8 Middle Class Habits That Keep You Poor
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- Äas pĆidĂĄn 14. 04. 2024
- Imagine doing everything right and still feeling broke. At 22, that was my reality. In this video i uncover the middle class habits that keep us from wealth and how I transformed my financial future!
TIMESTAMPS
00:00:58 - Middle Class Habit #1
00:03:12 - Middle Class Habit #2
00:05:54 - Middle Class Habit #3
00:09:00 - Middle Class Habit #4
00:11:37 - Middle Class Habit #5
00:13:43 - Middle Class Habit #6
00:15:09 - Middle Class Habit #7
00:16:26 - Middle Class Habit #8
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**THINGS MENTIONED IN THIS VIDEO! đ**
đ« 8 Passive Income Ideas âą 8 Passive Income Ideas...
đ« Call To Freedom Email Newsletter: rosehan.com/calltofreedom
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**BOOKS I RECOMMEND đ**
I Will Teach You to Be Rich (hilarious how-to book on personal finance for millennials)
amzn.to/2VbJ1Pt
The Little Book of Common Sense Investing (Jack Bogle's classic advice on index funds)
amzn.to/32ewzjj
InvestED (step-by-step, millennial-friendly advice on how to pick stocks like Warren Buffett)
amzn.to/2SLTYpn
Unshakeable (this book = courage. blast ALL the fears & misconceptions you have about investing)
amzn.to/2SKyklt
Rich Dad Poor Dad (#1 selling personal finance book of all time... need I say more?)
amzn.to/2SJ6vtx
Think and Grow Rich (the ultimate book on money mindset and wealth consciousness)
amzn.to/37N2adc
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**MY FAVORITE MONEY TOOLS đ€**
YNAB (I literally can't live without this budgeting app, so obsessed)
www.youneedabudget.com/?ref=Y...
Wise (like Venmo but for international currencies - I use this app a LOT for my life in Mexico)
wise.prf.hn/l/413jE0q
High-Yield Savings Accounts (don't settle for 0% when you can get 3%+ on your savings)
www.bankrate.com/landing/rose...
Ledger Nano S (crypto storage hardware wallet, because "Not Your Keys, Not Your Crypto"!):
amzn.to/3Ne37jy
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DISCLAIMERS & DISCLOSURES â€
This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Investing With Rose is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Thank you for your support!
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@itsrosehan is my social media handle on all platforms. I will NEVER message or email you about investment schemes, so please be careful and block & report any scammers posing as me.
SAY HI ON SOCIAL! đđŒ
Website: www.rosehan.com
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Once I stopped eating out and streamlining my diet and fasting, I started saving a lot of money.
Start photosynthesis bro
"earning what you are worth" is the hardest one for people I think. It took me way too long to quit a job that simply wasn't interested in promoting me or giving me raises because I didn't want to leave my coworkers. Then I left and doubled my salary to do less work at another company, and every minute of every day I wonder to myself "why didn't I do that sooner?" Great video
WOW thanks for sharing that! people here who find it hard to "earn your worth" will feel inspired hearing this from you!
@@itsrosehan in retrospect you like your decisions to move to Mexico City?
I've had this very issue in my business which is really holding me back, but I am working on it
Can't thank you enough for sharing your experience, I'm planning to quit my job next july
What's your job title?
Here it is: PAY YOURSELF FIRST. That is the most important habit.
Pay rent or loan after due date, always
yeah donât worry, your bank and landlord a super chill when you default on your monthly payments
ALWAYS buy high and sell low!
Pay rent and mandatory expenses first (a few bucks on EMS fund and savings should be mandatory), then pay yourself, youâll feel better :)
1. Being around rich people - Unfortunately, no unless watching CZcamsrâs counts. đ
2. Credit cards - The only reason I use credit cards is to get cash back rewards. I always pay them off, not every month, more like every week. I have no significant debt. đ
3. Work hard - Not really, my working hours went down last year while my income went up. đ
4. Being quiet at work - I am the quite type so yeah, fail on this one.đ
5. Taxes - Yeah, I ended up with a significant tax bill this year.đ
6. Single income stream - I have three, my job, dividends, and bank interest đ
7. Credit score - yes, I have a fantastic credit score. I track net worth about once a year and yes, it is definitely going in the right direction.đ
8. Spending before you save - Nope, I save 5 percent automatically in a high interest savings account, then 10 percent to investing. At the end of every month, I invest what wasnât spent. No joke, investing ends up being my top expense category most months. đ
Great video, thanks.
looks like you're doing amazing! and yes i'd say watching CZcamsrs counts!! although there's nothing like real-life connections too
@@itsrosehan You did not mention YOU sold stuff (maybe courses sound familiar?) .... And you kept your channel instead of starting over which again allows you to sell us to watch.....
Thank you for this list. I came to the comments just for this. And great job relating the list to how your life is in real time.đ
@@itsrosehan Thank you so much for a personal response and glad to know watching CZcamsrs counts. I have learned quite a bit watching you and other financial CZcamsrs.
@@Nwakaego_ You're welcome.
For some reason we think it's taboo to talk about money and sex. Never ask what's happening in someone's bedroom, but there's nothing wrong with talking about sex in general. The same with money. Never ask "how much", but it's OK to ask someone what percentage of their income they save towards retirement. People freak out when you ask these questions. They say it's private. And that's the reason why they are still poor.
Well since everyone is talking about money these days, how about sex? How much sex is normal for a married couple?
Sex with the same person for the remainder of your life would be too mundane and boring. A good spouse should let their partner have sex with others, variety is the spice of life
Wow
đ°ex
@@mbank3832 then just don't get married, why expose your spouse to a risk of STDs? Many of those you can get even when using barrier contraception and a handful of them cause cancer (lung, cervix) and infertility.
I am convinced that the taboo around speaking about money was created by the uppers to keep the lowers poor and in the working class. Financial visability is key, ive started talking about money to all my friends and family, some feel uncomfortable but thats ok they dont have to share their income or anything, Its still nice to be transparent about mine.
that's very brave and forward-thinking of you... keep doing that and it will make a difference in your circle for sure!
I was thinking the same way but noticed the envy in people surrounding me. Friends for 15 years started looking at my expenses and salary... keep that in mind.
I think talking about money is like talking about your health. You don't have to share your weight or hdl ldl but you can discuss how you take good care of it in general. How's your diet working or what's not working, listen to others tips etc
The reason I don't is because of jealousy. You can only talk about money with people who have exceeded a certain threshold. Otherwise they will just think you're bragging and they won't bring anything to the table in terms of sharing their own strategies because they don't have any.
Expecting to succeed and have everything at 22? High ambitions for a young age!
Wish I'd have figured out half these things when I was as young. Well done you!
It helps to have rich parents
I'm a 25 french engineer with a above average salary and i cant afford a house
Our generation doesn't have the choice but to look up and grind to get a decent life and freedom
She never said that? She switched behaviors in her 30s
I'm still poor, but I know the reality is more than you provide in this video
We're have reached a point in time that more and harder work will negatively affect you. Isn't it just sick that people have to take on two or more jobs to just get by?
She doesnât attribute so much of her success with being âluckyâ enough to network with a super wealthy professor/real estate investor early on. Iâve learned that success isnât about working hard or even being particularly good at your job. Itâs being able to use connections to keep moving up. And that is absolutely not accessible to everyone and kind of sucks.
@@GangstarComputerGod Every three or so years one needs a different challenge, not necessarily out of your cz but a step left or right or even up or down. This keeps you learning and you don't become furniture. It also allows for different views and approaches, dynamics.
Getting out of your cz (comfort zone) was hip 'n happening for a while but I witnessed good engineers fall into the managers trap. They burnt out or quit their job.
At last check Buffet drives a Cadillac. But I get it.
The day before I left Hong Kong for Switzerland, I got a call from a friend of mine. She's a senior managing director at a bank and she told me sheâd been fired and couldnât make it to my farewell party. That moment really opened my eyes. No matter how high you climb on the corporate ladder or how loyal you are to your company, youâre still just a cog in the machine. It drove home the point that if you stick with a middle-class mentality and don't prepare ahead, you could find yourself in a tough spot real fast. Made a similar video on this topic. Welcome to check outâ€â€
this
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@@gwai-loâ€â€â€ć€èŹsai
I have a wealthy aunt and uncle in Southern Ca who are getting a museum being named after them. How did they become Billionaires? They worked smart. They rented stuff out which exponentially duplicated their time. Company/income grew and diversified their real estate portfolio. They never complained and WORKED AS A TEAM. I am proud of them.
i had no idea how to make money as i had always worked in operations , we just get orders done. At the age of 43 i don't see money in my bank as every months pay day was also paying debt day . I quit the job at 43 bcoz i was unhappy , went into a small business and at 50 years of age I'm financial free . My investment dividends pay 2 times more then my job as operations manager . Thank you Universe for steering my path
Rose is the entire reason I was brave enough to learn about financial freedom and implement investment strategies. I came from a very low class family (albeit a loving one!) However, I swore that my kids wouldn't live like that. I started late and they are teenagers now but I am working hard to teach them about savings and investing in their future so they don't have to grow up a prisoner of their paychecks. THANK YOU ROSE, for not gate keeping all the juicy info! â€
all it takes is one courageous person to create a WHOLE NEW financial reality for the family. you go girl!!!
As a middle-class citizen who is trying to have stable finances, Iâve always been an advocate of investing in the stock market because it has paid off handsomely since I got into it.
Bitcoin
@@e.t1031- clearly you aren't into finances
A friend of mine warned me of the dangers of investing in stocks. How true is this Codie?
â@Julia-en1ok why are people so ignorant. Bitcoin is the best performing asset literally very year except abt 3 since 2010. But people still don't understand it. Sad
@@Andale856
I know that learning the ins and outs of the stock market isn't for everyone, that's why personally, Jonas Herman oversees my investments.
Now we just need to see the Blcktken300 price also move in the same direction as these charts. Up. Very Up.
Took me halfway thru the vid to realize that this video is a complete spark notes of Rich Dad Poor Dad.
Let's discuss the Blcktken300 guys. This is failproof and barely any asset can be labelled failproof at all.
They should be teaching this stuff in high school. So many young people come out of college with no clue how to manage money, no matter how much or little they make...
Years of health class and PE didnât stop the rise of obesity. Sexual education hasnât slowed teen pregnancy or reduced STDs. Science classes galore and we still have anti-vaxxers and people refusing to wear masks during a pandemic. Weâve spent centuries leading the horses to water, only to have them wander off in search of poison Kool-Aid. Teaching financial literacy is not the answer.
They donât teach it in high school for a reasonâŠ
@@jutman17761because we are too busy teaching the basics as teaching to the test takes up the majority of the year đ
Who controls the board of education? The richâŠ
@@hiroxmedia9856 you mean the voters of the district đ
Lots of good money tips here. 1 reminder for the lady is that houses usually go up in value while autos almost always drop. So they really shouldn't be lumped together. It's much better to overpay on a mortgage than it is a car. The house goes up in value and the car or truck drop in value
Ha ha, you made me remember what a Korean friend in graduate school told me! âWeâre really not smart. We just work like dogs!â đ
đ€Łđ€Ł
Yes, we work like dogs, AND we're smart too.
@@primadonna82 I think so, too, but my Korean friend seems to be in the âworks like dogs đâ camp. Now ask me what the Chinese visiting scholar told me on a Saturday night at the computer đ» lab!
@@danielvillarreal6610 scared to ask. What did he/she say?
@@primadonna82 âYou work VERY hard for an American!â She pointed out that I was the only non-Asian in our libraryâs computer lab that evening. Now ask me about the Korean graduate student at the libraryâs coffee shop!
i was taught to spend, spend, spend until nothing left except a huge steaming pile of debt, then my mom went broke and had to get a second mortgage on our house just to have lower interest on her credit card debt. After I saw her struggles I have always done my best to save as much as I can and NOT max out my credit cards. I actually dont have one anymore. If I will be paying someone 18-30% interest I would much rather be earning that some way. Love the brag file as well. Thanks for this video Rose.
yes, financial habits tend to get passed down in families and it's up to us to break any bad ones! good on you for doing that!
Most cars worth $10k or less have over 100,000 miles on them these days. Before you downgrade to that cheaper used car, remember that you will likely see repair bills in the thousands within a short amount of time. That will equal like an entire year of those $132 car payments in a short amount of time. Getting a good lease on a new car is often the way to go if you can keep miles down. Look for the low down payment leases. Then buy it out at end of lease and upgrade every few years or get a new lease. Don't buy cars that depreciate quickly. I find that values on reliable cars with low mileage (like Toyotas, Hondas) are often hugely inflated, so it is a better idea to just buy it new.
Great Video! "Trading is the hardest way to make easy money! But once you learn the skill you can and will change your life!"
The Millionaire Next Door is one of the best books Iâve read on money management
Can I just say THANK YOU! Being a first generation student and the oldest sister in my family, Ive always had the pressure of paving the way for my younger siblings and it hasn't been easy. I've been watching all of your videos and I'm so thankful for all the information you've shared. I feel confident of being the generation in my family to break bad habits and create generational wealth đ€ Im on my last chapter on Rich Dad Poor Dad book and plan on starting The Intelligent Investor next because I have a 401k that I'm still trying to figure out what to do with. But thanks again for the inspiration! đ
If you can layer all that and be happy, that's the ideal. I go for happiness and combine it with minimalism, saving and investing in agreeable ways that create several income streams. But happiness is the key and building on that in the way that's right for each person.
I like when Rose talks. It's like she's the sister who keeps you in check.
I like when she raises her voice in a "What the hell are you doing!?!?!! Stop that! Change that!" (you've done that in your other videos)
Thanks for this video!
đ thatâs what Iâm here for
Do it. Blcktken300 already in my bags. I had a Blcktken300 after ( your should I buy ) and I agreed and bought. I'm looking to stack more, too.
Some of these feel unrealistic to obtain but like you said it's never too late to start. Feeling inspired cause living paycheck to paycheck is chipping at me and my job gave me a laughable "raise" (like .24cents) .....I deserve more! Thanks for the tips.
Yeah, I used to feel that way too and found if you just start, no matter how small, it grows faster than you think, especially if you don't look. It makes a HUGE difference.
There seemed to be a 'loyalty' tax on renting housing, too. If you stayed in one place, they just kept raising the rent steadily every time your lease is up. I usually had to move after two lease renewals to find a better place for less rent. Sometimes only after one renewal.
âThis is how wealth is madeâ
The first step to building wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon. Give this a try and attain good-returns.
researvh the name, if you care.
REBECCA MARTIN WATSON
Thank you Rose for your wisdom; it's valued-
"Brag File" is a great idea . Keeps one seeking projects to solve problems and the documentation is good on a resume đ§
I saw your vids on index funds a few years back. Thanks for the inspiration.
You always motivate me to do better with my finances.
I wish CZcams and Rose were around when I was younger! Your videos are informational and inspiring, even at my "oldish" age of 57. When I was young, this kind of stuff was never talked about, ever! In fact, my parents one bit of advance was to save your money in a typical savings account. They meant well but they too had no clue. I'm mystified that this sort thing isn't taught in every middle /high school.
Financial Literacy SHOULD SHOULD SHOULD be include in High School.
How to play Football? Taught!
How to understand and best pay off debt? Don't bother!
Just found your channel with this video! If every 22 years old think like you we wonât have the problems we have right now! I can not imagine how far ahead you will be when you are 50 or 60 years old! Too smart a girl đSubscribed
Imo. Don't eat out. Cook your food at home, and try to be as self-sufficient as much as possible,have a diverse portfolio, don't get in credit card debt, try to pay things in cash,grow a garden,only buy things only when you truely need it ,buy clothes at the end or beginning of the season. For instance, winter clothes right after winter.great discounts. đ» cheers
This is encouraging that I am in the top 90%. In my 40s with no debt..Dave Ransay was helpful too. Thanks Rose!!!!
Another awesome video Rose! #1 is for sure how individual/fearful/careless vs together/fearless/careful your financial journey is. When I became aware of Bitcoin and learned a ton about it, I was pretty sure Bitcoin was going to be adopted as digital gold over time back when it was $3K a coin. Almost everyone around me is/was unhealthy negative skeptical, uninterested, or uneducatedly emotionally only caring about getting rich quick. I unfortunately invested hardly anything into Bitcoin back then and missed out on retiring early to be able to focus full-time on striving to unite society spiritually, psychologically, and financially in my peak human years. Basically, for almost all things in life...the most effective humans are ones that are united...whether for good or evil.
"Thank you, Rose. You're the best. Keep up with the motivational speeches. You're damn good."
Why did you quote this lol
Paying myself first is a huge game changer.
i triple mysalary within 3 years after move to 3 companies every year. go where you treated best
Rose! I wish you were here telling me all this in my 20s. I have man children now aka college kids and Iâm telling my 2 sons how to manage their finances since they were bout 8. Thx for all you do!
Youâve made some very good points in this video! With that said, I like to compare it to losing weight or staying in shape. Most will give it their best shot and maintain it for a short period of time and life gets in the way and quit.
I think the system broke when corporations learned they could get richer and richer by squeezing out their customers and employees. Back in the 50s a person with a regular job could afford a house, a family of 4 and 3-5 cars in their life span; Nowadays to buy an average new car $45.000 not even $100.000 a year is enough not to break the 10% rule, this has to stop.
Thanks for this. Really motivated me to move away from Big 4 and try to find another firm that takes my wellness seriously.
That's a solid list! I'm also big on Blcktken300 , avalanche, algo, and matic too.
Am rich, can confirm she's right. Mostly invested like crazy. Now I can waste time listening to random CZcams recos.
Great video. Im a huge Blcktken300 fan and love your videos on it.
I agree with your sentiment that wealthy people seem to talk about money as casually as the weather. I grew up middle class. Whenever I asked my parents about why they'd spend money on certain things, I'd immediately get shut down. There was never a rational explanation. (Most) Poor and middle class people seem to have some kind of programming around the topic. It's painful to see when others around you could be so much more successful, healthy, and happy if they let go of this lower brain irrational angst.
At 22, my only care in the world (besides university, that is), were music festivals.
Great info Rose! I would like to add two sub-tidbits to your list.
1. When most people buy a larger home and/or a fancier car, they forget the phantom costs associated with them. A larger home means more furniture to buy, as no one wants partially empty rooms. Also, higher property taxes, insurances, and utility bills. A fancier car means more insurance cost and costly premium gas. I have friends who proudly drive high-end Benz and BMW cars but struggle to cover the premium gas itâs needs. đ€Šââïž
2. Earned income; aka ticker symbol JOB, is the highest taxed because itâs guaranteed. If one shows up for work and do the work, one gets paid. Capital gains are taxed much lower because there is some form of risk(s) involved. An investment not only can go up but also down. With such risk, taxes are reduced. In Canada, capital gains are taxed 50% at oneâs income bracket. For example, if I make 100.00 at my JOB @ 30% tax bracket, I take home 70.00 and pay 30.00 in taxes. If I make 100.00 in capital gains in a stock, I am taxed on 50.00 (100.00 x 0.50) @ 30%, I take home 85.00 and pay 15.00 in taxes. Despite the latter has more risk, it is rewarded more, and has more freedom.
As an investor, I often tell my friends in wage positions that they're failing to do the last 10% of their job each day -
Enriching themselves with the knowledge their profession has imbued them with!
After 8 hours a day for years on end, you now possess a wealth of insider knowledge about the industry or field you work in.
Now go invest in what you know - you will not lose! Buy & trade stocks in the industry & profession you work at every day. You should be inherently aware of the winners & losers, and the profit direction your industry is headed in!
I'm weird in my circle but I'm also comforrtable with that. I discuss money easily, like its the weather but not many of my friends do. I'm also the only person who won't get a car loan, lives a bit further out and contributes 20% to retirement.
Thank you, I enjoy hearing about your mindset and your journey. I learned so much from you over the years.
thank you, that means a lot to me!
@@itsrosehan you are so welcome.
Need more Blcktken300 content. Converted my ETH to BTC but kept my Blcktken300
Without any formulas, living frugal and investing for a decade will change things around. Those trips to all inclusive resorts and Europe only enriches us culturally if anything but not financially.
I saw a Short on CZcams a while back that changed my perspective fundamentally. I guy talked about how he bought a hotel for 20M, refinanced the loan for 30M and put that 10M into his own pocket tax free. Now this guy technically isn't rich, he is in debt - but regarding his lifestyle, it doesn't matter. It was in this instant that for the first time I truly understood the movie line from Gordon Gecko: "I create nothing. I own."
Wanna be rich? You'll NEED to play "money games"!
CZcams algorithm somehow led me to this. Obviously, it seems to know that I'm a middle class salary man who working my ass off for my family without thinking too much on savings haha. Anyway, this is a great video and some part of my brain started seeing the light after this video. Thanks Rose.
Everything you do is what Iâm striving to do; camper-van to travel, real estate investing, getting out of middle class habits⊠Iâm an oncoming college student. I graudate highschool in less than a month and I am so scared. Everything about my future scares me. I want to be successful but I also want to be happy. I donât want to work my whole life and then die. I want to live in my youth, not once Iâm done working. Iâm seriously so scared.
Habit number 0 be born 50 years ago when everything was still cheap and it was actually possible to get ahead while working full time.
The internet and CZcams has so many fake it until you make it channels. I paid off my house and cars with just saying no to status junk. I drive a jeep when most in my category would buy a Range Rover or Tesla. I cook my own meals and rarely eat out. I travel to foreign places where my dollar gets the most. bang.
Man with times changing things are way different for our children or at least the future now
Going to school, (Uni) i sa waste of time unless the person is going for a pilot, doctor, etc
Working a job long term to retire is done
General education was great for our parents but has no bearing on the current market nor future
Investing in things our parents NEVER heard of is becoming the new thing and already proven so as it's made many billion/millionaires
Such a wild time we live in, if you'd talk to this stuff to our grand parents saying they are passed as mine, they'd think we are reading them a sci-fi book
Personally i took your advise a decade ago to invest, as i came from real estate investing, and now i do almost fully crypto at this point.
Seriously watching this video and just thinking of my mind set 20 years ago, so much has changed and in only 20 years...
Anyways this Ai box is yelling at me at the front of a jack in a box counter to pay it...Forgot we don't hire humans much ether any more đ€Ł
While agree with living below your means and not financing expensive things, itâs become very very difficult to keep âneedsâ as 20-30% of your income. These are costs that have skyrocketed everywhere. There is a reason something is âneedsâ vs âwants.â And most people have little control over things like food, gas, and shelter. Itâs no coincidence those three things have inflated massively and continue to rise.
I couldnât have guessed that you were Korean! What I mean by that is You have been a great help to me when it comes to finances and businesses and Iâm also a Korean language student! so to find out that you are also a Korean for some reason is EXCITING and COMFORTING đâ€
All the love and thanks for the video đ«¶đŒ
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~ 18 April 2024 at 9:30 PM Thursday
PS: your new hairstyle and color suits your face shape PERFECTLY âš
She looks totally Korean to me lol
Still shows how f**d up the system is, and especially the tax system. It's obvious for me since 30 years that the most rich pay the less taxes. The most difficult is to get to a certain level when you start from scratch and it's not the same in every country either. Sincerely- yes I wanted the freedom and left the system some years ago- problem I did not focused on wealth accumulation which probably was a mistake. It still is a sick system. Getting rich should not be the only way out of slavery on this planet. A good video though.
Being an attractive young girl in the US from a middle class background and above average intelligence, then 'networking' probably makes it 10x easier than just being male and not being in the US. There are so many factors to consider. I consider myself above average intelligence but I don't think I would just magically make > $100k per year just by networking if I didn't live in the US, as a male. I prefer to focus on my skills and then run a business.
Charlie Munger said leverage is the number one way to go broke. I think the number one principle to adapt is to understand the average person needs time to do the work. Running teams, businesses, processes are stressful and not for everyone.
If everybody start their own business. Who is gonna work for you. You hire someone to do the same job you are doing in your next video. All feedback I think you are absolute right about middle class or lower middle class habits.
My biggest flex is being able to buy whatever I want but not needing it. Iâm happy to be debt free and being able to put away a decent amount of my earnings into my investments every paycheck.
The key is to start investing young. However it's never too late invest but it will require more money if you want to accelerate the process of generating wealth
Thanks for the video Rose. What's your thoughts on borrowing from a 401k to purchase property? I've seen how Ramsey is uber conservative but K Kohn is ultra aggressive, so I'm just curious about what experts suggest?
Hi! Thanks for sharing your knowledge. Iâd like to ask, if I recently open an investing account and I only have a couple hundred $ available for trading, is it a good idea to start buying small amounts of cheap stocks with good dividends or is it better to wait to have enough money saved to buy them in larger sums? Thanks!
I am now in the market for a car after the one I had that was paid off was totaled; I was not at fault. This couldn't have happened at a worse time because the car market is trash and that leads me to disagree with your statement of buying a $10,000 car. Those days are gone with the average, reliable (to me, American cars are THE most unreliable and less fuel efficient) USED car with low miles hovering around $20-30k and most dealers are not budging...its the greed. I'm hearing/reading there's no car payments less than $500/mo and if you live in a city without efficient mass transit like I do, you're screwed and my credit is good. So, unless you're putting a huge amount down to lower those monthly payments, its very hard out here.
Great video! Warren drives a Cadillac after Maria Barra found out Warren invested in GM and drove an old Cadillac with hail damage on it.
Excellent point about the impact of one's inner circle on financial success! It's also vital to continuously upgrade our financial education to make informed decisions that align with long-term wealth building, rather than just short-term gains. đ
if you are poor drop everything you're doing and find an ebook titled the hidden truths of wealth, trust me on this
Where did you find it?
Borlest ( I found it there, maybe it still exists there )
Author? Different ones come up
@@matthewthompson0 I found it there, thank you!
Source: trust me, bro
If housing was t insane I think 50-30-20 would be a bit easier. I had my rent increased by 8% this year because the REIT fixed their facilities. House costs over $50,000 down payment for a house right now. More need money to make. Business building typically needs a lot of education. Investing need information (trustworthy) in order to have success.
The difference Iâve seen for high income, my $100 invested doesnât apply a passive income. 100,000 in the same dividend paying investment will return 4,000 not 4.
Moving around is always better. Using experience as leverage is how you get better jobs. And connections.
Growing up, we didn't talk about money, politics, or religion. What I learned about money is a) we didn't have any, and b) we couldn't afford whatever it was.
I lived in a poverty mindset for decades, to where now, in retirement, I don't want to spend money, even though I can.
People who CAN do the 50-30-20 rule are lucky. The place I live around has rents of 2 average person's salary(minimum). We can either live as a family or friends group up to live in an apartment (even if its a 1 room apartment)
11:00 your boss doesn't care about what you accomplished for the company. If anything, it will offend them. The "performance review" process is there to tear you down and feel undeserving of making money.
i look at my finances daily.
i put cash for each week aside when i get paid.
i invest a lot.
Car payment is unheard of for growing wealth. This is very textbook.
Never ever had one. I doubt many middle/upper class people finance a car.
For example some live in a $5-7m house and drive a Mazda/Honda, but I know they can easily do a Benz overnight.
While the $2-3m guy with the one house rolls in a $150-200k car.
Do you still trade options, if so how are you doing on them
Thank you Rose. You have a honest perspective
so brilliant! we're hardly ever taught such concepts back in school, I'm a uni student and the goal is to get rich and make heavy bucks. How? no one taught ever haha ironically. Thanks for this! biggest take away is definitely to work on passive incomes and have multiple income streams!
14:34
EVERYONE needs a side hustle, nowadays especially
Awesome content as always. Thank you Rose đč
I do Agree with buying too much home.
I seen a Culligan man purchased a 400k home and new cars.
Idk what he makes but slowly lost his new ride and with new baby just comming out, he living on a tight budget.
Too much home and no multiple streams of income.
Build wealth first before buying big house and new rides
Today's home payments are crazy. 3,500 to 6k a months, WTH đ€Šââïž.
DONT care how nice it is, not having all my money tie to the house and cars.
I like to have some walk around money in my pockets
10:06 two things, first and foremost thank you for bringing that point up about self worth. I tell people to drum it into your brain that you're not replaceable
Stay at home (or lots of roommates). start working a trade at 16. Buy a small home at 20. Donât move in. Rent, flip, or Airbnb. Repeat. If your parents have a college fund go somewhere for cheap or part time and combine with plan above.
"Rich Dad Poor Dad" it will open your eyes WIDE on what must be done to be rich... and it's not hard work. It's smart work.
car Loan interest rates are like 10-11% for used cars in Florida . Also in Florida itâs hard to find a decent car for 10K thatâs not gonna break down on you within a few months . But I still agree with not getting an over priced car . Itâs a challenge to find a good deal especially if the car is needed immediately.
Hanging around your professor working for him and hanging around after hours with his rich friends - i smell a metoo allegation coming for that professor đđ
My DTI is 200%, the only important thing is cashflow, not the income by itself. DTC would then be about 25-30% đ
as a one of korean, i think that talking about money is not a "taboo" which you said. i think that is prohibited in their culture because of ì ê” culture in their way of living. i understand this is not good for being someone who could be more productive.
I played the game buying used cars.
It cost alot to get it road ready.
Brakes
Battery
Belts
Tires
AC
Coolant flush
Spark plugs
And the list goes on depending what u Purchase.
In 09 I purchased a new RAM 15OO.
8 straight yrs no issues. No break down, no starting issues.
Now the 9yr thu today it has been on average 1k to 2k in repairs.
Maintenance and worn out parts which is not bad. Cheaper then car payments.
15yrs old , 220,000 miles and still going strong.
Plus lifetime Power train warranty.
Every time I get a Ticking noise, it's covered for free.
Any issue with transmission , engine and drive. Covered for free.
Buying my truck was not a bad investment . The truck was a Depreciation asset from the start but after 4yrs of payments, the truck has paid Me back twice and working on 3 pay back.
Just tossing that payment to high yield saving and other investment.
Doesn't hurt to buy new as long as u keel it long time.
( normal vehicles that is )
Buying used luxury car like BMW, MERCEDES, Audi AND ect
You are buying junk that needs alot of Maintenance.and probably buying it to show off when you have no money
Did you save alot ? Yes but it comes with a cost. 15k MERCEDES might cost u 30k in repairs next few yrs. That's not saving.
Could if purchased a better vehicle for 15k or since you sunk extra 30k, could of purchased a better vehicle at 45k
Just saying
100% been a similar experience for me as well!!!!
I dont see much sense in most of these. I am a senior software engineer and my salary already goes for more than 70% of my 15m2 studio outside the city, where I have to commute 2 hours to go to hybrid work. Im not sure how can I get more of this to have budget on other stuff or wven afford having a car. How are people that rich nowadays with the renting market as it is right now?
I was able to invest when I was just a student and lived with my parents. After that I have spent all my economies to have food to eat during the times I was without a job due to layoffs đ€
What I clearly get from this video is what I already know: how rotten this world is, where everything is done to make rich people richer and poor people staying poor.
Here in France, as an artist I have to pay taxes (25 %) for the last year and the current year (even though I donât know how much I will get this year but they give me some money back if I overpayed) and Iâve got to pay a mandatory retirement plan (even though I will probably never get money back from it cause the basic plan is better).
The most instable job and they ask you the most money.
A friend of mine who has his business only payed 5% taxes for the first year, then 10%, then 25%, just paying for the year before (not the current), no mandatory retirement plan and he can deduct his car and house furnitures and stuff from the declarationâŠ
Yep.
So being not rich means being poor? That sounds like a great and totally healthy mindset.