The Real Reason You're Not Rich Yet: Millionaires Explain 6 Crucial Pre-Investment Steps
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- čas přidán 16. 06. 2024
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Our Rich Journey - The Real Reason You're Not Rich Yet: Millionaires Explain 6 Crucial Pre-Investment Steps: I think that everyone pretty much has similar goals when it comes to investing in that most people have the goal of (at least) growing their wealth. But, despite this same goal, many people go about investing in different ways. And, of course, that’s normal because people have different time horizons and risk tolerance levels. BUT, while people may invest differently, there is one thing that we think that EVERYONE should be before investing. In this video, we discuss six things we did before we began investing to make our millions! We think you should do these six things, too!
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#FinancialFreedom #HowToRetireEarly #FinancialIndependenceRetireEarly - Jak na to + styl
Making a budget and sticking to it is tough. Just like with working out, consistency is king.
seems like im getting set backs monthly. nothing is cheap anymore. extremely frustrating.
Just keep pushing forward!!! ❤️
Same brother same. We gotta play the long game. Small steps and consistency
I completely resonate
@autobotdiva9268 Keep pushing forward and don’t quit! You can make it.
Actually it all depends on the current economic situation that we are living in, when this couple were working, I would imagine 20 to 30 years ago, things were very different, you didn't need 2 incomes to be able to pay rent, gas, utilities and groceries were significantly cheaper, everything seemed to be easier to reach and aquire. Nowadays things are much different, what might have worked before might not work now. Don't blame yourself since a lot of things are outside of your hands. Keep the strength and find inner peace.
I'm a single mum who became a homeowner last year. It was a huge milestone for me! Having suffered large impact from covid ,On top of that, I'm also fortunate enough to have a pretty decent monthly income through my successful strategic investments. As a result, I have carefully planned for my retirement after my kids are done with college
Great video, Amon and Christina! I appreciate all the work you do with these videos. I'm curious if you prefer a total stock market ETF over an S&P 500 ETF or vice versa.
Great steps! An emergency fund and budget were key parts of my path.
Great advice! We always did a New Year planning session as a couple. We had to 1st agree on what we wanted as individuals and as a couple. Emergency Fund allowed us pivot room and made us feel less stifled in our jobs.
To steal the expression widely attributed to Mike Tyson, “Everyone has a plan until they get punched in the mouth.”
My wife and I have discovered that it is equally important to be adaptive, as your best laid plans are often disrupted by changes in tax laws, government policies, the economy, personal tragedies and setbacks, etc.
Yes! I’ve heard that reference from Mike Tyson before. So true!
Most definitely. Argentina features prominently in our FIRE plans. The outcome fo the election and what monetary policies will be enacted are very concerning and we watch with a lot of wonder. Gotta stay flexible. If the US, China and Europe are headed to financial collapse, knowledge of alternatives, languages, customs and rules will be very helpful.
@@BOULDERGEEK Argentina? Can you expand on this ?
Thanks so much for another great video.! One question: Are you still being able to invest in the US living abroad? I just saw an information on Fidelity for expats that they will still hold your assets and reinvest the dividends but you cannot invest in new Etfs or mutual funds. I assume the same will apply to Vanguard. I have an account with Interactive brokerage but didn't want to have all my new investment concentrate with them. Would love your take on that. Best regards!
You two are incredible and thank you for sharing your journey
I concur about all the steps, especially step #6. Having a plan is the best hedge you could have in your financial plan.😊
Yes! Always invest with a plan!
These are so good. Education is ongoing. I'm still learning. Thanks Amon & Christina! ❤❤❤❤
One of my favourite videos. Thanks very much for sharing. 🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉
Good advice 👍🏽
So true! It’s critical to be FH before reaching FI.
FH - financially healthy (high credit card debt paid off, emergency savings, financial research and budgeting)
Great info!
Nice. Thank you always for the advice
Another Great Video! Keep up the great work.
Rockstar content as usual guys. I agree that these foundational steps are usually overlooked, but it is so crucial!
Great point about educating yourself first! I never see that step included in other creators' checklists.
Thanks!
Another great video from you guys. I actually follow all your steps and especially a “paying yourself first” mentality and sticking your budgets make a huge difference. Can you guys make a video on tax efficient savings? I which security to put in which account 401k, IRA, brokerage and how to spread your risk across those accounts?
Paying yourself first" is indeed a financial concept that can be traced back to the book "The Richest Man in Babylon" by George S. Clason. This book is a collection of parables set in ancient Babylon and imparts financial wisdom through these stories.
Hi! I’m having a hard time with the Pay Yourself First Budget download. I got the email and opened the link. But not sure how to file and make a copy of it? Do you have a tutorial? Help…
🤑💡💰 Amazing video! These millionaires really dropped some priceless gems. 💰🚀
Thank you so much for taking time to say hi to me last week at Time Out Market in Lisbon. I mentioned that i was there chasing my rich journey. Seeing you there was no coincidence. You are truly an inspiration, and i really hope to make F.I.R.E. in Portugal a reality.
Thank you both
Thank you for watching Dionne!!!❤️
These videos are super appreciated 💯💪🏾♾️
Thank you so much!!!❤️
My $3M dividend portfolio pays all my bills multiple times over, I am 52 , retired because I no longer need to work.
Great job! It really is this simple. Easy access to debt is the downfall to many though
Awesome video, well said.
Thank you!!!
LaShawn from the DMV checking in while on a mini getaway in Miami.
Hey there LaShawn!!! Enjoy your getaway!!!! ❤️
Welcome to my city enjoy
Well done!
I’ve saved over $2m but don’t have a plan…we’re overspending and it’s ridiculously stressful. Time to learn from you 🙏🤞
This was us a year ago. yeah. We have all this money. Then, we started looking to build a house and it would take almost 1/3 of our money because my MIL is going to live with us and we need room for the kids to visit. So, I just had to scrap that plan.
Going abroad and saving the money will be better for us in the long run.
I just love you guys!!!❤
I love y’all’s advice- but I’m single and taking care of my family. It’s so hard 😞
I tried to download your budget worksheet, but unfortunately it will not allow me to rename and save.
We need a video about how to deal with unexpected set backs...
My case is pretty close to a worst case sequence of returns risk, in our recent memory. I got debt free and invested $1.5M in 2019. Right before the pandemic. And the rise in real estate. We decided to rent for a few years, as we prepared for expat life. Pandemic hit, and everything went into chaos. Today we have $1.4M, and are living very lean abroad. Waiting and trying not to make any unnecessary withdrawals against principal. Hoping someday our balanced portfolio gains traction and our 4% rule withdrawals will be a little bit better.
Buddy if you’ve got $1.4m and you’re living abroad in a LCOL area, even though you’ve taken some losses, you’re doing great. Sounds more like a mindset issue than a money issue.
@@phillips8366 Yeah, but, we're still exceeding our 4% rule. Tickets to the US. Obligations on US holdings, obligations to visit aging relatives, etc kill our ability to maintain LCOL. Monthly spending is around $1500, but the rest of it doubles that. I probably won't feel sustinable until $1.8M. I know I shouldn't expect violins.
That is exactly our plan. Let our money sit and ride this wave out. We will live very leanly aboard and try not to touch our money.
Guys what's an LCOL area?😅
@@isassirius2520Low cost of living. 😊
I stopped watching at 2:30 to write this comment. I believe you explained the concept of prioritizing an emergency fund vs. starting to invest very well- without an emergency fund if you need money ASAP it may have to come from assets sold below book value. Emergency fund first, then invest!
Can I apply your course to Canadian stock market?
Quit Like a Millionaire by Kristy Shen does a lot on Canadian investing!
(It’s a book.)
I'm sure that completely replicating any one of the many successful financial gurus programs is not in my future. I implement as many things as I possibly can. Thanks for the great advice. You're moving on to another phase and so am I, it's now time to invest in A.I. and Computational Molecular Biology for me. This World is changing, forever.
I need to start making my coffee at home and I'll be on my way. 👍
Hi😊
Hi there Danelle!!!❤️
No disrespect my brother your wife is a beautiful natural woman we don’t get them any more but lots of thanks for all you guys do I’ve learned so much from you guys my portfolios are put together and diversified I am actually pushing for my first ever 100k thanks again and stay blessed
👍
Real reason we arent rich yet, We pay rent every month so dont have thousands of extra dollars to invest every month for a couple of decades.
nope that is an excuse ...you could live in a studio and invest the difference etc etc
Investing is tough because of my Islamic faith luckily I’m 27 and have some time on my side. Love your channel!
❤️❤️❤️
Prayers to you ❤
I'm Muslim also. Islam has nothing to do with investing. What do you think the oil producers are doing? I appreciate this couple for sharing information and the how to do this. Most people just say they are blessed and that's all. Allah does not desire hardship for you. So the question is, how do we avoid hardship? You about hardship by gaining knowledge and doing things to guide your get and hands into prosperity. May Allah bless you and guide you into deeper understanding of his will. AsSalaamAlaikum friend.😊
Islam has nothing to do with it.
Usury is only a sin on the lender. And “Islamic mortgages” are the same as regular mortgages structure wise they just use different terminology
I have always wondered how it feels & what goes through their mind when Rich ppl reveal they are Millionaires 🤔! Then I wonder what the ppl who are hearing them are thinking 🤔! From wondering how it feels to actually reveal u r a millionaire, to how , to If I was…… ….. hmm 🤔
😊
I certainly feel like I am going backwards with the current stock market.
We’re near all time highs in the market! This should NOT be the case.
Take a hard and objective look at what you’re investing in
Did you see Johnson & Johnson declaring bankruptcy?
J and J case dismissed
I invested after seeing you video on FIDELITY 500 INDEX FUND
Prefer to be spiritually richer
📌 [281/1000] As a man, if you have solved your financial problems you have solved 99% of your problems.🎯🧠
Heard you can’t retired with $2.5M especially now these days?
Some where else where you are arbitraging USD to cheaper currency yes. In the USA, probably $5M and a paid off house.