How I Doubled My Net Worth Every 2 Years | BeatTheBush
Vložit
- čas přidán 26. 07. 2024
- I've somehow managed to increase my Net Worth 37% every single year or 100% every 2y3m or 10 fold increase in just 7.5 years! It's an amazing feat that I never thought was possible from the beginning but somehow it just keeps going. Much of the methods I have talked about on this channel and this sums up some of the major methods on how I did it.
► More resources at my Patreon: / beatthebush
► My honest reviews on Amazon: www.amazon.com/shop/BeatTheBush
► Mint Mobile, as low as $15/month: mintmobile.com/bush
► Moomoo, up to 17 FREE stocks: j.moomoo.com/008UFx
► Webull, up to 12 FREE fractional shares: bit.ly/2XwlcQ4
► Get $30 when you spend $30: www.rakuten.com/r/FRANCI7350?...
► FREE Audible Audio Book: bit.ly/2Z4RrN7
► Build Credit w/ NO Credit by Self-Lending: self-lender.3qcw.net/YYZBP
► BeatTheBush Honey Badger T-shirt: bit.ly/2FBAeLA
Other BeatTheBush Channels:
/ beatthebushdiy
/ beatthebushfoods - Jak na to + styl
I own two irons. I am just lazy, that is why I didn't iron my shirt. But due to the 100+ comments repeating the same 'you should buy an iron', I am now scared to wear a wrinkled shirt on camera. Thanks CZcams.
He's giving out the basics here. What gets measured, can be changed. Right now, I'm driving an 11 year old paid for Honda ( no bells, no whistles) my best friend drives a brand new car that magically opens when she walks up. It has seat warmers and the rear view mirrors auto adjust. The difference? My kids have a college fund and I have a 401(k). I have to remind myself that I can drive a new expensive car too but I CHOOSE to put my money towards my kids and my future. My husband and I only buy used, pay it off and drive it until it dies. We don't want to be old and broke.
Oooooh... opens up when you walk up, what a nice feature! You cannot deny that it's something nice to have but then there are more important things than those tiny advances that costs a fortune.
very smart don't try to keep up with your friends or neighbors.
That is a great plan. Sometimes, having money is about being modest, having priorities, and saving it. That car seems cool though. I agree with having college funds; the tuition, books, and living expenses are more than enough to crush people these days. There's nothing crazier than not having money to finish school and not being able to work a higher paying job to live or pay for anything. And, then the location matters too; some cities have higher living costs. Retirement is something we all need to think about.
This is definitely smart. And this is what I did for many years. HOWEVER, if this past year I have realized I do need to lease a car for my business because 1) you can deduct the percentage that you use the car for business. If you use it 90% for business and 10% total, then you can deduct 90% of the entire lease payment which could be anything from 8000-15000 Whereas when car is owned outright, you can only deduct the depreciation which is approx. max 1600.
2) The other reason I no longer keep a car paid off is because it's keeping money tied up that could be earning more for me in my business. If I have 25k sitting in a car, it's only generating me savings on the interest, which is much less than what I could earn with it.
3) To grow business, I have to be 'on the grid' when my car was paid off, I wasn't getting an credit on my credit profile. To get maximum score it is good to have diversification in the profile....ie; at least 1 of each of these: mortgage loan, auto loan and revolving credit.
Yeah I agree, these cars with all d extras r overated anyway, d majority of d features r never used...just hype.
Found a dollar on the street today. Doubled my net worth in 3 seconds
Started tracking in December. Every time I think about buying something I now think of how it will lower my next months total!
+Nick Smith My point exactly with tracking! You start to think about how it all impacts your NetWorth. So the act of doing it makes you spend in such a way as to increase it.
I walk into the mall and think 'if i don't spend any money it's like making money'
Huh... sort.. of. You cannot walk the mall 40 hours a week and earn a living though. But combined with real work, you can consider it that way.
Who goes to malls anyway? Are you from the 80's?
@@heyheythrowaway Well somebody must b cos every country is full of em.
@@heyheythrowaway the entire population isn't under 30
A penny saved is better than a penny earned! You don't pay any taxes on a penny saved :)
He is basically educating how to maintain a frugal and practical life style, and put all saving into investment to let the money to grow by itself.
Yes, basically. And if you put your full force into every endeavor, it all adds up tremendously.
Beat the bush my fav bit is when you change where your stuff toys go
They just do what they want, I didn't do anything. =D
This fellow has a lot of great advice. I retired a year and a half ago as an engineer. I was very proud that i was an engineer but it never defined what i was. Once an engineer always an engineer. You look at things from an analytical point of view . I just purchased a new Ram 2500 4x4 and i absolutely enjoy it. It makes me happy when i tow my boat to the lake and my family gets to enjoy being on the water and fishing. Best times of my life are with my family. My point is balance . I also made a six figure salary but i hated working for people who used my accomplishments for their benefit. I invested aggresively after the stock market bust in 2008 to 2009 and met my financial goal and one day called my mgr from my driveway and told him it was my last day. I no longer make six figures because i dont have to. Enjoy your life with your family or yourself. Prepare for the day you will retire. The last three years i worked 60 to 70 hours a week to purposely lead myself to burnout . When i reached that point i filled all my pension paperwork and 401k paperwork to roll over to an IRA and was ready to go. Best thing i ever did for my health.
I love the Millionaire Next Door by Thomas Stanley. It changed my perspective on "keeping up with the Joneses" forever. My husband and I really benefitted from reading this book.
+PbLigand A great way to fight the brainwashing of always needing more. It's incredible the pressures you must endure to not fall victim.
i have $300,000. i dont have a car. i have a $2,000 scooter
Mike Hascats I have a 300,000 dollar car that shits scooters
Good stuff! The general public can learn a lot from you! Hope you keep it up.
I hope so too. But seems like a niche thing to have this level of extreme savings.
Thanks for the tips man. I've been tracking my net worth for a few months now and I can already see the benefits. Keep it up!
I know right!?!? Just tracking it makes a huge difference. =D Glad you started doing it!
Thanks for the information. Appreciate you taking the time to share
I usually can't stand videos like this but yours was actually practical and informative. Well done.
what happened 6 or 7 years back that made you rethink and change your lifestyle of sorts?
+M M I think at the time I had enough moving parts that I felt I needed to put everything together. I just wanted to track everything but little did I know it would be so beneficial.
Love the way you re-arrange your background buddies ! 👍🏼. BTB!
Thanks! Now I have to think of new ways to surprise everyone, =D
Congratulations! You sound so much like how I was 20 years ago. I too, graduated with a EE degree and was a software engineer back in the early 80's. And like you, I had a keen interest in investing and growing my net worth. Very good advice you are sharing. Keep it up for as long as you can because "life" will get in the way and if a family is part of the future, some of your spending habits will have to change :)
Thanks much. It's about the totality of all the efforts and having a mind towards net worth gains.
great info video. we need more!
On my networth I assume? Or making huge strides in networth in general?
Whenever you do your first PUBLIC SEMINARS .... I want to volunteer to assist you with whatever you need. These videos are so insightful and I have been taking your advice and applying even the smallest shifts and moves in various areas of my financial life. I can imagine you traveling the country and giving seminars on these topics you present via video.
+tconroymusic Lol! I wonder if it will ever come to that. Maybe if you are also retired early by then, you can spend time doing random stuff for fun like that. =D Perhaps these videos will help you do that. =D
Same! I'd love to go to his seminar!
A seminar where you walk out and have a set plan to change your financial future. =D
tconroymusic when he does his first public seminars can you iron this guys shirt?
At least a meet up and financial discussion or q&a in person. I would love to meet him and discuss finances
Great video and as you point out it's all about a change in your mindset :)
+Shawn Smith Also doesn't hurt to make more money to as you are able to.
A lot of good advice here! Thanks!
My wife’s farther did everything you did. Had tons of money after years. Used to twist out paper towels to use again to save money lol. He passed away suddenly and the people left... They spent it all on stuff he wouldn’t have bought. She doesn’t even live in the house he paid for. I want a lot of money. But have some fun also. Whatever floats your boat.
Your comment seems to imply I will meet the same fate. Here is a list of equipment I use for this channel: www.amazon.com/shop/beatthebush Btw, I do not twist out paper towels.
No, not at all man. I’m just saying. Some save, some spend. I save and spend a bit for fun.
Ok. =D I agree.
You could also live to 100 and need nursing home care. I don't want to be in a place that takes medicaid patients.
New comer to your channel. Wow excellent tips. Keep up the good work. I'll be watching.
Thanks! =D
I have had about the same results as BTB.
Basically kept my spending at the same as i did when i was making 7.50$/hr, as my income has gone up over 10 years, i still spend the same, but i save the rest.
So 10 years later i went from a networth of say 10,000 to 300,000.
And i really did not start investing in the markets up until 2 years ago, all of my "investing" was to pay down my house.
Probably got just as lucky? Isn't luck part of the equation sometimes?
Lol. I like the idea of 'investing' but really paying down the house. Guaranteed returns baby! Yes it's lower rate but its guaranteed!
Paying down your house or a rental property, etc. pays better than sticking it in the bank or burying it in the yard. I don't like the word "leveraging," but money can work wonders for you if you know where to put it at low or no risk.
+BeatTheBush Nice work man. I watched couple of your videos, this one and how to look poor (?). I felt like you are telling my story lol. I was fortunate enough to be able retire when I was 35 and everything I owned is paid for including the house and it nice to be part of the 5%. I dress like a vagrant and recently started growing out my beard. What a freedom it is to do what ever I want and not be bothered by anyone. It's an awesome feeling not have to worry about what other people think. I've never been happier. This may seem like too obvious, not getting into debt is the quickest way to wealth. Also sooner you realize stuff doesnt make you happy, sooner you get out of debt and into wealth and be happier. For example I can buy any car I want right now in cash, but I still drive a 16 year old car. I dotn think having a brand new expensive car makes me any happier.
@@jasonatkins6111 top 5%? What did you do to get there?
thanks for making this video. $0 x 30 is still zero :p
+Zencarbine or $1 x 10 fold increase = $10, so I have $10.
Thanks, your videos are very inspiring! It really changed how I should deal with my money.
I'm glad. It's crazy the way it works out. When you press hard everyday, it has an exponential effect.
Thanks man. I'm really learning a lot!
Gladly! =D
The trivial reality of all those "thrifty rich" people (I'm one of them) is that if you have a job with unusually high income and don't spend it, you get wealthy quickly. Especially if the stock market keeps booming like it has done since the financial crisis. Coincidentally, it's been 8 years already...
However, what most of those "personal finance gurus" don't care to admit is that the great majority of people does NOT have a six figure income to accumulate. It's gonna take a hell lot longer for a person with a normal income, and saving will be more difficult in some professions than others. Meanwhile, the basic life expenses are the same for everybody. While the rich yuppies talk about saving by not buying useless crap or expensive eating out, the equivalent option of an average person in a developing country might be saving by using coupons, not ever leaving their hometown, living under the bridge, or eating bland food day in, day out... the "sacrifices" to be made are a joke when you're a high earner, but rather more discomforting when you're not.
You save AND you make more. You can only save so much by cutting costs. So if you find yourself shaving too thin, you really need to look at the other end of making more instead.
Yep, and the problem is that as a low income wage slave you are kinda trapped. Imagine working full time at that Amazon sorting center, with little education. Sure, you could self-educate yourself "after work", but how easy is that going to be when you're tired and sore - which you HAVE to be just to make ends meet (maybe you were also foolish enough to start a family while young)? Truth is that the "personal finance" route to FI is mostly reserved for those who are already very well off to begin with (often without realizing).
He doesn't care because he was raised with a strong love of money. Probly got whipped by the parents when he got home with an a minus
clray123 I use to be a dishwasher. Had 25 part time low paying jobs. I have FI now after 30 years. It can be done. Long hard road but can be done.
MikaelKarp 😂😂😂
I love how your always preach to not put one's self in the position to have recurring cost such as Subscriptions but then your #1 sponsor is a company that thrives on consumers subscribing and you offer it to us 😂
I love that the stuffed bat is hanging upside down in this one. It's always fun to see how you're going to place the stuffed animals.
=D They move around on their own. lol =D
You are the frugal millionaire! Good for you! My philosophy has always been, It's Not How Much You Earn, It's How Much You Save! I have privately giggled to myself when I would hear how much my co-workers were in debt because they had all the fancy stuff, but it never dawns on them to hang on to those cars, clothes and houses for more than just a few years. It's just crazy to me! By the way, if you ever want to get rid of those adorable peas in a pod, let me know!
Look at the time period (starting from 2009 when the stock market begin to rise to the stratosphere). I was doing pretty well too but then got hit in 2001 and again in 2008. At one time in 2008, I lost almost 40% of my networth. After 2008, everything went straight up. I got everything back and more. NO skill or talent is needed. You can do everything right but if you live in a shitty period, your networth will suffer. What would happen to your networth if the stock market (and real estate market) crashes 40% tomorrow and stay there for the next 10 years?
I think if the stock market or real estate crashes I wouldn't do too well but then I'm in a pretty defensive stance right now.
If BeatTheBush
is in the bay area, I'm guessing your current net worth is over well over 2 million including his home however I still feel including your home as part of your net worth is controversial unless for example your willing to sell a $900k home in the bay area and relocate to Arizona in a $350k home. Then you can add $550k to your net worth.
Good general advice. Not really talking about making any money, but a penny saved is a penny earned.... Very good way to start in life.
It's really a combination of saving and making money. I do have some videos on making money but these are just my recollection of the things that made the most impact.
soon all the world's money will go to you well done!
Naw... I doubt it. The rate will decrease likely.
Paying loans early seems good until you realize you can invest that money and earn ~ 6-8% on average and earn a net of 4%+ depending on interest rate
I appreciate your videos. I would be interested to hear an estimate of how the outcome might have been different in an historically average period. 2009-present day is one of the longest and highest bull markets in history. This accounts for a significant portion of your % growth. Living frugally/within one's means and other sound personal finance management is important too. We just can't forget the context.
awe some man. I follow a similer kind of a life style. thanks for sharing.
Interesting video. Was expecting more talk about investment strategies but it's basically about frugality, which I agree can increase net worth exponentially. It's amazing what an income stream can do to someone. Some people spend like their money comes out of nowhere or that they'll never lose their job, when in actuality income is not infinite nor is job security. Putting money away is so important (i.e. cutting unnecessary expenses) and many people don't realise that.
Good for you! Financial sensibility, what a concept!
=D
It'd be great if you could share how you did the Net Worth calculation, factoring tax and such. Another topic I'm interested in is that how to track investment performance, what metrics you use to evaluate, like CAGR. Thanks!
so... there was no real explanation of how there was about 37% increase from net worth coming from unless BTB is implying he did it all from discounts and non branded purchases.
The whole discussion on how it was done surrounds every single things I talk about on this channel. This is the result which involves many many methods of saving and different sources of income.
Biggest thing was buying his house in a down market. Compounded with his high salary and super frugal habits. At that point is just math. He's probably worth 6 to 8 million, maybe more
Yes what Ice Fishing says plus investing in good long position stocks. (Short position and trading have high costs and risks).
The main thing I understood from this is just that he earns a good enough wage that he can afford to save most of his income and not spend it. That's nice I guess, but not what I expected from the video title
Excellent point of creating net worth as opposed to taking cash out. Net worth is much more preferred. I reduced my electric bill by $70 per month simply by being mindful of my heating and air conditioning use. I was still comfortable and quite stoked by the money saved. Just one example. As far as recurring bills, I only have the essentials.
Indeed, much of our money and resources just gets wasted and never really used. If you spend only on what you use then you can save significantly. All that heat and cooling usually gets lost and dissipated. Theoretically, with a very good insulator, you can keep warm for very long.
Formula to calculate annual compounding return: Compounding Return = (End_Value / Start_Value)^(1/num_years) - 1
+cornellouis Correct.
O yeah making all kinds of gains 💪✨👑
It's all about gaining in all aspects which adds up to 37% a year.
What is your saving's rate? How much of your salary do you actually spend?
I agree with most said, but increasing worth doesn't always mean no flashy or luxury items, just careful choices. If I had bought a £35,000 new car nine years ago it would have been worth less than 10k now. But I bought a 1968 Jaguar e-type for 20, spent 15 in resto parts and sold this year for 54.9k. Sure the restoration was lots of work, but that was fun, and I had the enjoyment of ownership.
There is those rare cases of buying expensive goods that actually depreciate. Those seem to be hit or miss and can you predict what will increase in price at least 2 fold today? What should one buy? It's hard to say now but easy after the fact.
I also agree here with you. It is sensible approach. Stocks have a lot of nasty surprises which are found out after not before we own
Some have more risk and some even have built in costs that slowly erode your principal.
I would have like to have seen a past year spreadsheet showing us how you calculate your net worth. Robert Kiosaki has one of the templates for calculating your net worth and it compares his definition of net worth and also shows the bankers definition of net worth via a comparison on the same spreadsheet. He does not consider a house an asset and goes deep into why in his many books. At first I disagreed with him but the financial housing bubble in 2008 has proved him correct. I am going to do this tracking of net worth like you have done. I did go and buy the hard cover of the book " intelligent investor by Benjamin Graham". I am old school and like hard covered books versus reading them on my IPad. I think you have done a great job on the saving money and plugged leaks in your expenses. Have you now shifted your mindset into one of more earnings and multiple streams of income?
+MrJamescord I included home value in this calculation and I look at with and without home all the time. I just look at with as a measure of the value of everything you have. I certainly like the redundancy in multiple streams of income and I have set up multiple streams myself. I talk about this in various ways in my videos one of them being collecting dividends from stocks or bonds.
Thank you for the info on Lending Club. I have personally borrowed money from lending club and one of the things I noticed was an option to become an investor. I paid off my loan early and considered doing the next step. I was looking for an investment for retirement. Watching your video about the underlining "flags" most of us have not cosidered, changed my mind about using Lending Club. Thanks for sharing.
There are a lot of different areas you can invest it other than p2p, it's for some people and not for others. Consider the boring old stocks and bonds and s&p500 etf funds.
Lol those stuffed animals are so funny. I like how theyre in different positions in every video.
Very good point about dealing with recurring costs. In fact, I think you should emphasize it even more.
Another thing that helps is to have very simple rules of thumb that you can practice on the fly. For example, I consider something "cheap" only if I have enough cash (liquid assets) to buy one hundred of the said item. Just imagine buying one hundred TVs worth $1000 each, for example. This rule sort of breaks down once you have a lot of money, but I still consider it useful. For example, to consider a $30,000 car as "cheap" I'd have to have $3M in cash assets. Imagining buying a hundred such cars is an interesting thought exercise on its own. Yes, new cars are expensive.
Good informative Video but i would like to know , What kind of of investment are you doing? other than buying house or apartment.
What program do you use to chart your net worth as shown at 1:12 ? I’m doing mine in excel spreadsheet however I don’t know how to chart/graph my results over time. Thanks.
Investing is key to doubling your networth. I like making "financial plays" because if your idea works you are in the clear and way above water for a while. This is kinda hard to do but the reduction of buying "shiny" things is a basic way to save money. Keep remaining positive and optimistic about thr future. Great vid!
Only for those that can create consistent returns though. =D
It's amazing how you take time out to respond to your viewers
I try. Sometimes there are too many comments. But I'm managing as much as I can.
Your Mortgage Comments are spot on my thoughts, Subscribed
6:53 I don't know about other student loans, but in Sweden they are about 1% per year. I would advice anyone that's even the slightest bit interested in investing to pay off these loans as slow as possible. To beat 1% per year is not difficult. Let's say that you can get a 7% return per year on your investments. This means that you will yield 6% (7% - 1%) per year on money that you wouldn't have otherwise. Cheers!
Thanks for the video. I have a couple questions I hope you can answer:
1. How did you get free clothes from Banana Republic?
2. Do you have a prepaid cellphone, or do you not have a cellphone at all? What about internet...you must have that if you have a youtube channel? Or maybe you go to the library to upload your content?
1. czcams.com/video/Sum-57FX7A0/video.html
2. I use freedompop here: czcams.com/video/W7CKRKiZx4I/video.html
Internet is just some regular AT&T.
Nice video, most of the ideas for the networth increase suggested in this video seem to come from minimizing the liabilities side of the equation, what about building assets like rental properties, investing in stock market instead of just saving or paying off mortgage? Unless one has a serious increase on income side, it's pretty difficult to double the networth every two years.
I put the stock market stuff under the investing playlist. A lot of it comes from home price appreciation. And you can imagine, if you get really good at not spending, you save drastically more. This is what transpired through these 7 years as I experimented with lower costs of everything.
do video on taxable investment accounts
+kumbackquatsta What about them? You mean how to invest?
I often leave ratings for products, because I feel that it helps potential buyers decide whether they want to use a product or not. That is my reward, actually. I like sharing information, and appreciate when others leave feedback on something for the same reason. I rely on Amazon for feedback on items I am thinking of buying, or am comparing how good people think one brand is over another. However, oddly, I have been disappointed in some highly-rated items, and I wondered why so many people rated it so high. But there are websites that offer free drawings, and they sometimes pull from the reviewers. That happened to me a few months ago from a website from which I had left feedback on some nice soap. I don't know if I actually bought it from them or someone else. Anyway, I got an email that I had been chosen to receive $100 worth of free merchandise from their site. They sent me a code, and I spent most of the money and got my products. So, it pays to see where your ratings count. That website is Smallflower, and they have terrific products and prices. Thank you for another great video!
Some amazon reviewers really get a lot of stuff from their work! The rating system is not perfect as some companies are hijacking it by getting people to review their products and when they give it to them, they tend to rate it higher in hopes of getting more later.
Just subscribed after watching your BitCoin video. Now i'm on my 5th video. Great content and fantastic advice. Thanks!
You're welcome!
Very nice video =)
I love math, I have a bunch of questions pop up that probably are not okay to ask lmao :D Most impressive and noticable thing is that your net worth shows like a increasing growth (aka exponential/compounding) Just that doesn't sound sustainable haha
Did you have credit card debt 7 years ago when you started? Cause paying off mortgage does compound but at most 5%. Between 10-13.5 you had a slow and steady growth and then you went in hyperdrive shooting up much faster. Is most of that due to stocks? Those have been slingshotted up and warrant the 35% increase, until the FED stops invlating them that is :P
I guess I'm mostly interested in the growth % without stock gains, As for myself without looking at stocks my nethworth growth is much less as 35% LOL =P
I think it's may not be sustainable either. I'm pretty surprised myself as I didn't expect it to keep on going 4 years ago. And it did so if it goes on just one more year, I'll be floored yet again.
Make all your money work for you and stop the leaking of expenses. It took me years to plug one things up after another.
I never had credit card debt. I own stocks, the home, salary, extra income from credit cards, ebay, CZcams. I really think its more about apply yourself and evaluating what activities contributes most to your networth.
Last year I've even reduced TV to less than 1 hour a week. I used to play video games and now I do not even play the phone ones. When an opportunity arises that gets your more net worth growth than others, you stop the lower yielding one and go with the higher one because you have limited time.
Thanks, good reply, I am pretty good in not having much leaking expences. I really should quit the phone games and lessen tv. Very inspirational to hear you manage to watch less as 1 hour a week! I think I already spend more as 1 hour a week on youtube haha =)
Keep up the good work, both with your networth as with your youtube chanel! =)
When you get a chance I would like you to do a video on the dividend stocks you have and like. I was looking at Hersey and some of the companies that pay a royalty from gold- they loan to gold mine owners and get a contract to buy their gold for about a third of spot price. They seem to be safer than all out gold mining stocks, I like the royalty or dividend aspect.
+MrJamescord I wouldn't look specifically for dividend stocks but you want the underlying company to do well or at least keep the price while paying the dividend. Hence, it's more about value investing than anything else.
I love the millionaire next door. Such an insightful book. I'm also a big fan of index funds vs mutual funds or active trading. I believe index funds would be the best solution for retirement for the vast majority of the population. Simple, low fees, stocks go on sale during a recession and ultimately (so far, anyway), the market always goes up.
I wonder if we will ever see it go down for long periods of time. It never has.. but will it? Companies are worth something so it will have to be due to some breakdown of the backbone of our economy.
Pretty much the only things that are not tax deductible in my life are my meals out, my car, my gasoline, my car insurance, and my utilities.
You should invest into an iron for your shirt, lol. Thanks for the info, it makes sense.
I own two irons. I am just lazy, that is why I didn't iron my shirt. But due to the 100+ comments repeating the same 'you should buy an iron', I am now scared to wear a wrinkled shirt on camera. Thanks CZcams.
What I got out of this video is your net worth growth rate comes from not spending money by cutting bills when possible and buying cheap items or recycling....I doubt that is the full story.
Saving money is okay but not really thanks to inflation. Spending money foolishly is also bad. Good advice about minimizing expenditures. However very little was said about the other half that determines net worth growth rate, the different income sources you tap into and influences to increase income from each of the sources.
I don't know you at all but I can see you are doing at least the following.
- promoting yourself and your "brand" to the point you can generate additional income from patreon and sponsorships like audible
- not letting you money sit idle by investing into real estate and the stock market.
I think you held out on the critical things you do that leads to your success.
You're very smart with your finances so it makes sense you chose to own instead of rent =] Congrats!
Thanks! Not sure if I would buy today though.
I have only a GED and I own two houses and own a business.
just a GED? ok, good for you. so do a lot of other people including me. You can only make so much with an education you paid for.... either way, the rest is up to you at the end of the day.
lol you know who is smart, a friend of mine. He has company but pays himself almost nothing,
so he got a low income appartment here in Switzerland. No he still owns nothing. on paper, but
he has 3 houses and he rents it out!
Alex Castro jN DH
Hey BeatTheBush. I think your Dino would appreciated if you replace the peas for the steak! Good for you man on the 37% increase. I have not paid for a phone in over two years. Also, I do not have cable...I had cable because of the NFL, but with just $40 antenna, I can see those games for free as well as other channels and it paid for itself in a month!
+JU CA Awesome with the phone and cable =D are you tracking your NetWorth yet?
I am not tracking my NetWorth. I am tracking how much I could put away each year.
You should because putting away the money is only the beginning. You need to do something with what you put away.
It is all invested.
=D
Question: I've been saving aggressively for about a year to buy a house in cash. Budget 200k-cash- is this a good idea? Will take me a two years.
+Tamara Laird That's insanely lucky to be able to buy a house fully. Beware of buying a lemon and get inspections on the home. You'll have a lot of flexibility for not having to pay a mortgage so I'd say go for it.
It is an amazing idea to buy a house in cash! just make sure you have a lotta cash left over in case anything breaks like your roof, AC system, etc :)
Agreed. You need some extra to pay for living expense still.
Congratulations on being such a smart person to be able to do this. But do your homework on where to purchase your home. Neighborhoods are the indicator as to whether your house will appreciate in value, decrease in value, or stay about the same. There are clear signs for each area as to which way the area is going. Real estate purchases are only as great as what the purchase is, where it is, and the threats to it's value. So, do a lot of reading about home inspections, problem houses, termites, neighbors, local crime, and the age of air conditioners and roofs. Good luck!
Don't forget that after you buy a house, you have a bunch of other things you will need: hoses, lawn mower, yard tools, curtains, appliances, furnishings, etc. YMMV depending on what you end up buying. Best of luck!
I recently did a net worth check. Mine is well over 7 figures. I am also an engineer. I own a (fully furnished) house, 2 cars, and 2 sport bikes (yes, I drive all vehicles, time permitting). I carry very little credit card debt (all paid off as soon as the bill comes in). I do everything what you described in most of your videos. I sock as much as 65% of my take-home pay. I hope to get in to some hobbies/specialties that would eventually supplement my income.
Nice! Seems like this strategy isn't very unique to me and pretty common among frugal people. =D
I buy any tools I need from Lowes or Home Depot and always return them when finished. Shop at good will in the richest zipcode twice a year.
very easy rule of thumb ... live AT LEAST 10% better 20 or 30% below your budget. by that you never ever run into financial troubble. (ofc. don't miss out at health-insurance .. at least catastrophic insurance)
I find the way you think very interesting and intriguing. I definitely agree with your views on spending but shouldn’t you splurge on things that make you happy at least once in a while? For example i really like fashion and food and they overall bring me happiness. In the end what are we really saving all this for? Does the amount you save outweigh these things? I guess I shouldn’t be watching a video on how to double my net-worth if I feel think this way but i found it interesting.
A well-known Asian billionaire once said, "It doesn't matter how much you can make if you don't know how to save." I like your mentality! Keep up! ^_^
I'm not sure where you are from, but if you are from the Bay Area CA and you bought a house in 2009 in the shittest place in Oakland for 100k. By 2017 is at least 300-500k so you don't have to do anything your net-worth will be pretty damn high. If anyone ask where can you buy a house for 100k, between 2009-2011 MANY east Oakland houses were all under 100k.
I love your videos and advise. I'm curious to know how old you are and at what age you came up with this wisdom.
I'd say it was built up over time with trial and error. I keep on adding new tatics that adds to the rate of gain. You put them all together and whoa. Haven't released my age yet.
beatthebush, 2 thumps up!
+Salasjr =D
The way i see it life is one you have to choices 1 life like you broke and then you get rich but you really didnt enjoy life saving 2 enjoy life and dont live thinking you are going to be rich one day and enjoy life your choice
You never have to have one or the other. You can save a lot while enjoying some.
I clicked your audio book link. I am unclear about if you buy the book do they refund the money for the book or simply for the subscription?
The audio book link gives you credits to use on any audiobook you like. So you would not see any charges for using the credits.
Thank you. I will give it a try tomorrow probably. I am maxed out.
Before 2016 I am known as Mr. Matching ... When I use yellow frame of glasses I also use yellow watch, brown shoes, brown belt etc. All of a sudden I Fed up with those things and start from 2016 I only wear black...so from Mr. Matching and Colourful become Man ini black. What I found is:
1. it make my life simpler since I do not need to make any decision on what to wear this morning, this evening or this weekend etc since all are blacks.
2. I only need small number of them and I wear them more regularly.
3. Whenever I am traveling I also do not need to thing about what colour to be prepared and again I only need limited of them.
Sometimes... looking good matters to people and it might improve your social status. If you don't care about all that then wearing the same thing can most certainly save you time.
It would be great if you show your tips as points shown in the video
Hi, Could you please make a video breaking down what portion of your net worth is your home and what portion is your 401k, brokerage account etc? I think this would be very helpful.
I'd say my home is a major portion but I will have to consider very carefully what to give away as I wanted to convey how I did it without giving away my actual networth.
Could you not just make a video saying my home is x% of my net worth and my 401k is x% etc.. Without divulging any actual dollar figures?
DivineProvidence he’s saying it’s easy to reverse engineer his net worth once you give percentages since he probably maxed out his 401k so you’ll know that it begins at $17k or so, and you can reverse engineer the rest of the numbers though that.
"Greatly Reduced" his trash costs. in other words, "throws trash in Wal-Mart dumpster at 3 am." lol
No, that's considered illegal dumping. This is how you do it: czcams.com/video/kTo_Iw7vK7k/video.html
Great video! I"ve learned that there are two schools of thought when it comes to wealth. Some bring their income up to the lifestyle that they'd like to live. While others sacrifice their lifestyle that they want to live and bring it down to their income. Neither is right or wrong. The power is in having choice. I for one am always thinking of ways to bringing up my income to the life style i'd like to live. Because if my subconscious mind can feed me ideas on how to live off of 50k /yr, then it damn sure as hell can feed me just as good ideas on how to double, triple or hell shoot for the stars and make my yearly salary my monthly salary. There are people who "save" their money and there are people who "manage" their money. Again; neither is right or wrong. It's just what you choose to do ;-)
Here's a suggestion for a video. Paying off your mortgage by making extra payments vs dumping money into s&p 500 over 30 years. There are many calculators that show how much you would have made if you invested say $500 monthly in any particular stock.
Generally, you have to weigh risk free money (paying down mortgage) or a little riskier into S&P. How much value is peace of mind to you? I was estimating around 2% for student loans. Maybe more for a mortgage. Here is a vid on what you asked for: czcams.com/video/DjnR_EIA9aM/video.html
Been doing some of those for years. Less is more. Less distraction more time for the things important
=D Agreed.
Do you increase your personal insurance liability coverage as your net worth also increases?
+monkeyme888 To protect what? I don't have much things to insure. Lol.
The last few years were a bull market for american stocks, so no wonder you did well. s&p keeps going up.
Wow you're better than the stock markets!! Low trash. No annual fees on credit card!!
No holes!!
Some holes actually. I have not plugged up some things so it's a work in progress. =D
I increased my net worth 7x in one year. I started to work I had 1000 € in my current account. After 1 year I now have 7000.
Thank you.
=D
I knew you were an Engineer as soon as I saw Matlab. EE I'm guessing?
+RelearnMath I would say anyone can learn Matlab though lol.
BeatTheBush Agree, but I doubt anyone would be willing to pay 150 for a home license when Python has similar tools for free :). Anyway, good videos! I graduated engineering school last year and your channel has helped me transition from school to real life! Thanks!
R is a free and great program to compete with MatLab :)
You're welcome. There's always the freeware version Octave.
Or torrent that puppy
really curious what you were shorting?
I completly agree with these assessments. I started following my net woth in 2014 just after buying my house. I have almost the same profil Engineer with a paycheck every month. First year I increase by 21.4%, second year 30.6% and third year 34%. the legit question is; what is the part of self growing (I mean out of salary). That will be a good indication of how far you are from your retirement.
I did a lot of mistakes before following my networth, after that, I became more careful.
And having kids to take care of doesn't make things easy. Thier expenses ans school fees are an investment that can't fit in any box of my excelsheet (Liability/asset?) lol
Having kids certainly will make your plans a bit slower. Just have to try to offset the costs with supplemental income.
those peas make my day.
+Jean Wang Why are they so round? What do they do in the pod? Sleep I assume.
8:00 Paying down your mortgage isn't a guaranteed investment due to it's complete lack of diversification. What if you get a really bad neighbor? What if the city puts an airport next door? What if your foundation splits? What if 3D printed houses destroy the market value of real estate? etc, etc
That said, there's an ideal amount of equity to hold in your home and pushing for that can make long-term sense due to the crazy high interest in the beginning.
But then you have to qualify that with how much risk each one of those will have. Proper risk assessment is left for the prophet. Everyone will disagree on what the proper allocation is until it already happened.
To be honest I really disagree with the auto payment point. Its stress free. If a person is paycheck to paycheck it won't work. But if that does not describe you I think it's great because you just do that work 1 time and then be done with it . Set it up so that the charges are on only two days of the month... like the 14th and the 30th so that it won't get confusing .
The comment you made right at the end of the video, “if you’re the high-accumulator type of person you would actually look for ways to get this book for free,” is extremely interesting, especially given how many people out there teaching about wealth acquisition rarely mention they’re advertising for their own business. I really hope you’re right because buying books and courses on wealth accumulation and on building businesses and on financial education sure seems like a money pit! I’d love to hear your thoughts on that... When does buying education become a liability financially?
Obviously, the first answer would be, “when you can’t afford it.” But the more subtle answers?
You can spend $1000 a year on books no problem. Just make sure they are good ones.