I wouldn’t say I live like I’m broke, but I do live substantially below my means, if I was broke I wouldn’t go on vacation, but memories are important too after maxing retirement accounts and having over a 50% household savings rate
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
You can be both 😂. I’m currently paying $2 monthly interest as I intentionally hold a very low balance on my credit card, idk, I find it helps my credit score. But I obviously make wayyy more interest in my HYSA as I have a fully funded emergency fund
True. Your debt is someone’s asset. Because when all debt goes to zero. There is no money in the economy. Oh and that quote - I got a better one There two types of people Tuco. Those with loaded guns, And those who dig! 👊🏻
This comment is ridiculous! All people are paying interest on something! As if the answer is just pay cash for your house, car, & everything right??? Man, why didn’t I think of that??
Shuuuuuuuuuuuuuuusssssssssssssshhhhhhhhhhhhhhhh. Entitlement means $10 poncy take-out coffees, meals out in fancy restaurants, state of the art mobile phones, high end fashion, tattoos, loans for cars and technology, vacations, giving the kids what they demand (not what they actually need), the list goes on.
@@garethbuckeridge6910 Your list of wasteful items does it for me, people have no clue how wasteful they are and how stupid they look to people like us, I'm almost scared to discuss it with anyone as I'm sure Id come across as sounding Jealous when truly I'm not.
All my friends make more money than me, but I have more money than pretty much all of them. I really like your videos, they reflect a lot of my own beliefs
Warren Buffett underscores the vital importance of understanding compounding and adopting a long-term perspective for financial success, as leveraging the compounding effect and maintaining a extended investment horizon enable individuals to accumulate substantial wealth through patience and strategic planning.
Navigating the complexities of investing can be challenging for newcomers, but by staying informed through analysis of financial news, market trends, and expert perspectives, I aim to offer valuable guidance and help individuals make well-informed investment decisions, emphasizing the importance of seeking advice from financial professionals and conducting thorough research.
You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Every week I buy more of whatever is the lowest percentage of my portfolio and try to keep everything around 10%. Please what could be my safest buys with $400k to outperform the market in 2024?
Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.
I agree. Based on personal experience working with an investment advisor, I currently have $385k in a well-diversified portfolio that has experienced exponential growth. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
I work with "Natalie Ann Brinkman" as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
That's me lol 🤣😅 I'm sorting my finances first and then know the health overall will eventually come after I learned to be more disciplined. Iv recently cut out booze and that was a bigg problem so that's also training me to be disciplined
@@Savvynomad225 thank you. Trying hard. Might have a challenge in the summer as just got some cash in hand work for a beer festival... It actually is on my birthday as well 😂 hoping to make pennies but testing being around booze. Hoping il be just dishwashing
Investing is empowerment. If I see something that I use all the time on special in a super market, I buy as many as I can afford at the time. I might be 'broke' or low in money in the short term, but in the long run I will have more money because I'm not buying it at full price next time when I need it. Also, I'm not tempted to spend that money on things I don't need in the meantime, because I don't have the money to spend.
It feel this way. I live minimalist lifestyle since discovering El Augustin in summer 2022 and I struggle from time to time. I save 60-70% of income and the life is dull and uninteresting. I chose aggresive goal to save as much as possible, because in past I saved almost nothing and I would like to catch up on those years. But, man, it's hard and boring. Especialy now in winter every day from dark to dark working and zero fun. Having made that money and instantly saving them feels like I work for nothing. Working like slave. And it undermines my psychical well being. It's not the easiest thing to do, but I'll keep fighting.
@@wilfriedvomacka1783 I moved outside of the USA. My total cost of life is around $2200. Now I can save 60-70% and have a great life. Plus, no taxes on the first $120,000 nor the cost of my apartment (~$60,000 free savings).
@wilfriedvomacka1783 ummm...maybe try balancing your life out. You have gone extreme my friend. You gotta invest into your soul and other relationships
But my question is what stocks can be the next APPL in terms of growth for the next decade? I've set asides 500k to invest and my goal is to retire comfortably rich.
I find it more productive and safe to buy growth/ blue-chip stocks rather than tech stocks. It's advisable to work with a fiduciary advisor for well-diversified portfolios instead of relying solely on speculations.
Agreed, After taking charge of my portfolio in early 2017, i stumbled into losses. Upon realizing that a change was necessary, I consulted a fiduciary advisor in 2020 and since then my $1.2m portfolio has gained 28% annually through restructuring and diversification using dividend equities, ETFs, mutual funds, and REITs.
Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200,578 after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
I get my teenage sons to watch these videos- and they in turn, are having conversations with their peers. While their mates have modern homes, and their parents have flash cars, our household "looks" less flash. But my kids have fresh unprocessed food. Annual dentist & optometrist checkups (they're healthy). All the best outdoor camping gear, all the digital paraphernalia they need, because I've been mortgage-free for 16 years. Our expenses are waaay lower. The bottom line is, don't burden yourself with costly assets/liabilities. When the next earthquake hits, or if there's a tsunami- their friends loss and liabilities will be greater than ours
I move most of my money to my savings account when I get paid. I also contribute to a 401k and Roth IRA. Credit cards are not bad if you pay it off in full at the end of the month.
@@Shadow-7773 trying to retire early, their is a end goal for all this. I'm not rich, I just don't have many bills so I invest when I have extra money.
Our culture in America has a serious case of instant-gratification for too many folks. It is their choice to be broke as they can't say NO to themselves. Hence, monthly bills they can't afford, obesity epidemic, and homes and garages packed full of stuff.
Thanks, - Living broke is ok, living an unsustainable life is not, which means living and splurging beyond your means. You can be unemployed and still living alright, if you are smart with money and frugal. Ppl also underestimate the importance of cash and savings. These days you must have a plan-B and a redundancy in your finances, even if you are not rich, in order to be ready for most surprises. Would also suggest to look poor, because there is no faster way to end up in a financial sh!thole, than trying to look rich, while you are broke.
I've been frugal all my life, and I'm very comfortable in retirement because of that. I never let any of my friends or family know how I'm doing, although many of them know I must be doing okay because I don't have to work anymore. But I avoid those discussions where people are griping about money....if they knew I was comfortable, they'd just ask to borrow money or they'd resent me for being comfortable.
I was a single mother of 3 girls when they were growing up and we lived paycheck to paycheck for many years but we made it. One day a couple of years ago it occurred to me that l no longer waited for every other Friday, counting my pennies. I've finally "made it" by saving and sacrificing. My daughters are all successful and very mindful of their money. By not trying to live like the ballers I'm surrounded by, l can live & enjoy my life now. You CAN do this.
Not everyone's broke. But if you're not broke, even if you're doing well, it's not typically polite to show it. And it's pretty easy to blend in, because people who are doing well financially often already live well within their means (e.g. buying a modest car / house that they can very easily afford, limiting meals at restaurants, not having the latest and greatest electronics, etc).
and for some reason, it is incorrect to talk about money. I was never taught about money in my family or school. It was never emphasized to accumulate for instance. That how you end up personally is YOUR RESPONSIBILITY. People need to be taught this at home and in school.
I asked myself one day, “What am I doing wrong, why am I broke”? And I realized, I was not paying ME in the process of paying my bills. I am a priority also.
When you get older, you don't care about the finer things in life. It' won't make you happy. Wealthy people DO NOT have perfect lives. Their money can make more problems.
I'm finally NOT living paycheck to paycheck (I live in a small relatively poor country) ,ha .... I've been forcing myself to save 30 percent of my income
Your friends/associations can also keep you broke. If you hang around people who are constantly spending (e.g.., dining out, clubbing, shopping, etc.), you’ll be pressured to do the same.
I’ve been broke all my life,I’m unemployed, I’m 23 years old, I’m single and I live with my parents, but I always try to see the positive part which is : I don’t have any addiction, I don’t smoke , I don’t drink and most importantly I don’t have any debts, so yeah life is beautiful 😅
What do you say to people who say you need to live also? Unless you’re rich you have to trade off things to make it work I find, I am certainly not bad off in terms of income either . Perhaps there is a lot of entitlement in my family lol
@@James_36 Minimalists live well…they just know the difference between needs and excessive wants. When they do buy, it’s well thought out… and quality in their purchasing is paramount…👍🏽.
If I want something and I can't pay cash and not feel it in my budget I don't get it If I really want something I set a little aside every month to buy it, I've found after a couple of months I wonder why the heck I wanted what ever it was/ a cooling off period if you will
I agree with everything you’ve said, but really believe that so much is because people view normalcy as depravation and want things they can’t afford. My husband and I are doing fine on one income (I’m disabled) because we don’t waste money. We don’t eat out often, we don’t overpay for things for convenience or simple because we want them, etc. Our older cars get from A to B just like cars with a $400 monthly payment do. My brand name clothes cost a fraction of the price at thrift stores. I recently wanted a $100 crafting tool, so I bought $13 worth of materials and literally taped together my own that works every bit as perfectly. We don’t go to Mexico every year, we go camping and kayaking. We have zero debt, use credit cards for cash back and for maintaining a great credit score, but pay them to zero every month. We have a great life and are on track for a decent retirement. Again, we won’t be traveling the world. We won’t be losing our home, either. It blows my mind how much my “broke” friends pay for things, prices I wouldn’t pay even if we had money to burn.
Great point about being stressed out. I think a LOT of spending is rewarding ourselves for spending most of our time doing things we don't want to do: it's compensation for having to have a job. And the resulting bills only tie us to our job even tighter. And isn't that the way the PTB (Powers That Be) want it: we're stuck and beholden to them. Congratulations on 80K!
We have been SO conditioned (brainwashed) in the US to buy, buy, buy just to support a capitalist/consumeristic society. We need to get some sense into our heads and understand that the opposite is better - save, save, save!
Does anyone know if this is normal: I'm on my 3rd low buy month, I've reconfigured my budget over 20times during these months. I'm tracking my spending. I've saved more in this 3 months from drastically cutting wants. I'm very happy with how much I've saved BUT I feel very anxious. I don't have debt and I'm on disability so a low fixed income. Not sure if others felt waves of anxiety at the beginning of their savings journey?
I think it might be normal to feel anxiety at first because it is really changing our habits. I started off like that and now it is second nature that I don't really think about it. Plus, my savings rate improved dramatically that it has brought me comfort knowing that I have put some distance between myself and poverty. Wishing you well on your frugal journey. Trust the process.
Distract yourself with free activities, such as a walk in the sunshine, saying hello to neighbors, calling a friend, etc. Make sure you are eating enough meat, fish, eggs, since that may affect your mood. Pray if you are inclined and start a daily bedtime journal that names 5 things that you are grateful for. Watch RU-vid videos on meditation, stoicism, Taoism. Best wishes to you!
I assume it’s because you have more disposable income than ever before and are afraid to lose it, life like to trow curveballs. Don’t stop enjoying your life just so you can save money, set a target amount to save and enjoy spending the rest. Good luck on your journey for a better life
It's crazy. It's always a moment of reflection when it hits a new number of, "Oh, wow. I'm actually doing this!" It's so crazy to look back when I was posting videos and nobody was watching. Dreams do come true!
I am at very early stages of my career and life and really glad i found this channel. Congrats on 80K subs. See you at a Million soon and beyond! Gracias!!!!
"HaVe YoU tRiEd NoT bEiNg PoOr?" Thanks for the advice. Let's ignore stagnate wages or the fact that increasing people have to use so much of their income to just survive in this country. The problem with saving money right now are the low interest rates banks offer for savings accounts, even the "high interest," accounts that offer like 1%+ interest does not really move the needle much, never mind that's been the norm in this country for the past two decades. It also doesn't help that this country has non-existent to piss poor public transportation, the only way most people are able to go to work is by having an expensive sub-prime auto loan. Car dealerships are literally taking $2,500 cars and then marking them up 400% because so many people are defaulting on their loans, again because of stagnate wages. So thanks for your shallow analysis that helps no one.
We just have spending addictions. The inflation (also known as usury or currency devaluation) corrodes our spending power. So we are addicting to something that loses power over time even though we derive happiness from using that power. Instead of devaluing peoples currency, trillion dollar corporations like Berkshire, Apple, Blackstone, Amazon, and etc should be selling bonds to fixed income whores so the general public is not continously getting fucked. American inflation gets spread throughout the world, its not a localized thing. We are a global society. Whenever we print money out of thin air and devalue our currency, poorer countries suffer the most because the people have no way to make up the difference. In the end, we are just fucking ourselves and the people around the world just to enrich the richest oligarchical families. This must end. It must end before the end of the 21st century and before global warming ruins our world.
This is why WORK SAVE TRAVEL is a funny concept for me, imagine working very hard for a whole year, save all your earnings and spend it all for a extravagant vacation (not including leisures and other bad spendings)... What a slave minded madness...
10 dollars invested at 10% turns into 452 after 40 years. That's how young people should be taught at school. By spending 10 dollars now you are losing 452 later on. Are two 5 dollar coffees really worth 452 dollars? The future cost of spending really helps me to stop stupid spending in the now.
I dont stress on money anymore. Ive caught on thay no matter what hapems, as lomg as i go to work every day and do what im suposed to do then at the end of the day, there is always just enough..even if its down to the last dollar, ther is always just enough to cover everything. 😊 Trust the universe. It will always provide, providing we show up for ourselves.
Good video Austin. I also follow Kate Kaden and she talks about finances and minimalism. She says to save and thrive you have three options 1)work more (side hustle perhaps) 2) Spend less (plug the leaks /wants vs. needs. and/or 3) do both. She also talks about finding your why?
The real reason why nobody proclaims that they're doing well financially is to avoid beggars and borrowers. In most cases, when someone asks "how are you doing financially?" They want to borrow money or ask for money. And most who borrow never pay back.
I guess never looking at savings as deprivation is where I was ahead at the very beginning. I've always felt that it was empowering and it's even more empowering knowing that when an unexpected bill hits, it's not a problem.
Part of what helps perpetuate these yabits is the shame and secrecy that goes with living in debt or being broke. Lots of people hope that you notice them driving that Range Rover or Tesla, or that they have a high limit Amex card, or that they live in an expensive zip code, or that they spent $5k on their last vacation. BUT, they don't want you to see them sitting at the dining room table, going over the bills, stressing over which bill to pay late, or which one to not pay at all. They can't afford most or any of it, but they'll be damned if they let people think they're not winning in life. Really makes you wonder why we care so much about what total strangers think.
I relapsed late last year on my financial journey. I stopped watching your videos due to the low motivation. I am back now tho and am ready to get it! Keep pushin!!
Get out of debt! Don't make the "habits of our society" an excuse. When I was younger and working many hours in a stressful job I just told myself I didn't want to be a bag lady when I was old. Now I'm old and I'm NOT broke and NOT a bag lady.
But you're still probably improving your situation. Every unit of currency that you put into your emergency fund is a unit of currency you're not paying interest on when the emergency hits. Every unnecessary purchase that you decide not to put on a credit card or buy now pay later is a debt you won't owe if you lose your job or can't work for a while. Smart decision making over time can make what could have been a devastating financial blow into a speedbump. The less you overspend, the less precarious your finances are and the less chance that the next problem is going to be irrecoverable. You are building financial resilience as well as financial restraint.
There are people who legitimately work full time and still can only pay rent and need food banks. I get what you're saying but a hell of a lot of people now are straight up broke because cost of labour is so low and its only gonna get worse with AI.
but saving for a rainy day or spending or gambling away your money is equal to the opposite mind set.. both are addictions ... a person who is careful with money and saves for a rainy day often becomes addicted to the idea of not spending money and that rainy day never comes they go through life being very frugal and quite often when they die they have amassed a large sum of money that they never got to or intended to spend.. unfortunately for these addicted savers the grave usually comes before the rainy day...
Exactly. One of the only intelligent comments on this video. These people 'save' themselves into mediocrity and complacency. They actually think their savings are safe.
How does it have to do with other prople?… If my husband and I hang out with people that make less than 6 figures it would change the fact that our household income is 6 figures?….
Is easier to relate to people in your wage bracket /social class because a poor person can’t afford to go with the rich friends to his favorite restaurants were a meal is 50€ or go vacation for a week in some random place, but a poor person can afford beer and a cheap restaurant their friends go to. Some rich people have spare gear, stuff ect so you don’t need your own otherwise you are left out because you can’t afford to keep up with their lifestyle
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to take risks. Saving is great but taking risks puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I feel this is quite an easy one. You already have her name which makes it easy for you. Just look up her name online. I’m sure you will come across her. That’s how I found her too.
Hi, Austin. I think if you heard how much we usually make in my country, you'd probably all think we're poor. But surprisingly, I think I'm doing ok. We don't have investment options (it's a very small country), but I do have a decent amount in my savings account. I budget most of the time, i cook all our meals from scratch and I always, I mean always, pay myself first. But I do get sidetracked from time to time and listening to you gets me back on track. Thank you. I used to be so obsessed about not owning an apartment, but I've finally let it go, because going into mortgage would mean putting yourself into a rope and stand on a stool for 25 years. I don't want to live the best years of my life in debt.
yes but arent you going to have to pay to live somewhere? If the payment is relatively equal, if you get a mortgage, you are buying that apartment and will someday own it, which means you live for free for the rest of your life.
@@pauledwards5607 The mortgage is twice as high at the very least, which we cannot afford at the moment. We do save consistently and will definitely try to buy, but I've simply stopped obsessing over it. I also agree wholeheartedly that owning is an investment in the future, in my kids. But the obsession was sapping all joy and life.
Live like youre broke, and youll eventually get enough wealth to live about 5 years at the end of your life before your kids inherit what little is left and they blow it on stupid stuff. Our grandparents were single income households yet functioned flawlessly. Now we're stressing about buying a $3 coffee so we don't starve in 40 years....
Excellent video, Agustin! The only thing I can add is this: I believe there are a pair of red drapes waiting for you down at the Goodwill. A splash of red behind you will make your "studio" come alive! I think there are a couple of little red throw pillows to toss on the couch for good measure. 🙂
Deferred gratification is the best way to get ahead, it's also the best anti ageing strategy. Peace of mind my friends, leave the landfill on the shelves.❤
Someone throwing trash in the river is not about being *wasteful*, it's about showing no respect for nature. There's a place for everything, including trash. Yes, we North Americans are indeed a wasteful society and can definitely do better, but even so - cavalierly throwing garbage into a river is ugly and shows a total lack of care for preserving the beauty of our environment.
Savings? One can't save money if one has hardly any left after the bills are paid. (I could save a bunch if I lived in my Isuzu Rodeo in the Walmart parking lot.)
Financially, the goal to reach before anything else, is paying off all your debt. Even at the cost of your pleasure. So sim to be debt free. Your future you will thank you, happily, everyday ..
Austin, thank you so much for reminding me of sanity when it comes to money, possessions and the proper place these things should take in our lives. Also, congratulations on having 80k subscribers. Your channel truly deserves it 🎉🙌🥳
Thank you again! Decentralization is part of the way humanity can get away from this economic system, become less dependent on consumerism, be more self-sufficient while while renewing community relationships that have been broken over the past 50 years of neoliberalism. But I dare to say I dream alone.
I agree. However sadly centralisation seems inevitable at the moment as people don’t like taking responsibility for their lives. They want central government to do it. I like the original Green Party philosophy here in the U.K. of having a more local economy and community but even they seemed to be favouring globalisation now.
I have an okay retirement. I would not have had any retirement if my wife had not demanded a divorce thirty years ago. It led to me giving up on the American dream and even going out. Because there was nothing I was driven to do, I stuffed money in the bank just because. I was lucky to get a one bed condo in the 2008 housing crash which allowed me to save even more and then the interest rates went up two years ago leading to me actually making some money on my accounts. I can not say I had a joyful life and I denied myself a lot, but at least I have peace at this stage, and I like that. No more work!
Most people do well and think it’ll stay that way. People say things like “I make $150k a year!” And then check forbes to see who has the highest net worth and model their life after them. Just the image of that life apparently. The discipline of building is lost on most people because it’s incredibly difficult
People mean different thjngs by broke. I was annoyed when I was literally poor that my friend who simply put lots of money into retirement funds and 2 mortgages and 2 cars would say “I’m broke too”. No, bish, you’re just paying for the things you bought. I was actually without money.
