Middle Class Money Traps That Will Keep You Broke Forever

[@lockman004]

For forty years I drove old cars and trucks. Lived in rough neighborhoods. Went to night school and worked weekends. Eventually I made my way up the corporate ladder. Moved every 3 to 4 years. Put up with loads of work related stress traveling as much as 40 weeks per year. I managed to live on half of my income and I invested the rest. Now I'm done (thanks to the pandemic) I no longer need to work. so I'm free. The downside is I traded the best years of my life kissing corporate butts. I wish I smelled the roses a bit more along the way.

[@randymillhouse791]

Freedom must smell sweet. Focus on that please. Well done. Many can never retire.

[@lockman004]

@@fu9793 The best times I've have had in my life was when I had next to nothing. Money does not equate to happiness. I commend your throwing caution to the wind and living it up. Go for it. To each their own. I managed to travel the world and avoided sitting at a desk. A good challenging job can give one a sense of purpose. When I was in my early 20's my girlfriend got sick and even with health insurance she needed $40,000 to receive life saving surgery. I failed to come up with the money but I was lucky and a childhood friend gifted me the money so she got the surgery and recovered. It made me realize that if I wanted to be a "man" and to be capable of supporting my family and friends, I needed to be smart and grow my career. I found employers that would pay for my education. I've never looked back, and now I am there to support my friends and family. Last comment, focus on balance. If your smart you can have fun, follow a career you enjoy, and spend time with interesting people that have their shit together. And you can live a long life and optimize the joy you seek. Beat becoming a meth or fentanyl addict.

[@zacharysherry2910]

You might be surprised how terrible it is to never once get to smell them eventually. It was probably worth it. Even if you regretted it in some instances... You might weigh it out to be worth it. They say beauty is in the eye of the beholder. That might be true but the eye doesn't live long either. It all depends.

[@jasonbaxter3658]

I don't understand the 'grind to retire early' mentality personally. Isn't it better to find a career you enjoy and feel excited to get up for work each day? Retiring sounds boring to me.

[@lockman004]

@@jasonbaxter3658 Actually, I did enjoy much of my work. It was fun being a subject matter expert. Over the last 20 years I've filled a warehouse with cool projects I wanted to work on. Now I work for myself. I take orders from no one. Plus I live on 2000 acres of beautiful Colorado mountain top with 50 miles of private roads to explore on my e.bike. And I no longer have to worry about dealing with the ever changing work environment. The last company I worked for had five different presidents in less that 10 years. Each new president needed to change the direction and change their staff. After surviving a dozen layoffs they finally got me. Now I'm free and I'm never going back.

[@mxbadboy263]

A true story. I was talking to a woman at work and she was telling me how she and her husband (they also have kids) were struggling financially. My heart ached for her. After work when I was pulling out of the parking lot I was behind her. She was driving a brand new high end car with temp tags. That is the stupidity of us in the middle class.

[@ChrisInvests]

Wow 🤦‍♂️

[@RainCity3rd]

see that at work all the time. People making a third of what i do with new cars, shiny whatever and going no where. bought a new apartment( 100+ kms from work) but planning to sell and move in only 3 years.... uhhhh. go out and buy $5 coffee when we have not terrible free office coffee. And sure for the coffee snobs go get a god cup... but not a starbucks that's no better than the free stuff we have.

[@tammy6452]

It is very important to consider all your options. Working worked for me, but maybe not for others. I actually only worked 14 days a month by maxing out my paid time off of six weeks a year. I had a pension and a work investment plan, I used both. I worked another job on my paid day off , earning double the money for many years. I lived close to work and stores and did very little driving. Study, try new things. These videos are very helpful. Thanks.

[@bluemouse5039]

I'm 64 years old and made every one of those mistakes in this video when I was younger, it took me a long time to finally come to my senses and begin to think about my personnal finances , it wasn't till I turned 55 years old and it hit me , Damn I'll be 65 years old pretty soon and I don't have shit saved for retirement ! My father gave me advice when I was 21 years old but I ignored him, He said when you get paid, Pay yourself first , meaning put something in the bank even if it is only 20 dollars out of your paycheck, but I didn't listen and tried to live a lifestyle I didn't earn or deserve to have and lost a lot of money on fast women and slow horses !

[@ChrisInvests]

Love it! Thanks for sharing.

[@andrenapoli5524]

@@ChrisInvests you loved his sad story?

[@ChrisInvests]

@@andrenapoli5524 no, that he can relate to the video

[@andrenapoli5524]

@@ChrisInvests ok

[@100perdido]

In no expert in these matters but it sounds like you failed to not have enough fast women, should have ridden faster horses and did not generally engage is a riskier life style. But it's never too late to start drinking heavily and buying a very fast motorcycle.

[@M231231]

You may reach financial security but you won’t unless you follow these 9 word: Spend less than you earn and invest the difference. How you do that is up to you. If you don’t follow those 9 words, I guess you will always be living paycheck to paycheck.

[@backcountyrpilot]

You should always invest 10-20% of your income FIRST, then live on the remaining 90%.

[@macg7785]

Invest in what?

[@terabyte7683]

@@macg7785 VOO, VTI, or SCHD, keep at it for 20-30 years and you'll be set

[@lanetomkow6885]

In my subjective experience, the things that have made made partially wealthy are these: - Not fearing to move/relocate - Not fearing to start another career - Buying a house (investing in real estate) Those things brought me to my best position in my life. Father of 2 and husband to a wife that could work or spend time raising our kids. Whatever we choose, we have the freedom to make the best decision for ourselves. Being able to make decisions best suited for you is the reward. Good luck and God bless.

[@ohwell1832]

I've covered those three things.. We move and bought a house last 2019 and then covid hit.. as a husband I've got no job due to pandemic luckily my wife still got her job. Then for a half year i don't know what to do. After that, I've learned how to code/programming for about a year+ and last year got a job in software engineering which is 2.5x bigger than my old career. We are not wealthy but comfortably. Now I've been careful with my money even more.

[@randymillhouse791]

God bless. I'm not a religious person. But I feel where enough people believe and follow the tenets, God is willed into existence. NOTE: God has nothing to do with money. Tel those televangelists to pound sand please.

[@Bad_Luck1]

10) Not knowing what you’re invested in. 9) Actively trading. 8) Tax planning. 7) Being unwilling to make changes. 6) Not buying a house. 5) Not taking risks. 4) Spending money because you deserve to. 3) Claiming you don’t care about money. 2) Keeping the wrong career. 1) Thinking none of these will work for you.

[@wewhoareabouttodiesaluteyo9303]

THANK YOU!

[@zina8562]

Thank you, love recaps 🥰

[@philipbuckley759]

I just worked, retired and moved to Mexico......

[@hotrodramrod1080]

Thank you sir your a gentleman and a sholar.

[@dragon-id5uj]

while these comments kinda steal views and potential ad revenue from creators, these list-style vids are often padded with so much filler. thank you for your service lol

[@paulbrown2422]

My biggest one was "I deserve this... (vacation, or car, or piece of clothing I don't need, or going out to lunch most days at work)." Many of those items ended up on credit cards that were not immediately paid off, which made it even worse. We have learned our lessons and have climbed most of the way out and are heading for financial freedom!

[@ronaldoleon48]

Yup, There’s nothing wrong with going on vacation once a year or buying a piece of clothing every now and then, or even eating out once a month. As long as these things are not setting us back to a point where we’re stressing about finances and it puts us having to live paycheck to paycheck.

[@DonaldMark-ne7se]

Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.

[@JacquelinePerrira]

I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value

[@Jamessmith-12]

The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

[@JacquelinePerrira]

please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

[@Jamessmith-12]

'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@JacquelinePerrira]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@MorganBrown]

11. Spending all day watching KZbin

[@loganerb3952]

Love the video my only critique would be I feel that rule number 6 is true but only when the time is right… buying a home to early and/or in the wrong market can be extremely detrimental to your finances if you’re not careful!

[@ChrisInvests]

Yes I agree! That's why I said "for those who fit the bill for homeownership" 🙂

[@loganerb3952]

@@ChrisInvests ahhh fair point! Keep up the great work!

[@ChrisInvests]

@@loganerb3952 thanks for watching!

[@mxbadboy263]

And...... Buying a home at what the bank pre approves you for. Most people buy way too much house.

[@MatthewVinson]

The first 100k is the most difficult one because it's looked at from a 1k perspective which means you need to 100x. That's waaay more difficult than 10x that 100k to 1M. Have a million dollars..Got it.. The best strategy that I understand is Voo for most of my portfolio let it grow for many years as your work. Then as I get close to retirement, transition some of it to high yield div etfs; VYM for example. Also I’ve been finding VIG to be a good balance to dividends and safe growth.

[@TruckeeFam]

Part of what makes the first 100k tougher is you're new. I made rookie mistakes (dividend investing) the first year or two, and investing wasn't as routine. It took over 3 years to hit 100k, cheerfully accepting 10% returns. The 2nd 100k took a little over a year once I switched to growth stocks. Once you're getting good returns, you start throwing everything at it. Get a bonus? Invest it. Get a raise? Invest it. Tax refund? Invest it. Fiancee returns your ring? Invest it. ;-)

[@kashkat987]

@@TruckeeFam LoL at the last part.

[@84gaynor]

As a new invstor it's always great to hear from a person who has gone through all the difficult times and come ahead of it. It's unnerving to see your portfolio go from green to red but as mentioned if you have invested in quality names just have to keep adding to them and stay the course.

[@Ammo-Hoarder]

@@84gaynor I always believed in long term Investment as a savings vehicle for retirement. As I am a passive invstor, with a day job does not allow me to monitor stocks movement actively, DCA is the only way. Or else, if I have a bigger capital pot I have to engage a Financial-Advisor like "LISA ELLEN SHAW" who has made me understand that you must have a strategy. So i do not worry about short term performance that's why i follow her trades. Q1 of 2022 came to an end and i have accrued just north of 196k as raw-profits.

[@gagnepaingilly]

@@Ammo-Hoarder A great start to financial freedom! how can i reach her?

[@thomasmatthew7759]

Good message with: 4.) Spending money on yourself because you deserve it. Rewarding yourself is super important, just make sure you really deserve it (whatever it is) and whether you want to accept that part of your "reward" is living with the financial burden from it. Otherwise go for it! Why else are you working?

[@Ogema-1]

I remember when my family was in a bit of a financial bind, Mom asked what investments were good. I said I have a couple of ideas but for most people, the best investment is maxing out your 401k match because it's basically an instant 100% return + it's also just 2x stocks, paying off your credit card, and buying a home in that order. It's simple math and thankfully we bought a home in better times so tapping into equity when everything was around 3% was a real lifesaver literally we went from going paycheck to paycheck to huge cash surplus with a stroke of a pen. Because yeah after 12 years paying for a house and a lower interest meant we were paying way below rent for the home.

[@ericprieto4348]

so u robbed peter to pay paul. tapping into equity is a big mistake.

[@Ogema-1]

@@ericprieto4348 It was two-fold, we amass a great deal of debt due to a string of unforeseen events, and the debt interest rate was greater than 6% including some credit card debt, and refinancing lowered the interest rate of the overall mortgage. So instead of paying another 18 years, we refinance for 20 years. The monthly payment is still cheaper than renting by a significant amount and our interest payment easily reduced by a large margin. It was shifting higher interest debt into lower interest debt and paying off a few very generous personal loans and the math was that we ended up paying a similar amount in unrecoverable mortgage interest towards the end of it.

[@abark]

401k match is not a 100% return at all. Especially if there is a vesting period, which most matches have.

[@binagital5665]

The truth is , money is worthless until you put it to work. Successful people look for business to invest on and make more money.

[@optionsplay8764]

Nice content, Investment are stepping stone to SUCCESS, investing is what creates you wealth and wealth brings you assets. and assets buys you Freedom.

[@spencer5224]

Reading about people grabbing multi-figures monthly as incomes in investments even in this crazy days in the market , any pointer any pointers on how to make substantial progress in earning ? would appreciate.🙏🙏

[@roddiehouston8834]

@@spencer5224 I recommend Dr Thomas Alex

[@roddiehouston8834]

His telegram handle 👇👇👇

[@roddiehouston8834]

At Trademarksss

[@fredrickconte6270]

There might be an economical turmoil but there is no doubt that this is still the best time to invest.

[@henryclinton9317]

Best time to invest? thats funny though because in the last four months I have lost more than $47,900 in stock market which is the biggest I have loss since I ventured into stock investment.

[@fredrickconte6270]

you could be right or wrong depends on your expertise, I once made such loss when i invested thinking i have gathered enough trading skills from youtube videos

[@fredrickconte6270]

now its a different ball game for me because I was lucky to have met TERESA JENSEN WHITE, a financial manager and stock expert, I have made more than $165,000 in 6 weeks under her supervisions.

[@dorissteve912]

Really? people are cashing in from the stock market and frankly speaking its comforting seeing someone admit to the fact that they actually seek help from professionals. please how can i reach TERESA ?

[@fredrickconte6270]

search her name on the internet to reach her

[@danielmedina4953]

Most people venture into crypto to be millionaires, meanwhile i just want to be debt free

[@samuelroyal3818]

When you invest in crypto you are buying days you don't need to work

[@andreajueal8243]

Now is the best time to purchase and invest in bitcoin, stop procastinating.

[@doragary3717]

Crypto currency will outsmart the banking system in the nearest future serving as a global fiat. Already making over 85% profit from my investment.

[@darlingtonsam3614]

Fear is one of the factors that hinder most persons to invest into crypto, most persons say ignorance..

[@kelvinmcdonald5113]

The real secret of building wealth is by having multiple streams of income, that's includes both online and offline investments. If you don't find a way to make money while you sleep, you are fated to die working.

[@AmandaHugenkiss2915]

The best way to play the market is put the same amount in every paycheck, starting when you are young. If there is a substantial drop and you can afford it, increase your contribution while it's down. You may even find you can leave that higher amount permanently. Also, stay away from new cars, leases, and credit cards. Easier said than done but at least try.

[@ChrisInvests]

The last part 😂

[@AmandaHugenkiss2915]

@BodeFinancials the thing with cards and any e-pay option is it lets you spend more. Even a debit card. You have access to your full bank account, not just the cash in your pocket. No one ever got rich off their credit card rewards.

[@matthewphillips5483]

@@AmandaHugenkiss2915 This is a losing strategy to leave money on the table though. If someone doesnt have the discipline to pay off their credit card every month and collect rewards, what makes you think they are going to be able to save money for a home or not cash out their brokerage account? Discipline with money is required for financial success no matter what strategy you employ.

[@AmandaHugenkiss2915]

@@matthewphillips5483 most people don't have discipline and the amount of rewards will never come close to offsetting what you actually spend. Try leaving the cards at home and take cash with you for a month, and see how much less you actually spend.

[@hermanwooster8944]

Just a word of advice, due to the unique supply constraints going on in the world today some used cars are more expensive than brand new models. If you can wait for the order, a new car _may_ be cheaper or have more value. Do the research first and see if this is true for the models you are interested in.

[@darrelllee2107]

Car payments are the biggest trap. I am glad that you hit a little on that. First, vehicles depreciate in value so they are not an investment (with the exception of certain collector cars). So you are going to pay interest on a depreciating asset! Second, they are just expensive. You can get a good used car for cash and use that money elsewhere like on your house which is an appreciating asset.

[@ronaldoleon48]

A car is indeed an investment. Just because it depreciates doesn’t make it an investment. There’s pros and cons to different vehicles, types, brands, used or new, etc… choosing the best one to fit your needs in one way or another can save you money

[@darrelllee2107]

@@ronaldoleon48 - You sound just like those mobile home dealers that say that buying a mobile home is an investment. There is nothing wrong with it just as there is nothing wrong with purchasing a vehicle but it is most certainly not an investment. To pay interest on a depreciating value is very unwise.

[@ronaldoleon48]

@@darrelllee2107 consider a construction company buying brand new work trucks for their crew, you don’t think those trucks are considered an investment to them? Of course they’re going to depreciate in value, but they have to choose the correct vehicle to fit the companies needs. The choice of truck may enable them to make more money or lose money, if for example they’re all crappy and run down and require excessive maintenance. My point stands vehicles are investments one way another.

[@darrelllee2107]

@@ronaldoleon48 You're using a very specific outlier case to try to base an overall paradigm. We did with exceptions on a case-by-case basis.

[@sheldoncooper0]

@@darrelllee2107 I think both you and the other poster (OP) have a good point. Your point really does stand true from a purely monetary viewpoint. But OPs point k believe is looking at a car as an investment for allowing convenience, productivity and efficiency which indirectly translates to investment returns of that sorts. For example, it could allow a business to work more efficiently (the example he provided), or, it could for example allow a single parent to easily deal with kids weekend activities (soccer, basketball games etc) which by having a car makes things more convenient for them I.e. a return on investment, although it’s not an investment return directly related to monetary.

[@rustykatt3870]

Great video. One thing to note is that utilities have doubled or tripled in the last year. This may happen with home owning or apartment renting. Perhaps a little cheaper when living in an apartment.

[@thinkfloyd2594]

Same for dues and taxes. My county raised my home taxes 150% in a single year. There are NOT fixed values. Governments will steal more as they, well, steal more.

[@TheJeanean]

For #6, look up the “price to rent ratio” for your city/area.

[@VictorSanchezVS13]

I don't need most of the advice on this channel, but damn I know a lot of people that do. I'll subscribe for the good cause

[@kent1134]

I'm still very young barely graduated high school want to try to avoid as many financial traps I can

[@ChrisInvests]

It's great that you're learning now!

[@Nolaman70]

DON'T GET MARRIED

[@paradiselost9009]

lol 😂 so true

[@StumpyVandal]

And if you do get married; DON’T GET DIVORCED!

[@grantcanty7294]

@@StumpyVandal did someone say prenup?

[@freedomworks3976]

PAY YOURSELF FIRST A portion of ALL money you collect is yours , yours alone , yours to keep , yours forever. Never stop working never stop saving never stop investing the road never ends.

[@bryceables2319]

Last I checked the road does end

[@joseluis8291]

I will stop working

[@bellofigoitaliano5038]

Quick tip from everyone , if you live with your parents , you should be saving like crazy because you’re being sheltered from the inflation umbrella , your parents and time are the biggest assets you have when you’re young. Your parents are there to help you , don’t feel Guilty for mooching off them as long as you’re e building your portfolio in the process.

[@southerncyan4098]

That's the key, you have to be growing during your time there

[@billywescott6255]

Most times it amazes me greatly the way I moved from an average lifestyle to earning over 63k per month, utter shock is the word. I have understood a lot in the past few years to doubt that opportunities abound in the financial markets, The only thing is to know where to focus.

[@emmascott3647]

Wow, that's more than a mouthful of profits you're making. How do you achieve this feat consistently? You must be a genius in trading.

[@billywescott6255]

@@emmascott3647 Anyways not actually, what I know about trading almost borders on zilch lol. I make huge profits on my investment since I started trading with Mrs Camila Grayson, her trading strategies are top notch coupled with the little commission she charges on her trade.

[@mohammaduhera2961]

Crypto is the earliest way to get out of poverty if you know your way around it.

[@mohammaduhera2961]

@Christopher Brain All you need now is a professional trader else you will continue making losses.

[@emmascott3647]

@@billywescott6255 really are you giving her your money or your coin?

[@leobgoo6350]

#1 Getting married #2 Getting divorced

[@ChrisInvests]

😬

[@mrbyorself]

0) Take student loans and go to a university in midwest America. That will wreck you for life.

[@vsvishal8853]

Why

[@luisoncpp]

For #9 : Even when Warren Buffet and Peter Lynch were able to beat the market, they didn't do it by trading. Both of them are buy-and-hold investors.

[@ChrisInvests]

True

[@mathisnotforthefaintofheart]

I have become a "buy and hold" investor. I have no choice considering what happened with the stock market from January up till now🤣

[@Draega007]

So this is probably a dumb question but how do you make money if you just buy and hold a stock?

[@mathisnotforthefaintofheart]

@@Draega007 If you pick a good growth stock, it will go up in value and then later on in life you can sell it. Example: Tesla. If you buy a solid dividend stock, that company gives you quarterly dividend. That's passive income. Certain dividend companies are solid enough that you buy these stocks and you keep them. You think a J&J stock today has the same value as 25 years ago? This is why it is so important to start investing early.

[@Draega007]

@@mathisnotforthefaintofheart thanks for the reply and clarification. Unfortunately, the start investing early ship has already sailed for me as I'm almost 38 years old but I'm starting to get into investing as I just opened up a roth ira a few months ago and was able to get it to $500 (not much I know) as of right now. As I keep putting money in it I am also looking into trying to get passive income through the stock market and have been researching on that end. So much information it's almost overwhelming.

[@ExplorationRandomDestination]

I enjoy eating good food once or twice am onth and spend more on high quality food even though sometimes i eat junk. Feel like Eating good food is one thing worth paying for. You dont need organic everything but certain items it makes a much bigger difference buying organic vs not. Some pretty good lists exist as to whats wortth buying organic. On another note I bought my first house at 28 2 years ago did some work and then rented it. This winter tenant turned the heat off going away and im not sure the extent of damage so far it seems minor but the long term is what im worried about. Besides that it has been one of the best decisions I have ever made. I am also starting a business/side hustle soon and am very excited to move forward in it.

[@therealfragmental]

You're not a victim. You are responsible for your own decisions

[@nelliesmith9730]

I0% to God. ( local church ). 30% housing. 15% transportation including gas. 10% entertainment and personal upkeep. ( nails, hairs, movies and eating out. Because if u do not spend on yourself u will be resentful. 30% saving and investing. And you will have 5% left to do anything else or use as a emergency fund. Update wills, insurances policies as needed.

[@Stovetopcookie]

What you said about the new car thing really is profound. How you think all well I deserve this. I’ve earned this so now I’m gonna reward myself but it’s really not a reward because all you’re doing is piling on more stress and setting yourself back.

[@ChrisInvests]

Yup 🤷‍♂️

[@JohnHandle-]

Number 6 is a trap, this is one instance where the advice given is either predatory, uninformed, or shortsighted. Buying a home is not a good way to create wealth. A home is not an asset, it's a liability. If you have already bought a home, consider moving out of it and instead renting it out.

[@mxbadboy263]

You are correct. But maybe not about renting it out.

[@harmgregory4560]

As others have pointed out, buying a house is not always helpful. Sometimes yes, sometimes no.

[@thinkfloyd2594]

I know NOT ONE financially secure person who claims they don't care about money. That one made ZERO sense.

[@ChrisInvests]

YOUR statement makes no sense. It's the broke people that say they don't care about money. Ironically, they're a slave to it without realizing it.

[@noblelies]

"6) Not buying a house." Doesn't apply if you're from California, New York, or Hawaii. In those states, buying a house is guaranteed to keep you broke forever and it's actually much cheaper to rent.

[@rilvyk7855]

Same with Colorado. Median house in this area falls between 1-2M(cheap compared to California in a lot of places)

[@cashkitty3472]

Buy a house in a different state and tenth it out. You don't want to be renting when you retire unless you can buy a house outright with savings

[@freeestyleobsessed]

I live in CA and own 7 houses in ca and 7 houses out of state. You can buy a house in ca and not stay broke. Buy cheap houses an hour from where you live. Live below your means and keep buying more houses 🏡 If I can do it, anybody can, I grew up middle class but worked, saved and changed my situation myself

[@SpencerRoyalcom]

Assets pay you. Liabilities cost more than you receive in return. The house you live in, is in most cases a Liability and not an asset.

[@Liquid_spirits88]

Sounds like you didn't buy at the right time. Sucks for you.

[@trishawallor]

All these explain how to save money and not how to make money. I for one is not guilty of about 9 out of the 10 and yet, I am by no means rich/middle class. So another practical question is HOW DO I GET RICH?

[@marlenaaj]

Practical approach; Spend only on necessities, Try to invest what you can and spread them locally and internationally but of course be well informed about where you want to put your money. Made my first million this way earlier this year (got help though). Reduce things that get you sick (that way, you increase productivity and reduce spending on health)

[@chriswilliams2061]

@@marlenaaj Amazing approach. the health part is apt... What do you mean by you got help? I could definitely use help right now... I look forward to your reply...

[@marlenaaj]

@@chriswilliams2061 Funny enough, I can honestly relate. By help, I mean I got the services of a pro "Nancy Lynn Lewis", she was in the news a lot in 2018. You can check her out online for more.

[@luzmullins7691]

@@marlenaaj She's got a pretty decent bio and seems American. Does she work with foreigners?

[@Mrcarlson_E]

@@marlenaaj This right here is the second time I am coming across this name in a week,, My colleague at work seems to feel she's some kind of God sent angel,,,

[@HughJass-313]

*Number 11:* Live in your Mom's basement for as Long as you can get away with it. *Number 12:* Choose *WISELY* when it comes to getting Married. ❤😁❤

[@wewhoareabouttodiesaluteyo9303]

Second this.

[@dearinsomniadontletthebedb9237]

Unless it's costing you your sanity. I'm 18 now, praying to have a way out by 21. My peace comes first. But if you can stay and stack longer than I can good for you 🙌🏼👍🏼

[@ChrisInvests]

😂

[@Andrembramwell]

people dont ever factor this in your partner will make or break you. Dont get married just out of love ive seen many friends completely drained due to their wifes spending habits

[@wewhoareabouttodiesaluteyo9303]

@@Andrembramwell It was not always this way. If the laws change, things will be back to normal.

[@ChrisInvests]

Open an account with M1 Finance using this link and get a $10 bonus: m1.finance/1JiMItjP-G12

[@christopherlegg6200]

Link says $10

[@ChrisInvests]

@@christopherlegg6200 🥲 They just changed it

[@MC-gj8fg]

#10 is great and nobody talks about this. If you're investing in your company's 401k, you're ahead of many people, but simply accepting the default portfolio is often a mistake. For years I took no interest in portfolio management and when I finally developed an interest I realized in my own 401k there were large swaths of the default portfolio in consistently underperforming investments with high expense ratios. Meanwhile my wife, who has a profession she could do anywhere, had a 401k plan with fees so ludicrous that she was best quitting and locating another employer within her profession just to take advantage of a non predatory 401k plan.

[@MC-gj8fg]

@John Doe Depending on what that means it might not be a bad thing. Aside from the other issues I've mentioned you're also extremely limited as to how you can invest inside a 401k and there may come a time where I wish to take full responsibility for actively managing my entire portfolio with individual value stocks and to be able to sell cash secured options on them. None of that can be done inside any 401k I've ever seen. While the tax benefits and employer match is nice, employer matching has sharply declined and underperforming compared to what a knowledgeable investor can do while getting overcharged fees leaves one to wonder how worth it the 401k really is. That said, some format for mindless "invest and forget" is still probably important since there are many who either have no interest in learning how to manage their money and more still with the wrong temperament to be able to do it without making tremendous emotion driven blunders of course.

[@ChrisInvests]

Exactly, extremely common and it makes a huge difference! Thanks for sharing.

[@Money.Mindsets]

Great tips.

[@cameronmmj9291]

5:39 is taking a very simplified view of houses. Houses are not assets if you live in them. They require maintenance, with costs like boiler replacement, windows, roof etc all being high cost items. If you can rent for a low rate, flat sharing etc, you can use the money that would have gone to all of these items, to buying stocks. I only plan to buy a house when I start a family. Any time before that, or too costly and not needed

[@thetapheonix]

The stock market is a rigged casino.

[@330_Crew]

Forgot one: having children will keep you broke forever.

[@ChrisInvests]

😬

[@TShirtAndReeboks]

Or they'll be the motivation to succeed.

[@killersentra]

Thanks chris.

[@PoorCoyotee]

Car is one of the biggest factors. I've wanted a new one for like 10 years but I've always put it down as a waste of money. Today I'm doing better than like 99% of my age group so maybe in near future I can really afford a new car and not just pretend I'm doing well.

[@a13w1]

Done too much of 4 when I was younger but just about paid off the credit card debit I built up doing it. Plan to start investing this year as now freed up a decent chunk from not going on debt (car payment also finishes this year which is nice).

[@angellorenzoa]

The “I don’t care about money” is a tricky one. But, I think you clarified well when you said “not to be a millionaire”. In my case, I make fairly good money and I always told myself “I don’t care about money”, but I do also tell myself that “money is abundant and I’ll work hard for it” might be a contradiction, but I don’t really care about material items.

[@workingshlub8861]

buying a home to live in is not an investment....its a liability with no cash flow and when you do sell it you usually have to use that money to buy another place to live....aka trapped equity. ......good to have a home but dont count it as a investment..

[@Nolaman70]

Yes STOP buying house, so I can buy them!!!!

[@Novaximus]

Telling people to buy a home in this market is crazy. I'd argue that it's enabling the current housing market crisis that we've been living in for the last 40 years. Prices have litterally went up like 30% in just 3 years which is crazy. Don't buy when it's a "Sellers Market" Yes, someday it will become a buyers market again. Then buy. Try repairing a roof with todays inflation, supply shortage, economy and see how "cheap" that really is with a mortgage you can't afford because you're over borrowing. Owning a house hasn't always been an investable asset. There's plenty of times where it becomes a losing liability.

[@ChrisInvests]

Thanks for sharing

[@ashleyladner7620]

Thank you!

[@ChrisInvests]

Thanks for watching 😁

[@jackpacquiao]

Where in the world where banks give you 10% on your money? This is dreaming.

[@ChrisInvests]

A bank won't! www.investopedia.com/ask/answers/042415/what-average-annual-return-sp-500.asp

[@Fishfood007]

My wife won’t let me get a roommate… I figure living with two women would be a pain anyways.

[@welshhibby]

My wife’s boyfriend stays with us.

[@pmhum]

Thks for sharing

[@ChrisInvests]

Thanks for watching!

[@randymillhouse791]

It ends at 4:42: I did all of those listed and have made out very well ever since. All of it was uncomfortable.

[@marshallhosel1247]

Thanks

[@MisterMichaelW]

Great video. Just last week I sold my relatively new car because I came to the realization the capital's better off invested elsewhere. Furthermore, the 2nd hand market in Australia is crazy right now due to global shortages. I effectively got back what I paid for it new in 2018. It was a hard decision and I'm going to miss driving it around. Except now, rather than owning a depreciating asset, I've used that excess capital to help considerably speed up the wealth-building period on my road to early financial independence.

[@ChrisInvests]

Great! Did you buy another car?

[@MisterMichaelW]

​@@ChrisInvests Nah, not yet. Just relying on public transport while look around for a second hand small car. Should use half the petrol each week which is a big bonus.

[@aussiejubes]

Aaah! Well I'm a sole trader in Oz and I've never owned a modern car in my life (I'm over 40). But because the second hand car market inflation is up around 40% & new car much less, combined with the gvt full up front tax depreciation deduction, it made the most financial sense for me to buy a new car for the first time ever. It's a huge financial step for me, and my comprehensive insurance is eye watering, but with a 7 year warranty, all the tax deductions & being able to put most of the tax I would have paid this financial year directly onto the loan, I have a new car! Never thought I'd be able to afford one & never really wanted a new car, but in this market it made the most sense lol.

[@matthewphillips5483]

No thanks, I am good. I live in CA so getting around without a car is a terrible experience. I want to be financially savvy but my time is also valuable so spending hours on a smelly bus each day to save a few coins is a waste of time. Besides, I use free time to do some gig work with my vehicle and generate more income to save. With the gig economy being so flexible, there is not much reason to avoid owning a solid car and monetizing it when you can.

[@hermanwooster8944]

@@aussiejubes It's a really crazy time for a new car to make the most fiscal sense.

[@lindsay3995]

Dangling a financed home feels like a trap if you’re like me, a single person extremely happy about living in an expensive city, middle income, with debt. I’m rapidly (finally) in a position to pay down credit card debt and student loans. I split the cost of my comfortable rented apartment with a roommate (wise for personal safety reasons anyway) and I’ve raised my credit score almost 100 pts in a year while also beefing up my 401k with a generous employer match monthly. I’ll be in a much better credit and down payment position for a home purchase10 years from now simply because I’m NOT hurrying toward home ownership. Plus the fact that I have zero anxiety about replacing a water heater, a roof, or dealing with a cracked foundation on a financed asset. Tons of peace of mind there.

[@felixrobinson4360]

Chris, what software do you use to do these illustration videos? Or does someone do them for you?

[@ChrisInvests]

I do them myself with VideoScribe!

[@jamesbarrick3403]

Home purchase is the biggest con job IMO. Real estate is simply not worth the price. Renting and keeping your assets liquid to do other investing will make you far more money with time. I know many will disagree with me. That is okay.

[@mxbadboy263]

A home is not an investment! And to top it off people buy tooooooo expensive of homes and are in debt forever.

[@Nolaman70]

Yes I was stuck in one, FILED FOR DIVORCE!!!!

[@ChrisInvests]

😬

[@blaster-zy7xx]

Here is one thing NOT to do. So NOT go into credit card debt and pay ridiculous interest rates!!!!

[@anonymous4298]

Not investing is my money trap … def need to invest

[@bigandlargepapi]

Well good first step being on the financial side of KZbin. My advice on it is not to be sucked into the day trader bs jargon and focus long term. S&p500 and high quality companies is the only things I buy. Also the biggest thing is to separate your emotions from trading. You will have days weeks and months where you are down even for a whole year but keep going because 10-20 years from now the market will be better.

[@matthewphillips5483]

@@bigandlargepapi 10-20 years? lol

[@theodt]

Man, these comment bots are so vapid. Seriously sick of looking for genuine comments and getting catfished by a lame comment. Could we possibly pin genuine conversations in the comments section? 😊

[@bg1379]

#6 has nuance. Don't buy a house if you're not going to live in it for several years. The first few years of your mortgage are mostly paying interest. Also, don't jump to buy if values to own are out of step with values to rent. I live in a city where I pay $2,000/ month to rent (and don't need a car) and the value to own this property would be $3,700/ month with current inflated real estate prices, and of course I'd lock away my down payment in my home which is otherwise successfully invested. If I really thought real estate was going to skyrocket I'd invest in a REIT. Renting a modest apartment can absolutely be a better strategy than buying property for some people.

[@ashleybankscoaching]

This video is 🔥

[@ChrisInvests]

Thank you Ashley!

[@paulwolf7562]

I had a house. It was my parents. My dad put me on the deed, after mom passed. I really didn't want it. I saw the writing on the wall. My dad passed away, after dealing with Parkinson's for about ten years. It literally drained our finances. To straighten out the mess, my brother suggested I put him on. So, to get a loan and pay off the nursing homes, did I mention he had to be moved, because the first nursing home was neglectful. Well, it cost me to go into bankruptcy. When, we parted, I was left to clean out the house. Since then, I have rented. I will, never own another piece of property as long as I live. As, I have no kids, what would be the point? Just to have the state, take it?

[@childfreesingleandatheist8899]

Biggest money trap for men that financial advisers never tell you: Getting married and having children.

[@ChrisInvests]

😬

[@MrGhosthacked]

Brohammer, careful with number 9. That's not how active money management works. Its not about market timing. Sector rotation and common sense tactical shifts make a huge difference. Energy was up ~20% during the winter while the market was down ~20%. Inflation inverts the yield curve (aka bad for bonds) while blue chip dividends on domest funds continue to out perform the S&P just like they have for the last 15 years. Holding internationals during a supply chain recession or European land invasion makes little sense. People oversimplify #9. Day trading != active management. Yes, you need to be a professional about it. That said hiring a professional rarely costs more money to do active money management than it does to do a buy and hold strategy. Almost all investment firms charge between 1% and 1.5%. The average investor despite everything said here for decades still only returned 2.5% during the last 20 years while blue chips did 9.9%. . . sorry, just be careful when choosing your words. . . people take stuff from videos like this religiously sometimes and that dogma becomes dangerous.

[@matthewphillips5483]

I agree. The idea that you "buy SP500 ETFs and forget it" is going to make you rich is silly. You might end up with a lost decade.

[@JorrC86]

Buffet and Lynch are both not active traders... but value investors

[@schrodingersmechanic7622]

The problem with relying on home ownership for wealth is that if it's your principal residence, you will have to buy another or be homeless. Your home isn't the only one that's gone up in value, all that money you made selling your home will likely be used to pay for another so overall there's little gained unless you move to a lower cost area.

[@Andrew-zs5tc]

While I agree that over buying a home "as an investment" is not smart, buying instead of renting if you plan to be in the area 5 plus years is typically smart. While you will need to buy another home when you eventually sell it, it beets the alternative of having to rent. The sale of a home is also a great way to fund the deposit for a retirement community. I have been in my home for 20 plus years and the mortgage is almost paid off. A friend has been renting a house 1/3 the size. His rent is now double my mortgage (and related costs). In a couple of years my mortgage will be paid off and he will be paying even more. In retirement, his housing cost will be 4 times mine and my kids will get a $500,000 inheritance. Buying a home is a bad investment if you are not going to stay 5+ years or you buy more than you need (including your future needs). Otherwise, it is a great investment.

[@schrodingersmechanic7622]

@Andrew I agree. Home ownership for the vast majority is more of a wealth preservation tool. Of course renting does have some perks, major repairs being one and ease of mobility. Two places I rented suffered roof damage during a storm and one needed a full HVAC system replacement. I just made a phone call and it was taken care of. I'm a homeowner now and I'm happy I made that decision simply from a personal security standpoint. It's more costly but just knowing I'm not at the mercy of a landlord is great. Pride of ownership is a close second. It's really rewarding personalizing my home for my family and I

[@Wertsir]

Brother you could have just said “capitalism” and saved us all ten minutes.

[@brettgustafson395]

All your videos are awesome! I love it when a new one comes out. They motivate me to stay on budget so I can escape this rat race. One savings payment at a time, I'll get there. Patience.

[@ChrisInvests]

Thanks for watching 😁

[@steamhammer2k]

I have friend that is good at making money so i Decided 30 years ago that what ever he did I would try my best to follow. I can say that was the best thing i ever did . Almost everything i copied returned a good profit given time. It was enough for me to give up work long before retirement age. I see my pension as a very poor life investment compared what i have gained though just copying what others do better than me. So if you are in your 20`s scope out someone that you know that seems to always fall on their feet money wise and copy them.

[@rainacherienne1010]

I wish I knew someone like that. I’m learning on my own and had to cut off my friends because they were not good with money. You are the average of your five closest friends (or something like this).

[@mattm597]

Buying a house is great, as long as you're paying a reasonable price for it---not the ludicrous prices people have paid recently.

[@AmandaHugenkiss2915]

Be careful where you buy a house. If you live in a state like CA or IL you could be in for a rough time as they are losing population.

[@ChrisInvests]

Absolutely, it's all about the location

[@djeechizzy9818]

When it comes to the world of investing,most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance

[@danielmedina4953]

Rushing into forex/crypto trading without adequate orientation or trade with a professional with a good broker for accurate signals, you might lose all your hard-earned money.

[@djeechizzy9818]

As a Bitcoin investor and trader, its almost inevitable that you're going to experience ups and downs along the way but that shouldn't scare you off from investing

[@djeechizzy9818]

@@nathanieljohnson5857 I saw some recommendation about experts Mrs Trust........ She's Brilliant

[@OnCashFlow]

Perfect ending to the video. It's never been easier to grow relatively wealthy no matter what your current economic situation is. It only takes a little bit of knowledge and action to take control of your financial life!

[@tosgem]

Video starts at 0:55

[@site_is_down]

As someone who wants to start investing, the very first thing you need to do is to study and equipped yourself with knowledge you will be needing in your financial journey and just don't rely on personal opinions of others.

[@Pathadar]

Being a Manager of a Cannabis shop and buying product every day because you yourself are an enthusiast is also another money trap. lmao

[@ChrisInvests]

😂

[@matthewphillips5483]

NWA said in Dopeman that "to be a dopeman, you must qualify. Never get high on your own supply."

[@Pathadar]

@@matthewphillips5483 Too damn true.

[@JM-wu8bh]

Credit cards should be #1. 10% of your paycheck should go to savings automatically.

[@dominquepresley583]

Another money trap is dating broke people. At least the ones that figure ah well you got money pay for me this pay for me that. That's the money trap I fell for.

[@ChrisInvests]

True 😬

[@JB73691]

Gold and Silver Broh !

[@szariq7338]

My plan is to use a bit of my spare time in senior year of high school to tutor rich primary school kids for stupid prices (as tutoring market in Poland is basically a pathology, where if you can prove your competence, you can even charge 100PLN/hour, which is 1/30th of minimal salary out here) and if I go easy on it and fill up any moment, that won't eat my free time, every month I'd be able to earn 800PLN (4 hours a week and for now 50PLN/hour, considering I won't tutor on Saturdays and I don't have a degree or experience to prove my competence).

[@ChrisInvests]

Excellent! Maybe it will turn into a career for you 👍

[@bgandjsco1]

House as an investment.? That all depends on when you buy. If you buy in Austin ,or any of the other super hot markets you might never have an investment.

[@welshhibby]

6. Buying a house - most people can’t afford one !

[@aalicagrue6646]

Rule of advice: Don't read the KZbin comments that mention broad statement about investing with some person yadda yadda yadda. You see them in every financial related video with what seem like bots, and they're likely scams.

[@ChrisInvests]

There are soo many

[@TheMoneyPlantChannel]

Nice vid Chris!

[@freeinvesting6587]

Nice vidio

[@ChrisInvests]

Thanks for watching 😁

[@MC-gj8fg]

I agree about trading and speculation, though I would strongly suggest learning value investing and with 10%-15% of your portfolio selling cash secured puts and covered calls, which many consider trading, but isn't speculation but rather a method to maximize returns on your value positions. There's no need to get fancier than that with options. The other 85%-90% of your money just leave in a nice safe broad based ETF.

[@GentleBongRips]

You could always pick individual stocks that you have high convection in if you wanted more upside potential, this obviously relates to the downside as well

[@user-zi3eg8gm4h]

I like what you said mc

[@ChrisInvests]

Worth considering...

[@luisoncpp]

@@GentleBongRips the issue with individual stocks is that most of them trail the market and most of them even trail the treasury bills, even the greatest investors (like Warren Buffet or Peter Lynch) are wrong about 40% of the time, but they still make profit because they buy stocks from many companies. So, if you invest in individual stocks, you should buy more than a handful of them, at least 20, but preferibly more. ...and also, you should keep reading all the news and financial reports of all the stocks you are holding. Then if you want to do it right, it's pretty much very time-consuming, otherwise is just a gamble where the odds are against you.

[@MrGhosthacked]

careful - what do you mean by broad based etf? choose your words more carefully - do you mean core and satellite strategy? buy and hold index? US domestic equity across the fortune 100? dividend blue chip core with a complete S&P sector etf?

[@Eddie42023]

I'm impressed you drew the die right.

[@martinmi5]

Warren Buffet isn't a day trader.

[@DaveyBooBoo]

Insanely useful knowledge 👌

[@ChrisInvests]

Thanks for watching 😁

[@Ifinishedyoutube]

When I say I don't care about money, I mean that I don't care about the massive excess. All I care about are the resources that I have and the resources that will maintain my life after I am unable to gather resources. I care about resources not money.

[@cisium1184]

I think I was one of those people for whom buying a house did not fit the bill. I'll never know for sure because I never found one I wanted to own that I could also afford. It's probably because I did something wrong, but it never seemed like a real possibility for me. I agree with all the other ones, though.

[@shutupimstilltalking]

I'm wanting to build a house. Probably be way cheaper for me. I'm a single gay man that's not going to have children. How much room do they think I need?

[@jackharvey7824]

Problem is the "rat race" is necessary to be able to break out of it in the first place. You need people who are stuck so that a few might become unstuck. So even if everyone was financially literate etc we would be in the same situation statistically

[@hermanwooster8944]

You'd still have rich and poor people, but a financially literate society would have less debt, more savings, and generally be fiscally healthier than we are now.

[@gamereactz]

I love my car but I know I could if gotten something cheaper, now repairs and maintenance is expensive let alone the payments if you have them. Stay modest.

[@thebes118]

Well, you have to have a stomach to buy stocks. Lynch and Buffet both said the little guy can find the gems. A large fund cannot buy into the smaller stocks.

[@ChrisInvests]

💯

[@JS-jh4cy]

Don't start using a damn credit card

[@ChrisInvests]

✂️ 💳