Two friends hoping to help people like us navigate the struggles in the life of a young professional. We hope to provide some value and help you navigate these times of change. We focus on personal finance and self development. However, we like to make videos about anything that we feel is valuable for our audience.
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Assuming you talked to 10X as many people as shown on the video, I think you did a great job editing and choosing a representative person from the various income levels and professions. Good job, thanks.
I only make 65k a year and after taxes im at like 40kish im able to save 30k a year simply because i live in my parents house. Where it not for that idk how i would of been able to save anything.
These dayz, you need to invest = when in doubt......invest in an S&P 500 Index Fund or just do SCHG!!!!!!! Forget Crypto - it's a waste of time, money and effort......just invest the same amount every month, which is called "Dollar Cost Averaging" into the stock market = whether the market is up -OR- down!
This seems really rude and invasive I make six figures and live a comfortable life but if a complete stranger comes up to me and starts asking all these questions I would not tell them anything 😮❤😮❤😮❤😮
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
You're not doing anything wrong, you just don't have the required skillset to profit off a down market, folks that are making profit in this market are pros and experts with in-depth knowledge and skill set.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
“Melissa Jean Taligdan’’ is the licensed fiduciary 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 tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
Biggest things you should do when youre young, go to a public university within your state unless you’ve been accepted into an Ivy. You benefit off of cheaper tuition. Choose a major that translate directly to a career field that has a lot of potential(tech, law, medicine etc.) Be somewhat aggressive with 401k contributions especially when you’re young. Always live below your means even if you make more money. It is always better to have abundance then to save nothing. Buy your first home when you feel you have enough savings for a large down deposit (50%) or more ideally. Paying interest on a loan is preposterous.
Probably because a lot of people understand it doesn’t actually matter. And in NY most people can just look online and see what a role pays and determine with relative accuracy about how much you make. But what’s the big secret & shame? Your salary doesn’t determine what kind of person you are.
I commend them all for not taking themselves so seriously. You can be happy on many different income levels. I have known or met many miserable multi millionaires .
Great video! 🎉 The way you explained the hostile takeover defenses with relatable examples made it so much easier to understand. The Mr. Krabs and Plankton references were spot on! Looking forward to more finance insights from you guys. Keep up the awesome work! 💼📈
Cost of living calculator on Nerd Wallet said my salary in the Florida city I am now is equivalent to 300k in NYC salary. I don’t get jealous or wow when I hear 250k in these types of videos because the first thing I ask is “where are they located”.
The best way to leverage your time is to find the job in the big city that makes this kind of money plus find a cheap place to live to cut your costs. Obviously easier said than done, but some people manage to. Working in the big city allows for more opportunity and more networking, which leads to higher income. You can build a big nest egg without a big income, but it will take you two to three times as long.
I make 150k and it’s hard in nyc. Honestly folks , if you want to have kids , don’t live in nyc. It’s tough financially. If you’re young and single though, you can thrive.
If she lives in Manhattan and only makes $90K and is able to save a third of it, then she may be splitting the room with her man but she certainly isn’t splitting the rent. She is lucky to have such a reliable man, or he is just an imbecile, or both. Not enough info to tell
I am confused. I am an Indian living in Sweden and pay like 57% tax. I also have a small business apart from my salary and I am able to save over 50% of post tax income. I don't live frugally at all. My rent is 30% of my income. I buy costliest tech products, travel across Europe 3-4 times a year and always go out every weekend. How is that Americans are saving just 10-20% of their income? The cost of groceries, travel and rent are at par with Sweden. Then where do Americans spend their money? I am just asking out of curiosity to understand the PPP between these 2 countries.
European living in USA. Americans spend most of their money on 1) automobiles 2) housing 3) childrens' educations 4) vacations and toys. Automobiles are a big thing. They will only drive the best.
@@shirtlesslager Makes sense. Here taxes cover most of the children's education and healthcare for us. Is it generally same with most of the Americans living in Tier-1 cities where average saving rate is 20-30% only?
I have family in Norway and visited a couple of years ago. Everyone told me how expensive it was but we live in Washington DC and I felt prices were comparable. I can tell you Americans spend a lot of money on healthcare and childcare which I believe you have covered in Scandinavia. Sadly, the US is a far more consumerist society than much of the world.
@@hrw3mom103 I love their consumerist society. My equity portfolio has doubled in the last two years. This is because of their spending. Spend spend spend!
Live below your means, and stay out of debt. When you get a raise don't add a monthly payment for something, treat yourself and spouse/friends to a nice dinner and then bump your saving/investing. Learn to cook from scratch to save grocery money (very doable time wise if you're only working 40-45 hours a week). If you're single get roommates for a couple years and save aggressively. Vehicle loans, rent and groceries are most people's 3 biggest expenses and what you should be focusing on to reduce costs. Spend a little time each week learning about money and money habits even if its just on youtube. Having 3-6 months worth of expenses for an emergency fund (takes time I know) is a HUGE weight off your shoulders and makes life less stressful so that should be a short/mid term goal. Obviously you can't draw blood from a stone so recognize if you're income is just much too low and take immediate steps to increase that. Learn a new skill, look for a new job, start a side hustle, pickup free furniture on the side of the road, polish it and sell it on marketplace, whatever you gotta do. Good luck everyone.
100% depends on when you moved in IME. I live here, so many older people got grandfathered into low rent that hasn't kept up with inflation. then young people are paying ridiculously high rents that can't really afford. If you live here long enough you get to know people who "can't" move because their rent is way below market rate. Maybe her boyfriend moved in 10+ years ago
The video was made in Manhattan, not sure all the people live in Manhattan. The difference between Manhattan cost of living and cost of living in the outer boroughs is tremendous. Also, some sections of Manhattan are surprisingly affordable.
At 5:50-ish the bearded guy with a new franchise advised, “don’t invest in crypto”. My advice, as a self-made 40-year commercial real estate investor, to young and old is to invest in BITCOIN, but stay away from other “crypto” and from real estate and the stock market until after the unavoidable crash. In any-case, save THE FIRST 10% of everything you earn and live on the rest. You will quickly adjust and if you NEVER spend this principal, it will allow you to retire comfortably in under 30 years. The book, THE RICHEST MAN IN BABYLON takes 3 hours to read and explains this. It costs $6.95 on Amazon.
The NYC garment district is a multi billion dollar a year industry, $240,000 is not unusual at all for seasoned workers, she looks like she's been in it for decades.
