People who say "must be nice" are just in a bad state and jealous. That phrase comes from a place of unhappiness of ones own situation. Carry on, those types will always be around as you continue to be successful.
Negative comments truly should be kept to ourselves - and yes you’re right!!! When people comment on others without truly knowing details it’s truly a reflection of them 😂
Thanks. What I've learned it you usually hear criticism from people behind you, but its never the people in front of you that are critical... Thanks for watching!
I once made the mistake of offering to show a “must be nice” person how I made it happen. No interest, just excuse after excuse why it wouldn’t work for them. There is a viral video about a guy with 6 children complaining because his grocery bill for a family of 8 was $444 for 10 days. Everything I saw was heavily processed premade food. But even so you should count on spending about $100 a person per month for a low spending plan according to the USDA or $800 a month. His present budget is $1,332 based on $44.40 a day and isn’t as high as a regular spending plan. If he shopped sales, cooked low processed foods he could save 40 or 50% on his $1,332 budget. People don’t look for ways to save they just complain.
I left my husband of more than 20 years 8 years ago. I left with nothing got nothing at divorce coz I was the one filing. Long story. I bought my own house 3 bedrooms. Everything I did was from scratch on my own. I’m not where I want to be. I am still pushing ahead. Sometimes I fail or fall but I will always remind myself who I want to be. Keep looking ahead to your goals.
Thanks for you incredible outlook and inspiration. I can't imagine how tough that must have been for you and I'm glad you are prioritizing yourself. Thanks for watching and sharing.
Very early on in life I was told the greatest gift you can give yourself is 6 months. Meaning 6 months of income, 6 months of breathing room, 6 months of time if something unexpected happens.
@@brianfarrell924 Thanks for sharing your story. That in itself, whatever the motivation, takes courage. The internet can be a cruel judge. Try not to take every comment to heart. All the best from Australia.
I’ve taken control of my finances after suffering a stroke and now living off of LTD and SSDI. I had a high salary paying job before the stroke and now I’m bring in less monthly but today I’m further ahead in my finances today than before the stroke. All because of financial intelligence. I really appreciate your video and have some helpful take away tips. Thank you
1st. I can't imagine how tough that must have been for you. I hope you are in better health today. 2nd, I'm so glad your doing better today around finances, its amazing how it works around educating yourself! 3rd. Im glad you enjoyed and hope it helps. Thanks for your support :)
The medical bills Are a full time job for sure. We got to the point where, when another paper pack ( u know, the lawsuit threat papers that you can still negotiate out even after receiving these papers) would come from the sheriffs office, we would look at each other and go “ sheriff’s car, u wanna get it today, or should I?” Once the fear was gone , and we replaced it with complacency and humor, things completely turned around. But fighting through the endless calls and threats and fear tactics, whoa!! So, I tell anybody in any kind of similar situation, try and drop the fear as soon as you can. You can negotiate everything at any time, no matter how many bills or how much.
Very True! I think as long as as you are showing some sort of payments, your good. Ignoring is a terrible plan. Some we paid $10 a month for years until other debts were gone. We heard nothing from them.
I replaced my old condo windows this summer with quality impact windows; I live in a hurricane zone, near a noisy road and these windows were from 1966. They rattled, would not stay up by themselves. One even fell down and cut my finger. It was very expensive but I got it done in time to get the tax-free exemption from the state of Florida. I also got points on my credit card and paid off the balance in full immediately. This is why you live beneath your means, so you can self-finance your big purchases. One way to do this is to "bank" your raises. If your paycheck is already covering your expenses, don't give into lifestyle creep. Have the increase in pay automatically transferred each month to a savings or investment account. That way you will build a reserve.
People spend more time planning their vacation than their life. I would add, they also spend time fantasizing, day dreaming and talking to others ahead of time and then afterward than planning their life. Budgeting. I get what you are saying. It’s the same here. I know my fixed expenses, variable expenses and they don’t vary much. The remainder just gets saved. I rarely buy anything full price, I have methods for saving that work for me.
Thank you for sharing your story. I’m in remission from cancer & live on my one income. I also homeschool 3 kids… well now 2 bc my son just graduated. God has really blessed me with a great career that allows me to work from home & make a decent living. I realized in the process of getting cancer, that I want to leave something TO my children, not make them responsible for my poor financial decisions. I don’t know how long I’ll be here- none of us do really. So I am 5,000 away from paying of my 37,000 car, and then have a plan to pay off my house in 4 yrs. Lord willing. I’m contributing to my 401k also & really want to start learning more so I can invest more. In the end, I trust God more than all of my “treasures” on earth & I know HE has given me the wisdom to prepare. But the biggest gift I’ve given them is to be able to raise them to know the Lord. All my trust is in him❤️
We have the same dream. I can't recall if I said it in the video but, this will be my 1st year not working Black Friday in 25 years. I'm not going to know what to do with myself. I do know, there is no way in hell I'm going shopping that day. How many more years do you have ?
Thanks for sharing your story and what works for you. It's refreshing to hear truths and not the colorful flashy stories. It's humbling to know that working a solid plan slow, consistent and steady will get you debt free 😊
Hi Nancy. Its not fun, but there is light at the end of the tunnel. The weird feeling is when its done, you are kinda programmed to keep living below your means. Keep at it! thanks for the kind words too.
My husband and I don't budget either. Similar to how you described it. We have several monthly auto-transfers to savings, and beyond that, we generally find that we're just more driven to put as much of what's left as possible (after bills) into saving rather than purchases, and cash flow just never really gets out of hand. We're fortunate to have double (decent-sized) income, though, and decades of "practice" running our lives together so we've developed an intuitive sense of how much spending is too much for us. I think for some people budgets are a useful tool.
Thanks for having my back @Jodi9810 :) I'm just trying to be honest, I get a lot anger and dislikes because I don't religiously budget. I just felt like some of these experts need to be a bit more honest about tracking every single thing. It might not be for everyone and isn't necessary especially if you've been doing it long enough. I also highly doubt many of the financial experts that are very wealthy are sitting there budgeting every month.Congrats on your success, you are a very wise person. thanks for watching and sharing .
I know you said you don't keep a budget, but for the beginner, I'd highly suggest doing one. I averaged my monthly income and monthly costs. Then I figured out my "free" money and fine-combed it to figure out where I spent it. After this, you can figure out where you can cut costs, that subscription you forgot about, etc... and you'll be amazed at how much you could actually invest, throw at another debt or just save. After that you can forget about the budget as long as you're cash flow positive.
Hey @crazyhumpy. While we dont budget My wife scrubs our Credit Card statement everything month. You are right it does work, we have found fraudelant charges and an even an Uber charge as a "convenience" fee and neither of us has an Uber account. You are right that it, is a great suggestion and a must. We just dont stress if we go over each month, thats all. Thanks for sharing and helping me clarify.
@@brianfarrell924 I understand what you meant. It just amazed me how much I spent, because I could. I never thought I was throwing that much out the door on dumb stuff. Like the DoorDash you mentioned in the video. My comment was just directed at the people that tend to leave bad comments on these videos. Frugality is lost on most people these days. I agree with you 100%! I have an older truck that I payed off a few months ago and I keep looking, but I can't justify that payment, already owning a good running vehicle.
I used to work in banking and customers were upset bc they spent their paycheck b4 it even posted & incurred fees due to overdrafts. Sometimes direct deposits were late or the amount was less than anticipated. most customers never took responsibility & gave the bank hundreds/thousands of $$ and repeated the cycle.
oh my goodness. That must have been so frustrating to experience each week. I'm sure you'd want to have that talk with them to cut the crap. Thanks for sharing
Budgeting is kind of like tracking your calories to start to learn portion control. We spent 3 years hard core budgeting to pay off debt - now 12 years later we have that "sixth sense" about when we're overspending. We do track all expenses to keep ourselves on check.
Well said! We do the same each month to learn more about our trends and keep ourselves in check. Thanks for sharing! I get a lot of grief for SAYING I don’t budget
Agree with you - once you live in a high-stress or survival situation, you live like the 'grea depression' people did. Spend only when you must. So I don't debate utility bills (I examine them for usage and always try to go a bit warmer/cooler to save $$). I don't get 'new or better'. Prius (11 yrs old, 130k) paid off long ago (0% 5 yr) and NOT replacing it, esp at sick car prices now. Why budget? Self-induced stress. Like you, if my $$, whether its cash on hand, investments, et al isn't going up each month, THAT gets my attention and I start ferreting out what /why. Live beneath your means, and see your $$ increase each month. Security and peace follow!
Hey! Great work. Car prices are crazy right now, I've been tempted to get a slight larger SUV. I look and then get reminded what a terrible idea it is. Keep up the great work and thanks for sharing :)
This is my goal to achieve a 50% savings rate within the next 3 years after my daughter starts elementary school and I increase my income. Even if i land on 25-30%, Ill be extremely happy. Currently at about 10-15%.
10- 15% puts you in like the top 10% of people actually! You're doing great, its a goal that takes time. Has you pay stuff off and you start to earn more money, it will balance off. Thanks for sharing and watching :)
We have a set amount to spend. We used to budget, but my hubby went to get me wings today at the grocery and he bought the $5 wings instead of $14.99. Now that is success. We both watch what we spend. We just got solar. We are not leasing. It is worth it for us. We have an old phone apple 6 S. We get prepaid, it is the only way to go. $300 per year, no other bill.
You are not the only one-I agree over time you know what it takes to run a household/life. I also look toward our investments to gauge how we are doing. I definitely think it takes time to have this sixth sense.😃
Yup.. I've paid off all my Debt, including my house last year and I don't use a budget either.. never have.. I just track all my balances on a spreadsheet and I'm tracking my net worth like you... I enjoy looking at and studying my spreadsheet and seeing the numbers grow, that's what encourages me..
Great video series. My Husband and I have been married 27 years and we have always put all our purchases on credit cards and always pay them off in full every month and we have had many holidays using frequent flyer points and for the past year I have been able to fly my daughter in July and Xmas holiday breaks from USA where she attends university back home to us in Australia only using frequent flyer points which has saved us thousands (especially over xmas where return flights can cost $3000AUD alone). And budgets are great too!!
Ebay - I always leave my purchases and almost all of the time I get some sort of percentage discount! I do have a loose budget, but I prefer to do "no buy" months where I only buy the essentials food, groceries etc. I also have every bill automated and pay all car/ home insurance, Amazon Prime (I have Prime for the TV, Alexa and free delivery perks, I don't have any other TV subscriptions ) on Annual payment due to it being a lot cheaper as they put an extra cost to pay monthly. I also do comparison sites when renewing and this save me a lot of cash! Thank you Brian for a very informative video 😊
I sincerely hope I can get down to 50%! I’m currently at 70% but that is because I have some remaining debt I am getting rid of (including mortgage). Love your advice! I get bonuses but I don’t count them until they come. You never know what could happen.
We don’t budget either! We keep our finances tight, invest 30% of our income, 15 yr mortgage, 3 kids, one income and one parent full-time with two kids who have huge disabilities. I love the sixth sense metaphor!
We don't budget....We track our spending and we are VERY intentional with every dollar we spend. We know how much things cost and have kept records over the years to compare to. This is what works for us. We keep our overhead extremely low and only buy when prices are rock bottom (because we've done our research). We buy things ahead of time if there is a good sale (socks, underwear, reading glasses ....things that don't expire etc). We can do this because we have the money put back to pounce on the sales. I've probably doubled my money by doing this. btw....we don't look or dress rich either. Just bought 6 work shirts from Costco today for the winter season for $60!! Whoo hoo!!
We do have a budget because in addition to saving for retirement, in about 5 years, we have some things that we want to save for and pay in cash before we retire. Otherwise, I understand why you dont - although I assume that you just use different verbiage than "budget" when saving for things like your daughters' college fund, first car fund (along with her first accident fund lol) etc. We have always lived on less than 55k for 2-3 people (one income). We, too, were foster parents to tween/teen boys until it got too hard for my heart to say goodbye to them (last year). We will probably never have as much money as you currently do, but due to living below our means all of our adult lives, it wont be that big of an adjustment.
Hi. Thanks for sharing. I'd agree its verbiage. We put away all that stuff like college, retirement, Brokerage accounts, High Yields savings, etc. We live off the rest, but don't sweat the day to day spending anymore as we've build enough of a cushion where we don't need the unnecessary stress. I'm just trying to be honest with everyone that there are alot of ways to get the job done, but nearly every finance guru says its the only way.
I do a basic budget always so I can track donations, medical bills, dates of payments, etc. I do not log in every little detail - too tedious. I live under my income so know I have free choices. I do track assets such as savings, etc. so I know what we have. You have a handle on your costs and are mentally calculating even if you are not writing down everything. All of us have our own system.
When my kids were at home, we bought roller skates. This was an investment that allowed us to freely go skating in parks or at the university for many hours for free! Such fun! We bought tennis rackets and used public courts almost every weekend. We used libraries. So many inexpensive activities out there including zoo or park concerts.
Weighing in on the Tesla bit, a Tesla as a new car purchase is on average ~2x more efficient over the long term compared to a gas car. It depends on your local electricity rates a bit of course. Agreed though - all this depends on whether or not you really need to drive a lot to begin with. I'm still using my '08 civic hybrid until it's finally in the dirt and I can buy a Tesla.
I don’t budget either. I’ve tried and tried because of watching DR. It worked to help me learn where my money goes but I have learned to adjust as my weekly and monthly needs change and budgets are simply too rigid for me. I know 100% if I’m overspending. I will either then put a few things back that were not really needed or I simply cut a few things out the next time.
Hi Brian, I found your previous video on this topic and found some really useful advice in it. I think you have really good UA-cam content and can see you blowing up in popularity. Do you think you could do a video talking on some of your biggest mistakes in life that you've learned from so far?
Hey! Thanks for the kind words :) I'm sure at some point that would make a great video. I did make one a while back on my 5 top money mistakes, either I was too new, it wasn't very good, or no one cared but it didn't do very well. I appreciate the support. Here's the video : ua-cam.com/video/hq4Yhvn9jxI/v-deo.html
@@ames102454 Thanks for making my day. I'm glad you found me. Sometimes it feels strange not knowing if anyone care or if its even helpful. So, the feedback means more than you know.
Kudos to you for not only fighting the cancer but the bill. 🤬 $200k + medical bill! The US medical system is broken. I’m so grateful of the NHS here in the UK. The last Tory government, that we just booted out last week was trying to run it into the ground so that they can say “hey the public system failed we need greedy corporations to run the healthcare” then the politicians go and sit on the board. 🤬 I used to be a big credit card spender got in over my head. I cleared it off it was tough, like you, I’ve redirected that spend now into investments. I know if I don’t I’ll probably just by crap I don’t need. I save quite a bit pre and post tax using the most efficient methods available to minimise tax. Eg pensions. I’m sure there are similar methods in the USA.
Why Thank you. My Biggest Issues with the Bills were actually Drs over requiring scans that were not covered. Certain ones would be covered on one and I had a Dr. ask for 4-5 a year. You dont find out till later I'm paying it all out of pocket. I'm smarter now than to questions more. Yes, We have similar tax methods and even some more medical savings accounts that are tax friendly. Thanks for sharing and watching.
Man! That had to be afwul when battling cancer and being stressed out by the medical Costs! My deep respect for you and your wife handeling such a situation. Ive battled cancer last year and our costs are all payed by insurence. Greetings from netherland
Thanks for the United States :) so cool to see people from all over the world watch and comment. I never would have imagined. Hows your health now ? Are you doing well ? I know its life changing
I must agree on the budget. So many people talk about the need to budget and I have never done a budget. I just live below my means. Currently I give myself $50 a week to spend on going out with friends or to buy myself something special. Many times I end up with a few hundred saved and then I can plan a weekend away. I do small budgets in my head. My budget for groceries is $100. Many weeks I dont hit that amount and then I may go over a week if there are alot of good sales. I paid cash for my last car, but now I have been making a car payment to myself so I will be able to pay cash for my next car as well. So many small tricks to use.
Keep your current car as long as possible cars are the biggest savings busters retired car salesman here our ego wants us to keep up with the Joneses but the truth is nobody cares
@philliproberts7294 we definitely do keep our cars for as long as possible. Most of the time I only get a $500 trade in, if trading anything in as we ran it until it died! This time around I had a pick up truck I no longer need so sold it on the private market and made half my money back from the original sale and had the truck over 10 years. Bought that used also. This new to me car was also used. Both were gently used
Expensive purchases are investments just like you take money and put it into a stock so take time to research and think about your bigger purchases. I don't go by a budget, I purchase based on either need or how much joy will this item bring? Then I figure my own "fair price " for the item I want to buy and sometimes the price of the item may be above what I feel its worth and I won't purchase it, other times I will figure cost per wear or price per use and an expensive item ends up being the better investment over say a 10 year period. Just try to be more intentional with your money and avoid impulse purchases.
Now that I have paid off my house, I plan to live the next few years off half my income and save. I am 61 and have no retirement/savings so it is a NEED not a want. I am tired and I need a break.
Its amazing what a few years can make, I turned my life around in just a few years, and once you start investing that money will start working for you so, you wont have to work as hard. I hope you get that break soon.
You can definitely save half your income. I became a single mother of 2 as a teen. My parents were below poverty level as well. I have never received child support or help from the father’s family financially. I did get some help from my family financially but it was definitely a struggle. Not looking for a pity party I just want people to know you can become financially stable no matter what your circumstance may be. Long story short I have always saved half my income no matter how low of an income I had. I just lived below my means. I bought my first home at age 24. Then I saved my money so I could go to nursing school without working. I graduated in 2021 and still save half of my money. At the rate I’m saving now I could have the house paid off in 3-4 years. Im just not sure if I want to invest my money in another retirement account or pay the house off 1st. But, I am now 30 years old with no debt other than the house. You can do it!
Wow! thanks for sharing your incredible journey. I think more people need to her stories as inspiring as yours. Thanks so much for sharing and watching. Keep up the great work 😀
Well not only are your videos so so helpful..you have also have had some miracles in your life. You truley are blesssed..God is good...keep your videos coming and keep your eyes focused on God...
@brianfarrell924 truly dont stop you are really a big help. What's different about you? Is that you actually went through it? These other people who tried to tell you how to live. They never even went through it.. And God's got you here for a reason.. You already know how to fight because you had to fight for your life So keep on fighting.You are making a difference on here.Your comments says it all... God's bless you and your family...
So similar lifestory to ours... due to my wifes poor health we have lived on approx 50% of our income for 25 years... did not do budget, but tracked net worth every month, one old reliable Volvo car, never eat out, bring packed lunch to our jobs, we took vacations, yes, but did not travel. And our daughters have worked all through summer. Fantastic experience for them. We did all this because we hade to, even though we have very small health related costs due to Swedens almost free health care system, all my wifes missed income when she have not been able to work scared us straight. And sickpay benefits are low. And now 25 years later, 55 years old, we are the only ones we know with paid for and renovated house, fully financed extra retirement options... And yes, we like our life as it is. We will continue the same way even if it is not needed any more. Its a simple wonderful life. One last thing. Gardening is a free and very healthy hobby... we ate our own grown strawberries last night at sunset. Doesnt get any better than that. Greetings from similar lifestory in Sweden.
wow! Definitely some similar experiences. I love your saying... We like our life as it is. Really powerful. Thanks for sharing and great to hear from you all the way in Sweden :) My wife and I enjoy from your region from time to time.
Hey Welcome Mary!! Glad you found me. The picture is a an empty path with some trees. You are probably struck by it because I bought for like $10 at Homegoods on Clearance 😂
Hi @karmin19991 Its a good questions. I actually found the battery to be annoyance than the operating system. Depending on what apps you rely on, I have never personally ran into an issue like I think some of the fear tactics articles say. We still use like a 2nd generation Ipad everyday too. I sometime believe that narrative is to just get more people to updrade more often.
Yes, over a 10 Year Period. $250K in Medical debt to around a $2Million Dollar Networth. The high level, I busted my ass to not just pay down things, but increase my earnings. I was able to double my salary but, used all the extra money to invest. Most of that money from 10 years as a doubled by this point. This year alone I'm earning a 30% return on my investments. The interest I'm earning yearly is more than I'm making on my new job. We were actually not very agressive with paying down the medical debt, there was no interest and we were able to keep negotiating with hospitals to keep lower the total amount.
Oh wow, people can be so judgmental. People do know that it is a choice to have children, correct? For those say it must be nice not to have kids while they could’ve not had kids either. I personally just found your channel this morning and I pretty down to earth and refreshing. And I will say I have 4 boys. That was my choice.
4 i'm impressed!!! We just have one daughter and my wife and I seem outnumbered. I've learned people arent directing it at me, they are upset about something in their life. thanks for watching! Thanks for the feedback and Im glad you found me, Im pretty new here.
Owning a Tesla over a long period of time is wayyyyyyyy cheaper than An ICE vehicle. Do the PROPER Math, Gas, Service, Oil Change , Brakes etc etc etc. And if anyone comments Tesla Tires ware faster thats false also.
Hey~! I agree, I think most people don't have the will power to keep it the long period. I agree with you though it should be way cheaper. Thanks for watching and sharing :)
Eh you lost me at the solar panels. You kept saying do the maths but it obvious you havent done that with solar lol. 5-6 year pay back period with a 25 year warranty/ guarantee to stay above 80% efficiency for that same period is money well spent to me.
When you are disciplined, have no debt and are saving 50% of your income why do you need a budget? What is left to budget? Just track your spending. Budgets are good for those who need them (especially those who are not disciplined or beginners trying to get our of debt or have never tracked their income/expenses and have no idea where their money goes). This guy's channel is awesome.
Thanks for watching! It means the world... Which advice best stuck with you & what advice to have for others to easily live below your means?
People who say "must be nice" are just in a bad state and jealous. That phrase comes from a place of unhappiness of ones own situation. Carry on, those types will always be around as you continue to be successful.
Negative comments truly should be kept to ourselves - and yes you’re right!!! When people comment on others without truly knowing details it’s truly a reflection of them 😂
Thanks. What I've learned it you usually hear criticism from people behind you, but its never the people in front of you that are critical... Thanks for watching!
@@chessc.3407 😀😀😀
I agree - it's usually bitter people with a chip on their shoulder.
I once made the mistake of offering to show a “must be nice” person how I made it happen. No interest, just excuse after excuse why it wouldn’t work for them.
There is a viral video about a guy with 6 children complaining because his grocery bill for a family of 8 was $444 for 10 days. Everything I saw was heavily processed premade food. But even so you should count on spending about $100 a person per month for a low spending plan according to the USDA or $800 a month. His present budget is $1,332 based on $44.40 a day and isn’t as high as a regular spending plan. If he shopped sales, cooked low processed foods he could save 40 or 50% on his $1,332 budget. People don’t look for ways to save they just complain.
I left my husband of more than 20 years 8 years ago. I left with nothing got nothing at divorce coz I was the one filing. Long story. I bought my own house 3 bedrooms. Everything I did was from scratch on my own. I’m not where I want to be. I am still pushing ahead. Sometimes I fail or fall but I will always remind myself who I want to be. Keep looking ahead to your goals.
Congratulations on achieving your great accomplishments. 🎉 🎊 👏🏾
Thanks for you incredible outlook and inspiration. I can't imagine how tough that must have been for you and I'm glad you are prioritizing yourself. Thanks for watching and sharing.
Amen.
Life is a journey, 3 steps forward, 1 step back. You just keep pushing forward. Happy that you are on your way and moving forward!
Well Said!
Very early on in life I was told the greatest gift you can give yourself is 6 months. Meaning 6 months of income, 6 months of breathing room, 6 months of time if something unexpected happens.
Wow! What great advice!! Love it thanks for sharing.
@@brianfarrell924 Thanks for sharing your story. That in itself, whatever the motivation, takes courage. The internet can be a cruel judge. Try not to take every comment to heart. All the best from Australia.
:)
So happy you beat cancer twice. Stay blessed, bro.
Thanks man.
I’ve taken control of my finances after suffering a stroke and now living off of LTD and SSDI. I had a high salary paying job before the stroke and now I’m bring in less monthly but today I’m further ahead in my finances today than before the stroke. All because of financial intelligence. I really appreciate your video and have some helpful take away tips. Thank you
1st. I can't imagine how tough that must have been for you. I hope you are in better health today. 2nd, I'm so glad your doing better today around finances, its amazing how it works around educating yourself! 3rd. Im glad you enjoyed and hope it helps. Thanks for your support :)
The medical bills Are a full time job for sure. We got to the point where, when another paper pack ( u know, the lawsuit threat papers that you can still negotiate out even after receiving these papers) would come from the sheriffs office, we would look at each other and go “ sheriff’s car, u wanna get it today, or should I?” Once the fear was gone , and we replaced it with complacency and humor, things completely turned around. But fighting through the endless calls and threats and fear tactics, whoa!! So, I tell anybody in any kind of similar situation, try and drop the fear as soon as you can. You can negotiate everything at any time, no matter how many bills or how much.
Very True! I think as long as as you are showing some sort of payments, your good. Ignoring is a terrible plan. Some we paid $10 a month for years until other debts were gone. We heard nothing from them.
I focus on my net worth as well instead of budget - do what works for you!
I knew I liked you 😂 well said.
I replaced my old condo windows this summer with quality impact windows; I live in a hurricane zone, near a noisy road and these windows were from 1966. They rattled, would not stay up by themselves. One even fell down and cut my finger. It was very expensive but I got it done in time to get the tax-free exemption from the state of Florida. I also got points on my credit card and paid off the balance in full immediately. This is why you live beneath your means, so you can self-finance your big purchases. One way to do this is to "bank" your raises. If your paycheck is already covering your expenses, don't give into lifestyle creep. Have the increase in pay automatically transferred each month to a savings or investment account. That way you will build a reserve.
People spend more time planning their vacation than their life. I would add, they also spend time fantasizing, day dreaming and talking to others ahead of time and then afterward than planning their life.
Budgeting. I get what you are saying. It’s the same here. I know my fixed expenses, variable expenses and they don’t vary much. The remainder just gets saved. I rarely buy anything full price, I have methods for saving that work for me.
You are spot on!! or talking junk about other peoples success too. You sound awesome. I appreciate you sharing :)
Thank you for sharing your story. I’m in remission from cancer & live on my one income. I also homeschool 3 kids… well now 2 bc my son just graduated. God has really blessed me with a great career that allows me to work from home & make a decent living. I realized in the process of getting cancer, that I want to leave something TO my children, not make them responsible for my poor financial decisions. I don’t know how long I’ll be here- none of us do really.
So I am 5,000 away from paying of my 37,000 car, and then have a plan to pay off my house in 4 yrs. Lord willing. I’m contributing to my 401k also & really want to start learning more so I can invest more.
In the end, I trust God more than all of my “treasures” on earth & I know HE has given me the wisdom to prepare. But the biggest gift I’ve given them is to be able to raise them to know the Lord. All my trust is in him❤️
I work in retail and I have a dream of spending time with family and not having to miss celebrating with them and retiring at 62
We have the same dream. I can't recall if I said it in the video but, this will be my 1st year not working Black Friday in 25 years. I'm not going to know what to do with myself. I do know, there is no way in hell I'm going shopping that day. How many more years do you have ?
One more year until I retire
You got this!
Thanks for sharing your story and what works for you. It's refreshing to hear truths and not the colorful flashy stories. It's humbling to know that working a solid plan slow, consistent and steady will get you debt free 😊
Hi Nancy. Its not fun, but there is light at the end of the tunnel. The weird feeling is when its done, you are kinda programmed to keep living below your means. Keep at it! thanks for the kind words too.
My husband and I don't budget either. Similar to how you described it. We have several monthly auto-transfers to savings, and beyond that, we generally find that we're just more driven to put as much of what's left as possible (after bills) into saving rather than purchases, and cash flow just never really gets out of hand. We're fortunate to have double (decent-sized) income, though, and decades of "practice" running our lives together so we've developed an intuitive sense of how much spending is too much for us. I think for some people budgets are a useful tool.
Thanks for having my back @Jodi9810 :) I'm just trying to be honest, I get a lot anger and dislikes because I don't religiously budget. I just felt like some of these experts need to be a bit more honest about tracking every single thing. It might not be for everyone and isn't necessary especially if you've been doing it long enough. I also highly doubt many of the financial experts that are very wealthy are sitting there budgeting every month.Congrats on your success, you are a very wise person. thanks for watching and sharing .
I know you said you don't keep a budget, but for the beginner, I'd highly suggest doing one. I averaged my monthly income and monthly costs. Then I figured out my "free" money and fine-combed it to figure out where I spent it. After this, you can figure out where you can cut costs, that subscription you forgot about, etc... and you'll be amazed at how much you could actually invest, throw at another debt or just save. After that you can forget about the budget as long as you're cash flow positive.
Hey @crazyhumpy. While we dont budget My wife scrubs our Credit Card statement everything month. You are right it does work, we have found fraudelant charges and an even an Uber charge as a "convenience" fee and neither of us has an Uber account. You are right that it, is a great suggestion and a must. We just dont stress if we go over each month, thats all. Thanks for sharing and helping me clarify.
@@brianfarrell924 I understand what you meant. It just amazed me how much I spent, because I could. I never thought I was throwing that much out the door on dumb stuff. Like the DoorDash you mentioned in the video. My comment was just directed at the people that tend to leave bad comments on these videos. Frugality is lost on most people these days. I agree with you 100%! I have an older truck that I payed off a few months ago and I keep looking, but I can't justify that payment, already owning a good running vehicle.
Gotcha! I'm tempted by new cars all the time, one look at prices when you dont do loans and its a quick "nope" for me.
I used to work in banking and customers were upset bc they spent their paycheck b4 it even posted & incurred fees due to overdrafts. Sometimes direct deposits were late or the amount was less than anticipated. most customers never took responsibility & gave the bank hundreds/thousands of $$ and repeated the cycle.
oh my goodness. That must have been so frustrating to experience each week. I'm sure you'd want to have that talk with them to cut the crap. Thanks for sharing
Budgeting is kind of like tracking your calories to start to learn portion control. We spent 3 years hard core budgeting to pay off debt - now 12 years later we have that "sixth sense" about when we're overspending. We do track all expenses to keep ourselves on check.
Well said! We do the same each month to learn more about our trends and keep ourselves in check. Thanks for sharing! I get a lot of grief for SAYING I don’t budget
Agree with you - once you live in a high-stress or survival situation, you live like the 'grea depression' people did. Spend only when you must. So I don't debate utility bills (I examine them for usage and always try to go a bit warmer/cooler to save $$). I don't get 'new or better'. Prius (11 yrs old, 130k) paid off long ago (0% 5 yr) and NOT replacing it, esp at sick car prices now. Why budget? Self-induced stress. Like you, if my $$, whether its cash on hand, investments, et al isn't going up each month, THAT gets my attention and I start ferreting out what /why. Live beneath your means, and see your $$ increase each month. Security and peace follow!
Hey! Great work. Car prices are crazy right now, I've been tempted to get a slight larger SUV. I look and then get reminded what a terrible idea it is. Keep up the great work and thanks for sharing :)
Unsubscribing from retailer's emails was one of the smartest things I ever did.
This is my goal to achieve a 50% savings rate within the next 3 years after my daughter starts elementary school and I increase my income. Even if i land on 25-30%, Ill be extremely happy. Currently at about 10-15%.
10- 15% puts you in like the top 10% of people actually! You're doing great, its a goal that takes time. Has you pay stuff off and you start to earn more money, it will balance off. Thanks for sharing and watching :)
I also track monthly net worth more closely than day to day budgeting which I did for YEARS
We have a set amount to spend. We used to budget, but my hubby went to get me wings today at the grocery and he bought the $5 wings instead of $14.99. Now that is success. We both watch what we spend. We just got solar. We are not leasing. It is worth it for us. We have an old phone apple 6 S. We get prepaid, it is the only way to go. $300 per year, no other bill.
We never had a budget, too. Never kept a credit card bill. I relate to almost everything. We do have a mortgage though.
I like your style.
You are not the only one-I agree over time you know what it takes to run a household/life. I also look toward our investments to gauge how we are doing. I definitely think it takes time to have this sixth sense.😃
Yup.. I've paid off all my Debt, including my house last year and I don't use a budget either.. never have.. I just track all my balances on a spreadsheet and I'm tracking my net worth like you... I enjoy looking at and studying my spreadsheet and seeing the numbers grow, that's what encourages me..
I enjoy it too. I like the feeling of growth rather than cutting back... Thanks for sharing :)
Great video series. My Husband and I have been married 27 years and we have always put all our purchases on credit cards and always pay them off in full every month and we have had many holidays using frequent flyer points and for the past year I have been able to fly my daughter in July and Xmas holiday breaks from USA where she attends university back home to us in Australia only using frequent flyer points which has saved us thousands (especially over xmas where return flights can cost $3000AUD alone). And budgets are great too!!
Love your videos. Straight and to the point.
You're very kind! I appreciate it 😀
working on living off half income, takes a lot of discipline, will keep trying
You Got this! It took me a while to get there.
Brilliant video. Thank you so much for taking the time to do it. EDIT: leaving a purchase in the cart, never thought of it 👍🏻👍🏻👍🏻
Thanks Ricardo. Means a lot
You make so much sense 👏
You are very kind! Thanks so much for watching and sharing..
Thank you for sharing what you have learned in life 😊May God richly blessed you and yours 🙋♀️
you're very kind. 🙏
Ebay - I always leave my purchases and almost all of the time I get some sort of percentage discount! I do have a loose budget, but I prefer to do "no buy" months where I only buy the essentials food, groceries etc. I also have every bill automated and pay all car/ home insurance, Amazon Prime (I have Prime for the TV, Alexa and free delivery perks, I don't have any other TV subscriptions ) on Annual payment due to it being a lot cheaper as they put an extra cost to pay monthly. I also do comparison sites when renewing and this save me a lot of cash! Thank you Brian for a very informative video 😊
Hey Caroline 😀 I never thought of trying that with EBAY! Thanks for the tip.
I sincerely hope I can get down to 50%! I’m currently at 70% but that is because I have some remaining debt I am getting rid of (including mortgage). Love your advice! I get bonuses but I don’t count them until they come. You never know what could happen.
Hi. Thanks. You're doing great! Once, the mortgage is gone, savings and invests escalate quickly!
@@brianfarrell924 I sure hope so. Thanks for the encouragement!
Hey Brian, i usually do not comment on videos but your story has been really inspiring. Thanks for the content. Greetings from germany.
Hi Julian! Thanks for taking the time to let me know :) It means the world. Brian from the US.
Subscribed! I really enjoy how you speak to wisdom like this. Great advice, thanks for sharing.
Thanks! Glad you found me.
We don’t budget either! We keep our finances tight, invest 30% of our income, 15 yr mortgage, 3 kids, one income and one parent full-time with two kids who have huge disabilities. I love the sixth sense metaphor!
Bruce Willis would be so proud of you :) Thanks for all your continued support. It means alot :)
Thanks for the information
Thanks for watching!
We don't budget....We track our spending and we are VERY intentional with every dollar we spend. We know how much things cost and have kept records over the years to compare to. This is what works for us. We keep our overhead extremely low and only buy when prices are rock bottom (because we've done our research). We buy things ahead of time if there is a good sale (socks, underwear, reading glasses ....things that don't expire etc). We can do this because we have the money put back to pounce on the sales. I've probably doubled my money by doing this. btw....we don't look or dress rich either. Just bought 6 work shirts from Costco today for the winter season for $60!! Whoo hoo!!
Hi My fellow Costco Shopper!!! Well done on all your spending.
We do have a budget because in addition to saving for retirement, in about 5 years, we have some things that we want to save for and pay in cash before we retire. Otherwise, I understand why you dont - although I assume that you just use different verbiage than "budget" when saving for things like your daughters' college fund, first car fund (along with her first accident fund lol) etc. We have always lived on less than 55k for 2-3 people (one income). We, too, were foster parents to tween/teen boys until it got too hard for my heart to say goodbye to them (last year). We will probably never have as much money as you currently do, but due to living below our means all of our adult lives, it wont be that big of an adjustment.
Hi. Thanks for sharing. I'd agree its verbiage. We put away all that stuff like college, retirement, Brokerage accounts, High Yields savings, etc. We live off the rest, but don't sweat the day to day spending anymore as we've build enough of a cushion where we don't need the unnecessary stress. I'm just trying to be honest with everyone that there are alot of ways to get the job done, but nearly every finance guru says its the only way.
You shouldn’t have to clear up anything 😂 if someone’s going to be bitter that’s their problem. Thanks for another great video
You’re very kind thank you 😊
I do a basic budget always so I can track donations, medical bills, dates of payments, etc. I do not log in every little detail - too tedious. I live under my income so know I have free choices. I do track assets such as savings, etc. so I know what we have. You have a handle on your costs and are mentally calculating even if you are not writing down everything. All of us have our own system.
When my kids were at home, we bought roller skates. This was an investment that allowed us to freely go skating in parks or at the university for many hours for free! Such fun! We bought tennis rackets and used public courts almost every weekend. We used libraries. So many inexpensive activities out there including zoo or park concerts.
Weighing in on the Tesla bit, a Tesla as a new car purchase is on average ~2x more efficient over the long term compared to a gas car. It depends on your local electricity rates a bit of course. Agreed though - all this depends on whether or not you really need to drive a lot to begin with. I'm still using my '08 civic hybrid until it's finally in the dirt and I can buy a Tesla.
I don’t budget either. I’ve tried and tried because of watching DR. It worked to help me learn where my money goes but I have learned to adjust as my weekly and monthly needs change and budgets are simply too rigid for me. I know 100% if I’m overspending. I will either then put a few things back that were not really needed or I simply cut a few things out the next time.
Hi Brian, I found your previous video on this topic and found some really useful advice in it. I think you have really good UA-cam content and can see you blowing up in popularity. Do you think you could do a video talking on some of your biggest mistakes in life that you've learned from so far?
Hey! Thanks for the kind words :) I'm sure at some point that would make a great video. I did make one a while back on my 5 top money mistakes, either I was too new, it wasn't very good, or no one cared but it didn't do very well. I appreciate the support.
Here's the video : ua-cam.com/video/hq4Yhvn9jxI/v-deo.html
I agree! I just discovered Brian today. So sensible and real. He explains his take so well 👍🏻
@@ames102454 Thanks for making my day. I'm glad you found me. Sometimes it feels strange not knowing if anyone care or if its even helpful. So, the feedback means more than you know.
@@ames102454 Also, I'm so glad you found me ❤
Loved the videos! The only thing I’ll jab you for is being a giants fan lol
Fair enough 😂
Kudos to you for not only fighting the cancer but the bill.
🤬 $200k + medical bill! The US medical system is broken. I’m so grateful of the NHS here in the UK. The last Tory government, that we just booted out last week was trying to run it into the ground so that they can say “hey the public system failed we need greedy corporations to run the healthcare” then the politicians go and sit on the board. 🤬
I used to be a big credit card spender got in over my head. I cleared it off it was tough, like you, I’ve redirected that spend now into investments. I know if I don’t I’ll probably just by crap I don’t need. I save quite a bit pre and post tax using the most efficient methods available to minimise tax. Eg pensions. I’m sure there are similar methods in the USA.
Why Thank you. My Biggest Issues with the Bills were actually Drs over requiring scans that were not covered. Certain ones would be covered on one and I had a Dr. ask for 4-5 a year. You dont find out till later I'm paying it all out of pocket. I'm smarter now than to questions more. Yes, We have similar tax methods and even some more medical savings accounts that are tax friendly. Thanks for sharing and watching.
Man! That had to be afwul when battling cancer and being stressed out by the medical Costs! My deep respect for you and your wife handeling such a situation. Ive battled cancer last year and our costs are all payed by insurence. Greetings from netherland
Thanks for the United States :) so cool to see people from all over the world watch and comment. I never would have imagined. Hows your health now ? Are you doing well ? I know its life changing
LOVE THE ADVICE..KEEP TALKING/SHARING!!😊
Hi @blessedbygod3430. Thanks for the kind words, I appreciate the support.
Funny, your videos came up again while I’m in the HBOT with my napping kid- becoming a nice theme :)
Its Fait. I'm glad I could join you.😀
I must agree on the budget. So many people talk about the need to budget and I have never done a budget. I just live below my means. Currently I give myself $50 a week to spend on going out with friends or to buy myself something special. Many times I end up with a few hundred saved and then I can plan a weekend away. I do small budgets in my head. My budget for groceries is $100. Many weeks I dont hit that amount and then I may go over a week if there are alot of good sales. I paid cash for my last car, but now I have been making a car payment to myself so I will be able to pay cash for my next car as well. So many small tricks to use.
Keep your current car as long as possible cars are the biggest savings busters retired car salesman here our ego wants us to keep up with the Joneses but the truth is nobody cares
@philliproberts7294 we definitely do keep our cars for as long as possible. Most of the time I only get a $500 trade in, if trading anything in as we ran it until it died! This time around I had a pick up truck I no longer need so sold it on the private market and made half my money back from the original sale and had the truck over 10 years. Bought that used also. This new to me car was also used. Both were gently used
Expensive purchases are investments just like you take money and put it into a stock so take time to research and think about your bigger purchases. I don't go by a budget, I purchase based on either need or how much joy will this item bring? Then I figure my own "fair price " for the item I want to buy and sometimes the price of the item may be above what I feel its worth and I won't purchase it, other times I will figure cost per wear or price per use and an expensive item ends up being the better investment over say a 10 year period. Just try to be more intentional with your money and avoid impulse purchases.
The way I see it, budgets are spending biased. Spending only what you need and saving/investing the rest is growth biased and has a better result.
Now that I have paid off my house, I plan to live the next few years off half my income and save. I am 61 and have no retirement/savings so it is a NEED not a want. I am tired and I need a break.
Its amazing what a few years can make, I turned my life around in just a few years, and once you start investing that money will start working for you so, you wont have to work as hard. I hope you get that break soon.
Such wise advice!
Why Thank you.
You can definitely save half your income. I became a single mother of 2 as a teen. My parents were below poverty level as well. I have never received child support or help from the father’s family financially. I did get some help from my family financially but it was definitely a struggle. Not looking for a pity party I just want people to know you can become financially stable no matter what your circumstance may be. Long story short I have always saved half my income no matter how low of an income I had. I just lived below my means. I bought my first home at age 24. Then I saved my money so I could go to nursing school without working. I graduated in 2021 and still save half of my money. At the rate I’m saving now I could have the house paid off in 3-4 years. Im just not sure if I want to invest my money in another retirement account or pay the house off 1st. But, I am now 30 years old with no debt other than the house. You can do it!
Wow! thanks for sharing your incredible journey. I think more people need to her stories as inspiring as yours. Thanks so much for sharing and watching. Keep up the great work 😀
Budgets can help you get on track, but you adjust and shouldn't need to forever.
AMEN!! Well said, thanks for watching :)
Well not only are your videos so so helpful..you have also have had some miracles in your life.
You truley are blesssed..God is good...keep your videos coming and keep your eyes focused on God...
Thanks for the very kind words :) It means more than you know to keep going. 😀
@brianfarrell924 truly dont stop you are really a big help. What's different about you? Is that you actually went through it? These other people who tried to tell you how to live. They never even went through it.. And God's got you here for a reason..
You already know how to fight because you had to fight for your life
So keep on fighting.You are making a difference on here.Your comments says it all... God's bless you and your family...
Thank you 🙏
So similar lifestory to ours... due to my wifes poor health we have lived on approx 50% of our income for 25 years... did not do budget, but tracked net worth every month, one old reliable Volvo car, never eat out, bring packed lunch to our jobs, we took vacations, yes, but did not travel. And our daughters have worked all through summer. Fantastic experience for them.
We did all this because we hade to, even though we have very small health related costs due to Swedens almost free health care system, all my wifes missed income when she have not been able to work scared us straight. And sickpay benefits are low.
And now 25 years later, 55 years old, we are the only ones we know with paid for and renovated house, fully financed extra retirement options... And yes, we like our life as it is. We will continue the same way even if it is not needed any more. Its a simple wonderful life.
One last thing. Gardening is a free and very healthy hobby... we ate our own grown strawberries last night at sunset. Doesnt get any better than that.
Greetings from similar lifestory in Sweden.
wow! Definitely some similar experiences. I love your saying... We like our life as it is. Really powerful. Thanks for sharing and great to hear from you all the way in Sweden :) My wife and I enjoy from your region from time to time.
Freedom.
💪
Great video! Budgets aren’t for everyone.
Thanks Joseph. Good to hear from you :)
First time here. I'm struck by the artwork in the background. What is it? Why?
Hey Welcome Mary!! Glad you found me. The picture is a an empty path with some trees. You are probably struck by it because I bought for like $10 at Homegoods on Clearance 😂
We find that choice hotels have the best point program.
Very true!
Wow amazing story. ❤
You're very kind! Thanks for watching and sharing :)
16:23 how about planned obsolescence? the operating systems on the phone lasts 3-4 years
Hi @karmin19991 Its a good questions. I actually found the battery to be annoyance than the operating system. Depending on what apps you rely on, I have never personally ran into an issue like I think some of the fear tactics articles say. We still use like a 2nd generation Ipad everyday too. I sometime believe that narrative is to just get more people to updrade more often.
The Brave Little Toaster - totally awsome, very underrated movie
“Plaaaaaaaned Obsolescence”
My iPhone from 2016 was just replaced this year. 8 years.
Apple products usually last me 8 years before needing to be replaced.
Nice! was it worth it
I dont budget my husband does we have separate accounts. We have different ways of keeping track of our $ more than one way to do it.
Thats great! I'm glad you both are on the same page. Seems to be a rarity around money today.
thanks!
@@jimd1617 👊
Wait, you went from being in extreme medical debt to being worth almost a million with just your income and the right investments? How’d you do that
Yes, over a 10 Year Period. $250K in Medical debt to around a $2Million Dollar Networth. The high level, I busted my ass to not just pay down things, but increase my earnings. I was able to double my salary but, used all the extra money to invest. Most of that money from 10 years as a doubled by this point. This year alone I'm earning a 30% return on my investments. The interest I'm earning yearly is more than I'm making on my new job. We were actually not very agressive with paying down the medical debt, there was no interest and we were able to keep negotiating with hospitals to keep lower the total amount.
Oh wow, people can be so judgmental. People do know that it is a choice to have children, correct? For those say it must be nice not to have kids while they could’ve not had kids either. I personally just found your channel this morning and I pretty down to earth and refreshing.
And I will say I have 4 boys. That was my choice.
4 i'm impressed!!! We just have one daughter and my wife and I seem outnumbered. I've learned people arent directing it at me, they are upset about something in their life. thanks for watching! Thanks for the feedback and Im glad you found me, Im pretty new here.
Owning a Tesla over a long period of time is wayyyyyyyy cheaper than An ICE vehicle. Do the PROPER Math, Gas, Service, Oil Change , Brakes etc etc etc. And if anyone comments Tesla Tires ware faster thats false also.
Hey~! I agree, I think most people don't have the will power to keep it the long period. I agree with you though it should be way cheaper. Thanks for watching and sharing :)
A lot of people buy really stupid stuff
Agred.
Eh you lost me at the solar panels. You kept saying do the maths but it obvious you havent done that with solar lol.
5-6 year pay back period with a 25 year warranty/ guarantee to stay above 80% efficiency for that same period is money well spent to me.
I shut this gentlemen off the second he said he doesn't have a budget. I will go back to listening to Dave Ramsey
Hey Keith. I'm just glad you have someone you rely on for your financial wisdom.
When you are disciplined, have no debt and are saving 50% of your income why do you need a budget? What is left to budget? Just track your spending. Budgets are good for those who need them (especially those who are not disciplined or beginners trying to get our of debt or have never tracked their income/expenses and have no idea where their money goes). This guy's channel is awesome.