A Minimalist Approach to Personal Finance

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There’s a basic formula to win at personal finance. And it’s this… Make more money than you spend. In practice it’s not that easy. In the real world our money slips through our fingers. No matter how much we make our bank account seems to have its own agenda.

In this video I breakdown common myths, pressures & misconceptions about money and how to manage it.

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[mattdavella]

Hey everybody! I'm making a course on habit change (it's my first one and it's going to be awesome). There will be lots of videos, silly jokes, & most of all actionable steps to make any habit stick.

[nihaldabi]

"When you buy something, you are not paying it with money. You are paying with the hours of life you had to spend earning that money." José Mujica

[pstratt]

My father was born in 1926 and grew up during the Great Depression. He told me as a child, whenever he earned enough money from his paper route he would go to the bank and trade his change in for a dollar bill. When he got home from the bank he would borrow his mother’s clothing iron and carefully iron the dollar and then put it in a safe place to keep.

We were lower middle class growing up and I never had name brand anything; I didn’t even know what name brands were. My parents were savers, with 5 kids to feed and we wasted nothing. I remember my sisters making their own prom dresses with our mother. I remember riding with my father to the dairy farm to pick up milk with seven 1-gallon jugs. I remember planting our gardens in the spring.

My parents understood the value of a dollar and bequeathed that knowledge to me, for which I’m eternally grateful.

I’m 53 years old now and have lived below my means for my entire life. I’m proud to say I now have a net worth of nearly 1million dollars and expect to live comfortably in retirement. Not bad for a lower middle class kid starting with nothing.

[svetlanikolova]

1. Drop the stuck up competitive " friends"
2. Set real goals and do one step at a time
3. Just go do it and don't tell anyone until it's done

[weeperman]

My personal rule #1 is don't confuse what you want with what you truly need. It's amazing how much stuff never makes the cut when you do this.

[alexlorenlee]

Think and Grow Rich helped shift my mindset a lot. There’s a quote that’ll always sit with me “Stop saying, ‘I can’t afford it’ and start asking ‘How can I afford it’

[shinozsnow]

One way I convince myself out of buying something that I don't need is to calculate in my head how many hours I would have to work to pay for that item. When I think I have to work 5 hours to pay for those "cute" boots, I generally decide it's not worth it.

[bob.weaver]

To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?

[AmitSharma-cgqr]

Quitting Social media and paying all the bills and on my salary day and spending what is left helps a lot. Paying off all the bills on the salary day actually removes a lot of illusions and helps tremendously.

[WillEdmond]

Man! I just found my new favorite YouTuber!

[jenniferheyden]

"You deserve to be debt free". That should pop up every time I log into Amazon!

[unrockit]

1. Make more money than you spend
2. Try to keep your spending low/predictable
3. Make sure to invest the difference of making and spending into three categories: Short-term (Emergency), Mid-term (Home, Car, Passive Income), Long-term (Retirement)
4. Set a goal to create a constant, passive income equal to your spending (either through investments or business)
5. Live a life that you want, making sure you're earning constantly.

[luizotavio]

The zero waste life style has made me spend A LOT LESS money! That's simply because whenever I'm out to buy something I automatically think about where that'll end up when I'm done with it (and that usually stops me from buying a ton of crap). So now I only buy what I absolutely need, and only quality stuff.

[ImJaniceYen]

I am Taiwanese and I’m surprised we are so different. We usually spend money less than half of we make. Usually we save 50% of our income. And build our life using the rest of it.
At least that’s how I learned.

[Lughnerson]

Make as much money as possible. Spend as little as possible. Invest a lot of what is left. Repeat as often as possible, for as long as possible.

[AsiefD]

Why is American education so expensive??? Everytime I hear about an American and their student debt I get anxiety.

[bambookimchi]

There is a nice trick one can use "If you cannot buy 5 of it you cannot afford 1 of it". It helps.
If I cannot buy 5 bikes I could not afford a bike, so I worked till I could buy 5 of them and then I finally bought a bike, now if the bike needs a major repair I can do it without going into debt.😤

[ajh.]

One great way I've been able to save money is by not having a car. I know this isn't practical for a lot of people considering their careers and location of residence, but for those who live in a city like me, there's really no reason to have a car. I'm a bike commuter and I've been for the past 2 years. I used to have a car but I couldn't afford the upkeep so I got rid of it. You got a car note, insurance, gas, and the maintenance alone is enough to clean you out. Cheaper to just bike, use public transportation and Uber/Lyft. Not to mention, you'll also get into better shape on a bike! I don't even miss having a car.

[cooperhayes]

I'm not even kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it, Investing is a long-term game, so I try to focus on the long term.

[adrianaholley]

Hearing you talk about the myth of "I don't have" always comes when I need it the most. Thanks 👍