9:41 1. Brand name clothes 2. Flights with cash instead use points/miles 3. Electronics- The latest and greatest 4. Sales- Clearance items 5. Bulk Purchases- 6. Complicated Investments- individual stocks, while life insurance, options, etc.
I totally agree. My portfolio just broke $40m yesterday, added more shares to VOO, SCHG & SCHD. Started growing this portfolio from $2m 2022. Real estate is next, so they can bring in great income. It just shows how important it is to invest in things that grow over time. It's like I'm living out the lessons right from the start of his book- Guide to investing
How did you grow your portfolio to $40m, I'm impressed, I have a lump sum in the bank, the rates are not impressive so I'm moving it, what's your cash flow like?
"Calvin Klein's no friend of mine, don't want nobody's name on my behind!" (Run DMC)... I remember when I first started making good money in my 20's and 30's. We grew up lower class and rarely had anything good, so now that I had money I started buying all sorts of STUFF. Fast forward to age 55 when we retired and moved from Boston to Phoenix... I can't tell you how much crap we sold, donated or gave away... $15,000+ of just STUFF. Now trying to live minimally. And I will never own a German or other status symbol car even though I can buy one new for cash. My last car was a 12 year-old Hyundai Santa Fe that I never had a problem with that cost $25,000 loaded including tax. Oh, and we RARELY go out to eat... what a waste of money now! Thanks, John!
About wearing brand-name clothes - why would you carry some company's advertisement on yourself? You're not getting paid for it! This is the right attitude about brand names.
As long as you're paying yourself first and can afford these items, I think it's okay. But where people get in trouble is they rather have one of these versus saving.
Ya some of these are good advice to everyone like using points to fly but the clothes one is a personal choice. I'm sure I spend less than John in other areas (like corgis :) but prefer to spend more on higher quality clothes (not labels) that make me feel good and are less likely to have questionable labor ethics. To your point...after automatic saving and investing.
Bulk items, as long as they aren't perishable there are most of the time a good option, heck if I can save a bunch of money of it I call it a future investment
This was perfect for those of us who incorrectly think we are “saving” or need it! Thank you ! It had to be said and put out there and you did it perfectly!
I completely agree with not buying bulk items that are perishable if you don't have a large family. On the other hand, ONLY if you have the storage space to do so, I believe in buying NON-perishable items in bulk (paper towels, etc.). There's nothing to lose from doing it.
John, love the vids. You’re amazing and deserve to be recognized as one of the easiest resources for people to follow once they become an adult and need to be responsible with their money
I love how u say Stop to make. Reminds me of the time my mother told me everyday you miss work you lose money. Of what could have been MADE / profited $
in the US we would call these ways to save money (not make money). Ways to make money would be things like getting a second job or starting a side hustle. ✌️
I have whole lofe insurance through Northwestern mutal. Supposed to be an investment as well as life insurance, I tried to find research but heard a lot of conflicting things, should I still use them or is it a thing I should stop. Any thoughts is appreciated 🙏🏾
For flights, cheap seats are just fine. $500 economy vs thousands for 1st class? Its from point A to B. I can literally buy a laptop and good headphones and watch a few movies and fly economy for 6 hrs and still spend less than 1st class.
Its getting almost evident that youre being paid by Bilt card to promote it John. You dont have bring it up for every random example. Its a great card and I have it too, but it makes you more unreliable...
