What To Do Once You're Debt Free (5 THINGS TO FOCUS ON!)
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- Äas pĆidĂĄn 25. 07. 2024
- Once you become debt-free, the sky's the limit. Here are 5 financial goals to set next, so that you can keep the momentum going! Make sure to keep setting new goals and maintaining good money habits. Otherwise, it's easy to end up BACK in debt! And we definitely don't want that :) So watch this video for ideas on how to make a plan for your money once you're debt-free.
**ATTENTION: I have a new Instagram and TikTok handle @itsrosehan **
That's my official account, and I will NEVER message you about investment schemes, so please be careful and block & report any scammers posing as me.
TIMESTAMPS
00:01:25 - #1 Reward yourself (within your budget)
00:02:18 - #2 Keep some credit cards open for your credit score
00:04:05 - #3 Build full-sized emergency fund
00:06:00 - #4 Invest for EARLY retirement!
00:11:03 - #5 Save for a big purchase (house, etc.)
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**THINGS MENTIONED IN THIS VIDEO! đ**
đ« EARLY RETIREMENT CALCULATOR
networthify.com/calculator/ea...
đ« Quit Like A Millionaire (detailed, entertaining, motivating how-to book on early retirement for millennials)
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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
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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SAY HI ON SOCIAL! đđŒ
Website: www.rosehan.com
Instagram: / itsrosehan
TikTok: / itsrosehan
Pinterest: / itsrosehan
âą What To Do Once You're...
Congratulations Rose! I am 35 and 0 debt all my life so far. Car paid, house paid and no student load
wow awesome!!!
In short:
1. Become debt free.
2. Purchase the cutest puppy imaginable đđŸ
Great advice lol
Another step: don't let lifestyle creep happen!!
When I paid off my balance of over 40k in debt, I took those payments and rolled them into my investment strategy. 5 years later, the fruits of that labor are starting to pay off!
Yes, indeed. Very similar to what I did after I got out of 10 years of student debt. ALSO.....
No doubt about keeping your credit card lines open. Because I didn't use a credit card for three years, the credit card was cancelled by the credit card company, my credit score dropped 20 POINTS, and I lost 10 years of credit history.
Now what I do it use my credit cards in sequence, once a month, mostly gasoline to show the account is active.
@@alexk7405 I hear you, way back when, I also had a credit card close on me due to inactivity. Right now I stick to 2 main credit cards to take Advantage of their different rewards
One of the best feelings ever was paying off my student loan and being debt free. Now trying to educate myself on investing. Honestly itâs something I shouldâve done long ago.
Better late than never!
Iâve been totally debt free (house included) for 15 years. Plus, Iâm fortunate to earn $300,000 to $500,000 annually. Iâve avoided âlifestyle creepâ and live a very under the radar lifestyle. Now at age 51, the craziness of the world has almost no impact on me, other than the inconvenience of not being able to travel like I want or eat in many of my favorite restaurants. So stay focused on a debt free life folks....the juice is worth the squeeze!
With that kind of income and especially if youâre living on a small fraction of it (20% is doable in most places) especially combined with paid home, as long as nobody *knows* you have that kind of money (outside legal authorities, of course) if things get really messy like theyâre shaping up to be, other than arming yourself and stockpiling food (seriously, supply graphs are failing due to economic impact of the pandemic combined with people getting sick) youâre in the best feasible place short of not being around once things get dicey.
If you donât already, Iâd suggest you invest in high-quality cookware (not non-stick) that gets great results and will last longer than you will, because youâll need to expect eating out or having others do the cooking for you isnât anything you can expect.
@Investing with rose Do people really fall for these fake accounts?
1- Reward yourself.
2- Keep a few of credit cards open.
3- Build emergency funds. 3-8 months.
4- Invest for your early retirement.
5- Save for a big purchase.
Remove number 2.
@@of6024 2 is essential for credit.
â@@JoseMora-wc5zzAlso fraud protection. A friend of mine is fighting his bank for 50k fraudulent PayPal transfers.. Usually credit cards have better fraud protection than small banks... we live in a rural area and we buy online very often...Stay safe...
â@@JoseMora-wc5zz No its not I dont have credit cards and have never not been able to get a homeloan when needed.
Just paid off final debt yesterday. Definitely feels good.
Congrats.
Yay!!!! You should be So proud of yourself!!!!!
Huyen wasnât they
Congratulations!!!!
Congrats, now go buy something expensive because you earned it. TREAT YO SELF!
Last year I closed a credit card that I had for 10+ years and didnât realize it would negatively affect my credit. My wife and I are in our early 30âs and are about to be debt free completely on July 19th đđŒ.
WOOO! Grats ^_^!
Are you debt free now??
Achievement unlocked, congratulations! Becoming debt free at such a young age is commendable
That's a good one, its time to invest your spare money and try reaching out to gerald anderson, he will help out in trading and you get to earn weekly.
'{{{]]],,prof,Gerald whatsapp
Congrats Rose! I think you forget to mention it helps a lot to live in States with low cost of living! I am still in CA :/ lol
Thank you for recommending our book, Rose! Really glad it was helpful and so cool that you read it in 1 day. Wow. You rock!
I just finished reading your book. I loved it!
I LOVE your book Kristy! I read all of your blog posts and have followed for years you guys inspire me:)
I'm happy to announce that I paid off my final credit card yesterday October 15, 2020. Yaaaayyy!! I can breathe now!! Now I can really contribute more to my 401k and Roth IRA.. I'm now also buying more stocks from my brokerage account.. What also helped get out of debt faster, was learning how to trade options during the pandemic.. I didn't realize how much money I was spending before the pandemic. I made myself a decision and committment to make some small changes first then set new goals each month. Most importantly, I wrote my goals down and looked at it everyday to remain focused..
How kind of you to have the dream of buying your parents a condo. Youâre so kind!
I remember years ago when the government send me a paper congratulating me for fully paying my student loan. It was a great feeling.
The hardest part for people that get out of debt is they are so used to debt they get back into it. It's like yo yo dieting but with finance
Financial Lift Debt is central to the US economy. Without debt it collapses. You can see hundreds of bankruptcies happening to people and businesses happening right now due to large amounts of debt.
I always like to compare budgeting to dieting! Both require an immense amount of self discipline and control.
@@AdrienneInvests me too! And both have vulnerable people that fall to schemes like get rich quick or lose 100 lbs in a month. In the end it's long term hard work and lifestyle changes that work
That's the best love, when there is a lock head the best is to take the alternative, which is why I decided to make that one most important decision of my life to entrust my funds with gerald anderson and my profit comes every week from trading with him.
'{{{]]],,prof,Gerald whatsapp
Remember: when keeping your oldest credit card/s open for credit age, it's important to use it, even for one purchase, every 2 to 3 months. Otherwise, the bank can and will shut it without warning.
Some banks close if there's no purchase in over a year, and some of there's no purchase in 6 months or so. So use every now and then (and remember to pay it off)
I learnt this the hard way. The closed my oldest card without warning.
Subscribe to Netflix or to Disney+ with your oldest credit card once you've paid off the entire balance to keep it active.
Yes that happened to me. 5 cards closed and bought my score way down.
@@jalabi99 Yes I have small monthly reoccurrence and pay the amount off once itâs posted.
That is a big accomplishment, I canât wait to have that feeling
Congrats! Aww your soon to be new puppy is adorable. Great insights, thank you!
I love "Quit like a millionaire". It's a very good book.
Thank you, I am able to see and use all the information you are producing on your channel. Thank You again. I and truly grateful!
Omg nooona! this channel completely exploded! I remember subbing when we were at like 60k! I canât wait to see videos of your new baaaaaby!
Thank you for sharing your wisdom with us! Youâre an inspiration.
Thank you, Rose. I'm working on it...
Omg, the dog is so cute! Congrats being on debt free and thank you always for all your tip đđđ
Wow rose I totally agree with you! Thanks for inspiring me and my videos đ
thank you Rose! as always, very informative
Love your videos so much! Binge watching â€ïž but definitely going to rewatch multiple videos Bc they are so informative! Thank you for making them! đ
I actually paid off my student loan in Feb 2020 which was my new year resolution. I am now trying to save money to buy my new home which is my 2021 year resolution...lol... I would love it if you could show us the steps that you are making to save money for the coop that you want to buy for your parents Rose!!! đ I am actually using Zillow as well to get an idea of how the market is looking specially with COVID but any help on how to be focused would be great!!
This is a very timely video for me- I made my last credit card payment 2 hours ago. I plan on rewarding myself with a medium priced purchase, but not to reward bad behavior (don't get into debt), but instead by reaching saving milestones. Congratulation for paying off your debt and keep the great videos coming!
Credit cards are also a back-up in case your debit card gets locked out. I have three different zero balance credit cards to cover any scenario that arises. A one year emergency fund will take so much stress away and encourage investment and saving.
Congratulations! I paid off my student loans 2 years ago and it felt amazing! Good luck with your next steps!
Just binging all of these videos, thanks for all these great resources! I wish I was taught this stuff in school!
Great analogy with the weight loss. It is great to have a plan for when you are debt free to avoid getting back in that slump. Superb video!
This video is great! I really appreciate the info. I'm a recent grad figuring out life, and this has taught me some of the stuff that school forgot to teach me!
I just paid off all of my student loans last week and joined the debt free club (yay)!!! This video was super helpful - thanks for all the great tips.
Thanks, Rose!! You have been a great inspiration for me. I have fixed a few things in my personal finances, it feels great.
So excited for your puppy !!!
Just make sure you're investing for retirement
Awesome video! Thank you for sharing!
The dream is to help my parents as much as possible. You are so humble, genuine, smart & an empowered woman! Financial blessings will keep coming your way! Love it, girl power!!!
Love your enthusiasm - thanks Rose
Great video and important for a lot of young people out there đđŒđđŒ thanks for sharing
Great video - #1 is key - you need to celebrate your wins when you can. Thanks for sharing.
Congrats on being debt free and I am excited to see your new puppy!!
Seriously thank you for providing a well written book for free. I learn best by seeing and the book broke all the accounts down for me. As someone who had been watching CZcams videos for hours on the topics, trying to decipher between IRAs,104(K)s, and all the other lingo, your booked made it all click in less than 20 minutes.
Thanks for another great video. This makes me start thinking more about retirement specially when my 20s are almost over!
Love your videos! Thanks so much for sharing all your tips. Its so nice to see another woman interested in finances. You are so sweet for wanting to buy your parents a condo. It's probably going to happen a lot sooner than you think and I'm genuinely so excited and happy for you! â€ïž
Thank you. Just make sure you're investing for retirement too :)
She's a cutie, isn't she?
I follow your investing recommendations love your videos keep them coming thanks Rose
THIS!!!! Love this video. I will be out of debt this summer (again.. bought engagement ring.. she's happy though lol) and am putting together a next steps plan.
Shout out for your video on Fidelity zero index funds :)
I see Rose Shafa, I come running!! Thumbs up for you and investors everywhere!
So helpful! Thank you!
I made my final mortgage payment on 2/21/2012 and became 100% debt free. It is an AMAZING feeling. I have so many options and am on the cusp of retirement at age 40. Bust yours so you can kick theirs!
Hi Rose! I just found your channel. I'm so glad I found it. I don't know anything about finances so I'm really glad I found you. Subscribed!
Congratulations on being debt free! FIRE is definitely the goal, and now all of your money can be put towards accomplishing it. I really admire that you're working towards buying a place for your parents too -- having no chains of debt means being as generous as you want!
Thanks Rose. I recently discovered your videos and you have such great info! I recently became debt free too, so now Im exploring my options. I have to admit from suffering from paralysis by analysis right now!
It's been 8 months for me, great video Rose! Congrats to you!
Woohoo! Great job Rose on becoming debt free! I totally agree that everyone needs an emergency fund, especially now! I also love your discipline in automating your deposits. Great work, Rose!
Congratulations!! You are an inspiration!!
You are such a lovely person, Rose. Thank you so much for going to so much trouble to make these extremely educational videos.
I wish you all the best and that you don't lose your drive.
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Congratulations. Iâve been completely debt free for the last 3 years. Worked on my emergency fund and now Iâm saving for my big pivot I have planned. Working on the podcasts I always wanted to put out (first one - No More Sleepless - just published) and then planning to increase my business from there.
Wow you just opened up a whole new world for me. Thank you SO much! subscribed!
@Investing With Rose Will do!
Love it! We arenât debt free yet but we are super close (mortgages)The freedom you feel of not having much debt is awesome! SN: capital one 360 is a good one. I never see a lot of people talking about it but their rates have held well during this time.
The dream is to help out my parents as much as possible! Thanks for being such a positive source of inspiration :)
@Juliana Galvis...you're an awesome young lady.
Well done. Great advice.
Funner is a word..I use it everyday..lol like your content..its helpful in so many ways..following to the letter...sweet!!!fire!
My favorite quote from this video was being debt free gives you the margin to care for others â„ïž
Thank you Rose. I am at least 5 years away so it's nice to watch this and consider what could be next! Great motivation
You're welcome, just make sure you're investing for retirement and I know a trustworthy and commendable investor who can help reach Mrs susan pedroza on IG susanpedroza_
Great video! Thank you
Squeeee!!đ„°đ„° Canât wait to see more of your puppy!!!
Thank you . I learned something đ€
Congrats on paying off the student loan!! Feels Fantastic!! đ
Excellent video Sister.
Having financial freedom is one thing and getting to maintain it is another. After being debt free for the first which feels very much good you have to set goals for yourself get what you need to be more comfortable in future and keep investing. Always keep emergency funds so you keep yourself out of debt.
You're correct. No one wants to be in debt forever most especially when you have the opportunity to be out.
there's nothing like a debt free life, I think it comes with a fresh air. You just get comfortable and keep smiling all day. That was how I felt the first time I was debt free, I made a total payment of $29425.
You're right. Making it out of debt is the first step and staying out is another. what investment are you in?
I invest in Forex, Arthur. That's the reason behind my success story and I never see myself going back to a life of debt.
You're absolutely right, Laura. Maintain a debt free life is what matters.
Puppies are the BEST! congrats!
OH YOUR DOG IS TOO CUTE! CONGRATS!!
Amazing video with great tips. I can't wait until the day I am debt free. Those student loans are no joke! I am hoping to be there in 5 years!
Loved this. To the point
This is amazing advice!!! I became debt free this year as well back in March. It was really liberating and I rewarded myself with a bottle of my favorite champagne, a steak dinner, and a cigar. Congrats on becoming debt free and the cute Frenchie đ
@@DrMath-kh5qj I most certainly am... Roth, 401K, real estate, etc đ
I always enjoy your advice strategies and pleased to know people are living their dreams. I like your hair too. It came out nice.
I'll advice you invest the Susan pedroza..she has to best signals so far for trading which are very profitable. Reach her on IG susanpedroza_
I LOVE âQuit Like A Millionaireâ - Kristy is a hilarious author and Iâve read it through just when I felt like reading something a handful of times, not to mention the countless times Iâve re-read parts of it for a practical refresh on the subject
Seriously such a good book for FI!
Thank you look forward listening you every week..,.. peace out
You're highly welcome
@@investingwihrose3466 are you hacked? .. someone keep leaving number to contact you
What are your thought on bk when absolutely necessary? Thank you Rose!
You inspired me. All of videos is so negotiable and I'm happy to know if you are more than willing to do it. You can make it. Looking forward for this rewards.đ
Thank you
I hope you're investing for retirements as well, cus that's the best thing to do. I'll gladly refer you to investor susan pedroza for investments Info reach her on IG susanpedroza_
Your puppy is so cute, Rose! I also want to save up for my own dog one day and would love to hear your input on how much to set aside for pet care costs
Will do!! :)
Just wanted to pop in saying thanks for all of these videos! Also youâre really pretty lol
Congratulations!!! I can't wait to see the puppy! What is his name?
Despite making financial mistakes.... I've never been over 1000 dollars in debt. High 700ds at most. Currently debt free.
@Investing with rose I'm already applying strategies that work for me. It's not got the results of options but ig has made me bank so far. Ty for the offer though
@Investing with rose I do love your videos and content tho. You da best
@Investing with rose what is your preferred email address?
I am on schedule to finish paying off more than $100K in student loans in two months, three years ahead of schedule - Iâve already made a wish list of debt-free rewards to splurge on. Thank you for your videos, theyâve helped me accelerate my debt payoff like crazy!
Beautiful, smart and ambitious, deadly combination. Well done young ladyđđœ
AWESOME!!!!!!!!! The early retirement calculator is cool, however i'm not exactly sure how to use it or interpret the results
A dog!!!! â€ïž canât wait to see him on your future videos
You're puppy is adorable! Please track your pet expense, I think it would be really helpful to see how much pets cost both initial costs for vet, but then long term for food and misc.
Great idea!! will do!
Congrats!!
Thank you
R o s e t h e I n v e s t o r 1 3 g m a I l c o m
After we have our financial freedom, this is what we've done: Downsizing everything from home and auto. Buying everything from food & gas on one credit card with rewards miles or cash back. Make sure to pay it off each month without any interest charges. There are no taxes on capital gains from selling our home if its gain is less than ($500,000 If you're married, or $250,000 single). No matter how much we make, we'll never have enough. Life is too short to last long. Enjoy your early retirement while we're young & healthy!
So true
Beautiful and debt free!!! The world is yours!!!!!
Great video. We are in our mid 30s and are debt free. Our first home will be paid off in the 3 months. Retirement is heavily funded and we are saving up for our dream home in cash. This was all done on modest average income and while having 4 children. It can be done, it pays to be different.
Iâm debt free too â€ïžđ« Now I have a lot of money saved đ
You and I are also OG's, Rose! : )
Great video...wheres the link for the FIRE calculator?
Oops here it is! networthify.com/calculator/earlyretirement
Good video.
Hey Rose! Love watching your videos, even though I'm not an American. Because of you, I know US' financial and tax planning better than my country regulations lol. Keep up the good work!
I have been aggressively stockpiling cash but it wasn't until I watched your videos that I realized that I need to pay down my debt instead. I originally planned to pay of my student loans in 7 years, but now my goal is 3 years!