How To Manage Your Money So You Never Go Broke
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- čas přidán 18. 05. 2024
- Get out of the paycheck to paycheck life with this simple money management formula!
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00:00 The System
01:15 Step 1
03:06 Step 2
04:51 Step 3
07:05 Step 4
10:14 Step 5
In this video, I explain a five step plan to manage your money in a way where you will never have to worry about running out of money.
1. Understand Exactly Why People Are Living Paycheck to Paycheck
The reason that majority of people are living paycheck to paycheck is not necessarily that they aren't making enough money, but it's because they are managing their money in an unsustainable way. They simply make money and then spend money, which makes then 100% dependent on a paycheck, and if the paycheck stops coming in, then they have no money to fund their lives. In order to break out of the paycheck to paycheck life, you must break away from this unsustainable financial plan.
2. Adopt A Frugal Mindset
Once you understand why people are living paycheck to paycheck, the next step is to adopt a frugal mindset. It is important to remember that being frugal is managing your money in a way where you are not wasting anything nor depriving yourself. The average person could save hundreds of dollars each month if they just cut out their wasteful spending. When you focus on cutting out wasteful spending, you will probably have some money left over before you receive your next paycheck. Being frugal alone will not solve your financial problems, but it will allow you to have more money left over instead of wasting so much.
3. Begin Establishing The Emergency Fund
Now that you have adopted frugal habits, the next step you take is establishing the emergency fund. To do this, you must "pay yourself first," which means once you get paid, before you start paying your bills, you take out a specific amount of money that you can afford and put it in a savings account for emergencies. It is important to not use this money unless there is an emergency. Ideally, you should build this up until you have six to twelve months of living expenses. Once you complete your emergency fund, you are no longer 100% dependent on a paycheck because you have the emergency fund to rely on.
4. Begin Getting Your Money To Work For You
Once you complete your emergency fund with six to twelve months of living expenses, you no longer need to put money into it due to inflation. Instead, you should focus on investing the money in the stock market in order to outpace inflation and maybe make a little extra money on top of that. Putting your money in the stock market by investing in low cost index funds is a source of passive income, which is money you are making without doing any work. By doing this, you are now putting your money to work and it is making you money, so in addition to the emergency fund you now have the investments starting to make you money.
5. Get Creative And Continue Expanding
Finally, once you have established your emergency fund and have began investing, you are no longer extremely dependent on a paycheck. You can start to explore other avenues of making money in your life because you are not desperate for a paycheck anymore. In order to create new streams of revenue, you must be creative and think outside the box. Some options are continue investing, start a side hustle, or start a business. Once you start adding new streams of revenue, you are not as dependent on your paycheck coming in and have developed a much more sustainable financial plan.
**This video is intended for entertainment purposes only, none of it should be interpreted as financial advice. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. ** - Jak na to + styl
What are your creative ideas to make money outside a normal paycheck?
Pet or house sitting. My neices do that and one of them made $1000 in one week recently
I have a Fundrise account. It's fun watching it grow. I also sell my nicer stuff online, and I'm setting up an online store. I'm busy, busy, busy.
Banking your side hustle (that u love) paychecks. In addition to that… maintain course like this video says
Bank sign up bonuses can be pretty sweet.
Don't trust Qmee. Know your rights and be willing to tell them to a cop.
It is the appropriate use of an organization’s financial resources, such as making investment decisions and employing cash management strategies to maximize profits and cut risk.
I think it’s more of planning, organizing, directing and controlling of a business’s monetary resources to achieve its goals.
The financial manager will first assess a person’s financial position and determine how much funding is needed to support the expansion.
Timothy Eric Meek develops a budget that includes the costs associated with the expansion, such as new equipment and employee salaries.
It is necessary for the financial manager to evaluate the risks and rewards of different financing options. He must be a genius.
How can I reach him please.
The advice in this video is valuable for the typical American. I started investing when I was 30 back in 1998. Today, I have a decent $3.7M nest egg, thanks to the careful supervision of my CFP. After learning all of this, my only regret is not starting earlier when I was 25. It may not seem like much but those extra 5 years are the most important.
And It's not even that hard to do. Maybe too rigorous for the regular-Joe, but thats why its advisable to conduct with good market strategist.
This is why I've entrusted a fiduciary with my investment decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to $780k, generating sufficient dividends for my household's needs.
@@emmaarmandoMind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
'Gertrude Margaret Quinto' maintains an online presence. Just make a simple search for her name online.
Thanks for the info, i found her website and sent a message hopefully she replies soon.
I learnt to manage my money through investments and it really works for me. They say money can't buy happiness but poverty can't buy anything.!
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner..|
I've come across several positive endorsements of Jenny Pamogas Canaya on various platforms, including CZcams channels, seminars, and more..
Frugality minimalism gives you happiness , have less things to worry about ..
Poverty will make you sicker, worry more, have more anxiety and stress, causing physical and mental illness, which can make you unhappy for the rest of your life. In addition, it makes you lonelier.
💯💯💯💯
Today I made my first deposit towards my emergency fund :)
Right on! Even if it's just $5, you're ahead of most people!
Hi Austin, I am 26 years old and I am just first month in of my first job in my life. I am so fortunate to discover your channel! Muchas gracias!
Great! I discovered frugality and Austin after 7 years of working. After that, I saved in six months more than in 2 years before.
So you're a brand new wage slave? Good for you.
I'm 26 too but I'm aiming for retirement already, not because I'm rich (no way, the system is a cage) I'm terrible ill. Maybe if i could live few more years (to waste time on yt and playing video games) life's good they said...
Right on! Best of luck at your new job!
Ohhh yo be 26 again knowing what I know now! You are blessed beyond what you can imagine. Please take note. Y dear. Even tho you don’t incorporate everything please start some things. Like the limited debt and start investing early!!! Good luck!
Congratulations on your first job, Wayne Nakanishi. All the best for a long and healthy life. Austin Williams is great and I also enjoy these videos and I'm 64. My advice to you is to only buy what you can in cash and not to go into debt. Pay yourself first, live well and frugal, and invest wisely. Once again, congratulations, Wayne.
At 60, I wish someone had talked to me about money years ago! I will make sure my granddaughter knows these things!
Once you’re 18+, it’s YOUR responsibility to educate yourself on finances. Nobody supposed to care or talk about your personal stuff. It’s on YOU.
That magical 18 huh?@@mikenoneofyourbusiness7122
I’m so proud of you Austin. I dare not skip one of your ads LOL. I want you to succeed. You’re a gem. Thank you for your common sense, practical videos. I happened upon them and have made some life changing decisions. I went from, I’m so broke to being able to save an entire paycheck. I was just wasting my hard earned money on nonsense. The weight of the world has been lifted off my shoulders. I feel free.
Besides handsome you are intelligent and wise
Savings, stocks, and a side hustle. Got it!
I have been doing this my entire life. I’ll never understand why it isn’t just common sense for people.
Same. So many people are weak minded and lazy, it’s shocking to me.
To be honest it must be down to upbringing. My parents were frugal and hence that became my 'normal' I just can't imagine the concept of spending more money than I make in a month.
Cause we live in a Matrix. Zombies working all day just to get to our homes and get endless dopamine scrolling on social media and watching tv. That’s the sad reality for the majority of humans.
Austin, you are a hidden rare gem amongst CZcams! I just found your channel a couple of days ago and Ive watched a few of your videos. I really love your content! I’m already a pretty frugal person but i still enjoy listening and learning from you. You are a very wise young man! Thank you so much for this video! ❤
I appreciate it, Sarah! I'm glad you're enjoying my content!
I currently have an emergency fund, six months fully funded. I also have an auto repair and maintenance fund. When I popped a tire for the first time ever in my life last week, my biggest concern was not how I was going to pay for it, because I already knew how I was gonna pay for it. I was only concerned about getting my Uber riders to their destinations, since obviously, I wasn’t meant to be the one to take them. I found a shop that had my size tire, and was back on the road making money in short order. And I was even frugal, by opting for used tires instead of new ones.
I will watch this over and over again until it’s cemented in my brains! 🎉💯💯💯
Me atm
I love how the angel music comes in everytime you say emergency fund. 😂 Love your videos Austin! You're always a great help to us. Thank you!
😂
Some people have a spending addiction that they can’t control. Before putting any of these practices to work, they’ll have to get help for that.
Also think some people don’t realize how much money they waste on things that cost 1$ here a 2$ there.
For example even if you can save 1$ that 22$ ( working days), 22$ x 12= 264$ doesn’t seems a lot but in a pinch can aliviate some pressure.
That’s called growing up. There’s no service to lead you there, it’s on each individual to do. Grow. Up.
Live below your means in your twenties so you can live much more comfortably in your thirties and basically the rest of your life. I lived in a single wide mobile home for 7-8 years, paid it off in 3, made enough for a nice down payment on a very nice new construction property and I keep the same frugal mindset that I had then. Having kids is the most rewarding and yet one of the most challenging things one will ever do, but it is true, you will want to live below your means mostly before the kids come into the picture. I wouldn’t want my kids to remember growing up in a very small space in a not so great area, so I sacrificed my twenties so that I could afford where I live now. Another hack is to overpay your mortgage and you’ll be surprised how many years yes years will melt off of that mortgage. 👍🏻
OMG! This is the BEST video!! Thanks for sharing. 😊
Great information… got it stuck in my brain 🙂 I’m doing it! Thanks 👍
Simple, direct. Great information 👍🏻
Thanks for sharing this video. This is so valuable for me. I hope this go viral. This is really gold.
Love your sense of humor. I enjoy your content a lot. Thank you for sharing your knowledge.
3:12 Agustin keep on preaching - I keep on listening because not only is your advice good but it's also helpful and very thoughtfully presented 😊
Thanks! It takes a while to put them together!
Very good video! Keep up the good work! I am already following the instructions in the video.
In response to other commentators, marriage CAN be great. My husband and I both work, have similar incomes and very similar financial mindsets. Expenses are shared.
Kids on the other hand....😅
Bro your videos are really awesome I think you are gifted and blessed
Great video Austin. The simplicity and chart is fantastic.
So simple, so great!
Have a good weekend ☀️☀️
You as well!!
ever since I subscribed to your channel my financial life got a lot better..truly i cant thank you enough❤
I’m little older than you, but I feel that I have so many things to learn from your videos. I’m so grateful that I discovered your channel! Hello from Brazil
Belleza
Great video. Looking forward to the index fund video! Thanks for your insight.
Your voice is so pleasant 😁 Thanks!
This is by far one of your best videos out there. Great explanation. Thank you!
Thanks!
Thank you austin. I almost payoff my cc debt my your advice i have 520.00 left to go i rent a room from a friend
sounds like my current situation, iam so glad you share this knowledge, thank you too much!
I think you’re a very good teacher.😊
Thanks!!
Thanks Austin! This speaks well to where I'm at right now. I appreciate you and your wisdom and especially the sense of humor you have. The angelic choir around the emergency fund.. haha. So good.
Great to the point!💯
Austin! Your energy is so calming towards such an anxious topic! I love it. Thank you for giving us hope with finances
Thanks!!
Thank you Agustin!!!! Great ideas like always ❤️ have a wonderful weekend
You too!
i love ur videos austin...........it keeps me motivated
I'm glad! Thanks for always commenting!!
Thanks man ❤
Loved this video!! So real world and no fake or lies detected. Instant subscribe button 😊for me.
Well great video and great advice as usual.. muchas gracias Austin 🙏🏻❤️
This video was really helpful I won’t lie, I’m definitely going to take this video to consideration.
❤❤❤You are the Money Professor,Austin❤
The most real CZcamsr never change Agustin you make great simple straight to the point videos that changed my views on money for the better! Much love ❤
Thank you! ❤
❤ Love the chart 👌 it's exactly what a lot of people should be doing. I absolutely love your videos. Very educational and realistic. Muchas gracias Agustin y sigue educandonos. 😊
Thanks, Doris!
I love your videos ❤
Simple and straightforward
Wow, you are so inspirational. Thank you for sharing this useful information. Que Dios siempre te bendiga!
This is your best video in my opinion. I watched it until the end without blinking my eyes.
I feel rich now. 😊 Gracias amigo!
My Nan #oldschool advice “when you work pay yourself first” and I’ve been doing that from my low paid salary for 37 years to this present day. And that emergency fund is now being dipped into to pay for the cost living crisis 😂😂and if the greedy businesses continues I will be back to square one!
this is such a great video Austin. I am a new subscriber and your channel is providing the highest value to me right now! (and many others) your simple and fun presentation is so perfect. keep up the good work !
I appreciate it! I'm glad my videos are providing value to your life!
Austin gr8 video I Agree 💯. If I might Add Also get rid of debt in the process.
Ice cream 3x a week…Holy Moley I would think 2x a month would be acceptable and save even more
Most westerners are spoiled and you know it.
Great. Thank you.
I totally agree with you. That is exactly what I am doing now. I am almost done building up my emergency fund. After that, I will start participating in my company’s 401k. I am debt-free too and it feels totally different now. At work I feel more condident and at-ease. I don’t have to work extra hard to impress my boss, kiss ass, nor work super hard for promotions because I know I have a strong financial footing and stability. Like if I chose to stay at work, its because I respect the boss that I work for, i like the job, and i like the coworkers. I am now the one choosing which company or the boss I want to work for. Unlike if you are living pay check to pay check, its the other way around were you beg for a boss or company to choose you.
Im doing all of this, but I use Yotta. I categorize our savings. I even have a life insurance category.
Fantastic video, Austin. Hope the Gen Z folks find your channel.
May I add, get married to a sensible frugal person who shares your values and wants to have a family. My son is a kind and funny person. I take pride in my parenting skills and he makes me less selfish.
Great advise I would add buy a home you can afford and pay it off asap
Dear Austin
Thank you so much for your great bits of advice. I just find your videos so helpful and they are so motivating. Just let the videos keep coming. Yours sincerely Lars Wraae
I have a goal for 2024 and I found this video that is very good and you learn a lot from it. Thank you for your way of explaining everything, very clear to understand, I am your #1 fan
Muchas Gracias señor.
Helpful
Thanks
Remember: We all get 100% each week. First 10% goes to yourself (Savings!) . Then budget the remaining 90% accordingly. Don't use dollars. Always work in percentages.
This video describes my life 😢😢😢. But will take control of it starting tomorrow
Thanks!
Thanks!!!!
Te felicito por tu español...
Hi Austin I am your new subscriber how comes i can't download this video I need to watch it over and over
Hey Austim im from brazil and im learning a lot from you i 29 divorced and starting again, i have no kids but i like so, maybe in the future!
I coach others on finances and have been watching you for a while and this is by far the best video I have ever seen to explain how to get ahead in about 12 minutes. I sent it to everyone I know and it is so well done and simply laid out that anyone can understand it. Well done sir
Very bright analysis Credit GOES TO Your PARENTS WHO TAUGHT YOU TO HELP OTHERS
You made this in a way that is understandable and doable for me. With other people just going the route of invest! invest!, but you are just struggling by. Thank you so much and hoping the next time I comment here, I would have at least be halfway through saving my emergency fund. Having the equivalent of $900/mo paycheck, it's gonna be a long way...
Good job, young man! I enjoyed your “dry wit” . Slow ,steady and consistent are good tools to have in your tool box. Debt free, emergency fund, maxed out Roth 401k , no more paycheck to paycheck living, sinking funds = POOR NO MORE FOR ME. ALL Glory to God!
New subs here. Pls continue uploading videos for us ☺️
Ok I’m listening I want to learn amigo
I can’t imagine life without kids or pets, but to each their own.
What was your life before kids? If I was a kid of a mom and she only really lived for me I'd feel sad because what if I die? Now my mom can't live
@@aegisfate117 Yes, true, good point. it’s just that family is a huge part of my life. I do have friends who prefer to live alone and are perfectly happy.
Me encanto la información gracias y muy divertida para aprender 😊
Gracias mijita!
Yeah. I need to Quit buying Sports Cards.
Etc.
No 💩, do it. You deserve better!
Hi Austin, I just came across your vlogs and I have already watched 4 in a row and I have to tell you thank you for the way you present money and how to handle it. I have already started writing down my bills and tracking my personal budget. My eyes have widen already because I am right up there with the retail therapy. Keep making these types of videos because in the short time you have explained better than buying a book on personal finance which I had to stop myself from buying,
Yes frugal living is a game changer, I can say this really works. The main thing that helped me with my finances is moving out of my apartment, extra $1000 I keep now instead. I'm not rich, but I'm investing in the stock market and I feel much better now.
Now I have more knowledge about personal finance, thanks to your channel, I just subscribed.Big ups to everyone working effortlessly trying to earn a living while building wealth in this recession. I’m 45 and my husband is 51, we are both retired, no debts. We are currently living a frugal and financially savvy lifestyle and generating passive income even during this recessionary period. Our commitment to saving and investing in the financial market has enabled us to maintain this lifestyle and continue earning monthly passively through investment.Traveling is now on our horizon, thanks to our financial choices.
Congratulations on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Earlier this year, I hesitated and failed to take any action until now. However, I am determined to try something new, as I am very receptive to various investment ideas. I want to be retired in my forties or fifties, I really wish I can achieve what you and your partner have achieved. I believe it will surely happen.
Hi Austin fab message to send and even though my little channel is all about this (and I live a long way away!) it’s universal you can start where you are with what you have! Much love em xx🇬🇧
wish i, have seen this channel long back
Hi Austin, Great tips! Paying myself first has been the biggest game changer in being able to save money. I'm curious if you have any insight on how to plan your finances and monthly budget when you have fixed expenses, but variable income, such as only having CZcams income, which is wildly inconsistent? Perhaps a future video idea. Thank you!
Don’t quit main job until it’s crystal clear you won’t ever need it.
Hi Austin, in your presentation you mention that money you make in the stock market goes back into the stock market. I can see how stock value grows but are you referring to dividend re-investment?
Cue angel music😇
After emergency fund and investing. I have no money to save for anything else whether it may be a car home vacation etc (and yes I have found other trades to increase my income and I have reduce expenditure)
Great video Austin, as usual. Thanks for sharing. You’re an inspiration 👍
Hi austin. I have some debts i am still paying. Should i pay them off before investing? Or still try to invest? I have a side hustle but business is slow nowadays.. tq austin
These are excellent strategies, Austin. I wonder if in the future, many of us might be forced to rely more on our communities (and this might mean building them from scratch) rather than solely ourselves. Already there are millions of people who aren't earning enough to cover the basics; maybe they can save a little and maybe they can't. What becomes of them? I DO think side hustles are great way to earn extra money but I find myself wondering how practical this is for the majority of people who are truly poor. As always, a lot to think about -- well done!
You already have a community, just open your eyes! It’s all around you.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Mrs Katherine Flores.
I'm surprised you know her. I've been making a lot of profits investing with her for a few months now.
Mrs Flores changed my life because of the high profits I got from investing with her.
You invest with Mrs Flores too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
Younger single people can save huge chunks of money by working for the military or humanitarian aid, like Peace Corps, Habitat for Humanity, etc. I know several people who did this. Basic living expenses are covered, so any money they made went directly into savings. Some organizations also contributed to an education fund. I know many who saved enough to go to college full-time (no loans!), or travel, or
even pay cash for a small home.
We tried to instill this concept with our kids, but unfortunately they chose the work/spend/debt treadmill.😂
People just have to learn their own lessons, haha. It's like the Wizard of Oz!
Youngsters are entitled and spoiled. They’ll do what’s easiest, meaning debt. I’ll be laughing when AI also takes all low IQ jobs away and they starve 😂 There’s no hope for most of them.
I wouldn't want to be in the military since the money that could be used in the US to make life more affordable is being wasted in war and other countries like Israel and the Arab Gulf countries.
Work, spend all, rinse & repeat. That is no bueno. But this video is muy bueno. 🇺🇸👍
I read something ages ago, I think it was in "The richest man In Babylon" which said.
Always pay yourself first.
Do you see Index fund investing as a form of gambling in a way?
Ps liked. Very no nonsense, which suits me well.
Hi Austin ❤ 🇧🇷
Hello!
And how can I add money to emergency fund? What that means