What about all those books in the background? Are you going to refer to those books again? Or are they simply a testament that you read them at one time or another?
The housing market is being inflated by corporations buying up housing stock for rentals…high end rentals bundled and sold as investments…sound familiar. Don’t take advice from those who are in serious debt. They look rich.
My problem is the exact opposite. I’m retired 8 years and still scared to touch my savings. I’m living off of social security. I should be enjoying my retirement but I’m scared to spend any money.
Best decluttering ever, moved continents for 10 months, and only took suitcases. Had to go through everything, since we rented our apartment out furnished. Everyone should do that. got rid of all my aspirational stuff.
You are spot on about debt - it’s called ‘living above your means’. It’s what is behind ‘boomers’ having a house and money in their later years. We did exactly what you describe - starting off small with what you can afford and climbing the ladder when you can. Eventually you have a great home and no debt. Today’s young have to have the best first, so they ‘card’ and keep going backwards. Fiscal wisdom makes for a good life.
I'm a 48-year-old doctor feeling burnt out from long hours and stress. I've never invested in a retirement portfolio because I've always believed the economy would collapse eventually. However, I plan to retire soon and I'm curious: If you had $100k to invest safely in stocks over 4-5 years to grow, how would you start?
Hm. I might do something really really wrong, i live in a 4m2 room, not buying new things - because i can't afford it. I'm not trying to look rich, but i wouldn't be able to do so either way.
Not sure what everyone else does, but in 2016 I bought a new 2015 Prius that the dealership was desperate to get off the lot to make room for their newer cars. You can negotiate the heck out of a car in this situation if you do want to buy new. Paid cash for it and all taxes and fees. Just bought the basic model and then, for cheap, later just upgraded it in a few small ways to make it more comfy, which was the right fit for us since we could afford to pay for those upgrades in cash as well. It's old now, but is doing fine. Not perfect like a 2024 car would be, but it's been paid off for years so we invested that money we would have had for a car payment into the stock market and retirement instead. It's never going to win any awards for being a perfect or good looking car especially now over all the years, but the decision made us a lot of money over all of those years and I just don't care to keep up with the Joneses on cars since cars are depreciating assets. I plan to run it imto the ground until it dies. It only has 90,000 miles over all these years and we kept up on all the oil changes and basic routine inspections and fixes as needed over the years so I'm hoping it still has a way to go. All the while with the money we made in investing over all of those years while still driving this car, we saved up enough to easily pay cash for the next car once this one dies. Personally I think the key is to pay in cash for all if not some or most of your next car if you can and to take basic care of it and run it for as long as you can and not to care what your friends and neighbors think of its looks. If people judge you for that, I think it's on them not you and that they aren't folks you'd want to keep company with anyway. Sorry for the long winded rambling but just my 2 cents. Could afford to pay in cash for any car on the planet pretty much but I still love my simple basic 2015 Prius! Trust me, in Silicon Valley I see a bevy of expensive cars and folks who try to show off the latest and greatest. Don't get caught up in all that hype.
For me FIRE isn't about having more free time but being in a position where if I lost my job or was unemployed for a long time it won't be that scary since I have my investments to fall back on.
Elon Musk acts like the wealthy but he has not been paid since 2017, 6+ years. He does not own a personal home. In Texas, one of his companies has a $50K 600 sq. ft. modular home which he stays in from time to time, lives mostly in his companies own private jets or in his companies offices. Elon said many times he is cash poor, has little money in the bank.😂 He is a commercial licensed pilot and has 20+ years of experience flying worldwide so much that he could quantify as an expert as a private jet pilot. Elon could easily have a side gig as a private jet pilot to the wealthy and could command more than any pilot ever dream of!😊 Elon is an example of being poor!😮🤦🏼
I pay cash for used cars but it bothers me when people say to invest what you would have paid for a car payment. I can’t do that because I have to save that money for the next car so I can pay cash for that one.
I have much less in bank savings, because I moved my 6-figures out of a "too big to fail" bank to pay down my 2.5% interest rate mortgage with 28 years left. I am completely out of debt, including my mortgage, and without counterparty risk before the next World War, Civil War, and Greater Depression hit hard. Several years ago, I cancelled my last credit card. I pay with cash or with debit card, no checks. I owe nothing and I have positive cash flow above my expenses. For 20+ years, I saved and only paid cash to buy my used cars. My only real estate worries are skyrocketing insurance and property taxes; they're coming sooner than you think. *"I may be wrong, but I am never in doubt." -- Dan Peña -- QLA*
Gabe, why does the sound in your vids make my ears bleed lol. I love watching and hearing what you've to say but they make my ear drums vibrate like no other RU-vid vids. I'm not just being a troll 🧌😠 they honestly would make my ears bleed if I didn't turn down the volume until it stops.
I started watching your videos years ago and thought I'd check out how you're doing! Wow - amazed to see you've got over half a million subscribers. Good for you 👍
How does a person move out of a scarcity mindset if they’re literally living paycheck to paycheck? How can people who are having to choose between gas and groceries buy things that increase in value, like stocks?
step 1: Have real estate properties that you can rent out and make money and float you for the duration that it's not a profitable venture for 40-80h a week of your time.
My parents allowed each kid to drive a used family car until we were a junior in university. It was NOT your car. When you became a junior you were gifted one of the used family cars along with the responsibility for the insurance. Mine was a 15 yr old Volvo station wagon. I finished working my way through Uni, got a job and saved $9K rapidly. Bought a Ford Taurus and gave the Volvo back to my family. I know I could have kept it and sold it but I was the oldest of 6 kids and I knew the next kid could use it, not to mention repairing a Volvo was too expensive. I drove the Taurus to 500K miles, donated it, took the tax deduction and found another. I have done that over and over. Currently I have a used Toyota Sienna that went 250K on all original parts. Since there is no acceptable car for my long commute at a good price I had all the repairs done with original parts and just will keep driving it as the exterior is fine. As long as repairs are cheaper than another sensible used I will keep repairing.
Im 51 and finally i made more from my stocks than im making from working a year. Quite a bit more. Granted, i no longer work full time 😂😂 but i guess 24 hours a week working in acute care at a level 1 trauma hospital feels like I'm working more than 40 hrs a week 😂😂
Remember, y'all: you don't have to keep it just because it's old or built well. If it doesn't work for your life, if it feels like an emotional BURDEN on you, take a photo and get rid of it.
I have a 2005 Honda CRV! 🤘🥳 People keep telling me to upgrade, but it’s an awesome car, way more spacious and comfortable than the new models. Gonna drive it till it dies.
This is sooo much in line with godly teachings in Torah/Old Testament/Quran: 1. Car payment: Do not take money interest/Usury/Riba. 2. Spend more the earn: Do not unnecessarily loan money, unless you really don't have anything for you & family to eat today. 3. Spend selfishly: Donate to the poor and needy/donate 10% of earning/pay 2.5% zakat/give sadaqah. 5. Increasing spending after a raise: live moderately/do not indulge in gluttony/every food you eat and stuff you wear will be questioned in your afterlife. 6. Buying the wrong discount: prepare your afterlife as if gonna die tomorrow but earn your living as if gonna live forever (long time investment). 7. Listen to your friend: your inner circle will determine your way of life, find friends that bring positive influence on you/surround yourself with righteous people.
It’s almost like if we applied all the religions good advice, we’d be happy and thriving instead of arguing about who is going to win the boxing match and stick with the winner. Why don’t we just be peaceful with coexistence, love and compassion, understanding of non-believers, avoiding violence, and respecting other religions while learning the main points that each of these wonderful organizations of morals teach us, one love at the end of the day. We just have different names for our God. The different names for Him shouldn’t divide us. In fact, it should unite us because we may not speak the same language but we worship the same God, no matter which prophet guided us. All of the prophets point toward the same thing in my opinion. Much love and respect and sorry if my comment offends anyone, I didn’t mean to at all
Just buy more things you say, ironically, just as your silly lights flicker different colours? I guess the more you make on RU-vid (and well done, really, I don't resent success...) the less sincere your comments about what you do and don't buy become, because you can afford to buy (and will buy) things you are suggesting your viewers should not.
1. Car payment 2. Spend more than earn 3. Spend selfishly 4. Buy don't consume 5. Increasing spending after raise 6. Buying the wrong discount 7. Listen to your friends
This is sooo much in line with godly teachings in Torah/Old Testament/Quran: 1. Car payment: Do not take money interest/Usury/Riba. 2. Spend more the earn: Do not unnecessarily loan money, unless you really don't have anything for you & family to eat today. 3. Spend selfishly: Donate to the poor and needy/donate 10% of earning/pay 2.5% zakat/give sadaqah. 5. Increasing spending after a raise: live moderately/do not indulge in gluttony/every food you eat and stuff you wear will be questioned in your afterlife. 6. Buying the wrong discount: prepare your afterlife as if gonna die tomorrow but earn your living as if gonna live forever (long time investment). 7. Listen to your friend: your inner circle will determine your way of life, find friends that bring positive influence on you/surround yourself with righteous people.
I think it’s very hard to the average person to get out of the debt cycle because one you’re in it it’s designed to keep you there. You have a car note for $500 a months you pay on for like 7 years. Then hopefully you get a lot of life out of the car and keep it another 7. But now you feel like you have an extra $500 you just freed up, and more than likely you need it to keep up with inflation on other expenses. So there’s no savings for when you need a new car after the 14 years and it’s now even more expensive. So you borrow again
