How To Simplify Your Personal Finances

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[@ellec2935]

Unfortunately, I've made all the debt and student loan mistakes. However, it is better to be learning late than never. And I hope to save my children from making the mistakes I made.

[@coutureleotards]

A lot of people have different ideas about the military. Yes, the biggest risk is loss of life, but we will all kick the can one day right. My son is active duty because I also did not want him to go down the poor decision making I did. First I had no money but was "adulting", got married and both of us had no money "playing house". Eventually we where able to make better income and figure it out but mam those 20 years of being broke and making bad financial decisions really affected our future. My son will have a G.I. bill if he ever decides to go to college, if he doesn't his future wife can use it. He has a Roth IRA 😳 I didn't even know what that was at 20. He has TSP life insurance but just introduced him to UIL permanent life insurance. He's 20 so his cost is very low. If he chooses to retire from Active duty at 40 😵‍💫. He will be set up just right, plus he works on helicopters so even if he did only 4 years he can get paid 80k a year for his skills. Still set up to win in his future 😉. Plus he's a subscriber to the money guys 😁😆.

[@marym5631]

Hi money guys. I am inspired by the content you shared here. I am a 57 year old single mom and save between 25%-30% of my income. I worry that I don't save enough. I have a very modest income. Thank you for all you do!!

[@nathanielweber2493]

I’d recommend the book Essentialism by Greg McKeown. It explains the pursuit of less but prioritizes the essential in your life. Very comparable to your wanting to have a purpose for every dollar.

[@thoryan3057]

When I was shopping for a home I had a higher budget then I probably should have had (then again, pickings were slim so giving myself extra flexibility wasn't bad). However, for the top of my price range, I needed all the bells and whistles. Down from there, my microeconomic demand curve sloped down. I ended up buying a condo for 70% of the price of the top of my budget, not because I went out of my way to, but because it was the first home that was not more expensive than my demand curve and I was lucky enough not to get bid out (I offered slightly below asking but the home appraised for exactly what I offered). My place isn't the nicest but gosh darn it does being able to breathe above water every month feel great.

[@joshalecusan3642]

Your conversation about wills/estate plannings was very interesting. I'm one of 6 kids and my parents designated me as the executor and although I absolutely love personal finance, I'm already slightly anxious on when the time comes when I have 5 siblings in my ear asking what's going on. Luckily we get along very well as of now😅

[@benvel2302]

Good luck, hopefully you don't have any greedy siblings or siblings that feel like others have been favoured. Can be very gross when that happens

[@carieyounginsurance]

I was totally miserable making over 6 figures...because I didn't manage my money - I quickly ran up debt thinking I had all this money coming in when in reality the debt ate up every cent I had. I was one of those "normal" people that looked good on the outside and not under the hood! My husband is a bit different mindset but I took control of my own destiny and future regardless of how he feels about it as it fought me a little bit on things even though most of our finances are separate from each other (not my choice). Happy to say 6 months later and working on my last debt now - will be debt-free Jan 2020. Will have my emergency savings plan done by Jan as well - and then scheduling major contributions to my owner K all year :) I am so much happier now...and realized for me personally - it wasn't how much I made it was how I spent/used my money.

[@MoneyGuyShow]

Carieyoung, Thank you for watching and sharing. Developing the skill of paying yourself first by creating a plan to save 20-25% is what keeps the lifestyle in check as income increases. Congratulations on all of your success and making key steps in building financial independence 👍

[@sgist7824]

Great video thank you. I invest in index funds regularly both in my pension and regular funds. I agree it's essential to have a simple, automated financial plan, I found the Automatic Millionaire book book great and made it so clear. Millionaire Next Door was also key.

[@geraldpawlicki3321]

Financial Education is so important. Thank you for the videos.

[@PHARANORMALACTIVITY]

Thank You Money Guys for the Great Word!!

[@prettybrwneyez7757]

It was Robert Smith and Morehouse College, which is a private school in Atlanta, GA.

[@thegrimmperspective]

A great, all encompassing video guys! I appreciate what you guys do. Thanks.

[@Brooke_LakefireSSO]

“Automatic For The People.” Excellent 90s R.E.M reference! Also an excellent video. Thank you 🙏🏾

[@ralphparker]

There is also prudent. Prudent is not always simple, but most of the time it is.

[@joel-oquendo]

Love watching these older videos and seeing the subscriber count and how low it was!

[@amuseinthecraftroom6257]

Proudly still rocking my 2009 Kia Sportage lol. I'm not even at 90k miles yet.

[@reaalitykinggs]

A Muse In the craftroom 08 accord, 349k miles. Going strong.

[@Billy_W]

@@reaalitykinggs Honda power. 04 Civic 112k

[@Shanshu72]

This is the first I’ve heard Preston say “You should have no more than 35% of your income worth in debt. This includes car, mortgages, etc.” For someone like myself, I can put 20% down on a home, but I only make $35k. Does that mean I should not have a mortgage worth more than $13k? Clearly I could find a 30-year mortgage that fits my $700/month max, but the total will almost always be more than $13k. Thoughts?

[@thecurrentmoment]

I think your house comes under the housing part of the budget, not the debt part?

[@juliekwhit]

(60 years old) In order to avoid bigger tax hit on a 401k IRA withdrawal to buy small home, I have a four year plan to take smaller distributions, then buy. Where do I securely deposit those distributions? I think of a bank institution as being meant for smaller dollar deposits. Also, wouldn't I have a tax hit on the bank interest? Thank you for your show and great advice.

[@MrDoobysm]

Bo Eating “better foods” (whatever that means) may have a beneficial effect on body composition. Ie more muscle less fat. And when people do have positive changes in body composition, they can actually appear better and wear smaller clothes while actually weighing the same or even more than before. But to lose weight, it does come down to energy balance. Consuming less energy (calories) than you expend on a consistent basis is all weight loss comes down to.

[@angelapittman3999]

Great show and helpful. Thanks for sharing!

[@DanVigliotti]

Family friendly KISS - keep it super simple...

[@mikezelazny91]

Keep It Simple & Sweet

[@tamib64]

I like keep it simple sweetheart

[@aakksshhaayy]

Keep it simple shithead vs keep it simple sunflower, two ends of the spectrum

[@csssince2011]

For the 35% total debt and 25% mortgage debt, is that on gross or net income?

[@fluffyfish5]

csssince2011 After this show they answered the question (live, so they edited it out) Brian said the computation is for Gross income but if you want to be more conservative.. you can count Net

[@wallstreetbravado346]

Hey!!! I like your channel. It is content rich. Keep making informative videos. ▶️📺🎥🙌🏽💥

[@GamingBHD]

Why do you say Target Retirement Date Funds when less than 200K? What is the negative about these funds when you get above 200K?

[@laurabell5420]

BHDGaming I’m interested in why they said this too.

[@MoneyGuyShow]

Target retirement funds are outstanding, but at higher asset levels you miss out on key planning opportunities. Examples (asset location, loss harvesting, ability to donate the specific holdings with the biggest gains, and more control on asset allocation).

[@laurabell5420]

The Money Guy Show Thanks for your reply! 👍

[@GamingBHD]

@@MoneyGuyShow Yes, thank you. Is there an episode that breaks down those planning opportunities by asset level? if not, might be a show idea.

[@vmobile890]

Like to hear money information not endless chit chat in most if all these videos .

[@joellopez5897]

When investing do you have any advice on what I should in? I’m 21 I currently have about 6,000 to invest. I plan to space out the investing over 6 months. I had most of the money in schd and single stocks based off of a tip on reddit haha. Also should I be diversifying at my age?

[@MoneyGuyShow]

Joel we are unable to provide specific recommendations. A good place to start your research is looking at low-cost no-load target retirement funds. Fidelity Investments and Vanguard are two of the largest providers. Thank you for writing and watching our show.

[@ronloftis9080]

21 years old and don't know much about investing. Very simple....VTI - Vanguard Total Stock Market Index. Low cost. If you go with Fidelity as your broker, then use FZROX with zero expense ratio.

[@DavidEVogel]

6 months seems to be a short term plan. Why are you not investing a portion of your wages every month?

[@joellopez5897]

@@DavidEVogel Was asking more about some extra cash I had in my savings account. I am already putting money in my 401k plan. Also I ended up putting money in a mutual fund that matches the s&d 500. I’ve made a 31 percent return on my invesment so far. So I’m happy with that also was looking relatively short term so I could invest in real estate. I bough my home and I’m actually on track to buy another as soon as I can get a offer accepted.

[@DavidEVogel]

@@joellopez5897 I like the idea of buying $1000/month. No need to time the market.

[@IXIFrostIXI]

Losing 20k in 3 hours in options is when you know its time for a dif strat hah

[@coutureleotards]

Options are certainly for specific situations but yeah most new investors especially the youngins....they are just gambling. My father told me don't gamble what you don't have, I was horrible at the slots and I won't even attempt options unless it's in my annuities 🤣

[@jamesbecker4326]

Berkshire Hathaway's tax return 18,000 pages. Probably not Warren Buffet's

[@Sunflowers-Pumpkins]

“Keep it simple, sweetie”

[@colin1818]

Did he just call one of his children a Pharisee? lol

[@MoneyGuyShow]

Yep 👍

[@elise3036]

You guys talk about skinny dipping a lot. LOL.

[@MoneyGuyShow]

I blame Uncle Warren for putting that in our head 🤷‍♂️

[@ralphparker]

Guess who else repeats themselves.....

[@Jimmy-ph8xn]

5 minutes in and I haven’t learned anything. You guys need to work on trimming this down.

[@MoneyGuyShow]

J D, make sure to checkout our highlights. They are made just for you!

[@mra0ul]

Waaaayyyyy too long

[@Bacciagalupe]

: )

[@CryptoVin]

You guys offer advice that is nothing special, it’s advice that all CFAs give and that’s the problem. A great way yo get rich is what you have done but you don’t talk about, building a business. If your lazy and don’t want to learn about investing then hand your money over to a CFA and pray. Good luck.

[@techsucks]

Except they're offering this advice practically for free.