How to Think Like the Rich - Rich Spending Money vs Poor Spending Money

[@HomesteadEngineering]

I am sitting here in my $1 tee shirt and $7 shorts from Walmart. I drive a 12 year old pickup truck with 188,000 miles on it. I retired at age 49.

[@marcmini8137]

Right on man! I'm 26 here, looking to retire at around 35! Hopefully my 10 year plan works out.

[@InvestingEducation]

Great

[@birdgirl1516]

You sound like my dad! 😆 my parents & in laws have no mortgage...retired in their 50’s that’s one of my many goals too!

[@marcmini8137]

@@birdgirl1516 we can retire before 50, start investing and learning ways to cashflow from now!

[@birdgirl1516]

Marc Minicuci : I’d love to! I am in investing. My parents have been retired for about 10 years and own their home and land... pretty good compared to most Americans these days! I am on course to hopefully do the same. I just pray we don’t get a super socialist president who wants to steal from those of us with very nice (private) retirement accounts!!!! Roth 401ks etc

[@ceygu4878]

Can you do a video on the "Passive investment bubble" ? I think many of your viewers would want to see that. (Please).

[@gdobie1west988]

Always enjoy your videos. Would recommend the book, "The Millionaire Mind", rich people don't always drive the biggest cars, buy the biggest homes, always live within your means, dollar cost average in a 401k and maybe look at a Roth IRA.

[@IPONerd]

Why they don’t teach finances and instead promote Consumerism in our educational institutions is beyond me. Great video Jimmy.

[@Thetatraderz]

I wholehardedly agree. Im teaching my homeroom class all about compound interest. If everyone just took 10% in their income (move the decimal point 1 place to the left) anyone can be a millionaire.

[@junfan11]

I think 💭 because it’s pretty self explanatory..

[@HansMcGruber]

Somebody needs to be buying or my stocks won't go up and dividends paid out

[@birdgirl1516]

...Because 70% of our GDP is based on consumption by our own citizens! 😜 Poor usually stay poor & wealthier stay that way because they know this info... and teach their kids themselves. I’m glad channels like this exist-to help those with less financially wise parents

[@GenExDividendInvestor]

My favorite trust fund building bricks are investing consistently in quality dividend companies over the long-term... I wasn't a trust fund baby, but I hope my babies are! lol The key, like you said Jimmy, was to start! Everyone who starts investing eventually says "I wish I invested sooner..and more".

[@MikeThaInvestor]

Preaching to the choir Jimmy! It's amazing how these things you have to learn on your own and not taught! But with that being said you have to take control of your finances yourself! Awesome Breakdown Jimmy!

[@marktalksmoney1956]

Rich people make money their habit, it's the thing they do for fun. Instead of consume.

[@birdgirl1516]

CLIFF TALKS MONEY : the consuming is mindful vs impulsive and wasteful spending

[@marktalksmoney1956]

@@birdgirl1516 absolutely trying to fill a spiritual void with temporary physical consumption.

[@ggermany2123]

7:50 I thought I was tripping there for a minute. Lol I noticed your cash disappeared under your "Assets" stock graph. Great info though. 👍

[@nicoqueijo]

I like the personal finance stuff in addition to the stock market/economy videos. Good work!

[@shaunpearce6846]

Thanks Jimmy! None of my old friends invest no matter how much I tried to convince them to start developing better financial habits. So I got new friends! I don't want to live my life struggling with finances. Everybody in my neighborhood is struggling financially. They're all up to their eyeballs in debt. Ironically, only my parents are financially alright. They did it in more of a traditional way by working at multiple places and getting multiple retirement checks coming in from their old jobs and paying off their house. I don't want to retire when I'm 65 though, so I'm learning to invest now. I figure, if I want to have better results than my parents, then I need to learn from people who have better results than them. So thanks for the video again! It was definitely a reminder for me to check my budget again and make sure I'm not spending too much, especially on food.

[@PassiveIncomeTom]

Yes, people need to learn to be investors instead of consumers. 👍 There are too many things that will keep people broke.

[@SergiMedina]

Being rich for me is knowing how to have enough income with the purpose of not needing to work for money, just working on what you love because you want. Financial freedom.

[@junfan11]

Shifting-the mindset is the KEY!!

[@josezamora5908]

Jimmy - you are a great guy! I love your channel. I learn new stuff every day. You are also a great teacher.

[@forestandseas9073]

awesome advice jimmy. Reading the book ‘the richest man in Babylon’ 6 months ago really opened my eyes and changed my life, i’ve now paid of all my credit card debt and have build a small portfolio that I add to with as much money as I can. I’m teaching our boys what i’ve now learnt and with their pocket money ($10 each week that they do chores for) $2 goes to investing and $2 to savings and $6 to spend (they’re 8 and 5 years old) I figure if they start on this path now and with compounding interest, as adults they would have created a habit and great wealth to have the freedom to be able to choose the life they want to live. :)

[@LearntoInvest]

I love that, that's a great way to do it with your kids. Congrats! :)

[@flitbutter]

Brilliant guy and solid advice.

[@russomaster]

The 3 best stock right now. Should be ATT DISNEY AND Ups or home depot

[@junfan11]

Maximiliano Pietronave I would include Costco.

[@PerformanceTheaters]

I genuinely can’t thank you enough for what you do. Your channel and Meet Kevin are one of the most genuine channels out there. Thank you!!

[@pedroperezperez8397]

I am really enjoying your videos and learning a lot. As a business student it is really interesting to hear you explain such concepts. Keep up the good work and do not give up!

[@LearntoInvest]

Thanks for the support! I really appreciate it 😀

[@junfan11]

Very good one jimmy!! There is not substitute for frugality.

[@gladius481]

I really appreciated staying until the end of the video

[@marcmini8137]

hey man this was amazing. Iv been selling calls on my stocks I own in a portfolio of 45k making anywhere from 1-2k a month from it! my goal is to build it up for 10 years, while learning how to invest in good fundamentals that you teach here on your channel! You have helped me make one step closer to my plan of financial independence thanks brother! I have no one around me that understands or even thinks about investing... i guess they all want to work at the job they hate forever

[@Wei-lx4bf]

That is a good advice. But the major society doesn't work that way, if people stop spending from the "expense", the company people invested will stop growing , and the company price will drop. I think only few people can become rich.

[@georgehadley7863]

Jimmy - I would suggest that one of the best investments is in financial education. BTW $100 shirts? I obviously don't shop at the same menswear stores as you!

[@LearntoInvest]

Lol, I was planning to say outfit, but then for some reason when I was shooting the video I switched it up to shirt but stuck with the same number. And I agree about financial education 😀

[@Sagara0006]

Thank you for the video! You are doing an amazing job, please keep going!!

[@Mysteryqueen86]

I really like how you explain this topic,I was wondering can you do a vlog on what the different between Rich and Wealthy

[@LearntoInvest]

Good idea!

[@TrevX2001]

The higher your income the easier this is-- if life style is not drastically altered. I say buy whatever you want-- as long as you have hit your savings goal ( emergency fund) and are investing. Lifes easier that way. If you make $100K/yr ( single individual). And after tax and benefits its $70K... Save 50% and Expense 50%. Thats a 401K and ROTH maxed out--- with money for some single stocks if you want. Expense 60% and you're still on solid ground. That would be a path to great wealth (overtime). Your income is your most powerful wealth building tool. Often people get their income up and take on more debt. Increase in the Income, maintain the same life style.

[@daviddasilva3145]

Jimmy, Thanks for videos you are helping me a lot with this!! i very very grateful.

[@gmanY159]

Brilliantly done, Jimmy. Thank you.

[@LearntoInvest]

Thanks!

[@stefanhenson4673]

You are the best Jimmy

[@manhlinhdoan2406]

I like the idea "shift our mindset"

[@terryharris1291]

Thanks for this,great information as you always put forward ,go well.

[@InvestingEducation]

Dress like Mark Zuckerberg and Steve Jobs. Very simple

[@Wanderer25]

The Millionaire Next Door is a must read...also The Richest Man In Babylon. Then Rich Dad Poor Dad.

[@LearntoInvest]

Those are 3 great ones, the richest man in Babylon is one of my favorite books ever

[@tatymax7293]

Could you please make a video about mistakes, yours or common mistakes?

[@Dj-uy1kp]

Great video, thanks again

[@nonenone8201]

Why no mention of savings? If one were too be concerned with having some savings, would it be wiser to save in absurdly low fixed income rates or gold?

[@timzi27]

Love your content man! I subbed after I watched the first vid. Any chance you can analyze gold? Im on the verge of throwing 50% of my portfolio into it as insurance for an upcoming recession. Even if there's not a recession soon from my research gold is way overdue for a bull run. Any thoughts? Cheers from Canada!

[@TheRealArjun206]

What a fantastic video!!! So inspiring Jimmy

[@edwardz3582]

thanks

[@russomaster]

Hi, thats what I did, my only problem is that, I sell shares if I see they give me 10 or 12%. Like Apple, I bought it at $195 few months aga, I sold them at, 225 last week, now go down I may buy them again, but this take forever lol

[@eugenekim524]

Can I ask what your background is? I have been watching your videos for awhile and they're quite informative but I have no idea what your career path is. Not that I'm trying to discredit you but I think it would be interesting to see why you know all this information.

[@benitogonzalez4095]

Great video!

[@nathanbrodsky6413]

one for the youtube algorithm!

[@khdsec]

Hay Jimmy, Love your content, do you think that since the market is currently overvalued it's better to put money in a REIT stock since it's price usually doesn't change much and benefit from the dividends in the meantime until the market becomes more attractive?

[@LearntoInvest]

I think that makes sense. I'm a big fan of REITs in general and they are probably good long term holds

[@Patrickduffy143]

If by chance making money is cool u r approaching Steve McQueen coolness !

[@strahlberger]

My stock savings plan buys TSLA shares for 25 Euro every week automatically. :-) So I will be rich in 10 years!

[@КонстантинКонев-р5ш]

No, you won't with Tesla ))

[@marcmini8137]

finally built out my 20k portfolio in tesla! its a hold for 10 years or more for me! Cost basis @ 231!

[@strahlberger]

@@marcmini8137 I have 36 shares under 210 Euro

[@marcmini8137]

@@strahlberger nice man! I love tesla, hopefully it works out :)

[@absi1155]

Check their balance sheet and market competition

[@Vikseen_virtual]

I'm the 1000th like 🎉🎉🎉

[@anwarpierre5287]

Awesome Video. Thanks for the tip on buying bonds if companies are trading higher. It’s good to hear beginning strategy for building a solid growth and dividend portfolio for the long term. What would your core foundation companies be in a hypothetical long term portfolio? Also investor temperament and mindset... thanks for the videos!!

[@Thetatraderz]

The outfit the rich guy is wearing is textbook my teacher outfit.

[@russomaster]

Also I bought Unit at $11 now is at $7 so I lost money there. So sometimes it is not that simple

[@Squishina]

sounds good until the broker fees are $20 per trade minimum / 0.3% whichever is higher :(

[@russomaster]

You don't use robinhood

[@russomaster]

Robinhoood is free. IT IS my best friend, I buy 1 share or everything or 1 share a week without brokers exp

[@Squishina]

@@russomaster australia doesn't have robinhood yet :(

[@russomaster]

@@Squishina Sorry, but lets open one lol

[@InvestingRobinhoodInvestor]

Invest in assets and lower your liabilities!

[@gabrielfifield9620]

Rich Dad Poor Dad in a nutshell

[@GoodComedian2011]

👍

[@mattclay104]

Woah Kiyosaki

[@romino29]

"..instead of buying the latest iphone ...buy some Apple shares" .. that is a bit contradictory, how is the price of those shares supposed to grow then..... just kidding 😜

[@basti1993x]

Make money, no excuses.

[@aktiencharkk]

A house is a liabilitie too as long as you live in it.

[@nehemaialord2653]

are you rich? I would rather listen to someone who is already rich

[@alexscordo8589]

Buy gold

[@scottnorris2411]

Your videos are the best but I know you think that most people have lots of money to invest in everything you mention.

[@round12tko]

Has Jimmy got rich through stocks? show verified results. Otherwise why make a vid about getting rich through stocks when he hasn't done it himself?

[@cristeaadrian7419]

The system is built for the rich and controlled by them.There is no way anyone to become rich or stay rich.The system will make sure about this.

[@lylachristopherson865]

. . . you need to stop giving away your advice for free. LOL.

[@edumation3041]

Great content!