Don't Be Broke

Welcome to the "Hickok45 Talks" Channel. This channel is a place for me to just pontificate about random topics that somebody out there might find interesting. I will talk about firearms issues quite a lot, but I'll also exercise my license to talk about any topic I might pretend to know something about.
If you have a topic you'd like me to address, let me know. Doesn't mean I'll address it, but who knows, I might.
Thanks for your support, and I hope you'll subscribe to all three of our channels and keep up with all the brilliance here!!! :-)
/ @hickok45 - Our main channel.
/ @hickok45clips - Our channel where John pulls clips from our existing library of videos.
/ @hickok45talks - This channel where all material is new material where I talk about one specific topic in each relatively short video. Hope you enjoy.

[@binderfan436]

The 2nd guy spent most of his money on fast cars, fast women and booze.....the rest he wasted. 😄

[@Hickok45Talks]

Yeah, I should have read his post and then been perplexed as to what the problem was!!! :-)

[@anitanuthergun]

wasted days and wasted nights... ...

[@aaaaarrrrrggggghhhh]

Hickock is truly the grandpa i dont know, didnt ask for and don't deserve. Im 30 and have never really had anyone to teach me about financial stuff so i really appreciate this. Saving it for later so i can always come and rewatch. Thank you hickock

[@RoadTraveler]

Start saving NOW... compound interest is your friend.

[@markr9113]

The most important thing is to get out of debt. I'm 60 and a few years from Retirment. I have an IRA, but I'll be able to live mostly off social security. My IRA will be used for unexpected expenses.

[@Killz0mbies]

27 here, you know what most old fellas I talk to regret without me asking, just from what they talk about? Not buying a house, and/or not investing.

[@JosephJohnson-um7td]

21 here and man I'm lost. Still in the process of trying to get wheels 🚗. This world is made for rich people

[@DonTruman]

A house is an investment, but when you're young there are advantages to renting. E.g.: 1. You're more mobile. You can move easily. Tell your landlord you're moving next month, turn off the utilities, and you're gone. 2. It's simple. Pay the monthly fees and other people take care of the property for you. Then you can focus more of your attention on developing your career. 3. Just on dollars alone, sometimes it pays to rent vs own, depends on where the market is at that time. 4. If you need to move, you don't get into a painful situation where the market has gone down after you bought so you owe more money on the loan than it can sell for. On the other hand, if you're full of energy and ambition then you can spend free time doing home improvements and that improves the home's value, and it's a good learning process. And you just learn the entire economics behind home ownership, which will serve you your whole life. And long term home values go up, like everything, so once you buy a home then you're in and somewhat protected against inflation of home prices.

[@Killz0mbies]

@@JosephJohnson-um7td It's so rough right now brother, just keep working hard and someone will notice, don't get discouraged.

[@johnsodx]

A good definition of “Financial Independence” or “Independently Wealthy” is when you’re not working for your money because your money is working for you.

[@Blueknight1960]

Yea well, the democrats will see to it that you only work for as little money as possible and in great debt with no chance of ever being debt free.

[@blazefoley5181]

Im 24 and clean floors at a grocery store over night for $12 an hour. I make anywhere from $375-$450 a week depending on the hours they give me. My room is $300 a week, and then I have to buy gas, food, clothes, and other expenses. Barely scraping by is TOUGH. Investments are risky and I don't want to chance losing my money.

[@RD-io6sm]

Personally, I feel people shouldn't have to rely on investments to make a decent living. We're just kicking the can down the road. When you build an economy like this, a crash is inevitable. It is unsustainable because the vast majority aren't getting their times worth. Plus, they have all the health issues that can come with being in the working class, from physical labor or chemical exposure.

[@k-dot4114]

Room is $300 a week? You live in a hotel?

[@Hickok45Talks]

I'm not expert, but it depends what you invest in. What is really "risky" is NOT having any money growing for you. Inflation eats away the value of cash. Do some research on the growth of the S&P 500 fund or the total market over the years. The market slowly grows over the years, even though it's down some years and up some years. Overall, it moves upward, of course. You want to be a part of that, I'd say. The sooner you get some money in there, the longer you'll have for it to grow. Don't try to get fancy, would be MY advice. Most people who try to "get rich quick," mainly just get POOR quick. Study Warren Buffet and his philosophy of investing. Slow growth over time is how most people end up financially independent.

[@blazefoley5181]

@@k-dot4114 yea, an extended stay type place. Has a bed, armchair, refrigerator/freezer combo, a 2 burner cook top, sink, and bathroom. My apartment lease ended and my roommate didn't want to renew the lease. The room is cheaper monthly than the apartment would've been.

[@k-dot4114]

@@blazefoley5181 wow. $1,500 a month is cheaper than your half of the rent for you and your roommates old apartment?

[@lkj0822g]

I retired at 61 and have been retired for five years. One thing I tell folks is that I didn't know I was going to work myself to death in retirement. So many projects, so many more planned. Difference is that I am now working on things that I enjoy. Built a greenhouse for my wife. Restoring an antique auto. Working in my wood shop. And yes, reloading and shooting, fishing, working on the lake cabin, doing some traveling, being able to spend time with the grandkids. Life is indeed good.

[@paulo-gouveia]

Hickok45's wisdom and life experience, priceless. We need more of that amongst young people. Finance should be a regular class from day 1 in school. And yes, a t-shirt "Licensed to Talk" :) PS: Hickok45 for President!

[@svbarryduckworth628]

My wife and I bought a 35-foot sailboat and at age 50 we moved onto it. We quit our jobs and punched out of the rat race and now travel up and down the East Coast with the seasons. We invested early and learned to live beneath our means and used the rest to build wealth for an early retirement. FIRE: Financial Independence Retire Early

[@svbarryduckworth628]

We don't have a $200,000 yacht. We bought a fantastic plastic sailboat from the 70's and it cost us about as much as a new Toyota Camry. Since we do all of our own maintenance and avoid staying in expensive marinas our costs are much less than living in a house on land. We can drop the hook just about anywhere and stay there for free.

[@01NATHAN10]

Boomers doomed this country

[@LostintheHate]

Hurricane

[@dennisobrien3618]

From my understanding, it's very important to start very young. I read once that someone who invested a modest amount at age 20 and didn't touch it had more at age 65 than someone who started at age 30 and continued to invest until 65. It's an exponential curve, and ideally you want to be in the steep growth phase when you're ready to stop working.

[@curiousviewer]

As a medical student , being broke is my companion. Anyway ,I have a set goal and that still keep me going. It's a hard life currently. The path to financial freedom might be so long. Don't give up.

[@Hickok45Talks]

On the positive side, at some point down the road, you'll likely have a nice income in order to at least get yourself on the path to financial independence. Don't know if you're familiar with "The White Coat Investor" channel, but I highly recommend it. I don't recall the doctor's name, but he is very sharp when it comes to managing money. He's a doctor himself and knows how poorly doctors are at investing. Some of his content would be more applicable to you than to me, but much of it is great for anybody with decent income. Just something to file away in your memory bank for later maybe.

[@NightFly216]

Great advice, thank you for sharing.

[@GRWelsh7]

The problem for some people in their 20's is they barely make enough to get by. Every dollar is spoken for. But many waste money on things they don't need like expensive trucks, guns, going to bars, etc. A lot of that money spent on "fun" things could be better spent on investments. I was broke in my 20's but also had a convertible, went to bars, etc. so there was a choice, there. It wasn't until my mid-30's that I began investing, and I regret that.

[@BecauseWhyNot660]

Just wait until the "unrealized capital gains tax" is implemented. 🤨

[@Hickok45Talks]

If the socialists are able to push that one through, nothing will matter much anyway; the economy will head straight for another depression. :-)

[@grassroot011]

Heck we already pay taxes on dividends, interest earned on insurance policies. And if we itemize on tax returns we pay tax on the money saved on those too, ? No way around all of the chicanery the Gummint nicks us, and this is ongoing ! ja?

[@_trudge]

live fast die young

[@oldcop18]

I may not be 80 yet but I am going on my 78th trip around the sun this Fall & have been fully retired for a long time by following the same plan. My first read was “The Millionaire Next Door.”

[@bunshapiro9091]

Spread your knowledge, don't be sorry. We love ya.

[@thefreese1]

My rule is is simple... It not so much you have .. it's what you want...the key is to drop your "wants" . Those old poor hillbillies, never hardly noticed the great depression..... they grew everything , milked their goats , ate their chickens and their eggs.. ect.. but enjoyed playing music on the front porch and running their hunting dogs . As farnadnthe guy who was 61.. you can start a small business at any age ...61 is plenty young enough to start that business...I may not make you rich but it will pay the Bill's and most importantly, give you something to do .. because most of us wish we were working at something instead of sitting on our keasters watching the tube... and fishing gets boring if that's all you're doing .. you complain about work until you retire and then you miss it somewhat we you realize just how big a part of your life it was ...Warren Buffett isn't retired because he has to work . He simply likes it.

[@svbarryduckworth628]

Take your TV and bring it to Goodwill. Get rid of it. I'd rather live like Jimmy Buffett than Warren Buffet. There is more to life than sitting in an office chair and pulling strings in mega stock deals. Pull on guitar strings instead. Life is good in Margaritaville.

[@thomascook5368]

You're awesome Hickok, thank you for talking because people need to hear it

[@Brett235]

I am 47 amd started investing with Edward Jones three years ago. My boss contributes 3 percent and I contribute 10 percent. It's a gamble I know, but it's far better than doing nothing and hoping for the best.

[@Sleeperdude]

Great advice. I was introduced to the Dave Ramsey plan at 21 and have been following it ever since. Paid off my house before 30.

[@Hickok45Talks]

He's help many thousands of people. I used to listen to him and Bill Matlock when they had their radio program locally here in Nashville. I think it was called "The Money Game," or "The Money Show." That would have been in the early or mid-1990's.

[@Sleeperdude]

@@Hickok45Talks yep that’s correct. Thanks for the reply

[@typ8723]

My teacher said the future is never guaranteed-Now I am 30k in Credit card debit and paying off 2 kids for 8 baby mommas living in moms garage smoking dope.

[@tracythompson1692]

Excellent advice! Im 61 and have saved/invested since my teens. Now suggest doing a video on health!

[@WMoney-k8k]

You talk. I'll listen.

[@Blueknight1960]

I know everyone's circumstances, needs and wants are different. I'm 63 and semi retired. The main problem is people don't want to live a simple life anymore. They want to live like they are millionaires and that's one of the reasons people can't retire at an earlier age. They have debt that they can't pay off or it'll take decades to pay off. The only reason I'm not fully retired is because I have a gun and ammo habit. If it wasn't for that, I'd be 100% retired.

[@bartgallant6897]

Excellent approach to a vitally important topic, Greg. You have a vector into a young community who may not hear this enough. On this topic of enjoyable frugality I like to recommend the book entitled “The Millionaire Next Door” by Stanley and Danko . Great show. Thanks for all your work.

[@MrChbnovember]

Thanks for eye opener! I just paused , went to my Principal finance account and maxed out the 401k contribution to 6% deduction, and employer matches 3.5% 9.5% total. I need to an addition do 10% in something else maybe 500 index fund

[@Hickok45Talks]

Yeah, you definitely want to take advantage of that employer match. I wish the Roth options were around when I was working for others. Now I have to pay hefty tax on those Required Minimum Distributions.

[@MrChbnovember]

@@Hickok45Talks I see ROTH also as an optional addition on Principle. I was thinking 5% add to ROTH, 5% mutual growth fund also . Thanks 🙏 Hickok45

[@jamesclapp6940]

During my working years I had credit card debt. at one point I looked at my interest I owed every month....$200 per month, at that point I got unhappy with paying some one else every month. so I paid off my debt,paid off my vehicles, paid off my house and I no longer have to pay interst. I hate debt interest..but now I collect interest from the bank. I have NO interest in interest!

[@DT-ww4gv]

Invest in everything, gold & silver, real-estate, stocks, guns and primers,

[@AaronPotter-jt5pq]

Thank You.

[@jflan8536]

Hickok45/John - Another potential topic...Hickok what is it you hope happens with the channel and or content if and when you are no longer doing it? Do you want the Hickok45 brand to continue on without you? FYI - Love the "Talks", haven't missed one yet.

[@grassroot011]

“Industry, perseverance, and frugality make fortune yield.” " A penny saved is a penny earned. Be industrious and frugal, and you will be rich.” (Benjamin Franklin So he made it on the hundred dollar bill too, Haa

[@toddwheeler5400]

Hickok, I would like to see you invite Dave Ramsey to the Compound to shoot and talk about investing. You are at the top of your field in firearms. Dave is the top of his field in money management, while also being connoisseur of fine firearms. It would be an epic video with two of the greats! Thank you for all that you do!!! I enjoy all of your videos!

[@anitanuthergun]

...and explain to Dave how gold is up 25+% this year 😂

[@someoneelse9271]

This is critical ESPECIALLY for younger people. Start investing and having a within-your-means mindset. The longer your money has to grow, the more exponentially it grows. Look at a compound interest calculator for a 1/2 second.

[@oldmangreywolf6892]

I am not broke. Just broken in. 😊

[@justbmx8427]

Hey sir, I just wanted to say I'm a huge fan.

[@Nathan-xb4yg]

Always open carry it saves lives. 🇺🇲🇺🇲

[@mikereimus8879]

We'll said sir we'll said

[@Panda-kv1lk]

It’s 2024, it’s never been easier to learn how to trade and use the available tools for charting and analyzing trend data

[@hughlamont3696]

Ok fine. I'll start investing.

[@edwintaber6465]

You can't eat stock certificates or gold. Invest is quality property for farm and woodland. Make sure it has quality water preferably a spring. Start with fruit, nut and fuel trees. Prepare the soil for variety of crops including edible "weeds" . Study what you can and can't do. Know how to make the best use of the property. Invest in your knowledge and skills. Invest in the essential tools and supplies. In order for you to purchase survival there must be someone selling survival.

[@alfredjr2k556]

Don't give up.

[@mercon1337]

Hey homie thanks for y’all making these

[@OperatorGhostShadow]

I thought this was going to be about “Don’t go broke” buying too many guns 🥴😂

[@user-h2d5q]

It's easy when you 80 years old like yourself Hickock45. I could have bought a home when i first started working at 18. No one would have given me a mortgage but imagine if they did. On a $100,000 dollar tear down home. 12 years later I would have still spent more on the home than it was worth. The key to not being broke is to inherit property.

[@Phil-j7t]

It depends on the state you live in. The closer you are to a major city the higher the cost of living compared to living in a more rural state like West Virginia and Pennsylvania where the cost of rent and housing is much lower then the national average. The higher the population the higher the cost of basic items.

[@LaffinFox]

These days it’s impossible to spend less than you make. Everything is so expensive and wages are so low that most people, myself included, are barely scraping by by the skin of our teeth.

[@svbarryduckworth628]

No it is not impossible. You just don't want to live beneath your means.

[@shoxroxice]

A lot of people are feeling the pinch, but where there is a will there is a way.

[@Travis12861]

Not impossible, but certainly harder than it used to be. Corporations are indeed soulless, but can pay very well. You have the power to change your situation.

[@chaseme9860]

The problem with investing as an individual and not under an employment plan is the broker will steal all your profits with fees.

[@Hickok45Talks]

Unless you just don't have any interest in learning even the basics, you don't need a broker. That's almost an "old school" thing these days. Set up a brokerage account at Schwab or Fidelity. It's simple. I set up an account with TD Ameritrade, which is now Schwab, a quarter century ago, even when I was still working and had a 403B account at work. I've used Schwab, Fidelity, and Vanguard, all three, but I prefer Fidelity. Yep, fees really add up, more than most realize. 1% doesn't sound like much, but it amounts to a great deal of money over time. I go mostly for low-cost index funds / ETF's or you could invest in individual companies if you want, but be sure you know what you're doing. The only individual company I invest in is Berkshire-Hathaway, which itself is more like a well-managed fund. I am not a financial advisor, by the way. :-)

[@robertredden4429]

Most people buy things they don't with money they don't have and then wonder why they are broke when you spend a third of your money on interest it doesnt go far

[@GF_Burke]

ha. Gold is up, firearms are down. You know what to do. I'm a day trader. The massive gold weekly bear div.... vs firearms or BTC..... child play.

[@svbarryduckworth628]

Life is good.

[@sicsempertyrannis4613]

I hate to be "that guy" but 75% of us younger millennials, gen zrs, and gen alpha wont be able to retire.... The majority of workers in our generation ARE NOT building enough wealth to reinvest and we are being taxed for Social Security which will be drained by 2030. There is no good solutions for the social security issue that doesnt involve taxes increasing or printing more money. Then there is the issue of investing which most people dont know much about. Our retirement accounts are controlled by the fed and massive hedge funds such as Vanguard Group and Black Rock inc. The gov wants to increase the retirement age to 70-75 as well despite the fact that life expectancy is declining for younger generations as well... The American dream of being a prosperous middle class worker is mostly over at this point. Doesnt mean it wont return but as time passes so does our chances of being able to build up our retirement accounts since we cant rely on ponzi schemes such as Social Security Lets not forget that the managerial classes attitude towards us average workers is "you will own nothing, live in the pod, rent everything, and eat zee bugs"

[@Hickok45Talks]

Yes, it IS more difficult now, but money is like closet space; we tend to find a way to use it ALL. Living on a little less than we make is the absolute answer. It takes so little money to invest each month when we're young to make a huge account when we're older. Everybody should run the numbers on one of the "retirement calculators." It's pretty eye-opening.

[@busterboyd4125]

If I could give my 20 year old self some financial advice it would be to start early and max out 401k. And spend time learning about investing. I got started late with investing but I've learned so much over the years and that helped offset my late start. It's possibly the most important skill to have.

[@Travis12861]

First time I saw a compound interest chart I didnt need any further convincing. Started at 23. I’m 38 now and will reach FI by 45. That’s WITH buying all of the toys. 😂 Biggest hurdle for young people is being able to just ignore the doomers. Remind yourself of all the crap the world has gone through and yet the market just keeps going up, so just keep padding that 401K/IRA.

[@Hickok45Talks]

Good point. Looking at what compound interest does to your investment dollar is quite an eye-opener. It's easy to just live in a "doom & gloom" state of mind and not do anything, or just hope "Big Daddy Government" will take care of everything. :-)

[@JimJWalker]

Inflation make saving money a dumb idea. A dollar saved today will be worth 3-5% less the next year, meanwhile top banks are paying 0.01% on savings accounts.

[@Hickok45Talks]

Yeah, there are so many high-yield savings accounts now, and it's so easy to have extra cash in money market funds or Treasury Bills, where at least we're maybe not going backwards.

[@Travis12861]

The S&P 500 is up 20% this year…and several mutual funds exceeded that.

[@JimJWalker]

@@Travis12861 I lost my life savings in 2008, never again. I will keep my money in the three "G"s...Gold, Guitars, and Guns.

[@calvinevans8305]

Buy some IQD from the Xchange of America sooner than later. The Prime Minister of Iraq said he was going to bring value to the Iraqi Dinar this year. 🎉 $1060/1,000,000 IQD, It's still cheap.

[@jonmdk]

To late I'm broke

[@stuartmarkman769]

I have a large investment in lead and brass. At 79 I think that is a good choice. I retired in 2006

[@Hickok45Talks]

I can relate to that, for sure, except I don't ever want to have to liquidate that in order to eat. :-)

[@caerleon87]

Just remember, investing was a GREAT plan all through the 60's 70's and 80's. Interest rates were high then.. If you invested back then, the rewards were great, BUT, it is a different world now, interest rates are none existant [unless you want a loan] and we have all seen how the banks are that clever that they all went bust.. The ONLY thing to invest in, is houses. Anything else is a waste of time. As for financial advisers, yeah, they are so smart they do not even have their own money, they want to use yours.....

[@Hickok45Talks]

Actually, interest rates have been great the last year or two, but that mainly just affects the cash one is holding, which is not much of an "investment." You just want to keep ahead of inflation with cash, if possible. The market has done extremely well the last decade or so. Where have you been? :-)

[@cxa24]

Anything to obstruct me

[@SonnyCrocket-p6h]

you can live in a van on just the sales of your plasma. I did it for 3 years, in Oklahoma. You'rre safer in the US, concealed carrying a pistol and as a black belt than anywhere else in the world. Good medcal care is just minutes away.

[@Hickok45Talks]

Sounds like a great plan. :-)

[@KingLich451]

the words safe and US is an oxymoron

[@soulSSeekingbullet]

​@@KingLich451Smooth brain you got there.

[@GF_Burke]

I remember Bitcoin at 5c. ya... I kick myself. lol. KAS is the silver to it. Not missing this time. love watching your vids bro! y0 from Idaho!

[@CowboyRei]

US has one of the oldest retirement ages. Saudi Arabia's retirement age is 47...

[@drunk_by_noon9231]

That is the current retirement age with a pension, Starting at age 22 you can retire after 25 years of work. The average person actually retires at age 59.

[@jhatman888]

I think you are dreaming! lol Jobs I worked at don't pay much and don't get breaks or water.

[@Absaalookemensch]

Don't buy coffee at a coffee shop, eat out seldom, reduce discretionary spending and live below your means. One daily Starbucks coffee during workdays over a 40 years work career, with tax and tip in over $130,000. If you don't plan now, this phrase will be important in your 70s, "May I take your order?"

[@RoadTraveler]

Bump

[@rocksteady13]

Never bothered with plans and saving money.enjoy the moment you’re in right now

[@dss12]

Worst advice you could ever give someone.

[@rocksteady13]

@@dss12 it wasn’t advice for anyone.just the way I do

[@JimmyFreemanMusic]

Milk the herd

[@RoadTraveler]

Algorithm

[@Hippo0529]

I am no investing guru, but I would recommend these two books, for anyone, literally anyone. 1. Rich Dad Poor Dad, by Robert Kiyosaki 2. Money Mastering The Game, by Tony Robins Their are many other good books, but if you want to plan for your future, please read those two books, preferably rich dad poor dad first, it will give you a whole new point of view, and it is an easy read. I have given both of these books away as gifts, because I believe so much in them.

[@Hickok45Talks]

I'm not familiar with the Robins book, but I am Kiyosaki's book. I've seen lots of his videos, as well. I should post a list of books on this topic I've liked. Maybe I'll do that in a pinned comment. Kiyosaki is big on silver and gold, of course. Nothing wrong with that, except I think a lot of people get overly excited about that pretty stuff and put everything into it. It's very alluring, and who knows, in the long run, it might not be the worst idea. I like more diversification, I suppose.

[@svbarryduckworth628]

Rich Dad Poor Dad was great. I only wish a book like that had come out much earlier. I had already learned all that stuff the hard way when his book came out but I do agree he laid it all out for those willing to read it and could change their lives. Financial Independence Retire Early - life is good.

[@BabaBlueJay]

Maybe I am weird, but I have no plans to retire other than if my kids have kids and need my help. I love what I do, have two retirement accounts at 36. Starting a Roth, college fund, and index fund on top of that soon. I figure 5 baskets 🧺 helps ensure one of them will take off

[@Hickok45Talks]

Yep, except we never know what our health situation will be. Perish the thought, but we could find ourselves disabled at age 40 or something.