3 Money Questions Everyone Should Be Able to Answer

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How To Build The Perfect Financial Routine: • The Perfect Financial ...
TEDx Talk: • Do you have enough sav...
3 Essential Money Questions Everyone Should Be Able to Answer for Financial Success Chapters:
00:00 Intro
01:40 Awareness
02:21 Tracking
03:15 Details
04:06 Increasing Awareness
06:06 Common Obstacles
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Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.
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27 июн 2024

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Комментарии : 65

@rshames 17 дней назад

I hate stressing about money. So, I have self-imposed rules on spending that help me limit that stress. I control impulse spending by setting a $ threshold on it. For me it is $100. If it is less than $100 I buy it and don't worry. If it is more, I pause, evaluate, and if I decide to go ahead, I do some research to find the best price for it. This has worked well for me as I am in my late 50's, have no loans or debt, own my house and cars, and am on target to retire at 60.

@chemquests 17 дней назад

I find it’s death by a thousand cuts, the volume of small purchases that sneak up & cause trouble. Larger purchases make me naturally recoil but it’s easy to spend $20 a dozen times in a week. I’m approaching 50, and have learned that for me I need a set amount in cash for daily discretionary expenses. It creates a natural limit & makes it more visible & tangible.

@whothou 17 дней назад

Really depends on your income and expenses.. a 5 dollar coffee a day can lead you to debt for low income earners with average expenses for their income. @@chemquests

@rshames 16 дней назад

@@chemquests You are absolutely right. Working from home, I am not tempted with lots of small purchases. We all have to find what works for us. Glad you found that.

@rickdunn3883 16 дней назад

Behavioral personal finance is key. Start small, Build upon success. Use a written plan. Remember; "Invest early" & "Money Doesn't Grow on Fees".

@fredswartley9778 17 дней назад

I'm working on this concept right now. I'm trying to keep prioritizing my future goals rather than only focusing on my present wants and needs. I find that automating my savings and investing is the best way to do this.

@suzannehall5200 12 дней назад

I am a bookkeeper by trade and have always micro managed my own money. It’s not just that it has served me well, spending 10 minutes updating my budget and share spreadsheets every morning is fun. It’s a good way to feel happy with yourself before you start the day.

@ld5714 17 дней назад

Good morning Erin. This was another excellent video and I completely agree with all the areas you discussed. I feel one of the biggest stumbling blocks to people investing for their future is that they do not make it automatic. It is far easier to make the decision today, put it into place and then revisit it periodically to view the result you are getting and consider changes, like increasing the amount. I like starting out my week with your content because it is always relevant, well thought out and delivered. It helps reinforce my views and thoughts and causes me to rethink others. Keep up the great content, you are really helping your followers. Have a great week. Larry, Cerntral Valley, Ca.

@andrewdiamond2697 17 дней назад

These questions don't work for me. 1. How much money do I have right now? Zero. It's always zero. I quit using cash about 6 years ago. 2. Do you know what you did with the last $100 you took from an ATM? I don't go to the ATM. See the answer to #1. I suppose in 2019, I ate lunch during my office workday with it...but 5 years later it doesn't matter. 3. Can I detail my expenses? YES...we have a winner! Been using Quicken since 1994, so I have a 30-year history of what my spending is.

@JBoy340a 17 дней назад

Yes, to all 3 tracking questions. And we had the data on spending for the last 20 years, at least. With putting most spending on CC, so we automatically get this level of tracking (i.e. categorization, etc.). Tie this to your other bank accounts and you get review that view when you pay your CC bill every month (we only use one CC each for personal spending). The only thing we have to add in is stock, treasury sales, etc. purchase/sales. And these are also tied into the data system we use to track expenditures. One thing about running a business is that you get really good at tracking money. Double entry booking may be the 9th wonder of the world!

@MeltingRubberZ28 17 дней назад

Automating finances is definitely the #1. Its probably 1a as you need an accurate budget to figure out what those values are. But that money disappearing from the account is a lot easier than consciously moving that money every time.

@yhckelly 17 дней назад

Monthly budgets are difficult- it's variable expenditures as much as it is variable income. From house and car repairs, insurance, teen needs and costs, property taxes, vacations- every month varies significantly depending on what pops off or what comes due. I track everything monthly, but the budget is annual. It really helped my process when I started seeing things that way.

@g.t.richardson6311 17 дней назад

Agree, I don’t fret if it’s over for a month, go with yearly,,but do track monthly so you know where you stand and can cut back in certain areas if your way over year to date

@ehderguyyashootadeerorno2313 17 дней назад

All great information. If you spend $100 per day on BS you spent $3,000 that month which does not include groceries, rent/mortgage, car payment, student loan etc. It's easy to do with a family. Spreadsheets are a great help. Last $100 I took out of the ATM was to buy pheasants to train my bird dog. The $100 before that was to buy a shotgun shell reloader for my 7 year old son. Keep the videos coming.

@hogroamer260 17 дней назад

Yes to all those... except last month's spending. I know I was on budget but that's history and I'm on to June's budget now.

@mbank3832 17 дней назад

Some people impulse buying stuff they dont need but they put off buying investment and delay that purchase...

@CaedenV 17 дней назад

Honestly, I can't blame people. When I started out, it was like "Welp... I put $200 in and the market fell, so now the balance is $190... this sucks." But now that it has been a few years, it's far more exciting because I can look at that same account and be like "Awesome! Over the past few years I have put in $40k and the balance is $80k! How can I do more of this?!". Even if we suffer another major down-turn, the account is still going to be an over-all positive because enough time has passed that the compounding is difficult to undo. Until you have enough time for that '8% average' to actually average, and where the account is growing significantly on its own compared to your own contributions, it is hard to feel that motivation. Those first few years just suck, especially if it is a down year or two. It takes a lot of discipline and trust to keep up the investments until it consistently feels like it is working in your favor. When compared to a purchase of something fun or sugary that will make you feel good immediately instead of maybe 3-5 years in the future... I mean, that isn't an insignificant headwind to overcome. Once you are on the other side, its hard to relate because the benefits are so extremely obvious. But when you haven't gotten there yet, that faith and book-knowledge is difficult to trust and put into practice.

@hunterandchavy 16 дней назад

Erin… your videos have improved greatly. Love watching your growth on YT. Keep doing what you are doing 👍

@coffhaulic4564 17 дней назад

Erin. I don’t know if you heard about an interview with AMEX CEO saying that 75% of new applicants are both Gen Z and Millennials opting for their premium charge cards? Definitely seems concerning that those annual hefty annual fees would incentivize folks to spend minimum $6000-8000 to get their sign up points and possibly carry a balance they can’t realistically pay in full.

@andrewdiamond2697 17 дней назад

I just got a City American Airlines Executive card with AA Admirals Club access. I have 3 months to spend $10k to get 100k bonus miles (on top of the 40k miles I'll get spending $10k). If I didn't have business expenses that I would have in any event, that I can just direct through this card, that would be a problematic move. For most people, racking up $10k in credit card charges in 3 months is probably a really bad idea.

@JBoy340a 17 дней назад

That is amazing. Amazingly bad.

@stevenspencer306 17 дней назад

I feel the first two are somewhat outdated. Who uses cash regularly anymore? I haven't withdrawn from an ATM in probably 3 years, so don't recall where that money went. I keep a small amount in cash on me "just in case" but couldn't say how much without looking.

@chemquests 17 дней назад

I find it easier to plan/control my own spending cash, as cash. This is the completely discretionary bucket to blow. Once it’s spent, that’s it for the month, no way to accidentally go over.

@jdgolf499 17 дней назад

I stioll use cash for everyday small things, like drivethroughs, small convenience store purchases, and tipping. Even though I pay withh credit cards at restaurants, I generally tip in cash.

@mikesurel5040 17 дней назад

I was going to say unless the speaker's target audience was coin collectors over 50, many in the audience probably have not gotten cash from an ATM in the last 6 months or more. As for the last question, I automate about everything so I do not need to worry about it. I can go look anytime I want. The savings goals are being met and all the bills are paid.

@user-pd4fp3dj3u 17 дней назад

It’s even worse using debit cards or credit cards. Most people because they don’t see the money going out, tend to overspend.

@stevenspencer306 17 дней назад

@@user-pd4fp3dj3u I was probably a bit harsh in how I said things. I know for some people cash helps them manage their spending. It's just that for the people not using cash regularly, this "know your numbers" isn't really helpful.

@MeltingRubberZ28 15 дней назад

Erin, can you please do a video on the ramifications of the petrodollar deal expiring?

@kirklandphil 17 дней назад

In my late 20's I cut up my Bank machine card for the simple reason I could not remember what I spent the money on. 30+ years later I still have no bank machine card. I guess I'm old but for many, many years I have used Word to chart all my finances.

@PaulGosselinsr 17 дней назад

Your editing has gone ballistic!

@SeanRatcliff-cf7eu 17 дней назад

Thanks Erin! I’ve tried to teach this to my adult daughters (unsuccessfully) for a while. Sharing this vid with them in hopes that “the power of another voice” might have some impact. Well done! Thank you!

@darylhaack7752 17 дней назад

Thanks for posting. Your advice has many good points. I especially liked the "living in the moment" thought process. This l can see would be an issue for many people who keep increasing their consumer debt. Is it a want or a need is the question that one should think about in that 24 hour pause peroid. Cheers

@Izzy_Gtz 17 дней назад

Nice visual aids, good job! Just always remember that we also love to see our Friend Erin eye to eye 👀😊after all you are the star of the channel.

@rverdahl 17 дней назад

Did you hire a video editor? Very nice effects. Some area where a little too much but extremely well done! Good content too.❤

@Kwanini 17 дней назад

1:10 “innit” hilarious word choice LOL

@ediefrasier2932 17 дней назад

Thank you, Erin!

@ErinTalksMoney 17 дней назад

Thanks for watching! 😊

@nathanyoder4509 17 дней назад

Thanks for another great video Erin! I think one thing that gets me often is not tracking my spending enough which leads me to let some expenses go I shouldn’t. I love the 24 hour rule!

@EricMoore790 17 дней назад

A new Erin video! I watch, like, already subscribed.

@ErinTalksMoney 17 дней назад

Yay! Thank you!

@damontolhurst 17 дней назад

1. $0 (I don't carry my wallet around the house). But I don't know how much is my wallet. 2. Don't know. 3. Every penny is tracked. I think these questions work better as things to consider if you need to reconsider your financial system. The way I view budgeting and financial decisions is that I determine the structure once so I don't have to think about these things on a regular basis. It doesn't matter how much I have on me if I already know that I can spend it on whatever I want because my system has already taken care of the important things. I don't need to remember the last $100 transaction if it's documented and taken into account with the bigger picture. It's kind of like counting calories. It's a good idea for people who don't have a good understanding of nutrition and the real meaning of calories, but it's not really a meaningful way to through your life for decades. Once you have a dietary system in place that's healthy, you shouldn't really be worrying about calories on a day-to-day basis anymore.

@antilogism 17 дней назад

Cash on hand: Didn't know---but I counted and found $61 I only use cash for garage-sales, one-off charities, tips, lemon aid stands and the like. I'd be a lousy mark for a leather-worker.

@duanejahn2368 17 дней назад

Maybe we don't carry cash, but use cash back credit cards we pay back as soon as the charges clear? Maybe we have a bank that gives us tools to track expenses on a monthly and annual basis. Maybe some of us have a monthly budget with goals incorporated in the budget?

@dbdouglas 17 дней назад

Everyone should know the day of the month that their credit card is due. Should be top-priority! AND pay it off, in full, every single month, without fail! If you aren't doing it right now, I dare you to do it.

@Chris-ef5wc 15 дней назад

Can you do a video on where a couple should be by age for savings, net worth, ect. When see all the videos out there they always seem to be giving the single person perspective. Also broke down by if you have children. I would love to see something on this topic. thanks. Chris

@turtle522 17 дней назад

I'm 0 for 3. Married 25 plus years.

@joeriveracomedy 17 дней назад

All my loose cash from side hustles goes to my mom. I always have 0.

@robloxvids2233 17 дней назад

Why?

@joeriveracomedy 17 дней назад

@@robloxvids2233I am her atm. Voluntarily of course. Benefits of living & working in Norcal.

@robloxvids2233 17 дней назад

I think I keep a couple hundred in my wallet and another 800 in my house, in case I gotta skip town in a hurry. I figure 1k cash could barter me anything Id need in an emergency. (Food, gas, shelter for a couple nights). I live in a hurricane zone so we do flee sometime. I keep about 5k in checking and the rest of my my efund in HYSA.

@johnurban7333 17 дней назад

I think the money they have on them is credit cards which would be unlimited money

@brianadams6204 17 дней назад

I Never carry cash.

@hanwagu9967 17 дней назад

i can't answer any of the three. I still have a bunch of checks in the checkbook and credit on my credit cards, so I still have money to spend...right?

@CaedenV 17 дней назад

lol, as long as there are more checks in the book, then there is more cash to spend!