdays in a year. If you were to invest $/€20 a each workday into high performing index funds (15%+), you can achieve the first 100k in around 8 years. You can do it even faster if you put in more than $/€20 a day.
How did you manage to save 500 in 14 years.
Any tips?
What did you do ?
My friend moved out to a cheaper city when his mom kicked him out at 20. I helped him out by loaning him 1k (Not an issue for me) and by making a budget so he would save every month. I told him that right now, it's all on him. That he has no safety net and that he really needs to stop doing stupid shit to save money. He was good to save 1k a month on 35 hrs/wk. I told him he needed to maybe get a second job so he could be in a better place (another 8hrs/wk) in case something happened. He proceeded to get a new GF, not follow my advice and blow money on a European vacation and then he crashed his car with no savings. Can't help people sometimes.
a lot of people have adhd and its torture on finances when untreated
So your friend is 20 years old?
I totally thought this story was gonna end differently. Yikes, eh?
You're a great friend I wish I had a friend like you when I was growing up. Everyone around always wanted to borrow from me cash wise. Family can be a drain on savings during the storm. I'm now in a way better position currently. I just walked away from lots of people and stayed focused on advancement.
I went into reading this expecting he was going to be an inspirational success.
My steps: earn more, invest instead of spend…Bought a home at 45, now at 47 trying to overpay as most as I can and build cash/index funds/bonds/pension portfolio. I know I’m almost late to the party but I intend to do my best😊
Never too late!
Finally bought an apartment at 37 with a 40% down payment. I had to buy the place in a city an hour's travel from where my job is, but only need to pop in once a week.
better late than never
I’m 47, too and trying to figure out a plan. Any tips? So far I’m just trying to pay my debt down first.
Well done! You are proof to others that it is never too late!
Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like ‘Carol Vivian Constable’ who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Carol has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
I don't have any kids, but if I did, I would want a daughter like Nicole.
Yes, Me too!! She's a great person!!
@@horsetracker63 yup same here
To lower income peope like myself, I’m sorry but she comes across patronising and arrogant at times
Oh heck me too 🌹❤️
@@HelenPrimoRoseanneInYourArea Yeah she's not right on all things. Used cars for example being better than new cars or that, it doesn't make a difference lol. Which certainly does make a huge difference. That's fine if she doesn't like new cars. Most women don't care about that & don't like to drive. Yeah just do what you want to do.
For me just the idea of "stability" and "safety" has been enough of a why.
OMG Levi at 10 weeks old just melts my heart! So cute!
My favourite little potato
@@AccordingtoNicole it took me 5 years to save my first 100k too
@@AccordingtoNicoleHow old is he now?
12
Dude, I love that dog.
How refreshing to see a smart, down to earth young person winning at life. You go girl!
Purchasing a stock may seem straightforward, but selecting the correct stock without a proven strategy can be exceedingly challenging. I've been working on expanding my $210K portfolio for a while, and my primary obstacle is the lack of clear entry and exit strategies. Any advice on this matter would be greatly appreciated.
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
@@Jadechurch-ql3do Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Laila artine kassardjian' is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Levi is your best investment! He’s so cute
Yep.....he pays dividends every day.
In 10 years I saved $250,000 in mutual funds, which after 2 major events 9/11 and financial meltdown, it dropped to $105,000 and it took 12 years to fully recover loss.
Mutual funds are meant to be the safe option but actually have way worse returns than other options, a big reason because of their high fees. Maybe look into some other avenues she mentioned here (eg. ETFs)
If you have invested 250000 in 2001, you would have 1.4m now
The 1st 100k is hard, after that it snow balls!!! Great video Nicole!!! People need to start saving more : )
completely agree.
It's hard too people that never worked. It may be a lot to individuals who scam and have to spend it immediately because it was never theirs in the first place. Been there done that🤣
what r u doing to make it snowball, mine's just kinda stuck there
@@beardham A good Money Market yields 3 to 4% a year. CD's are paying about 5% a year and an SP500 fund has returned 10% a year for the last 20yrs. You have to wait years for it to grow of course.
@@beardham fidelity money market spaxx is paying 4.95 percent interest. Works fine
My favorite side hustle is buying stuff at yard sales and Craigslist and selling it on eBay. The key is knowing what to buy, how much to pay for it and what you can get for it.
I heard the irs is trying to get you too now.
Sage advice. Probably one of the toughest parts of becoming more financially savvy for most people is learning patience. Too many people give in to immediate gratification and pleasures because its "only a few bucks here or there." Your goal is accumulation, so every little step in this direction does make a difference. Being frugal and intentional does not mean living a deprived life void of any joy. So many people mindlessly stumble through life with no sense of direction or destination - just stop doing that and the financial course of your life is forever changed to be more rewarding. Take stock of yourself and financial position, then make changes where needed.
70 y.o. and yeah, been there, done that, BUT always keep in mind :: they WILL move the cheese on you at some point at least once - you can bank on it. Diversify your income streams, across asset classes and within asset classes. It's not as efficient for growth but it's also not as efficient in loss during downturns, either. Be as tax efficient as you can as taxes are onerous enough to reward all the effort of study.
I think you are the oldest so far. All the other people were in their 60's. Yeah I cpuld learn a lot from you folks since you have a lot more exp & knowledge
Cars are the WORST waste of money on earth. The more expensive the worse it gets.
107k for a Ford 2024 SUV
I have a divorce client whose husband bought a Beamer for $1100/mo and their mortgage is $1300/mo. I told them they were car poor and needed to sell it before he files bankruptcy
AMEN!
But if you live in a small town with out public transportation you pretty much can’t go without one
Correction: New cars are a waste of money. Used cars can be a good wealth builder with the right knowledge and skills. And classic cars can be a gold mine. I own 8 cars currently. Every single one of them is worth at least double what I paid. The last one I added, I paid $800 outright. Spent $100 fixing it. Its appraised at $10k.
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains within months, I'm really just confused at this point.
The current market conditions may provide opportunities to increase revenues swiftly; however, experience is required to carry out such a plan.
Many people minimise the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm solvent. I looked for licenced advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
Actually its a Lady. Yes my go to person is a ‘LAURELYN GROSS POHLMEIER '. So easy and compassionate Lady. You should take a look at her work.
The sp500 would be a good start
- Some one who never bought stocks
Probably some good advice but I don't know no better either way
S&P and BBD
Studying a degree that I don't even use in my job today was the biggest scam I've ever seen. Because the idea of moving out of home living in a flat, putting more financial stress on while studying was not good for me. My goal now is to build my stocks account, pay off debt, have a few months of pay sitting in my everyday account, stack silver and gold. Been a slow start but definitely getting there :)
Thank you, you made me laugh out loud this morning with your comment about your foot falling asleep. At 61 I have to move regularly otherwise stuff stiffens up. Thank you for sharing this, such valuable lessons for anyone no matter their age.
We paid off our first house in 3.5 years by paying extra principle each month. That was 40+ years ago. Be very careful about used cars. Many cars rot out in 8 years now because of the crappy steel and the highly corrossive salt used on winter roads. This salt is also killing bridges. Good Luck, Rick
My car turns 8 this year (owned it for 3.5 years), and I'm beginning to notice a bit of rusting taking place on bolts and stuff especially with the salt on the roads.
@@McGuire40695 Thoroughly washing under the car can slow the rotting. Good Luck, Rick
@@richardross7219 you're the man! Thank you!!!
Undercoat your car, you can do it yourself for around $100. See how on YT.
@@dabprod You can do it yourself but it takes a lot of time, preparation, and is a messy process. The last time I did it was 35+ years ago and it cost over $200. The cleaning and preparation took days. The car lasted quite a while, until the engine blew. Good Luck, Rick
I would love to be able to do this but I am in the red now and it will take me another three years to get to the positive side…however, watching channels like this and this one in particular, I can say that I will NEVER be in more debt than I am today…the respect this young person has shown for money has in a very big and surprising way, changed me.
My 20's got me into the red too, but after learning about money on my 30's, I worked hard to get out of debt, and now doing a little investing. The biggest motivier I found was to calculate the amount of interest I'd pay, and for how long I'd be making payments to a bank if I only made min payments. And then if I made bigger payments. I did a side job to pay more which saved me about $5000 in interest and cut of years of payments too. This helped me see the light at the end of the tunnel.
I mean you're not wrong on the methodology, but saving anywhere near $40 per day is simply not realistic for most people. Half of Americans don't even have the money to afford a $500 emergency without having to borrow w/ credit and they live paycheck to paycheck. I'm 36, better off than many, and even I can't save anywhere near $1k per month. I've got a 6 month emergency fund in the bank, no credit card debt, so I guess there's that....
But you see as far as I can tell her income did not shoot up either!!!! I alway say having income that grows is worth more than saving money and rate of return!!!!
And quite honestly she ignored taxes when she was living with her parents and saving that money... Really who lives on 25k a year, saves that much, pays taxes and spends on several musical instruments just like that??
Take note the $100k is in Canadian dollars, with the current exchange rate it was closer to her saving $70k. Still not that easy for the average American
Nicole, You need to go to different high schools and ask them if you can give a Nicole talk to the high school kids. Sometimes kids don't want to listen to their teachers or parents but I believe they would listen to you. I know you would be good at it.
Your an amazing young woman. You will be a multi-millionaire oneday.
Her advice would make housing super expensive.... People can't all leach off others (viewers, parents etc.) and they for sure can't all be selling stuff (who is busy buying what the sellers are selling) wtf? I would say if something works is it possible at a huge level would it still work if not how is telling everyone to do something solving anything?
This was such a great no BS inspirational video. I had a bad day yesterday because I feel like none of my side hustles are materializing and I'm just wasting time and money, but this video just motivated me. Thank you!
What side hustles are you trying to do?
@@desb3459 Why is he worried about her success.... her hustles working means she can avoid issues maybe but everyone will not have hustles that work.... We can't all get stuff otherwise who is there to buy?
Brilliant video, Nicole! Saving for the sake of saving can be a goal for everyone, and everything you presented should be taught in schools. Young people shouldn't get their education about saving, investing, RRSPs, TFSAs, etc. at their local bank, where employees are more skilled at upselling than teaching.
I am looking at retiring and I came across your video. I wish I would have watched it when I was still in my 20s. You give great advice. I love, love your attitude and your mindset. I have been implementing most of the tips that you are giving here, but only for a certain time as I was not aware when I was younger. It would have made such a huge difference. You are doing a great service to the community sharing this experience. Thank you! I wish you the best success and all that you do!
Inspirational. To learn about stocks and investing, I watched a few UA-cams and got an online trading app and then put $100 on my account. I then bought $10 worth of 10 different companies to see what they'd do. After a few months, I sold 8 and then started buying whole shares of the companies i liked or ETFs. I'm going to go back to buying a few hundred dollars worth of shares every payday. In the last 3 yrs, i have several shares that are up a lot, like from $200 to $400 per share. It's wild that's done that well.
I need to set a goal. I think early retirement is a good one. I also just need to save so I can travel to the places I want to go once a year.
Your next 100K will be much easier and faster and the following 100K even faster and so on. Well done
Dear Nicole: I really admire you! My major goal was to have a wonderful family of 5 kids. I put myself through college and worked full-time. Over the years I got better jobs and invested the money! My kids, I'm so proud of them. They all went to college and make a lot more money than I ever did which I am proud of! Plus they have wonderful families and lots of kids! We are all LDS and enjoy our families! My goals are really different now. I've made and invested to the point that I really don't need any more investments. I actually try and spend some money each on Amazon! My kids and friends can always use a few things. My goal is to not be the richest guy in the cemetery! Good luck to you and may you enjoy your live!
Awe Levi as a puppy! Glad you are making sure his life and yours are safe and secure. Glad he is so fit and spry at his age. Talking of age - i retired at 58. Best thing ever! Hugs to Levi!
Speaking as a saver myself Nicole do not forget about the government programs to defer taxes on earned income such as RRSP's and TSFA's the later being one of the best things for younger people to use to grow financial equity for themselves. Also starting a small numbered company to buy and sell stuff or just run You tube channels might be the way to go as a private company you own allows you to deduct all kinds of costs; the government is good enough that it can also loose money for about 5 years before they suggest you close it. Owning your own business is the fastest way to become wealthy.
Staying with your parents is what really set you up for this, most don’t have that luxury.
She says - directly after! - that there’s also living someplace cheap with roommates. I lived with 3 other dudes with questionable hygiene to hit $100k. It was… motivating. Before you announce that finding roommates isn’t an option, I’ll say stop. The idea isn’t to look for reasons why you can’t, it’s to look for ways that you can. The person with the best vantage point for possible solutions is the one smack dab in the middle of your situation: you. Watch “Apollo 13” and/or “The Martian” for inspiration.
I was under the impression that that was 'normal' these days? That's what all the complaints on the net seem to suggest - no one can afford to move out of the parental home.
@@dallassukerkin6878 they’re lucky
It's actually her entire philosophy. She runs her life like a business even when she went back to broke after the house, she got her money back up. The average person can't do it, because they lack discipline
@TT-xz5sy It looks like you missed the point. What is your goal? Everyone can save something. It is a matter of discipline and time. Staying away from debt is major. After you save a certain sum, you can invest.
Consumer Reports says you should never buy a new car but if you do drive it for as long as you can. Im 51 and never have. I did consider a new economy car Nissan Versa but ended up with a used Lexus but Toyota is nearly as reliable for less usually.
You gave me a new hope of being able to one day buy my own place again! even if i'm already 41. i'm far from putting aside 1000 a month, but at least i'm saving ^^
Starting is the problem so many people have. Too busy wanting to hit the home run 1st at bat. Slow and steady wins this race.
I’m a single mom, I work as a nurse and have a 21 yr old. We lived w my parents for first 10 yrs of her life, was the best decision as my daughter had a loving family surrounding her (I’m one of Six girls). Some of My younger sisters were living w my parents too at that time. Now we rent a decent condo and I am saving to buy a house but prob a condo. Having to always ‘watch’ the money through the years has made my daughter humble and very down to earth. I’ll admit she loves shopping and fashion, clothes! And is still learning the importance of budgeting. :)
You look naturally charming. Meanwhile a lot of us go in debt to try to fit the beauty standards. You’re definitely winning on every levels.
I had to share this with my almost 18 year old daughter. This is such a great and helpful video that all young people should watch!
Keep on ROCKING Nicole! Such great straightforward info! Love the solid recommendations!
My so - who is on the spectrum - thinks she is too (& he thinks she is attractive, his type). People - give others a bit of grace. We aren’t all wired the same way. Maybe she is like my son - high IQ & on the spectrum.✌🏽😎🇺🇸
I love how much you love Levi! Heartwarming! Great content as always. ❤❤
As a retiree I still have goals, strategies and plans. I enjoyed my profession a great deal. At 66 I stopped getting any joy from it and stopped cold turkey. The years of planning allowed me the luxury of going on expedition cruising. Now Mother Nature dictates the need to “hire the help required “ . We lived an interesting life and spent every farthing on educating our tots at fine schools, with great coaches and proper enrichment to optimize their future. Money well spent.
Another great video! thanks for sharing your wisdom and insights and Levi was such an adorable baby!
I have two children in college, so that's basically the goal, making sure they have a good start in life. We have a mid-terrace house, all paid for, now two years ago we bought an appartment in the city where the children study, so they both live there, and my daughter wants to live there later on, so it's already a headstart, now we'll see what my son will do after he graduates. Biggest advantage is that we don't have to pay rent. I'm proud of my daughter, we did some electricity wiring together, also saved some money that way, somehow my daughter is more serious in such matters, I hope my son also becomes a bit more practical later on.
Your an inspiration even to this 60 year old from the UK! Thank you! 👏🏾👏🏾
This is my life. I never shared with a living with roommates, but everything she said is what I did. It's a great life! It's amazingly freeing and stress free. It's like you can stop saving and have no money, and then you jump on it again. Money is a tool.
I love your tips about cars! I drive a 2004 ford escape and it was free from my dad because he fixed it for a friend and they gave it to him! I could afford something else, but would much rather save the money! As always, a great video Nicole. Have a good week.
She's not good on car advice. Buying used you'll have many problems with that especially a Ford which break down. If you can afford it buy new Toyota cars. These will last you 20 years.
My 2005 Ford Escape has 307,000 kms
@Tony
$35k for a new Toyota or invest the $35k for twenty years let me know which is worth more after 20 years?
@@ivobiancucci4528 Yeah that will be another 17 years lol. My 1st car lasted 18 years a Suzuki Vitara I bought new. Totally worth it.
@@ivobiancucci4528 Oh ok so now I can't buy a new car because I am supposed to save money for 20 years lol. I live in Canada where rust is on my cars so I have to get rid of it as soon as it's worthless.
You're failing to realize that I can go a lot of places with my car, save time & effort when doing things. My friends have used cars because they can't afford new cars. You know what happened, the car wouldn't start. His battery died. He was in the states & to call a toll truck just to get him all the way home to Canada.
Then other friends bought old cars & they broke down as well. Too much of a hassle to fix it etc.
I totally relate to this, I am also a natural saver, frugal, etc. I've been accumulating my savings but I had no idea of anything about investing it, I didn't even know what a high yields savings account was, didn't even know they existed, but once I started accumulating more savings I believed it was time to find a way to put it to work for me, then after investigating a bit, then found the possibility of compound interest, then I asked myself "how come I didn't know about this and how come I didn't start this years ago?" I think it's because NOBODY around me talks about it because NOBODY knows, because people around me just work on their jobs to spend on things they don't need, get into debt, spend more, consume, then post in on social media to show how cool their life is (which I don't have anything against, but this means the majority of people are not into making-money-grow mentallity).
Sunday excellence as always. Levi is so blessed. Thanks for the great content.
I'm 31, lost my job and apartment, had to move back in with my toxic parents. My goal is to buy a house or at least rent one for a little bit and then buy one when I've found the right one. My back is against the wall but I will turn things around. There is no other option. Thank you for the inspiring video.
Hey Nicole, I have a friendly bit of advice. I remember you saying in a Q&A video that you flat iron your hair every day. I just wanted to share that if you’re not already using a heat protectant on your hair every time you flat iron (and every time you blow dry if you also do that), then I highly urge you to get one. If you want any recommendations on what I personally use (I also flat iron and blow dry my hair), let me know and I’d be happy to share if you’re interested. Using a heat protectant is something hair stylists should always tell their new clients, because there are so many people who do not realize the damage they can avoid (and subsequent healthy length they can achieve) by using a heat protectant product every time they apply heat to their hair. It was something I learned the hard way (on my own) back in my mid-teens….I would get frequent trims back then because the ends of my hair would always end up looking dry and fried (and eventually even smell like burned hair!) because I didn’t know what a heat protectant product was nor that I needed to use it when I blow dried and flat ironed my hair. One time when I got a trim I finally just asked my hair stylist at the time what I can do to keep that from happening. She recommended me a heat protectant product (and an at-home conditioning / strengthening treatment), and my hair has never been dry, brittle, or “fried” since then. Hope this helps ❤
I like that I just type A and youtube knows to put on the Sunday new According to Nicole
I just found your channel and I'm really enjoying it! Thanks for reintroducing these principles.
This video explains the obvious thing that I tried to explain to my ex-wife. Now the question is, where are the REASONABLE WOMEN that understand these basic things and want to get married and have children?
Let me know when you find them lol
when my hubby and I were both working FT I told him we could save one income and live off the other. He wouldn't do it. now we're debt free I work PT and he's still FT stressed over his job and worried about retirement. But had we saved we'd have a really nice nest egg right now. Some people are just not on the same page.
Congrats on all your accomplishments! Your personal experience is a great role model for others.
No need to have any regrets about not understanding investing earlier. You're still far ahead of the curve and life is all about learning. Me, I did it the old fashioned way. Got a degree in a STEM field, worked for various companies - choosing ones that had good people and treated you right over companies that offered the most money. We lived below our means and saved/invested a bit more than normal but not so much that we sacrificed our todays for tomorrows. I'm 63 now, retiring in 3 weeks, and we've done ok. I think that route is still viable but it's not the slam dunk it was, that's certain.
I really wish they would make a compulsory class about all of this in high school! Imaging how much better the world would be if financial dress were eliminated. I dream!
Great vid Nicole. As usual.
Stress tha is!
Wtf
Great video, Nicole! :-) Our main goal is to build our emergency savings components and to pay off our house. We are currently looking at about 14 years until retirement. We are currently contributing 20% of our income to savings and 18% to investing. We've both maxed out our employer matches and are investing in separate IRAs besides. We want to have $50k saved for a 3-6 month emergency fund $10K emergency cash reserve, be one full month ahead and also have a checking account buffer of $1200. That alone will get us to a place where we can leverage extra money to paying off our house before retirement.
Its nice to know you are in Canada.
Can you make a video teaching us how to invest?
If you just put 15% of your income in an SP500 Fund you'll become a millionaire!!! I love buying apple stock also : ) Do it weekly if you can
That fund is no5 available to Canadians, maybe on moomoo now?
@@gordonpi8674 BMO S&P 500 Index ETF Yes it is I just checked
@@gordonpi8674 In Canadian dollars, you can buy the VFV ETF, which tracks the S&P 500. However, don't believe it will make you a millionnaire overnight! As a long-term investment (many decades), you can expect around 7% or 8% appreciation yearly on average. This is not for day trading or short-term gains.
Good advice on cars.... especially, some modern cars will go the distance IF they are well maintained from the previous owners. (all 3 of my vehicles have more than 150k miles each) ....
Having trusted mechanics helps ALOT, these are the guys that are always booked because their customers are so loyal...they are worth the research in finding them.
Since you mentioned "getting educated" - I acquired a Real Estate License ...just to have knowledge on buying a home ...it was relatively inexpensive, a handful of classes.
My current home was bought with "no-money" down... Having employment and a good credit rating will get your foot in the door with the bank or mortgage lender.
The 3 most important things in a Real Estate Investment:
1. Location
2. Location
3. Location
(Not being in a flood zone, not having termites or radon, a good roof and hvac/ newer roof...a solid foundation, etc are all very important if you are on a budget.)
AND- if you can buy it with little to no money down- AND it has a rental unit on the property as well.... The rental could pay for the mortgage.... and thus , more money to invest $$.
Wow. You're amazing 👏🏽 ❤🎉
Career thing is going to be important for most people. Pick an industry that has 9o% employment, and several different employers in your area. Wanna be an actor or musician? Unless you're clearly in the top 1% of those around you - work a job, and do theatre in the park or open mic to get it out of your system. You'll live an easier life. It sucks, but it's what your friends and family or social media aren't telling you.
Smart girl. I am in my 70’s now with very little to show for it. Congratulations to you and keep on achieving those goals.
With a 5% annual interest rate compounded monthly, you would accumulate approximately $77,423 in 5 years by saving $38 a day.
It’s hard to do when you are married and have children. I bought a house in 2022 in CA, high mortgage and a lot of bills. I earn a decent living by working a lot of overtime at my job- my wife cannot work because one of our kids is autistic and requires a lot of attention. What I can say is that investing is the key. Getting into a deferred compensation plan years ago is what allowed me to buy a home. Put away whatever you can-even if it’s only a couple hundred dollars a month- and forget about it- your $ will grow over time. Key is to play the long game and consistently put $ away- when you start making 6figures it helps as a tax shelter- either pay yourself or Uncle Sam. Choice is a no brainer
My goal is to pay off my rental property and then sell my California house to move where my rental house is. I can then buy another house for cash from the equity in my CA house and have 2 paid off houses. I'm shooting for 7 years. Then I can quit my current job and I will only need a part time job. More time to myself is my real goal. Plus it's just very expensive to live in San Diego and it's only possible with a decent wage job that I thankfully have. I want to get out of this rat race though.
I reached 100k at 25 also. Now that's it's many years later and with tons of investing that has drastically grown.
You're a winner ! Love your sense of humour!
Dumped my bigger house and bought a smaller house and hacked it. Covered my bills and food.
Dumped my 6 fig job, went to casual on call. Extremely tax efficient .took my new found time and learned how to hussle trade hack love life
Borat said it best..."very nice!" Thanks for the insights.
I had the same problem as you, if I knew how to invest back in 2011, I would be rich by now, back then bitcoin was like $1, instead I invested in walmart stock believing I was going to be rich in ten years 😂
My investment grew substantially but not enough, anyways I like my state right now because I learned a lot in these years, I do prefer an stable income over becoming rich overnight
I’ve been following you for a while now and you’ve made a massive difference to the way I handle my finances. Thank you, Nicole!
I’m 20, and 2 goals of mine is to create enough money for as you has said to have the option of early retirement and hopefully later on when Im married that I can support not just a family but also my wife in the event she wants to be a stay at home wife
Well, here's the thing about life: unfortunately, you don't get to do whatever you want to do whenever you want to do it.
Good for you Nicole, you’re a smart cookie, true wealth is having enough money to afford to spend your time how you want to, sounds like you’re pretty much there, you have a very wise head on young shoulders, you should be very proud of yourself
As a tax professional, let me say financial advisors aren't versed in tax laws so can't get into tax consequences. Speaking with both to gather info before making decisions is very important. I speak with a financial advisor, take that info, research anything I may not alreasy know tge tax regulations on and what the advisor said, run the decisions through tax forms to see te outcome, and use that to make final decisions. I saw too many clients owe thousnds in tax thinking they didgreat things prior. I have seen over $75,000 to the IRS and over $27,000 to the state.
OMG! Levi as a puppy! ❤❤❤ Also, good work on life. You are doing great, kiddo!
I make a lowish income, but recently got a part time job so I can officially pay everything off and start saving fully by the end of summer! My goal is by next April to have zero liquid debt and $10k saved
100,000 $ in a s&p over 15 years with 1000$ a month continued investment retires you with 1M .
In order to achieve anything great, there must be a sacrifice .
Discipline is freedom
New to the channel, excellent video. Working on paying my house off now so I have the option to reduce my hours if i CHOOSE to, only 97k to go .
Didn't Charlie Munger and Warren Buffett invent the strategy of buying/investing when the market is low and also buying/investing when the market is high? As Warren Buffet said, he has seen this happen many times in his life. Not an investor. My wife and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock...
The way you handle your money matters more than how much money you save. You may definitely check into financial advisors for a strategy that works for you, regardless of whether you work for a living or invest. It all comes down to revenue vs. expenses.
I have been engaging in the same activity. With no income and all of my money invested in equities, I can't risk getting into IRS trouble. But I detest having to perform the labour. Haha. I therefore simply invest through an advisor who chooses the stocks. My income increases and I pay no taxes.
bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Undoubtedly, there aren't many authorities in the area. Although I've tried a few over the years, I've been committed to Sharon Ann Meny for the past five years or so, and her performance has always been outstanding.
well-done. Sharon appears to be highly knowledgeable and very qualified, came across her consulting page just after inputting her full name on the web. In fact, Ive seen commentaries about advisors, but not one looks this phenomenal.
Refreshing to see a realistic take on building wealth.
Great vid! Yes when you have 100k+ FU money is very freeing career or business wise.
I'm more than twice as old as you, and I can tell you I didn't have 100K in my nest egg until I was in my mid thirties. To be sure, rising property and equity values have made it nice sailing if someone is willing to put money aside and not spend it when they earn it.
Pretty much what I did in my youth. Save, save save, reward once in a while (guitars, things that retain value,) pay parents rent and insurance, and save, save, save. Now that I’m older and can not work any more, I am in ok shape with this trash economy. People spend money on things that they don’t need only to keep up with the neighbors. I do have debt on credit cards, as I used to pay off the bills in full every month, but now can not due to life. The buffer is a huge lifesaver. Save some money, kids. You won’t regret it later.
Just stumbled on your channel. You definitely deserve a follow! Took me a lifetime to learn these skills. Well done!
I had the same experience/awakening about how most people buy cars. I’ve also learned that people will wrap “underwater debt” into new car loans as long as they can afford the new monthly payment.
In the US, being self employed allows you to route a significant amount of money into a 401k, far more than if you had a regular job. Right now it appears to be a max of $69,000/yr, which you'd pay nothing in taxes for those earnings. Depending on how much you make, it can make less sense to focus on paying down a house and instead route that money into a tax deferred 401k. In my case, $69k/yr deferred saves me about $25k in taxes while only spending $10k on mortgage interest. tax free funding, tax free growth, and you can access it if you need to in emergencies, and take loans against it that pay interest to yourself, etc. My first million was through tax advantaged saving, while carrying a mortgage and buying cars. Creative tax and finance can be far greater than strict debt avoidance.
Thank you for making this video. I have been watching your content, and it's both brutal and incredibly knowledgeable and insightful. My goals would be: to pay down the credit card debt, get a car, and get a house for myself. I have been doing ok, but your content is really motivated me to pay more down towards my credit card debt. I know my why now.
As a citizen and resident of the USA, the why is future medical bills
Definately the DENTAL bills also -- matter of when -- not if
Cost 535 a day in the nursing home for pop....2024😢
New to your channel and absolutely loved this. You’re so disciplined, it’s very impressive!
I really like your videos. Inspirational, encouraging, honest, useful information, logical and real. thank you.
The way I saved my first 100K (in less than 18 months) was to get laid off or fired from my past couple of jobs. There was no plan to it at all but apparently getting a NYC job but working remotely might be the way to go.
I will do it in in less than 3 years time. Already 2 months in and Im going to hit 20k next month
I can’t put into words properly how much this video helped me, so I’ll just leave you with a serious thank you 🙏
I wish I had done that when I was younger. That's really good, how you saved 100k.
I found my why! I realised having less than 10k in my savings account contributes greatly to my current anxiety issues. I lost my money from moving in with roommates (would've been cheaper living by myself but overall I don't regret it since I was about to face homelessness), and I was in a car accident the DAY I had to move out of that place. I ended up eventually moving back in with my family. I sat down and did my first budget review in a year and realised I could afford to save half my pay. Writing it down and looking at how fast I could save for another years of car insurance and rego, fill up my savings accounts, pay off a loanm contribute to my newly started portfolio was a big motivator for me.
I got kicked out the day I turned 18, living with your parents really is such a huge buff
Meh. Renting with a couple friends would have put me in the exact same spot financially.
I find you calming ❤ subscribed!