As someone who’s rapidly approaching 40 - I can corroborate everything you mentioned. My Tesla was probably my biggest splurge (tho purchased with cash) but otherwise - Ive managed to live well below my means and still have nearly the same monthly expenses as I did when I was 30. All my clothes are from Target, haha. I live in a modest condo. And as my income increased, I managed to invest more every single month to the point where I was able to see the true power of compounding over the last decade.
So true, I’m a victim with the “lifestyle creep” wanting to look rich browsing designer stuff when all that money could go to my emergency fund! Definitely a good reminder. 💯🦋
@@SwatiSharma-li8nt put your money where you can guarantee it makes money back....Stocks, business, exotics cars etc. As long as you understand the game you're playing
Everyone should watch this video! People in their 30s should also avoid spending a ton of money on weddings and their kids (such as private school, brand name expensive clothes/shoes/etc.). Thanks for another informative video.
I completely agree about the expensive partner part. One of the most common reasons for divorce is money. Divorce and lawyers are also expensive. Love is not enough for a sustaining relationship! Trust, communication, and financial goals are things people don’t think about in relationships..
currently in my early 20s starting to take your advice now earlier, rather than later! thanks for your videos, I always watch them start to finish since I found your channel. :)
@@Erika2 thats the plan hehe thank you :) the point you made where people give up right before being able to really see the fruits of their labor resonated with me. I am working on making this change in my life to not always expect instant gratification and to be more PATIENT!! Lol
I'm not in my 30s but one thing I've noticed is that trying to impress people who don't even like themselves will costs you a lot...and that itself is dumb thing to do whether it involves money or not.
Something I learned as a Financial Statement Auditor, the people in the business making the most money were those who created the business. Something I wish I would have done earlier would be to start creating!
I’m 19 but pursuing a legal assistant position and I’m almost done with my BA! Working to apply to law school to be a corporate counsel attorney so these videos are so so helpful!! Thank you!!
I'm in my late 30s and I will start investing soon. This is so new to me too, they don't teach this anywhere. But I am hopeful I will be able to get some financial self sufficiency.
I made a lot of financial mistakes in my thirties but thank God I was able to correct them by my mid forties. I’m in a great place right now with only my mortgage just in time for the kids to start college. Awesome video for folks just starting out.
One week to quit my job and going freelance, then u showed up! . You resonate with alot of people who are tried of time slavery. Thank you for the guidance and support. :)
You are speaking to me. Like literally. Thank you so much for your video! 28 years old and have been struggling with Patience and short term stock trading vs. long term investing especially !
I fell into all of these traps. Now I need to make more money. I didn't care about looking rich, I just had expensive taste. So I was never comparing myself to anyone else or trying to impress anyone. I bought quality items. However, I started to realize that I don't need the best quality item for everything, or need to buy some stuff. Now I have a goal of being financially independent and doing my own business. I've been talking about doing a business for years, but I'm finally moving forward with plans.
So wise, I’m NOT in my 30 or 40’s! Listen 👂 to this beautiful human being. She is on point! I’m struggling to get of a hole that I’ve dug for myself!!!!
Hi Erika I just found out about your channel few days ago, and since then I can’t stop watching your contents and videos. You are such amazing intelligent sophisticated sweet young lady with great heart ❤️ Thanks for quitting your job and helping us🙏🙏🌸🌺💐🌹
I am a 52 retired single mom who retired when mom was going thru cancer and I had health issues prior. Now my mom passed in March 2022 and I life changed. I have a 31 year old and 18 year old. I have a lot to say but trying to start my RU-vid channel again. Didn’t feel like recording about anything when mom was passing. Self employed on giving free government phones. At my own time. Have the time and now Consistent
I had different thoughts about the new car. I’ve had plenty of used cars in my life. I still had to finance them. They usually turned into a piece of crap around the time I paid them off. I had to buy a new one then. I decided this last time to buy I brand new Toyota. I paid it off with less than 100K miles and have been driving a paid off vehicle now for years and hope to continue driving it because Toyota’s trucks seem to last for a long time and hold their value. I could sell it and make quite a bit of money if I wanted to.
Great data, very Wise, 👏👏👏💎👑🙏🙏💯👍🌟⭐️., I agree with you Erica on not having an expensive Partner, also the purchasing a use car first. Great Point, Love your mindset.
Really enjoyed listening to this video. Learning about compounding that's something new. Yes school never taught about saving for our future. Keep these helpful life investing tips.
Me also...well, I had a Roth IRA at the bank,in my early 20s, but cashed it in....in my late 20s, I opened another IRA with schwab. I've done well since.
Solid advice. I agree that school does not teach some critical life skills such as personal finance and critical thinking. The example you gave of something being taught in school as not being useful was long division as you talk about personal finance. That's the definition of irony if I ever heard one. Math (including long division) turned out to be the most useful thing I learned in school and use it everyday. I'm pretty sure you use it everyday too.
You are right a car get you from point........ A to point B. I get the point. 😁😂. Thanks for sharing the information it is helping many people understand how to handle money wisely.
I never thought about buying a new car as a financial decision. I bought one because I like it. I don't regret it one bit and it makes me happy and I feel good every time I drive it.
I know that feeling....I should have invested in my early 20s....but I got into it in my late 20s. And in my 30s, I piled a ton of money into my INDEX funds.
Lifestyle inflation is definitely one of the traps I fell into into in my 30s! ..but when you start to see the effects of compounding on your investments and realise "oh crap this is what my money could've gone into this whole time" - for me that very easily helped me cut back on all the frivolous, unnecessary things I didn't need. It only took me till my 40s to realise this! Still wish I would've started spending less and investing more earlier though!
Hi Jaime! It's true - I've fallen for lifestyle inflation too. It tends to get you a little at a time, so unless you're watching your expenses, it's hard to realize.
So true. I love the examples. Want vs. Need! My boys push me to get a PS5 like they have and give up my PS3. They have to pay $$$ annually to play online....I do it for free! Great quote - Be rich or look rich. Anyway this was a fresh topic, thank you Erika for bringing this to us.
It's not that people don't understand the power of compounding, it's that people are impatient. We life in a time of instant gratification and FOMO. They want the get rich quick option, and usually without putting in the work.
I buy a new car for cash, look after it well and keep it for ever. That way I am driving a new car even after ten years. Same for everything else in life.
I have a different perspective for expensive things. After years of work work work, save save save, live so minimum, although earned good income, I don't see meaning of it. I think there is a distinct between cost vs value. Something that make meaningful to your life, even though it costs more. I think sometime it's worth it. For new car, I think there are many good things with that. Buy something good and stick with it for long time is a better strategy and buy the old one then keep switching. The best value for new car is not the new car but the first year model when OEM redesign.
@@cwong1229 damn someone is thirsty...i'm sure you love rich women, but why would they love you? i don't think babysitting a random adult is on her to do list...
AWESOME VIDEO ERIKA. Thanks for sharing. Always learn something new on here. Keep the incredible content coming. Hope you have an amazing day. Always a pleasure seeing your beautiful face and smile. Huge hugs. Hope you have an amazing day
Although I agree with the premise of building wealth early on and using that to have a wonderful future, as you said your self , Warren Buffet didn't see the result of his accumulation until 50. If you value time you want to also enjoy that wealth in your 20s and 30s when you are most able. I might not be as fit and healthy in 20 years time even if I have wealth. So you have a continuous battle here
Hi! My wife is starting a RU-vid channel and we wondering if we should start an LLC for tax purposes. Also I love your content. I appreciate your honesty in your videos and you have great insight !
Hi Mike! Congrats to your wife. Regarding the LLC - feel free to reach out to my team at support@plugandlaw.com and they can point you in the right direction.
Hi Erika, you inspire me so much, you are beautiful inside and out. Thank you for such amazing videos. I have an ask for you dear: Could you prepare a video talking about best investment options for someone planning on retiring abroad? Ijust created a roth ira using your backdoor explained, but now i am thinking: Is roth really for me? am i going to pay taxes twice, since i will retire abroad? if i do traditional ira, wouldnt i be better off? Please guide us all and thank you so much for such amazing content
Hello Erika viewed your video referencing savings on waving the car rental insurance from post credit card insurance benefit will you elucidate more on this? Our son and daughter in law do remote work, travel a lot because they can and use car rentals often my wife and I are always encouraged to support their union with healthy frugal and wise information hacks like what you offer hope to understand more yes and thank you for being you
Hello Erika what do you think about having disability insurance just in case you get injured at work and can’t go to work and if your out of work you don’t get paid for a period of time if you don’t have something like Aflac is it worth it ?
