1k is not nearly enough for an emergency fund these days. I have always heard to have 1-3 months saved up, but I strongly recommend 6+ months worth saved up. Especially after covid had hit. Most unexpected events these days will wipe out 1k.
1k really is nothing. I spent 2700 euro on a dentist 2 years ago and when I finally recovered from that huge unexpected expense and was able to save the money back, I had to spend another 2000 euro this year on my teeth again, 300 on a window that needed to be fixed, 100 on a bike repair, 50 on replacing some broken items, etc... it is so hard to save money when your salary is low and you constantly have unexpected expenses. my net salary is 1k/month.. I had to stop eating in a canteen and started to cook my own lunch last month and I will continue to do that because I cannot afford to pay 6.50 every day for a lunch. I hate the fact that I have to spend my evenings cooking, but I manage to save 100 eur/month this way so I guess it is worth it.
One thing I've learned along the way is the power of diversification. Once you've got that emergency fund locked in, consider spreading your savings across different investment vehicles. Whether it's stocks, bonds, real estate, or even starting a side hustle, diversifying your portfolio can help safeguard your finances against market fluctuations and accelerate your wealth-building journey. Great video!
Be careful. You need more than 1k in savings. Recently my emergency fund was wiped. A house repair turned out to cost over 10k. If i didnt have more than 1k emergency fund...i would be 11k in debt
Agree. I’m at 5K for just such situations. I get SS and live on that (house and car are paid off). Challenge is to double that emergency money, keep it accessible, and get decent interest.
Great motivational video. You definitely mastered content creation. However, it was not the advice I was looking for “after getting $1000”. More like these are tips you should be doing (or at least start to) to get that $$$
You can do this with others in your life. Mechanic, plumber, electrician, dr. Why would this be important. Relationships get you more than being a stranger. My son grocery shops and tries to get good deals. He is always nice to the cashiers. Yesterday, the cash asked, You really like to shop the deals?” He said, “Yes, it’s the only way to shop.” She smiled and said, “That free paper over there has a $10 off coupon.” He walked 5ft, picked it up and got $10 off. Relationships save money. My mechanic frequently gave me 15-20% off for cash payments. He knew I couldn’t always do it but frequently it was a big help.
Yes many youtubers have this hype feeling they are going to do their values making money but facing the wall of incapacity of having the capital to start and also not getting the social network help, connectivity with people (network of people support) to suceed
@VincentChan Sure.. its a 13 Month term with an APY of 3.75%. My goal was just to put the money in an interest bearing account for lack of a better idea of what to do with it.
@@middlesys9180 instead of doing a CD with an APY of 3.75 you should just sign up for a High-Yield Savings account. I have one through SoFi and Credit Karma and they both offer somewhere from 4% to 4.5% APY that is paid out monthly.
CDs are great investments if you’re worried about jumping into stocks. I love laddering for CDs since the longer you have them the higher interest you get. Laddering is when you open up multiple CDs with different maturities so instead of doing $1000 for about 3% in one year you can put 200 and 3% in one year, 200 at 4% in two years etc. you can even spread it over months but the idea is you gain more every year and still see a tangible return so after the first year that now $206 can be reinvested at the top of the ladder and you’ll still be on track to see a return in one year that would now be the second CD at $216
Other than my managed account, I have my own "play" account. I've recently started buying a few high yield REITs including those with grocery store based strip malls and high end retail.
Agreed, not everyone lucky enough born with some "opportunities". For me personally, my language. that will be a main challenge to really get notice when networking. also just in general I am not a talker. what i have in my mind, come out different and weird from my mouth. 🤣🤣
Great video production as always VIncent! I'm seeking out number 3 currently. Do you have a course or offer mentorship on growing/improving a RU-vid Channel?
Is it true that you don't have to pay taxes over the money made by investing into the stock market? I am from Europe and I think that in here we have to... anybody who knows better? tnx for the great vid!!
Thank you for sharing your knowledge! I’m not sure if you already created a video but I was wondering if you could explain investment for beginners. There are many videos here but I trust and love how you explain things.
@@kenyonbissett3512 Partially! I only don't have all of it yet because I had to use part of it to a deposit since I got into university (: But I'd have two-thirds of it by now if it wasn't for that emergency deposit. Though at first since I had to say a lot of "no's" to outings (I'd still go, just wouldn't pay for necessary things like drinks. I don't drink lol) and hold back on buying things that I felt like I could just buy it later.
@@VincentChan I liked the analogy with building a house with a strong foundation really made your points. The 2 things that made the biggest impact in my career: the value of networking and the power of putting money in the general market (investing) vs individual stocks (gambling). BTW, I still run into people who don't know about or understand the value of ROTH IRAs.
I came here to learn how to invest after listening to a guy on radio talk about the importance of investing and how he made $960,000 in 4 months from $160k, somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas.
It is possible to produce superior performance provided you do something different from the majority. However, most of us tend to pay more attention to the shiniest position in the market to the cost of proper diversification.
Having monitored my portfolio performance which has made a jaw dropping $470k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market.......
Interesting. I have a lump sum doing absolutely nothing at all in my bank account, I wanna get something started with it. You seem to be doing excellent for yourself, how do you achieve this?!!!!!!
Hi. Am trading with expert Mrs Natalie Brunell , a regulated broker in the US. Met her sometime early last year at a startup funding event and her RU-vid channel is Natalie Brunell . She had some interesting things to say about the state of algorithmic trading today.very obviously I'm seeing the results.
