10 Simple Money Rules // One Index Card

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Timecodes:
0:00 - Intro
0:35 - Strive To Save 10-20% Of Your Income
2:17 - Pay Your Credit Card Balance In Full Every Month
3:39 - Max Your Your 401(k) and Other Tax-Advantaged Savings Accounts
5:31 - Try Mint Mobile
6:37 - Never Buy or Sell Individual Stocks
8:16 - Buy Inexpensive, Well-Diversified Indexed Mutual Funds and Exchange-Traded Funds
9:50 - FREE 1-Page PDF
10:02 - Make Your Financial Advisor Commit to the Fiduciary Standard
12:00 - Buy a Home When You Are Financially Ready
13:11 - Insurance-Make Sure You’re Protected
14:07 - Do What You Can to Support the Social Safety Net
14:58 - Remember the Index Card
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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.

[@kelvinjohnson4]

Investing in the stock market has HISTORICALLY provided higher returns than other forms of investment. According to Morningstar, the average annual return for the S&P 500 index, which measures the performance of 500 large-cap stocks, was approximately 10% from 1926 to 2020.

[@KelvinWallace]

Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.

[@Markjohnson09]

-well 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.

[@RichardBayer]

@@Markjohnson09 would greatly appreciate if you could share some information about your financial advisor. I'm also interested in making positive changes to my finances this year, so any insights would be highly valuable to me.

[@Markjohnson09]

My CFA ’Marisa Breton Dollard’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@RichardBayer]

@@Markjohnson09 Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@lmb4876]

I am wealthy (60’s) but my income as a pharmacist was better than average. Never had credit card debt. drive an older car..live in a small condo.. clothes from consignment stores or Target…I sleep well at night & can afford anything that I want…as one ages, your desires for material goods decreases dramatically...

[@mannya_realtor]

I think a great rule is to find a way to invest as much as you spend. You do this and you’ll be doing great. $1 spent $1 invested.

[@SausalitoVicki]

Thanks, Tae! This was just what I needed, as I’m getting ready to drop my expensive financial advisor.😊

[@jimskatr103]

As soon as I saw where my adviser put my money, I was like, I’d have done that. And that’s exactly where I would have put it. Here, here’s 1.1% lol

[@thelmambonu6050]

lol… there must be something in the air. Just dropped mine this past week. Thanks but I got it from here

[@judixx]

@@thelmambonu6050May I know how you phrase it ? I am shy and am afraid to piss people off. Is there a transaction fee ?

[@Hi44224]

⁠@@thelmambonu6050please share how you ended the relationship with your advisor. I also want to do the same this week !

[@thelmambonu6050]

@@judixx For ending? No transaction fee

[@HersheyandStuff]

All great advice 👌

[@savysav1253]

Solid advice! Thank you

[@theamerican7131]

always good info from you. thanks

[@klrbee03]

Paying credit cards in full was the most significant change to my financial life. The day I got that under control was the beginning of resolving my finances.

[@budanski]

it was an engineer at Eastman Kodak that invented the digital camera. they never capitalized on that.

[@davidfolts5893]

Thoreau: "Simplify, simplify, simplify." 'Nuff said.

[@peterl2767]

Great content 👌 👏

[@christinab9133]

Excellent ❤❤❤

[@sw6118]

I only ever automated utility payments. My credit card can be close to zero one month and thousands the next. Utilities (1) you always need and (2) the payment difference from one period to the next has no surprises….

[@gotcha9872]

Hello, does anyone know a good account aggregator application?

[@GK-yk4eh]

Thanks ready too invest but Advisers has stopped me help

[@mervynman6303]

Excellent video Tae. Quick question - I started a new job and I can select between 403b or Roth 403b. I will be making good money ($195K) for now but the job is not very stable. Should I select 403b or Roth 403b. Roth is nice as I will not need to pay taxes later but from other view the money that I put into Roth will be taxed like 20+ (and maybe 30%) now...

[@aliercy7731]

I say whatever works for u, I have the same availability and just went half and half

[@mervynman6303]

@@aliercy7731 it is a good one

[@lmb4876]

ROTH…It compounds for the rest of your working life and withdraws😊 will be tax-free.

[@sanaakbar6845]

Any tips for parents to help with setting up their kids finances for school

[@lmb4876]

Yes, give them a budget ( ie $150/month)..they will figure it out…

[@Sator69]

Anyone have suggestions for favorite account aggregator? RIP Mint...

[@Erokk1988]

Credit Karma has gotten better but isn't there yet. Personal Capital is great as an aggregator. I love the tree chart that shows asset allocation across ALL my accounts Monarch is the spiritual successor but it's a monthly subscription and imo it's way too expensive.

[@Sinister01264]

I just can’t agree with your “don’t buy single stock” rule 😅 Yes of course if you don’t know anything about stocks. But if you know, you know ;) that 30% year growth won’t achieve itself by sleeping! Otherwise good video as always!

[@EcomCarl]

These simple money rules are absolute gems! Remember, taking small, consistent steps towards financial wellness can lead to significant long-term benefits. Let's simplify money matters and empower ourselves to build a secure financial future! 💰

[@videoanalyst4u]

If you don’t mind slowing down your speed. I had to play at 0.75x inorder to catchup your words

[@christinesnitkin9619]

And take a breath between each numbered suggestion.

[@lmb4876]

Just slow it down…I always have to speed it up..except with this guy1

[@audreywolski8555]

Dumb question… is this 10-20% of your income after taxes or before taxes?

[@ds5651]

After

[@atreyuex1]

Yes, after tax

[@TheJackCain-84]

These are very valuable info for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $109k now to put in the market.

[@kevinmarten]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.

[@Jamessmith-12]

Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.

[@JacquelinePerrira]

Mind if I ask you to recommend this particular coach you using their service?

[@Jamessmith-12]

Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@JacquelinePerrira]

She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.

[@raznatalia141]

Never buying an individual stock is great for those who like to 'set it & forget it' but I'm guessing the people watching your stuff are more or less finance nerds. I disagree with NEVER buying individual stocks... Buying a few individual stocks is a great way to learn about investing.

[@AK-47ISTHEWAY]

I thought the book was total rubbish written by two people who are unqualified to be giving out personal finance advice. Harold even stated in interviews that he originally knew nothing about personal finance and had to do Google research on the subject. Then, all of a sudden, he gets a book deal, and everybody thinks he's some expert now. The book is filled with some of the most basic and common sense knowledge that you can actually get for free online, but they are charging 15 dollars for it.

[@MrCMHathcock]

I mean.... the vast majority of people don't understand the most basic fundamentals of being financially solvent..............

[@scottthompson3493]

And you are under no obligation to participate, go outside and go for a walk.😊

[@TemplarOnHigh]

This is why it's literally an index card.

[@jdmulloy]

$15 is way less than you'll spend with any advisor. It's not for you, it's for people who don't know anything or where to look.

[@missmaryjanegreen]

So? Move on

[@Money8OOST]

👍

[@BlakeC341]

All good points aside from shunning single stocks. Grossly exaggerated.

[@YoDaColombian]

95% of money manager can’t beat the SP500 long term wise.

[@BlakeC341]

@@YoDaColombian doesn't change the fact. And I have half or more of the time since I began, especially since I sell monthly OTM covered calls on all my positions.

[@johny3133]

What is on your head?

[@AK-47ISTHEWAY]

His hair

[@SkankHuntForty2]

You really think a physician has your best interest in mind? Don't kid yourselves.

[@enriquegonsales3932]

I honestly don't understand why you're discussing these dubious schemes. There are plenty of options like Eledator and similar ones that are fast and profitable.