The Get Rich - Slow and Steady Scheme - 1440

Something new,, Money. Here where I am from (Denmark), we do not talk much about money, if you have money, you do really not need to let every one know. We are very modest here.
I try to tell you how I got out of month to month pay check
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For 3$ a month, you get an extra weekly "What's UP" update video. Just for my Patrons. The Support I resave on patreon is all used on stuff to make interesting videos on KZbin.
My PlayHouse is a channel where i will show, what i am working on. I have this house, it is 168 Square Meters / 1808.3ft² and it is full, of half-finished projects.
I love working with heating, insulation, Servers, computers, Datacenter, green power, alternative energy, solar, wind and more. It all costs, but I'm trying to get the most out of my money, and my time.

[@DumitruCoretchiD]

always interesting to hear personal finance stories - at least for me :) thanks for sharing Morten!

[@MyPlayHouse]

Well I got "rich" when I did not have any big expenses,, who would have thought :-)

[@Stuart-AJC]

Since we're talking about money, a technical point: the currency code for Danish Krone is DKK (DK Denmark's country code + K for Krone. All currencies are like that). dkr does make sense though

[@MyPlayHouse]

Jarh,, okay..

[@matthiaslange392]

Your first computer was a C128? Desktop-type or keyboard-type? I repaired a keyboard-type, that was 38 years old a few weeks ago. 2 condensors in the powersupply were dried out, so I replaced them with now panasonic low-esr. That was all it needed. Works like new.

[@MyPlayHouse]

it was the keyboard type.. We got it in 1988

[@matthiaslange392]

some people say: "life is nothing without money". I say: "money is nothing without life!" So with Spock's words: "live long and prosper"

[@MyPlayHouse]

Money is not everything,, and there is lot's that can not be bought :-)

[@matthiaslange392]

@MyPlayHouse money can't add a second to your lifetime.

[@matiasm.3124]

Poor's are the people that don't have dreams.. not the people without money

[@einarmiger]

In 2022, we bought our house for €184,000. We invested €112,000 for a complete renovation and another €30,000 for redesigning the outdoor areas. After finishing all the work, we had the property, including the house, appraised. By the end of 2022, its total value was estimated at €420,000. Since all the work was done by professionals and we didn’t rely on any external financing, this will positively impact our annual income tax returns for the coming years due to depreciation benefits. Of course, people who say you should enjoy life and not focus solely on financial security are absolutely right. But I can say this: having financial security and not having to worry about money is incredibly reassuring. With a solid financial cushion, you can truly enjoy life; You definitely sleep better when you don’t have to worry about paying the bills.

[@joebloggs1583]

45,000 for a house if only that would buy a parking space if your lucky outside of a city in England the uk average house price is currently 380,000 dollars.time we all moved to Denmark. 😂👍

[@MyPlayHouse]

It's no issue to get an expensive house,, but there are places where houses are cheap.

[@rschrader]

In September 2024, the average selling price of a home in Toronto was $1,068,700 CDN ($757,991 USD)😪 Monthly rent in the Toronto area, in 2024, for a 1 bedroom apartment is $1708 CDN ($1211 USD) 😭

[@tordsgaming2740]

If you are well off already and you got a bunch of money, having your large capital sit in the bank completely risk free at a 4.5% - 5% rate (with compound), is great in times when the economy and markets are uncertain.

[@MyPlayHouse]

Ahh I am not there yet :-)

[@tordsgaming2740]

@@MyPlayHouse Me neither, but saving something is better than nothing. 🤣

[@loriboles8382]

Good morning. It is nice you add a story…it adds personalization to an otherwise technical subject. I’m a dummy when it comes to math, computers, technology but I understand the importance and got through my university in 1990 with an Apple II. I still use it (joking). Your financial info was helpful. I believe there is nothing wrong with having money as long as it is not used to cause harm. I know what it is like not to have hot water, warm clothes, and food. I’ll never be in a position like that again if I can help it; and it takes money to have those things, at least here in the US. Thanks for the advice but I’m too nervous to invest in stocks. The only debt I have is my house. I’ve had a chunk of money in the bank and thought I would invest it in land (Portugal) instead of stocks because I don’t understand stocks.

[@MyPlayHouse]

Land is almost always an good investment,, but like most stocks, you only see your money when you sell it again. I would suggest you to buy a little stocks,, but buy a little each month,, and not a lot of money to start with.

[@loriboles8382]

That is good advice. I was just talking to my son about investing. I will consider your strategy. Thank you.

[@ScullyBrewing]

Schools need to be teaching this. so many people get suckered into credit cards and high interest loans because they dont have the concept of saving up your own money for a purchase. In my country, this was drilled into you at a young age. I recently moved to the US and it seems like this was not the case. Its sad to see

[@MyPlayHouse]

I have stopped buying stuff I can't pay for cash,, a long time ago.

[@FintaruS]

I do index fundes. That works great for me

[@MyPlayHouse]

I hear good things about those,,, :-)

[@guywhoknows]

This seems okay, but your should invest the dividends back in. The idea is that you take disposable income and make it work, the dividend you get you can reinvest adding to the capital. This means that the capital grows as well as the dividend. Oddly I was doing the investment on solar and it works out to be 12.7%. Your advice to not go hand to mouth is good, but you should express credit or debt and the work more for less. Because you pay more, and added to that is depreciation. So you buy something for $1000. You pay back $1300, the item you bought it worth $600. So the loss here would be $700. You have quite a few little things going on.. save money to make money...

[@MyPlayHouse]

Lot´s of little projekts,, that makes me happy in some way :-)

[@guywhoknows]

@MyPlayHouse now you have solar, will you be doing crypto over the summer? May not be worth doing if you get paid to export power, but interesting comparison.

[@Friendroid]

Get rich quick, enjoy while you're young!

[@MyPlayHouse]

Well if you do not have to pay off debt,, you can do so much more :-)

[@Friendroid]

@MyPlayHouse I am doing my part, I am watching your videos from start to finish so you can reach your 5th million euro as soon as possible!

[@leo_craft1]

Im young, id take this into account

[@MyPlayHouse]

Be smart now,, and have better possibilities in the future :-)

[@medicated-hamster]

Morten do you have a crypto portfolio? If not you should get one ASAP.

[@MyPlayHouse]

Well,, I bought my Crypto back in 2013,, it was cheaper back then. :-)

[@romanrm1]

The "Reds" you describe is called REIT in USA and elsewhere. I have some too.

[@MyPlayHouse]

Yes,, that is the ones,, :-) It can be hard to save up,, but when you get to pick some fruits every month, it is a bit easier.

[@Hansen710]

@@MyPlayHouse dont put all your fruits in 1 basket... as a hadge against inflation bitcoin have also proven it works.. some markeds are still young, you cant be sad about not bieng in crypto 30 years ago, like with some stocks... if you look at the expected bitcoin price it should be posible to make more then 10% per year over that amont of time i did a 5x on a investment this week, meme coins are kind the only hope young people have of getting a house in many places these days

[@philsbbs]

2:15 I had a commodore 128D among many other commodores.

[@MyPlayHouse]

Uhh,, the big fancy model :-)

[@mikewilliams2251]

appx 20 minutes in- you are talking about REITs- why are you not doing dividend re-investment??? DRIP??? let the stock buy you more stock????? i know it would be the same stock- but you are talking about compounding interest.... love this video- thank you~!

[@MyPlayHouse]

I like to buy the next stock,, but if I did not want to do anything,, that would be a great option.

[@leo_craft1]

Morten guru

[@MyPlayHouse]

Thank You :-)

[@skynetcybersystem3tech]

👍 great 👍 great

[@MyPlayHouse]

Thank you! Cheers!

[@rustandmagic]

If it takes too long to get rich it kind of does not work, you might be in the ground before you get all the gold 😁

[@MyPlayHouse]

Therefor it is good to start early :-)

[@csparty11]

The problem with your story is that for this to really work you always need that profit. But we all know even if you are very careful the stock market doesn't work like that. You win some, you lose some. If you want more money you take more risks but you are also likely to lose more. Sounds like gambling doesn't it? That is because it is.

[@MyPlayHouse]

It does not always go up! But all the money that you have gotten out af dividend,, does not go anywhere.

[@Blake36]

what is the point to get rich ? the rich people are more brainwashed than poor people

[@MyPlayHouse]

Well in that case rich,, might not be for you.

[@anishraster]

First comment 😀

[@ISSAMBENTALEB]

Second 🙃

[@trackersoft123]

Third :D

[@MyPlayHouse]

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[@jamess1787]

C-c-c-c combo breaker