10 Money Mistakes You Must Avoid At All Costs | How To Be Good With Your Money
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- Äas pĆidĂĄn 2. 08. 2024
- 10 Money Mistakes To Avoid and How To Be Good With Your Money!
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
10 Money Mistakes:
1. SPENDING ON DRUGS OR CIGARETTES
2. SPENDING MORE THAN YOU MAKE
3. NOT INVESTING WISELY
4. FOLLOWING GET RICH QUICK SCHEMES
5. NOT HAVING AN EMERGENCY FUND
6. HAVING JUST ONE SOURCE OF INCOME
7. RELYING HEAVILY ON CREDIT CARDS
8. BEING SCARED TO TAKE FINANCIAL RISKS
9. SAVING RATHER THAN INVESTING
10. HAVING ONLY ONE BANK ACCOUNT
50 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
just behind you. Early retirement with no debt. Children are taken care of well. I'm building the house of my dreams on 11 acres that look out over the river valley. While there are other ways to become wealthy right now, only real-time pros are able to execute such high-volume, near-perfect trades.
The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. $52k dividends received in 2022.`
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured some money in value stocks and digital assets,i accrued over $80K in dividends last year
Iâve been down a ton, Iâm only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
1) Spending on drugs or cigarettes.
2) Spending more than you make.
3) Not investing wisely.
4) Following get-rich-quick schemes.
5) Not having an emergency fund.
6) Having just one source of income.
7) Relying heavily on credit cards.
8) Being scared to take financial risks.
9) Saving rather than investing.
10) Having only one bank account.
9
Wtf does all. That mean
You're Right..lol they may need the drugs though đ
Couldânt of said it better my self no such thing as money for nothing chickâs for free you have too work hard and invest smart with a little luck you will become successful in your ventureâs and life!
Yeah but starting out the bottom half of the list from 5 Iâd hard to do when itâs not family wealth past down like it is for most people in America.. they have generational wealth itâs easy for a certain people in America to invest 5 and 10 thouuuuusand dollars⊠or can ask a family member to invest thouuusands of dollars. Where.. we canât do do that shit..and itâs harder for us to get loans in syste, literally built for our kind not to be able to get stuff. And this ainât a lye.. u can look this up banks had it to where almost recently we werenât able to buy homes with good deals business loans with good deals so. It sounds good when yâall recite these rules like the rules are created for us all equally when there not.,
The rich are money minded. That is one thing I learnt from the start. I have always wanted to build wealth. I have set out $167k that I had been saving since 2020, and I want to put it in the stock market so I can grow my wealth. Any recommendations?
It is really good that you do. I know a lot of people who have made a lot from the stock market. But you need to spend a lot of time studying the market if you want to be a pro, or you use a stock advisor who really knows what they are doing.
For real, people underestimate how much they can rake in from the stock market. Started with $127k just before the pandemic hit. Many people's portfolios tanked, but I rode through with my financial advisor, and even made more than $86k within just five months of starting, and it's been an awesome ride since then.
@@joesphcu8975 This is something I've heard of severally, but I just don't know how to find an advisor. If you'll be kind enough, can I ask who your financial advisor is?
The thing is that I really don't like making such recommendations. But there are many freelance wealth managers you could check out. I have been working with ''Helene Claire Johnson'' for about four years now, and she's made decent returns. If she meets your discretion, then you could go ahead.
Thanks a lot, man! Definitely gonna check her out. I have an existing portfolio. Do you think she could help me manage that? I've been in the red for a while now.
THANKS. Just what I needed to watch. My husband and I are administrators of our farming business and our own properties, as well as small pensions. I am almost 52, my husband is 55. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn passive income online and retire comfortably let's say 1 million bucks.
Consider financial planning.
I completely agree; I'm 60 and recently retired with roughly 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds compared to my portfolio balance over the last three years. To be honest, the role of the invt-advisor can only be ignored, not denied. So do your homework to choose a reliable one.
@@sommersalt88 Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
@@kashkat987 Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "LISA ELLEN SHAW" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
@@sommersalt88 This is useful information; I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60, therefore I need suggestions on what investments to make.
@Zahair O'Brian hello there, how do i find the lsdy you just mentioned?
@Zahair O'Brian Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Thanks bud for keeping us financially Educated! Regardless of how bad it gets on the economy, I still make over $28K every single week.
That's awesome!!! I know nothing about investment and I'm keen on getting started. What are your strategies?
As a beginner investor, it's essential for you to have a mentor to keep you accountable. Myself I'm guided by Mrs Kathy Watley, a widely known crypto consultant
I'm also a new subscriber of Mrs Kathy L Warley coaching program and I'm so excited took a positive turn by earning over $20k biweekly.
â@Cain Havens I've really heard a lot about Mrs Kathy Watley how do I connect with her !!!!!!?
â@Cain Havens Is her service available outside of the US? As her broker is registered in the US
THE RICHEST PERSON IS HAPPY WITH WHAT THEY HAVE, NO MATTER IF IT'S NOT MUCH, CAUSE IF YOU ALWAYS NEED MORE TO BE HAPPY, YOU WILL NEVER BE CONTENT.
SO TRUE. Especially in our current times.
Yeah but not having enough money to pay the electric bill is no way to live. I don't know any happy people who can't pay their bills.
Totally disagree this is the saying of poor people money is everything if u dnt ve money u re like dead soul to people nobody sees u,
Never stop dreaming. Be hungry and never stop believing in your dreams. If someone can do it, you can do it. Be strong
Being successful donât happen by magic
Success is dependent on the action or
steps you take to achieve it. Show me
a man who doesn't have an investment
and I will tell you how soon he'll go broke
Investment is building a safe haven for the
future: with the right choice of investment
that has at least 1% minimum risk and
with an Expert guidance, profit and interest
should be đŻ guaranteed.
@@eduardomarquee551 I agree e with you đŻ .. I had a senior
colleague at work who was doing well but
never had an investment. Unfortunately he
lost his job and went from living a
comfortable life to hardship. There would
had been something to fall back on if he
had an investment
@@eduardomarquee551 NOBODY BECOMES A MILLIONAIRE OR BILLIONAIRE BY WORKING FOR OTHERS AND DEPENDING ON THEM, GOOD INVESTMENT BRINGS MILLIONS OF DOLLARS AND CONSISTENCY BRINGS BILLIONS. THE MARKET IS ALL ABOUT CRYPTO NOW YOU MIGHT WANT TO LOOK INTO IT
@@annienolen8175 True, there is never any culture of wealth gathering or wealth creation to keep multiplying your finance that lack an investment value. This means, if you have to plan you must be an investor. that's why Investing in crypto stands to be the best
@@annienolen8175 Nice!! The only credible law of increase is investment because money not invested has no future. I make huge profits on my crypto investment since i started trading fx with Mr Kelvin Maorgan, his trading strategies are top notch.
With the current problem around the world today I think it's best everyone invest more in digital asset than Saving in banks, anyone you can manage don't live a life with no investment . Just my thoughts
Things you can invest In
đđ
Real estate
Stock
Crypto
Bonds
Stocks, bitcoin are falling and bond yields are rising, but markets still don't seem convinced, the Federal Reserve will pursue plans to keep increasing interest rates until inflation is under control. I'm still at a crossroads deciding if to liquidate my $117k stock portfolio, what's the best way to take advantage of this bear market?
@@meganlouise8943 you just spoke my mind, all stocks are crashing, bitcoin and others are falling, how can one take advantage of you this time
@@meganlouise8943 Focus on two key objectives. First, stay protected by learning when to sell stocks to cut losses and capture profits. Second, prepare to profit when the market turns around.I recommend you seek the guidance a broker or financial advisor.
@@harryrichard8590 Having an investment adviser is the best way to go about the market right now, especially for near retirees, l've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
Saving Is Good ..INVESTING Is Better !!!!!!!!!!
You have to have money to invest money.
@James Smith True.
What is a good reputable place to invest
@@JamesSmith-pc6bh Yeah, like $200k outside of penny stocks.
I strongly agree ,some people just save and save never grow.they just have the money that they not yet spend it
Being successful don' t happen by magic Success is dependent on the action or steps you take to achieve it. Show me a man who doesn't have an investment and I will tell you how soon he'll go broke Investment is building a safe haven for the future: with the right choice of investment that has at least 1% minimum risk and with an Expert guidance, profit and interest should be 700 guaranteed.
Alesandro, I agree with you đŻ%..had a senior colleague at work who was doing well but never had an investment. Unfortunately he lost his job and went from living a comfortable life to hardship. There would had been something to fall back on if he had an investment
@Putri Fauziah True, there is never any culture of wealth gathering or wealth creation to keep multiplying your finance that lack an investment value. This means, if you have to plan you must be an investor. that's why Investing in crypto stands to be the best
As a beginner who don't understand how Bitcoin trade/forex trading really works and you really want to make profit from it. I will advise you to first start working with a professional broker
I'm New to Bitcoin and forex trading. Can someone guide me good way of trading
@@henrycooper5225 I will advice you don't trade on your own, you will keep losing. start trading with Mrs Bruce Christelle trading services.
100%. We don't try to impress anybody, debt free AND own a home on a small plot of land. My wife and I drive 20yo cars, don't eat out, no credit cards or loans, found jobs that paid for college 100% and got a degree for free, learned some trades etc. Don't even worry about our credit scores and pay cash for everything, feels great!
Pretty sure thatâs the best way . If there was an easy way to succeed everyone in the world would be doing it already. 1 get an education. 2 get a steady job , 3 stick to one relationship and work to make it successful 3 be content with a simple modest life . 4 donât have a busy social life , it wonât get you anywhere, it will just distract you from other goals . 5 take one small step at a time but always in the right direction .
You two are a rarity.im guessing you probably did something else : stayed away from people who borrow money all the time.i did that for years& got away from the money blood suckers,including some in my own family.
I can't obtain a good looking childless GF . Most of my money go on escorts.
Thanks for this amazing information !! If you
don't find a means of multiplying money, you
will wake up one day to realise that the money
you thought you had, has finished. Investment
is a key factor to wealth. Start now to get your
money right by investing.
I see many young and old make mistakes that i think should not be. I believe that everyone should have an investment plan that increases their financial returns from three figures to six figures. The investment can be your retirement plan or future plan, depending on what you want but what matters most is that you have an investment that is profitable.
I wonder what the best opportunities to invest
now, there are really good opinions, but
afterward i later find out these opinions don't
really matter as a totally different turn of
events play out with the kind of Investment
they discussed therein.
There is no better agenda for the future than investment, as the world has developed rapidly now there are many things you could invest in that will pay off for you for a long time to come with a professional management and guidance. The crypto and stocks market are big investment options.
@@Gabrielle.. I've been in the red for too long even before the market crash, my stock portfolio has been decreasing so bad, i really need some help.
@@imrann00 I actually have my portfolio well diversified cause of the volatile nature of the market. Personally I had to reach out to a Financial analyst named "Williams T. Kevin" who has been a huge relief. My depreciating portfolio returned almost $350k before the market crash and now I'm buying again. A lot of successful Investors actually do this, but won't say it.
Investing is considered a bedrock in making generational wealth. Most people don't know when, where or what to invest in. Fortunately, great investors of the past and present can provide us with guidance and ideas. Meaningful contributions are always welcomed.
Trading with an expert has been the best way of making huge returns from crypto currency.
The common mistake we newbies make is without help and legit guidance from a professional.
@@milagagnon3417 Yes, you're right, it's not watching all videos wasting time on strategies, I was ignorant doing so till I met Rheagan Max Deplonty last year at a startup funding event in Washington DC.
He had some interesting things to say about the state of algorithmic trading today, obviously I'm seeing results, and my trading is going smoothly.
As a beginner who doesn't understand how Bitcoin/forex trading works and you really want to make profit from it. I will advise you to first start working with a professional broker.
Credit is whats keeping you all poor, they want you to keep a good credit score but in order to do that you need to stay in debt.
I have excellent credit. The only thing I have bought on credit was when I purchased my first house. I have always saved for car so No credit was needed. I paid cash. The sales people tried to talk me out of it. Before I bought my first car I took the bus to work. I was bad mouthed sometimes by people who were envious. Oh well. I have a fiduciary financial adviser for investments.
@@terrykelly6113 good for you. Credit want keep you in debt if you use and manage it wisely
When u pay off a house and have cash saved for your future cars, you don't have to worry about your credit score.
THAT IS TRUE. BUT IF YOU PAY IT OFF BEFORE THE DUE DATE ...YOU WILL NEVER OWE.
It's easy to have good credit it just takes time. The only people who struggle with that are the people who buy a bunch of bs stuff that they don't need.
I love how you started with âstopâ buying drugs. Majority of my money goes to weed and food and the more I smoke is the more I eat lol bruh! My future self is already proud
I have been trading for about 6 months now and just about every trade backfires and slaps me in my face. Nearly impossible for me to catch more than a few points. I try to do top down analysis but it doesn't work for me. I say to myself, clearly I'm in the 90% that lose money, so I open a demo account, do my analysis, then take the opposite of what I would normally take and get the same result. I'm starting to feel hopeless, any advice for a struggling trader?
Mrs Jane Rucker training program has been insightful, and I must say, I'm most honored to have been part and a full-time beneficiary of his daily signals. I have been growing monthly & have been able to increase my portfolio from 1.5BTC to more than 4.5BTC with her daily signals.
It depends on what you are trading... If you're trading crypto then forget about having any valuable help. If it's stocks then unfortunately there is a lot of studying you need to do. As for forex then getting started with a few courses and developing a strategy that you stick to is the only way. You can continue to talk to me on this comment section for any further clarification, I need to know what you're trading
Simple step-by-step process, excellent communication and response times. The service was extremely streamlined and friendly throughout. Would recommend them to anyone give Mrs Jane Rucker a try.
Go work for someone successful and realize how much work is involved.
Like many analysts, I am positive about bitcoin. I am sure that now it will begin to develop very rapidly. It is still difficult to give an accurate forecast. But I prefer to buy it on Bitfinex and hold it.
I find the more people show off the less money they have.
"I'm not trying to look rich, I'm trying to be wealthy"
@@ThatGuyOnCZcams2 I hope your day is going well . We haven't formally met. The reason I'm reaching out to you is because I'm just curious, would you be interested in a side project, if it didn't interfere with what you're already doing???
Hell yeah đ đ đ€Ș đ đ€Ł đ đ đ đ€Ș
this is true
but the opposite is also true
MOST PEOPLE (not all) Show off less , the more money they have
I have very wealthy clients, i can tell you if you crossed them in the street, you wouldn't know it
then again... i have some very wealthy clients that insist on being treated like royalty and go on about how much money and businesses they own
LOL
so yeah.. it can go both ways
but definitely ... there is a Majority of the wealthy that basically keep it to themselves
AND I'LL TELL YOU WHY .....
it's normal for people who are living tough to feel hate or resentment about those with money
they will get told things like
Ohhh give us some
Ohh you are so lucky
etc etc...
IT'S JUST EASIER TO SHUT UP AND NOT TELL PEOPLE HOW MUCH YOU EARN.
that's why they dowhat they do
Not true. Look at Floyd Mayweather.
your ability to break down economics for the average Joe and Jane to understand is top notch. You really need to create a course on trading stocks for the retail investors. Thanks for all this great content and information. Lastly get those likes up folks and share this video
thast reminds me of Nicole Ann Sabin, i had an increased exposure on how to navigate the market while copying her trades. it rare to see a Financial advisor who is so transparent to the point of sharing her strategies. Unfortunately for her and fortunately for me. i can now trade independently. i don't pay any percentage to her anymore
@@Robertgriffinne wow, who's this advisor, how can i find her?
I can't give much details to it, Profit comes for proper trade execution. I racked up in profits $558,405 from $185k capital in august last year to be exact on my portfolio using her trade signals. I watched a news interview on where she featured during an IPO and spoke proficiently, caught only her name and did a search later online. she's quite a genius in trading and portfolio diversification.
@@Robertgriffinne I usually don't take advises online but i curiously looked Ms NIcole up and scheduled a phone call with her. she seems proficient and well grounded
Peer pressure is definitely a factor that can start early on. I remember in the high school days (I grew up and live in London UK), where, when I was about 13 my family moved to another part of the city, and at the school a lot of the kids were fashion focused, and you could get mocked for wearing non-brand name clothing and footwear. It happened to me several times. This kind of pressure had kids persuading their parents to buy those fashion label clothing and footwear items that were seen as 'cool', purely because they didn't want the reputation of being a 'loser' by not wearing the 'right' clothes. Looking cool was far more important than sensible spending. By the time I got to college I was fully on board and I can remember on occasion spending an entire week's wages on a pair of running shoes, only for them to be pretty much ruined after a few months. I guess we didn't know any better back then. But it definitely started early.
It's not what car you own which matters but how you drive it.
Kids cannot tell the difference between real one and the fake one.Buy them a fake one of a brand name and close the case.
peer pressure is definitely a factor....but what's stronger than peer pressure is to build strength of character in ourselves and children to believe in OURSELVES and resist peer pressure.
when I was in school, it was very uncool to make good grades. I dont think I ever made less than an A in math or science. Not a cool look. Difficult. Not fun. Wont be popular.
But....after I got out of medical school....my degree will keep me in cool shoes for the rest of my life.
A ârainy dayâ fund is one of lifeâs absolute necessities. And keep it to yourself....not even my wife & kids know that I have one. As the old the old saying goes, âYou never know whatâs around the corner in lifeâđđ»đ°đ°
âYou never knowâ, especially during this pandemic and unpredictable economic atmosphere.
I'm 20yrs now and really liked the video cause am now getting to know more about Life. Managing your finance wisely will make you a good life.
Wise advice, keeping an eye on your money is so simple yet so truthful. I use to make the mistake of GUESSTIMATING what I was spending. Now, I bring my lunch to work, eat my breakfast at home, and I keep track of ALL spending.
I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs Lucy Mary Liam
Wow I'm just shocked someone mentioned expert Mrs Lucy Mary Liam I thought I'm the only one trading with her
Mrs Lucy Mary Liam is legit and reliable sometimes I wonder if she uses finger magic to trade
@@rosiejones2079 OMG!! you know MRS LUCY MARY LIAM too wow, she is really a good trader, she's also my portfolio manager, her strategy are top-notch
She is a good portfolio and asset manager with best of experience, she can help back up your assets in case of any long term bearish run.
I remember starting this journey with half BTC but in 14 months I have made 17.8 BTC form days and swing trading with expert Mrs Lucy Mary Liam.
Ernie's family did some failed food establishments...but they were mostly bricklayers, and concrete workers. So, by the time Ernie hit 62, he had been working 48 years, at low wages. He bought the house with 3 other relatives! Ernie retired at 62, started selling produce, and trees from his garden/greenhouse. He got containers for free. etc...etc. Ernie paid his expenses in retirement with the cash he earned. By the time Ernie's wife died, they had assets worth $500k. The home was mortgaged with survivorship rights......Ernie's wife won the tantine. (she lived the longest, and shockingly gifted the home to ONE daughter only, whom took care of her in old age).
A store manager, retired when I was 17, and he was 55. He said, he made very little money, but took 15% of his takehome, and invested in stocks. Then he paid his mortgage off (by borrowing against his stocks, likely no longer allowed, he never paid tax on the "capital gains", but legal at the time). Then he repaid his loans to himself. Since his mortgage was paid off in his 40's, etc, he had like 3/4 of a million in stocks. He got lucky, yes. but he didnt blow the money because he had a windfall stock once, he sold it and got out. He lived in a 2 bedroom home. He didnt discuss money with his wife. Otherwise, she would have made him buy a bigger home. That, was about 1980. VietNam ended, 1975-ish, so, the country was doing well. Ah, the Regan years.
This should be taught in grammar school, high school, and college, with increasing sophistication.
@@bettermentboss
Continue your great work in giving people a much-needed clear and articulate financial education.
..I liked and subscribed.
Financial education is deliberately missing from our education curricula
@@phumaphetsheyankala8619 Sadly, I suspect you are right.
I really love your COMMENT .
Thank you for this video and the main reason I stayed with it was bc you moved along without dragging out the info. Your precise delivery was extremely appreciated
Ditto that.
#11: Don't invest good money in a bad spouse.
#12: Don't make enemies of people in powerful places, especially in government. They will use the system which is free to them to destroy you. You must use a legal defense which is not free to you.
#13: If you have accumulated money from your endeavors, keep it your secret. Money draws thieves like shit draws flies.
Getting money is the easy part, keeping it is the hard part.
Yes ro #13: A foolish man brags and Flexes his wealth.
The wise one speaks and appears modestly.
also remember time is important I never saved a penny then when I hit 50 I was like SHIT !! I have no money and this hit me like a tone of bricks .all becuse I didnt pay attention to TIME .I just thought being 20 i had loads of time .then again at 30 .then again at 40 !!! right up to now at 50 ...and seriously getting to 50 was soooooo fast .so remember you have no time .better than right now to START SAVING!! otherwise like me you'll be 50 with nothing đĄ
Tony i again with you,I'm 55 years old, don't have anything, now my big gold is that I'm starting to save for 2021
Thank you for this reminder. My expenses have been everywhere lately. Need to catch up.
Never regret anything you have done, or neglected in your life... Some people see it as enjoying life before settling down with a house, chores and other stay at home conveniences. Some see it as a wasted time, that you must have X,Y,Z to feel success full. Both are right if you understand why? But remember, it's never too late and you really have to pick One Life Style or Another. In conclusion, some people save their whole lives to have fun at the end of their lives... then find out they are too old to enjoy the things they once could have done "cheaply" in their youth. It all depends on your level of expectation.
@@israelzayas361 true!
It is not too late for you if you do the right things now. That is what I have decided to do. Remember you may get to 60. You have 10 good years to turn things around, barring any big disasters. Start now. It's all you have. You don't want to reach 60 and still be broke.
Stop buying the things that are over-priced, for example, when I saw that beer can cost $50-60 for a case of 24, I stopped buying them, I got used to consuming less beer, and now I only buy 2 to 4 455 ml cans per month at approx $2.00 ea. I stopped buying beef because it hit $18 - 24 + a kilo. I only buy it when there's a good sale. (I apply this to almost everything) people need to stop buying cars that take them 7 years to pay for!!?? Why don't enough people even notice that $30,000 + for a regular new car is absolutely ridiculous, and worse, pick-up trucks that will set you back by about $ 70,000 - $ 80,000 + ???!! Wow, I guess I must be wrong if I think for a minute that $ 80,000 is a lot of money!
Cars !
I recently sold a Jeep that I kept for a year ,the car was fun en everything but terrible on gas and repairs , in one year I think I wasted about $6K in just maintenance and extra gas .
Not everyone can give up there beer and cigarette consumption that easily tho
As the saying goes - Why live poor in a Rich Man's neighborhood, when you can live Rich in a Poor Man's neighborhood. That's not saying you should live in a dangerous poor neighborhood, but in a lower median income area than your earnings. Note: Making $100, 000 in a lower Middle class neighborhood is preferable to making that same $100, 000 living on Millionaire's roll. Gotta find that sweat spot and you'll be fine.
I live by this. I believe in living below my means
My dad buying Cigarattes for >40 years cost same like a price a decent house with 3 bed room, 2 bath room. or a decent family car.
after smoking for 40 years+ now he must go to doctor every week cost even more than a cigarattes but he seems wont stop smoking even his healt is getting worse...
That make me so angry and HATE Cigarattes so much. Cigarattes is stole a lot of my family money and destroy my family health. I wish the world ban Cigarattes soon
I'm very much on your side
On your side,
Im with u too.
very true.i agree with you.
You make sense
What makes us poor is the govt taxes.
If that was the case weâd all be poor. Taxes donât affect me at all although I wish I didnât have to pay taxes.
@@makatkplt one of the best responses to that statement i've ever heard. well said.
Democrats!
Building wealth is in your mindset, work on that and your financial potentials becomes exponential, develop good habits like regularly putting money away in intervals for investments .The stock market has plenty of opportunities to earn..I was able to grow to 7 figures on a diverse portfolio strategy spread across bluechips, top etfs and coins . my broker Susan Kay Mack, handles all my investments and ensures I stay above the market
Wow, great work. you surely made a good bit of money
I did read about Susan Kay Mack on the web., quite a great resume she has
Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.
found her webpage by looking up her name online.... Her resume is quite outstanding, I'll be writing a mail to her shortly.
susan is great way to scam people
Yep you need at lest 10k for a rainy day or for when the boss don't like you anymore which can and does happen every day to someone
Depending on the country you live in. I think the best formula is at least 6-9 months of your monthly spending needs to be the safety net.
Suphatra Chaiyasit in the EU they will not fire you without reason. I lived in the US for a log time and unfortunately there are no labor laws to protect the people.
Your income should be diversified now. The finest choice a person can make is to generate passive income. It was the best move ever for me to invest in crypto. Diversifying your sources of income is the best way to ensure financial security.
How does this crypto stuff really works and how do I make good returns from it?
I would recommend you get started with a professional broker that will trade for you while you get the profit
@@triciahall3213 Do you have an idea of any good broker I can start with that's trust worthy?
I would recommend my current *broker Jessica Marie Gibbs financials.* She is currently earning a lot of profit for me and het services are top notch
Wow, i'm shocked you mentioned Jessica Marie Gibbs financials, she is also my current broker.
Spending more you make that's my weakness,right now I have stop,I will use money wise
Learn to cook for yourself, and use extenders when you cook that are inexpensive (I.E.) Adding pasta or noodles to make a larger meal instead of just chicken or meat. Immediately place those you can use into lunch containers, and freeze those leftovers for extra meals! Bring your own lunch and coffee.throw a tea bag, or a lemon wedge, or a cucumber slice into your water to go instead of buying expensive drinks..
Use a crock pot (cheap at thrift stores!) to make meals. You come home to a nice meal, and it is inexpensive on the electric bill.
Frozen veggies are cheaper, and they are easy to add to other meals, and save some for no waste.
Thrift shops have so many deals...you can buy clothes for next to nothing. Buy socks, underwear and shoes new, tho.
Buying linens from thrift shops is fine, IF you wash them upon coming back and heat on high for 20 minutes or til dry.
Look for chairs, tables, small appliances at thrift stores also! Try before you buy and look for color of the day sale items!
Good Luck, and don't forget to compost those veggie and egg shell, coffee and tea scraps into your soil for summer gardens!
I agree with shopping at thrift stores!! Goodwill is my favorite!! 80% of my clothes are purchased from there and I have really nice designers so the quality is great. I purchased shoes, underwear and linen from the clearance rack at various stores. It works for me
It is so true and its all about our family they spend all there money just to show off it was a reach but now through v hard time they donât know how to cope up with the situation đ€šđđ€
When I was 23, an accountant/friend had me keep track of every penny spent for one week. Aside from careless purchases like those mentioned here (thank you!), she found that 67% of all my cash was going to buying things for other people -- at the drugstore, 7-Eleven, grocery store, department store. Young people need to get smart about this one!
As a former smoker, the amount of money saved is ridiculous. Btw since Australian govât doesnât want people smoking, it cost $39 per PACK!!! THATâs financial incentive!
I'm glad to say I've never smoked, and I would discourage anyone else from taking up the habit. It's expensive and bad for your health. (Both financial and physical!)
That being said, I don't think it should be outlawed, either. In a free society, adult humans should be allowed to make their own fully-informed decisions. Moreover, outlawing things that people want creates all kinds of societal problems which are both undesirable and expensive. The cure is worse than the disease. (Have _Prohibition_ and the _War on Drugs_ taught us nothing???) It also sets a bad precedent and encourages nanny-state government to regulate and control all aspects of our lives.
And taxing anything to the extent of $39 per pack (are you freakin' kidding me???) is effectively outlawing it. Cigarettes and other "sins" should be taxed to the extent (and only to the extent) that they impose costs on society. No more, no less. That way, they are neither overtaxed nor subsidized, and people are free to decide whether to consume or not, without the government taking sides, and Freedom of Choice is preserved.
$39 a pack of cigarettes?
Bet you wish you were smoking now. You have a better chance of making it through this virus if your a long time smoker. I've smoked for 57 years and I'm 63. My lungs are clear as a bell. Had the doctor look at them. As a kid, smokes were 50 cents a pack.
@@cynthiaayers7696 what the hell you talking bout
My Dad smoked like a tire fire, up to six packs a day before the taxes went through the roof on cigarettes. As a graduate student he bought Raleigh pipe tobacco and OCB papers, and was able to roll cigarettes right-handed (he was left-handed) while diving his manual-shift Studebaker.
I agree with your tips.
Yess..When I was in Siberia labor camp,we made everything stretch..I saved enough to buy my freedom..now I build acme 5x24 series time transducing capacitor with built in temporal displacement and AMD dimensional warp generator modules containing the grc79 induction motors..ty for your video..happy travelsđ
5:38 (5b) HAVING an emergency fund, but having it in a place that requires you to visit the bank lobby to get to it, only to not have access at all because all the bank lobbies are CLOSED FOR THE FORSEEABLE FUTURE due to the Covid quarantine
Thank you so much. #BettermentBoss Channel.
For imparting valuable knowledge to the general benefit,
these apply in my daily life.
Always great content. Sharing with my Facebook friends.
My pleasure!!
Last point of maintaining more than one bank account /additional one took my attention great content I support your hustle! Thanks
All of this is fine and dandy when you have the opportunity to given to you in means of money in the family, connections that can offer great paying jobs, and invest advisors at the ready. Can't invest money when so many of us love paycheck to paycheck barely clearing enough to cover the bills, travel expenses for work, and foregoing any extracurricular activities. We buy vihicles that are more then likely going to break down within the first year. Credit scores are too low to even get approved for a credit card, an auto loan, or anything else that would help us get ahead. I'm lucky to even have enough money to pay all of my monthly expenses and then have a little left over to do things, anything. The only reason is that I work two jobs and that usually has me working 12 to 16 hours a day for 7 days a week. I don't live outside my means, just hard to get paid what a person is worth these days, because every company is trying to only hire entry level employees and keep them at the entry level pay no matter what. Just a dollar raise an hour barely gives a person anything. It's more like a slap in the face.
Louis Pasteur said, 'Chance favors a prepared mind.' I taught financial planning for several years. The first thing you have to do is change your mindset. It sounds like you are in a hard spot, but with a 'loser' mentality it will never get better for you. Success is very seldom an overnight action. Look for small ways to cut expenses, save for the item before you buy it, quit using high-interest charge cards, etc. I taught 'cash stashing' where you set up envelopes for each of your expenses, putting money into each every time you get paid and NOT touching it for anything else. You can get employer-matching IRAs or Roth accounts. Take advantage of every dollar they offer. There are so many ways to get out of a rut. Got extra stuff around the house you don't need? List it for free and put the money into a retirement account. Don't believe Social Security will take care of you. It won't. The government is worse than broke. It is a couple hundred trillion dollars in the hole. Go to worlddebtclock.org and see for yourself. The biggest change you need is a 'can-do' attitude. Sorry to be rough on you, I don't even know you. I have talked to a lot of people in 20 plus years as an agent and mostly going from experience.
The worst thing people do is to waste money on things you do not need, and not looking for bargains that occur all the time!!!!
Having a emergency fund saves you paying top dollar for insurance,I had been paying $1100PA for car insurance even with 30 years of no claim history on a $50K car I changed companies and increased my excess from $500 to $2000 and the policy now cost $420PA its a risk I can afford to take and the saving's is worth the risk
I can't even tell you how satisfying it was towards the end when they talked about multiple bank accounts. I have been doing that for a few years now and it works out so much better than you will initially realize. I divided them up in the exact same way this video spoke of. Totally speechless seeing them explain past actions I had taken. Very fulfilling.
But , don't you have to pay for the maintenance of them ?
*In a nutshell, your health, wealth, happiness, fitness, and success depend on your habits*
very true.....đđđ
I live in Canada and finally quit smoking but still smoke lots of weed and when i was smoking cigarettes and marijuana i calculated it out to about 600$ a month and that discovery blew my mind.
Betterment Boss hell yeah
Betterment Boss it was a bad acid trip to that finally got me to quit i had like five packs on my coffee table to, after i stopped tripping for two days i havenât touched a smoke since drugs are good people ok donât be scured to drop like five to ten hits and take a real mind blowing life changing trip. Hold on and ride it out go hard or go home. đ
Too much
Rich people dont think they are rich ,poor people dont think they are poor thats why they still holding same financial situations.
My version of the last one:
I have $2,000 in a regular 0.05% APY savings account at a physical bank for daily things and bills. I than have 3 account with Betterment: $8K in cash reserve 0.40% APY account (cash reserve combined with savings makes 1 year emergency fund). I than have $5K in a 85/15 bond/stock taxable account for 5 year plan goals or anything similar, and than $6K in a Roth IRA 90/10 stock/bond which i won't touch unless it's a last resort.
As long as i have my emergency fund, I'll keep contributing the $6K/year to my Roth IRA and put the extra in the bond account. Anything i need to change?
When you're rich and everyone around you is broke,then something is definitely wrong with youđŻđWe rise by lifting others upđȘ
Yeah! I agree,what business ideas or investment can you wholeheartedly put your money into without panicking???
Iâm a resident of Egypt and have heard of crypto currency and would love to join..,any guide?
@@haydencraig7149Well,if you must know,. WARREN T SONIA is the best Tutor
You can write her up on Facebook
WARREN T SONIA ??
Investment in knowledge will always give best dividend.
Couldn't agree more!
NO.... NOT ALWAYS
You and Suhail are doing what people do commonly on video's like this ...
You basically swallow up a piece of information
it sounds cool
so, you roll with it and you think if you say something like KNOWLEDGE IS POWER or INVESTING IN KNOWLEDGE ALWAYS PAYS DIVIDENDS
will make you sound cooler because it sounds LIKE IT SHOULD BE CORRECT
......... BUT IT'S NOT
Mate.... I'TS MORE USEFUL FOR YOU TO UNDERSTAND THE REALITY instead of rattling off catch phrases that are just a fantasy
Learn 2 things here today
1. KNOWLEDGE IS NOT POWER
2. INVESTING IN KNOWLEDGE DOES NOT ALWAYS PAY DIVIDENDS
if you disagree, You're going to have a very rude shock one day.
I challenge you to prove that Knowledge is power
I challenge you to prove that Knowlege ALWAYS pays dividends
Now.. I've been in business 23 years, I KNOW FOR A FACT IT DOESN'T
so.. there is a big difference between saying it and sounding cool
and actually doing it
FEEL FREE TO TRY IT
Would love more content on legal insurance and security on trading the general market under expertise and would love to sit, listen and learn or negotiate with the most deserved marketing consultant ever.
The best insight I had when I decided to start trading and investments, was getting in touch with Anmol Singh of globalstocks from the very onset to earn good profits from the market.
uncertainty is the only thing thatâs certain about the markets, one just need to have contingencies for such scenerios
The stock market is appreciating with the likes of various tech companies like TSLA. trading and investing with globalstock has been rewarding, under the guidance of Anmol Singh a pro market strategist
trade the foreign exchange market presently, receiving signals and trading with over $4,000 in my meta trader account. i need to be top class. Need a greater eye for win?
Recently i started following up on youtube financial channels and Iâve taken a deep dive into investing particularly Foreign exchange rates as it interests me. Tried several means trying to figure out the best approach to build my portfolio until coming across Mr Singhâs firm in an investment webinar. His financial team has got more progress with financial management and its a crucial topic that most tend to shy away from and tends up haunting them later on
leave a message with the topic forex only when you have passion for trading/learning > A n m o l t r a d i n g s t o c k s @ g m a i l . c o m <
Or WhatsApp .+1 929 529 7984
i wish to scream to you young investors watching this, do it now! write down your goals, read them everyday then meet or read with trading qbusiness planners and pursue your dreams. its not some day, its now!
For 6 months i stayed in my truck to save money to start up my own business or Accounting firm following the advice of my best friend who was alraedy an agent for FXTM. After 6 years of success, i laugh about the experience , and am proud to say that i was able to make over 90,000 in profits by saving the $5000 in rent costs i would have had to spend 6years ago to help finance my business startup.
Only if a good amount of folks do what you teach, just imagine how many millionaires we already have or will have in the future. Not the sad statistics where at least 50% of people are living paycheck to paycheck, even for high income earners. Great contents as always!
A relatively simple way to build wealth for future generations is to consistently inveest in top-notch, dividend-paying REITs and blue-chip companies over time.
Unfortunately, the majority of people appear to be unaware of and unconcerned about investing, despite the fact that it should be the best thing a person can do for himself. My stock and cryptocurrency gains continue to have a significant impact on my fortune. As a result, I have no desire to rely solely on my salary or to wait for the market to rise.
@@smithmurphy Fiduciary-counselors have exclusive information and data paths that are not available to the general public. Under the guidance of my Fiduciary-counselor "JILL MARIE CARROLL," I profited ÂŁ460k in 2022. Is it true that I'm selling? Certainly not. I'm going to take a step back and watch how this all plays out.
@@blaquopaque That's amazing! My portfolio has taken a severe hit, so I could really use their knowledge. how do i make contct?
I initially came across her on a CNBC report then on smart advisorrs and at once searched her on the internet, best decision I've made to stay afloat these crazy times. She has been exemplary.
There is a way out of every stumbling block and error. That sense can be problamatic because you always think spending is ok this time around.
In my case a private university cost me $35,000 a year and I attended for 5.5 years to finish. Once out I was gifted a sizable amount -- what did I do? I bought a brand new truck. It took me 4 years to pay it off completely and an additional $4,000 was added in interest. I lost $12,500 when I sold it 6 years later.
My university costs almost led me to bankruptcy. I managed to keep up with payments with help for a while before receiving a grant that paid off both programs including a graduate program later on.
I think the hardest thing aside from having debt is returning to it after all that you have experienced. If there is any lesson in all of this -- do not fool yourself into a standard of living until you receive approval from the ones looking out for your best interests.
In my case my mother, father, brother, and all my closest loved ones all need to be informed. There. That is what I needed to say.
Thanks mate!
Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it.
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works.
Venturing into the bitcoin without an adequate orientation with a professional broker for accurate signals, you might lose all your hard-earned money
Binary trading is a good and reliable way of building wealth which also create opportunities for crypto Believers.
You see in trading cryptocurrency, one requires more than just a primary knowledge of crypto. It is best to trade with an expert to avoid unnecessary losses. It's advisable to have a professional trader/broker who is an expert in the field to help you manage your account.
I'm into Real Estate, but I took the decision to invest in the Crypto market and I have been getting good returns on my investments. The market is also an effective way to grow wealth.
Omg this was so helpful!! Thank you
Thank you. Excellent advice đ
It was pretty helpful thank you for your great ideas
THANK U MAY THE GOOD LORD KEEP AND BLESS U AMEN BEEN THERE DONE THAT GONE TO DO BETTER 2020 AMEN
I agree with all except for having 6 months of living expenses in a savings account for an emergency fund. Put that money in stocks, i prefer dividend paying stocks.this is how my emergency fund grow quicker
@@bettermentboss i like my chances on the stock market than in a savings account. Also, if you good at it, you can buy stocks short or get options. This is a great video!
@@bettermentboss yes i know. I rather take my chances than sitting my $ in savings doing absolutely nothing
But what if anything bad happen. Can we easily borrow from friends and relatives
I would add one more to this excellent list -- monitoring your credit score. The first time you go to make a big purchase, some people don't realize that not only will their FICO score affect whether they can get a loan, but also the interest rate on that loan. Monitoring your score is easy and free through any of the big three credit agencies.
Again, great list. Dick Richardson
Too me being well off would mean having an average residual income coming in with plenty of time on your hands.A few nice things yes but more time for hobbies would mean a lot to me.
And most importantly being in good health to do the hobbies you want to do.
Get rich quick schemes are definitely an issue, canât believe people still fall for them :(
Mostly occur in Asian country like Malaysia.
Hey! What software/resources you use to make these videos?
Cut up your credit cards. Cash is best!
If youâve havenât got the cash, donât buy it!
The card can be 'king' as well. Use the card wisely, do not carry over a balance. Get a card with a cash back account. Just use the card with caution and make sure you can pay off the balance, if any, every month.
Pay off the CC every month. I have a CC that accumulates points and pay off the balance every month. I cash in the points for over a $1,000 in free gift cards. So basically I pay nothing and they give me money at the end of the year. Go figure.
@@mikesmith-st9fb That's the key. Pay off the balance you've accumulated every month in full. Never make purchases where you have to take several months to pay off. I get cash back, soon I'll have enough to pay for my air tickets to San Juan, Puerto Rico!
@@brucemarsico6 Save all that money and then go blow it on a useless trip.
@@brucemarsico6 sometimes paying over time is better depending on the percent of the interest rate. Some rich people rather pay a mortgage then buy in full so they can invest and make even more money
Credit card overspending, high house rents/mortgages, addictions, not budgeting before going to the grocery. Just using my credit card to build up my credit score. Spending only 10% max of my allowance. Avoiding too expensive accomodations. I'm using 25% of my salary for renting. I just found out I've been overspending on grocery shopping. From now, I'm planning to spend no more than a fix amount per week. I think 25⏠should be enough. This way, I can save 60% of my income
Thanks big up
*Thanks for sharing these tips!* đ
That #2 is so me. You end up seeing so much you never saw before and wanna go splurge but nowadays everything is so expensive canât do nothing
So interesting! Keep it up! Nice
$ 9 dollars and 8 cents for one pack of cigarettes, I'm so old that I remember a pack of cigarettes costing either 25 or 35 cents per package - from a machine !
When I was a kid (before the civil war) a place up on Garfield blvd sold coffee, like beer, for 5 cents. The other day at Starbucks (granted slightly more foo-foo) my 'coffee' came to between 5 and 6 dollars.
Anyway, personally I think a person is better invested in the quality & not obsessed with the quantity of thier live's. Smiles are truly golden; and if a pack of cigs or the crazy-ass coffee from Starbucks brings you one...
If you had some way 10 billion years from now to look back; I'll just bet you'd probably say to yourself 'damn, I wish I'd a gone-ahead and enjoyed that smoke, that drink, trist or whatever'.
You'll only have the chance to live - right now.
Always Wondering $39 for cigarettes in Australia
This was so revealing. Great video!
Love your videos!
Use it when u need.simple
yes invest wisely
You should change the 3 accounts to keeping cash on hand. I once signed up for college and then cancelled well before the date to not get charged. Everything was fine for about 5-6yrs. Then out of the blue I had almost $3k taken out of an account. The college claimed I never cancelled any classes. Well I didnt have the printout from 6yrs before and due to the way colleges can collect (even if you dont take a loan out) I was pretty much screwed. It would have cost more to recover the money in legal fees than the money they took. At the time they emptied my bank account and I didnt have much of any cash on hand. Since that event I always keep cash around.
The saddest fact of all is signing up and cancelling was all done on a computer at the college. If someone had my SS and wanted to be mean they could have signed me up for anything.
So sorry.
Thank you for sharing đđ
Thanks. Great financial advice.
I canât agree with that.. Jordan Belfort, John McAfee, Warren Buffett (with Coca Cola and McDonaldâs) .. come on now. đđ§
Very true: addiction keeps you poor.
Very true, gambling, video games, shopping, coffe, weed, alcohol, nicotine, etc. itâs crazy how people get addicted to these things and will spend so much money
Brasil sobre TUDO, Deus sobre TODOS.
addiction is a sonovabitch... I beat alcohol.. coffee...tobacco..never took drugs.. Dr pepper is hard as hell to give up.... the sugar and caffeine are a skunk... keep you up at night..
Agreed. And they come in all forms. I was addicted (not in the physiological sence but metaphorically) to eating out, restaurants, cafes, anything and everything. I wanted to taste entire menus and I did (i did no reviews). But thankfully I realised...
Ola Brasil
Concordo. Gracas a Deus nao bebo bebida alcolica, nao fumo nao uso drogas. Quando pagava prestacao do meu apartamento pagava a mais para acabar pagar rapido.
Daqui e
Shehnaz Ahmad
Johannesburg
Africa do SulđżđŠ
Guia turistica
Great video boss
So , the standard tobacco costs is around the standard coffee cost .
Gambling is a way many people lose money.
Also collecting things that cost money to maintain. If you collect watches they need servicing. A guy I know bought a Rolex and paid 600 to have it serviced because it was not working right.
Some people have so much stuff, and it's really hard to get rid of your stuff when you realize you don't need it. It takes commitment and energy to get rid of or sell off your unwanted stuff.
Living with a minimalist attitude, is a path to consider. How many pairs of shoes do I need? Jackets?
I buy nice wool sweaters on Ebay or in second hand stores and I bought a Hugo Boss wool sweater for 6 Euro in perfect condition. I wear it a lot bicycling.
I have learned to be frugal and learn to save by being curious and trying to be smart. I only need one bicycle to commute, tour, and shop. And if you ride without a competitive attitude you save energy, wear and tear on bike, your body, and so on. I contemplate buying another bike like a single speed, but the gears are useful. I won't go the ebike route because I think they are ugly.
I have been able to accumulate a lot of money just buy not driving a car.
Also, trying to stay lean and healthy. But don't be a fanatic.
I do buy high quality meats and cheese. And I enjoy life. I enjoy cooking at home and keeping it simple.
The main thing is to live within your means, and don't waste time shopping, window shopping, for stuff you don't need like new cologne at 80-100 or more.
9:48 I totally disagree with 3 accounts. Money confusion happens. Forget to pay a bill..not knowing your balances, other people in your account, paying a bill ..not knowing which account and getting taxes back or stimulus money and confused on where it is...
So true I realized it in my teen ages. I now seek good job so that I have multiple sources of income
For me! I donât smoke, make my own coffee and buy a car every 8-10 years !
How old are you now?
And the last vehicle I bought was a year old when I bought it in 2014.
Love these videos. Notice your audio distorts in all of your videos. Would help if you use a compressor or back off on your input gain. Have a great day!
Wow! This is very good information thanks:)
A great video on to avoid money mistakes. Especially the point, when your friend purchase something and you also do it, to keep the stats high, is most bad choice to do. Have never competed with my friends for that and have saved a lot.
True for the point that, u need to have multiple accounts. Because money lying in your only savings account, is like "liquid gold". Its waiting to be taken away, and when it does, later you think, "I should have saved something". Keep up the good work @Betterment Boss!
We have two types of people
Those who increase their wealth and those who lose it.
Be one who increase wealth doesnt matter „âŹÂŁ$ what ever the fuck the currency they r
Wow..speaking is easy than do it..all people are thinking like u..but only 5 percent can do like you said..because of what..their income is enough to live only..please tell me how people that only get enough money only to survive to follow very brilliant ideas of yours..
Thanks for this dude...
Unfortunately, there is no reliable means of "investing", that will provide a worthwhile return. The possibility of losing your money, still exists.
@@bettermentboss I'm in Canada. Savings accounts pay less than 1%. GICs, pay, maybe 2%. Our retirement savings plan, is called an RRSP, and has to be converted to. RIFF(retirement income fund), when you turn 65. The vehicle most chosen, are mutual funds, and the philosophy is "buy and hold". So, when your mutual funds are "growing", in theory, you are only seeing the gains, and/or losses, on paper, not in reality. But, let say you've been diligent, and put your money away, for 40 years, and it "grew", into a substantial sum, and the year you have to cash out, the market tanks, (it's happened). Time, and money, are irreversibly, gone. Now what? If that was your only source of retirement income, you are screwed, instead of retirement, you end up working, for the rest of your days. Many elderly people, have next to zero savings. Not everyone gets that six figure income, or union job, that pays out a pension. It's pretty hard to save for retirement, making minimum wage, or, not much above that. I believe good financial advice, is hard to come by, because everyone is a salesman, first, and the banks, want to keep you in debt. So yeah, I do have a bit of a negative attitude, when it comes to finances. Sorry for the length of the post.