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Understanding the monetary value of your time is SO important. However, it's important to note that even if you value your time at a really high amount, if you don't spend the time you would otherwise be making that sandwich on something productive, it can still be a waste of money. But I agree with you 100%! Great video as always Vincent.
Learning how to cook or make a sandwich can save you tons of money in the long run. Also learning how to do repairs around the house can save you tens of thousands of after tax money. Who wants to spend all their time making money, being a well rounded person with different skills and hobbies makes for a happier person. In life it's far better doing what you love than focusing on what brings in the most money. Studies time and again have shown that making our having money simply does not produce happiness. Most people only realize this far too late in life.
Yeah, but by doing your own repairs you lose something more valuable, TIME! Ok, so minor repairs learn to do them yourself, major repairs, maybe call a professional cause one it saves you time two it’s way safer.
@@YashaswinPathangi-hi4kl true it takes time but certainly beats watching hours and hours of football or other tv shows. And professionals often do lousy jobs and over charge. I easily saved over 100k doing my own renovating all the while working full-time as a professional in the financial sector and also taking multiple vacations a year. And also I raised 4 kids with my wife who has been a stay at home mom for the past 20+ years.
Renting is a waste of money no matter how you calculate it, especially if you live in a expensive city. all those years your literally paying your landlords mortgage... why not pay your own mortgage you will see that money back in 10 years plus capital gains when u eventually decide to sell.
I really enjoy your videos thanks so much for sharing! Really love how your videos are built up as well as fitting background music which is not so loud that you can’t hear what you say.
#2 and #5 are somewhat related. People usually say that you could save money if you buy a house but the problem is that what if you are not good at maintaining the house? Listening to DIY advices is the one of the worst thing you could do because I would say that is a waste of time to learn everything about your house that you are not even familiar with (unless you are a professional property manager, interior designer, etc) instead of focusing on your sepcialization.
This is what is so funny to me about the literal conspiracy-level stuff going around about black rock getting into the retail housing market. It is so ingrained in our culture that personal ownership is so extremely important, that it keeps us poor. Personal ownership is a distraction and a luxury that people can't actually afford. Renting a house for $200 more than what their house payment would have been anyways is still saving that person a couple hundred dollars a month in maintenance, customizations, and improvements that they will no longer have the option to do. It makes life cheaper, and more affordable, and more focused which frees up money they can then invest into black rock to get dividends on the property market themselves faster than they would earn equity in their own home. It isn't some grand kaball conspiracy, it is that more efficient ways of doing business make everything cheaper while providing more profit, and efficiency and profit will always be pushed forward no matter what people's complaints are. That said, my upbringing makes me one of the people who does value the whole can-do do-it-yourself kind of attitude. But I understand (or am beginning to understand) just how much of a luxury this really is, and that in making decisions in this direction I am spending extra time/money/effort towards doing something myself when it would be better for me if I asked someone else to do it. Some people like fast cars, some like watches, and some of us like to fix our own toilets... to each their own.
We tend to over complicate things. The 50/30/20 budget popularized by the book All Your Wealth categorizes expenses and targets a budget based on those three categories. It’s more flexible than the numbers make it seem. A see a lot of that advice reflected in this video. Well done.
The 5th is surely the most valuable. I must say, though, that the earlier you are on your journey, the hardest outsourcing, paying and delegating is going to be. Both because of the uncertainty of the outcome, and because of the limited resources. For example when you start a youtube channel , assuming you start right away outsourcing editing, it might take 20 videos or 200 to get you to a level where you're able to earn something to compensate for that expense. With the initial uncertainty you just can't allow yourself that and you're forced to do everything yourself. After you reach a certain level, it becomes easier to focus only on what really makes an impact and pay for everything else. Great video Vincent, I loved the style and the sandwich comparison!
exactly. When I was making $10/hr working retail, it made good sense to spend what was effectively $80 in 8 hours of my time repairing a leak vs spending $200+ for a pro to do it in 2 hours. And that those kinds of projects indirectly got me the skills to work in maintenance for a time making $16+ overtime kinda lined up with the idea of building skills to move up in a career path. Now I work a desk job making ~$32/hr... my plumbing skills have increased, so it maybe takes me 4 hours vs a pro who can do it in 2 hours, so on the strict financials it is in that grey area. But getting better at plumbing will no longer have any impact on my future income, so the right answer is to hire it out to someone else. My time is literally better spent taking a nap or playing video games so I am fresh for work the next day, or learning a work related skill that will improve my income over time. But wasting half my Sunday at an odd angle under a sink, and not sleeping well because I am sore and grouchy and have worse productivity the next few days... that is just unprofessional... and my rational brain understands this... but my ADHD typically digs into the emergency of the project before I realize what I am doing, and my prideful do-it-yourself upbringing makes it extremely difficult to ask someone to do something I am capable of doing. It isn't just the cost aspect (though that isn't nothing), or quality concerns (I am slow, but do pro-quality work), it is the feeling like I am stealing a resource away from someone in genuine need, when I am perfectly capable to muddle through. That is some potent programming that is difficult to break.
Hear me out, the bought sandwich looks pretty good but with better cheese and some butter that grilled cheese with tomato sandwich would have been bangin.... and now I'm hungry
From my Experience in Life. I Agree with almost everything you've said. I just don't fully agree with the very first thing. This year I have to focus on making money. For the Last 2 to 3 years, I didn't. And I've Suffered BIGTIME, because of that. However, I do think that what you said, is situational. I've developed skills, and am continuing to, and now have BIG Money Earning Opportunities available to me now.
This is a great video! Thank you Vincent for sharing. I also really like how you are switching up your scenes, using analogy to keep the video engaging. As a content creator myself I understand how much effort this would take. Really appreciate it and looking forward to more content from you :)
Oh my gawd, the second mistake, YES, say it louder for the ppl in the back!! In my country young folk are buying apartments and land like crazy, with 30-year bank loans! 30 YEARS! So many things can happen in that time span, it's just not feasible! As always, great advice, I don't usually comment but now I just had to. Thanks for awesome content!
Do it yourself could also be the benefits of honing our skills 😊, and of course do it until you enjoy it or find a way to enjoy it. So by learning how to cook and cook what you enjoy to eat, may be worth your time and money and at the same time cut down the cost of eating restaurant food which are costly than homemade.
Do it yourself home maintenance, sometimes it's better to do it yourself and someone's it's better to get someone in. As an example the last time the house was painted it was 30k I can buy the paint and put a week of Labour into painting the house the paint will cost me about 8k and I know my time is not worth 22k for a week it makes sense for me to just paint the house. The other side of that is completing compliance paperwork for my business and filling tax returns and sorting out the financials takes me 1-2 days a month my time is worth more than the accountant and software costs to do that work for me it makes sense to pay the accountant, they also have skills I do not that I can make use of at no additional charge. Lawn mowing and gardening can fall into the same category it takes a lot of time to care for the land around your house unless you have that time spare and enjoy the work it's better to pay someone to do it for you. You also have to consider the consequences of potentially injuring yourself and the time that will cost with reduced income.
For cooking, unless you are good and efficient at it, or can’t afford to go out and have to cook something very simple, don’t waste your time to do it. It is a luxury. Work on something that will give you money, or teach you something that will give you money For passion, the worst idea many people do, it to get to college and get a degree in a major they are passionate about, never do that, unless it has high potential and probability to make your living decent and higher than your standards. If you are passionate about something that doesn’t contribute to the livelihood of your, do it as a hobby.
Some of those popular financial "advices" are so toxic that until I finally broke free of the "buying coffee = bad" and "DIY for saving money" - I was eating less because I didn't have time to make myself food, and I wasn't able to truly enjoy spending time with my friends when money was involved. Those advices aren't inherently wrong, but following them all the time can lead to waisted time and energy
#3 is really bad, it'll make you miserable and taken to extreme everyone around you miserable the funny thing is most people who save money on cheap luxury end up not investing it anyways. The important thing is if you're already investing $500-$1000 a month, $6000-$12000 a year, it doesn't matter if you go to the extreme of getting $5 coffee every day, that what a budget is for, I personally treat myself to premium steak and cigars until my cholesterol got too high it was about $200 a month but it replaced meal so it wasn't even $2,400 a year. As stuff grows in the background $6k-$12k won't seem that much to invest and nor is $5 coffee unreasonable. #2 The best way I can explain to people what buying a home does for you is that its like buying a side hustle. It will cost you just a much as a business($60-$100k) and will take roughly as long to be profitable which is 5-7 years. You are basically both the landlord and renter but while a mortgage is design to look like rent it cost 3% cheaper due to inflation while rent goes up 6-9% per year. Somewhere around the 5-7 year mark it becomes cheaper then rent plus part of the 30% of your income is invested in the property. But a similar thing you can do is just live with somebody, think of it as being paid to tolerate other people.
I just started doing nice things for myself. And I'm so much happier. Granted I got a better job too, but how old do I want to be before I do anything fun? 60?
How to get to know rich people? I think rich people will like me. I think I have a lot to offer. I have been helping people that are not rich for free. I help people, they don't help me back financially. Who you know is more important than what you know. I think this is true.