ACCOUNTANT EXPLAINS: Middle Class Habits Keeping You in the Rat Race

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In this video I go over 7 habits that keep people in the rat race and what you can do to break free..Enjoy Xx
OTHER VIDEOS YOU MAY ENJOY:
6 habits that made me 6 figures by 24: • Habits That Made Me 6 ...
10 ways you should be saving: • ACCOUNTANT EXPLAINS: 1...
⌚TIMESTAMPS:
00:00 - Intro
00:22 - Working for less than you worth
01:37 - More than you can afford
03:07 - One income
04:00 - Not saving for old age
04:55 - Consumption vs production
05:54 - Ignoring financial literacy
06:57 - Doing what everyone else is doing
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DISCLAIMERS & DISCLOSURES
This content is for education and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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[@nischa]

👉🏽 My Intentional Spending Tracker (free) - nischa.me/intentionalspendingtracker

[@therichmindset11]

Hi Nischa! Your youtube course is not more avaible?

[@kas7777]

On your next video, you should probably explore who is working/middle and higher class. That should be fun without offending anyone lol

[@TanguaTanguaKureta-zo2yq]

Thank you I would like to learn

[@jeremyhodson1242]

Thanks a lot Nischa. I've been reading every email with my morning coffee very insightful. Thanks for the very high-quality free work you provide to your audience

[@drwagumaeliasjb4643]

Love your work Nischa .....love from your 🇺🇬 brother..keep the content coming...I am learning alot of financial knowledge from you daily

[@ralphwbms]

The first tip is rarely mentioned, and I'm here to tell you it's so true. After 12 years of working in the same company, I decided to move on. After 3 years, I have changed two jobs and one country. My salary now is 250% more. It was just in 3 years. And because of that, I'm now able to invest. Imagine if I had realized that earlier.

[@GeroNimo-pk1fb]

That is mistake I made. Getting stuck at one place for 24 years while my wife changed jobs often. She makes double my money.

[@QnA22]

Dunno, my wife and i were making 150k(net) in 2006. Then changed jobs which involved living in other countries. It fulfilled a dream of forever traveling. However, it paid only 60k (net). Only this year we are back to 150k net in that same job. But we've traveled the world and feel fulfilled. No more 2-3 week Hodister, but fulltime travelling. Or was worth it to us, but money wise less advantageous.

[@KH-nt7ej]

​@@GeroNimo-pk1fbVery true. Your years served at one company is no longer an asset. Companies don't care about your seniority anymore.

[@GeroNimo-pk1fb]

@@KH-nt7ej True, only when I told them I would be retiring at the end of the year, they gave me more money (probably thinking I will change my mind).

[@shelbzillathrilla]

What about your community or family? Do you have any?

[@Jigga00]

It's a real shame children are not taught money management in school, this is as important (if not more) than basic English and maths.

[@MaryroseinBloom]

Fair enough but it’s also incumbent on parents to teach their children these skills too even more than the state.

[@LL-pq5uo]

@@MaryroseinBloom -- most parents can't manage money themselves, they certainly wouldn't be in a position to teach it. Most people live paycheck-to-paycheck and/or have huge amounts of debt 🤷‍♀️

[@agrubbs7496]

Well to be fair you do need math skills to know how to manage money but money management would definitely be more important for most than say calculus or geometry

[@jeremyr8793]

exactly! i wish i was taught all this! iv had credit cards since 18. im 34 now in 20k student loan debt. 37k loan debt. 17k car debt. 189k debt mortgage. But could have been so different if i had money management skills from young

[@drajah1986]

People don't want to learn math but want to understand finances. Good luck to you all.

[@danseymour667]

Would be great to have a video about financial literacy for 30-40’s who were not taught. Perhaps linked with a video for parents outlining teaching their children to be financially literate

[@mahimagopalakrishnan4285]

Echo that

[@lexilou692]

Yes, please!!!

[@dharmendrapandey1093]

Yes please make a video on it

[@vickylightspeed2750]

u r screwed dude😂

[@jg1503]

Read or listen to the Richest Man in Babylon and money makeover -Dave Ramsey. I don’t like Dave Ramsey but he’s got some good points there.

[@goodgame3374]

I might have said this before but it's nice to have a financial advisor on KZbin who is giving genuine advice instead of the thousands of sleazy get rich quick schemes that seem to dominate the genre.

[@matthesagregg5679]

agree!

[@rokyericksonroks]

Young people are taught “Real Estate always goes up” and are easily leveraged up into speculative home purchases. Trees don’t grow to the sky!!

[@draneym2003]

Unfortunately many people just want to hear get rich quick and the American dream is for everyone, when really you have to just keep plugging away and stop straying from your lane

[@kaalad3666]

I also appreciate that she's a woman because as a woman myself, I often feel like it's more achievable for me when I see other women giving out (good) financial advice on YT. Don't get me wrong. I'm not saying that I think men are the worst and I actually do follow a few but to ME I have this subconscious feeling of "well that might apply to you but not necessarily me"...idk how to describe. It's just harder for me to believe that what they're saying applies to me. Idk if any of that made sense but the main point was that while I follow both men and women finance KZbinrs, I tend to prefer the women because it makes me feel like it's actually possible for me to achieve these 'lofty' goals I have. I guess it's easier to see myself in their place.

[@CompetitionSportsNetwork]

That genre you mentioned is so big because people are looking for get rich scams vs learning anything new that could boost their income.

[@jairusmel5874]

Success is not measured by material things

[@divonteschiller8788]

One thing very unique about the man is how he can work with anyone to develop a personalized investment plan that aligns with their financial goals. This approach keeps one focused on long-term objectives and avoid making impulsive decisions based on market fluctuations.

[@stefanodsica2522]

I have read a lot about Mr Zach Micah Demers

[@Jorgmiller]

How can I find him?

[@jairusmel5874]

Search his full name

[@jairusmel5874]

Zachery Micah Demers

[@ilivace]

1. Working less than you are worth 2. Buying more than you can afford 3. Relying on one source of income 4. Ignoring importance of saving 5. Consumption vs production

[@audreyhuggins8822]

I never want to have to work 2 sources of income to survive again. Being able to make it on one source of income is healthy.

[@johnnyworzel3741]

@@audreyhuggins8822 The trick is to have additional sources of income which are passive such as dividends and interest.

[@JW-fh1en]

@@audreyhuggins8822agree

[@Rob-us5po]

⁠​⁠@@audreyhuggins8822 so what happens when that one source of income disappears due to redundancy or pandemic?

[@audreyhuggins8822]

@@Rob-us5po You get another job. I worked two jobs for years, and it is way better to know you can make it on one.

[@Velor77]

This is a great video. I graduated in 2007, and one requirement for us to graduate HS in our Economics class was 1. Invest in a stock 2. File your taxes. 3. Know how 401K/IRAs work. Hell, it was so difficult, but once we did it a few times…it was like riding a bike. I grew up poor, parents didn’t graduate from HS, never went to college. I didn’t know any better until I had a teacher tell me, “you have a choice in how you grow up, and how much money you make. But it’s up to you.” From that day forward I made a choice to break the chains and graduate HS and go to college. I’ve made mistakes, but I’ve learned and chose to not make the same ones. There is such freedom when you are not chained to debt. ❤

[@collinbishop5704]

that’s a weird thing to lie about.

[@powerhouse884]

You had Economics class in High School? Was this a substitute for Social studies?

[@mmp495]

💯💯💯

[@imnotsure4864]

Your hs in 2007 made u invest in a stock in order to graduate? What hs did u go to? Ive never heard this at all

[@Velor77]

@@powerhouse884 nope, we had to do both. American history then economics.

[@hana.s.ali93]

Great tips! I think a lot of what holds people back is worrying about stepping outside of societal norms, which keeps many people feeling "comfortable" but dissatisfied on some level. The more we can break out of that, the more growth we can see in our lives and finances. Great video 😊

[@laurab4868]

I think the most difficult step is the second income one. A lot of full time jobs don’t leave a lot of time to think about a second job or income. It’s hard to even find the time to research stock markets. I’ve tried to invest in an isa but interest is so small, I’ve also been selling a lot of things on Vinted but again this actually takes a lot of time. Time is more precious than money it seems.

[@user-ky9qn4pg3w]

i've just found a weekend job after casually looking at job ads for few months and applying only to those that would suit me(no crazy hours and walking distance). Got nice hours (8-2) and extra 8k that i'll be putting straight into savings.

[@Maria-on8xm]

@@user-ky9qn4pg3w Sounds great, what kind of job is this?

[@sajulldin5147]

Yep I would love to get a second job but my contract with my first employer doesn't allow it!

[@rosyapplekitchen635]

Very good point about the time, i have some expensive stuff to sell but it takes so much time i might as well do overtime.

[@ratsliveonnoevilstar1]

@@user-ky9qn4pg3w that’s great. Try to find semi passive income on top of that :) it’s possible

[@travispipkin2434]

Love this list. "doing what everyone else is doing" is such a trap these days given all the comparison-driven purchases influenced by social media. Great practical advice on how to stay grounded & actually become wealthy rather than just appear so.

[@DJ80s]

I was feeling bummed out, but then this video showed up on my KZbin suggestions. I'm so glad I saw it. It's the most helpful video on financial tips I've ever seen. There's no beating around the bush or dragging things out. Just strait to the point, simple, useful, applicable advice. Very helpful. Thank you for this video!

[@lpls]

Loved not only the content, but also the form. I've taken a speaking course before but struggle to find a balance to put emotion and expression into a technical subject. You did it flawlessly. Engaging without exaggeration. Great job!

[@nischa]

This is v kind - thank you!

[@peterlloyd6337]

Very valid comments - good advice. I've worked full-time for 47 years. This is what I have personally learnt from the experiences Nischa discusses here and I have fallen down many of the traps Nischa mentions... 1. Have more than one income stream 2. If you can learn a foreign language - One that is in demand...Spanish, Chinese etc. - great the younger and earlier in your career timeline you are 3. Nail down your unnecessary surplus expenditures - often DD's / SO's for stuff you have to ask yourself - Do I need this? Luxury goods - Do I really need? 4. Don't do to please others - do what's right for you

[@nischa]

Love this

[@australiantruckspotting8883]

Low hanging fruit - stop buying lunches and coffees while at work. You can save thousands a year by bringing your lunch and getting used to instant coffee.

[@RonB2004]

It took me years to learn these things until about 2 years ago. I am 53 now and I finally realized that material things don't bring happiness, only temporary happiness. I have been on a 3 year mission to pay off all my debt and never accumulate it again. I finally reach that goal in January of 2025 and then will begin to enjoy travel a few times a year instead of material items.

[@kade_kam_dad]

Ron I’m in the same place. Going through a divorce and have lots of debt. I’m trying to only pay off debt and not buying possessions anymore which I thought made me and my ex wife happy but it didn’t.

[@chitostr8442]

I always knew this, but never took action and it's kind of weird that I stumbled on this comment. Recently, I stop spending money on things that give me temporary happiness and I focused on what I truely need. I have no debt, but I could save more money to have better life experiences. I hope you find what your looking for.

[@thebookwasbetter3650]

I've done a lot of consulting work as an accountant and I've bounced around between many different companies. It's amazing how people will keep a job they don't like for years. After having these types tell me for years that they could never do what I do, I figured it out. They value stability above all else. They would much rather go back to a job they hate for years then take on something that they might hate even more.

[@husseinalbaiaty]

I love how you spoke about production and consumption I made that shift in my twenties and it's made the biggest difference 👏🏾🌹✊🏾 Thanks for sharing

[@MakeupByDiana529]

I’m 33 and I go on and out of financial literacy. I feel like I’m so late in the game and it’s hard to learn, never any straight answers. I’m sick of having excuses so thank you for kicking my ass into gear.

[@Blashmack]

Let me tell you, you are at the relative beginning and have all the time to make a massive impact.

[@rinakaur7245]

Better late than never.

[@jamesmartin3004]

33 late 😂 I am 54 and I am late 😢

[@blueturquoisett8448]

Perfect timing. I am 46 and now getting this right. 😅

[@blueturquoisett8448]

Perfect timing. I am 46 and now getting this right. 😅

[@nickneuharth]

This is great! Since I grew up poor and no one taught me about finance, I always feel so lost. But this was super clear and helpful ❤

[@pyzik200]

Point #1 was absolutely spot-on. I stayed in a position where I was underpaid and underappreciated for far too long then I should have because I was scared to leave. I'm with a new organization now and I am significantly better compensated and appreciated.

[@ukpeanutartist]

I can’t find a ft job period

[@cadmuscassey]

Love the content Nischa. In summary I will say you nailed it again. I don’t see myself again buying a car if it’s not needed or if it won’t make me have a better life.. I always try to clear my debts especially before the end of the year..

[@matthesagregg5679]

I'm so happy that your channel has exploded over the last 6 months. I've said this before but you give some of the most well-rounded personal finance advice/content on KZbin. So many KZbinrs in the personal finance content space post for simply for views, it's 'click baity'. I wish I was more serious about my financial literacy in my 20s, but it's not too late for me!

[@MarshmilloJB]

I became financially literate because I was tired of working a difficult job full-time and not knowing where it was going. I pulled an all-nighter to create a custom budget that I followed religiously for 1.5 years. That template helped me to build good money habits. I hope that I can reach financial independence by the age of 40. I'd like to do Barista FIRE - work part-time doing something social and physical to stay active, but not have to sit 8 hours at a desk to afford to live. Thank you for lecturing everyone on what's important.

[@mryan4452]

Sitting at a desk staring at a screen just ain't normal 😢 You seem to have quite a similar approach to the one adopted by me recently. We should swap contact details, honestly. Could also do with someone to check in with.

[@simkaart4655]

I like your way of phrasing, such as 'putting yourself in a risky situation' or 'that's a whole other thing' - you stay away from being judgmental. It's inspiring. I'm going to try it out when talking about personal finances with friends/family.

[@sophielejeune4097]

all your videos are so clear and straight-forward, thank you for all the work you put in them!

[@nischa]

Thank you Sophie!

[@lovingsunshine3515]

Great video! My husband and I are one of the lucky ones who grew up with parents who live a simple life and frugal. We didn’t grow up dirt poor but our parents provided everything that we needed and taught us the value of money and the importance of savings. We’re 35 and 40 and consumer debt free but have a new mortgage that we’re hoping to pay off in less than 10 years. We’re passing down our wisdom we learned from our parents to our two little kids.

[@KP-mb9jx]

Your post is music to my ears. I wish you much happiness.

[@Legacyofmine]

Myself and all your subscribers really appreciate your advice Nischa. You are a High value woman, and you are helping many people to think of money differently. I will keep supporting you and your channel, Hopefully We can network in the future, all the best Nischa.

[@g.burney4714]

Miss Nischa. What a powerful message, ignoring financial literacy is like ignoring your doctors advice. My financial freedom for me is making sure my wife has the essentials in life. My only excuse is that when I was young no one taught me the principles of the “cost” of living.Thank you for your insight and compassion you give to your viewers so good to know you care about the future of your followers blessings to you and your family

[@ingridnh1]

Really great advice and revelations! Really makes you take a hard look at how you have been living and what is truly important to you in terms of finances! Thanks! ❤

[@nywiechmann2739]

I would be in a different place today if I had heard your words of wisdom in my 20s!! (I am also much older than you). Keep up the good work and sound financial advice! I will be sharing your channel with my kids... may their generation be different from mine.🙂

[@nischa]

Thank you so much for sharing!

[@krispykruzer]

X2

[@abdulrahman_abel]

Thank Nischa. Your KZbin has been making a lot of impact in my life in terms of gaining Financial Literacy. Please create as much content on financial literacy since that’s where a lot of problems will be solved for the middle class.

[@SM-IndiaLove]

LOVE THE CONTENT! I wish i knew more in my 20's. I always felt i dont understand finance, and was scared to get involved in any finance decisions. Although, its never too late .

[@hnnhml]

Same but exactly, better late than never 🙌🏻

[@DeclanHiggins-YoutubeChannel]

Hi Nisha yes I agree we do spend money on New Items to keep up appearances more so when younger. As we hit our 40's I have noticed people do this less. It's more important to hold onto what we have and be greatful in life 😊

[@philipbrown7196]

Another great video Nischa, thank you! It's such a shame we were never taught any of this at school. It seems to me that financial literacy is an absolute necessity in life. Personally, now I'm in my 60's, I probably would be a lot better off if I had been provided with some financial education!

[@stsantia]

I enjoy the short videos that blend financial & life lessons. I think we all go through the cycle where our pursuits shifts to purpose and then finally yearns for meaning. I watch your own growth in these videos and I am reminded of a quote by Anthony Bourdain. “The journey changes you; it should change you. You take something with you. Hopefully, you leave something good behind”

[@cadmuscassey]

Increase your financial literacy is key especially in your financial income calendar.. love this content once again and thanks I love what you said at the end, if you spend on things that makes you happy and you know it’s not reducing your worth then go ahead.. saving should be a lifestyle

[@nischa]

Agree!

[@brynleytalbot778]

Increasing your financial literacy is a good sales pitch for a financial literacy channel. It’s harder than ever before to actually define what makes you happy but a hint is cuddling up with your partner on the sofa and doing nothing at all. That’s free. Everything else is a submission to marketing and advertising. Do your research and you’ll find the truth about materialism and experience retailing and how women are the most susceptible to its media narrative spun through marketing and advertising. It’s rather frightening. Caveat emptor, every male.

[@IB-mo2yh]

KZbin is the greatest school ever...u learn things you were never taught at home or at school and that too for free.... All the creators rather TEACHERS who give out these priceless lessons....I wish I could express my gratitude in a way that does justice... But nevertheless THANK YOU.

[@michaelbouillon1241]

Absolutly

[@elii2tru]

When people like yourself start KZbin channels like theses they normally don't truly understand how powerful the content they're creating is.. WE THANK YOU💯

[@Electonater]

Finally! A KZbinr with a practical channel, providing valuable information. Thank you for the awesome content🎉

[@sucramyalcin]

Thank you for sharing your thoughts with us. Although these habits are well-known for keeping money going out of your pocket they remain good te be told from time to time. I especially liked the nuance in the last section of your video: the ratrace is nit about working from 9-5 but chasing one thing to the other. Keep up the good work!

[@nischa]

thank you!

[@adamslamani9184]

Wow fantastic nischa, so blessed to be coming out of the rat race, it's never felt right - look forward to learning more financial literacy with you 🙇

[@mundie33]

solid advice, especially the career part. keeping your recurring expenses (i.e. debt) as low as possible is one of the most important things you can do financially

[@mike569112]

"Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don't need." Tyler Durden 1998

[@cadmuscassey]

Very deep knowledge. Any job that pays you less and you are not okay with, I feel is time to leave and please always go to the next one that’s better pay or makes you happy. Be smart about decisions so thanks for this

[@Kiwi_Dave]

My life has been wasted, debts and interest. But at least I can try educate my kids not to make the same mistakes for a healthier and better life.. Thank you for your insights and guidance.

[@politie98765432198]

How old are you?

[@emilymercy9562]

I find you so easy to understand and reasonable in your expression of information. Thank you for this video.

[@joepesci15000]

Something I tell younger people around me -- financial compound interest is a magical thing -- think about knowledge as having compound interest as well. What you learn today through challenges, failures, reading is something you can keep referring to as you grow through life and allows you to develop deeper understandings.

[@Finding-Fish]

My Grandma taught me as a little boy to save a minimum of 10% of everything you ever earn. that was 40 years ago, just from that and being eager to make a better life for myself and family i retired at 52 years old!!!! Awesome Video, Have you quit you day job yet? You are very talented individual!!!!

[@nischa]

solid advice! Thank you :) Update coming soon....... ;)

[@joshuat6124]

Did you invest in anything? I find it hard to believe saving 10 percent is alone enough to retire early due to inflation.

[@Finding-Fish]

@@joshuat6124 i actually saved more than 10 percent, like 30 percent!!!. If you save $150-$300 per month of the time your 18-20 years old till 55 years old and can get 4-7 percent you to can retire

[@nikkijohnson5147]

I spent all of my 30s learning financial information that would’ve been so helpful when I was younger. (I did not overspend or be overindulgent. I had great credit. I just didn’t know much and married young.) Now I’m 41 and my 20 year old son does know and understand finance at a basic level, we regularly discuss our money habits and outlook, he also took financial math this semester and he is frustrated he can’t fit in the second course. (Investing, darn! 😂) But he only has one year left to complete two degrees. He did say it went over what I taught him already but now he knows the formulas and the specifics of lending and loans. Etc I have directed him here but it could take years before gets interested enough to put in more effort.

[@MrPESensation]

This video should be a mandatory viewing in ALL high school classes across the nation! Seniors need to watch this before graduating and moving on to college.

[@gregoryrunningelk865]

You are so right! Most people can’t afford to buy a house now a days, or a car and live paycheck to paycheck, with little to no savings.

[@johnnumbat9782]

Thank you Nischa - here in Australia I have my father who came from a poor family with eight siblings to thank for those many dinner table Saturday afternoon discussions on value, quality and budgeting for life - he taught me the how to ‘make a Vegemite sandwich last a week’ principle and spending on things that appreciate - every A$ went into the bank for second hand cars but for me property was the best for long term security as paying rent is ‘dead’ money - also each salary increase went into my superannuation to a max of 10 percent matched by the employer - mind you I never got married or had children so avoided all those types of expensive lifelong financial commitments - I enjoy my countryside retirement/gardening now and occasional solo cycling treks overseas.

[@OliviaMcShaneMusic]

a sincere thank you so much for this content, the first FA i have found on youtube to explain things so clearly.

[@mmp495]

Great points here! Have a healthy, balanced relationship with money. Take care of it and it will take care of you. 🙏🙏🙏

[@annawong1305]

#1. I know many people stuck in the same jobs over several years and never got past a 30k salary after all this work experience, its such a shame. I am done with the rat race and would semi-retire if I could afford it! Sadly, I can't, not until I've paid off my mortgage at least, so I am doing my financial planning now😊

[@adamwebb84]

Great video! Keep up the good work you are helping so many people 😃

[@Jamari-Duffy]

Great tips! I think a lot of what holds people back is worrying about stepping outside of societal norms, which keeps many people feeling "comfortable" but dissatisfied on some level. The more we can break out of that, the more growth we can see in our lives and finances. Great video

[@Django-ld4js]

Nice video makes sense what your saying and great words of advice on improving and doing better rather then being stuck and not even knowing it. Not enough education to help people be successful or try new things or have extra avenues for income.. to many people scared or don’t have the right people and help around them but very wise advice.👍🏽

[@LearnGermanwithMarzipanfrau]

Yes, that's what many people don't understand. Being an employee is not the safest way to work. It's important to have more than one income stream.

[@wizardofthenorth8352]

Absolutely bang on! I can see it in my workplace - who's got the latest car (avge price new car UK £39K). Once you switch into what do I need and you're internally proud of this and don't buy into the "financial hamster wheel" - you're more than half way there. I buy a car (small one around £15k to £18k every seven years. That's how generally they are reliable for and it works out at £2k - £2.5k a year or £200 a month. Better than any leasing scheme. Why do they push them?? Not in our interest that's for sure. Excellent clip Nischa and gets the middle class off to a tee! Thank you.

[@chrizc]

You're pretty smart for calculating that. Finance background by any chance? Most people don't realise how much they're costing themselves by PCPing a car v buying one outright. Even if you don't have the cash for it, taking out a loan is much better APY% wise whether it be a personal loan (high) or a mortgage (lowest) because you're buying a cheaper car. But we live in an age where consumerism has taken over society. If you don't have the latest, new things society will look down on you which is sad.

[@wizardofthenorth8352]

@@chrizc Hi Chris no financial background - just take an interest in statistics / mental arithmetic and always start with the questions "who will benefit from this deal" As they say in the movies "just follow the money". And agree with your comment - sad we're being so shallow as a society to judge by appearance. ☹️

[@Eviekiwiful]

Your content is so good and informative. I really enjoy watching and learning😊 Please would you create content at some point to tackle financial literacy, taxes, government vs private pensions, etc.thanks💚

[@uxnne4492]

Nischa, I wish I'd discovered your channel sooner. I'd love to see you live one day, at your event or something! You make everything so clear and easy to digest. Thank you!!

[@dgdave2673]

Great content and messages Nischa. Even 15% for a car on your net take home is pretty high. I would halve it to 7-8% max. I stay under 5% on my car payments - all included

[@sandunsudusinghe5799]

Hi Nischa, in regards to finance literacy, will you be able to do a series of videos on basics of finance lessons? Will be really helpful

[@nischa]

of course - I will do

[@edwardlozano9619]

Superb advice. I will immediately send this to my two college-age children. Invaluable for all people. Thank you!

[@adrianasotelo310]

Thank you for the information you provide, so thankful and would be so interested if you give classes. 🙏🏼❤️

[@deborastysova9938]

Thank you for this video. It popped out just when I was needing it. Nonetheless, I’m finding it hard to link some of your advices to what I actually struggle with. As a freelancer, mostly but not only in arts, I can say that relying on multiple sources of income is actually a crazy rat race too. Because if you have a part-time job which you combine with something else, employers usually expect you to do more than what you can do in your hours. If you’re self-employed and work in different fields, then you have to prepare for each of them separately or you have to travel a lot and then you actually spend a lot of time and energy on switching from one thing to another. Yes, I try to think about that as working hours and cover these with the salary I earn, but it is not easy, especially in a field as underpaid as the arts (theater, to be exact). How would you combat that, if not by going to a different industry? I also have another question: let’s imagine you have a very demanding but very well paid job for a couple of months and then you want to come back to what actually fulfills you, although it barely pays for your living expenses. Would you use part of the money you had saved to increase your standard of living, even though you know that right now you are not working enough to cover that? I have for example rented a (very cheap) working place. Not having to work at home has made my working process so much better! But I do struggle with second thoughts and a certain guilt, because I think I am spending above my income. Do you have any thoughts on that? Thank you in advance!

[@MikeOtranto]

Great video. My income increased exponentially when I left my 9 - 5 and went into business full time. I was building the business part time for a few years before I quit. It was difficult but worth the effort. And I am still proudly driving my 2008 Honda that was paid off in 2013.

[@doralorenc2501]

What's your business Mike? I am hoping to quit my 9-5 job too and started freelancing on the side.

[@MikeOtranto]

@@doralorenc2501 I am a full time real estate investor?

[@MikeOtranto]

@@doralorenc2501 scratch the question mark, haha

[@doralorenc2501]

@@MikeOtranto All right, otherwise it looks like you are questioning what you're doing ;-)

[@danielamunteanu1289]

You are amazing!!! Thank you for your advice, I am trying to teach my nephew these concepts so he won't face these issues when he will grow up. I had many times this feeling that I am as a small mouse running monthly just to pay the bills and keep the lifestyle i like....this is not life

[@jenjoecoaching]

This was awesome. I have consumed and implemented a lot of financial education but this is the one video I'd recommend to any working adult. Clear points that, if followed, would transform their life.

[@nataliecampbell-reid2340]

Your content is ao valuable! Thanks for sharing this with us :) Quick question, why do they say no more than 28% of your gross income should be spent on your mortgage? I would have thought it would be of your net income?

[@s.m.4198]

It seems that I am experiencing a situation where I am being compensated less than my worth, but just enough to prevent me from leaving. This resonates with my entire career thus far. Currently, I am working under a senior instructional designer who earns more than me and has recently been promoted, despite possessing limited knowledge in the field. This individual spent four months on a PowerPoint presentation that was ultimately deemed unsatisfactory by their manager, who then instructed me to condense it into ten slides. Nevertheless, the manager proceeded with the promotion. In my team, I consistently receive more work than others and possess the highest skill set. At the end of last year, most of my colleagues felt that they had not been assigned valuable work, and those who believed they had could only identify a single project. Meanwhile, I managed seven projects and even contributed to my team members' projects. I suspect that unconscious bias may be at play in this situation.

[@MagneticNorth61]

Are you a woman?

[@nsmkrb]

Nischa this is my first view on your this video blog. It's amazingly wise and so thoughtful. I think wasted much time on shorts when a financial diva like you is here to listen. well done.

[@novoxcage]

I’m grateful for KZbin actually recommending a quality channel such as yours. Great info thanks, sub earned

[@thedappercook]

I'm a school drop-out dual business owner, I have no debt, nor do I own a credit card. I have being very fortunate to have being well eulducated about money, no loans for anything other than a home and investing in only assets that go up in value e.g ETFs and not vehicles. Terrible! If I can do it anyone else can. Dam you're drop dead gorgeous Nischa ❤

[@erandiganepola]

Great video! Thanks Nischa. Could you also do another video on how you actually get profits from rental properties? Because when we buy a property with a loan, even if we rent it we do have to pay the interest of the loan. Sometimes loan interests are very high and profit margins are lower. Also, there can be periods when you can't find out a good tenant for the property, and the property is idle without generating money. How can you balance this cycle and be profitable?

[@annawong1305]

Property is tough right now if mortgaging because of high interest rates. There also high service charges, high insurance and increasing tenant's rights. Another option would be Air BnB but requires a bit more work on your part if not hiring an agency.

[@erandiganepola]

@@annawong1305 Thanks Anna

[@Skicub7788]

Thank you Nischa! Love your content and no practical, no-nonsense approach. Opened Roth IRAs for my 18 and 23 y.o. kids since they have a long runway. Winding down my career 57 but trying to figure out what to do PT to stay active/social. Cheers!

[@JackKing12.]

Told the recruiter rate is £600/day. Went for the interview. Got the position. Two days later recruiter rung me to say the client is struggling to sign off the rate. Recruiter say what is the lowest I'll go to...they want to screw me down (recruiter or client?)...so unprofessional. So I said the rate-is-the rate...no change.

[@fredez6763]

In many countries there are jobs for grab anyway e.g. Belgium - IT sector). There is literally no need for having a second income if you're good at what you do. Nevertheless, it remains good advice for many. Also, you might want to take into account the budget impact of having a family and kids.

[@ChrisW1019]

Great video, Nischa! I'm working right now on getting paid what I'm worth.

[@nischa]

And don't settle for less!

[@safeenachoud1903]

@@nischa 👍🏿💯

[@FirinMahLazer1]

On point #1 People don't know what they're worth and tend to assume they're worth more than they actually are. A degree and 0 experience doesn't automatically mean you're worth 100k/year. That kind of entitled attitude will keep as poor as someone working a job where they are legitimately underpaid because they're scared to leave. If you don't have realistic expectations of your worth you're going to keep bouncing around the bottom rung instead of grinding something out for a few years and working your way up.

[@matthewriegner5180]

As far as jobs, always keep your resume up to date and out there. Then apply the 3 t's. 1. Too much work (long hours or added reaponsibilities) 2. Ten % increase offer elsewhere 3. Two years (if you haven't received a promotion or raise, time to look elsewhere)

[@myrtospinou4815]

Thank you Nisha for the valuable content! Do you recommend any books to start on financial literacy? Many thanks!

[@nischa]

some of my favourites: kzbin.info/www/bejne/gJ7ZdYiPh5aJh8k

[@myrtospinou4815]

@@nischa Thank you!🙏

[@BreaktheTrend]

If i it was up to me I'd pin this video to KZbin's home page and keep it there forever. You really cover the quintessential points very well. Once you build a wealth machine and you can see your hard earned dollars working for you - knowing that one day you'll derive cash flow from your smart decisions earlier in life - well thats far more rewarding than needless consumption.

[@xristinarose2409]

That car advice is great and exactly what i was searching for, thank you very much! 💙

[@UKGeezer]

I agree with all those except the one where you say we should have a second job. I don't know about other people, but I'm pretty much wiped out after my day job, and doing a second job would have a negative impact on my health, not to mention we work to live and not live to work - there is more to life than just working and earning money. I do get the importance of a second income, but instead you could just save an emergency fund to sustain you for at least a few months in case you find yourself out of work. I think a second job is something that should be considered only out of necessity, in my humble opinion.

[@Wiola-zr9qy]

Very true

[@nickweatherill337]

I'm 34 living in UK lost my career in 2021 due to cuts and now just work temp jobs through agency to make ends meet. I hate it and really wish I had learnt rhis stuff sooner wanting to learn it now not 100% sure what to search bur I am making the effort to change my situation. If you are young watching this please learn this stuff. Do not end up like me.

[@nischa]

Really sorry to hear this. You can turn it around and you're doing just that

[@larry6597]

This is great, I should've seen this when I was in my gap year between my studies. I earned a lot of money, but everything was spent on frivolous things. I sometimes wake up sweating when I dream of the amount.

[@kh884488]

I never had the benefit of a personal finance course in elementary and secondary school, but do have the benefit of growing up with parents that have good financial habits. Thankfully, these days, despite the junk and noise on youtube, there are also some great resources like this channel.

[@stockgorilla4999]

As soon as you said 9 years in investment banking.. after which I had to take everything you said with a pinch of salt 😂

[@judigemini178]

Mind if I ask why?

[@LH201]

A great video would be about managing money :) it's so sad that these lessons are not taught in schools.

[@LH201]

Oh and credit scores 👌

[@nischa]

@@LH201 sure thing!

[@anjumzahoor1005]

Mam, your lectures are superb and l have learnt a lot to manage my financial aspects. Thumbs up and keep up the good work 👍

[@hero1484]

Nischa, I'm in love with your thoughts and clarity of finance management. I would love to see more and more videos on investments and early retirements.

[@JoshHitti]

Leaving a company for a new one is the fastest, most advantageous way to get ahead in the rat race. I was receiving 4-6% raises for 6 years at my last company, internal promotions were just above that rate. I left the company for another one and got a 31% increase in salary. If I took the exact same role as a promotion at the previous company, I would have earned less than a 10% raise.

[@husseinalbaiaty]

That's dope! Good for you man! ✊🏾

[@RedaReda-vl9ff]

​@@husseinalbaiaty i hope success and happinness for you my bro,dont give up,keep moving forward

[@visheshsudhir221]

Thank you for your incredible financial wisdom, Nischa!

[@nischa]

thank you Vishesh!

[@Unwholesomehumour]

Spot on about chasing the Rat Race and the next "New / Big" Thing. Although I already knew that; it never hurts to hear it from someone else, most useful when your saving start to give you the itch to keep up,.Thanks for the reminder.👍

[@user-uk8pq9db8p]

Thank you for keeping your videos under 10 minutes. Long enough but always powerful advise.

[@bo-sar]

It's crazy how many people are perfectly aware of these destructive habits but continue disregarding them as they lack the patience and have a tendency to flaunt themselves. It would be wonderful if people could shift their focus to their well-being and their financial security instead of pursuing status symbols...

[@GiovanniM309]

I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 80k in stocks and made about $246k, but guess what? I put it all back and traded again and now I am rounding up close to a million.

[@GiovanniM309]

Thanks to Patricia V Vesely.

[@GiovanniM309]

She's a licensed broker here in the states