-
10 Greatest Personal Finance Lessons That Changed My Life
► In this video, you will learn the 10 personal finance lessons that have had the biggest impact on my life. My wife and I learned these lessons the hard way, and they have helped us achieve financial success. I hope you can take away at least one or two things to apply to your own life.
► Try Playbook - Develop Your Most Tax-Efficient Investment Strategy: https://www.helloplaybook.com/taekim
Timecodes:
0:00 - Intro
0:17 - #1 Buy To Impress = Less Money
1:38 - #2 Real Millionaires Are Frugal
3:07 - #3 Average Friends = Average Life
4:41 - #4 Marry For Money
5:54 - #5 Investing Should Be Boring
7:42 - #6 Investing Should Be Simple
9:06 - #7 Investing Should Be Long
10:46 - #8 Cash Is King
12:21 - #9 Spend Money Extravagantly
13:34 - #10 Money Buys Freedom
------------
FAVORITE TOOLS:
►...
published: 12 Dec 2022
-
6 principles of personal finance and budgeting
To learn more about Brilliant, go to http://brilliant.org/mariana and SIGN UP FOR FREE!
👉 For my full 2023 Planner setup, my Morning Routine Master Video and my Productivity 101 Video (and other monthly exclusive releases), go to https://nebula.tv/videos/mariana-morning-routine-101
For productivity coaching and online classes, go to https://productivityforhumans.com
Learning how to manage your personal finances and budgeting, independently of your specific financial situation, should definitely be one of your priorities this year; I mean, it should be one of your priorities your whole life, but if you haven't kickstarted the process yet, this year is as good a time as any to get more involved in the world of personal finance.
My Spreadsheet: https://docs.google.com/spreadsheets/d/121p...
published: 24 Jan 2021
-
10,000 Crore Wealth Manager Reacts to Your Personal Finance Questions
Fill in your questions for next episode: https://forms.gle/izRfDqRrTbEjbicQ9
Hey guys, in today's video Saurabh Mukherjea Founder (Marcellus PMS), Krishnan Quantitative Research team (Marcellus PMS) and I answer some personal finance questions about :
-Taking a home loan
-Assets for short term investment
-Quant Investing
-Right time to sell mutual funds
-Best asset to invest huge lump sum amount
Enjoy :)
Connect with me ►
Instagram: https://www.instagram.com/anshhuman/
Linkedin: https://www.linkedin.com/in/anshuman-sharma-20452b148/
Twitter: https://twitter.com/Anshuman_306
______________
Subscribe for more videos ► https://www.youtube.com/channel/UCBqvATpjSubtNxpqUDj4_cA
GEARS BEHIND THE VIDEO:
📷 Camera: bit.ly/sonyZV1cam
🎙️Indoor mic: https://bit.ly/Rodewirelessgo2
⚡Lights: http...
published: 29 Mar 2023
-
I asked a personal finance expert how to invest.
Go to https://squarespace.com/mattdavella to save 10% off your first purchase of a website or domain using code MATTDAVELLA. Thanks to Squarespace for sponsoring this video ✌️
Here are some links & resources to help you get started on your own personal finance journey:
Start investing here: https://investor.vanguard.com/home
The target date fund I invest in: https://investor.vanguard.com/investment-products/mutual-funds/profile/vfifx
Personal Finance books (These are affiliate links):
I Will Teach You to Be Rich: https://amzn.to/3Yje3CW
Barefoot Investor (for Australians): https://www.amazon.com.au/Barefoot-Investor-Money-Guide-Youll-ebook/dp/B01N79M1DS
Personal Finance Steps & Flowcharts:
United States: https://i.imgur.com/lSoUQr2.png
Australia: https://imgur.com/NmP4zCu
Canada: https...
published: 08 Feb 2023
-
Personal finance: How to save, spend, and think rationally about money | Big Think
Personal finance: How to save, spend, and think rationally about money | Big Think
Watch the newest video from Big Think: https://bigth.ink/NewVideo
Learn skills from the world's top minds at Big Think Edge: https://bigth.ink/Edge
----------------------------------------------------------------------------------
Whether you have a lot of money or a lot of debt, it matters how you handle your personal finances. A crucial step when it comes to saving is to reassess your relationship with money and to learn to adopt a broader, more logical point of view.
In this video, social innovator and activist Vicki Robin, psychologist Daniel Kahneman, Harvard Business School professor Michael Norton, and author Bruce Feiler offer advice on achieving financial independence, learning to control your emo...
published: 23 Sep 2020
-
10 Money Rules for Financial Success
A few years back, I was always in the very frustrating place where bills would constantly pile up and yet I had no money to pay them off (If you have ever been in this situation then you probably that it can be really stressful and hard on you). The good news is that, over time I did manage to prowl my way out of this situation, and you can too. Therefore, in today’s video, I’ll be sharing with you all tips, tricks and strategies that you can use to get out of this situation, and hopefully get ahead in your own personal finances. Stay tuned. Enjoy!
#Finances #Ahead
⏱ Time Stamp:
00:00 Introduction
00:46 Keep track of your spending.
02:00 Make a budget.
02:53 Give yourself a limit on unbudgeted spending.
04:00 Save for big purchases.
05:17 Read books about finance
06:04 Lower your monthl...
published: 25 Oct 2022
-
A Minimalist Approach to Personal Finance
My Simple Habits Course is now enrolling! https://slowgrowth.com/simple-habits
☝️🚀
Get exclusive content: http://patreon.com/mattdavella
There’s a basic formula to win at personal finance. And it’s this… Make more money than you spend. In practice it’s not that easy. In the real world our money slips through our fingers. No matter how much we make our bank account seems to have its own agenda.
In this video I breakdown common myths, pressures & misconceptions about money and how to manage it.
My gear... https://kit.com/mattdavella
^These are affiliate links. I only recommended products that I use & fully endorse.
💯 You can also follow me here:
Newsletter: http://mattdavella.com
IG: http://instagram.com/mattdavella
Twitter: http://twitter.com/mattdavella
Podcast: http://groundupsh...
published: 26 Jun 2018
-
How To Manage Your Money (50/30/20 Rule)
In this video I present a high level overview on how to manage your money using the 50/30/20 Rule.
Money management is 90% discipline and 10% knowledge. The 50/30/20 rule will force you to create a budget and understand where every single one of your after-tax dollars is going.
50% of your budget should be spent on needs which are are things that are essential to life and that you literally cannot live without.
30% should be spent on wants which could be classified as things that bring you joy and happiness, but are NOT essential to living. (Dining out, entertainment, hobbies, etc.)
The final 20% should be spent on savings, paying off debt, and retirement planning.
I feel like a lot of people confuse wants for needs, and we know the difference deep down, but we really want the one t...
published: 13 May 2019
-
ACCOUNTANT EXPLAINS: Money Habits Keeping You Poor
👉🏽 My Intentional Spending Tracker (free) - https://nischa.me/intentionalspendingtracker
Most of what we do with our money everyday is unconscious. In this video I share the most common bad money habits and how you can break out of them.
Investing Platform I use is Trading 212: Use the promo code NISCHA to get a free share worth up to £100: https://nischa.me/trading212
⌚️Timestamps:
00:00 - Intro
00:28 - Paying Yourself Last
01:53 - Bad Debt
02:31 - Buffer
03:17 - Income & Expenses
03:57 - Spending
04:48 - Saving
05:37 - Taxes
06:56 - Waiting too long to invest
07:59 - Not caring
👉🏽 My first $100k tracker (free): https://nischa.me/personal-finance-tracker
📝 Money Mini-Crash Course (free): https://nischa.me/moneycrashcourse
MY FILMING EQUIPMENT:
📷 Camera: https://amzn.to/3...
published: 08 Jan 2023
-
Your Coffee Did Not Cost You Your Financial Future (Here's What Did)
Upgrade the way you learn with Brilliant! To get started for FREE go to http://www.brilliant.org/howmoneyworks
Sign up for my newsletter https://compoundeddaily.com 👈
-----
Edited By: Andrew Gonzales
Music Courtesy of: Epidemic Sound
Select Footage Courtesy of: Getty Images
For sponsorship inquiries, please contact [email protected]
All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.
#finance #investing #personalfinance
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A 2022 Survey conducted by the lending club bank found that more than a third of people earning over $250,000 a year were living paycheck to paycheck, and if someone earning four to five ti...
published: 21 Feb 2023
14:41
10 Greatest Personal Finance Lessons That Changed My Life
► In this video, you will learn the 10 personal finance lessons that have had the biggest impact on my life. My wife and I learned these lessons the hard way, a...
► In this video, you will learn the 10 personal finance lessons that have had the biggest impact on my life. My wife and I learned these lessons the hard way, and they have helped us achieve financial success. I hope you can take away at least one or two things to apply to your own life.
► Try Playbook - Develop Your Most Tax-Efficient Investment Strategy: https://www.helloplaybook.com/taekim
Timecodes:
0:00 - Intro
0:17 - #1 Buy To Impress = Less Money
1:38 - #2 Real Millionaires Are Frugal
3:07 - #3 Average Friends = Average Life
4:41 - #4 Marry For Money
5:54 - #5 Investing Should Be Boring
7:42 - #6 Investing Should Be Simple
9:06 - #7 Investing Should Be Long
10:46 - #8 Cash Is King
12:21 - #9 Spend Money Extravagantly
13:34 - #10 Money Buys Freedom
------------
FAVORITE TOOLS:
► Mint Mobile - Check Out My Partner Mint Mobile, Affordable Phone Service - https://trymintmobile.com/financialtortoise
► SoFi - Checking & High-Yield Savings Account (Terms Apply) - https://sofi.com/tae (Affiliate Link)
► Shortform - More Than Book Summaries - https://shortform.com/taekim
LINKS:
► Get My Weekly Newsletters: https://www.financialtortoise.com/newsletter
► Favorite Books: https://www.financialtortoise.com/bestbooks
DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
https://wn.com/10_Greatest_Personal_Finance_Lessons_That_Changed_My_Life
► In this video, you will learn the 10 personal finance lessons that have had the biggest impact on my life. My wife and I learned these lessons the hard way, and they have helped us achieve financial success. I hope you can take away at least one or two things to apply to your own life.
► Try Playbook - Develop Your Most Tax-Efficient Investment Strategy: https://www.helloplaybook.com/taekim
Timecodes:
0:00 - Intro
0:17 - #1 Buy To Impress = Less Money
1:38 - #2 Real Millionaires Are Frugal
3:07 - #3 Average Friends = Average Life
4:41 - #4 Marry For Money
5:54 - #5 Investing Should Be Boring
7:42 - #6 Investing Should Be Simple
9:06 - #7 Investing Should Be Long
10:46 - #8 Cash Is King
12:21 - #9 Spend Money Extravagantly
13:34 - #10 Money Buys Freedom
------------
FAVORITE TOOLS:
► Mint Mobile - Check Out My Partner Mint Mobile, Affordable Phone Service - https://trymintmobile.com/financialtortoise
► SoFi - Checking & High-Yield Savings Account (Terms Apply) - https://sofi.com/tae (Affiliate Link)
► Shortform - More Than Book Summaries - https://shortform.com/taekim
LINKS:
► Get My Weekly Newsletters: https://www.financialtortoise.com/newsletter
► Favorite Books: https://www.financialtortoise.com/bestbooks
DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
- published: 12 Dec 2022
- views: 472723
13:56
6 principles of personal finance and budgeting
To learn more about Brilliant, go to http://brilliant.org/mariana and SIGN UP FOR FREE!
👉 For my full 2023 Planner setup, my Morning Routine Master Video and m...
To learn more about Brilliant, go to http://brilliant.org/mariana and SIGN UP FOR FREE!
👉 For my full 2023 Planner setup, my Morning Routine Master Video and my Productivity 101 Video (and other monthly exclusive releases), go to https://nebula.tv/videos/mariana-morning-routine-101
For productivity coaching and online classes, go to https://productivityforhumans.com
Learning how to manage your personal finances and budgeting, independently of your specific financial situation, should definitely be one of your priorities this year; I mean, it should be one of your priorities your whole life, but if you haven't kickstarted the process yet, this year is as good a time as any to get more involved in the world of personal finance.
My Spreadsheet: https://docs.google.com/spreadsheets/d/121pqeifcr46ycXTskckJtjgzJ4tu_WRF-0e3S2K6vdQ/edit?usp=sharing
General Resources:
‣ Ovalblog Financial Education: https://blog.ovalmoney.com/section/financial-education/
‣ Simple Budget Printable: https://files.consumerfinance.gov/f/documents/cfpb_well-being_monthly-budget.pdf
‣ Money Management Template: https://www.vertex42.com/ExcelTemplates/money-management-template.html
‣ Notion Financial Tracker (paid): https://gumroad.com/l/TAosI
‣ Notion Personal Finance Template (free): https://www.notion.so/Personal-finances-32df76a3a6904c6f9e588f34d97e5a11
‣ Best Personal Finance books:https://time.com/nextadvisor/in-the-news/best-personal-finance-books/
‣ Best Personal Finance podcasts: https://www.businessinsider.com/personal-finance/best-personal-finance-podcasts
‣ Mint: https://mint.intuit.com/
Everything about Debt:
‣ 25 Ways to Get Out of Debt in 2021: https://www.daveramsey.com/blog/ways-to-get-out-of-debt
‣ 10 Ways to Get out of Debt: https://www.thebalance.com/start-getting-out-of-debt-960852
‣ Escape the Debt Cycle: https://www.thebalance.com/get-out-of-the-debt-cycle-4054269
‣ Mortgages - a Beginner's Guide: https://www.moneyadviceservice.org.uk/en/articles/mortgages-a-beginners-guide
Video edited by: Mary Among Stories (
[email protected])
FTC: This video is sponsored by Brilliant.
https://wn.com/6_Principles_Of_Personal_Finance_And_Budgeting
To learn more about Brilliant, go to http://brilliant.org/mariana and SIGN UP FOR FREE!
👉 For my full 2023 Planner setup, my Morning Routine Master Video and my Productivity 101 Video (and other monthly exclusive releases), go to https://nebula.tv/videos/mariana-morning-routine-101
For productivity coaching and online classes, go to https://productivityforhumans.com
Learning how to manage your personal finances and budgeting, independently of your specific financial situation, should definitely be one of your priorities this year; I mean, it should be one of your priorities your whole life, but if you haven't kickstarted the process yet, this year is as good a time as any to get more involved in the world of personal finance.
My Spreadsheet: https://docs.google.com/spreadsheets/d/121pqeifcr46ycXTskckJtjgzJ4tu_WRF-0e3S2K6vdQ/edit?usp=sharing
General Resources:
‣ Ovalblog Financial Education: https://blog.ovalmoney.com/section/financial-education/
‣ Simple Budget Printable: https://files.consumerfinance.gov/f/documents/cfpb_well-being_monthly-budget.pdf
‣ Money Management Template: https://www.vertex42.com/ExcelTemplates/money-management-template.html
‣ Notion Financial Tracker (paid): https://gumroad.com/l/TAosI
‣ Notion Personal Finance Template (free): https://www.notion.so/Personal-finances-32df76a3a6904c6f9e588f34d97e5a11
‣ Best Personal Finance books:https://time.com/nextadvisor/in-the-news/best-personal-finance-books/
‣ Best Personal Finance podcasts: https://www.businessinsider.com/personal-finance/best-personal-finance-podcasts
‣ Mint: https://mint.intuit.com/
Everything about Debt:
‣ 25 Ways to Get Out of Debt in 2021: https://www.daveramsey.com/blog/ways-to-get-out-of-debt
‣ 10 Ways to Get out of Debt: https://www.thebalance.com/start-getting-out-of-debt-960852
‣ Escape the Debt Cycle: https://www.thebalance.com/get-out-of-the-debt-cycle-4054269
‣ Mortgages - a Beginner's Guide: https://www.moneyadviceservice.org.uk/en/articles/mortgages-a-beginners-guide
Video edited by: Mary Among Stories (
[email protected])
FTC: This video is sponsored by Brilliant.
- published: 24 Jan 2021
- views: 555953
13:26
10,000 Crore Wealth Manager Reacts to Your Personal Finance Questions
Fill in your questions for next episode: https://forms.gle/izRfDqRrTbEjbicQ9
Hey guys, in today's video Saurabh Mukherjea Founder (Marcellus PMS), Krishnan Q...
Fill in your questions for next episode: https://forms.gle/izRfDqRrTbEjbicQ9
Hey guys, in today's video Saurabh Mukherjea Founder (Marcellus PMS), Krishnan Quantitative Research team (Marcellus PMS) and I answer some personal finance questions about :
-Taking a home loan
-Assets for short term investment
-Quant Investing
-Right time to sell mutual funds
-Best asset to invest huge lump sum amount
Enjoy :)
Connect with me ►
Instagram: https://www.instagram.com/anshhuman/
Linkedin: https://www.linkedin.com/in/anshuman-sharma-20452b148/
Twitter: https://twitter.com/Anshuman_306
______________
Subscribe for more videos ► https://www.youtube.com/channel/UCBqvATpjSubtNxpqUDj4_cA
GEARS BEHIND THE VIDEO:
📷 Camera: bit.ly/sonyZV1cam
🎙️Indoor mic: https://bit.ly/Rodewirelessgo2
⚡Lights: https://bit.ly/digiteklights
🕹️Tripod: https://bit.ly/DigiTekTripod
MY TOP 5 FAV BOOKS 📚
Ride of a Lifetime: https://bit.ly/rideofalifetimebook
The Millionaire Fastlane: https://bit.ly/TheMillionaireFastlanebook
Zurich Axioms: https://bit.ly/ZurichAxioms
Masters of Scale: https://bit.ly/masterofscale
Just Keep Buying: https://bit.ly/justkeepbuying
#fixyourfinance #personalfinance #moneymanagement
Disclaimer: I am not a SEBI registered investment advisor. Information shared is only for educational purposes and not investment advice.
Music licensed by Epidemic Music
https://wn.com/10,000_Crore_Wealth_Manager_Reacts_To_Your_Personal_Finance_Questions
Fill in your questions for next episode: https://forms.gle/izRfDqRrTbEjbicQ9
Hey guys, in today's video Saurabh Mukherjea Founder (Marcellus PMS), Krishnan Quantitative Research team (Marcellus PMS) and I answer some personal finance questions about :
-Taking a home loan
-Assets for short term investment
-Quant Investing
-Right time to sell mutual funds
-Best asset to invest huge lump sum amount
Enjoy :)
Connect with me ►
Instagram: https://www.instagram.com/anshhuman/
Linkedin: https://www.linkedin.com/in/anshuman-sharma-20452b148/
Twitter: https://twitter.com/Anshuman_306
______________
Subscribe for more videos ► https://www.youtube.com/channel/UCBqvATpjSubtNxpqUDj4_cA
GEARS BEHIND THE VIDEO:
📷 Camera: bit.ly/sonyZV1cam
🎙️Indoor mic: https://bit.ly/Rodewirelessgo2
⚡Lights: https://bit.ly/digiteklights
🕹️Tripod: https://bit.ly/DigiTekTripod
MY TOP 5 FAV BOOKS 📚
Ride of a Lifetime: https://bit.ly/rideofalifetimebook
The Millionaire Fastlane: https://bit.ly/TheMillionaireFastlanebook
Zurich Axioms: https://bit.ly/ZurichAxioms
Masters of Scale: https://bit.ly/masterofscale
Just Keep Buying: https://bit.ly/justkeepbuying
#fixyourfinance #personalfinance #moneymanagement
Disclaimer: I am not a SEBI registered investment advisor. Information shared is only for educational purposes and not investment advice.
Music licensed by Epidemic Music
- published: 29 Mar 2023
- views: 53597
15:48
I asked a personal finance expert how to invest.
Go to https://squarespace.com/mattdavella to save 10% off your first purchase of a website or domain using code MATTDAVELLA. Thanks to Squarespace for sponsorin...
Go to https://squarespace.com/mattdavella to save 10% off your first purchase of a website or domain using code MATTDAVELLA. Thanks to Squarespace for sponsoring this video ✌️
Here are some links & resources to help you get started on your own personal finance journey:
Start investing here: https://investor.vanguard.com/home
The target date fund I invest in: https://investor.vanguard.com/investment-products/mutual-funds/profile/vfifx
Personal Finance books (These are affiliate links):
I Will Teach You to Be Rich: https://amzn.to/3Yje3CW
Barefoot Investor (for Australians): https://www.amazon.com.au/Barefoot-Investor-Money-Guide-Youll-ebook/dp/B01N79M1DS
Personal Finance Steps & Flowcharts:
United States: https://i.imgur.com/lSoUQr2.png
Australia: https://imgur.com/NmP4zCu
Canada: https://www.reddit.com/r/PersonalFinanceCanada/wiki/money-steps/
EU: https://www.reddit.com/r/eupersonalfinance/wiki/basics/
New Zealand: https://www.reddit.com/r/PersonalFinanceNZ/wiki/stepbystep/
This should get you started! Personal finance and investing can be really rewarding and fun once you start diving in. There are hundreds of books and resources online that can help you start taking the right steps towards financial freedom.
---
Hi there 👋 If you're new to my videos my name is Matt D'Avella. I'm a documentary filmmaker, entrepreneur and YouTuber. I've made a couple documentaries for Netflix. I also teach courses on everything from filmmaking to habit change. If you like to nerd out about self-development as much as I do, you can subscribe for weekly videos.
🔗 LINKS
Enroll in my habit's course: https://slowgrowth.com/simplehabits
Enroll in my YouTube course: https://slowgrowth.com/masteryoutube
Get my weekly newsletters: http://slowgrowth.com/newsletter
Follow me on Instagram: http://instagram.com/mattdavella
Follow me on Twitter: http://twitter.com/mattdavella
🎬 CREDITS
Directed by Matt D'Avella
Guest Interview… Ramit Sethi
Edited by Zach Mayfield, Spencer Torok & Matt D’Avella
Design by Ashley Martin & Spencer Torok
https://wn.com/I_Asked_A_Personal_Finance_Expert_How_To_Invest.
Go to https://squarespace.com/mattdavella to save 10% off your first purchase of a website or domain using code MATTDAVELLA. Thanks to Squarespace for sponsoring this video ✌️
Here are some links & resources to help you get started on your own personal finance journey:
Start investing here: https://investor.vanguard.com/home
The target date fund I invest in: https://investor.vanguard.com/investment-products/mutual-funds/profile/vfifx
Personal Finance books (These are affiliate links):
I Will Teach You to Be Rich: https://amzn.to/3Yje3CW
Barefoot Investor (for Australians): https://www.amazon.com.au/Barefoot-Investor-Money-Guide-Youll-ebook/dp/B01N79M1DS
Personal Finance Steps & Flowcharts:
United States: https://i.imgur.com/lSoUQr2.png
Australia: https://imgur.com/NmP4zCu
Canada: https://www.reddit.com/r/PersonalFinanceCanada/wiki/money-steps/
EU: https://www.reddit.com/r/eupersonalfinance/wiki/basics/
New Zealand: https://www.reddit.com/r/PersonalFinanceNZ/wiki/stepbystep/
This should get you started! Personal finance and investing can be really rewarding and fun once you start diving in. There are hundreds of books and resources online that can help you start taking the right steps towards financial freedom.
---
Hi there 👋 If you're new to my videos my name is Matt D'Avella. I'm a documentary filmmaker, entrepreneur and YouTuber. I've made a couple documentaries for Netflix. I also teach courses on everything from filmmaking to habit change. If you like to nerd out about self-development as much as I do, you can subscribe for weekly videos.
🔗 LINKS
Enroll in my habit's course: https://slowgrowth.com/simplehabits
Enroll in my YouTube course: https://slowgrowth.com/masteryoutube
Get my weekly newsletters: http://slowgrowth.com/newsletter
Follow me on Instagram: http://instagram.com/mattdavella
Follow me on Twitter: http://twitter.com/mattdavella
🎬 CREDITS
Directed by Matt D'Avella
Guest Interview… Ramit Sethi
Edited by Zach Mayfield, Spencer Torok & Matt D’Avella
Design by Ashley Martin & Spencer Torok
- published: 08 Feb 2023
- views: 949321
14:33
Personal finance: How to save, spend, and think rationally about money | Big Think
Personal finance: How to save, spend, and think rationally about money | Big Think
Watch the newest video from Big Think: https://bigth.ink/NewVideo
Learn skill...
Personal finance: How to save, spend, and think rationally about money | Big Think
Watch the newest video from Big Think: https://bigth.ink/NewVideo
Learn skills from the world's top minds at Big Think Edge: https://bigth.ink/Edge
----------------------------------------------------------------------------------
Whether you have a lot of money or a lot of debt, it matters how you handle your personal finances. A crucial step when it comes to saving is to reassess your relationship with money and to learn to adopt a broader, more logical point of view.
In this video, social innovator and activist Vicki Robin, psychologist Daniel Kahneman, Harvard Business School professor Michael Norton, and author Bruce Feiler offer advice on achieving financial independence, learning to control your emotions, spending smarter, and teaching children about money.
It all starts with education and understanding. The more you know about how money works, the better you will be at avoiding mistakes and the easier it will be to take control of your financial circumstances.
Check Vicki Robin's latest book Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence at https://amzn.to/3iYISI8
----------------------------------------------------------------------------------
TRANSCRIPT:
VICKI ROBIN: I was leading a session on a relationship with money. I just was curious about where people were with this at this point. This was in 2016. We had 50 people in the room. We circled up and we went around the room, just say something about your relationship with money. And I realized every person in that room was in fear about money. From the 80 year old who I know has millions of dollars to the 20 year old who's like already $20,000 in debt. And it just, honestly it infuriated me like what kind of society requires that everybody participate in something that terrifies them. This feels so amiss to me.
DANIEL KAHNEMAN: People are not fully rational and they make many choices that if they reflected upon them they would do differently. There's no question about that. The major tendency is people tend to frame things very narrowly. They take a narrow view of decision making. They look at the problem at hand and they deal with it as if it were the only problem. Very frequently it's a better idea to look at problems as they will recur throughout your life and then you look at the policy that you're to adopt for a class of problems. Difficult to do would be a better thing. People frame things narrowly in the sense, for example, that they will save and borrow at the same time instead of somehow treating their whole portfolio of assets as one thing. If people were able to take a broader view they would in general make better decisions. So that is certainly one of the weaknesses of human decision making. We call it narrow framing.
Four layers of financial independence
ROBIN: First of all, I'd like to distinguish between independence and freedom. So, financial freedom is like freeing your mind. Financial freedom is understanding that I'm me and there's an economy out there and I have a relationship with it but it doesn't run my life. It's freeing my mind from the messages of the consumer culture, the messages of the economy. The messages that a house is a starter house. No, that's my house. I could die in my house. It's like there's so many presumptions that drive us into waste slavery, debt, and it doesn't matter whether you are at the low end or the high end. If you are engaged in that sort of anxious process of more, more, more, you are not free.
So the first layer of financial independence I talk about is this freedom of the mind. This freeing your mind. Of saying like I am sovereign. The economy is secondary. I will move my sovereign self into the economy for my own purposes rather than I am a schlump, the economy is my mega-boss and I don't know, my boss seems to be as big as the sky and so I will just let my life be run by my boss and the tax system and I'm just going to let myself be run by this thing. No. So you are sovereign beings so that's your first layer of financial independence is your own sovereignty. And then the second layer is to get out of debt. And for some people debt feels endless. And the first step to getting out of debt is stop going into debt. There's many people who have written to us who flatten their debt in a couple of years. Impossible debt. Debt that was going to be endless. They would die with this debt. And once they see what the debt is doing to them in terms of the actual opportunities, the future opportunities of their lives, that's the sort of link that we try to get people to make so that something in the future is more important than the immediate pleasure of buying one more tchotchke that you're never going to use...
Read the full transcript at https://bigthink.com/videos/personal-finance-how-to-save
https://wn.com/Personal_Finance_How_To_Save,_Spend,_And_Think_Rationally_About_Money_|_Big_Think
Personal finance: How to save, spend, and think rationally about money | Big Think
Watch the newest video from Big Think: https://bigth.ink/NewVideo
Learn skills from the world's top minds at Big Think Edge: https://bigth.ink/Edge
----------------------------------------------------------------------------------
Whether you have a lot of money or a lot of debt, it matters how you handle your personal finances. A crucial step when it comes to saving is to reassess your relationship with money and to learn to adopt a broader, more logical point of view.
In this video, social innovator and activist Vicki Robin, psychologist Daniel Kahneman, Harvard Business School professor Michael Norton, and author Bruce Feiler offer advice on achieving financial independence, learning to control your emotions, spending smarter, and teaching children about money.
It all starts with education and understanding. The more you know about how money works, the better you will be at avoiding mistakes and the easier it will be to take control of your financial circumstances.
Check Vicki Robin's latest book Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence at https://amzn.to/3iYISI8
----------------------------------------------------------------------------------
TRANSCRIPT:
VICKI ROBIN: I was leading a session on a relationship with money. I just was curious about where people were with this at this point. This was in 2016. We had 50 people in the room. We circled up and we went around the room, just say something about your relationship with money. And I realized every person in that room was in fear about money. From the 80 year old who I know has millions of dollars to the 20 year old who's like already $20,000 in debt. And it just, honestly it infuriated me like what kind of society requires that everybody participate in something that terrifies them. This feels so amiss to me.
DANIEL KAHNEMAN: People are not fully rational and they make many choices that if they reflected upon them they would do differently. There's no question about that. The major tendency is people tend to frame things very narrowly. They take a narrow view of decision making. They look at the problem at hand and they deal with it as if it were the only problem. Very frequently it's a better idea to look at problems as they will recur throughout your life and then you look at the policy that you're to adopt for a class of problems. Difficult to do would be a better thing. People frame things narrowly in the sense, for example, that they will save and borrow at the same time instead of somehow treating their whole portfolio of assets as one thing. If people were able to take a broader view they would in general make better decisions. So that is certainly one of the weaknesses of human decision making. We call it narrow framing.
Four layers of financial independence
ROBIN: First of all, I'd like to distinguish between independence and freedom. So, financial freedom is like freeing your mind. Financial freedom is understanding that I'm me and there's an economy out there and I have a relationship with it but it doesn't run my life. It's freeing my mind from the messages of the consumer culture, the messages of the economy. The messages that a house is a starter house. No, that's my house. I could die in my house. It's like there's so many presumptions that drive us into waste slavery, debt, and it doesn't matter whether you are at the low end or the high end. If you are engaged in that sort of anxious process of more, more, more, you are not free.
So the first layer of financial independence I talk about is this freedom of the mind. This freeing your mind. Of saying like I am sovereign. The economy is secondary. I will move my sovereign self into the economy for my own purposes rather than I am a schlump, the economy is my mega-boss and I don't know, my boss seems to be as big as the sky and so I will just let my life be run by my boss and the tax system and I'm just going to let myself be run by this thing. No. So you are sovereign beings so that's your first layer of financial independence is your own sovereignty. And then the second layer is to get out of debt. And for some people debt feels endless. And the first step to getting out of debt is stop going into debt. There's many people who have written to us who flatten their debt in a couple of years. Impossible debt. Debt that was going to be endless. They would die with this debt. And once they see what the debt is doing to them in terms of the actual opportunities, the future opportunities of their lives, that's the sort of link that we try to get people to make so that something in the future is more important than the immediate pleasure of buying one more tchotchke that you're never going to use...
Read the full transcript at https://bigthink.com/videos/personal-finance-how-to-save
- published: 23 Sep 2020
- views: 2550254
11:36
10 Money Rules for Financial Success
A few years back, I was always in the very frustrating place where bills would constantly pile up and yet I had no money to pay them off (If you have ever been ...
A few years back, I was always in the very frustrating place where bills would constantly pile up and yet I had no money to pay them off (If you have ever been in this situation then you probably that it can be really stressful and hard on you). The good news is that, over time I did manage to prowl my way out of this situation, and you can too. Therefore, in today’s video, I’ll be sharing with you all tips, tricks and strategies that you can use to get out of this situation, and hopefully get ahead in your own personal finances. Stay tuned. Enjoy!
#Finances #Ahead
⏱ Time Stamp:
00:00 Introduction
00:46 Keep track of your spending.
02:00 Make a budget.
02:53 Give yourself a limit on unbudgeted spending.
04:00 Save for big purchases.
05:17 Read books about finance
06:04 Lower your monthly bill.
06:58 Eat at home.
07:35 Pay off your debt.
08:44 Stop using credit cards.
10:07 Continue to spend quickly.
🚀 POPULAR VIDEOS: 📺
▶ 10 Legit Ways To Make Money And Passive Income Online - https://youtu.be/EAj0ZsYcHkQ
▶ 11 Ways on How You Can Get A Financial Education – https://www.youtube.com/watch?v=W0Z0_uQEbkk&t=0s
▶ 8 Assets That Will Propel You to Financial Success - https://youtu.be/UKMQCAUH7FQ
📚 References: https://bit.ly/3zcRXay
🌎 Practical Wisdom – Interesting Ideas
On this channel, I talk about money, lifestyle, investing, how to make money online, e-commerce and so much more. So, make sure to subscribe if this interest you!
DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.
https://wn.com/10_Money_Rules_For_Financial_Success
A few years back, I was always in the very frustrating place where bills would constantly pile up and yet I had no money to pay them off (If you have ever been in this situation then you probably that it can be really stressful and hard on you). The good news is that, over time I did manage to prowl my way out of this situation, and you can too. Therefore, in today’s video, I’ll be sharing with you all tips, tricks and strategies that you can use to get out of this situation, and hopefully get ahead in your own personal finances. Stay tuned. Enjoy!
#Finances #Ahead
⏱ Time Stamp:
00:00 Introduction
00:46 Keep track of your spending.
02:00 Make a budget.
02:53 Give yourself a limit on unbudgeted spending.
04:00 Save for big purchases.
05:17 Read books about finance
06:04 Lower your monthly bill.
06:58 Eat at home.
07:35 Pay off your debt.
08:44 Stop using credit cards.
10:07 Continue to spend quickly.
🚀 POPULAR VIDEOS: 📺
▶ 10 Legit Ways To Make Money And Passive Income Online - https://youtu.be/EAj0ZsYcHkQ
▶ 11 Ways on How You Can Get A Financial Education – https://www.youtube.com/watch?v=W0Z0_uQEbkk&t=0s
▶ 8 Assets That Will Propel You to Financial Success - https://youtu.be/UKMQCAUH7FQ
📚 References: https://bit.ly/3zcRXay
🌎 Practical Wisdom – Interesting Ideas
On this channel, I talk about money, lifestyle, investing, how to make money online, e-commerce and so much more. So, make sure to subscribe if this interest you!
DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.
- published: 25 Oct 2022
- views: 584346
7:44
A Minimalist Approach to Personal Finance
My Simple Habits Course is now enrolling! https://slowgrowth.com/simple-habits
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Get exclusive content: http://patreon.com/mattdavella
There’s a basic form...
My Simple Habits Course is now enrolling! https://slowgrowth.com/simple-habits
☝️🚀
Get exclusive content: http://patreon.com/mattdavella
There’s a basic formula to win at personal finance. And it’s this… Make more money than you spend. In practice it’s not that easy. In the real world our money slips through our fingers. No matter how much we make our bank account seems to have its own agenda.
In this video I breakdown common myths, pressures & misconceptions about money and how to manage it.
My gear... https://kit.com/mattdavella
^These are affiliate links. I only recommended products that I use & fully endorse.
💯 You can also follow me here:
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❤️ Get more videos & support my work:
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Thanks for watching!
https://wn.com/A_Minimalist_Approach_To_Personal_Finance
My Simple Habits Course is now enrolling! https://slowgrowth.com/simple-habits
☝️🚀
Get exclusive content: http://patreon.com/mattdavella
There’s a basic formula to win at personal finance. And it’s this… Make more money than you spend. In practice it’s not that easy. In the real world our money slips through our fingers. No matter how much we make our bank account seems to have its own agenda.
In this video I breakdown common myths, pressures & misconceptions about money and how to manage it.
My gear... https://kit.com/mattdavella
^These are affiliate links. I only recommended products that I use & fully endorse.
💯 You can also follow me here:
Newsletter: http://mattdavella.com
IG: http://instagram.com/mattdavella
Twitter: http://twitter.com/mattdavella
Podcast: http://groundupshow.com
❤️ Get more videos & support my work:
http://patreon.com/mattdavella
Thanks for watching!
- published: 26 Jun 2018
- views: 4028753
7:08
How To Manage Your Money (50/30/20 Rule)
In this video I present a high level overview on how to manage your money using the 50/30/20 Rule.
Money management is 90% discipline and 10% knowledge. The 50...
In this video I present a high level overview on how to manage your money using the 50/30/20 Rule.
Money management is 90% discipline and 10% knowledge. The 50/30/20 rule will force you to create a budget and understand where every single one of your after-tax dollars is going.
50% of your budget should be spent on needs which are are things that are essential to life and that you literally cannot live without.
30% should be spent on wants which could be classified as things that bring you joy and happiness, but are NOT essential to living. (Dining out, entertainment, hobbies, etc.)
The final 20% should be spent on savings, paying off debt, and retirement planning.
I feel like a lot of people confuse wants for needs, and we know the difference deep down, but we really want the one that we don't have the self-discipline to say no.
Step into a life of becoming smarter with your money. Master the 4 Pillars of wealth by joining WhiteBoard Finance University Today! 👉 http://www.wbfuniversity.com
EXCLUSIVE: Get 1-3 FREE Stocks valued up to $3500 On MooMoo
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ABOUT ME 👇
My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
#Investing
#PersonalFinance
#Entrepreneurship
#StockMarket
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.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.
https://wn.com/How_To_Manage_Your_Money_(50_30_20_Rule)
In this video I present a high level overview on how to manage your money using the 50/30/20 Rule.
Money management is 90% discipline and 10% knowledge. The 50/30/20 rule will force you to create a budget and understand where every single one of your after-tax dollars is going.
50% of your budget should be spent on needs which are are things that are essential to life and that you literally cannot live without.
30% should be spent on wants which could be classified as things that bring you joy and happiness, but are NOT essential to living. (Dining out, entertainment, hobbies, etc.)
The final 20% should be spent on savings, paying off debt, and retirement planning.
I feel like a lot of people confuse wants for needs, and we know the difference deep down, but we really want the one that we don't have the self-discipline to say no.
Step into a life of becoming smarter with your money. Master the 4 Pillars of wealth by joining WhiteBoard Finance University Today! 👉 http://www.wbfuniversity.com
EXCLUSIVE: Get 1-3 FREE Stocks valued up to $3500 On MooMoo
⮕ https://whiteboardfinance.com/go/moomoo
FUNDRISE - INVEST IN REAL ESTATE FOR ONLY $500
► https://whiteboardfinance.com/go/fundrise
M1 FINANCE - INVEST FOR FREE (Yes, Really)
► https://whiteboardfinance.com/go/m1-finance
My FREE M1 Finance Training Video
► https://whiteboardfinance.com/go/m1-finance-training
My FREE Stock Market For Beginners Guide
► https://whiteboardfinance.com/go/stockmarket4beginners
GET MY HOME AFFORDABILITY SPREADSHEET HERE
► https://www.patreon.com/whiteboardfinance
SCHEDULE A COACHING CALL WITH ME
► https://whiteboardfinance.com/go/marko-coaching
HOW TO BUY & STORE BITCOIN
► https://whiteboardfinance.com/go/bitcoin
THE BEST CREDIT CARDS TO USE RIGHT NOW
► https://whiteboardfinance.com/go/best-credit-cards
CHECK OUT MY BLOG:
► https://whiteboardfinance.com
FOLLOW ME ON INSTAGRAM
► https://www.instagram.com/whiteboardfinance
Instrumental Produced By Chuki:
http://www.youtube.com/user/CHUKImusic
ABOUT ME 👇
My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
#Investing
#PersonalFinance
#Entrepreneurship
#StockMarket
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.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.
- published: 13 May 2019
- views: 3857596
8:06
ACCOUNTANT EXPLAINS: Money Habits Keeping You Poor
👉🏽 My Intentional Spending Tracker (free) - https://nischa.me/intentionalspendingtracker
Most of what we do with our money everyday is unconscious. In this vi...
👉🏽 My Intentional Spending Tracker (free) - https://nischa.me/intentionalspendingtracker
Most of what we do with our money everyday is unconscious. In this video I share the most common bad money habits and how you can break out of them.
Investing Platform I use is Trading 212: Use the promo code NISCHA to get a free share worth up to £100: https://nischa.me/trading212
⌚️Timestamps:
00:00 - Intro
00:28 - Paying Yourself Last
01:53 - Bad Debt
02:31 - Buffer
03:17 - Income & Expenses
03:57 - Spending
04:48 - Saving
05:37 - Taxes
06:56 - Waiting too long to invest
07:59 - Not caring
👉🏽 My first $100k tracker (free): https://nischa.me/personal-finance-tracker
📝 Money Mini-Crash Course (free): https://nischa.me/moneycrashcourse
MY FILMING EQUIPMENT:
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KEEP IN TOUCH:
🌍 My website - https://www.nischa.me
📸 Instagram - https://instagram.com/nischa.me
🎥 Tiktok: https://www.tiktok.com/@nischa.me
🔵 Facebook - https://www.nischa.me/nischafb
DISCLAIMERS & DISCLOSURES
This content is for education and entertainment purposes only. Nischa 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. Nischa is a participant in the Amazon 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!
https://wn.com/Accountant_Explains_Money_Habits_Keeping_You_Poor
👉🏽 My Intentional Spending Tracker (free) - https://nischa.me/intentionalspendingtracker
Most of what we do with our money everyday is unconscious. In this video I share the most common bad money habits and how you can break out of them.
Investing Platform I use is Trading 212: Use the promo code NISCHA to get a free share worth up to £100: https://nischa.me/trading212
⌚️Timestamps:
00:00 - Intro
00:28 - Paying Yourself Last
01:53 - Bad Debt
02:31 - Buffer
03:17 - Income & Expenses
03:57 - Spending
04:48 - Saving
05:37 - Taxes
06:56 - Waiting too long to invest
07:59 - Not caring
👉🏽 My first $100k tracker (free): https://nischa.me/personal-finance-tracker
📝 Money Mini-Crash Course (free): https://nischa.me/moneycrashcourse
MY FILMING EQUIPMENT:
📷 Camera: https://amzn.to/3T67Tma
🔍 Lens: https://amzn.to/3JrnNES
🎙️ Microphone: https://amzn.to/3NDUv7E
🔭 Tripod: https://amzn.to/3gM5WxU
💡 Lighting: https://amzn.to/3mdb4Oj
KEEP IN TOUCH:
🌍 My website - https://www.nischa.me
📸 Instagram - https://instagram.com/nischa.me
🎥 Tiktok: https://www.tiktok.com/@nischa.me
🔵 Facebook - https://www.nischa.me/nischafb
DISCLAIMERS & DISCLOSURES
This content is for education and entertainment purposes only. Nischa 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. Nischa is a participant in the Amazon 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!
- published: 08 Jan 2023
- views: 10233943
11:56
Your Coffee Did Not Cost You Your Financial Future (Here's What Did)
Upgrade the way you learn with Brilliant! To get started for FREE go to http://www.brilliant.org/howmoneyworks
Sign up for my newsletter https://compoundeddail...
Upgrade the way you learn with Brilliant! To get started for FREE go to http://www.brilliant.org/howmoneyworks
Sign up for my newsletter https://compoundeddaily.com 👈
-----
Edited By: Andrew Gonzales
Music Courtesy of: Epidemic Sound
Select Footage Courtesy of: Getty Images
For sponsorship inquiries, please contact
[email protected]
All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.
#finance #investing #personalfinance
-----
A 2022 Survey conducted by the lending club bank found that more than a third of people earning over $250,000 a year were living paycheck to paycheck, and if someone earning four to five times the national average can’t get ahead then what hope do the rest of us have?
A popular trend amongst financial influencers is to blame people’s poor personal money situations on small but repetitive purchases with the number one target being coffees.
I mean seriously, it feels like anybody that has every posted a video about how to make $100 a day in the current year with little to no experience or trade stock options for a profit seems to hate coffees as much as they hate the efficient market hypothesis.
But is that daily Starbucks actually making things like paying off debt, buying a house and saving for retirement impossible?
Well, anybody who watches my channel regularly will know that I don’t like dragging out the answers to simple questions and, also, you can read the title of a video so, no, that daily cup of joe is not doing anybody any significant financial harm.
People like to say that it will for five honestly pretty terrible reasons, and if you listen too closely to the people hating on your morning pick me up it might end up hurting your personal finances more than the Starbucks ever could.
Most market research reports suggest that roughly three quarters of people drink coffee every day.
If you are writing a book on personal finance or trying to build an audience by giving out broad general financial advice it only makes sense to go after an obvious expense that for a lot of people is there one daily luxury to help get them through the working week.
Something so simple and easy to start is a great marketing hook to capture people’s attention to either get watch time up on a video, sell a book or promote an upcoming seminar.
The attention-grabbing hook of a coffee a day costing you your financial future works especially well when it’s combined with a dubious calculation using compound interest.
A $5 coffee every day is costing you $35 a week, if you invested that for 40 years in a portfolio making 10% then in 40 years you would have almost a million dollars.
The math check out, you can do it yourself using any compound interest calculator on the internet, but it makes a lot of assumptions that are terrible and would never be made by a real financial professional.
10% is the approximate rate of return for the S&P 500 over the past 50 years, but that has been an exceptionally good run, it’s highly likely that those returns will be lower into the future.
A good financial professional looking that far ahead should include that likelihood in their projections.
Even if returns do stay the same the average investor typically makes less than half of these returns.
A study conducted by the investment research firm Dalbar Inc found that the average equity fund investor made a return of just 4.25%.
If someone is in a financial position where their $5 for their daily coffee is the only money they can save to make contributions towards their retirement savings, they are likely not going to be able to grow that account before it becomes too tempting to access to cover an unexpected expense.
The daily coffee equation also doesn’t include inflation or taxes that will both eat into this final figure considerably. Using a more realistic compounding factor of 3% giving up the daily coffee and putting it all into an equity portfolio would net you just under $140,000 after taxes, hidden or direct trading fees, inflation and realistic portfolio management.
$140,000 is still a lot of money, but it’s not going to fund anybody’s retirement, in 40 years’ time it might struggle to even make a down payment on a basic home.
So it’s to Learn How Money Works to prove that your daily coffee did not cost you your financial future and work out the things that actually did.
https://wn.com/Your_Coffee_Did_Not_Cost_You_Your_Financial_Future_(Here's_What_Did)
Upgrade the way you learn with Brilliant! To get started for FREE go to http://www.brilliant.org/howmoneyworks
Sign up for my newsletter https://compoundeddaily.com 👈
-----
Edited By: Andrew Gonzales
Music Courtesy of: Epidemic Sound
Select Footage Courtesy of: Getty Images
For sponsorship inquiries, please contact
[email protected]
All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.
#finance #investing #personalfinance
-----
A 2022 Survey conducted by the lending club bank found that more than a third of people earning over $250,000 a year were living paycheck to paycheck, and if someone earning four to five times the national average can’t get ahead then what hope do the rest of us have?
A popular trend amongst financial influencers is to blame people’s poor personal money situations on small but repetitive purchases with the number one target being coffees.
I mean seriously, it feels like anybody that has every posted a video about how to make $100 a day in the current year with little to no experience or trade stock options for a profit seems to hate coffees as much as they hate the efficient market hypothesis.
But is that daily Starbucks actually making things like paying off debt, buying a house and saving for retirement impossible?
Well, anybody who watches my channel regularly will know that I don’t like dragging out the answers to simple questions and, also, you can read the title of a video so, no, that daily cup of joe is not doing anybody any significant financial harm.
People like to say that it will for five honestly pretty terrible reasons, and if you listen too closely to the people hating on your morning pick me up it might end up hurting your personal finances more than the Starbucks ever could.
Most market research reports suggest that roughly three quarters of people drink coffee every day.
If you are writing a book on personal finance or trying to build an audience by giving out broad general financial advice it only makes sense to go after an obvious expense that for a lot of people is there one daily luxury to help get them through the working week.
Something so simple and easy to start is a great marketing hook to capture people’s attention to either get watch time up on a video, sell a book or promote an upcoming seminar.
The attention-grabbing hook of a coffee a day costing you your financial future works especially well when it’s combined with a dubious calculation using compound interest.
A $5 coffee every day is costing you $35 a week, if you invested that for 40 years in a portfolio making 10% then in 40 years you would have almost a million dollars.
The math check out, you can do it yourself using any compound interest calculator on the internet, but it makes a lot of assumptions that are terrible and would never be made by a real financial professional.
10% is the approximate rate of return for the S&P 500 over the past 50 years, but that has been an exceptionally good run, it’s highly likely that those returns will be lower into the future.
A good financial professional looking that far ahead should include that likelihood in their projections.
Even if returns do stay the same the average investor typically makes less than half of these returns.
A study conducted by the investment research firm Dalbar Inc found that the average equity fund investor made a return of just 4.25%.
If someone is in a financial position where their $5 for their daily coffee is the only money they can save to make contributions towards their retirement savings, they are likely not going to be able to grow that account before it becomes too tempting to access to cover an unexpected expense.
The daily coffee equation also doesn’t include inflation or taxes that will both eat into this final figure considerably. Using a more realistic compounding factor of 3% giving up the daily coffee and putting it all into an equity portfolio would net you just under $140,000 after taxes, hidden or direct trading fees, inflation and realistic portfolio management.
$140,000 is still a lot of money, but it’s not going to fund anybody’s retirement, in 40 years’ time it might struggle to even make a down payment on a basic home.
So it’s to Learn How Money Works to prove that your daily coffee did not cost you your financial future and work out the things that actually did.
- published: 21 Feb 2023
- views: 659639