Top 5 Reasons Why Most People Are Broke

[@MinorityMindset]

Thank you for watching! If you enjoyed this video, you should watch - How The System Is Failing & Leaving Your BROKE: kzbin.info/www/bejne/kJrckmita6d4gsk

[@MrParka2]

What is the best way to start investing

[@akin1989]

Minority Mindset Incredible work man. Keep it up

[@Jesus_is_King505]

The dislikes are broke and probably smell like booty hole.

[@dane8758]

Minority Mindset love the vids man!

[@dane8758]

andrew benjamin bitcoin! Lol

[@spenceranderson7144]

Stop keeping up with the Joneses and start keeping up with Jaspreet.

[@brendenshouse5807]

even the Joneses can't keep up with the Joneses. Besides we all know stuff doesn't make us happy we just don't believe it. "If you buy things you don't need you will soon have to sell the things you do need," Warren Buffet

[@bryanbroacosta]

Happy to know I don’t know who the joneses is

[@anitaares8271]

The Joneses are most likely BROKE. It's just a race to the bottom...

[@ChocolateMilkCultLeader]

Damnn

[@PurpleFlower22]

Lol

[@jjbuckner]

A pet peeve of mine is a lot of my peers and even elders for that matter always think if you have a lot of money that you are all of a sudden greedy and a bad person. This just gives them a reason in their head to make them feel ok that they are poor and going to stay poor.

[@awerbpo]

Yup, i know someone exactly like that. It is very sad.

[@edwinestrada8715]

JJ Buckner then they call you selfish😂

[@paulhackett5530]

Well said! People routinely misquote the bible saying "money is the root of all evil". In reality the LOVE OF MONEY IS THE ROOT OF ALL EVIL. money is not good or evil, it's just a tool.

[@ahumandoing6813]

Yes I especially notice that among left-leaning types. If you have any sort if money they think you stole it from the poor. It is like when leftists complain about income inequality.

[@russwes7778]

the daily sheeple the poorest people and states in america are republican and all the religious idiots justify being poor because its gods will. You're thinking of cuckservaturds not liberals.

[@eddie-edd2664]

Cant lie man since I've started watching these videos my life has turned around I tried showing my friends but they weren't interested which was a sign that I was on the right path and I was right thank you brother god bless🙏

[@marcusbailey7900]

Edwin I try sharing this type of information with friends & family and none of them show any interest and think that saving and budgeting is only a waste of time. Thank goodness that I have a minority mindset.

[@mrj8940]

@@marcusbailey7900 That's why are few people in the world who are richer

[@jamiethomas8975]

Same! Been trying to tell friends about stuff like this and they say "its not a fun way to live", or " why would I need to do that I could die tomorrow" LOL

[@sparshrastogi2646]

People are broke because they keep buying things they don’t need with money they don’t have to impress people they don’t like. For me #1 factor is lack of education on this topic and general lack of accountability.

[@MikeAnderson-mh2og]

Sparsh Rastogi India was better under British rule

[@danielgarcia9095]

Sparsh Rastogi you my baba hit the nail on the head!

[@kekw3688]

@@danielgarcia9095 actually that's a quote from fight club lmao

[@momondemand1443]

Sparch Rastogi; You should you quotation mark when using someone's statements. This is Will Smith's quote, not yours.

[@tc3628]

I like buying tools.

[@kjduff22]

Personal finance was not required in my high school. I took it just because it fit my schedule and it was the most useful class I ever took.... I am now a finance major

[@MikeAnderson-mh2og]

Kyle Duffy Good for u fool

[@ejames80]

I bet is one of the classes that impacted your daily life the most?

[@akin242002]

Yup! My high school had it too. However, it was only for juniors and seniors.

[@Jstwatching]

Eating out all the time is a big money snatcher.

[@officialsouthsoul5223]

JM3 true that, especially if you a picky eater.

[@christopherroberts2423]

And you get fat!

[@emmabila3480]

true

[@taylorvance4886]

But it taste soooo good

[@MiguelRPD]

Solution: water fast until you're out of debt. Only eat when you're about to die.

[@darrylstem6426]

love hearing people complaining they have no money whilst wearing name brand clothes and $200 shoes

[@grit7733]

Expensive shoes last a lot longer than cheap shoes, especially if you rotate pairs and use shoe trees.

[@V_For_Vigilante]

@@grit7733 Cheap shoes last longer and are much better

[@kefkapalazzo1]

one man army nope

[@musicismysaviour22yearsago]

one man army not really man, low end shoes ,garments dont last . its ok to buy a nice pair of expensive shoes or boots because they WILL last longer ,the problem is people keep buying more and more shit they dont need

[@alicecoppers8980]

Self discipline is far more important than IQ

[@akin242002]

Do you mean high IQ? IQ itself and the way you worded it makes no sense. High IQ without self discipline is useless. High IQ with self discipline is optimal.

[@MrTresto]

.... As long as you have at least decent IQ. It's not one of the other, it's both.

[@alexmontoya321]

I just recently paid off my credit card, never been so relieved to be broke

[@payamyazdi7672]

actually saving money is not that hard just you gotta fight you desire to buy stuffs constantly

[@chrisredfield3240]

Payam yazdi there is a billion dollar industry trying to part you from your money the fight is to much for the majority hence the over 1 trillion personal dept

[@ghorn1217]

Payam yazdi Not if you don’t have a desire to buy stuff constantly.

[@chrisredfield3240]

G Horn i don't but everyone i know just want's to buying everything

[@ghorn1217]

Chris Hart Ego and human emotion are the biggest obstacles to building wealth. That’s why most people aren’t wealthy and never will be.

[@gargoyles9999]

Payam yazdi Scrubs got to Git Gud

[@WealthbuilderzTV]

$70 billion on lotto tickets? 5 states only teaching Financial education? These statistics are crazy.... oh and keep hustling!!

[@raydiancemusic]

Wealthbuilderz TV And we wonder why no one understands finances..🤔

[@chriss4365]

Yes they rather teach math no one uses in the real world.

[@WealthbuilderzTV]

raydiancemusic exactly.

[@NickOloteo]

1 billion people watching gangnam style too haha

[@bryanbroacosta]

Wealthbuilderz TV I’m surprised they were any!

[@threedots5820]

I'm a 13 year old and already investing.

[@jonathanmonroy6402]

Three Dots that's amazing bro I wish you the best journey a 13 year old can have. Don't work for others and teach the one's that are not thinking like a smart 13 year old investor lol. What are you into now if you don't mind me asking buddy?

[@threedots5820]

+Jonathan Monroy I'm into all kinds of financial things and just a few months ago got a job at father's company. I can use that money to invest!

[@Frank_Ammerlaan]

Then read as much about it as you can. Save some money as well.

[@Coronaboii88]

Keep at it kid. Your future is bright. Wishing you nothing but success.

[@chrism3933]

Three Dots can you specify for those in your age group what those "financial things" are?

[@cha-jjeannette7249]

Lottery is the biggest scam out there . Warren Buffet nailed it with that saying if you don't make money while you sleep you'll work for the rest of your life . You're the man Jaspreet keep the good videos coming brother .

[@twotone3471]

The Lottery is simply a tax on stupidity.

[@jeraldkonkel]

Some people are buying cigarettes and alcohol and recreational drugs on a daily basis. That's a very common reason why some are constantly broke

[@SageIceDragonX]

This brokenness comes from the "I need this" factor. You don't need a video game or a 100,000 dollar car. This is why you'll are broke crying that life is hard.

[@shannamac3974]

U dint .ind the video game. It's a one time expense that can entertain for a very long time. Just as a book, once you have it you can use it infinitely. But buying things you cant afford well that is unwise

[@vijabeveritas5990]

I work at a job making very good money, yet I live in a small, 2 bdrm apt (I am single), in a less than ideal part of town. Not dangerous, just not ideal. Also, the walls are thin, the neighbors are loud, property mgmt is not very helpful, etc. Mom frequently tells me, I ~need to get a nicer/bigger place, b/c blah, blah, blah. Anytime she starts in on that, I just keep repeating to her, $325/month, $325/month... I mean, sure, one of these days I will move to a nicer place, but in the mean time I have paid off all my CCs, just about to pay off my car loan, and soon enough to pay off my school loan, at which point I will be DEBT FREE!!! Oh, and as of last month, I am at $2k in savings! Living beneath your means = FREEDOM!!!

[@musicismysaviour22yearsago]

Vijabe Veritas woah woah hold on a second, 325 $ for a 2 bedroom apartment? WHERE

[@1pierrew]

Peer pressure make us lose money like going out with friend but are afraid to tell them do you cannot affrord to going out then regret it when you receive the bill🙄

[@darkapothecary4116]

Pierre Wendy François then you need different peers.

[@RubyRobbins88]

If you can, find a book called Boundaries by Henry Cloud and read it. It can help you to say no to people at the right times.

[@MichaelJayValueInvesting]

Our (American) society praises spending and most never think about investing. Around bonus time people will ask each other what they are going to spend it on. When asked, I say I am going to save and invest it. Usually get some funny looks after that.

[@leloom]

Michael Jay - Value Investing More Power to you!! "Keep hustling"

[@Kumar-dw3cz]

Glad to know I’m not the only one getting the weird looks.

[@auxilirem9416]

Michael Jay - Value Investing same my dude, I've asked a lot recently since I make good money now, " When are you gonna buy a new fancy car?" I tell them, "I'll buy an efficient car once my current car won't run if I can't get it fixed" I don't understand people who tell me I need to flex the cash I make. I don't make money to flex, I make it to live the life I want

[@spiraldiaries1273]

That's why we are part of the minority mate haha.. I also am used to it you're not alone..

[@gargoyles9999]

Michael Jay - Value Investing I get weird looks at work when people find out I budget

[@yusufahmed8980]

This is one problem I can see happening in the future, and I like how well you highlight the possible solutions. This is why I'm still subscribed. Thank you, Jaspreet.

[@atomicmuffins1328]

You sir are freaking gold! I’ve been saying all this since I was in high school, my coworkers buy lottery tickets while I buy stocks, they go on vacations while I save money for a large down payment on a house or retirement.

[@HonestFinance]

I think this is the tenth video Ive watched in a row :)

[@bryanbroacosta]

Indeed we are the minority, the ones who think different, value freedom, and the most hated in society

[@blacklyfe5543]

Same

[@enigmathegrayman2953]

Man, I don’t wanna be like most people. Even if I never become rich I don’t wanna be broke or buying lottery tickets as my last hope!

[@jstaekwondo9]

$70 Billion ?!?! I need to start a lottery ticket business then lol

[@Exceedvictory]

Borat that’s what I was thinking

[@lifechoices4749]

You can't! You will be charged with illegal gambling. Mobsters do this until they are caught.

[@appleexposed4404]

The government would stop you in your tracks lol. Only they are allowed to extort.

[@rickeshpatel4025]

He just says it how it is. No sensationalism or bs or playing things down. I appreciate the straight up facts and truths ✌🏽

[@Kayakamuy]

its insane how much your channel has grown these past months ive been here for so long

[@TheBemused]

“Your money goes out an acts like a magnet” 😂. Positive returns aren’t guaranteed! However, it’s so much better to be in the game! Nice video! -Akeiva

[@LuckyLopez777]

Love the Videos Brother keep up the Great work :)

[@GTS300Coupe]

Because too many people are having kids they can't afford

[@dt4654]

Tell that to mommy sites saying have kids even if you are in the financial state of the 76% of idiots spending everything and then eating grass until payday comes around 😂

[@pennyc8252]

Esp Muslim family too many kids n their live in poverty whole life .sad reality

[@da14a49]

Not really, you can have kids and be very very wealthy.

[@bassam_salim]

When your first kid can make money before you retire, he is an investment, he can help you to feed his brothers/sisters. That's is not my only retirement plan but having about 5 kids is not really that hard, you just need to budget and live under your means.

[@UnitedPebbles]

Kids are fun and there is the farm and works and providence by God, everywhere!!!

[@chriskuhr9325]

Hey Jaspreet since you always are taking about debt, can you take about using debt as leverage (good debt)?

[@allen_graphics]

The only channel easy to understand and making advice to people about where to put their hard earned cash.

[@SilverAimzzy]

I agree not to buy financed things! I bought a car on finance three years ago and have set myself the target of paying it all off by the end of the year. Then I can then put my money into investments rather than something that loses value.

[@kimmer6]

Silver Aimzzy, you are on the right track. Best of luck to you.

[@fuhcue666]

14.6 billion dollars on books? That’s like 5 whole college text books.

[@stephenshelton4267]

In 1993 I took a job at a mini-market in a location that primarily sold to lower and middle class people. I quickly learned just how common it was for people to spend $10-$20 DAILY on the lotto. They'd have their special 3 or 4 digit number that they'd play daily and splurge on the bigger weekly or biweekly

[@TROOP235]

"Psst, That Gucci belt you want isn't the right place to put your money" - Hilarious

[@flowersfromh-evanlakshmi7577]

Great information and advice but your beautiful personality is the cherry on top.

[@cj2842]

Learning to be content while striving to develop yourself mentally and financially is tricky. But contentment is a powerful tool to combat the “I need” or “I deserve it” mentality

[@MarkMcLain]

Awesome video. You provide great content. Sharing on Facebook.

[@TomBell]

Yes, the videos are good. Yes, they are HELLA important (Cause nobody's learning this stuff in schools), But I just gotta say it... You're just an easy guy to like man!

[@saladinallah5299]

Love your channel brother! You sound like what I’ve been lecturing my daughter about ever since she can comprehend things😂. Forwarding this to her now.

[@dacution]

1) High cost of living. 2) Low wages. 3) High medical costs / no universal healthcare. 4) Student loans. 5) Credit card debt.

[@dangeles95]

Nope. There are less people in poverty than ever before. There are more millionaires being made now than every before. You have a slaves mindset. No offense, but it’s true.

[@ChrisMFlorida]

6) No personal responsibility.

[@silvertounge2099]

I had personal financing in my school but at the end of the day its hard to fight your stomach when the peeps stop cooking because your a college kid now

[@cesarperez4449]

This man is letting everyone know straight facts!💯💰

[@banahlee]

3:35 they think it's the same as gambling

[@Lady00029968]

Other reason I can think of why people go broke is trying to keep up with the Jones 😓

[@dangeles95]

I’m well on my way, and I am happy to say MM was my very first KZbin channel I followed!

[@Hui44677]

I see why successful ppl preach changing your circle of influence. Im currently 20 I've been intrested in entrepreneur ship for a very long time and its truly difficult not copy atleast a few habbits from your family members or coworkers but i do what i can to not waste my money on the stupid things i see them waste it on. I also drive why having a podcast of tai lopez, gary vee or grant cardone and then watch a few videos like this to try to balance out my mindset after being around the wrong ppl. Great video Jaspreet👌

[@taoist32]

Yes, surround yourself with mentors and role models. Also, change the way you talk to yourself. It changes your beliefs and attitudes. Create an environment that is conducive to achieving your dreams.

[@jamie49868]

It's that people have a hard time believing that those cents and dollars add up to real savings. Every day I take the coins out of my pocket, as well as the dollar bills, and stick them in a jar or box for my bills. Some days it's a $1.23, and other days it's $6.75, but usually it's somewhere in between Since I have been doing this the last several years, it has always totaled over $1000 per year, and that is basically loose change. Sure you wont get rich off the change in your pocket, but that's a tidy sum of savings without any effort. The point is that even if you can't save 10-20-30% of your paycheck, you can save something, and that even a little bit over time adds up to real money.

[@norgecal]

Years ago someone observed that there is really no such thing as "savings". There are only "deferred expenditures."

[@jonathanmcgovern2464]

Am good at budgeting, living below means, but don't invest. While I know would get more over time, fear of market crash losses etc.. stops me. Savings are in 2% int acc - prefer 100% garanteed lower return, than risk higher return (with possible losses).

[@aidanhodge7090]

Statistically over a 90 year period (including the great depression) youd expect a 10% return on investment if one is properly diversified or investing in a fund. Even if it crashes it'll go back up again.

[@trekinseattle]

2 major points: 1: Keep saving, if you're young you have plenty of time to figure out what to do with the money. Just keep saving 2: timing timing timing, location. Right now the stock market is high, in the past corrections are on about an 8-10 year cycle. It will fall. I'm in Seattle, housing is crazy high, it will also correct. To sum up: Get your credit score up, eliminate debt, save, save, save. And as soon as you've spent at least 2 years learning which investment vehicle suits you, jump in with confidence. I just finished building a new house when 2008 hit. I saw the writing on the wall, lowered my asking price 80,000 while everyone else in the area was greedy and played the 5,000 here and there drop. My house was the only one in that valley that sold. A lot of the others went bankrupt. I regrouped, toughed it out for a few years and trippled down in 2014. I put money in a few really solid stocks, one being Lockheed Martin and have now built 6 more homes. Times are great. But personally 4 months ago I sold nearly all my stocks and am not looking at builder lots. I'm going to enjoy some time off. I'll wait for a really great time to jump back in.

[@MrAnperm]

As long as you don’t buy at the top of the market you’ll make money. Buy at the bottom of the market and you’ll get a great return on your investment. But in the middle and it will still go up over time. When there’s a crash and the news is talking gloom and doom, the smart investors are buying up stocks. That’s when the most profitable opportunities are available. It’s really that simple.

[@josearaiza903]

By trying to act rich!!!!

[@shafserious2805]

jose713 people these days want to be celebrities, go out on a sunny day you will see it. Lol

[@831sabino]

I play lotto 2-3 times a year and regret it after they take my money 💰. I just feel sad for the unlucky ones that buy lotto everyday. Nothing but the truth. Keep up the great work!

[@ghorn1217]

Unlucky ones? They are making a choice. Nothing unlucky about it.

[@darlenemaples5034]

LOVE YOUR VIDEOS AND KEEP COMING WITH YOUR HANDSOME SELF:)

[@staytruewarriors9185]

That is so true!! No financial education to be found 😱 Thank goodness for people like you on youtube, sharing the good news!!

[@hammerhead19able]

Love your videos. Keep them coming.

[@BangMaster96]

College education is worth it if you use your time and knowledge wisely i am currently in college, but i am not going there for a degree and then ending up in a 9 to 5 job. I am going there to learn, and use the knowledge and skills i acquire to build my own business, why would i use my college degree to make someone else money, when i can make money for myself and be my own boss

[@BangMaster96]

+Rex Erection if it was that easy, then everyone would be an Engineer, Scientist, and Doctor i don't pay for college, i get scholarship money i have no student debt, so that's why i am going to college because its practically free for me

[@MLGiNightMare]

Rex Erection he’s right majority of college students think you’ll have a good paying job when U graduate

[@PantherActual]

Oh my sweet summer child...

[@thegreat9481]

Sunny shah Lol you think you need college for a business... you basically killed your own argument. Don’t let college be the crutch for why you haven’t started anything. Time goes fast 💨 and you’ll be back to square one. Just do it

[@workingshlub8861]

the problem is everyone tells you to go to college and get a good job etc... nobody teaches you what to do with that paycheck once you get it...most people are in big debt.

[@tarunvyas2642]

Good video but the fact is almost everyone is in debt - they might default - banks take a (huge) loss - feds bail them out. So hey why not just keep buying whether we can afford it or not?

[@komerwest5872]

My Step son that's always broke can't pay bills says go large or go home. Now he and his family are about to be homeless.

[@1982blvd]

And the average non-mortgage credit card debt up here in Canada is $20,967

[@drromanr]

Absolutely love your channel; short videos yet full of information, said information is actually relevant, and my favorite: time stamps and an actual fucking video description in the description. Thanks!

[@tubularbill]

Brilliant comparison. Another excellent video.

[@kissmokosapwet]

Thank you so much jasprit!!! I learned so much from you! Keep doing great videos!

[@durchschnittlich]

I just finished 13 years in school in Germany. We never learned about how private people or businesses should handle money. We only really learned about fiscal economics

[@EnlightenedRogue]

Biggest debt problem is credit. I just bought a Lexus with cash. Was it a 2020 Lexus? He’ll no, it’s a 2010, low mileage Lexus worth a fraction of what it was when it was new. Don’t lease & don’t buy a new car by financing it. Research your car & BUY USED WITH CA$H!!

[@edwardcm9175]

love your videos and the comedy in them. keep it the great work

[@pranksterguy1]

About 40 years ago I was watching a comedian, name I can't recall, doing his routine. At one point he said "So I spent $50,000 on my 4 year college degree-I'm so glad I didn't do something stupid with that money-like buy a house".

[@themusicgaragetmg2330]

Dude! Love your vids! Your advice is timely and hopefully more people will start changing their normal views!

[@foogoose1439]

Jaspreet, what do you think about trading? Like using those trading apps to buy and sell? It seems rather promising for short term, but I want to know more about them.

[@gibransaliba8801]

Alfa WF if you can trade, go for it

[@foogoose1439]

Gibran Saliba I do have some money in my account, but I need to collect a little bit more and have a part-time job to atleast pay for my college.

[@Gabumon93]

Don't do short term trade. Is gambling. It may be a tempting way to make fast cash, but one or two mistakes and you're out. Easy examples: Even when companies like Apple or FB grow steady, the same was said about Snapchat. And suddenly, like one week ago it took 25% in losses. In three days or so.

[@bas3386]

Have to agree with Gabumon, go in it for the long term. On average long term the return is 7% yearly after inflation. If you do short term trading with what I guess is not a rediculous amount of money, you are going to pay a lot of money in fees. I'd say: look for a couple of cheap mutual funds with low service fees. If you don't buy and sell too much you will have a better return down the road. In my view the market is way too overheated right now and ripe for a crash so I wouldn't start investing now, but of course you should do what you think is best :)

[@OscarMartinez817]

Subscribe to me fam i will be uploading videos on these type of subjects, give me a try what do you got to lose? 🤔

[@chequethiasallie8976]

To be fair, I get books from the library. There's a lot of people who don't pay for books for that reason.

[@carlosmiguel-bq3ov]

well done again brother thank you very much for your work

[@darylmooyoung6414]

Everything you said in the video is HAPPENING here in CANADA too bro lol. Keep up the great content get that hustle!!!!!!

[@bw4014]

tryin to keep up with the joneses is why alot are broke😕

[@tailgunner2]

Wage stagnation drives me nuts. In spite of all the recent lip service regarding the labor shortages in the trades, and the resulting demands via desperation for a tradesman, I would never have imagined entering the trades would have been a mistake. Granted I'm not exactly starving here, but god damn, my father was a machinist in the 70's (At a time their wages and spending power was at it's peak) was able to afford a double lot with a house, and a family off a single income. Today, I'm a licensed (Took 5 years to get that ticket) tradesman, while yes I'm paying a mortgage (But on a postage stamp of a property on an even older home in the SAME TOWN) , there is no way in hell I could afford a family. Just to give an idea: That double lot of my dad's sold for $25,000 in 1976 (Can't buy a car for that today) My crapbox on an 1/8th acre I had to take a loan for $140,000 in 2007 (In the same town) WTF. I would start my own business, problem is in the trades, the insurance is absolutely crushing. I would go bankrupt in a week.

[@evaldaszmitra7322]

Key is consistency I think a lot of people begin to invest, make good financial decisions, but then they see that BMW they can afford and buy it. Back tk 0.

[@KARLA.T.]

I love watching your videos. Keep hustlinggg 👌🏽

[@PramanikAstrologyChannel]

Great content... Vibrate Higher Become your true-Self Love and Peace

[@lastgreatest7821]

Don't Be A Debt Slave!

[@gargoyles9999]

Last Greatest exactly, be a debt Slaver. That's why I own stock in banks

[@blacklyfe5543]

U mean don't be a slave to debt

[@l7aax568]

I wish to be seen this 10 years ago

[@baldeepbirak]

999 likes. We have an emergency. Stop financing your purchases.

[@silverado035]

Baldeep Birak unless it's 0% interest and you make the monthly payment, just like cash.

[@1redrubberball]

@@silverado035 Generally, 0% interest just means they built interest into the price of the goods.

[@dachater1]

Seriously, I have been saying to myself lately how on earth am I only hearing about this stuff now in my 30 s - and I am a honours degree student from South Africa! With all this education and degrees we were never taught even the basics of personal finance - no wonder most people are in such deep debt - it's crazy - this needs to become a compulsory subject at school! Thanks for what you are educating us with!

[@yq1017]

I love the advice and all your videos. Thank you for sharing your knowledge. You also have great fashion sense. Really interested in knowing where that shirt can be purchased. :)

[@ballplayer4301]

+Minority Mindset I love the content been watching your videos for a while but you should start podcast!

[@militarygradegear4004]

These are good general assessments but what exactly constitutes are educational reading? What do I start reading to help me understand what I need to do financially?

[@rosarioescobar8255]

Great content

[@karenhodges7545]

Love this channel

[@chaotiicxx4119]

This video changed me in a lot of ways.... thanks and you earned yourself a subscriber :)

[@manidk9891]

Do people know any other channels like this great one?

[@jessicao.3970]

I'm learning things. Thanks!

[@krabbykrabby8818]

Like the content, thumbs up👍🏾👍🏾

[@financialthesis8971]

Well with those facts I'm getting off KZbin and going to read hahah

[@raydiancemusic]

Financial Thesis lol

[@InDatParish]

Financial Thesis Unsubscribing lol

[@emmabila3480]

read the self-help books though

[@jaicbacote3494]

A $10,000 emergency fund is better. The way things are now, $2,000 can be gone on an emergency before you can even blink! Save those tax refunds, act as if you don’t even have it, split your earned money with investing and savings. Implement “no spending” days. Really dedicate and grind for a year, you’d be shocked at how much you have saved...not even including whatever $$ ur investments provided.

[@taoist32]

Charlene Moore Yes. Very true. I save just about everything from birthday checks to side hustle money. You can never have enough savings.

[@taylorvance4886]

taoist40 u can save to much. Lets say you have a $25,000 emergency fund, if you just had a 10,000 emergency fund you will still be fine AND you can invest the other $15,000 and make money with your money. Emergency savings is good to have but its money thats depreciating in value ever day month and year.

[@jalabi99]

Whether $2000 or $10000, the important thing is to have an emergency fund, period. Instead quibbling about one figure or another, I like having six months' worth of monthly expenses saved in an interest-bearing emergency fund. That way, worst case scenario, if I have absolutely no income coming in for half a year, I won't starve, I won't be homeless, and I'll still be able to watch KZbin ;)

[@jamie49868]

For me, the more emergencies that occur through out my life, the more I feel I have to have a bigger sum. When it was just my car, a grand was enough. When it was just my house and car, $10,000 was enough. Now with a family, property, cars, etc., I feel shaky with $50,000. That seems like a large amount to not have in play, but there is plenty of serious shit that can go wrong that needs cash "right now". Insurance will come through (sometimes) but that can take weeks, months or even years, and doesn't do you any good when a storm has blown off your roof or knocked a tree into your living room. Jalabi is right, there is no "one" figure, but you better have a figure ready when you need it.

[@jalabi99]

jamie t as long as that $50K is in an interest-bearing account, I guess you should be OK. I tend not to get too caught up on the "opportunity cost" of having an emergency fund since it's meant to be there in a "break glass" situation.

[@servantof1god]

Thanks!

[@ernstgoldman3634]

Isn't it because they spend more than they make? It's that simple. There is nothing wrong with Starbucks or Gucci belt if that rocks your world as long as you earn enough to afford them. Everyone's earning power is different. But live below your means is the rule that applies universally.

[@xdsmastermia]

good advice

[@redcat900]

I was laid off work back in late 2015 and a result I was Evicted from my Apartment and in 2016 my Car was repossessed, for three years now I have been struggling with TWO jobs, and now late 2018 I now just getting back on my feet and staying with a friend right now. I'm paying off my debts and saving.But still struggling.

[@workingshlub8861]

it all starts at home....when I was younger I had to do my chores and got allowance and every Saturday morning my father brought me to the bank to make a deposit ..he explained how interest works etc..if I wanted something had to save for it. my thought is if you cannot pay cash for what you want you need to save up. ..no credit cards or car loans..exception being a mortage and pay off asap. ..I get there are extreme emergencies where credit card is needed but mine stays locked away.

[@donciseau]

Very educational

[@DanielLee89501]

Stay out of Drive-thrus and overpriced coffee shops. Eat at home or pack a lunch, except for special occasions. Only charge what you can pay for at the end of every month. You’re welcome.

[@javebjorkman]

Keep these coming, Jaspreet! 🤙🏽🤙🏽🙌🏽🙌🏽

[@chrisrush3513]

Starting a budget and following it is once of the best things I have done, I like seeing where my money is going because it has purpose now!