I wasn't financial free until my 50’s and I’m still in my 50’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
I understand that tomorrow isn't promised to anyone, but investing today is hard for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
Well, I chose Sharon Ann Meny as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.
I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.
I learned about govt actions from cfp in ny by name ‘’Aileen Gertrude Tippy’’ . Ms. Aileen explained the benefits of long-term Treasuries and alternative investments, which the govt doesn't disclose.
I just want enough money to not have to worry about paying rent and food. I don't think it's too much to ask for the guarantee of my basic needs met and a place to sleep every night. Most other stuff I enjoy in life are free (sitting by the river, morning walks, etc)
Thank you for this! It really puts things in perspective. I have a great dislike for debt whereas some of my friends use debt to buy nice things and debt doesn’t bother them. They are great people but I just don’t choose to keep up. We still have fun together.
Austin we still have to remember that as you get older you may not be able to enjoy certain material things because you're a senior and have other needs that can make you happy. An expensive car as a senior may not mean a thing. 😮😮
I have 100,000 at 36 but I have nothing I been unemployed 1 year 😢 I lack balls and courage I have anxiety I can’t progress on life and I still live at home 😢 I’m a virgin and to top it off I have a 4 inch hard penis. 😢 not even handsome
There is a reason why envy is a sin. And I believe its at the root of the majority of our problems in western culture. People need to stop worrying about other peoples lives. I'm so glad I often heard, "mind your own business!" as a child.
Thank you for your videos, my mom frequently watches them and it has been helping her to stay more on budget. For this particular video, I needed to hear this as a reminder that my time is the most valuable thing I have and that I need to be grateful for what I already have. Too often I get caught up in that comparison trap, which in turn is really a waste of my time. Thanks for helping to turn around my day's outlook.
I am that guy driving fx Camaro, BMW Cabriolet and now an Audi A5, got a house by the sea. I am a software Solution Architct and DevOps. A lot of people would want what I got, but they never see the strugle, the constant learning, the very late nights and weekends, and the huge burden of responsibility. Also people do not have a clue about what I do, they ask why I get paid a lot "to look at a screen", that how far their understanding goes.
Thank you for your videos! I have a situation exactly like you described. When my main work is temporarily on pause. Everyone around seems to travel and enjoy the beaches, brag about successes of their kids and it seems like nothing exciting is happening in my life. But at the same time I know the job and money will return to me, and now I am enjoying sport and a beautiful person who wants to be with me. We need to be thank for what what we do have and stay motivated. Thank you again
To me the most important thing is measuring how far you came and not measuring yourself against others financially. Like you said everyone has different starting points. Work hard and place your faith in God and I can assure you will live a fulfilling life. God bless you all🙏🏼
I’ve been told plenty of times that others assume I’m well off from the clothes I wear, but I don’t even have name-brand clothing. Most of my clothes I’ve had for six years. I ensure that I invest in good quality; I love fitted, just jeans and nice jackets, I love anything floral, and I wear primarily solid or monochrome colors. I don’t have LV or Prada or anything like that. I wash it with cold water and hang it dry. I take care of everything I own. My bad habit is that I tend to spend most of my money on traveling which is a perk from industry hook ups. But I work in the cheese & wine industry, so eating out or wine tasting is usually free from industry discounts. Yesterday, I got a notification that my student loans were dropped, which lifted an enormous weight on my shoulders! Take care of the things you have. You don’t need to buy everything new, but you should also treat yourself; make sure you take care of it so it lasts. I still have some debt from when I was a careless teen, but I’m working on it. I still have the same scion I’ve had since 2004. I’m currently at 3500 miles! 😅
I don't worry about how others are doing unless I am in a position to help them. I don't know who said it, but compassion is a loss of joy. It is also worth saying we are all at different stages and have different ways to spend & save
People have historically been rewarded by taking leveraged risks with housing. People living below their means in this area have actually given up gains with appreciation. While this may not happen into the future, it’s worth being honest with oneself about the opportunity cost of living far below one’s means also.
Married with 3 kids (5,3,1y/o). Zero debt, retirement savings close to 7 figures. We drive 2012 and 2009 year cars. No mortgage yet. We are 34 and 35 y/o.
I believe some people are workers and live monthly on a paycheck, others are just lucky or seem to be in the right place at the right situation. Not everyone cares about keeping up appearances with a nice home and latest car. Good video.
When you earn a lot they also spend a lot. Instead of camping for vacation they go skiing. Instead of fishing at a local pond, they spend 2 grand in gas to go trolling for sailfish. Regular cars won't do, they need Denalis.
I've never been a gambler (except recent betting on golf majors, why not), so the idea of "investing" money other than into savings accounts just worries me. So, my finances are under control. I'm one promotion off living a very comfy life for myself, then I'll need to focus on mortgage overpayments and that's it, done. I'm not materialistic so will always pass on the expensive watch and sports car ✋️
Last month I set a record my spending was 2k and 300 was gifts to the poor so really my overchead was 1700,00 that is a record for me retired 6 months now!! Life is real good ,, peace in Jesus keep that bible open...
I have 100,000 at 36 but I have nothing I been unemployed 1 year 😢 I lack balls and courage I have anxiety I can’t progress on life and I still live at home 😢 I’m a virgin and to top it off I have a 4 inch hard penis. 😢 not even handsome
Great perspective! Something that is good food for thought too. Would you rather have that car and no savings...and when you are elderly having to make the choice as to whether or not you can afford food or medication.
Actually I have a big house nice car, gold watches, all paid off, except the house, have less debt than anyone I know. Still save and invest 2k-3k a month , I work 3 days a week. Idk man, sucks to suck but I was smart with my shit.
The irony is that most of your peers think they believe possessions are not the true value of life, but when you keep your money hidden in investments and look like you're poor, they don't see you as a peer.
They don't. I'm quite well off. My parents died right before they where going to retire and as such they did not live to have the chance to spend my inheritance to enjoy their well deserved retirement.
With a combined family income of 19K USD per year, I can confidently say that most people actually DO have more money than my spouse & I do. Despite this, we are still more fortunate than many others. At present, we can fulfill all of our monthly financial commitments, we have a starter 1K USD emergency fund, and we have zero debt besides student loans. But to be honest, we feel we've missed out on many things that others can afford to take for granted as we simply do not have enough disposable funds to feel we can escape survival mode.
Bro im in my 30ties, earn alot more than the lower 50% of ppl and i wont be able to buy a House in the next 10 years. And you are telling my parents wherent better of back then? This is just insane.
I don't care. You would be surprised to find out the small percentage that is actually rich. Kids, mortgage, healthcare, car, and entertainment is the downfall for most people. I full frasped it when people was worried about my spending habits when I lived in a studio and they had a house. Men lie, women lie, numbers dont.
Matthew 6:20 says," but lay up for yourselves treasures in heaven, where neither moth nor rust doth consume, and where thieves do not break through nor steal:" How to get to Heaven and be sure of it! Every person has sinned (Romans 3:23), but God’s standard is perfection (James 2:10), any departure from perfection disqualifies you for entrance into Heaven. Your works do not gain you entrance into Heaven (Eph 2:8, 9). The Bible says that Jesus, the eternal Son of God became man (1 Timothy 3:16), lived in sinless perfection (1 Peter 2:21,22) and bore our sins in his body (1 Peter 2:23, 24). He died on the cross (John 19:31-42) and took the punishment that we deserve. Romans 5:8 says, “but God showed his love for us while we were yet sinners, Christ died for us”. Then he was raised from the dead for our Justification (Romans 4:25). To go to Heaven and to be saved from eternal punishment, we must place our Faith in Him, trusting His death on the cross to pay for our sins, we will be forgiven and receive the gift of eternal life in Heaven. John 6:47 “Verily, Verily, I say unto you, He that believeth hath eternal life”. You have a choice (John 3:14-18, John 3:36, John 6:40 & Acts 16:30, 31). Put you trust in the Lord Jesus and be save!
I have 0 debt, an emergency fund, and a growing portfolio. I don’t drive a fancy car or buy fancy clothes. Took me until my 30s to sort myself out but I’m finally on track
I live in 840 sq ft. I'm a teacher. I drive a Corolla. I'm 57. Believe me, at times I think I'm so far behind people who live in nice houses and drive nice cars. Who have more elaborate careers. And then I remind myself, that I can live off of one paycheck so I can save the other. No one is destroying me financially. My career is solid. I will retire with a 30-year pension in 12 years. And I have family. So it isn't that bad.
It's sometimes difficult to bear the poor treatment that comes from looking poor. ...And completely different attitude when having an appearance that look more expensive. If I may ask, how do you deal with the judgement and bad treatment from others that results from your choice to not spend a lot of money on your looks? Standing out from the crowd can be tiring...
Luckily, my spouse and I were able to pay off our mortgage early. We took the money we were spending to accelerate our mortgage repayment and invested it right away while we were both still working. We were able to retire early after accumulating what would have been our home payment for over 7 years and maxing out our 401K/403B plans. Thankfully, both of our parents taught in us the importance of living within our means.
Investing without proper guidance can lead to mistakes and losses. I know this since I've been there myself.Seeking guidance from a professional is preferable if you're new to investing or don't have much time.
Investors can have different investing results even with the best strategy and suitable assets. Understanding how experience plays a critical part in successful investing is key. Since I was aware of this, I consulted a market analyst for advice, which helped me build my account to about a million dollars. Having strategically cashed out just prior to the market correction, I'm now taking advantage of buying opportunities once more.
I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Contentment is the secret to true happiness . Once you realize how to achieve that outlook you will no longer be burden with the expectation other have of wealth. Rather you will be able to find joy in your own unique circumstances.
Let me fix this for you: some of my friends think I'm broke, when in fact.,,, I don't even care what they think., I'm happy with them they're happy with me
My monthly income is half or more than half of what most of my friends and acquaintances earn...yet, I have all my needs met and very, very few wants of which are simple wants as well. One advantage I have is more time...I'm retired. I use that time wisely! I can control my energy use, produce and cook all my meals, shop differently and more effectively. One thing that affects me in a detrimental manner is I'm not passing a grocery store daily on trips back and forth to work...but I also don't have the cost of daily work trips either AND I've adjusted my multiple shopping trips to be just once a month which works very well! A huge boon to me, is the fact that I still save $ and realistically there are months I am able to save more than I did when my income was much higher.
"The price of anything is the amount of life you exchange for it." - Henry David Thoreau If you can afford all of your needs, can fund some wants without breaking the bank or work like a slave, and can afford to spend quality time with your family, friends or self... Believe me, you're more than enough...
Compared to the way most Americans lived only a hundred years ago, anyone today with air conditioning, a car, internet, and access to jet plane travel is living like a god. Comparison with others is tough to overcome but it helps to really sit down and figure out what TRULY makes you happy: it's probably not a second home or a faster computer (though who knows, maybe it is). Fact is we'll never know how much other people have in their bank account(s) without closely examining their financials. Let others do their thing and you do yours, that's what I say. Thought-provoking video as always, Austin!
I have this conversation with a friend of mine periodically too. One of my early jobs was in a bank and let me tell you, it was a real eye opener! A lot of fakery going on.
Very true. When I was younger, you used to make those comparisons. Now those big houses and expensive cars don't attract me anymore. I'm just content with what I have accomplished and live with less doom & gloom.
I think it's a common thing today that people pretend to have more money, goods and stable . There is a saying in Spanish: lujos vemos, deudas no sabemos- we see luxuries but we don't know the debts behind them. Saludos :)
Back in the 1980s, the average home cost was 2x the average annual salary. Today, that cost is now closer to 10x the average salary. Pension was still offered by companies and being in the work force for multiple decades has shown me that company benefits have dwindled significantly over the years. The basic principles you laid out are still relevant in concept, but it is now requiring much more sacrifice today for someone starting fresh compared to 30-40 years ago.
Average homes were also only ~1100 sq feet, most did not have central air, and they had little to no insulation, along with small bedrooms. If you want that type of house today....thery're super affordable. What we considered acceptable has massively inflated.
@@Nick-ue7iwtalk to your friends across the ocean or down under. Developers are literally demolishing old houses and using the piece of land to build 4-5 tiny shoe box sized homes and selling it at ~$500,000 USD each.
I live in a modest 3 bedtoom 1600 sq ft home. It may not be much to someone else but I'm grateful for what I've been able to accomplish..and the best part, my mortgage is only $908 a month... I'll take that any day over some overpriced modern home
People think I'm broke because I wear simple jeans, a simple t shirt and normal sneakers with an old apple watch. I have the same cell phone and drive a honda civic, but honestly I feel SO relieved that people think I'm broke, since almost no one thinks about takes advantage and sees me for me. I have a lot more money than I even know what to do with, but I choose to invest and live frugally with my parents and feel satisfied with that. People who flaunt their wealth are typically insecure and the opposite of welathy. The wealthiest people I've met and work for, dress simply and are SUPER cheap. I've found true happiness around the people I love and wish everyone luck on their journey to financial freedom, cheers.
@@kylehackett162 I get this quite a lot, but honestly I'm content at the moment with my living situation. I can't complain at 25, if I get my own place I'll have less to invest. One day though once the interest rates start to settle down especially with the current inflation.
Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $8,000 and got my payout of $270,500 every months,God bless Christy Fiore 🇺🇸🇺🇸🇺🇸..
I've always wanted to be involved for a long time but the volatility in the price has been very confusing to me. Although I have watched a lot of RU-vid videos about it but I still find it hard to understand
I live in a small 2 bedroom house that's just over 700 square feet. My family thinks that I'm poor. Since I live in this house and drive a 2013 Honda Fit. While they live a "flashy" lifestyle of trying to keep up with the Joneses. I live a simple, frugal, and modest life. I only buy what I need and if something needs replaced. While they're retail shopping almost every weekend. After my groceries and bills are paid for each month. I save and invest the rest of my money. I keep around $500 in my checking. Just in case, something comes up or something happens. if they knew how much money that I actually have. They'd probably try to swindle me out of all of it.
Nice one Josh, that's a great attitude, there is nothing wrong with owning a Honda Fit, its a smart little car, I think some people just have to shop to fill a void, its quite sad.
Hate to be an bummer here but, older people had a chance to save… I’m in my 60’s , in the last 4 years I have seen a LIFETIME of increases in costs…. No matter what others have, my kids will never have the lifestyle I had or my parents… We all got screwed royally. My biggest bill just became food.. What does that tell you. Eating healthy comes a big monthly bill. The food manufacturers are killing us slowly with poisons in everything we eat.
I know this won't change your mind. I'm saying this for people who are on the fence about what you're saying. I speak up so that evil can be denied Your words come from a wicked mindset. The worldview that says "there's not enough" is an evil worldview. It denies that God exists. It forgets that Jesus is our hope and he never leaves us. Choose what is right. Decide to see the light. Your life will have enough when you deny your sense of self importance and deny your reliance on your strength. Trust instead in the fruit of life - Jesus.
I live 5 miles from a lake in western Ohio. There was a boat show last month that a friend went to. He reported that some dealers were offering 240 month loans. That's 20 years folks.
As we witness the current economic landscape, it's becoming increasingly clear that we're entering a recession. These times can pose significant financial challenges.
Speaking of financial stability, l've had the privilege of working closely with Eric Paul Elmer, a highly experienced financial advisor. His expertise has been pivotal in helping me navigate the complexities of economic downturns.
That's intriguing, l've been on the lookout for a financial advisor who can provide sound guidance during these uncertain times. Could you elaborate on how Eric Paul Elmer has assisted you?
Certainly, Eric Paul Elmer provided me with tailored financial strategies that not only protected my investments but also helped optimize them during periods of economic turbulence. His insights were truly invaluable.
Thank you, for sharing this valuable information. I’ll definitely explore Eric Paul Elmer's services. Having a skilled financial advisor during a recession can make a substantial difference in ensuring financial security and growth. I just checked him up on GOOGLE.
Excellent video, Austin! I am 66 and we have enough, but we worked hard and practice all of the positive things you describe in the video - I wish I could get through to my 31 year old son!!!!
Never become House/Car Poor!! .. They might make those payments.. but they are not able to actually enjoy life.... My car is getting paid for by an external income that I no longer work for... Never buy these things with your earned income!.. Let your assets pay for your luxuries
🌟 Very nice discussion I have subdivided my success as follows; 1) Relationship success 2) Financial success 3) Career success 4) Social success and likewise 👉 Failure is one shall not stop me enjoying success in other areas. Cheers ✌
I grew up in a very affluent community. I assumed everyone was richer than me. That was _mostly_ true. But quite a lot are living in debt to maintain a lifestyle and one paycheck away from bankruptcy. Not too long ago an investment firm CEO in my town caught the southbound train at the front end because he'd mismanaged his finances to insane debt.
Now godliness with contentment is great gain. For we brought nothing into this world, and it is certain we can carry nothing out. 1 Timothy 6-7. For what profit is it to a man if he gains the whole world, and loses his own soul? Matthew 16:26
Buy and hold is risky because no one knows what the market will be like in the future so it's better to invest rather than buy and hold because in the process of buy/hold you can loss everything when the price falls against your expectations
Families with "old money" (earned and inherited by a previous generation) often live humble lives, Paris Hilton notwithstanding. It is often the "new rich" that love to flaunt it often in crass ways (athletes, actors, music diva's, for example).
The greatest gift I have been given from God is this: I do not envy anyone. I can honestly say that I am happy for people who have been blessed with whatever admirable I see. I have always looked at their situation as because they succeeded, it’s proof…so can I!✌🏽😎 🎆
You have to find little things that make you excited. I've been on cloud nine all week because of my new kitchen backsplash. The cost was $200 to be happy for a whole week. My family has over $900k and yet it's something like a little bit of kitchen tile that makes us happy. Compare that to the people living paycheck to paycheck who buy brand-new BMWs and it's never enough for them and they're always stressed and miserable.
Thank you for this! People I work with that make the same amount of money I do have huge houses and 2 cars and I think "wish I could have that" and this opened my eyes. I live in a 1200 sf house and have a 14 yo car but I'm not in debt. I have never looked behind the scenes and realized they are big time in debt. I don't envy them anymore thanks to you. Muchas gracias!
The trade offs.... so true! I learnt to choose my hard after becoming a mom and opened my eyes to the importance of investing in my own labor. Thanks Austin for this great reminder!
We are not the sum total of our possessions or money we have. The sooner you realize that, the better your life choices will be, and you will happily embrace ENOUGH when you reach it.
