🤘 Tae's channel is simple , evergreen financial concepts and info no matter where you are in the F.I. journey .....for me , its like going to a meeting for an addict.....sure we know whats best for us , but we all need the reminder to keep us honest and on track and be held accountable....community is everything
Enough and Simplicity, two concepts that took me far too many years to embrace. I can attest though that once you do it makes your life so much easier.
I never cared about looking successful. When I finally made some money I spent it all on stuff I always wanted to be able to afford. I did it for the enjoyment of it. None of it was ever for appearances. Over time my priorities changed. Today my priority is financial independence. The main reason is for flexibility. That is a much longer journey, and involves knowing when I have enough money, which is really enough to cover the essentials.
Great information. I did rent to own as well. My rent was only $340 a month, but I was only making $12,000 a year. Back then, interest payments were 8-10%. The problem people have is they do not want to sacrifice, so they stay in the same financial situations.
That's great if that's their worse case scenario. The worst case scenario for many people is not being able to find work. The second is not being able to find work that they can tolerate and it pays enough. If things aren't working out, don't wait too long to find work. The sooner you find work, the less income you'll likely need. Even part time work can extend the resources you have while still leaving time for you to commit to trying or changing directions.
Well on real estate following Dave Ramsy’s advice won’t work if you are a regular Joe working a W2 job . Sorry but if you have to save money to buy a rental residential property fully paid… you won’t be able to buy enough properties to be FI . His (Dave) statement that tenants don’t pay rent does not make any sense.
That is the biggest issue on the start of my journey. This is a marathon and not a race. I am a good saver, budgetter etc… But growth is slow. So the mind has to shift from short term to long term.
That is your choice, if you want fast, you have to take more risk. Life is too short for you to take 45 years to become a millionaire. I prefer to a more “fun” life, specially if you come from the bottom, there is not much to lose and all the world to win.
The best way to build wealth is to start investing at a young age. A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger is a great investing book for teens.
Tae is outstanding but I wish he talk slower in his videos. I feel he’s trying to get to much info in short time. He helps lots of beginners and that’s what’s important.
The one hole in his advice involes children. If your journey doesn't involve having kids your financial planning is relatively straight forward, and the ramifications of things not working out only affects you and a partner. Having kids puts everything in flux from their health, education to their happiness....which all cost time and $$$, but you have no idea how much and for how long, because sometimes for a child with special needs its for their whole life, even after you die.
The most learning occurs at the point of failure. I have had a similar journey, lots of financial mistakes in my early/mid 20s because of all the things we don’t learn before we head out on our own. Adulting is hard if no one prepares you. By the time I was 28 I had started figuring it out. Fast forward to my 40s and thanks to @JL Collin’s, my family and I are in a fantastic place in our lives…we are happy and “have enough.” The trick becomes can we get others to hear our journey and learn from our mistakes so they don’t repeat the same failures.
I love this interview! I have been following Tae the middle of this year ! Simplicity and his experience has brought me the start of my financial journey! No complicated and complex advice! Love Tse’s channel!! ❤
I like how you talk about learning about money in real life, not just in school. Your journey shows how important it is for all of us to understand how money works. Keep doing awesome videos!
I've been watching his Financial Tortoise videos for years. I like his no nonsense, straight to the point style. But I did not know he had a "like" problem. I could only watch half of this interview before it became unbearable due to all the "like"s. Tae, if you read this comment, I'd encourage you to go back through this video and count your "like"s. Your videos are polished, so this issue doesn't come across. But in real, unscripted life, you have a "like" problem.
I prep my lunches, drive a 2014 car, never have been on a beach or fancy vacation, buy minimal clothes am a teacher, have 3 kids and shop at Aldi, AND I still don’t have all this margin to save large percentages of my income.🤷🏻♀️
Even with two years of funds, they also have rental property, stock investments outside of retirement accounts, low expenses, and skills that allow them to quickly find work if needed. They have a lot of contingencies, which is key. All of these things together makes it very difficult for them to fall flat if things fail, hence making it easier to take the risk. This is why some people tend to go much further when they finally reach financial independence. Failing sucks, but they won't hit the ground.
Yes! My worst case senario is drain my assets and reapply to disability ❤ so pursuing financial independence with a disability while I’m able to work sometimes is worth it from me
