There are definitely certain things you can do that will lead to prosperity, but there are others that will bring you to financial disaster. If you want to sleep soundly at 50 because you practiced good money habits at 30, then you’ve come to the right place.
Kids are expensive 0:48
It's not embarrassing to ask for a promotion 2:15
It's more profitable to rent than own 4:04
Invest in your health and education 5:15
Don't invest in something you don't know well 5:42
Don't borrow to pay old debts 6:16
Stay connected with your friends 6:50
Buy good quality shoes and clothes 7:19
Avoid impulse purchases 7:50
Start saving money for old age now 8:19
Eat and cook at home 8:44
Put part of your salary into a savings account 9:27
Be on the same page with your significant other 10:05
Find a passive source of income 10:40
- Raising just one kid can drain your funds up to as much as a quarter of a million dollars!
- If you've been working in the same position for more than 3 years, the time has come to make your way up the career ladder.
- When you rent, you don’t have to spend money on maintenance, taxes, and sometimes not even on furniture.
- It's important to take care of yourself, go on vacation at least once a year, get enough sleep, and eat the right foods.
- Giving into strong emotions or impulses to invest in dubious projects can strip you of a lot of (if not all) your money.
- Don’t take out a new loan in order to pay off an old one, and don’t borrow money from one friend so that you can pay back another.
- Personal relationships are much more important than money. No amount of money is worth losing your friend over.
- It's more cost-effective to spend more money on durable things because you’re not buying them again and again.
- If you’re on a tight budget, impulse shopping will punch holes right through it.
- If you save at least $20 to $50 a month, you’ll have a decent amount in your account when you’re elderly, which will make you feel more secure.
- Next time you go to the grocery store, count up how much you spend on your food.
- Anything can happen, and some things demand a lot of money from you.
- Partners should be unanimous when it comes to financial questions.
- Study the best ways to invest money and choose the one that suits you the most.
Maybe we've missed something? If so, add your own advice on how to manage money more reasonably in the comments section!
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I never seriously considered buying a house. I'm single and live alone, so I don't need the space. I don't want to pay the taxes on a house. I don't want to pay for the utilities on a house. I don't want to pay the insurance on a house. I don't want to pay to furnish a house. And I sure didn't want to put in (or pay for) the labor to maintain a house and yard. My apartment is on the second floor on high ground, so I don't have to worry about flooding. If I ever decide to move, I can pay a simple penalty to leave it all behind me. No penalty at all if I give two months notice.
DUDE... YOU SAID BE ON SAME PAGE WITH YOUR SIGNIFICANT OTHER WHEN IT COMES TO FINANCES... I do not have a wife so thats not good advice >:(
Also if your wife does not work she is gonna be expensive too.
Light bulbs during asking for promotion presentation scene on dollar bill in house at rent vs. Buy and in #1 so you watch the whole thing lol but actual lights on roller coaster and in womans house and dentist office....
The home you live in is either a liability or something that you might just break even on when you sell. Investing in real estate strictly means that you either flip it or you buy to rent it out and have someone else pay the mortgage.
7% interest? 😅 I need the address of your bank. Not to mention that money in the bank is still subject to variations in terms of actual value. Real estate is less volatile. Take this type of advice with a pinch of salt...
I lent my best friend money for what she deemed an emergency 25years ago.initially she said she would give it back in a week, then a month. i slowly withdrew myself from her but about five years later i had to let it go realizing the friendship was more important than the money.
children are long term investment if you look at it this way.. they could as well get filthy rich bc of their upbringing and be grateful when you get to be old. This is a reasoning if you are cold hearted. Plus, a higher rate of mutations and/or congenital birth defects can raise the cost of the upkeep for the child with older maternal age. You're too nearsighted, you dark side
Buying a house is always better.
You can live in that house till old age, no landlord issues.
You can rent it out and make some money.
Your kids can inherit the house and live there.
You can wait for the value of the house to rise and sell it.
So adding all these up buying is the better option.
Nice video I liked all the suggestions. I'm 28 living in socal and rent. I can't imagine owning a house now. My rent is $1025 tho. I'm debt free, have a job to pay bills. Currently trying to find a way for passive income.
Kids aren't expensive for a number of reasons. They are beneficial and valuable in ways that money can't buy, when you get yours you will understand all what they bring to you. A family is a small business with big profits.
Here i’ll fix them for you :
14 - Having one kid when you’re not very financially stable will teach your kid that needs are before pleasure and your son will give you motivation to work harder each day.
13 - Ask for a promotion but don’t stay employed for a long period. Build your own business and use your previous job as a learning experience instead of a career base.
12 - Think in the long term. Rent is more profitable now but in 20 years you’ll wish you bought and not rented.
11 - Invest your TIME in learning life skills and health and not your MONEY. Don’t waste your time and money paying for another degree. Teach yourself at home.
10 - Only invest when you’ve tackled every inch and every corner of the business you have in mind. Ask experts and do your research properly.
9 - Don’t borrow in the first place so you don’t have debts. Always rely on yourself and there’s no disgrace in any job.
8 - Meet new people and make new connections. Connections are key.
7 - Prioritize needs over pleasure as long as you have to. Don’t buy anything you don’t need until you’re very stable financially.
6 - You need to have more than one source of income.
5 - Saving money is for the poor. Invest properly so that by the time you’re old, the only thing you have to worry about is where to travel next.
4 - Homemade meals are way more cheaper than fast food.
3 - Each three years your yearly salary should be doubled.
2 - Every great man needs a great women to suppot each other and walk the journey together. Choose your significant other wisely and life will be much easier.
1 - Always payback to your community and never forget where you came from. Stay humble and keep in mind that in life you’re either somebody or nobody.
I might add, "kids are expensive" is nonsense. Kids are as expensive as you make them to be.
Here in Europe there are literally immigrant families with 7 kids on welfare. And since school and healthcare is free, there is no real costs. And they eat cheap food.
Lets rephrase...If you want to have kids and still live single lifestyle, then yes its expensive.
It's correct to say that owning costs more than renting. It's obvious.
However you are actually acquiring an asset which you own. And unless you live in Mogadishu, real estate always increases value on long term. Not to mention you can turn it into a business by renting it. It can be extremely profitable.
You should only avoiding buying if you cannot afford it. Otherwise buying is superior.
Alternatively, but this is only if you really know what you are doing; WHICH MOST PEOPLE DONT, is to invest money in stock market, commodities, forex, etc. But it's extremely easy to lose money there.
The most important factor of renting vs. buying is whose pocket the money is going to. Who cares if the buying option is more expensive per month. Buying a house is like saving money, you are paying yourself because you keep the house. Renting is just giving someone else money. If you spend 20 years renting for $1,000/mo (more realistic then 500) you spend $240,000 and never see it again... its gone... If you have a 20 year mortgage for a $240,000 house, 20 years later you still have $240,000 (most likely more value in 20 years...) You cannot forget that if you take a mortgage for a 240k house; when the house raises in value, you don't owe more, you profit..... whereas landlords can raise rent prices whenever they want.
If you know how to depreciate real estate and deduct it from your taxes this increases the profitability. Don’t listen to his real estate advice. When you pay your mortgage you are mostly just paying yourself
I leave in a cheap neighborhood and my mortgage is half of what people pay for rent. Your statement that renting saves money is not even close to accurate. Stop BSing people. Someone is going to actually listen to you and regret it. So take responsibility for what comes out of your mouth!
If you can find a magic investment that will guarantee your principle and 7% for 30years, why wouldn't I also invest in that magic investment and pay my much lower mortgage payment with the interest. At the end of 30 years (assuming no loss of principle, and your rent doesn't increase, because my mortgage won't) you will have $100,000 principle, and I will have the same $100,000 plus $100,000+ house (regardless of how little it has increased, it will have increased). Then, I have no mortgage payment, and can reinvest my 7%, and after 40 years, you still only have $100,000, and I now have very close to $200,000 and a house worth well over $100,000.
There is no math that will support your hypothesis. The only legitimate argument against owning is how transient you need to be in today's market place. With telecommuting back on the rise, this is even a specious argument.
I used to get 8,55% interest/year in a 3 year USD deposit account but this was in Bulgaria 15 years ago and the inflation was like 2-3%...good times. In Romania at that time I had seen a 14% interest rate on deposits, they had about 4-5% inflation. Now in both countries the interest rates are 1-2-3% If Bright Side can tell me which country's banks offers 7% I will be very happy :)
I will never buy a house again unless I become rich, we bought a house in 2015 for $135 nice three bed 2 bath finished basement huge backyard to only go completely broke because everything broke once we moved in...everything. In Michigan
These days owning your home can be a nightmare. It has it's advantages but it also comes with a hefty price and too many headaches. Renting is the way to go for me. If you need to move no worry, especially if you no longer can afford it or it's haunted.
This video is designed for weak minded people, this video is sad. This guy talking has never made over 100,000 a year, he’s giving advice when he hasn’t been successful. I may sound like I’m hating hardcore but it’s the truth, a nobody giving financial advice. He’s got tips and tricks if you’re making 20,000 a year.
Here's a tip: have rich parents who have lots of property so that you can live in it. My parents have 3 houses and I asked them to let ke live in one. Technically its still theirs but thats alot cheaper than having to rent or pay for property.
In the Philippines you would most likely live in your parent's house,which was also the house of your grandma,and the home of their parents. Also your parents would happily pay for your education (depends on your kind of family though) and they would probably just be happy that their child graduated and they would usually throw a really big party. This is based from my experience with my own family and from the families of my friends. BTW I don't know if this applies to everyone here because most of my friends have families which include rich businessmen and Government officials. Soooo yeah.
7% intresst? no bank gives you 7%, you should be happy that you ain't paying for them to keep it. at least in EU it is that way. and if you invest it in stocks, substract also the cost for the commision to buy/sell stocks, constant monitoring and the risk involved. if you can and have a secure job, it is much wiser to invest it in property you like....