It’s great saving money but when you deposit your money in the bank it belongs to the bank. We can have bailins and not have access to our money. Keep enough in your account to cover bills and invest in gold and silver as recommended by Jeremiah Babe.
The 30 day rule! If you want something, write it down, if you still want it 30 days later, then I consider it worth buying. Most of the time, before the first week has passed, I’ve forgotten the desire to buy it, and even forget that I wanted that item😂
I started doing this about a year ago. What an eye opener! I have saved a ton. Most of the time if it is something I need when I went to go buy it 30+ days later it was on sale or there was a better version!
I was able to save a lot of money in 3 years. I landed a 3 year consulting gig paying over $100K a year. I reside in the mid-west where there is a lower cost of living. I lived with my Mother ( I paid her rent). During this time I also paid off my $15K student loans and $18K Jeep. Now I have zero debt, still making over $100K and able to focus on building wealth via investments, etc.
I spent nothing. And my body failed me. Lost it all in hospital bills and recovering. It's good to save up. So do the work. But you might not be rich even after all this. But it saves you if you truly need it You don't control stuff like cancer. And it hits the old and the young. Stay safe. Stay healthy
Great advice. I'm 63 and my parents taught me the same way of thinking. Though I screwed up a few times, I was still able to amass close to $2M net worth on a median income and just bought my retirement home with cash. Just keep in mind that it's just stuff.
Awesome! Great job. I'm saving to build my own house this summer. Just hit 40. Wife graduated nursing school. Moving to be closer to her family. I'm an Engineer bringing my job with me and working mostly remote. The market where we are moving is broken. No inventory and prices are insane. I can build myself for 30-40% of the listed price of a similar modestly sized new home. Did a rough estimate. Now I'm working on a detailed design and accurate estimate. If it works out well... I'll start working on an upgrade in a year or 2. Then sell the first place.
I recently found your page and I love your content man. Keep it up . Your inspiring me to take action and get myself some assets. I’m 22 and I’ve been living in my car for a year. Both my parents passed away and I’m on a mission to have a better life . I’ve been minimalist for a while now. Just barley starting my journey to save 100k by 25 ! Thank you man I look forward to your next video
Ah Gabe, I love your content. I'm in the England and people are all complaining about not being able to afford things, but i'm not. I'm a part-time, self employed gardener and a single parent and I still have money that is saved because I live by these exact rules. The only thing I would add is, don't listen to others. People who are coming into my home for the first time always say, you don't want to do it like this you want to do it like that. I love how I live and they're all in debt, so why would I listen to them. Now I've just got to find me a side hussle. Looking forward to another great video.
I’m a single parent in Ireland and I do the same !I do this for myself and not my child - he gets what he needs but myself I can go longer without certain things ! I always check our free things and budget things like hair model get hair cut etc etc it is tough but I did lose my rental due rising costs but ended up with a distant relation and now I’m saving hardcore - I pay bills In their house and keep life simple ! I thank the universe for having a roof even if not idea while I graft and grind to get my own ! I start my day off being grateful for having just the smallest of things . It really really makes me so thankful . We should be able get things if we need them and not struggle but sometimes we have t back to get to where we wana be ! I have gut feeling this time next year I will have over 60k saved and I’m damn proud myself for all Iv sacrifices clothes - things out - no holidays in 5.5 years / salon visits . You get my gist ! Keep bringing joy to your life with the simple things !
One thing I often do when I’m shopping is to look closely at my shopping cart right before I checkout because I’ve learned that while I shop I do tend to put a few impulse purchases in the cart or just things I don’t need. I also try to go minimal on food especially fresh vegetables and fruit. It’s so easy to buy a a lot of healthy fresh food with the intent of eating healthy but then you can’t get to it all in time and it goes bad and gets wasted. Another thing I’ve done that helps a lot is to chop up and freeze either raw produce or I will cook it first just to avoid it going bad in the fridge. I freeze it while it’s fresh and I get to use it later. I also will freeze leftovers rather than leave them in the fridge as I will get tired of eating the same meal over and over but if I save a few portions for later o will enjoy it more and avoid the possibility of it going bad in the fridge. Basically just trying to avoid food waste saves money. Love your videos
Great idea on left overs. We used to box up some of the kids toys and put in attic. Would get out a year later. It was like new toys again for them. Absence creates fondness. 😄
@@jerrylisby3440 I do this with my cat's toys! (rotate them in/out occasionally) to keep things "new" and exciting, without the need to go out and buy new ones so often (plus, i don't like most of the commercial cat toys - they fall apart so easily) so another tip I can share, is to DIY toys instead!! Last year we took in a foster kitten. He destroyed 5 toys within a week. So I cut up an old pair of jeans that was falling apart, and made TWENTY toys out of it for free! I kept some, tested them with our kitties, and donated the extras to our local no-kill animal rescue center :)
I'm a relatively new subscriber, and I just wanted to thank you for something in particular. I'm a teacher, and I appreciate you for talking so openly about not graduating from high school. Conventional education isn't for everyone, and things like personal finance, trade opportunities, etc. are lacking in our public schools (in my opinion). And I'm speaking as someone who works within the system. You show your audience that with hard work and dedication, you can still do some extraordinary things with your life and gain wisdom non-traditionally. I think we as a society need to stop shoving college degrees down students' throats..which inevitably can lead some to feel like failures when they (wisely) recognize that it just isn't the path for them. Great content as always :)
Thanks I really appreciate it. Honestly I think graduating high school would’ve been good if I wasn’t such a terrible student at the time lol but most everything I learned in high school wasn’t really useful as far as being successful in life. It’s just hard work and learning every day
I am so agree with you. I regrets that scholl doesn't taught me what subjects Actually really important for our life. Self finance management, good attitude, positive thinking, nutrition, habits netc... I just learned all this stuff from youtube
Despite the difficult market conditions so far this year, retirement is a common investment goal. In order to beat the recession, it is advisable to allocate money in your budget for investments that will be stable enough to see you through the upcoming year as well as how much should be invested for retirement.
@Rahul Toggi Stocks investing require expectations of the long-term benefits, not just short-term losses or profits... I’m taking advantage of small price moves, it can be a lucrative game if played correctly.
First, Gratitude for whatever I do have. Second, and it may sound a little weird, but Give. I regard the first 10% of what I earn as “not my money,” and I give it away. These two things help loosen my grip on the money and reduce the anxiety and self-centeredness that can happen while trying to reduce spending and save. It keeps me mindful of the fact that I’m not the only person on the planet, there are people a lot worse off than I am, and no matter what my circumstances, I can always do something - no matter how small - to help someone else. Been doing the 10% Not My Money thing for years and have lacked nothing I really needed.
Give until it hurts! I try to give as much as I can and you are right, the hold of stuff goes. What good is it if a man gains the whole world but loses his own soul?
@@qualitysleep6074 Give until it hurts? Like give all your money away so you can't feed yourself and your tummy hurts from starvation..? Doesn't sound like a good way to live to me.
Thanks for proving that formal education is not the be all and end all in life. I really don’t like others shoving the idea that college is everything.
I really feel proud at what you and your wife had done economically. Your frugality reminds me of my oldest son. These things that you have done is the remedy to the money problem. If people did this they would have a better life.
agreed! My spouse and I have always lived frugally, though often not by choice. We do not have any credit cards, and the only outstanding debt we've had (until recently, when we bought a car and are now working on building our credit, in preparation for bigger expenses down the road, like buying a house eventually) is some emergency medical bills. It is a simpler life with less stress hanging over our heads.
I’ve noticed that I get the same “high” doing a lot of online shopping for things that I really like but don’t really need, so I just have fun picking stuff but then I never check out and pay 😂😂 And 90% of the times I end up thinking it was great that I didn’t check out because I can totally live without those things… Thanks for sharing your tips with us 😊
Girl, I do the same offline, I can go to 9 stores on Saturday, “shop”, pick stuff, try it on, and then put it back before I leave, I’m having the same fun as if I bought it.
The investment you choose isn't right or wrong, just depends on the kind of business person you are or simply the kind of person you are. However, the end game is investing money long term creates wealth every time. Just pick what you like and understand, invest and it will pay off. A lifetime of investing for 5 mil is not hard to accrue.
@@glenbert1396 I lookedup Katherine using her fullname and she seems pretty tight and outstanding . She’s a fiduciary who will act in any individual best interest. so i booked a session with her
Thank you Gabe, I really enjoy your channel. One thing I do is stick to a budget when I'm grocery shopping. If my budget is $60 and my total is $65 I will put something back, because often it was an impulse purchase anyway and I didn't need it :)
I cook once a week. Sunday, and meal prep the leftovers or whatever else I made for the meals of the week. This has made it so that eating out is more inconvenient than eating at home, because I don't have to cook anything just toss it in the microwave and that's it.
•Like you, we bought a hair clipper right after our marriage 22years ago and still use it to cut the whole family's hair (five people)! •Like you, we only drink water (for the body), and coffee (for the soul) •walk to the shop for short distances •our kids wore the clothes the oldest sibling got, only for special occasions did we buy new clothes for them, or when they were broken or irreparably stained • we use only 4 cleaning products: washing liquid, all purpose cleaner, white vinegar and soda bicarbonate • and the list goes on.... •
Shopping just feels good sometimes, so I do it! I push a cart around the store, filling it up with things that I like or sweet deals I score. Then, instead of wheeling through check-out I go back through and put all those things back where I found them. I recognize the silliness, but it is less silly than spending money on things I don't need.
Customers be like: “Dang! Somebody grabbed the last one on the shelf while I ran to my car to get my wallet!” Few minutes later………Heather shows up to put the item back on shelf cause she is not buying it.
1. Even just ordering water instead of other drinks places saves a lot of money. 2. Try to fix things instead of buying new. 3. Leave items in online carts until your cart reaches the point you get free shipping. If you need the item immediately and your cart is close to free shipping, have a few things in "save for later" that if you got it would be free shipping so you would be buying an item you want instead of paying the shipping. 4. Purchase high-quality things that will last longer that you won't have to replace multiple times. 5. Before purchasing something ask yourself "Do I need this?" "Can I use something I already have to do what I want to buy this for? Can I borrow or rent this?
While I always appreciate the tips you give in your videos, I really enjoy the creativity and humor in your presentations. I love your hustle. Keep up the good work.
This was a wonderful and very much needed piece! We young people must understand that saving is not enough. It's a good start, but given the way the economy is going, you have to do better. Investing that saved money is a must and diversifying your investments so you have multiple streams is key. Of course, you have to be well informed on where you put your money or better still, get a pro to handle it for you (that way, you save time and minimize risks). Made my first million this way earlier this year from investing my savings something as casual as forex. Good luck!
Amazing approach though not quite as easy... You mentioned something about using pros., if it's not a bother, do you mind telling if you used one to achieve this feat and recommending any good one? I could definitely use help right now as my finances are currently in a terrible state... I look forward to your reply...
@@chriswilliams2061 Funny enough, I can honestly relate. Nobody said it was easy as it takes some level of decisiveness and discipline. Yes, of course I used one. I know next to nothing about forex and all. I don't know if I am permitted to go into details here, but her name is "Leah Marie Sandock". Was in the news a lot in 2018. You may look her up for more.
@@trishawallor wow I know this little lady. Once attended a fundraiser she was also in attendance in Vancouver,, Great speaker with a funny accent,, She's American though, I doubt she works with foreigners,,,
As a fellow 25 year old who also has this amount saved, what helped the most was being able to live at home for practically nothing aside from my share of food and utilities. My spending habits have hardly changed since I was in high school, but my net income is 60k a year. I also don't own a car because I mostly wfh, my parents work night shifts, and are willing to share because we don't have parking for another vehicle anyway. All that said, I would like to move out soon. The more I save, the more I feel like I am hoarding when I could theoretically pay off their mortgage. But at the same housing is so expensive now that I would still be saving money even if I did.
All I have to say is that you and my husband are like the same person. Except for the opening credit card idea. We’re definitely the less is more kinda household. You guys have the same brain. 🙌🏼😂 I love to sell stuff we’re not using. I like to bless others with a good buy not to make a lot of money for the thing. We have never purchased a new car. My newest car is a 2019 Dodge Grand Caravan, which we bought in 2020. It was owned by a rental agency and it was in a collision. All cosmetic damage. Rental agencies will Not use the car again so it went on the auction block. We bought this van, fully restored, loaded with only 15,000 miles on it …. WAIT FOR IT… for only $13,000 out the door. My van goes for $32,000. Sooooo yeah. 😊 It has a salvage title but that’s not a big deal. Most people shy away from salvage titles out of fear, but it’s actually a great way to buy a really nice car and a newer car. We’ve been doing this for over 20 years. I use this vehicle for my van camping adventures and as my family vehicle. We share a lot of your money saving ideas and have been doing it for years. It pays off. I can attest. Have a fabulous day! 💯😃🙌🏼 Anyhow, I really enjoy your channel.
I worked a lot on my relationship with money and to me it always meant freedom. That is to say spending money meant freedom, not being able to meant being sad. So I always spent like an idiot, but lucky for me on food etc, not on ferraris hehe, but it adds up like crazy. Currently on a quest to save while enjoying it too. Kinda like gamifying my saving effort. Great content !
I'm at the start of my investing journey, but I've invested enough to buy one ETF with the dividend payments equivalent to 5 hours worth of work. It helps to think of the cost of things with respect to how many hours of your life it's taken to earn it.
Just do Dropshipping BroOoOooOoO On a serious note, real estate, stocks, online business, cryptofarming and straight up going Grand Theft Auto on a car are actual ways of making money.
I used to move every year haha 😅 but now im finally a house owner and will be renting out the second room once we’re all settled and fully moved in. Im sooo excited for that because it will help financially soo much! And ive been cutting down on my grocery bill too! So im excited for that too 🔥
Gabe, for not finishing high school you're sure smart and have a lot of common sense! I've been cutting my own hair for 3 1/2 years. I like cooking at home, because I worked in a lot of restaurants, from dives to fancy restaurants, if you saw how dirty the kitchen is or seen who cooking your food you would never eat out!
Why do people assume that not finishing high school will automatically not make you smart and if you have a college degree, you are smarter. I know quite a few people that didn't finish, go on to have successful lives while college graduates don't actually use their degrees, are in deep debt, and have the common sense of a gnat.
I am just starting to use the 30 day rule. I decluttered my room including clothes then went on a website to order more clothes!!!!!!!! No sense, didn’t buy them but put them in favs and keep going back to see them and not bought them yet. Books, instead of buying I get them from the library. Still learning and live the postings by Gabe.
Great advice Gabe and we have been doing most of them for 50 years. It did take us from 1974 to about 1987 to save the 100K but our taxable income was less than 20K every year back then. One suggestion we have is that for most of us, taxes, and not housing is our biggest expense when we look at all of the money we are forced to send to the IRS, payroll taxes, and state and local taxes and fees. For many, it is well over 50% now. We also continue to be frugal in our MN winters by keeping our house at 60 when we are home and 50 when we are gone or at night.
Your videos are a breath of fresh air! The ideas & attitudes you express are ones that can benefit so many people. Recently, I visited a young family with one child. Two days after I arrived, the topic of money, saving money, managing money came up when we were eating dinner. The wife brought it up. I had just cooked dinner for everyone, using what they had on hand & she was amazed. This woman is a good cook, she put a lot of effort into learning, so, I was also amazed by her, she was thinking of ways to save plus doing the work to learn. It would have been rude for me to bring up the subject, so, when she did, I gingerly shared, gaging their reactions to make sure I was not over stepping. Some things I shared that I have always done plus a few new ones. 1. Never got into the habit of drinking coffee. It's expensive chemical dependency. 2. Buying a water filtration system I installed, myself. Bottled water is expensive, the system paid for itself. 3. When I can buy the part & do my own car repairs, I do. Minor repairs, yes, technical engine repairs, no. 4. I do have a gym membership. I was given a Veteran discount when I signed up, yes, I'm a military veteran. I noticed that many people sign up, stop using it, cancel, then sign up again 8 months to a year later. The prices go up, the sign-up fees add up. I have kept my membership which costs 1/2 of what most other members, pay. I go through phases. Cheaper to keep it! 5. Only eating at a restaurant for special occasions. This includes drive through. Once in a great while, yes, still, very seldom. 6. Only one streaming service plus You Tube is all I need. I love *Star Trek* so, having the one streaming service is all I need. This is the short list.
Good tips! However, make sure you enjoy the money you earned. No one knows what will happen in the future. I had a friend who was super frugal and saved most of her money but shortly passed away and she never even enjoyed the money she saved.
Thanks for this video.. made me realise I have been following 95% of your tips here and I am living a minimalist lifestyle.. thank you for the other useful financial tips!👍🏼
Great tips!!! I finally bought a good cellphone because I'm using it for our RU-vid videos. Prior to this one my cellphones cost me about $25 and they worked fine. I only had texting and calling, no data on my old cellphones, and my monthly bill was $28 for the cell plan. I actually had people offer to give me their old cellphones or their kids old cellphones for free but I just laughed and said why this one works fine! My cars are old but they get me where I need to go. And I will 100% stop and pick up furniture at the side of the road and refinish it. Free furniture? Hell ya! We saved enough money during the pandemic to buy a house in Portugal (technically it's classified as a ruin) and spend our first year in a new country renovating our house and learning the language. 10 months in and we are loving our new home/country. Dream big, spend little and live your life to its full potential. ✨️
Shop second hand! I bought a FULL suit (blazer and pants) that fits me almost perfectly for $10!! I've also found nice brands like brooks brother blazers for like $3. If you can do that and only buy what you need, you'll save even more
I liked all of your ideas... we save money on not buying paper products.... for napkins we use cloth napkins, cloth towels in the kitchen, and these can be found used or new, or make them.
Can I just say that your level of editing is just amazing? 👍 I can see it’s so much effort goes into making these videos! Awesome job! Thank you for sharing! 😊
Well my daughters graduated from college. One paid off 90,000 in student loans in 3 years all while having an auto immune disease that sent her back a little. My other daughter has already paid off 17,000 of the 40,000 she owed in student loans. She has only been at her current full time job for under 6 mos. She has 3 jobs, one full time and 2 part time, and will have her remaining student loans paid of within the year. A college education is rewarding if you go into something that you need a degree for and pays well. If you are going to get a job that doesn’t require a degree then no need for the college education.
@@GabeBult The late, great Neil Peart was a high school dropout. I recommend that you add his books "Ghost Rider: Travels on the Healing Road" and "Roadshow: Landscape with Drums" to your reading list.
The laziness-tip is actually very wise, it's exactly how I think about the time to value ratio where I'm not really asking if something is worth the money, but rather me being at a place I dislike, doing something I dislike for x amount of time.
Alot of this can be summed up to "understanding what the value of the dollar gets you now a days; and is the item you want worth the amount of time you work for it"
I love you're third point about not shopping sales, I would just add to that to unsubscribe from all those store emails, and that takes away a lot of clutter from your inbox, but also a lot of 'noise' and demands on your money - taking a social media diet for the same reason.
You don’t need a cheap phone buy a really good one that’ll last 4-5 years most cheap phones may save you money in the short run but they often crap out after a year maybe 2
When my husband and i go out to eat we split a meal. We are both satisfied and don't feel like we over ate. We also order water with our meal. This saves lots of money and we are able to afford to eat out in this economy (2022).
Love your brain. My husband and i have found company, finally. Pretty much everyone we know live to IMPRESS. keep the videos coming....you are helping many people. Not us cause we are already "like minds".
Recently found you through A to Zen. I really like your presentation of your videos. Just getting my head wrapped around minimalism as I’m a pack rat. It’s a struggle to let go and learn not to impulse buy. I’ve been doing side hustles for years selling on eBay and Etsy. I’m also an artist and sell my art at craft fairs and Etsy. In addition I have a full time job. I have to stay busy or I get bored. I absolutely love to have a passive income and feel that it is never too late to be in that position, I’m in my 50s. My parents were hustlers too and had a passive income. You have some great tips and I’m sharing your channel out to my nieces and nephews. Help you get closer to that Tesla. 😉 Do you have a video on books you recommend for reading on passive income and minimalism? Keep up the great content. 🤙👍👏
Constantly increase your income to expenses. It’s ok to enjoy making money along the way because it may take 3-15 years depending on the hole you dug yourself. But if you r young with little debt to no debt, with ward work it comes quicker than you would expect to totally change everything. Bc you could “torture” your self to get there in 3-4 years or enjoy yourself and do it in 5-7. Without total sacrificing your young years while still hitting your financial freedom goal. Now still you need to say no to a lot but a lot less than being extremely stringent. Keep on the content bro you should have way more subs.
Bro I love your content, the commitment of making the couch stand 😂😂. I really hope you get that Tesla. Follow up question, why did the real estate and fifteen other side hustles not work out? Would love to hear about your experience, the mistakes you made and what you learned from them.
@@GabeBult That would be very much appreciated. Honestly I had this house hacking plan for my future but I'm super introverted as well, I have the social skills of a 2 year old 💔
So we avoid debt like crazy but sign up for numerous credit cards, take out multiple mortgages, etc etc. thats a tip i woulda just left out if it was me
Fun, Cheep and Free thing I do, Walk dogs!!! I HIGHLY recommend checking out your local Dog pound or shelter, you can go and interact with animals and they REALLY appreciate it, and you can feel good knowing you made a dogs day better
2006 hyundai sonata is the best car. believe me. the only thing i fix for using it for 6 years is battery. just do the maintenance and it will never break. still going
My husband and I are using one car. His truck needs work. It's not getting better by sitting, but it's not costing as much as it could have. We are looking at buying a fixer upper vacation home. My husband is very good at fixing up homes. After it's fixed up, we plan to rent it out and reserve time for our own vacations. I just watch the Spotify ads. We're doing a no buy thing until the debts are paid off. That should be this year.
I just found your channel and you’re awesome!! I think you’re in NH…. I’m in Portsmouth so it’s really cool to see someone crushing on RU-vid that lives in our little state. I can’t wait to see you get your Tesla!!
At 25 I had $10k in credit card debt, $20k in car loan, and planning on going into my grad program for another $35k. I am now in my early 30s, all debts paid off with about $180k net worth and over $115k income. I'm still trying to save aggressively to reach lean FIRE or FIRE!
Couple I been doing is cutting own hair , buying cat /dog food in bulk Trying to save up to pay car insurance every 6 months to save $100 or so a year , ... paying Amazon prime membership in full to save $40-$50 vs the monthly ....and putting a couple bills like phone bill on automatic payment to save 10% off ... GREAT VIDEO
I love how the car industry make out old cars are bad for the environment when in reality wearing out what's already made beats making something new and scrapping something that's perfectly fine
People on social media don't tend to tell the truth. It is like they feel the need to exaggerate for some reason(s). It is almost like they only care about getting more and more views, subs, likes, endorsements.
Dear Gabe, your contradictions are really hilarious, and that makes me realize smart people are always learning and self-correcting. LOL and learning A LOT with you. Wish you have your Tesla already. Best to your beautiful girls!
