12 Middle Class Habits Keeping You Poor

[@GabeBult]

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[@AnnaBrees]

Banksy doesn’t exist

[@tcoyour]

I've been using Qube for about a year. It's been a game changer.

[@carmenhealer4635]

My first car was 10 years old and I drove it for 10 years. My 20 year old car sold for 1k dollars. I laughed along with everyone else who laughed at the car. I have a no debt habit and yes, I can be very generous. It is free to listen to the birds in my garden instead of going to a noisy mall buying crap I do not need

[@abduljouhar01]

😂 ​@traybern

[@Teal_Seal]

I hear ya! I had my truck for 23 years - paid $13k n sold it for $4k. Would’ve kept it longer, but I inherited my dad’s newer truck when he passed.

[@codywheeler9383]

1. Car payment 2. Spend more than earn 3. Spend selfishly 4. Buy don't consume 5. Increasing spending after raise 6. Buying the wrong discount 7. Listen to your friends

[@staissitrading6675]

This is sooo much in line with godly teachings in Torah/Old Testament/Quran: 1. Car payment: Do not take money interest/Usury/Riba. 2. Spend more the earn: Do not unnecessarily loan money, unless you really don't have anything for you & family to eat today. 3. Spend selfishly: Donate to the poor and needy/donate 10% of earning/pay 2.5% zakat/give sadaqah. 5. Increasing spending after a raise: live moderately/do not indulge in gluttony/every food you eat and stuff you wear will be questioned in your afterlife. 6. Buying the wrong discount: prepare your afterlife as if gonna die tomorrow but earn your living as if gonna live forever (long time investment). 7. Listen to your friend: your inner circle will determine your way of life, find friends that bring positive influence on you/surround yourself with righteous people.

[@RivalezOwns]

8. procrastinate on videos like this one lol

[@Mindsi]

No asset in place that that pays for toys🎉🎉🎉🎉🎉🎉🎉

[@marylhere]

You forgot drinking.

[@cjhoward409]

I have no mortgage or any credit cards but I have 1 car loan. $2,200 left on it. And the current interest monthly is $9 which still drives me crazy ! I’ve been throwing extra on the principle every month. Should be paid off in 4-6 months. Can hardly wait 😊

[@JJ-cn3jg]

For some members of my family, that credit card debt is due to high prescription and emergency medical expenses. There is more to this problem structurally than savings habits.

[@jillanglemyer3168]

@@JJ-cn3jg , you have to be rich or poor to afford medical care.

[@topezrosser2759]

Those things can also be planned. High medical cost see to save some money.

[@liuzhen1220]

I've been completely Stop drinking for 6 months now, and I've lost weight from a BMI of 29 to 22.4 . I've also controlled my shopping urges... I hope these changes can transform me. I think there needs to be a trigger for all of this to start, and for me, it was the breakup of my last relationship. I'm not sure if achieving these goals will make me feel better about myself, but one thing is for sure, I'm definitely healthier now and my skin looks better.

[@GabeBult]

That’s awesome

[@judymartuscello114]

We always paid cash for cars! We paid off our small house. We paid cash for our addition- to make the house bigger. We saved saved saved! We are retired and have more money than we need.

[@thorayaalhamdan8690]

good for you 👍

[@nathanbrammer8471]

Well done for improving your life mate.

[@risingphoenixbronco5328]

Car payments. I just retired at 58. Never had one. First cars were all reliable beaters. Never bought a new car until I was 36 but it was for my wife who was pregnant at the time (2003) and paid cash. Next car was 2010 then 2022. All paid for cash. And yes my wife gets those. I’m a millionaire driving that POS 2011 Chevy HHR next to you in traffic. I bought it at the salvage car auction for $1,200 four years ago. Car payments are a trap. 12:46

[@mentalmadness9783]

A comment on "Buy don't consume" is also about consuming less in general, aka "Content", it might not be that we buy to much stuff but the fact that we give away our attention/time energy on stuff that really don't affect our lives, for example the news, gossip, tv-shows etc.

[@melvano4014]

I saw a guy spend 48 dollars on cigarettes and sodas today. The economy must be booming.

[@barbsinclair7352]

haha He's probably the same guy that blames everyone else for his money situation, which I am guessing isn't good.

[@TraceyBergum]

OMG what a waste!

[@drizzt8965]

Yeah those addictions

[@wichitatxgal]

Gabe, I have known since I was in my twenties that a car payment was really bad. So when I had a child - and they did well in school, I BOUGHT them a car. Not a new one but 4 years old. They kept that car for 15 years. We paid the car insurance. Your child can focus on getting their Masters Degree. I wanted to give that one thing that keeps everyone so broke. No regrets. Thanks for giving great advice.

[@turtleanton6539]

Indeed 😮

[@agabrielhegartygaby9203]

I love your compassion-donation point of view: imagine were one homeless? That hot shower etc a great KZbin connection - this video....thank you

[@1234GOPRO]

I worked in consumer finance and the majority of customers spend 110% of what they gross.

[@rosemarielee7775]

That is terrifying

[@anaalves3658]

Why do banks keep giving people loans if they know that they don't have the money to pay for it. It is a broken system.

[@janetbransdon3742]

Here is another which has saved me so much money as well as having grocery security. Buy in bulk and 12 months in advance of non perishable items such as toiletries, cleaning products, canned goods etc. With grocery items rising in costs at an alarming rate this method of saving is money in the bank.😊

[@anaalves3658]

Unless you don't have the space to keep it. I know that some people have multiple big freezers for food storage, but they don't take into account the cost of running those freezers and how much it costs in real estate. I don't think that your logic is wrong, but it's not taking all the costs into consideration. If you live in a smaller home, because it's much cheaper you are likely not going to have the space to store the cheaper food , but you will save on housing 😊

[@ipconfigearth102]

Car payment - it’s evil - that’s the reason we need people friendly road design. Not car centric road design

[@JessicaFranco1]

I love to challenge myself to bike wherever I reasonably can! It is such a great exercise, good for the environment, and saves a lot of money! Biking has truly become one of my favorite hobbies.

[@IrisP989]

We chose to have a car payment. Not evil if you actually choose it. Not forced into having it.

[@daniellehowell4339]

​@@IrisP989 If you don't live in a city how are you getting around without a car. If you need to go to work, school, anywhere having a car isn't really a choice.

[@IrisP989]

@@daniellehowell4339 Then you have to have car. You don't have to have a car payment or you choose to have it (as I mentioned that we chose).

[@bartswenson3957]

Thanks!

[@GabeBult]

Thank you 🙏

[@ChristineHogan-t5r]

Nice list! Lifestyle creep is real when raises are involved. My mindset has evolved over the years from spender to saver. I recently received a nice raise and my first inclination was to up my 401K contribution and pad my emergency fund.

[@ChristineHogan-t5r]

@traybern you must be fortunate enough to be able to put over $20k a year to your 401k. Not everyone else is. Most of us put in at least enough to get our company match and then whatever else we can afford.

[@All5Horizons]

I don’t think your math works on the car payment. If I buy a car for $20k and put down $5k, my interest over five years is about $2,800. But the $15k that I leave in an investment account will likely bring in about $9k. So, if I spend all $20k on the car, I’m really losing money long-term (and moving cash from an asset that appreciates to something that depreciates pretty rapidly). I think the better advice is really “hey, buy a cheap car and keep it for as long as possible.”

[@Adele_Sm]

This is the logic me and my husband used when we bought a car with a loan, and now we're tracking the payments vs our investments performance to see if it works out. The main problem is that for this to work, you need to actually invest the money instead of spending it on whatever unnecessary thing.

[@CC-ru8pi]

Let's be honest. The vast majority of people who take out an auto loan do so specifically because they do not have the cash on hand to buy the car outright. This same majority then buys based on "can I afford the monthly payment" rather than "can I afford to pay the lump sum." They are not even considering investing the difference because they don't have the money to begin with. Also, in today's market, unless you can somehow get an interest rate well below 5%, it's probably not worth the risk to leverage your car loan for investments (lol). Keep in mind that you pay taxes on investment earnings, so you would really need to earn a bit more than the interest rate of the loan to cover both that and taxes. Plus the bigger issue of "number doesn't always go up when you want it to."

[@All5Horizons]

​@@CC-ru8pi By and large, I actually don't disagree with you. There are, of course, several nuances (your interest rate will depend on your credit score, how your investments perform depends on several different factors...etc), and what people will or won't do isn't the same as what a rough calculation might suggest that they do. The scenario described, though, is one where the individual does have the money to buy the car outright. If they have that luxury, history does suggest that investing the difference will have a greater long-term advantage than paying for the car in full. As I alluded, my actual advice would be to buy a cheap car and keep it for as long as possible (personally, I've had my Corolla for 17 years). My intention was to point out that the rationale behind the advice in the video didn't work with the pure math behind it. So, while people may behave differently or make different choices, I think it's far better for them to know the actual math behind it and then make their decisions based on factors like the ones you mentioned, rather than because the math in the video "sounds" right.

[@sadlittlewisp]

9k back from a 20k investment account? what??

[@All5Horizons]

@sadlittlewisp yep. Magic of compound interest. $20k in an investment account that returns an average of 8% each year will bring in a little over $9k in interest in 5 years.

[@jackel54130]

That last point is so good. You are who you hang out with.

[@Bentleyyoyo]

Indeed, but get better friends is easier said than done.

[@gaelenoconnell-bidabadi]

Not sure what everyone else does, but in 2016 I bought a new 2015 Prius that the dealership was desperate to get off the lot to make room for their newer cars. You can negotiate the heck out of a car in this situation if you do want to buy new. Paid cash for it and all taxes and fees. Just bought the basic model and then, for cheap, later just upgraded it in a few small ways to make it more comfy, which was the right fit for us since we could afford to pay for those upgrades in cash as well. It's old now, but is doing fine. Not perfect like a 2024 car would be, but it's been paid off for years so we invested that money we would have had for a car payment into the stock market and retirement instead. It's never going to win any awards for being a perfect or good looking car especially now over all the years, but the decision made us a lot of money over all of those years and I just don't care to keep up with the Joneses on cars since cars are depreciating assets. I plan to run it imto the ground until it dies. It only has 90,000 miles over all these years and we kept up on all the oil changes and basic routine inspections and fixes as needed over the years so I'm hoping it still has a way to go. All the while with the money we made in investing over all of those years while still driving this car, we saved up enough to easily pay cash for the next car once this one dies. Personally I think the key is to pay in cash for all if not some or most of your next car if you can and to take basic care of it and run it for as long as you can and not to care what your friends and neighbors think of its looks. If people judge you for that, I think it's on them not you and that they aren't folks you'd want to keep company with anyway. Sorry for the long winded rambling but just my 2 cents. Could afford to pay in cash for any car on the planet pretty much but I still love my simple basic 2015 Prius! Trust me, in Silicon Valley I see a bevy of expensive cars and folks who try to show off the latest and greatest. Don't get caught up in all that hype.

[@ozyrob1]

Hey mate, I watched your video and although it started like many others and then I got to the part "spend selfishly". I agree completely doing this absolutely gives meaning to money and helps to crystalize what's important in life. Not everyone can do it but helping others also makes your own life better. This sets your video apart from all of the others. 😊

[@Blurst2]

I like the pick your friends wisely one. It's funny because I became the friend in my friend groups that wasn't really into drinking and clubbing. So when we all hung out I was the one not drinking and saving money while they are spending tons of money. Fast forward to today, most of them have basically developed the habits I created for myself years ago.

[@GabeBult]

Who are you hang around with? Can really make a big impact on your life.

[@laminage]

​@@GabeBultYou got that right! My Cousin lives in the world of Bougie. He needs to keep up with his Uptown Friends, he lives beyond his means and spends more than he "makes". I tell him all the time, it's a very sick and dangerous world to live in. He's always late with Rent and his Landlady has the patience of a saint. Many of the tenants accounts are in arrears. He feels that because he didn't do what Michael Alig (Late Club Kid), Anna Delvey/Sorokin did, he's not a bad person. You'd lend him Money and when you have the audacity to ask for what he owes you, he gets nasty, defensive, and an attitude. Deep down, he's very ashamed and he's very narcisitc. He would avoid you rather than apologize for what he did. Very depressing.

[@thorsrensen3162]

It is also more important how the women in your life are acting. Women who are not satisfied with them self often compensate by buying enormous amound of stuff, clothes and shoes which will bring you to your knees if you dont get it stopped.

[@cjhoward409]

Same. I’m 58… no mortgage, no consumer debt (except one used small car loan which will be paid off in a few months) But my old friends. Big mortgages, big car payments, credit cards maxed out. I get anxiety thinking about their debt ! They’ll work till they die and their kids will inherit nothing because of their foolishness

[@anniemesrobian8587]

Pick who you listen to wisely🌱💛👍😊

[@GabeBult]

For sure it’s a game changer

[@anniemesrobian8587]

@@GabeBult 😅👍

[@asoggyburger479]

I agree 100% Take advice from people who are where you want to be in life. It applies to nearly all aspects of life, including finances.

[@teddysautomotive]

Gabe, I watched your video about dedicating to a video a week on KZbin for a year and that video came at the EXACT time I needed to hear it- when I just started my channel. It was the one thing that really kicked me into gear. You the man.

[@GabeBult]

That’s awesome to hear! The main thing is consistency and it can be life-changing!

[@staissitrading6675]

​@@GabeBultyour list is sooo much in line with godly teachings in Torah/Old Testament/Quran: 1. Car payment: Do not take money interest/Usury/Riba. 2. Spend more the earn: Do not unnecessarily loan money, unless you really don't have anything for you & family to eat today. 3. Spend selfishly: Donate to the poor and needy/donate 10% of earning/pay 2.5% zakat/give sadaqah. 5. Increasing spending after a raise: live moderately/do not indulge in gluttony/every food you eat and stuff you wear will be questioned in your afterlife. 6. Buying the wrong discount: prepare your afterlife as if gonna die tomorrow but earn your living as if gonna live forever (long time investment). 7. Listen to your friend: your inner circle will determine your way of life, find friends that bring positive influence on you/surround yourself with righteous people.

[@Felicity-UK]

You could make this into a book. It’s excellent. Psychologically understanding the practical tips really makes a difference

[@KingOfGoogleEarth]

Where are the children? How can someone find the time to create content for a KZbin channel? As a father of two, the same age as your sons, balancing a side hustle after a long day of work seems impossible. I feel so tired, and spending the little free time I have not with my children makes me feel so uncomfortable and feeling guilty. Your advice is generally sound and correct, but I find many of them difficult to apply when you have a family and children because your choices impact not only your life but also the lives of those around you.

[@boomme3598]

Start saving regularly in bitcoin and you will see you savings grow instead of melting away in government money that they create from nothing.

[@brianneveu6953]

@@boomme3598did you not read what he wrote? stupid advice that pertains to absolutely nothing of his concerns..

[@mrsmorris265]

I suggest you add "invest in your children's childhood" to your list. children only stay children for a relatively short time (less than 12 years). Invest in making memories with them! (Most places suddenly cost more after they turn twelve- and you can take their carseats on airplanes). Invest in their skillsets. Jules at Stories of Play has great advice on how to choose toys and childhood stuff with the end in mind.

[@Kelly_Ben]

We have time for the things we prioritize. We all have the same 24 hours in a day. It's how we choose to spend them. I work 60 hours a week, including owning my own business, have many animals, and train for/ run ultra marathons. That means from the time i get up to the time i go to sleep (7 hours in bed), i give myself 1.5-2 hours total to "waste" each day. The rest is spent working, paying attention to my husband and animals, exercising, and maintaining my home/ property. You prioritize and make time for what's important to you. Make an hourly graph on your phone/ notebook for just a few days, and track how you actually spend your time. I'm guessing you'll find plenty of waste, plenty of time you're not focusing on something 100%, and plenty of time you feel rushed and hectic... but didn't actually accomplish much. We all do. Then figure out how to make better use of your time.

[@anaalves3658]

​@@mrsmorris265definitely invest in your kids, spend time with them and if you can do sports or activities with them. It will create a stronger bond with them and make them and you happier, it's not all about money, my dad regrets having spent so much time working when my sister and I were little, he sacrificed his time with us for money, but he has admitted to having missed out on bonding with his children 😢

[@amymccall5263]

I wish more people talked about giving back! It will change your life!

[@knottage]

"They say money can't buy happiness, people who say this haven't given enough away"

[@fredfinger7092]

By reducing your income? I think giving is great - when you can afford it.

[@debbieviebranz8100]

You can’t out give the Giver.

[@June_Yue]

I bought my car in cash when I moved out of my parents place, the dealer did not want to sell it to me for cash, he made up an act of going to talk to the manager to get permission.

[@skincaremakeup40]

Same in Italy!we are a traditional country and yet in the last years we've all been noticing that they tend to discourage to buy stuff in cash!!!!last december i insisted to pay my car in cash and received the same treatment as you

[@RossOkins]

Thanks for another great video Gabe. I’ve been living paycheck to paycheck, working long hours for a small salary (working on earning a raise and hoping it comes soon) but I have been following a lot of your financial tips for a while now and even though I am responsible for having my job with a smaller salary, I’ve committed to paying myself first and been able to start and continue to add to an emergency fund. My wife is fortunate to have a better paying job, so that does help our situation a lot, but I am thankful for your advice and my minimalist mindset to help me live below my means. Thanks again!

[@GabeBult]

That’s great! Progress just takes time and getting one percent better in the right direction consistently

[@bethannawhite2275]

This is so wise and I’m grateful for your knowledge. A few points did not apply but some definitely did and will be pondering on them. I especially love your thoughts on giving, so important. Blessings from bethanna grace in Tulsa ☀️

[@bberdan6603]

Any recent college grads here? Before getting a car check into the corporate/company benefits .. not just dealership. I graduated and wanted to pay cash for a toyota. I put most down but took out a loan for the remaining 2500. Toyota corp gave new grads (need to show your deploma) 2000 off if the car is financed. The next month i paid off the remaining 500 plus $34 interest. Hmm. Difference for me was saving additional $1966. They run these deals frequently in late spring. Usually you have to purchase within 12 or 24 months of graduation.

[@holland9199]

Here is the flip side of Raises😮 there is no guarantee you are going to keep the raises you get😏you could get let go to budget cuts, health issues. I’ve always said I would buy a good used car 🚗 a classic, paid in full, that is one reason you save, your absolutely correct😉

[@SigFigNewton]

After my last raise, I’m making almost as much as I used to make. Inflation is quite a thing

[@Jack_Clemans]

Thanks Gabe! Great video and I LOVE the recommendation to start donating. Tithing reminds me that it isn’t my money so instead of feeling like I am entitled to more I feel blessed for the 90% I get to keep that doesn’t really feel like it’s even mine :)

[@davidfolts5893]

Self-discipline is the master key to wealth, practice, practice, practice, create the habit. I would write the word practice 28 times, but that may be too much, even for KZbin.😀

[@okaycola2]

I am so happy to know another person who gives so much charitably. We have so much more than we realize!!!!

[@SigFigNewton]

Pro tip: since having a job in Western Europe is much more of a guarantee of a decent life than having a job in the US, maybe the bad habit keeping someone poor is living in the US

[@nico-xd3yb]

Welcome to Europe

[@mariahsmom9457]

Such a good point!

[@SpookyEng1]

I live great in the US and don’t pay 50+% in taxes 😂 (half of my family is in Germany)

[@okaycola2]

The average American is 35% richer than you

[@okaycola2]

​@@SpookyEng1yep

[@lilibethvilella]

Facts. Was just telling my 3 teens, to start putting 10% of their earnings in the money market account I opened for them consistently & stay out of debt!

[@kadope_psy]

Hey Gabe! I've been watching your channel and your work for like a year now, I was really enjoying it, from the topics to the aesthetics (and cuts) and your overall great, inspiring vibes. I was a subscriber of your newsletter as well (but unsubscribed because some weeks it felt more like a spam, trying me to convert into the 5HYT course). And now this sponsor made me even more unsure if this channel is still a positive impact on me (I find it problematic to recommend investing in unpredictable art market which is a high risk, while talking about wrong middle class habits. It's pretty ironical, to be honest.) But I still wish you the best Gabe.

[@marylhere]

The housing market is being inflated by corporations buying up housing stock for rentals…high end rentals bundled and sold as investments…sound familiar. Don’t take advice from those who are in serious debt. They look rich.

[@ParkDari]

My parents allowed each kid to drive a used family car until we were a junior in university. It was NOT your car. When you became a junior you were gifted one of the used family cars along with the responsibility for the insurance. Mine was a 15 yr old Volvo station wagon. I finished working my way through Uni, got a job and saved $9K rapidly. Bought a Ford Taurus and gave the Volvo back to my family. I know I could have kept it and sold it but I was the oldest of 6 kids and I knew the next kid could use it, not to mention repairing a Volvo was too expensive. I drove the Taurus to 500K miles, donated it, took the tax deduction and found another. I have done that over and over. Currently I have a used Toyota Sienna that went 250K on all original parts. Since there is no acceptable car for my long commute at a good price I had all the repairs done with original parts and just will keep driving it as the exterior is fine. As long as repairs are cheaper than another sensible used I will keep repairing.

[@melissaakey4631]

Hehe. Must be nice. We were so poor that I had to buy my own cars from my earnings

[@ramonam9251]

Smart

[@okaycola2]

Had to sell my volvo bc of that but those cars are perfect for established operators. Smart choices

[@cjhoward409]

My oldest son got to use my older mustang and when he graduated, I gave him the title. But he was smart. He drove it another 3-4 years as he worked hard to pay off his student loans and save up for his first place

[@eddavanleemputten9232]

As a single mother without child support for my kid (long story, it was the judge’s condition for me getting sole custody), spending wisely and budgeting is a way of life. People wonder how I manage and how I bought a new car without a loan. Lots of stuff I own is second hand. Groceries: My grocery list rarely includes specific foodstuffs. It usually reads “X portions of protein, Y portions of veggies, Z portions of starches, coffee beans, tea leaves, toilet paper…” instead of “4 pork chops, 1 chicken, 2 bell peppers, 3 tomatoes, 6 apples… etc”. At the store, I buy what’s on sale. buy bulk, repackage, and freeze. Cooking is a creative process: make what you can based on what you have on hand. Food rarely gets thrown out. Leftovers from today’s dinner get incorporated in tomorrow’s lunch or dinner. It’s amazing what can be stuffed in a wrap, stirred into an omelette, or thrown into a stirfry. Heating: lowering the thermostat by even 1-2°C at night, wearing an extra sweater during the day, closing the drapes in unused rooms, closing doors between unused rooms when the thermostat isn’t in there make a BIG difference on a yearly basis. In Summer, keeping the sun out and using fans is sufficient to keep my house cool where I live. Take-out is expensive where I live so it’s reserved for special occasions. Avoid mooches. When going out, I treat back those who treat me. Only exceptions are special occasions: a friend’s birthday, giving back to someone who was there for me in the past, that kind of thing. It sounds terribly transactional, but when you think about it, it’s way less transactional than you’d think. In the initial stages of getting to know someone I will initiate, but when it doesn’t return in at least some way, or for a valid reason, I become very careful around that person. Charity: Prioritise giving time over donating money. Many people don’t realise that a lot of charities end up having to use donations to hire help but are short of volunteers who are willing to work hard instead of using the charity as a place to socialise. Donating a bit less money but actually spending time helping out there helps them, and is good for your budget. Learn to sew and darn instead of just throwing out damaged clothing. Have your shoes repaired instead of replacing them. Take good care of what you’re wearing. Buy quality and make it last. I scrimped and saved for a good pair of slacks (on sale) and chose a classic cut in a colour that would work well with an assortment of combinations, which meant several outfits instead of just one. Ripped jeans? Visible mending is a thing. It took time, but now I can get away with buying 2-3 items of clothing a year. And I’m a woman. Nothing looks worn or old except my yardwork/painting clothes. Sell clothing you don’t wear or repurpose them. Avoid single serve bottled drinks. A re-usable bottle that you fill up with the drink of your choice works just as well throughout the day, on hikes, or at work. Can’t refill throughout the day? Several refillable drink containers. Bulk packaging too large for you/your family? Consider co-buying. My office bestie recently became a single mother. We share. A whole cabbage is too big for either of us but half a cabbage is manageable for both of us. Don’t go for pre-cut foods. A knife and cutting board are a one time investment if you learn how to sharpen that knife. Your time doesn’t cost money once you’re off the clock. Prepping together doubles up as socialising (and shortens the prep time!). Only buy your big ticket items with cash and use them until they’re beyond repair or until it’s economically unsound to keep repairing them. I only bought my current car when my previous one got totalled through no fault of my own. If that hadn’t happened, I would have kept it until my (trusted and trustworthy) mechanic told me it was better to replace it. I estimate that would have gotten me another five years of use. My washer and dryer are a good 10 years old. Whenever possible I dry clothes on a rack. Every 3-6 months I put a cleaning product in my washer to get rid of any potential buildup. I’m frugal with detergent and never use fabric softener. Most people around me average a washer and dryer every 5 years. A very important one: If possible, pay all your bills as closely as possible after pay day. That way the money on your account is easier to budget. I can keep going like this for a long time. I won’t lie, in the beginning it was VERY hard. As time went on, it became easier. Nowadays, friends and colleagues think I’m living it up because most of the things I do to save money are invisible to them. They don’t know that ‘new’ outfit is comprised of things I got 5-10 years ago. They don’t know that the dish I posted on social media or brought to the office is the result of combing odds and ends from the fridge and freezer (or left over from last night’s dinner). They don’t know those earrings are 30 years old. They just wonder how I can afford that plane ticket to another continent of why I don’t have a car loan.

[@foreverteuk]

I love the part where you talk about charity. Not many mention it. I do something similar but nothing near 10%. You have such a great heart. If only everyone thinks the same way, there would be a lot more love and peace.

[@neilmckay8649]

$532 is what I paid in TOTAL for my previous car. Good 15yo car. I earn around $250k per year.

[@leannejayne3545]

Great advice as always, I just can’t help remain slightly mindful that I also need to enjoy my life too, I e lost too many people in my life too soon. It’s a balance

[@allkinds1069]

Sounds like Islam: don't drink, don't use interest (buy outright), don't gamble and you must give to charity (2.5% of your earning that year). Hate it as you want, but there's a reason why these laws were said many years ago and are somehow especially relevant now. Thank you for this video, much love Gabe.

[@Persistancedetermination]

I could of owned the Coke company by now. I don't consume major things but man those little things do add up. Thx Gabe.❤

[@user33housecats]

you can live without a car but only if you live in a major urban area with reliable other choices, in the LA metro that is very hard - things are far apart, public transport is unreliable and a beater car might break down on your way to work. . . also if you can't blame people for wanting to spend a little more if they earn a little more. I never did, but then I missed out on a lot. I had savings then I got sick, and that will clear out anyone in America where there is no universal health care

[@TessieDobey]

My husband and I are both elementary school educators, and he is a budget-conscious person. We live within our means. My sister and her husband are both doctors and keep asking to borrow money from us. I told her last year that my wallet is closed, and now I feel like I am the selfish little sister with the horrible husband.

[@transitengineer]

First, I never lead money to either family members, or people from my church. However, I always give money freely whenever asked (up to the amount set aside in my budget). In my case this is $800 per month for (i.e. church, non-profits, and family) but, when it is gone each month... sorry, that is it (smile...smile).

[@dreamchaser5758]

Your spendthrift sister is the one that should be ashamed. Don't enable irresponsible behavior. People never grow that way. When choosing a mate, people should chase character not titles. Being a doctor doesn't make you anymore skilled at personal finance

[@dreamchaser5758]

​@@transitengineerThanks for sharing your approach. I'm going to start small but building a monthly blessing allowance. I don't lend to anyone

[@70sfred1]

Family and business don't mix well. Money is seen as a gift and money can destroy family relationships.

[@hutsonmccullough]

Great tips! Definitely like the tithing one 👌🏻

[@GabeBult]

100%

[@M_SC]

Giving to the church isn’t good charity

[@elizabethzierke4733]

Churches have bills too and support homeless. And food banks.

[@OneofmyGreatestjoys]

​@@GabeBultI have a question. Do you know where your tithe goes? I have seen some Churches who are very generous but some only help members?

[@mattschmitt9924]

​@@OneofmyGreatestjoysI wish churches and other forms of small communities would work to support each other more.

[@lorraineedmond5921]

I have always hated paying interest. Never had a car payment, and keep cars 17-20 years. Also tried really hard not to “upgrade” our lifestyle as we got raises. I wish someone had explained the beauty of compound interest even earlier, though!

[@sydneykasmar]

Appreciating your suggestions. Thanks.

[@fredfinger7092]

Current interest rates make car loans crippling. When I had a car loan at 1.49% I was not bothered about it. The interest rate was less than inflation so I was technically making money on it in the second year.

[@pjm7879]

Been giving 15%+ to charity since I earned my first $5 in 1971. Have never had a financial problem. Left big job in 1998 with wife and 4 kids. Started my own business. My only business strategy was continue tithing. Been successful for 26 years. Thank you so much for this piece of valuable wisdom.

[@yvonnes7412]

Idk why so many drink alcohol: Wealth advice says no alcohol, Brain experts say no alcohol, Doctors say no alcohol (causes cancer and other problems), Religious/Spiritual gurus say no alcohol (clouds the mind/spirit), Psychologists say no alcohol (diminishes ability to process emotions in a healthy way, can lead to alcohol dependence/addiction which is a whole new problem you have to solve…) I literally have never found an expert in any topic of health or wealth that didn’t say to avoid alcohol… lol 😂

[@mattschmitt9924]

With all due respect, I have lived long enough to be lied to by more than one doctor, religious expert, wealth advisor, etc... Do what you need to get what you need. People are different. Who are you to judge or strike them down for their road to happiness? A lot of people need drugs and alcohol to deal with rude and judgemental people. It's probably better for you if they do drink.

[@yvonnes7412]

@@mattschmitt9924 I am not judging anyone. I’m not that kind of person. I’m simply pointing out that it seems every expert advises against alcohol. No one needs drugs or alcohol. In fact, this increases anxiety and causes additional problems. Everyone “needs” to learn how to process their emotions in a healthy way-although this is difficult for some people. When you seek the favor of God, you stop caring what rude or judgmental people think. I believe we don’t exist to please the whims of people. I believe we exist to worship God. But that’s just one perspective, as an example… Lots of other people simply do not care about rude and judgmental people for other reasons or just their personality…

[@mattschmitt9924]

@@yvonnes7412 I don't believe what you believe, so your solution doesn't work for me. I've tried it for decades and realized it wasn't helpful. You are absolutely judging, which may be against the book your trying to sell me. This is VERY common with religious people. It's like telling a drunk they're a drunk, they don't see it. Just like you can't even see your judgmental words on the screen. Use whatever excuse makes you feel comfortable with your actions.

[@yvonnes7412]

@@mattschmitt9924 God knows I don’t judge others. Your judgment of me means nothing. I’m sorry you are so disturbed and that you have not found peace. Not selling you anything, but those who seek God’s guidance will find it. It’s your choice what you want. I have been through a lot in my life. You don’t know me. It seems you have been traumatized by past experiences with others. One thing you learn when overcoming trauma is that sometimes you get offended when you shouldn’t. That is-sometimes the other person doesn’t mean something the way that you interpret it. Some would say trauma makes people “over sensitive” but I think this reaction is understandable, like alarm bells on overdrive because you have been traumatized. If someone says that they’re not judging you, you need to believe them. Otherwise, you are being emotionally abusive. IT IS EMOTIONALLY ABUSIVE TO TELL OTHER PEOPLE WHAT THEY ARE FEELING. So calm down, stop being emotionally abusive, and get some help to work through your trauma. I say this with compassion and empathy. I know how you feel. My statement was a general statement about people in general drinking a lot. This includes social drinkers and everyone. You took it personally because you’re traumatized and perhaps you feel guilty about your drinking. I’m not responsible for your misinterpretation or your trauma.

[@mattschmitt9924]

@@yvonnes7412 I'm not going to read something so condescending as how you started that diatribe. I am an adult. I pray that you some day you can mature enough to see the folly in your ways before you stand to be judged. Have a blessed day. 🙏

[@ebikescrapper3925]

The best way to save money is groceries, if you see something you normally use at a discount but more than an one. A three dollar saving on a ten dollar purchase is a 30% saving.

[@beverlylevy6559]

I paid off my used car in less than 20 months by paying separate premium and principal every month. Right before payoff, my loan interest was $.12 daily. Not too shabby.

[@grannyprepper1181]

My car is a 2005 Kia Sportage. Bought it for cash payments from a friend in 2018. This year I got a $40 month increase in my social security and my rent $25. and car insurance went up $7. and my food stamps went down $18 . For a total of $50. a month loss. So I’m in the negative $10 a month or $120 a year. How do you fix that and I’m 71, disabled, so working isn’t an option.

[@MyrtGyrt]

grannyprepper11 Pinch those pennies until they scream! You can do this-although it may not be easy. Have you considered 1. A roommate (or 2)? 2. Lowering insurance coverage on your car? 3. Checking on food pantries? (Quite a few churches in my area have them and offer free meals certain days). Also check your library for books on frugality. Best frugal book of all is the Tightwad Gazette. It’s from the ‘80s but still very relevant. Good luck during these difficult times 🤗

[@M_SC]

Tough situation 😢

[@grannyprepper1181]

@@M_SC it’s not the best situation, but I know there are others in worse situation than me. Thanks

[@grannyprepper1181]

@@MyrtGyrt you and I think a lot alike.roommates aren’t an option. I live in a 5th wheel trailer 320 sf, one bedroom. I’m in a small town and I go to the food every month. Our food bank is very generous, no complaints. When I lived near San Diego a few years ago (2019) I could go to 2 or 3 different ones each week if I wanted to. I only have liability on my car. I love the Tightwad Gazette and Amy Dacyczyn. I have both versions of her book, the set of 3 and the big book. I need to get them out and re-read them. Thanks for the suggestions.

[@MyrtGyrt]

@@grannyprepper1181 ❤ 🙏 Will be praying for your health and situation

[@brittanygerth456]

The best thing I ever learned from Crystal Paine was "just because something is on sale, doesn't mean you saved money, you still spent money." If you needed it or like you said, assets, but to buy something you didn't need that was on sale, you're still down that money.

[@gaelenoconnell-bidabadi]

New to your channel and really enjoying the tips, thank you!

[@angelafosse5955]

We have two cars both cost 1000 each (pounds and euros) Suzuki swift and Honda crv. The suzuki i bought in 2010, still have it. The honda we bought with almost 300,000km on the clock. Perhaps a stroke of luck, i am three quarters Irish 😂

[@GabeBult]

That’s awesome! A ton of cars go away further than people think if you take care of them

[@TheJoPaXXXX]

Hello! Question= how mutch cost a pk ciggarets in USA? Here in Sweden it cost 10$

[@abdulmumen3579]

Always enjoy watching your videos. Straight to the point , no overer explaining.

[@LivingProcess]

Brilliant as always 💚 Will be living more frugally and eating healthier for the next year... Starting August ( My year (birthday) starts in August) setting up a budget and a more sustainable diet ( Vegan of course) Thank you any advice 💚

[@GabeBult]

That’s awesome!

[@Itsamomknocklife]

Out of all the wonderful steps you have on here, the one I keep hearing, but struggle so much with is, the 5 people you spend the most time with. I haven’t seen how to find these friends that will help raise me up. What was it that made it so that you started hanging out with more successful people?

[@WorldsofAnne]

Practice generosity🙌🏻 Thank you!

[@JohnPDent]

I've been getting more interested in investing lately, but I'm not confident in my understanding of it. Would you recommend using an individual advisor or simply starting with an index fund?

[@mattschmitt9924]

You do what is best for you and try to understand what your money is in. Warren Buffett has said that an index is the easiest way to go. Let the market decide who you're invested in. Only the best make up the top indexes.

[@ss11733]

re: alcohol. making my own wine! took 1-2 years to start but now I just make more every year. Mead might be the best drink to make because it only takes a few months. Cheaper and better for you (probably) than buying! And really puts into context what it is and the worth etc

[@tamib64]

Favorite video of yours so far.

[@alicelaybourne1620]

I was car payment free for 32 years. Saving was a breeze, life was comfortable. I became disabled and was susceptible to pressure that I should but a new car with ADA driving accommodations. I try not to beat myself up over it, it is much easier to drive, but I didn't even look to see if there was a used car with the same features. Now, though I can afford it, things are just not as easy as before. Avoid car payments folks.

[@JuliaFrancisEmilyLouise]

I watch this for your advice but I’m doing a lot of this already, so that’s reassuring for me. Well done and your philosophies and attitudes to money are just like mine

[@VitalBigras]

That chart 😮 savings goal calculator Didn’t know it existed , THANKS 🙏

[@AR-ln7ln]

My ex bf had $100k income while I worked low wage jobs. For me, $20 was like $30 and for him, it was like $10. He is still middle class and falling behind while I moved on to UMC. We had bought similar small Japanese cars and got the same utility out of them, but he paid twice the price. He bought a condo, but my rental was cheaper and I invested anything extra. All condo payments were a must, but I could choose if I could or wanted to invest any given month. His HOA went up, while I found cheaper rental during covid. We also know what happened to investments during covid. Now, had the market gone down, I would have made even more money as I was buying stocks on sale. It took him 6-months to sell the condo. While empty, it flooded twice. Meanwhile, I learned to trade in the market during those 4 years. His now $110k job is not as stable as my lower income job. I get calls daily to come into work. I don't need to work right now because of my ability to live on little and the investments that grew big. This is just housing and car example.

[@FangerZero]

I have found the 50/30/20 helped me feel better about spending. I didn't like feeling guilty about buying things I like, but now that I follow that rule I'm so much happier and I'm saving money! I don't feel suffocated anymore by spending, or a need to save as much as possible and then finding I had to pull money out of savings to cover expenses. Now I put money into savings that I don't spend.

[@JEANNEHUNTER-q5t]

Great information. My in-laws have always been wants spenders and are always stressed financially because keeping up with the Joneses, well, keeps them going. I'm less wealthy, but l Iive very simply and don't have debt or a financial care in the world.

[@mikesercanto9149]

Many people pursue the American Dream of college, marriage, children, and home ownership. Those things are wonderful, but it means that by the time most people are in their mid twenties they are heavily in debt for decades if not the rest of their lives, which makes it difficult if not impossible to save for retirement or build generational wealth. Wealth is created by investing not by working. One can work all his life and end up with nothing! Get out of debt as soon as you can and start investing as early as you can.

[@RockScience-s3b]

It seems I say I have no money so I need to spend money to make myself feel better about having no money. Anyone else do this?

[@davidbrooks8809]

😂😢😮😅

[@turtleanton6539]

Indeed🎉

[@zarosderer4447]

Only Lord Wojak can save you mate

[@SigFigNewton]

Isn’t that what bling IS

[@Radiance70]

I used to. But I have found free or almost free ways to feel better. It is tried and true: spend time in nature, visit with friends, look for free events, learn something new (that don't require tools or materials ) . Learn to cook a nice recipe. One I haven't tried but want to: volunteer. I don't want to give my money away because I want more money

[@rachelcrossen8136]

I pay cash for used cars but it bothers me when people say to invest what you would have paid for a car payment. I can’t do that because I have to save that money for the next car so I can pay cash for that one.

[@jonredd650]

Alcohol only gets worse the older I get

[@drizzt8965]

Time to learn a new way and then continue your journey...

[@turtleanton6539]

Ofc

[@thorsrensen3162]

me too I drink every day a glass of red wine.

[@kendallritenow1309]

I think it’s very hard to the average person to get out of the debt cycle because one you’re in it it’s designed to keep you there. You have a car note for $500 a months you pay on for like 7 years. Then hopefully you get a lot of life out of the car and keep it another 7. But now you feel like you have an extra $500 you just freed up, and more than likely you need it to keep up with inflation on other expenses. So there’s no savings for when you need a new car after the 14 years and it’s now even more expensive. So you borrow again

[@kendallritenow1309]

@traybern it is crazy! But that is the average car note in America! Likely over $100 of that goes to interest every month tho and then tax and fees so probably more like a $30,000 car.

[@transitengineer]

Well, I used to have a rule: 1st car is used ... 2nd is used ... 3rd car is new...and then this repeats. Also, each car was driven until it died or was in a total loss accident (smile...smile).

[@kendallritenow1309]

@@transitengineer why is the 3rd car new? This is an interesting rule and I myself am actually kind of following it unknowingly lol 1st car: used 2001 explorer 2nd: used 2000 Chevy Camaro (lemon) 3rd: used and free Sentra (amazing) 4th: new 2017 civic 5th: used 2019 Subaru Forrester for the family 6th: used 2012 MB GLK350 with 34k miles (traded civic with 80k I shouldn’t need another car for a looooong time

[@arialdejeune5354]

You are spot on about debt - it’s called ‘living above your means’. It’s what is behind ‘boomers’ having a house and money in their later years. We did exactly what you describe - starting off small with what you can afford and climbing the ladder when you can. Eventually you have a great home and no debt. Today’s young have to have the best first, so they ‘card’ and keep going backwards. Fiscal wisdom makes for a good life.

[@percynelson7726]

When my wages go up, I increased my mortgage payment and retirement saving. Then I may adjust the rest of my budget. Now my house is paid off, and I am still putting the same amount towards the mortgage (except my auto insurance increased, and I offset that).

[@curiousquartet5614]

Wow! Our 2nd car was also Civic, and the next one and the current one is Cr-v. But ours is Honda from both outside AND inside. There seems to be something wrong with yours ;) Great vid and channel, thank you so much :)

[@Carsonial]

Great tips as always!

[@GabeBult]

Glad you like them!

[@worldtraveler3044]

Do not tithe a church, they are wasting money & take a look at the church leader’s house. If you give, give right to the cause not an untaxed business.

[@Tormekia]

Friend's Nana said to never go to a church where the pastor had a nicer car than you.

[@abigailwhite4704]

Do not tithe to the Red Cross.

[@staissitrading6675]

This is sooo much in line with godly teachings in Torah/Old Testament/Quran: 1. Car payment: Do not take money interest/Usury/Riba. 2. Spend more the earn: Do not unnecessarily loan money, unless you really don't have anything for you & family to eat today. 3. Spend selfishly: Donate to the poor and needy/donate 10% of earning/pay 2.5% zakat/give sadaqah. 5. Increasing spending after a raise: live moderately/do not indulge in gluttony/every food you eat and stuff you wear will be questioned in your afterlife. 6. Buying the wrong discount: prepare your afterlife as if gonna die tomorrow but earn your living as if gonna live forever (long time investment). 7. Listen to your friend: your inner circle will determine your way of life, find friends that bring positive influence on you/surround yourself with righteous people.

[@Obby_Unsk]

It’s almost like if we applied all the religions good advice, we’d be happy and thriving instead of arguing about who is going to win the boxing match and stick with the winner. Why don’t we just be peaceful with coexistence, love and compassion, understanding of non-believers, avoiding violence, and respecting other religions while learning the main points that each of these wonderful organizations of morals teach us, one love at the end of the day. We just have different names for our God. The different names for Him shouldn’t divide us. In fact, it should unite us because we may not speak the same language but we worship the same God, no matter which prophet guided us. All of the prophets point toward the same thing in my opinion. Much love and respect and sorry if my comment offends anyone, I didn’t mean to at all

[@markdunn1931]

Link didn't work for me. cheers

[@jennychavez2436]

Nice video. Thank you so much.

[@GabeBult]

👍🙏

[@tinyhouseworlddeutschland9702]

How about spending for courses? I always save every crumble, all furniture is second hand, car is old and so on but lately I always have the feeling I wanna learn stg new, advance my business and I realized I actually threw out thousands for coachings...I wanna learn new healing methods and those courses are super expensive.

[@GabeBult]

That’s like the only thing I invest in. Books courses coaching ect because if I can up what I earn even a few % I will make it back

[@stephensangalli]

Masterworks sounds like a Tulip craze. Keep it!

[@TheClutterLady]

Such an important message! Thank you for sharing.

[@Will_Schrank]

Great video, Gabe. 🙌🏻

[@annaperalta505]

Great video Gabe! Thank you 🙏🏼😊

[@szafirowyserwilista7484]

nice video, thx bro

[@GabeBult]

Thanks 🙏

[@junea3259]

My Kids call me Cheap ! But im just frugal and they dont understand that every dollar adds up

[@M_SC]

Sounds like a communication problem

[@valkyrthefierce8454]

@gabebult can you do a series on the Bible? Like stories and lessons you've learned that have affected you and your life?

[@devonpeters8205]

Would love that as well

[@suareflexao.diaria]

inspiration, I talk about Brazil and I always watch your videos.

[@tomsmith3045]

I really expected this to be yet another fluff piece. But it's not. There's some solid advice here, and every point is correct. Maybe not all of it easy to hear, but correct. Thanks for that.

[@kikiuniki3406]

I do blame the government and inflation tbh. A) My husband is military, so we don't get to decide where we live, and additional income opportunities are limited. B) 4 years ago, with less income, we were building savings AND bought a house! Now we are paycheck to paycheck and have downgraded our lifestyle to nearly extreme frugality. Honestly, it's depressing.

[@MrLambchop91]

“You’re the average of the 5 people you hang around.” Joke’s on you, I don’t have any friends

[@anathardayaldar]

The last point is why socializing is such a survival trait. We really do depend on each other. Being a loner really is detrimental. The internet has made it more convenient to be a "introvert". But junk food has made it more convenient to eat poory. It doesn't mean thats what you should be doing. And no, getting advice off the internet is not the same. You can't see what those people are really like irl when the cameras are not on.

[@bjmaldonado]

two things, 1. I've been loving your channel and you got a sub. 2. you look exactly like Josh Dallas from Manifest when he grew his beard out LOL

[@RebelAlliance42]

I have never and will never own a brand new car, and I've never had a credit card. To me, brand new cars and credit cards have always seemed like a money-making scam... I mean scheme lol and I just don't have the money to throw away like that! A house would be the only worthwhile thing to pay interest on in my opinion. I don't even like having HPs unless it's at least 2-3 years interest-free, and I can pay it off well within that time, and it's something absolutely necessary, like a washing machine or fridge.

[@ChristysChannelYall]

My problem is medical bills. How do you escape those in the U.S.? And now I have another health problem. I’m so over it. Those are gonna bankrupt me 😢

[@RadarAustralia]

Many Americans I have talked to have told me that the Australian health care system is based on socialism. Yet, I can be admitted to a public hospital (good) for next to nothing completed to their health care costs. Yes, we pay about 2% of our salaries but everyone can rock up to emergency for free.