6 Simple Rules For Financial Success

[@andrewpaterson4672]

1: Save 10-20% of your Gross income 2: Pay off high interest debt before they cripple you 3: Take advantage of tax advantage accounts 4: Financial planner that follow Fiduciary rules 5: Buy a house only when you're ready to (20% down, No debt, Emergency fund in place, 15-30 fixed) 6: Purchase insurance (Life, Disability, Health, Home and Auto)

[@swn69]

Thanks. I retire in a week. I saved as much as the law allowed me to tax defer for the last few years, but I have a military pension and now a LE pension. I have no debt aside from my house. Now I can work a job I don't hate... if I feel like it.

[@Exxon300]

Shawn Nice 👍 work

[@kimberlyturner820]

Thx

[@brianmcgrath5977]

Thx

[@danielgreen1480]

Though minimalism is not for everyone, you'll be surprised how you can save and live a less cluttered life.

[@Erika2]

I love your last rule: "Always carry proper insurance"! As always, great video!

[@NextLevelLife]

A highly underrated rule in many circles! I'm glad you enjoyed the video :)

[@MelvinRodriguezxTNGx]

I love your channel!

[@kevinr8336]

Don't forget an umbrella policy.

[@jumper449]

Thanks for all you do! I’d appreciate more videos targeted at people in their mid 30s.

[@thefinancefool3540]

*Looks at the posted date and sees it was before Covid hit Emergency Fund portion of the video - "And we never know when a disaster is going to strike" Ain't that the truth

[@CuriosityUnchained]

Simple, sound & basic rules for financial stability. I agree with that, maybe success will follow

[@TheHealthWealthProject]

Love the videos man, keep it up!

[@NextLevelLife]

Thanks!

[@whatzupLizzy]

Good advice, thanks for summarizing the book.

[@NextLevelLife]

No problem 👍

[@TheDarkAgez]

I appreciate the inclusive animation

[@johneverts6976]

Very useful information. Simple yet can make changes with your financial journey.

[@arcticrest8368]

Loved the straightforward advice bro! Keep it up

[@LearnHustleGrow]

Great video! Thanks for spreading the word regarding the importance of personal finance! As a couple marrying on our 30s we would not have survived if we had not figured out the importance of focusing on the big things. Working together to become debt-free while investing helped to build a foundation of teamwork early in our marriage.

[@Savannah-ed4rv]

I'm always intrigued by your subject matter, but who wants to wait 40 years to be able to have a decent sized retirement account. If the markets go down it can take 10 years to recoup the losses, plus the gains you would have had, so I believe that whole life cash value insurance is the best way to go. Guaranteed compounded interest and zero taxes on loans from your cash account.

[@leonelnunezgallegos8142]

Thank you for the video !!

[@NextLevelLife]

My pleasure!

[@carloschirolde8761]

All this is very interesting and true, but with all the insurances that one have to have, taxes paid to the government, food on the table, kids, pets, house, car (without payments) maintenance and gas ( and I don’t know what else), entertainment, etc, etc, etc. what else is left?

[@gregcountryman8770]

Great videos as always. I have a random question though. Why do you not put music on your videos anymore?

[@NextLevelLife]

Greg, I'm glad you enjoyed it! As far as the music goes it was mentioned in a few people's comments that the music was distracting and made it difficult to hear what I was saying. So I decided to remove it to make the voice over easier to focus on when watching the videos.

[@hichamforu]

Great video 👍

[@NextLevelLife]

Thanks!

[@drrakeshmadhyastha]

i just a realised u r the first channel i subscribed to who has less than 500k followers. U deserve more! keep up the good work

[@michaelsmoney759]

How much do you save once all debts are covered? How do you know how much to spend to enjoy? New Sub. I like the drawn animation style!

[@modernadulting6857]

Bump up your savings. The fastest way to riches is to save more money now.

[@haman7227]

starting a side hustle of ebay or Etsy business only cost your time and commitment, not much upfront investment - if you think you can, you are right, if you think you can’t, you are right

[@TrainMePlease]

The insurance tip is very US based I think. If you rent, have no kids and live somewhere with a proper public health care system insurance is a pass...

[@Bandit_Spark]

“Dividends are usually taxed at your ordinary income tax rate.” Am I mistaken that if you’re a buy and hold investor, most dividends will be qualified and subject to capital gains tax rather than normal income tax?

[@JTSC97]

I think so, it’s after 90 days they become qualified if I remember correctly. I’m from the UK so we don’t pay any tax on our dividends 😌

[@cyclone102896]

Great video! I have a question. In your honest opinion, how can someone establish a passive income with little income a month? Asking for fellow college students.

[@nbkw48]

Sell something, preferably a softcopy book/video or a soft skill tutorial online. That is the most likely way. Investing works when you have 5-figures in 5% yield stocks like REITs, but if you say you're college kids, doing something with social media and the internet is your best bet.

[@DJ-zi7oe]

Young people: Please listen to the advice on insurance - health and disability especially

[@briankelly1240]

"paying off debt may be best investment you can make," *maxes out credit cards* .....jk

[@DonkeyFreckle]

When you say to not trade in individual stocks, are you referring to day traders, or people who invest in the short term? Or does it include or target investors who trade for the long term who aim for additional income from dividend payouts? Also we can assume if you want that these individual stocks are not in any pool of stocks in an index fund.

[@cinbenavides7231]

Do you any financial advising? I mean on a personal advising not just your books and videos?

[@kirkwall6892]

Can you do a video testing The Business Cycle Approach to Equity Sector Investing?

[@Matthewrsmith87]

I think you need a few more ads in your videos. Definitely not enough in this one.

[@zsoltfehervari625]

3 ads in 10 minutes...all about education, yeah...

[@Eat_Lead]

...the 7th step to financial success

[@sjf3930]

Dont ever get into life insurance. Get burial agreement at bank instead.

[@mikemiller8694]

If you’re paying $2700/month in rent, you need to relocate, not deal with the headache of a roommate.

[@mikemiller8694]

Not everybody needs life insurance and disability insurance on 56 and haven’t needed either one of them for 10 years

[@Drugs_Explained]

Hey next level life just a bit of constructive critisism. It's almost impossible to hear what you are saying

[@joycegonzales4994]

Get out of San Francisco!

[@judithmartinez5657]

Great content but the fast-motion drawings give me a migraine

[@whatzupLizzy]

I often treat it like a podcast and listen but don’t look at the visuals. Great advice and you don’t need to see the detail. Helpful to look at the number rundowns though.

[@marcuslosgreat4225]

Video is boring

[@ExecutionersNoose]

I always enjoy these videos. You mentioned a couple of videos you have plans for. I'm excited to watch them. Last year I had suggested a video about buying and selling stock options. I really hope you make a video on that topic soon.

[@NextLevelLife]

Neil, I'm glad you're still enjoying the videos! I wrote down your suggestion when you mentioned it a few months ago. Unfortunately I had everything through 2019 already selected at the time and I decided to push option trading back further this year when it was brought to my attention that I had neglected to cover housing as a general topic (hence the recent spree of real estate videos!) Currently, I've got it penned in on my schedule of things to research early this summer. If memory serves, you were trying to wrap your head around the concept in general so I was planning on trying to do an overview of the topic as a whole. Though if I'm mistaken in that recollection please let me know!

[@ExecutionersNoose]

@@NextLevelLife Yes, I wanted a good high level explanation of the stock options. I couldn't find one on KZbin. I have since started trading options and understand them much more, but I think it would still be a great topic for a video by you.