The Automatic Millionaire // 10 Invaluable Lessons

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Timecodes:
0:00 - Intro
0:38 - What Matters Is How Much You Spend, Not How Much You Earn
1:50 - Very Few People Are Born To Budget
2:51 - Try Shortform
3:51 - Track Your Spending
5:13 - Find Your Latte Factor
6:25 - You Don’t Need Discipline To Become A Millionaire
7:40 - Pay Yourself First
8:58 - FREE 1-Page PDF
9:12 - You Can Still Get Rich By Being An Employee
9:58 - Pre-Tax Retirement Plans Are Where Wealth Starts
11:17 - Emergency Fund = Good Night Sleep
12:12 - Strive For A Debt Free Lifestyle
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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.

[@TaeKimFinancialTortoise]

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[@TaggeGust]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.

[@bennettross1]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

[@GertonTootle]

The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.

[@ReuletRikki]

I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.

[@jadewashington7]

I'm new at this, please how can I reach her?

[@aarizphilip]

Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading

[@bohorosewellness]

All the ladies... *shows his wife* 😊😂

[@michaellawrence1601]

This book changed my mindset 7 years ago

[@davew4930]

Mine too about 12 for me.

[@jackterranova]

If I had hair like Tae, I wouldn't need money.

[@alexsteven.m6414]

I sometimes wonder how successful investors manage to accumulate enormous wealth from their investment endeavours because I am an avid investor. I currently have equity from a recent house sale that exceeds $545K, but I'm not sure what to do with my money next. Is now the right moment to buy stocks, or should I wait for a better opportunity?

[@valeriepierre9778]

The current market conditions may provide opportunities to increase revenues swiftly; however, experience is required to carry out such a plan.

[@yolanderiche7476]

Many people minimise the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm solvent. I looked for licenced advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.

[@edelineguillet2121]

That does make a lot of sense; you appear to understand the market better than we do. This coach is who?

[@yolanderiche7476]

’Sharon Marissa Wolfe’ is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@bernisejedeon5888]

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.

[@brucestiles6477]

Finally! Someone else who says that an emergency fund should be for a year. Monthly take-home pay, minus amount transferred to savings and/or investments (although you might be able to get it all out form your gross pay), times 12. I used to think 6 months was enough, but then the pandemic came along and I saw how back things could really get.

[@phoenixnmhesq]

This really is how an emergency fund should be calculated . Some say it should be based on expenses, but this is really the way. I also think yearly expenses such as property taxes, insurance payments, and expected repairs should be added to the total.

[@brucestiles6477]

@@phoenixnmhesq Thank you. I was just trying to have an easy calculation. I hadn't thought about different methods. But you're right -- money coming in that isn't going to savings and investments is going somewhere. You can try to list all your expenses, but the fact is that you expenses are everything you receive that you don't set aside -- you just don't know exactly where the money will be going.

[@cbrottler]

I hate budgeting and I am a data scientist 😂 automation is what has helped me get to a 20-25% gross income savings rate. It makes life so much more enjoyable for me.

[@hello_world_0]

Writing down every single thing you spend is a must. You need to know how much you need per month first in order to set your emergency fund for 6 months for example.

[@aidenehw]

i was just about to say 😂 he compares it to portioning out meals and counting every calorie, which IS what most successful weight lifters have done to contribute highly towards that success. still an interesting point tho ima carry on watching 😂

[@grod805]

You don't need to do this. Your emergency fund doesn't need to be exact as there's still a huge range within 3 to 6 months

[@MeltingRubberZ28]

​@grod805 how do you know? If you didn't track your expenses it could be 2 weeks or 2 years worth.

[@DonaldMark-ne7se]

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

[@kevinmarten]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.

[@Jamessmith-12]

Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $21k ROI, and this does not include capital gain.

[@JacquelinePerrira]

Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.

[@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.

[@PremSteve-yg4de]

The most popular investment portfolio strategies include diversification, where you spread investments across different asset classes to manage risk. Another is the growth strategy, focused on capital appreciation through high-risk, high-reward assets. Income-oriented strategies target regular income from dividend stocks or bonds. Finally, there's the value strategy, seeking undervalued assets for potential long-term gains.

[@edelineguillet2121]

According to Warren Buffett, dividends are less valuable for growing businesses and more suitable for established ones. Investing in companies that offer dividends might be seen as parking capital for steady returns, especially for those relying on portfolio income. This approach resembles bond investing, serving as a means of generating consistent earnings.

[@belobelonce35]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@bernisejedeon5888]

Recently, I have been exploring the possibility of consulting with advisors. As a mature individual, I am in need of guidance, but I am curious to know how truly impactful their services can be?

[@belobelonce35]

Her name is ‘Sharon Marissa Wolfe’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@yolanderiche7476]

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks

[@rlauck]

I also read this book about 18 years ago. I'm literally in the middle of reading the 2016 updated edition now, just to see what new material might be there. It's a great book when you're starting your journey of improving your finances.

[@Susanhartman.]

The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?

[@mikegarvey17]

Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.

[@mariaguerrero08]

Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.

[@ThomasChai05]

@@mariaguerrero08bravo! i'm 46, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?

[@ThomasChai05]

@@mariaguerrero08Mind if I ask you to point at how to reach this particular person assisting you? Seems you've figured it all out unlike the rest of us.

[@mariaguerrero08]

Yes indeed.... *Gertrude Margaret Quinto* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.

[@christinaguerrero5930]

My favorite finance book! 📚

[@xx-ql3kv]

this was the first book I read on personal finance. I remember the latte factor and it changed my whole outlook on finances. Little things we don't think about and spend on every day sure do add up. And I remember the story on the McIntyre's. It was the classic "millionaire next door" type. Automate.. automate.. automate.. your savings/investing; it couldn't be more true!

[@grod805]

This has been my most life changing book. I got stuck for years trying to budget and always failings. Automatic saving and investment just clicked for me. Now I can enjoy my life without having to worry about whether or not i can afford it

[@whodefan]

The US Government should listen to this.

[@martywilliard]

It’s intentional irresponsible spending - convinced of this.

[@MeltingRubberZ28]

​@@martywilliardWEF

[@Mário-l4v]

This video was really nice and clear. Keep up the good work 💪

[@Golfplyr]

Great video! Automatic millionaire is a good book but I too really like budgeting. Daily investments in my Robinhood is my latte factory which I will keep on doing.

[@allardvanderstarre]

yes, lifestyle creep....i experienced that in 2008....avoid it at all costs

[@yatinm9250]

automatic notification got me here.

[@YourFrienjamin]

I use a notepad for budgeting. Simple laylout. Start with two headings - "Income: Expenses:" Fill those bastards out. Simple, works very well, and no Excel.

[@Sketches8]

Heyyyy I read this book 10 years ago too!! And after I read it I did what he said but not to the extent that I would have liked, but the things I did, I now thank myself for

[@fcm95]

Amamzing video !

[@mihaylo_kovin]

Classic, but a reminder of something important learned long ago is still valuable) Thanks

[@fredrickalfarez6875]

My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.

[@annddyyy-6920]

I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.

[@jasperflontes4289]

I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.

[@ivarlast2966]

I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.

[@fred5528]

I just looked up her name online. she is licensed with credible certificates and has an amazing track record. Thank you for the message.

[@leticiaenraz8514]

Please can someone tell me more?

[@pedrofeliciano7041]

Excellent summary, Tae, Thank you!

[@tomscott7271]

loved this video. Look forward to each one. Thanks

[@lilibethvilella]

This was so real so eye opening thank you ❤

[@Only1Originals]

Great practical tips, thanks!

[@RobertMoreland]

Shout out to Sponsor block for allowing me to stay subbed to this channel.

[@JBoy340a]

A 401K (or similar retirement plan) is a good start but is just a starting point. I find my small, but consistent investment in the markets have paid much better returns. This is because of the growth of underlying share prices greatly exceeds what a 401K returns. I focus on companies that consistently return profits year after year versus those that skyrocket and often crash. Slow and steady wins the race.

[@lovealwaysjasmine]

Do you have any videos going over TSP? How to invest in your TSP?

[@frankalexander5401]

As my income (gross income) increased, my spending did not change one bit!! No fancy clothes, still drive a 2011 Prius, no fancy restaurants, NO contributions to any charities or NGOs except the medical school I graduated from and the U.S. Army War College. The result is my net worth is now well into 8 figures with ZERO debt. Not spending on shit fits my personality: I am a total cheapskate (my first dinner with future wife was McDonald’s). I still work at 76 because I enjoy watching my net worth grow and grow (my financial advisor called me in January 2024 to tell me my portfolio grew by over $1,000,000.00). I was making more money sleeping than working for a large health insurance company!!!!!!🤣🤣🤣🤣🤣🤣🤣. Life is good 😅

[@OUSTET]

💰💰💰 let’s gooo

[@peterl2767]

Great info 👍 👌 👏

[@taramcgriff1110]

Great video

[@babakbabak5329]

Great!

[@honzasgarage5125]

What about roth 401k?

[@michaelswami]

Isn’t automation a form of discipline? I think so.

[@orhbo0]

Your hair is very tall

[@70qq]

🤘🏻

[@PeterParker-wj3cr]

Here is something I believe most are unaware of. Outside of inheriting a fortune. A majority of self made millionaires, are millionaires not because of the stock market. Most started a business and sold it for millions, if not billions. So unless you're an successful entrepreneur. Getting rich/wealthy from the stock market is the only other option. However, this is a painfully slow process. But it should be. Investing shouldn't be exciting. If it is, you are doing someone wrong or chasing meme stocks. Getting rich slowly is the way. This doesn't mean put all your money into bitcoin or whatever hot stock reddit is chasing, and pray it goes to the moon. Save to invest. Don't save just to save!

[@anthonyjames4319]

This book was awful. 200 pages to tell you to automate your finances. Could have saved myself 18 bucks by watching this video.