10 Greatest Personal Finance Lessons That Changed My Life

► In this video, you will learn the 10 personal finance lessons that have had the biggest impact on my life. My wife and I learned these lessons the hard way, and they have helped us achieve financial success. I hope you can take away at least one or two things to apply to your own life.
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Timecodes:
0:00 - Intro
0:17 - #1 Buy To Impress = Less Money
1:38 - #2 Real Millionaires Are Frugal
3:07 - #3 Average Friends = Average Life
4:41 - #4 Marry For Money
5:54 - #5 Investing Should Be Boring
7:42 - #6 Investing Should Be Simple
9:06 - #7 Investing Should Be Long
10:46 - #8 Cash Is King
12:21 - #9 Spend Money Extravagantly
13:34 - #10 Money Buys Freedom
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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.

[@CherylJacqueline]

The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.

[@NwachukwuEdithN]

Money invested is far better than money saved , when you invest it gives you the opportunity to increase your financial worth.

[@ArthurLawrence-]

" It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid , instead of trying to be very intelligent."

[@MasonRoy822]

The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.

[@GraceAmber369]

I also keep seeing lot's of people testifying about how they make money investing in Stock, Forex and Crypto Trade(Bitcoin) and I wonder why I keep loosing. Can anyone help me out or at least advice me on what to do.

[@JoeLogan2b]

Even with the right technique and assets some investors would still make more than others. As an investor, you should've known that by now that nothing beats experience and that's final. Personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to $35k, withdraw my profit right before the correction and now I'm buying again.

[@joelstephenson]

The marriage one was the most important one of the last 2 years of my life. We went from nothing to $250k in investments and savings by communicating with each other about money every week

[@auroralily286]

Nothing equates investing, and when it's done properly, you don't need to get yourself all worked up about money anymore as it's creates a lot of extra income

[@nicejk3448]

@@auroralily286 That's 100% correct! making a habit of savings and investing can change both your life, that of your relatives and loves ones as well

[@nicocielo565]

@@nicejk3448 Well said! I invest in stocks and crypto and I make good returns from them

[@aldomarcello9245]

@@nicocielo565 I have heard alot about crypto and how profitable it is and I would really like to invest

[@aldomarcello9245]

@@nicocielo565 How can I start up mine please?

[@SowerOfMustardSeed]

Avg friends = Average life ❤ Absolutely true from personal experience. Not saying that we should be snobs, but rather we should either be growing together with our closest friends, or else we would just naturally not hang out much anymore.

[@vezeris]

This is just sad, son.

[@Kineticfriction13]

​@vezeris they're not wrong. If goals / lifestyles don't align.. naturally you won't hang out anymore.

[@staarfajter922]

​@@vezerisNaaa, it's natural to progress in life when you are moving forward. People who stop and don't move forward will get left behind. Obviously you can still visit them once in a while but don't get caught up in their problems and choices :)

[@vezeris]

@@staarfajter922 This mentality of moving forward and leaving ppl "behind" implies you are more successful that them. It reinforced the idea that different fields and careers have more value than others. It's ok to leave ppl behind when you divert on a moral principle and development, but based on "success" - that's just sad and narcissistic. I still hang out with my friends regardless of their economic status.

[@staarfajter922]

@@vezeris Success encompasses more than just financial achievements; it also includes personal growth and development. Making the decision to distance oneself from individuals who negatively impact both their own and your well-being isn't a sign of narcissism but rather a prudent and self-caring act. This approach can lead to an overall enhancement in one's efficiency and mood, which invariably benefits those around them as well. The adage "Birds of a feather flock together" aptly highlights the importance of surrounding oneself with positive influences. Personally, by removing negative and parasitic individuals from my life and choosing to associate with those who are supportive and uplifting, I've noticed a significant improvement in not only my own life but also the lives of my family members. Far from being selfish or pathetic, this strategy represents a responsible and intelligent way to navigate social relationships and personal wellbeing.

[@RyeRob.]

One thing I would say about buying clothes is that it often doesn't make sense to by the cheapest option. Dave Ramsey talking about Walmart jeans for example. A better quality pair of jeans might last you 5x longer but not be 5x the price.

[@ChristopherHunterSmith]

Love that last one about buying freedom. Seeing to achieve that!

[@frankalexander5401]

My gross household income in 2022 was $800,000.00 and my net worth is in 8 figures. I drive a nice 2011 Prius, buy MY clothes and other stuff at the Navy Exchange or the Army Air Force Exchange Service (no sales taxes). My wife and I buy our groceries at the US Military Commissary (no taxes and all items sold at cost and we still use coupons). My watch is a US Military issued combat field watch. No debt!! We live in an affluent town, but our home is the smallest model in the neighborhood. The only indicator we have money is we fly first class if the flight is more than 5 hours long on our vacations.

[@rlc2978]

So why have all that? Not disagreeing with the principle but it needs to be balanced. Why have all that of you'll never benefit from it in life?

[@johnc7279]

This is quickly becoming one of my favorite channels.

[@kimmykero2421]

Me too!!!😊

[@williamwelbourne2029]

👍..just subscribed ..Tae is so easy to follow and listen to..direct with his content...

[@shonmorgun2029]

Same for me. Tae's content is concise and informative!

[@jmpatawaran]

Me too! And i just started watching him today!

[@bryanalcantarfilms]

Ditto.

[@okaydamian]

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my money goals?

[@arlenehill4ril]

keep contributing, remember you are in for the long haul however, I'd consider financial advisory at this point of economic uncertainty

[@maria_casey]

You're right, I'm in line with having an advisor oversee my day-to-day investing, since my job doesn’t permit me the time to analyze stocks myself. I've had an expert actively restructuring my portfolio, and generating big fat yields for 5 years now, amassing nearly $850k roi after subsequent investments till date. I and my advisor intend reallocating into gold, recalling the 1929 crash.

[@fromthebirchwood]

@@maria_casey ambitious! mind if I vet the professional guiding you please? seeking best possible ways or areas to invest for extra income.. figured its best to discuss with a proper advisor

[@maria_casey]

I always delegate my excesses to someone of great expertise ''Theresa Leigh Detrick'' you can simply research her. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@fromthebirchwood]

@@maria_casey thanks for sharing, just inputted her full name on my computer and searched online, top-notch credentials. Ive seen commentaries about advisers, but not one looks this phenomenal

[@claudinavivo7416]

So far the best video on personal finance advices I've ever seen. And I've been watching videos on personal finance for years. Congratulations truly on this. Keep going.

[@mezzem3909]

Holy moly.... My thoughts exactly. Dont buy stuff to impress others, no one cares......

[@life.overhaul]

Woooooow great video; This is sooo enlightening thank you Tae👏👏👏

[@jeffnunes741]

Tae, you are really good! Straight to the point, no BS, great advice. Thanks a lot for that. Keep it up. Best from Brazil.

[@habibmkhan]

Super high quality lessons! They sound simple, but it takes dedication to follow through and stick with them. Especially because people can try to gaslight you to believing otherwise.

[@RelaxInCanada]

Thank you so much for this educational video, keep sharing your valuable tips!

[@yourlifeshouldbefun]

I love the 'marry for money'. I did this years ago and my partner and I have been able to make significant steps in our finances TOGETHER, so that we can 'pontificate about life'!

[@gokengeyi3306]

I love your channel because the suggestions you give are so practical and helpful..👍👍💕

[@malikharper5622]

This is stuff I really need to hear. Thank you so much. I’m definitely subscribing

[@janw999]

I can really relate to the sock ventilation thing 😁

[@doriradden483]

*Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.*

[@WeweAke]

Gold and copper remains the best investment to venture in, especially as a beginner, it’s not always affected by the downturn of the market

[@Andrew-xm6bb]

@@WeweAke *I won't recommend gold and coop although it's a good investment. I'II suggest digital assets as it's the best future investment. It's advisable to seek financial assistance based on your available capital and area of interest or preference.*

[@DavisFreeman-nu1cu]

​@@Andrew-xm6bb*I don’t rust them. They all gamble about the same thing which they are not even sure of. It's a waste of time*

[@doriradden483]

*True. Am not ready to gamble my money with anyone. That's sick, am looking at spending my savings and I can't afford to lose it. *

[@jamesshaver2247]

@@doriradden483 *Finding financial advisors like Patricia strain who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.*

[@michellewookey]

I'm loving your channel! Thank you 😀

[@randomactivitiesco.5848]

Love "Marry for money." Yes, being on the same page is the most important thing when it comes to money and kids. You can survive almost anything with those two things done.

[@user-zx1pc9eq8w]

That's great advice in this video. My favorite is money buys freedom. That's why debt is bad. Debt is enslavement.

[@ds5651]

Spot on. I am a 40 nextdoor millionaire. That's how you do it.

[@clippylady9837]

Tae, Just discovered your video a few hours ago, liked and subscribed. Hope you will have ideas/videos for retirees, I’ll be 69 in 10 days! How did that happen!!!!! I’m learning finances after my husband of 42 years passed almost five years ago! It’s been quite the experience. I know things now, that I didn’t even imagine before. Looking forward to watching and learning from your vids! Thanks Victoria

[@jorgedominguez496]

Great channel and advice. Thanks a bunch.

[@foreverfloridian8525]

Dude one of the best videos yet, thanks!

[@tracybrown9752]

The BEST channel! The best money books I have ever read….Rich Dad-Poor Dad and The Millionaire Nextdoor.

[@Barberakb]

Thank you for your service!

[@kaosperez444]

Another great video i enjoy listening to your videos while working😎

[@nickodemis]

Thanks Tae! Another Great Video…!!!!!

[@esthertravis4469]

Love your channel! 💜

[@BichNguyen-vs8gs]

thanks so much, very impressive and informative!!!

[@demerit5]

Great video. Thank you for the upload

[@anastasiassharings]

Technologies are changing quickly, new jobs are being created all the time and schools just struggle to keep up... in 2023 everyone should learn personal finance and teach our kids!

[@ViRajP99]

First Video of Yours: SUBSCRIBED! Can Relate Somehow to Most of These Investing Philosophies! Thank You.

[@nataliemccabe496]

First video of yours that I've watched. Well done!

[@primadonna82]

No nonsense content, unlike others who try to sell business models and 3rd rate motovational speeches. This video confirmed that I'm on the right path to slow and steady wealth.

[@dbadaddy7386]

Market timing: I read a book by Rick Edelman, The Rules of Money. He mentioned an experiment which involved looking at bundles of stocks over a more than 50 year period, starting at the great depression. This experiment consisted of bundles of 10 random stocks and holding them for 10 years. Turns out it did not matter which stocks were in the bundle, holding them for 10 years led to an increase in value every time. Some individual stocks lost money, of course, but the bundle gained value. Further examination showed that almost all of the increase in value occurred on 5 days in that 10 years. Reexamining the data showed that holding the bundles for 5 years also resulted in an increase in value most of the time. It did not matter which stocks or when the bundle was created. Hundreds of thousands of bundles were created and tracked. The lesson is to put some careful thought into the stocks you buy and then tuck them away once you buy them. In a way, it's like a scab, keep picking at it and it gets worse, leave it alone and it gets better. The greatest money book in history is The Richest Man in Babylon.

[@zBMatt]

#11, investing shouldn’t be used to get rich, only value creation (aka starting a company, gaining more skills, gaining more education) can do that. Traditional investing should only be used to maintain a lifestyle, that’s what the average rates from top money managers would suggest.

[@wholeNwon]

Not really at all. I've been around a long time and have yet to meet a "money manager" who truly added value to any investor's life.

[@zBMatt]

@@wholeNwon if they didn’t it wouldn’t be an industry.

[@wholeNwon]

@@zBMatt "There's a sucker born every minute."

[@zBMatt]

@@wholeNwon and it’s usually the person who insults others because they can’t create a valid argument.

[@edwardkagame8390]

@@zBMatt No, he made a valid argument. There will always be people who will give you their money if you manage it for them. It's like doing taxes. 99% of americans can file their own tax return correctly if they read the instructions a few times, but millions of people still pay for turbotax. Not saying those people are suckers though, just that if you're willing to learn to do something yourself, paying someone else is a bad idea.

[@Stgaubron]

I just ordered two of your books you mentioned on your website! Thank you!

[@liamsumner3509]

I’m still relatively new to investing, but when I started thinking of positions as a percentage of my total worth rather than its numerical value I could relax much more. Example, rather than having £10,000 and investing £500, I think of it as a small 5% position rather than a significant amount of money. Of course you should still only invest what you can afford to ‘lose’.

[@user-cy8dk2pj3t]

True, I bought brand-new Hyundai Sonata 2022. Paying $522 CAD every month also paying Higher Insurance premium because car worth more. I regret for that foolish step but luckily I have made my mind to run that car for 10 years from purchase date. So I will convert that Current overpaying Liability into future Asset.😔😔

[@rippleforeskinxrp358]

Good! But it will never be an asset. It's always a liability due to it costing money to own (even after being paid off). Unless you area truck driver or UBER driver our vehicles are all liabilities (taking money out of our pockets instead of making us money)

[@user-cy8dk2pj3t]

@@rippleforeskinxrp358 got your point buddy. But how we supposed to travel with our family! It is not possible to take public transport all the times. However, If you have car which already paid off, that means now you are only paying for Gas and Insurance. Oil services and other maintenance are once in few months. But thats okay, even our body needs regular checkups. In the end It is all about the convenience, efficiency and Time.

[@kimmykero2421]

I just happened on your channel today and wow, I just can't watch earlier videos fast enough! Thanks Tae and best wishes with the channel!❤

[@gregwilson007]

Great content - I'm going to share this with my niece.

[@rssmith289]

These videos are so well made.

[@ryanfrizzell736]

Great lessons about human nature. Thank you

[@lolololo3726]

Great content, great editing. Thank you

[@ahmednour1610]

Love this channel !

[@Oinnk]

Money buys time aswell! Our most valuable currency. Thanks for the informational video!

[@dapperd5008]

13:20 🧦 “Why bother, I love the ventilation!” Hahaha I just subscribed to your channel! Great content!

[@FighterDoc98]

Good thoughts, thank you!

[@jasonwright1861]

Pretty solid channel here! I like learning from you and Professor G

[@NELSONG12]

This is great. Gracias.

[@RB-rx6hr]

Very informative video !!

[@Brooklyn-rj3np]

Great content. Subscribed.

[@abdallabana2425]

Love this guy 💪🏾

[@alonzoluna8586]

Great video and very informative lessons....

[@Humberto-Haas]

I love this video on personal finance saving

[@Loralit4]

Such good information!

[@realabotsivia1]

Love this channel

[@whysohardgmail]

Amazing summary of financial success

[@noreenn6976]

Love this video, we'll researched!

[@livingstonmills5047]

Excellent Video!

[@kristalynn7877]

Very nice video!👏

[@doodsanddudes]

Also love books 📖 great video!

[@theentrepreneurmakeoveronl3272]

Great content!

[@ErnestoVazquezChoby1000]

Awesome video!

[@ROMAHAUS]

Sadly, there are people who care and when it’s family members it makes it even harder to live frugally. My husband and I have been renting tidy 1960’s home in a safe, well maintained town. The home is nothing special, but it’s a fantastic rental. My husband’s dad and stepmom have not come to visit yet (they live two hours away) and we moved back to this state 5 months ago. However, if we were renting or owning a huge house with all the current updates that they could brag about to their friends and family, they would have visited in less than a month. I know this because they travel a lot for leisure… going to Israel in two months but can’t make the effort to come visit. They aren’t bad people but their currency is money and status. The funny thing though is that our lifestyle won’t change as our money grows. I have a dream of becoming a secret millionaire. I LOVE the idea of people feeling sorry for us because we drive 10+ year old cars and don’t live in a fancy neighborhood and wear the same clothes over and over again…. meanwhile we make more money than all of them. 😁 That’s got to be an incredible feeling. But you have to be confident enough to be okay with people not knowing you have a lot of money. ✨

[@bridge7528]

Great points! Secret millionaire here(I’m a teacher almost ready to retire in 2 years at 57). My car is 12 years old, my husband’s about 10 and my daughter’s car is as old as she is, 21 years old. We live in a simple ranch house but in a great neighborhood. We own a duplex and have invested since our early 20’s. Oh, and I constantly watch videos on frugality!

[@ggpp6252]

What an amazing thought on building to be a secret millionaire. Not boasting or getting others worked up and jealous. Kudos to you.

[@lenorelopez748]

Great video!!

[@chuck_dane]

silent listener and fan here. i can't take it anymore. I gotta say... THIS GUY IS AMAZING!!! Thank you!!!

[@peterl2767]

Great content 👍👍

[@JackSimplesPersonalFinance]

Great lessons thanks!

[@trevorward9680]

Good summary.

[@jnordman86]

I love number 10 the best too. I worked 2 jobs for a year and stock piled some money...now I don't have to watch my mouth as much at work and as you say, lets me have other potential options.

[@kagezen]

Investing should be like watching paint dry.. This really brought me value and changed my mindset on my current investments. Thank you!

[@skoopqueen]

I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made. Great video! Thanks for sharing! Very inspiring! I love this,,

[@marichanx]

Oh when will you tell anyone else your financial advisor’s name is Nolan? Scam robot😂

[@MySteamChannel]

You make great content mate! New sub. from down under..best regards.

[@jaybah836]

I love your lessons

[@peirisfamily]

I like the way you promote the Vanguard products, don't take me wrong it's very good. BTW I'm subscribed

[@geoffreymenk791]

Well done Tae! Keep them coming and the likes 👍 are yours - you have found your natural talent.

[@daniellovecchio6235]

Well done. 👍

[@CageFreeLowFatSugarFreeRange]

My favorite video from you 🙏 keep ones like this coming!

[@teekay5286]

I appreciate this video. I might contend tho that the millionaire who doesn't wear their wealth, but many do have expensive "toys"...ie yachts private jets .etc

[@andrewsaluko]

Best advice ever.

[@pitbull329]

Im the same with clothes lol, all black shirts and boring blue jeans. I only buy a pack of new socks once my current pack has indisintegrated pretty much

[@viljoisgreat7027]

Thank you for sharing these important life lessons

[@empyreansentinel3434]

Excellent video

[@alexkoenig4332]

Video idea's. Sorry in advance if you've already done this, but I didn't see it when I looked through your videos. I think one on RMD(required min distributions) would be helpful. p.222 in The Simple Path to Wealth. Just more elaboration around what JL talks about with moving funs from one account type to another. ty, Alex P.S. I blew through the book as much of it is covered in mini bites on your channel.

[@jenrey8113]

Simple and to the point.. I love this..Thank you Sir..

[@MasterpieceFinance]

Great overview as always Tae! These are all such great points. Cheers!

[@billkelly1057]

Great job, do you have any Dividend funds like VIG or VYM? Thanks

[@charmedlife6933]

Thanks!

[@TaeKimFinancialTortoise]

Thank you!

[@mart1n10601]

i'd love to know what books you enjoy reading base don ur lesson #9. Is it just personal finnance books or something else? any good recent recommendations?

[@iobject1421]

#2 is beyond true and something I fight with most days.

[@LauraBellanova]

Thanks

[@70qq]

ty

[@lornadoone2009]

Thank you! Can you share the name of the seminar you attended in London?

[@HirenPatelsyd]

Great content. Very soundly explained. However, I will add that it’s important to define your relationship with money. I.e. You can’t take it with you when you die. That doesn’t mean you blow it up either. What’s important is to decide, what will I do with the money I make / save. For me, I like flying business class, have a cook to make meals for me, personal trainer for my exercise goals and have time with my family. I am not into fancy cars or watches. So I will strive to make money to fund above life. Even if I make 150m dollars, I will not change anything from above.

[@sandrafrederick4923]

I have not checked your menu yet. Could you do a video one the five or ten books that you have found most valuable. especially to those justbeginning this journey? Include some fiction too, if you like.

[@OreoSponge]

Good stuff