3 steps to money mastery: Would you rather have freedom or stuff? | Vicki Robin | Big Think

3 steps to money mastery: Would you rather have freedom or stuff?
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If you want to free yourself from the consumer culture and economic constraints, you have to achieve financial independence, says author Vicki Robin. She lays out her 3-step plan towards achieving that freedom over money and finding your "happy life number" - how much money it costs you to have a happy life.
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VICKI ROBIN:
Vicki Robin is a prolific social innovator, writer, and speaker. She is coauthor with Joe Dominguez of the international best-seller, Your Money or Your Life: Transforming Your Relationship With Money and Achieving Financial Independence (Viking Penguin, 1992, 1998, 2008, 2018).
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TRANSCRIPT:
So let’s take a look at financial independence and what that really means. It means, you know, if you haven’t thought about it at all you just think “Oh, that’s for rich people” or “I could never do that.”
And so 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 message is that, you know, a house is a “starter house.” No, that’s MY HOUSE! I could die in my house, you know. It’s like there’s so many presumptions that drive us into wage slavery, debt, and it doesn’t matter whether you are at the low end or at the high end.
If you are engaged in that sort of ancient 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’m sovereign, the economy is secondary. I will move my sovereign self into the economy for my own purposes.”
Rather than “I’m a schlump and 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. I’m just going to let myself be run by this thing.”
No, so you’re a sovereign being! 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. Really. It’s like - and so there are many organizations. There’s Debtors Anonymous. There’s many ways that people can help them with this addiction to constantly spending and spending beyond their means. However you do that you just stop increasing your debt and start whittling your way through it. And with the approach in Your Money or Your Life I mean 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, once they see that, once they have a taste for, a yen for the kind of sovereignty, authenticity, autonomy, freedom, whatever you want to call it, you know, mastery over your own time, ability to write your novel or take your sailing cruise or play with your grandkids-Whatever it is that you want more than you want stuff that’s what we’re trying - 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.
We call them “gazingus pins”, the things you buy repeatedly and you never use, and they go into the gazingus-pin-drawer and yet when you’re in the store you buy another one. And just look in your drawers, look in your closets, you’ll find it.
So getting, flattening your debt is the second level of financial independence, and the third level really is to get those six months of savings in liquid assets, whether it’s bank accounts-Someplace where you can actually within 24 to 48 hours you could realize that money.
So that you have an emergency fund so that you are not tumbled back into debt as soon as something happens; You lose a job which many people now feel that even their very, very important and significant jobs are precarious. So you want to get out of the zone of precariousness. And part of how you get out of that precariousness is savings.
And then over time the next layer of financial...
Read the full transcript at bigthink.com/videos/vicki-rob...

[@jpac_]

I used to be in debt since I got my CC when I was 19. I owed nearly 20K in CC and 55K in student loan by the time I turned 30. I was barley making payment on interests only. Then I got lucky with a decent job in hospitality, and it wasn't even related to my education. However, I stuck with the job, because I finally had the opportunity to make a difference in my financial mess. It took me 8 yrs to pay everything off, and it wasn't easy at all. I now actually feel like a person, not a prisoner.

[@mkbcoolman]

That's exactly how I felt once I got out from under my mountain of debt. The funny thing is, once I got my spending and debt under control, I started making a lot more money. It's almost like taking responsibility for your personal finances gives employers more confidence in your ability to handle larger responsibilities on the job as well.

[@SeanTheDon17]

"Pecunia Nervus Belli" ~Money is the soul of War. Vicki makes a great point distinguish between Financial Independence and Freedom. Freedom starts within our minds, telling ourselves that we don't NEED to work, but choose to work because we choose to spend. There is always the option of sleeping under a bridge, but we choose to sleep in beds which comes with rent. So finding that Happy Number is so critical to ensuring that everyday of work isn't arbitrary. People aim for these high salaries not realizing that they may only need half that in order to be satisfied. These topics are very interesting to me, the economic, psychological, and philosophical implications of our decisions have vast impacts not only on our lives but on our world.

[@henpines]

jajajajajaja I agree. That woman is so dumb!

[@Phrancis5]

One word - TINY HOUSE. It limits your overhead expenses and how much stuff you can fill it with. Your time on this earth is finite. Don't waste it in dept chasing material things.

[@ohjeohje3462]

Tiny houses are just the next fad and also a form of consumerism. Don't fall for it. Just stay a renter and save and invest ferociously 👍

[@Phrancis5]

@@ohjeohje3462 Every purchase is a form of "consumerism" but like food, housing is a necessity and reducing that cost (fad or not) is an ideal way to reduce expenses. Renting has it's own pros and cons, but there's no reason why you couldn't go the tiny house route and invest.

[@OutputzBeatz]

More of this 👏🏾 Extremely achievable advice for those who want it.

[@BumbleBeeBeeRock]

TIME is the most PRECIOUS commodity.

[@Beef1188]

Millionaires value time so much that they are willing to pay exorbitant sums of money to people who help them save it!

[@dakine4238]

but idk what to do with my time

[@sauravsarmapathak7177]

Living from Paycheque to Paycheque is a big problem of our generation

[@fleecemanjenkins6648]

Exactly. We have neither freedom or stuff.

[@Gulgathydra]

@@fleecemanjenkins6648 You have freedom from stuff. That doesn't make you happy? Sure, you only eat once a week... but look at those gorgeous cheekbones!

[@mkbcoolman]

It's a big part of every generation. I can't remember the source (Dave Ramsey, maybe), but I once heard the 80-90% of all households run out of money before month. They are literally always 2 weeks away from a major financial crisis.

[@epbrown01]

I had a friend who used to blow any money he had left on Thursday night - heaven forbid he wasn't broke on payday! He'd waste it on anything...

[@justindie7543]

dude I think you spelled paychek wrong.

[@DreDay1993]

I used to hate the thought of working all day using my precious hours in this life only getting so much money. Maybe it was my hippie phase if you wanna call it. Whether it was 9 bucks an hour on my first ever job. Or getting 13.50 dollars like I am now. I felt i wasnt getting what I deserved out of my time. But after years of getting older and wiser. Watching all these new TV shows of people living off the grid, seeing how hard they work and that lterally most parts of the world have it way harder then us, I felt blessed...... And thinking what were to happen if civil chaos erupted or a major war started, maybe ww3. And we were pushed back to the dark ages. I thought to myself if shit were to hit the fan, say a major blackout, food shortage, etc for months or maybe years....How fast all of us working our day jobs would want that back. Wishing we could go back to normal life working 9-5. Anyone ever think about that? We have it good. We don't have to hunt, we have electricity, internet, everything. I think until something catostropic were to happen we will realize life isnt so bad after all.

[@Wastingsometimehere]

This is all solid advice. Perhaps better for avoiding debt. In the past, this would have been good. The problem is the system, if you will, is designed to keep as many people as possible in permanent debt. Keep people working hard for the basics with lower wages.

[@kpb1337]

Same principle. Live within your means

[@pendejo6466]

Don’t buy shit.

[@mkbcoolman]

Yes, the financial system is set up to keep people in debt. If money is your product, and interest is your profit, then it makes perfect sense to keep as many people in debt as possible. But that doesn't mean you have to be an idiot. The system isn't complicated, and it's not even a little bit hard to leverage to your own benefit. Live within your means. Don't buy anything when you don't have the cash in hand. Do not make impulse buys of any amount. A simple rule I follow regarding impulse buys is that I put a timeline around purchases of a certain amount. If I see something I want that I didn't budget for this month and it costs under $50, I go back and look at my budget to see if I can make room for the purchase and wait a couple of days before buying it. Anything over $50, I'll wait at least a week. If it's over $250, it' has to be justified as an 'emergency' expense (generally a house/car repair), and I have funds specifically set aside to cover it. If we're talking about something like a TV, it gets planned into the budget for a couple of months away. For a car, it's at least a 6-month process before I buy anything. The point is that removing the power of impulse when purchasing is a HUGE mental tool to mastering money. I find about 90% of the time, the desire to purchase a

[@juraj_b]

It well might be but you have to have the restrain and self-governance not to fall for it. As a wise man once said: "It's not how much you earn, but what you do with what you earn"

[@jeffreymoffitt4070]

Heroin dealers use the same tactics, but you can beat heroin.

[@citzn]

More education at an earlier age is needed about finance. Imagine your kid learning about saving, mortgages and investing at a young age, leaving school knowing how to be financially sound and avoid debt

[@gopal1035]

Thank you.

[@tomkelly8827]

I am a carpenter and I like to work, I don't sleep very well if I have not made some kind of positive difference in the world that day! There is so much that needs to be done! Oh I wish more people would work with their hands, for money or not! Big money really shapes the world though so yes saving is a good plan! I typically save my income in the form of tools, shelter and the ability to produce food. Since I am 33 I get the feeling that savings will evaporate here once baby boomers retire so I invest in tools and skills and experience. None of the older carpenters want to get up on the roof anymore so I end up doing a lot of roofing. It is good to have skills and develop a trade because that will still have value when money doesn't any more.

[@alexanderx33]

I was already doing the time equivalent of costs thing although i kind of forgot about it after the first couple months of work.

[@spokenopenness3283]

Talking peronal money is almost never done with such ease. Your words feel true and valuable. Thanks!

[@davidellis3540]

There is bad debt and good debt. Bad debt is a car loan, and good debt is an income property you rent out. If you really want to be financially independent, avoid bad debt and load up on good debt. Imagine you rent out an apartment for $1000 a month, but you have a loan to repay on the apartment. If you owe $120,000 on an apartment (worth $130,000) at 5% interest, you must pay $500 a month to the bank. After you pay the bank, you are left with an additional $500. If your downpayment was just $10,000, you are essentially making $6,000 a year on a downpayment of just $10,000. That is 60%! If you learn that not all debt is bad, you will have learned one of the most valuable lessons in personal finance.

[@emiliospowerballer1441]

'buying your self freedom' that just blew my mind but i cant explain why

[@kinpatu]

What used to be self-evident truth, unworthy of serious discussion, is now a ‘big think’.

[@nathanielpeton516]

Love the talk, but love the necklace almost as much.

[@franciscocorralesmorales7608]

Hi there fellow Mustachians

[@nitrostatus]

Hi there Francisco. Good to be here and to hear a sermon on financial responsibility. Isn't it weird that people say "I have debt" meaning they owe money. However, we Mustachians own debt, meaning we owe bonds and other people pay us money. Have debt vs. Own debt, same possessive verb, but the opposite meaning.

[@sushantbahadure]

Track expenses.. become a super saver.. and be free from debts..

[@ZakeBudek]

All my money's tied up in debt.

[@pendejo6466]

Zake Budek Cocaine debt?

[@OurNewestMember]

Financing for real estate investment projects? Jk. Financing for cocaine projects?

[@jeffreymoffitt4070]

I'm not a Christian, but Dave Ramsey could help you.

[@SarahAndBoston]

I have used this method to getting out of debt and starting to save money. It works, and feels amazing.

[@cultevo1]

but yeah! TOPS!

[@MDAdams72668]

That's great if you are able to earn more then your daily costs. Unfortunately as the real wage declines many people do not. I know people that have to decide between food and electricity. They are working in some cases 2 jobs. How do they follow this advice????

[@henniewest4570]

She actually wrote a book on this subject named "Your money or your life"

[@YawMoney]

Download Every Dollar by Dave ramsey for Budgeting

[@criticalpotato8958]

perfect. would love to know more specifics

[@sallerc]

Read "Mr. Money Mustache" blog, it will change your life.

[@agamerjourney9146]

Buying freedom buy understand the basic of your happy number. Good plan for people that understand how money affects there life. Bad for people that continue to not be self aware of there income and spending habits. Now if financially smart about spending habits. Now that backup plans and are best plans to think ahead. Then financially free living your life as your please.

[@Abd12312]

❤

[@landminehopscotch3617]

Is free stuff an option?

[@je6683]

Beautiful stone age advice sounds like my grandmother. you can tell this woman has been frugal and financially discipline for most if not all of her life, at least way before FICO and credit cards were introduced lol.credit over debit anyday ( cash back, price protection, insurence, perks like free travel etc..) need I say more we have Facebook, microwaves color tvs now food takes 5min tops harmful nevertheless true attention spans are shorter then you can imagine by design it's all business trust me the monster is too big to escape especially living in it's core(United States my opinion) my advice find your passion,work your ass off, join the system rather then avoid it and create passive income with your passion and oh invest a little in stocks like she said not too much though as it is proven to sink like the titanic (the unsinkable ship) every now and then. good luck people

[@jeffreymoffitt4070]

Do you work for visa? No debt is working out great for me. Cash in hand or no product for me.

[@lindanoel1853]

This is a big chunk of words followed by more words, running on with more words. There is no way to separate the ideas because you have not used any signs of a sentence -- Capitalize the first word and put a period or question mark at the end and indicate pauses with commas. Just a gobblygook of words. Sheesh. Also, "living in ITS core", not it's = it is. Sheesh again.

[@je6683]

Jeffery moffitt no. I just researched a little about credit and how it works. Understanding how credit cards work can help with saving money.

[@jeffreymoffitt4070]

@@je6683 you should do some more research then... Debt is dealing with negative numbers and you can't add 2 negative numbers and get a positive one. On top of that you can't add a negative amount of money to an amount of money smaller than the inverse of the negative number and wind up anywhere but negative.

[@je6683]

Jeffery moffitt debt is unavoidable unless you live on the streets or somthing. No matter if you have the means to pay ,or not the fact that a bill is in place means debt is happening (rent, mortgage , money owe to government from working, or owning business etc...) of course a credit card if used wrong can hurt you but if educated on how it works in beneficial. Example we both spend 500$ on groceries right. you use cash and I use my amex card. I will receive 50$(5percent on groceries)cash back for something I was going to otherwise pay cash for and get nothing. Anyways thanks for the info goodluck

[@epbrown01]

Bit of a shout-out to Broke Millienials, I think. They saved up $700k and quit their jobs to ride around Europe.

[@fabled.]

And what are the ways to generate passive income while travelling around the world for 3 years?

[@fabled.]

@LagiNaLangAko23 yes, if you have a large following that supports you through donations but what about the rest of us?

[@queenbee7786]

I’ll come back to this video every time I want to spend beyond my means. I’m a shopaholic. I need help.

[@agamerjourney9146]

Not every person is taught to be smart with money. That’s so many are not self aware of the environment that influence them. Fact that some can’t see they are be sold product they don’t need. Should give person a clue why they are in debt.

[@matthewsan78]

I'm pretty good with money, and I definitely understand that I waste some money on stuff I don't need...but I just don't see how I could ever generate enough savings to live on "passive income". :\ Most of my money goes to my mortgage and bills, not frivolities.

[@samaraisnt]

Passive income means stocks/investments.

[@KungFuChess]

#YANG2020

[@PopsiclesInMyCellar]

I'm 25 and have 30k in the bank and no debt. Is that good?

[@OKayMMusic]

PopsiclesInMyCellar yes

[@PopsiclesInMyCellar]

I see, what are your reasons for that answer?

[@holycrapchris]

Popsicles: that answer is up to you. Like Vicki says in the video, don't look to third party sources to tell you what your numbers should be. Step 1 is get out of debt. Step 2 is to amass a 6 month emergency fund. If your 6 month spending is equal to or less than 30k, you're done with step 2. And you can feel good about that.

[@alextrainor2552]

Your in the 95th percentile

[@tomkelly8827]

I have $80K worth of snake oil I could sell you for $30K. You are my friend and I like you! That's why I will offer you this special deal!

[@zodiacfml]

I've noticed that we have so much stuff than we can spend time on it. It could be shoes, clothing, gadgets, car, or a house. I'd rather be free and use the few stuff I have as much as I can.

[@sallerc]

Everyone should check out Mr. Money Mustache blog if you want to learn how to become financially independent.

[@angelv.859]

She's just repeating the personal finance 101 discourse. Not taking into consideration the reality of today’s harsh and predatory global economy. If you consider this lady some kind of expert just take in mind that she became popular by living off the interest of treasury bonds. Also, she had the help of a friend (an ex Wall Street guy who had significant savings at his disposal). She bought some of the bonds with heritage money from his late grandmother. After a while her living style caught the eye of some folks, this encouraged her and the Wall Street friend to publish a book a bout this kind of lifestyle. which in turn became a best seller making them even more wealthy. She had no student debs she had a heritage she had expert advice she did all this between the 70s and 80s. Before massive globalization and even before the internet! Let's get real and listen to advice from people who address the real challenges of today's economy.

[@martinnolan4332]

I'd rather have free stuff!

[@CarstenGermer]

What does this say about an economy where a huge number of people aren't in debt, don't buy unnecessary stuff, hold a good job with an above everage income, put money in their investment savings or similar every month and will _never_ever_ be able to save up enough for them to live on their passive income? The ideas and techniques in this talk are valid and good but near the end it completely looses grip on current reality...

[@holycrapchris]

Assuming you are saving more than 10%, and you're not already 60 years old, you *will* be able to retire. Example starting from zero: above-average income ($60k), saving $15k per year, earning 5% means you'd be done in 31 years. Here's a calculator: networthify.com/calculator/earlyretirement?income=60000&initialBalance=0&expenses=45000&annualPct=5&withdrawalRate=4

[@AlbesADV]

@@holycrapchris the problem is that in 60 years a million dollars is not going to be enough to retire on, eck if I would have to buy a house right now in my neighborhood I couldn't afford it cause the prices have gone up 200% while my pay has gone up 2.1% since I bought the house, the car I bought and paid off in 2 years in 2013 now costs double ( literally it went from $24000 otd to $40000 + tax and fees) and I can't afford it anymore.

[@khaledalromih]

Freedom isn’t free

[@ShivaInu42]

There's a hefty fuckin fee!

[@pendejo6466]

What about pussy?

[@fetusimao7018]

Why do you say that? Please answer. I actually want to know.

[@ShivaInu42]

It's from team America world police. The movie the South Park guys made

[@presidentmuhammadasyraafab7868]

The price of freedom is high. It always has been . And it’s a price I’m willing to pay. -Captain America

[@darkvalkyrie5366]

Fun fact: even for this so-called "passive" income other people have to actually work in order to produce that money.

[@satyarupdas]

That trapezius tho

[@Xeirus911]

JOIN A CREDIT UNION, DON'T USE A BANK.

[@ImSimplyAHuman]

Don’t forget to factor in inflation 😅

[@iboremytherapist]

How can I live on only 20-10% of my income?

[@Organnabis]

Make more money or spend less.

[@daveo2992]

Better paying job cheaper house/apt, cheaper phone don't get a data package

[@Gulgathydra]

Ask people in the Nordic countries... it's all they get after income tax.

[@sauravsarmapathak7177]

Gulgathydra i.e why you all should take in less immigrants, which heavily benefit from your taxes

[@epbrown01]

Chris Reyes: I think she might be cheating the numbers a bit. Currently my expenses are 16% of my gross income - but 44% of my NET income. Still, that adds up quickly - even making $30k a year (gross) I saved up over $100k in ~ six years.

[@russellg5022]

Save 90% of your income, simple. Thanks, Expert Lady.

[@ThatAlleyCatsBack]

LMFAO

[@rodneytrynor7374]

debit card costs more per month than a credit card.

[@rager4able]

6 months of savings in liquid assets

[@GreenMorningDragonProductions]

Does that include crates of beer, Sir?

[@scottash351]

Instead of all that just spend as little as possible on everything that doesn't directly bring you greater health and don't sweat the rest.

[@acidsmokemachine5873]

This is all solid hypothetical advice predicated on you being able to make that "happy life number" which would require a job good enough to do so but most can't so what then ? lol dream?

[@imadethistosubscribetochie8408]

A little goes a long way over time. Also, like she said Work on increasing your passive income

[@acidsmokemachine5873]

What about the people who cant manage to get a passive income and are living on bare minimum as is...

[@imadethistosubscribetochie8408]

@@acidsmokemachine5873 credit

[@brynwhitehead1731]

Equity.

[@YABEEful]

TL;DL

[@cultevo1]

I HAVE NO HOUSE LADY! let alone afford one !! Free my MIND???

[@nickgogan]

“Money is your life energy” - that doesn’t sound pathological at all...

[@Kidman-jc3yt]

1st

[@chrisranson2619]

"Buying yourself degrees of freedom" and being "sovereign" is useless if you die tomorrow and have spent your life trying to make things comfortable/free for yourself. This is not a new concept at all, and is dangerously self obsessed. Luk 12:16- 21... 16 And he told them this parable: “The ground of a certain rich man yielded an abundant harvest. 17 He thought to himself, ‘What shall I do? I have no place to store my crops.’ 18 “Then he said, ‘This is what I’ll do. I will tear down my barns and build bigger ones, and there I will store my surplus grain. 19 And I’ll say to myself, “You have plenty of grain laid up for many years. Take life easy; eat, drink and be merry.”’ 20 “But God said to him, ‘You fool! This very night your life will be demanded from you. Then who will get what you have prepared for yourself?’ 21 “This is how it will be with whoever stores up things for themselves but is not rich toward God.”

[@radicaledwards3449]

With freedom I can have all the stuff I want

[@SPDYellow]

Personal Sovereignty is a fine ideal and people should strive for it, but the trouble is, it will only get you so far. If some Rich assholes decide to gamble with the entire economy ala 2008, they could wipe out your savings regardless of what you do. You can be the most responsible person ever and you'll still be fucked if the Rich decide that the billions they have simply aren't enough. Personal Sovereignty is a good thing, but it won't solve the fact that we are currently in a deeply effed-up system where the gap between rich and poor is growing everyday, with the Rich living in ridiculous levels of opulence while the poor struggle to get the most basic of needs--food, shelter, medicine--met. This is not sustainable and it is going to end badly.

[@evopwrmods]

Income and Debt all relates back to PRIDE. Everyone will readily admit that we are judged upon by our possessions. With that sort of mindset it easy to see how the vast majority of americans turn into Pure and simple Consumers. Consumers who are more focused upon their Group dynamic standing; than their own standard of living. Our American Way of Life is extremely unhealthy in so so many ways. From Nationalism; to he insanity of how we are supremely Wasteful ; to the simple fact that we Consume more than we contribute back to mother earth and society in general. Me Me Me; its is all we think about. However if we were truly that concerned about Me Me ME; we would wake up to the fact that we are Sick both Physically and Mentally. And then we would bring about the necessary changes that would guide us onto the path of Healthiness and Peace. Guilt is what drives this country, none of truly believe we are deserving of Peace nor Love. Our actions prove it each day. We all must strive to change this; our very own nature.

[@James-cm8zm]

Seems like you are focused on yourself so much that you may overlook the 'value add' from climbing ladders and other necessary growth in being a productive employee. You are 'extracting' value for your own benefit. This is not a long term nor advisable strategy to promote in my opinion. Be careful with this woman's ethos. It breaks down at a community/societal level.

[@MsDamosmum]

Save 80% of my income - that's gonna require a fairy godmother to pay the bills!!

[@archyatis]

A lot of advice in these days made by old people is useless u cant apply this to these days atleast most of it

[@shizuokaBLUES]

Idiocy. Would you rather feed your kid and keep ons cheap car and a pet or Not more like it. I make $75,000 after taxes and other than a single local beach holiday for four days in summer, everything gets used by the basics. Now, debt? That’s a different story.

[@thesteadfastduelist6258]

*I rather have stuff.*

[@donalgavin4882]

'First step of getting out of debt is stopping going into debt'? Stop talking through your hoop, you've never lived pay check to pay check if you're saying that bollox.. good luck to you in the real world

[@narata1541]

I still don't understand why people get loans instead of just using cash. If you read the Bible, do people use cash? Not at all. Jesus says that you should just pay up front.

[@dasanji90]

Both yeah? I am going to be the first zillionaire! Mansa Musa was my great great great etc whatever! I come from his bloodline! Y'all took everything from us!

[@Lancaster604]

In Zimbabwe?

[@dasanji90]

@@Lancaster604 Mali fool 😂

[@hamsandwich6187]

Or, if you make a sh%tload of money, you can spend it on whatever you want, plus save plenty. How about them apples?

[@epbrown01]

That's actually the problem NOW. People make a shitload of money, spend it, save "plenty" - and find out "plenty" won't last long when the money stops coming in (and it always stops). It's why former actors and athletes work as cashiers and security guards.

[@Master-Roshi]

Buy Bitcoins!

[@livingbeings]

Ignorant of the chains of poverty. Too many people can never escape a paycheck-to-paycheck existence. If you can follow her advice then you are very privileged and you should be aware of all the low-wage workers who make your opportunities possible.

[@pendejo6466]

Living Beings Don’t increase your debt; pay down existing debt; track your purchases; save every chance you get; figure out what you need for the life you want. What’s wrong with that?

[@holycrapchris]

Her advice is applicable to all. True, everyone will not escape poverty. Yet many *can* , but don't do what's needed to get out. I live in a place with lower-income people. Do you know what they have in common, aside from low-paying jobs? They're all smokers who have cable TV. Over $100/mo in expense. Vicki's point is that people will be happier if they are cognizant of their spending choices.

[@YawMoney]

Dave ramsey Financial Peace

[@BrettLeP]

Worst advice ever! News flash lady, it’s not 1960! The economy and the way money works is drastically different in 2018! I’ve seen other economists videos that put this one to shame. Saving money in a bank and doing nothing with it, is useless. Fun fact: if the average person wanted to double what they save every year in the bank, it would take 840+ years in average! 🤬 Big Think seems to be running out of viable guests lol.

[@BrettLeP]

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