1. retirement plan 2. checking account 3. emergency account 4. dream account 5. credit card bills 6. regular bills 7. charity Thanks for uploading :-)

@sally5017

5 жыл бұрын

Allen Sagalla o

@UltimateTexasHoldemGuru

4 жыл бұрын

Hopefully not that order

@Ruth-vb3sx

4 жыл бұрын

@@UltimateTexasHoldemGuru I agree with u, Math Guru. It's easy for Mr. Bach with his money. I asked myself, "Is Mr. Bach ACTUALLY GIVING 90% of HIS INCOME/WEALTH TO CHARITY?" Just a question. (Household necessities expenses at the lower end of spectrum. I don't agree with). I personally think each person should weigh their basic necessities responsibilities & go from there. Have a blessed day as God leads each in making SOUND DECISIONS.

@rajm5643

4 жыл бұрын

In my opinion number 6 should be at 3 and so on.. And number 7 is optional..

@allensagalla1579

4 жыл бұрын

@@ladymalialoloheaveronicatu731 You're welcome :-)

I have no debt at all. Over 2 years saved up in savings and now building my long term dividend stock investments by living in a much cheaper place to live(geographic arbitrage) to retire early. Feels so much better than when I had maxed out my credit cards, had no savings and bought a new car right before losing my job. It's been a journey but worth the effort :D

Done. I have no debts. I like numbers. I budget and pay max into my Roth. I’m poor but I’ll be a millionaire in 12 years

@princewins88bw

5 жыл бұрын

Omnipotent Being how?

@SunnyDoesLife

5 жыл бұрын

Lucky 6 buy low, repair the house with a repair team then sell for market value

@honkhogan21M

5 жыл бұрын

Right, go ahead and send your money to wall street.....that money isn't really yours....doubtful it will be there in 12 years.

@PedalToTheMetal61888

5 жыл бұрын

...That''s about ...right ...is What i TOLD ..My HARDHEADED...Daughters..They Go OUT and BUY ...smartphones BUT DON""T DO ANYTHING ...smart with ..it ...Whaaatttt...!!?

@PedalToTheMetal61888

5 жыл бұрын

...That''s About ...Right i TELL My HARDHEADED Daughters this all The TIME..!!...all they wanna do is paint their fingers and toenails and take silly'- ass ...selfi-''s

There are many ways to slice this and this what I would do which differs somewhat. 1. Definitely pay yourself first 2. Pay down debt. Largest interest rate first with minimum on the other CCs. Keep rolling from highest to lowest interest rates. In most cases will be paid off much earlier. You may want to cut up your credit cards at this point. 3. After debt paid off then see #1 above. Your Cc statement money now passes into your savings and then follow the 6 places to put your money. 4. You may want to have only one credit card for emergencies and pay it off every month. 5. Don’t get suckered by cash back. Remember the credit card interest rates if not paid off each month will eat away any bonus you might receive. If you pay off the card then the bonus will apply. 6. Never try to keep up with the Jones’ for all you know that are flat broke trying to keep up with the Smiths’ Good luck or should I say smart investing.

@eileenwatt8283

2 жыл бұрын

True, one thing he hasn't mentioned is to pay the mortgage weekly. Every January I pay the mortgage weekly for 12 weeks. I bang out one year mortgage and able to sleep knowing if I'm unable to work the rest of year my house is paid up. After the 12 weeks I then pay down the principal every month. Usually, I pay the full amount of what the mortgage company put towards the principal which is $500. If one has bonus use the bonus to pay the 12 weeks or take it from the dream account while continue to add to the account from your paycheck. The mortgage is paid off quicker and their is more money to save and invest the rest of the year.

God Bless you David!! This looks like something anyone could know since they are teenagers. Apparently most of us don't. Thank you so much for making a difference un women's life

Hope this kind of lessons should be taught in schools.. Im so happy for myself I learned personal finance back in college and thank God I have started to set up my emergency fund and retirement acct right after I received my first paycheck..

@priscillamoore5736

Жыл бұрын

@kimpatani6862 - Boy, I wish this stuff had been a required course in high school...Stupid me; I was all set to save 10% of my first paycheck, (VERY small paycheck, even though full-time job) & remember thinking "Oh, I can't afford that", so, I didn't save at all! A friend recently asked me, "Why didn't you save 5% or even 3%?"( Because by having an 'all or nothing' mentality, I never even *thought* of that!!) Sigh.

David Bach you have great advice! I first read your book Automatic Millionaire then decided to change my major to Accounting. Thank you for inspiring me!

great template, I am using something similar for these last 3 months and out of nowhere I am finding extra money in my account where before I used to spend everything. Thank you

Here from the CNBC article recently - as a multi-property owner I appreciate the encouragement! Following rules and holding on tight

@jj-bu6yb

3 жыл бұрын

hey buddy, where ti start to be like you multi property owner? thanks

Bro you just made it so simple then any other KZread video on wealth. I love it man! I'ma use this knowledge 😊

Thanks again, because of you I survived 🆔 theft in so many ways, I'm still a work in progress however, I have two 🏦 s now.

You talked to me like the dad I don't have. #Passionately Thank you.

The system works great; I learned it from your book many years ago. There's a missing piece. Discretionary expenses like gas, groceries, clothing... If we commit 5% to retirement, 5% to an emergency fund, and 90% to dreams, credit cards, regular bills etc then we go hungry. I have long wondered how to gauge when we are spending too much on discretionary expenses, and where they fall in terms of importance on your chart. Any thoughts?

@arlenecruz6161

7 жыл бұрын

Looking forward to the reply.

@alrocky

7 жыл бұрын

"If we commit 5% to retirement, 5% to an emergency fund, and 90%...then we go hungry." If you're going hungry then your spending is out of control. If you cannot completely pay off your Credit Cards in full every month then you're spending too much on discretionary purchases. The 5% toward retirement should be considered a minimum. Ideally you want to contribute at least to the company match and preferably 10% as a starting point. Maxing out your 401(k) at $18,000 every year should be a goal. You should max out a ROTH IRA @ $5,500 a year every year and let that double as your Emergency Fund (E.F.). If you can do those 3 things 1) +10% toward your 401(k) 2) ROTH IRA @ $5,500 3) pay off all Credit Cards in full every month, then you're starting on the right path. If you think that so-called "90%" figure he gave is some sort of hard rule, then ignore it. It is not some sort of license to spend willy nilly after you're covered the first 10%.

@YouToobDragon

7 жыл бұрын

Thank you Al! I just completed automating my bills. I now can clearly see my discretionary fund and track my spending. David Bach has already saved me money just by automating my bills. Most bill companies offer discounts on either paying automatically, or paying less frequently (if you can manage that). For instance, AAA offers monthly, quarterly, semi-annual or annual payment schedules. Each payment incurs a $7.00 handling fee. So, the less frequent you pay, the less you are charged the $7.00. Now, if you pay the full amount once a year, there is no fee! Also, by setting up auto-pay with AAA, the reduce the handling fee to $3.00! Now, I need to get my gym membership (annual bill) and Experian credit check service (monthly bill) automated. Experian can only use a credit or debit card, and I don't have one associated with my account for bills. I suppose I can get the card and just cut it up after using it to set up auto-pay.

@rmcc6109

7 жыл бұрын

Al Rocky you got it. I have done all of that. I'm out of debt. Saving 20% before taxes on 401k. And fully funding a Roth IRA every year, and saving for a two year emergency fund. The problem is that most people give priority to buying the last gadgets and not saving for their future. If everyone really took control of their expenses we wouldn't have the stress and problems we have. Being financially independent gives you choices and power to change your life to do what you like.

Great Video! Step #6 on those Regualr bills -have them charged to a credit card earning 2% cash back. Make sure all credit cards are paid iin full. If not, close them so you don't use them!

I think the key here is results are not typical and every person case these techniques may not apply to. People who are married, kids, tax bracket, student loans, annual salary, and so fourth. This is for those who don’t necessarily have a lack of income problem, this is for those who have good income but lack financial management skills.

@MrStretch03

5 жыл бұрын

This would still apply but at a smaller scale. But the most important is to understand how you spend your money and how you can cut the losses. Another thing to do would be to create other sources of income (E. G passive income)

This should be taught in school!

@PedalToTheMetal61888

5 жыл бұрын

...These silly Kids THINK ...mutual funds are something some one made up ...and ...ROTH/IRA...is a ...joke..

@tanveerahmed6018

4 жыл бұрын

@@PedalToTheMetal61888 Be educated man. If the market crash, it will jump back. Look at the past 100 years. you need all the companies in the US to go bankrupt to make your ROTH/IRA = 0 which is impossible. And hypothetically if all companies go bankrupt and their employees get laid off, Guess what????? Your real estate will go downhill as well.

One of my favorite financial coaches! Always great to hear words of wisdom from David Bach!

Your advice is great for people who are financially stable and have a decent income coming in. What if you're on minimum wages, have a family with kids, debt, mortgage/ rent, utilities and the list goes on... Half of what you said is not achievable until the debts are paid off or getting a second job.

@eileenwatt8283

2 жыл бұрын

I followed his advice when I was low wage earner. I paid myself first in my IRA..it is doable. You can pay bills and pay yourself 1st too at the same time.

Thank you so much for this - my friend mentioned you yesterday and I have really valued your video and look forward to more

Hey Dave! May I ask where is the worksheet! I think you are an EXCELLENT and PASSIONATE teacher!

Sound Advice-I actually do this and it works!

@rubyus7332

5 жыл бұрын

Me too!

What a nice presentation! I really like your diagram

Great Information 👍 I've put to use. Became Debt Free 2022. Now Only use Debt Card.

I’m learning from your video. For up coming holiday season working extra jobs besides regular job I’m saving now I’ve solid idea. Everything mine is automatic but watching your video is worth

The best advice I got from David was, ' real estate does more then 10 times more better then those who rent '

Hi David, I love your books! I read it so many years ago. Glad I found you in youtube!

People should seek out advisory service and information to get proper introduction into the stock market

@johnalmond9426

4 жыл бұрын

It is a risky trading business and people should know that Everyone needs help to become a true trader, and I am not sure if it is possible to get this help by watching videos on KZread but maybe in a real investment firm or bank. As you have many more verified successful traders there.

@bertramknoesen9170

4 жыл бұрын

Yeah true John Even now I still welcome ALL Help, literally, any help is good, it can only make you better.

@mariapady7564

4 жыл бұрын

Good thing I can imagine about it though is that you can decide yourself how much you want to risk.. So you would still need some experience trading.

@mariapady7564

4 жыл бұрын

I am opened to more opinion and I want to give this a try, let me know how effective the outcome will be. How can I get involved, do i pay a monthly retainer to the trader for trading/ percentage of profits/both?

@johnalmond9426

4 жыл бұрын

Yeah ma’am it’s on an agreed contract percentage, I m opportune to be investing Jim oddain on his portfolio We met in a trading conference in Chicago. So far my account is reading over $14,000 with his help, I have been able to save up more income these past months

Thank you. Your idea inspires me. I will do that on my commission pay...although, my commission is small, I know it will grow bigger as my momentum is starting-up. I have also learned from the past about properly managing credit card, I was in deep debt because of it. Have gotten rid of them all because it do not serve me at the moment, I payed everything in cash now. I may consider getting at least only one credit card for convenience that cashless transactions can give when the time is right. As life's lesson learned and good money handling developed and became a habit, I may now consider myself reformed enough to use credit card to my advantage, and not to the credit card company's advantage.

Some really great advice. I am already doing most of these things. Also, make a budget and stick to it. It has really helped me out.

Heard you for the first time at the NAHREP at L'ATTITUDE National Conference and really loved your simple approach ! ! ! ! ! Automatic and painless......DO IT

This is somewhat similar to the jar method of saving. Thanks for uploading :-)

Good bless you David.. thank you

I started using your method 3 years ago after reading ur book, I had nothing &, now I am debt free, 4 months in security account, 2 months for investing, 2 months for dreams, I am giving 2.5%, & no retirement account, but this works.

@learnsomethingneweveryday1539

5 жыл бұрын

well done. Your proving slowly but surely wins

I'm really considering the giving out part. It something I have always thought of. Thanks for the rejuvenation!

damn I feel like a sucker now that I think about pre savings....could have had 10k stacked already wow.....eye opener

Wow excellent breakdown, thanks David.

This is the first time i have watched a video such as this. Honestly we were taught financial literacy back in middle school / Jr High up untill the 80s. Not sure why they stopped. I have always done this with my monthly budget. And it should be common sense. But i guess that isnt so common anymore. The only thing is lack is the emergency and dream funds as i am more about giving to others. God helps those who help others and HE gives to those who give to others. Good information though. Much appreciated.

@mariabarker2036

2 жыл бұрын

So "god" is our emergency fund? I hope you've rethought that plan in the last 2 years...

High interest debt should probably be #1. It’s tough to match the interest rate on a credit card

@theresamcgallicher

5 жыл бұрын

Pay yourself always has to come first. Otherwise you will never, ever, ever get ahead.

@abraye92

5 жыл бұрын

I agree with you. Depending on the amount of debt, it should at least come before funding a dream account.

Thank you David.

Solid advice but a little too modest getting started. We paid off all debt as fast as possible, and then I invested 100% of my salary for a solid 12mo while we lived on my wife's salary so we could get a huge boost in retirement savings and now we invest 30%+ monthly and nearly max out all accounts.

It's a great concept and is bound to work without question. I've been doing something similar myself since 2004 and I'm excited about having a plan in place. However, one aspect that irks me is the fact that inflation has killed most people's incomes for the last twenty years and the majority of workers are working to simply pay bills. Just sayin.

@1yk1965

4 жыл бұрын

That is so true

It really is simple when you think about it David! I’m from the U.K. so a few things differ but the ideas remain the same, I try to help everyone I can work this out, and when they do it’s like a light bulb!

@jimtempleton3234

3 жыл бұрын

Wot to do at 50 on disability benefits??

Great tips, just a side note, your voice sounds very similar to Gary Vanyerchuck’s. Have a good day!

@MadMom4

4 жыл бұрын

Yes! 👏 I was trying to think who he sounds like...Gary Vee!

You have taught me so much form your books and videos!!! Love it!!!!!

Thanks David I am reading your smart couples finish rich - its excellent - have just opened my stocks and shares account for our retirement with a direct debit going straight in there and am also going to open an account for my kids and start teaching them about how to work with their money

Amazing. I loved this concept. personal finance automation.

This video got me to buy the book. Just saying: good job!

Thank you~ I've already received returns on your instructions 😊 😀 ☺

First, I would like to say that this is great! I wish the tool for the worksheet was available. Hope you have the opportunity to correct that. All said, I appreciate the advise and hope that many use the lesson a way for financial independence.

I'm trying so hard to get out debt (personal loans) so I can buy a home. Renting each day it feels like I'm just throwing away money. Homes are so expensive now though.

Thanks so much my brother and friend in humanity i will start it now!

Hi David Bach thank you so much for your knowledge and wisdom around financial maintenance - i have already shared this video with others

This is such great information; I try to get all my young colleagues to read The Automatic Millionaire. It kills me that I didn't start saving till after I was 40, and I want them to avoid making the same mistake. Please attach download. Thank you, Susan. p.s. Looking forward to 2.0 showing up on my Kindle tomorrow!

@YouToobDragon

7 жыл бұрын

Thank you eelamist89! Now, I just need to figure out how to edit it:)

Listening to this while I was sleeping was lovely

I still don't see how to become rich automatically. All these savings can suddenly end up in spending in a case, for example, having no job and searching for one. I was interested to see if part of these savings can be invested in some project so they can generate an extra income - this way I can call it automatic rich because relying on salary/income only is not sustainable. One can loose job any time or most jobs are temporary.

@jstevens12194

5 жыл бұрын

The becoming automatically rich part comes in mainly through paying yourself first with the retirement plan while at the same time decreasing and eliminating credit debt. Also, what helps is if your dream account is for something that would bring income rather than being a throw away account that it sounds like. For example, my dream account is towards me becoming a homeowner which in turn will increase income. All in all, he wants you to do all of this by direct deposits leaving human nature of not doing it, out of the equation.

@notosure2148

5 жыл бұрын

Once you have saved enough through basic financial training and mastering account management, there will come a time to choose riskier investments. Then, I will tell you about monthly dividend compounding young Padawan.

Hi David, I have a question. I am in ill health,on disability($650 a month),and I receive alimony.($600 a month) I want to start doing it your way. I know I can pay myself first.BUT! The problem is where do I put the savings,as disability will not allow disabled americans to have more than $2k in their savings or anywhere. Sounds UNFAIR to me as I am trying to better myself and save money for when I will be in a wheelchair soon. I have no credit cards,and I have 6k debt from the now defunct ITT Tech school,which I gained nothing from. I live a simple life,and I am NOT a shopper. So tell me, where would I put money that won't penalize me? I thank you for any replies! Sincerely, Susan

@skcamper2986

7 жыл бұрын

Automatically get direct deposit from both. I do not do bill pay because alimony sometimes does not come on time,like a week or 2 late depending on my ex's payroll woman.She can be nasty and wait till wed at 5pm to send the check to direct pay,which then takes 2 days to send it thru the courts.Depending on no weekends. I do not want to be overdrawn with bill pay.

@skcamper2986

7 жыл бұрын

I don't suppose I will get a reply here.

@skcamper2986

7 жыл бұрын

I am in a duplex sharing with my friend's mom.The rent takes most of my money.I have tried to get the fed loans discharged,but they told me I can't.I have had forebearances and now my only option is to get an IDR payment which is 0 each month but will be on my credit for 25 years. One loan is 3k one loan is 4k and the interest has piled up. They were 2k loans at the beginning. I had a heart attk and had to take a semester off back in 2011.The administrator assured me there is no penalties.When I went to return,they wanted 400 for admin fees,and hounded me for a credit card number. I never gave it to them. I have food stamps 100$ a month,and a free safelink phone for emergencies,but it drops calls.I believe the alimony stops when my ex husband is dead. I hate being on any gov assistance.Before all the health problems occurred,I was very strong and had a lot of physical jobs,mostly working outdoors.That led to RA and other problems. Now I am told that the president is going to lower the disability and cut out programs. I wish I was healthy again because it seems every time I go to the doctor,they find something else wrong.It sucks,but I am still getting through it.

@rogergarcia7206

7 жыл бұрын

SK camper Hi, get your loans consolidated with the U.S Department of Education this will boost your credit by at least 50 points then get into a Income Based Repayment Plan for New Borrowers. You will make payments based your income as low as $0 dollars per month and after 20 years your loams will be forgiven by the U.S. Department of Education under the Obama Care Act of 2010. But make sure you get them consolidation with the U.S. Department of Education.

@notosure2148

5 жыл бұрын

@@skcamper2986 Hello, I just read your story, hope you're doing well now. I too went through much of the same things. Disability, limited income, college not working after, and about 30k in student debt. My total income a month at the time was about 700, and rent took up half that. I started investing small, would slowly build up $2000 then spend it on something. I got a car, helped family with bills. I tried to think outside the box. I was able to get 30,000 of the loan forgiven through a program (literally for people on SSI). For you I would suggest doing an IBR, and then seeking Loan Forgiveness for Permanently disabled. The number one thing you should do after, is get a good credit score. I can't understate that enough. Be efficient and maximize every dollar. It's some rough times. Look into gigs you can do on a computer (Amazon's mTurk comes to mind) as you're allowed to make 60 dollars before it cuts into your disability. Something you possibly could do: Use your good credit, (760+) to take a mortgage on a super cheap 'fixer upper' - live in it if need be, every 2000 you save up, repair it more and more. Maybe over two years. Make a goal, and track it as best you can. Once it is paid off (property doesn't count against you as an "investment over 2000") consider hiring a property management company to rent it out for you. This income (minus the property management fee) might lose you your disability, but it's worth it, if it makes even a penny more, because then you're no longer stuck to rules that say you can't invest or keep your money. These are huge risks, but sometimes it's better than doing nothing at all. Always do lots of research before making a major decision or listening to random advise off the internet, but I wish you well, and hope you make it out of that disability wheelhouse too!

Never heard of you before today when you came Up in my KZread feed I listened ,subscribed and was left with just 1 question which I d rather keep my personal business private and my comment here is anything but. Do you have any suggestions please? Thank you

Absolutely worth it! Thanks David and hellos from Switzerland.

I have a question for you, my city government job offers pensions for retirement. They switched over to a defined benefits plan and I’d like to know, is it still a pension? Or is it different? Can’t get a straight answer, thanks

Credit card bills is the number one preference to me always

Right as I started following this formula, COVID hit and I lost my job. Sure wish I had that emergency fund. Now that I have my job back, I'm growing it!

@scf7334

3 жыл бұрын

So glad you got your job back!! 🙂

The great thing about saying "have an emergency fund with X amount of expenses" is that a lot of what I "spend" each month isn't actually an "expense". So for example, I have private REIT income coming in each month that I use to buy ETF shares. For the foreseeable future, I'm committed to buying ETF shares with that money. But in the event that I ever needed to draw on an "emergency fund", then obviously I don't HAVE to buy new ETF shares; they're not an "expense".

What we're told is that because 401(k) choices and options are usually not as good and more expensive (high fees, etc.) as we can get with an IRA, to put in enough to get the company match, then to make certain we max out our IRAs, and THEN to focus on upping the company 401(k). Company 401(k)s are meant to benefit the company, not the employee. And most employees can not afford to max out 401(k) contributions. So to put our limited money to best use, 401(k) match percentage, Then max out the IRA, then up the 401(k) percentage. Not to only EVER put in the match percentage. I don't know that anyone has ever believed we stop at the match percentage, no matter what. Also, why is retirement first? Surely we should be making certain we can pay the rent this month? Our shelter costs need to be first.

So simple and yet how many people do this? I disagree strongly with one aspect of this however. PAY the Balance of your CCs every month in full. No way you should be putting money on your "fun" bucket when you have CC debt.

How can the debt owed be factored into this strategy? Savings are important but what’s the best way to incorporate paying off any debt owed?

Perhaps I'm mistaken, but I do not see the downloadable worksheets in the description you mentioned at the end.

Amazingly simple . Thank you for sharing yr knowledge with us .

Sound advice ..but paying more than the employer match into your qualified retirement account pre tax grows money for the government too...thats like signing an agreement with a partner who will never participate in your business, then decide how much they want to take when you retire and distribute income...and if you dont take it by age 70.5 because you dont need it, they force you to take distributions so they can get their piece....would you sign that agreement? Thats an IRA, 401k, etc.... Only do the match and park money elsewhere for tax diversification.....Roths, Indexed Cash Value Life Insurance, and Municipal bonds are worth investigating ....in addition to brokerage accounts youre taxed on each year

Thank you sooo much !

Thank you. Much appreciated advice.

Taking action 🎬 💪

I thoroughly enjoyed this presentation!

Thank you so so much 🙏

Is there a 2023 updated version of this video?

Should the emergency account be set up before any savings account?

@carscoffeeandmischief

5 жыл бұрын

Check out Dave Ramsey, he has a great 7 steps way of doing it.

Beautiful! thank you so much for these tips. I'll start a Dream and Emergency account asap.

David thank you so much. I will one day testify your words.

Very good

David, there is no link for the tool. Thanks once again for the great video. It's really helped me.

thank you for the knowledge sir have a good day.

Some people may not even earn enough to keep basic food and shelter to even start planning financially in this way. The first place your money should go after health and nutrition is towards development of your skills or knowledge to be able to earn more.

Thank you for this training, David. However, there is no tool to download. Happy Holidays!

@YouToobDragon

7 жыл бұрын

I concur. I would love to have the tool. I may just create my own now that I have all my bills automatically set up. Can't believe I haven't done this years ago!

@Archangelucci

6 жыл бұрын

Marfin

Never pay minimum payment on your credit card! You might dodge the late fee but still get hit with interest fee. Don't spend more than what you can pay off the entire monthly bill and setup autopay to pay the bill in full.

@kmjjcs

3 жыл бұрын

@M M and miss out on all of the perks like getting free hotel, air travel, cash back and not to mention, have your credit go up and save on interest rate on your car+home loans?

excellent advice ... but I'd recommend that you pay off all of your debt, other than your mortgage, before you start giving to charity. Just my take. Not saying you should not be charitable, but take care of your debt first.

What to get rich? I will tell you how in 3 simple steps. #1 pay off all your debt, #2 Save cash savings for emergencies, #3 invest in the market (including real estate). It's that simple. Oh and you can "automate" all 3 if your too lazy. Your welcome.

totally agree with the philosophy, David. Thanks :-)

Neat video, turns out I already do all of this with some exceptions... I don't have a dream account because early retirement is my dream, so I funnel that money into my IRA/401K/HSA accounts. Also I automatically pay as many of my bills as possible with my credit card (that's right Dave Ramsey!) for cash back. Then the full balance of my credit card is automatically paid every month so I get no late fees or interest. By doing this I receive 2% cash back on about 95% of all my expenses. I like to think of it as countering inflation.

Thanks.

I'm 23 so i'm too young to have a retirement account would it be best to use a savings account as a substitute? Also i prefer to use a debit card than a credit card would this change much for the sheet. Do we use the same amount percentage (5%) for the dream account, paying credit card minimums and regular bills?

@jerryredfern76

6 жыл бұрын

Chris Clarke you are never too late for a retirement account..... the younger u start the more you'll have to save... I'll give u a suggestion.... google RETIREMENT CALCULATORS or COMPOUND INTEREST CALCULATORS.. input some numbers like saving just $500 a month for the next 35 years... AND LOOK AT THE NUMBER YOU WILL HAVE BY THE TIME U RETIRE... YOU ARE YOUNG AT 23... U HAVE TIME AND U DONT HAVE TO SAVE THAT MUCH... VERSUS BEING 45 AND ONLY HAVING A FEW YEARS TO SAVE A HUGE AMOUNT BEFORE U RETIRE. WHICH SOMEONE THAT AGE MAY NEED TO SAVE ROUGHLY $10,000 OR MORE PER MONTH JUST TO HAVE A DECENT RETIREMENT WITHOUT HAVING TO LIVE LIKE U ARE POOR... JUST FOLLOW THE SUGGESTION... YOU'LL BE SURPRISED AT WHAT U CAN SAVE BY STARTING EARLY... U WON'T HAVE TO SAVE AS MUCH PER MONTH!!

@mikek545

6 жыл бұрын

At 23 your getting a little old. I started my own business at 19 and bought my first house at 23. I cost me 425k at the time 92614 zip code. Now it’s paid off and worth 1 mill. You can do whatever you want just focus and work your ass off.

@jessicavazquez8299

5 жыл бұрын

Huh? 23 is not too young for a retirement account... You can start a retirement account when you're a teenager. Please start it now!

Hi I am a student soon to be working and I would like to know can banks set up a system where money goes into these sections in a cheque account automatically? ✨

I will do better. With these tips plan watch you again

hey david, thank you, really love your stuff, please keep doing

Where do you find That chart that shows how much to save at what age?

Great plan to handle personal finances. Thanks for sharing.

Thanks David for informative video

David, thanks for the crash course. One question I have for you about having an emergency fund. Is it a good idea to use your home equity as your emergency fund by setting up a HELOC?

@alrocky

7 жыл бұрын

HELOC is a LINE Of CREDIT and not an emergency fund. It would be an Emergency (LOAN) Line of Credit and comes with its own pitfalls and caveats. Most people should not consider this as their primary source of their Emergency Fund.

@YouToobDragon

7 жыл бұрын

Totally agree! Jason, cash is king in this situation. Just automatically send a little bit every paycheck. Don't forget, you can also pull from your dream account in a pinch;) you have a dream account, right?

Love the content, it's makes so much sense when all the pieces of the puzzle are presented like that! Love the ending too, thank you for sharing this

I need to try this. Thx

This advice doesn't take into account those of us who are buried under debt...this is for people who are now starting out in their first job who have no debts as yet

@asterisk911

5 жыл бұрын

If you're right, and this is for people without debt, then what does he mean by "pay credit card minimums"? Does anyone without debt pay "minimums"?

@lizziemartin6113

5 жыл бұрын

Ok..so watch Dave Ramsey. He touches on this.

@libniambrose9999

5 жыл бұрын

Check out Dave Ramsey it works! I’m on baby step 3 This advice if for people that don’t have debt and are good managing money

Awesome 🌹