Hey all! What was your favorite lesson? Let me know and subscribe to my free newsletter: humpdays.substack.com

They say money can't buy you happiness. After losing my income, home, independence, it makes me pretty dang happy not to starve.

@Mr_Whats_His_Nuts

Жыл бұрын

Are you ok?

@Hardpee789

Жыл бұрын

You can’t buy happiness, but you can buy everything that makes you happy. 🫠

@mocheen4837

Жыл бұрын

It grants you a certain degree of security.

@yuugaouzuki18

Жыл бұрын

not having money/work caused me mild depression 😂

@Wolfentodd

Жыл бұрын

Agreed. Ive been homeless, and I’ve also been at a point where bills weren’t a worry. I was able to spend thousands a month on hobbies and still comfortably afford bills. After having been homeless I stopped believing the “money cant buy happiness” “trend” because I quickly realized freezing my ass off every night and having nowhere to legally sleep and eating maybe once a week I was miserable. Granted I still found moats of happiness through friends and imagination, but the depression did not go away. I still had negative thoughts and fears and worries even while having a grand time with my friends. It may have used to be that money didn’t buy happiness, but in todays society and economy? No money will land you in a very dark spot in life which only the strongest will survive at least in one piece.

1. Money has diminishing returns 2. Needed a lot less than I thought 3. Separate Income from Time 4. It Takes Time 5. More Income > Cutting Back Expense 6. Mid Month Check In 7. Pay Yourself First 8. If you can’t buy it twice, then you can’t afford it Great different lessons from other financial people!!

@humphrey

Жыл бұрын

Thanks Will! I’m traveling now otherwise I would’ve added the time stamps. Will add later

@lliwmany

Жыл бұрын

@@humphrey I got your back, no worries! :)

@j00ktau

Жыл бұрын

4. Building wealth takes time 😀

I’m 19 , and glad your here to show me this , I’m growing up and my parents never really knew the game to money and investment, coming from a poor background and seeing this gave me hope on changing my future for myself and future life

I knew all rules except the last one for years but that one about not buying a luxury good unless you could comfortably afford two was the kicker. You got an instant like and subscribe with that one.There is always something to learn no matter how much you know about anything.

as someone who is 22, in college for engineering, and doesn't care about how wealthy I wanna be in the future, I'm really glad I watched this video. the points you make were a lot closer to reality than most videos I've seen and helps me see my financial future in a better light. idk why it's not taught in college3 or high school more.

@humphrey

Жыл бұрын

Agreed bro. Thanks for your comment I hope the video helped

I'm sure you already know, but in the USA it uses a progressive tax system, so in your example not ALL of the $100 will be taxed at 27%. So you would actually have more than $73 left over. I know its not a huge deal, but a typical person in the U.S. thinks all of their income is taxed at the same rate in whatever highest tax bracket they fall into, which is not true. $11k is taxed at 10%, then from $11001 to $44725 that money is taxed at 12%. If you made $44726, then only $1 is taxed in the next bracket, which in this case would be 22% (using 2023 tax brackets).

@johnmackes5542

Жыл бұрын

Thank you! I thought that part was really disingenuous

@Sandyyyyyyyyyy

Жыл бұрын

I was looking for this comment

This is brilliant advice! Thank you 🙏🏽

Love your videos, thank you!

Great tips Humphrey! Learn a lot from you as a new finance content creator! Great lessons forsure.

@humphrey

Жыл бұрын

Thank you!!

Your tax example of 50,000 and 27% is incorrect because we have marginalized tax rate system.

Wow, extremely helpful! Thanks a lot

While none of these tips were new to me, they are still incredibly invaluable tips that everyone needs to hear. I personally find it helpful, to listen to these fundamental tips often. Just like after anyone has mastered any craft, if they don't keep practicing the fundamentals they will ultimately lose out in the long run

Thank you! Best part, I think - earning more money is more important than saving.

Thank you. With your help and other. Im back in college learning Accounting If you can't afford to the 1st time. You sure could afford the second time. Buy quality.

@humphrey

Жыл бұрын

Agreed!

The "you cant afford it if you cant buy it twice" is a great rule to keep in the back of your mind! Hadn't heard that one yet, definitely going to be sticking with me

In regards to the "Mid-Month Check-Ins", what I do is keep track of my credit card bill on an excel document and I have specific items/businesses that I keep track of to see how much I spent on that particular item/business. So to make it easier to keep track of, each item/business has it's own column, then when a transaction is made I put that amount on the right side under the correct column, then it gets added up on the right side, and therefore I'm able to see how much was spent on each item/business.

@humphrey

Жыл бұрын

That’s awesome. Smart. So you basically know what establishments you spend the most money on!

for the Dream Financial part. I put 300k because along with the dream of a beautiful home (which I plan on building off of a ready made house so I still can live it it while I work on extra I want like garage etc.) and a maybe 2-3 nice cars (for me it's NA Miata, Dodge Viper ACR 2008, and a Factor five 65 coupe) but, I want to have the ability to send not only my child to school but to be able to just sponsor a family's children's college funds. or someone's getaway. I bought a Quest 2 for someone with the sole intent of letting them enjoy VR. small things but in life; the little things are what matter

Yet another wonderful video!!!

Thank you. Keep em coming

@humphrey

Жыл бұрын

Yw Fraz!

This is helpful! ❤

Lesson 8 was new to me. I always remind myself that I can only spend my money once, so I better make it count (any month that I don't eat fast food, I can buy lobster from the seafood store - easy choice because I don't enjoy fast food). Now if I were to delay a purchase until I could buy it twice (I bought a car cash last year) it wouldn't hurt so much to see my bank balance drop.

Money gives you access to a lot of things, and freedom… up to a point… My goal is to make money not an object… have the necessities, a little extra… not have to think about money too much… :)

Thanks, Humphrey for the tips 😃

@humphrey

Жыл бұрын

Of course Adrian

i like your background music. Not loud or distracting

@humphrey

Жыл бұрын

Thx Chris!

Awesome tips for the youngsters

@humphrey

Жыл бұрын

Thx Ed for sure

"Having money isn't everything, but not having it is" finally found the perfect counter punch to the pesky YOLOs

I've never thought about my purchases being worth 127% wow... That's extremely helpful thank you 😮 and the crazy part is that the $500 we are spending is for an item that's taxed.

Good lessons here, really liked this video.

@humphrey

Жыл бұрын

❤

Lesson #5 is a focus of mine this year. I decided to start my own YT channel due to inspiration from people like yourself and I am so glad I did. Although I'm not making super serious income yet, I really hope I do in the near future so I can set myself free from the corporate world. Videos like this one are so important for people to see, so thank you for sharing man!!

@humphrey

Жыл бұрын

You got this Spencer, thanks for commenting always as well

@SpencerJohnsonOfficial

Жыл бұрын

@@humphrey Thank you man! It's a constant work in progress but I do truly enjoy it. I appreciate you taking the time to respond to all of my comments! Always a pleasure talking with you.

I’d also add that when job hunting, you should seriously consider cost of living. I turned down jobs in san diego that paid more than job i accepted in Idaho because it would have actually been a decrease in my take home pay and lifestyle to make more money in California.

My state doubled the cost of electricity which would have made my monthly electric bill 600-700 depending on the months winter vs summer. I bought a solar system and now have no electric bill, the system will have paid for itself in 5 years and will save over 200k over the life of the system. The money save is DCA invested monthly

Great video

i have the automatic siphon from checking to saving but its just $25 each pay period. lolz

@leilamcdowell4634

Жыл бұрын

perfect way to start!

I was wondering if you could do a video on bond ETFs vs bonds. How the bond ETF pays out and such?

I work 65-70 hours a week as a Bartender and I’m still extremely behind financially I actively sacrifice everything to get ahead, I’m also barely spending money on discretionary expenses, and I’m still no where close 😭😭😭

Your channel should be a required course in all high schools.

@humphrey

Жыл бұрын

thank you my friend :)

The after-tax part made me wonder: How is income tax handled in the US? Do you receive your gross income on your bank account and would you transfer the income taxes yourself?

@humphrey

Жыл бұрын

if you're self employed you receive gross income and then transfer the taxes yourself. Often times if you work for an employer they just take the taxes out and give you the remainder.

My colleagues are surprised at how minimalistic my lifestyle is despite my recent bump in income. I live way below my means and it's because my parents who were born into poverty in a 3rd world country taught me to not take money for granted.

very nice

I wish I'd have learned this in my 20s too and before I met those gorgeous women. Interesting: in the USA they don't seem to teach this in school.

I buy one medium can of ground coffee for 9 bucks. It lasts all month

I hope you do one for your 30s and 40s too! (I know you aren't that old, but I'm sure you have good connections to ask)

@humphrey

Жыл бұрын

I’ll find some rich people and ask them for their 30s haha

I feel like growing up (Asian family), they put way too much energy and effort into saving money. Meanwhile they should’ve focused on making more money like you said (they scolded me from investing even though I’ve done well. Scolded me for switching jobs for more money. Scolded me for not staying in college for more and more years, etc)

How do you find potential investment opportunities?

In terms of not being able to buy the same item 2X & therefore meaning that I'm not able to afford it, I don't agree with that logic. What if I only need to purchase it once and I'm all set? To Each It's Own.

@humphrey

Жыл бұрын

To each their own with this one haha ;)

Did not expect a Kanye West quote in these videos 1:08 that really clicked for me too

People thought $1m/year was starting to make it? My senior year of college I had $90k in todays dollars as what I’d aim for 20 years in. Would’ve been 3x what my parents made and they live perfectly fine.

For the “dont buy if u cant afford two” rule, does it apply to autoloan and houses?

@andersnielsen6044

Жыл бұрын

Not your home.. But for sure with cars. Don't ever rent more than you could actually pay up front when it comes to cars. ;)

I actually really don't know what my number would be. I'm not shopping for clothes every month because I'll buy them once and wear them for a long while. It's not like a trip somewhere is a recurring monthly expense. I would like to buy a small camper trailer to put behind my SUV, but that's a one time cost. Honestly I probably would just want an income where I could buy a game on steam immediately without thinking about it, load up on groceries without really thinking about it, not really pay attention to the menu price at restaurants, and to be able to buy a new piece of technology without really thinking about the cost.

@humphrey

Жыл бұрын

I understand man. Sounds like you want financial freedom - that’s when you don’t even have to think about smaller purchases.

@RossLemon

Жыл бұрын

@@humphrey Bingo.

In my 20s did some mistakes when I turned to alcohol now am alcohol free from 3 years ago am now saving I got a new born nearly 4 months and I am a new investor I also have a part time job as a food and fresh bank and I am loving my life well kinda haha

@Dower-DX1-22

Жыл бұрын

Am now 30 so new era new start long parenting hood lol

My number is under 100k in the financial security stage of wealth.

i got promotion this year but i think all the money is going into RH.. trying to buy cheap stocks praying i will get rich in the future as people keep saying this is time where millionaires are made..

I have saved/invested money enough for me and my next generations already - But I still would never ever buy a cup of coffee for $4 from Starbucks. :D

Can you please make a video like this but for someone in their 30’s that just watched this 20’s video today?

Omg only 1:48 in the vid and already coming out swinging.

Ive got it in my head to start saving as in ny head if I can at 18 save up 10k in 10 minths naking 1400 a month to 2800 a month, then I can eventually make that 10k turn into 100k given a few years. Ny goal is to make ariund 50 to 60k a year to live comfortably at least thats what ive always kept in my head so to me this video has given me some insight.

Looks like I could be a little more frivolous lol.

What about a car, i plan on buying a car outright when I graduate in 2 years for 35k ish but I definitely couldn’t buy 2 of them lmao

That last rule: can I ignore when buying a house 😂😂😂 …. 😭😭😭😭

if you buy that wallet you get actually taxed twice: one on your salary that you use to buy it and then the second time for purchase itself. Funny story: if you are a woman and make similar purchase for something you need for your womenly healthcare products, tax is actually higher. Question is why not wait until you are at the airport and buy duty free products.

Do you still dabble in SOL NFTS?

@humphrey

Жыл бұрын

Yes haha

When are you doing a follow up on your investing plan video of 2022? Be nice to see how your portfolio has done on a regular basis like Our Rich Journey channel did with their portfolio.

My goal now is to increase my $1100 a month in dividend to $1500 a month next year.

The biggest lesson I learned was that after your first $50k your remaining income is significantly more savable and investable and you’ll have your net worth increase at a much faster pace for every $10k increment you earn after

I think I would be happy with 4k a month, i don't care about making 10-50k a month or anything like that. 4k seems like a nice spot

I'd say if you can't by it at least 3 to 5 times, then you can't afford it

Yup. When you make enough money to buy anything you want. More money doesn't matter.

@andersnielsen6044

Жыл бұрын

Does that include buying time? :P

I did the math i was thinking 100k to live the "perfect life" but ended up with only 80k after doing the math

Mine is $5900 because that's my monthly passive income. I've purposely adjusted my life to fit that amount so it makes no difference when I stop working LOL

@DebbieWallace-cw9ds

11 ай бұрын

Please how do you do it?

I thought I would need 60k to live how I want but I really only need 47k a year pretax

27% tax rate? what?

My question is who buys enough clothes that you budget monthly for it? Are people out there really buying clothes every month of every year? is this just a yearly broken down by month? and again 6,000 dollars a year on clothes? 6,000 dollars on clothes should last a few years. I get sometimes you have to buy an expensive suit for work or something, but that shouldn't be a monthly expense or yearly at that. Ridiculously excessive is correct.

I'm 29 too late? 😭

@humphrey

Жыл бұрын

Never bro

@kyuj2884

Жыл бұрын

Me too and I feel broke

@smuggler9837

Жыл бұрын

@@humphrey 🤝 I don't know how old are you but make another one for the 30's!

#1 advice to be rich i ve heard in my life was, just stop being poor duh...

📌

❤

Who spends $500 on clothes a month, jesus. i havent even spend 500 in my entire life.

💯💯☝☝

The crypto market is facing a key moment right now, in a very short time it's going to see a breakout to new record highs. This is a critical that every investor needs to be aware of buying more with the current Market trends, investing in bitcoin now would be a very smart move to make as it's going to sky rock soon..

First

@humphrey

Жыл бұрын

Ryannnnnn ❤

Thought you were still in your 20s. No homo.