Quick Jump Sections 0:00 - Your favorite gurus are wrong 0:21 - Blue pill, red pill? 1:01 - Bias/Fallacy #1 4:13 - Bias/Fallacy #2 6:23 - What to do about it 8:10 - Advice that worked for me, but may not work for you: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LlqzgefuZlU.html
Hi man. Your video explaining YNAB changed my life. Watched it back in summer of 2019. I used YNAB for 6 months. For the first time I learned how to budget. It made me gain positive momentum. Went from 1K in savings to 85K today. So thanks for what you did! Have a nice end of the year!
Hey thanks Thibaut! So glad to hear that and congrats on saving so much! That's amazing. Serious kudos to you for putting in the hard work to make that happen
I second that. Went from -15K to +20K in less than two years. All triggered by Nick and his YNAB for beginners -video. So thanks Nick, you are saving lives!
Nick, thanks for being so understanding and nonjudgmental. You are working to help people in the place where they are, without the extreme shame and preaching that some of the so-called experts spew. Shame, judgement and guilt trips won’t get 99% of folks to the place they want to get to. This advice can be used in so many parts of life; finances, weight, work, health, life in general. Listen to many perspectives and figure out what works for you.
Thanks Aquila! That means a ton to hear. Agreed that shame is definitely not the best way to help people implement the changes they want and to reach their goals. As always, really appreciate you.
Great message. Too many people are looking for someone to just tell them what to do, so they can do that and be OK. There's lots of considered and useful advice out there, but as you mention, it's all best taken as various data inputs into a decision specific to your circumstances. Having said all that, while opinions can be wrong, maths never is, so if people stick to basic mathematical fundaments (spend less than you earn, invest as early and often as you can to take advantage of compound interest and dollar cost averaging, avoid interest-bearing debt wherever possible to do so) it's hard to go truly wrong.
Totally agreed. Math isn’t wrong and there’s something to be said for following the basic principles. Appreciate you watching and taking the time to comment.
You and Graham Stephen have helped me far more than any other person/advice has, especially with how to budget. I would not be "almost debt free" without you and Graham's videos. Especially with the YNAB videos, Thanks :)
Thanks for that Marcus! I’m a huge fan of Graham. His videos are great and he does a great job of challenging folks to think different. So glad that my videos have helped you and congrats on being almost debt free!
Reminds me of some of the topics covered in the book "The Invisible Gorilla: And other ways our intuition deceives us" a book by Christopher Chabris and Daniel Simons. Great video!
Excellent points made, Nick. Every one is different, and we all interpret information in ways unique to each of us. Learn from various source as you stated.
Love Nick's blog. It's so awesome!!! We forget the first part of Personal Finance, PERSONAL. Gotta make things work for you not what works for everyone.
Great video, Nick! Found you a couple years ago when I started using YNAB. Love the podcast. You and Hannah are amazing! Keep up the good work sharing your information 👏👏
Very good points. Part of perhaps the Post hoc fallacy - success can depend on being in the right place at the right time. For example, when I started my business, it was a great time for my type of business. The competition was low for my niche (digital graphics) and Google algorithm was different. I did really well my first years of business. Fast forward to a decade later and now the competition is very high (graphics markets, etc.) and the Social Media and Google algorithms are not as easy. What I was doing a decade ago no longer works very well.
Great video. I've been making this point on my channel. I recently made the analogy that finance is more like BBQ where you can watch 10 different videos about how to make a spice rub and you can probably make one better than mine. It's not a baking show where you have to do exactly what I did. We are just giving people one piece of a recipe that they need to finish. You can totally steal my analogy if you just tell your 50K how smart I am 🤑😜😂 Keep on making more of these gems.