I love how this isn’t clickbait and the answer is given within the first few minutes

@noface5775

2 жыл бұрын

Same..and it's educational too. That's why I like this channel

@johnunverzagt9706

Жыл бұрын

I hope you stayed to the end and learned the truth.

@KittyM-

Жыл бұрын

Me too! The channel has integrity and is thoroughly researched. Worth one's time

No commercial will ever tell you that you are good as you are and you already have everything you need...

@staystrong4356

4 жыл бұрын

Thank you

@pedrosilvamusician

4 жыл бұрын

Because the point of ads is to make you buy stuff

@imnotsharingmyrealnameonth5601

4 жыл бұрын

wesly virgin sucks he is so ANNOYING in the ads

@Pumpkin-Link

4 жыл бұрын

Imagine watching commercials... -this comment was made by uBlock Origin gang

@TheRexTera

4 жыл бұрын

Getting people to feel inadequate is the most genius marketing strategy ever.

A wise history teacher once said: “it’s not about how much money you make, it’s about how much you can keep.”

@mattinacave1947

3 жыл бұрын

That’s the exact same thing my dad’s been telling me for years

@tranger4579

3 жыл бұрын

At the end of the pay period I keep more money than my boss that drives a Cadillac.

@valeraanovsk1468

3 жыл бұрын

Well, just keeping is not enough, money lose value over time. The key is make money and reinvest it (in your health, knowledge and skills first, then maybe some stocks, ventures etc.)

@abhiram_ashok

3 жыл бұрын

Thats in rich dad poor dad

@vincentzakuwan1521

3 жыл бұрын

Ideally we need to increase our income, and then we allocate them perfectly and reduce spend for anything that have value degrade over time

Ah, now I have a word for what I've been going through: Lifestyle deflation. Started to work, realized how expensive shit is when measured against my precious time and energy, and started spending a lot less. Each month I save more money. Material possessions just create more chores & stress anyways, because you have to manage and maintain them.

@ioanabondoc3844

4 жыл бұрын

"Material possessions just create more chores & stress anyways, because you have to manage and maintain them." You couldn't said it better

@S3l3ct1ve

4 жыл бұрын

well that may be true but you also need to keep in mind that reducing your needs to the share minimum will leave you with the lack of purpose and general idea of pointless life...

@tenand11

4 жыл бұрын

minimalism

@DBArtsCreators

4 жыл бұрын

@@S3l3ct1ve Not really. Life is only pointless if you let it be pointless. Living cheap/on the minimum doesn't equate to pointlessness; you can still do plenty without needing money. If you want a point/purpose in life, come up with it yourself. That's all ya really need (just don't look to science or reality; it's only core purpose is making babies and not dying, but that's just instinct).

@steveaikey8429

4 жыл бұрын

"Things you own end up owning you." -Tyler Durden

I'm better than yesterday

@hadishams5732

4 жыл бұрын

YES!

@caleb22lr

4 жыл бұрын

I am better than I was yesterday and I was better yesterday than I was the day before

@nguyenhoanglong420

4 жыл бұрын

@@caleb22lr *Inception intestified :)

@BitcoinBro.

4 жыл бұрын

Buy Bitcoin and you will be the best in 2030

@user-ug5no6rd3q

4 жыл бұрын

Caleb Walker Not so fast, be careful!

you never make the same mistake twice. the second time you make it, it is no longer a mistake. it is a choice Lauren Conrad

@stellarsky1

4 жыл бұрын

-Steven Denn, not Lauren Conrad

@oscarfrederickmaita5072

4 жыл бұрын

I'm not sure who the hell said that quote, but It's a really deep thought

@slyfer5321

4 жыл бұрын

Ha jokes on you. " I have not failed. I've just found 10,000 ways that won't work" -Thomas Edison

@GM-yb5yg

4 жыл бұрын

Unfortunately our brains are much nuanced and ambiguous than some fucking quote.

@Cyber_Kriss

4 жыл бұрын

It's from Paulo Cohelo. "A mistake repeated more than once is a decision" (Not from some dumb actress)

I never understand how people can feel comfortable running out of money every month, having to rely on your next payment in order to be able to spend again. I've always focused on having more money on my bank compared to last month, and always have done so.

@arakwar

4 жыл бұрын

A lot of the time, it happens because people were not tracking their expenses first, then got in debts and now have interest to pay on top of their usual expenses. Paying a little interest each month is not an issue, but I saw people paying up to 30% of their gross income in interest fees. When you live in an appartment that cost close to half of your paycheck, your budget is quite fucked at this point.

@dramamine755

4 жыл бұрын

When you make 11.80 in new york state and only work 34 hrs youre forced to live paycheck to paycheck bud.

@PaidInFull1995

4 жыл бұрын

@@dramamine755 if you think you need to live in New York to only make $11.80 then I'm afraid nothing is going help you

@leogeck7350

4 жыл бұрын

It's true, I earn just enough to get by. And it makes me anxious as hell. Hopefully I can earn more soon, because it would really take out some stress. Thankfully I'm not very prone to this lifestyle inflation, being older and all (saying I may have acted like in the video when I was younger... had I earned a lot, lol).

@dramamine755

4 жыл бұрын

@@PaidInFull1995 my guy its.literally fucking minimum wage for non fast food workers for everyone not in nyc.

Suddenly he needs to cover his medical bills. Me: Laughs in Europe

@ForWhomBellstols

4 жыл бұрын

You got cancer? Worry not you are covered by 'free' healthcare, that you're forced to pay over 200£ every Month. The doctor will see you in September next year... Laughing from Poland.

@jan-lukas

4 жыл бұрын

The difference is, that here in Europe, medical bills are part of the substantial costs, so you just have 200 $less to spend for luxuries, and this money doesn't get affected by lifestyle inflation. The good thing is, that it's forced to save up for unexpected incidents, which makes life for a lot of people easier

@peet1250

4 жыл бұрын

I wonder how much longer many Europeans will be able to laugh. All the millions of new residents/citizens and their many, many newborn soldiers will break the system eventually.

@schrodinger6991

4 жыл бұрын

@@peet1250 no. You don't understand anything about the European system do you?

@Jthaw-mp7ew

4 жыл бұрын

peet1250 it is inordinately funny seeing people who don’t know anything about European countries’ health systems say this.

First time I got 100k per year I ended the year with a 10k debt lol. So true.

This is so important especially for youngsters who just started their career joirney

@theromanticist8023

3 жыл бұрын

I just got a job a few months ago and I love this video

@Roanmonster

3 жыл бұрын

Honestly if it wasn't for covid I might have fallen into this trap. I'd have gone to every festival, concert and party I could possibly go to. Now that I can't I realize how much money I have left that I have no idea what to spend it on (since I was broke AF before graduating). I decided it's best to stick to my current lifestyle, hopefully going on a nice vacation next year. I now know what I have leftover of my salary after not spending it on stuff I don't need so that's a good guideline.

@henryholsten8802

3 жыл бұрын

The basis of financial freedom

People underestimate being frugal by suppressing short term cravings to gain long term wellbeing.

@sonkeschmidt2027

4 жыл бұрын

You need to have trust in the system that you inhabit to favor long term goals. Otherwise you might just waste a lot of good time for possibly nothing.

@SliszMeisterGeneral

4 жыл бұрын

I have to agree with that, by spending more time on projects and less on going out I have cut down on spending, it's just about finding that balance now between spending time by myself and with others

@DBArtsCreators

4 жыл бұрын

@@sonkeschmidt2027 Be your own system. If investing in yourself for the long-term is "a waste of time", you've got yourself a LOT more issues beyond the external societal systems being shit or not.

@sonkeschmidt2027

4 жыл бұрын

@@DBArtsCreators you can't beat the system you inhabit. If you think that, then you profit from a system that runs well enough to allow you to rise in it. There is no point in saving if corruption and inflation could take it all. Better spend it fast than having nothing. Build your own house? If the gov or companies won't take it from you. Getting old? What's the point if all your friends and family are dead? Investment into the future is always a bet and your environment determines the odds. If the odds are really low, it makes much more sense to just enjoy what you have in the moment.

@raularaujostrw

4 жыл бұрын

O'SSÉIN - Master Your Mind With Me your comment lacks coherence and sentence structure. I can’t even understand tf you meant. Smh.

“It is not the man who has too little, but the man who craves more, that is poor.” -Seneca

@marinsrok6100

3 жыл бұрын

Nice quote

@tomc8777

3 жыл бұрын

Stoicism is the way

@romanvolovik6495

3 жыл бұрын

That's stupid..like i get the message.. But its still kind of stupid because it does matter how little you have.. this is the type of philosophy that comforts many junkies. So what if I don't have money and spend what little I have on drugs. I am happy though and I don't anything else. Just drugs 🤷‍♂️

@tomc8777

3 жыл бұрын

Roman Volovik Well to live a stoic lifestyle your not allowed to have no self control you are taught to live by self discipline, wisdom and not be affected by vices like self indulgence as they have no value and negatively influence you e.g. drug addiction that goes against one of main aspects of it. Aswell as this, another main aspect is to always try your hardest , this is because the world is unpredictable and out of our control we only have power over our decisions and actions, you’re taught to accept the universe as it is but use you power through your decisions to affect this, if you fail you tell yourself I tried my best that is all I can do and the world will carry on with or without me so you reset and readjust your plan. None of this is what a drug addict does, quite the opposite, you should take another look into it for a few hours it does help with dealing with trauma and anxiety and I read that modern CBT is derived from this. it helps with mindfulness, stress and anxiety it can be a useful tool, i think you have got the wrong end of the stick with some parts of it.

@romanvolovik6495

3 жыл бұрын

@@tomc8777 I was not judging the stoic lifestyle but rather just this particular quote, which to me ( even though, I know, I have taken it out of context) seems quite stupid

This is something I've learnt from my dad's lifestyle AFTER he passed away. When he was on a higher position in government, we would go to his office only to see his colleagues spending money extravagantly on shiny cars and gimmicky brands whereas our dad kept his and our necessities economical which would sometimes infuriate us as children. Now that he's gone, his savings in investment schemes and real estate are proving to be fruitful whereas his retired colleagues are living off of monthly social security.

@fvs666

2 жыл бұрын

R.I.P your dad

@mcfuckinanotheraccount808

2 жыл бұрын

sounds like a really good and intellegent father and person. may he rest in piece

@brucedwaynezabdieldecastro4065

Жыл бұрын

rest in peace

I think my parents watched this video 20 years ago lol. They stayed humble their whole life, while they both have really good job. Now they can truly relax and help others with the money they gathered.

@laureneyre1480

4 жыл бұрын

I need help. Cant even afford a holiday 😂

I vividly remember a conversation I had in a small church group where they joked that someone had a $15,000 medical bill and who has that money? I did not want to say, me, the international student living on a $1,500 monthly stipend I actually have that because during the years each month I saved a bit - and I live in a cheap rental place and I drive an old cheap car and when I eat out it is an all you can eat buffet that is cheap. However life is not about saving money, you should upgrade a bit when things get better, just do not start with the upgrades. Start with the savings part and the goals: you need to have a rainy day fund for medical emergencies and for living off of it if things go bad at work. I would say you need to aim to have $20,000 saved + enough money for living for a year at least. Also you need to build up towards a fund you do not touch but invest for retirement. If you meet these goals you can spend a bit more if your salary increases but not to the detriment of these goals. Also rainy day fund means MAJOR emergencies like medical or something ... not a bigger TV. That is not an emergency. I knew some of the guys in the group were dead broke, in debt and then bragged about the bigger TV they bought ... and I was like ... with what money? You do not need that.

@pedrosilvamusician

4 жыл бұрын

Very unfortunate that people in the us have to think anout saving for medical emergencies and for retirement. Even though my country is poor, if you re a worker with everything legal, you re a tax payer etc you get a retirement fund and get free medical care

@therevolution91

4 жыл бұрын

Maybe you would need to use geo-arbitrage.

@iqi616

4 жыл бұрын

Good for you Andras. Keep it up!

@kralexprofill4571

4 жыл бұрын

​@Gammon Honkler You basically just have to live neither in most of Africa nor in the US

@StumpyVandal

4 жыл бұрын

Gammon Honkler pretty much every developed country with the exception of the US has socialized medical care. Illness is the number one cause of bankruptcy in the USA; to outside eyes this is unforgivably barbaric.

My father always reiterated “always save money every paycheck” the older I get the more I realized how much ahead he helped me become.

I would argue that one of the points of making more money is to improve your lifestyle. Yes don't waste money on stupid stuff or to impress others. Yes you should ideally always save money. Yes still take advantage of deals etc. But please do enjoy your wealth. Spend on yourself and your loved ones.

@icelandicfaeinPNW

4 жыл бұрын

Most people don't know how to do this to a healthy degree though, which is why this video was created. Like the guy said, something like 70% of Americans live paycheck to paycheck.. that isn't right. It's completely possible to live extremely comfortably while still being smart with your money, my single dad has been doing it excellently for years.

@icelandicfaeinPNW

4 жыл бұрын

That is, if you have a decent income

@sheepyfox1773

4 жыл бұрын

@@icelandicfaeinPNW very good point, when expenses rise at larger rates than income, it's far more likely that one will be working paycheck to paychck

@danielnigusse8044

4 жыл бұрын

Your lifestyle isn't dependent from your wallet. It is dependent from your mind. It doesn't matter what you get, what matters is how you think what you get.

@cisium1184

4 жыл бұрын

That is true. But first you need to know what *your* lifestyle is. Only then can you know which expenses improve it and which are just pissing money away. One doesn't improve his lifestyle by simply buying every new thing that comes out or that his neighbors buy - that's not your lifestyle, it's somebody else's. You have to decide for yourself what you want to spend money on and what you don't - and then you have to stick to those priorities. A lot of young adults have trouble doing this, because they care so much about fitting in or being envied. Basically it is a self-confidence problem. And of course you need to make saving a percentage of your income Priority One, before you buy anything or pay any bills. A lot of young adults have trouble with this too.

Therapist: What do we do when we feel miserabel? Me: Add it to the shopping cart Therapist: NO !

Wow. A 50 percent raise. Are they still hiring at Mike's company? Nice video. Thanks for sharing.

@aenorist2431

4 жыл бұрын

Might be 2 Dollars raised to three, always ask the absolute ;)

@DHFreaki

4 жыл бұрын

And it wasnt just a raise, he's got promoted, thus having more responsibility

@gronksteady

4 жыл бұрын

30-45 is not that big of a jump for a promotion. Percentages lose significance the lower the numbers get. Losing 2 dollars out of 3 dollars means you lost 66% of that money. It's not that much money, but a very significant percentage, in terms of loss. Yet, losing $66 out of $100. A 2/3 raise from $30,000 would be $50,000. $30,000 is a low salary, so the 66% is not unreasonable. Yet a 66% raise on a $100,000 would net $166,000, which is far less reasonable. If you can't go from $30,000 - $45,000 by significantly increasing your skills and earning a promotion, you're at the wrong company, and your company is a dying breed.

@alxbkers

4 жыл бұрын

A promotion is not the same thing as a raise.

@TannerCLynn

3 жыл бұрын

Lol I was thinking the same thing

I like the other Fight Club quote "the things you own and up owning you"

@tomkat69pc

4 жыл бұрын

i think the original quote is from Gandhi ..

@milka_butterfly

3 жыл бұрын

That movie is great

We buy things, we don't need. With money, we don't have. To impress poeple, we don't like. ...best ending dot!

@JACOPO.OFFICIEL

3 жыл бұрын

Fight club

@Dustpuma1

3 жыл бұрын

Yea fight club qoute

@DonnieX6

2 жыл бұрын

Just that this quote is neither from the Fight Club book nor movie. If you don't believe it, have a look yourself... ;)

I need to say that this is a really good video, in fact, it's actually one of the best advice videos I've ever seen. When it comes to managing our finances, it's very important to be smart about it. I know it, I myself have done certain bad financial decisions in my life and it was just so painful to see what I could have spent my money on instead (things that could have been so much more useful to me and could have improved my life in a much better way). I hope that this video is going to be useful to a lot of people. It definitely was useful to me, you can always learn something new when it comes to managing your finances.

It's never too late to learn or too early either. You're teaching me alot of stuff that my school & my parents dont teach me . 🙏🏻❤

@sunofpeter2

4 жыл бұрын

yes i agree, i am in the same boat. But an old dog learning new tricks isn't the same dog.

When I was young and poor, I was happy to dream of getting rich and then becoming happier. Making money was painful and I wasn’t happy. Now I’m not interested in spending money or getting more. It takes the joy out of life.

@emissarygw2264

4 жыл бұрын

I find having goals and anticipation of things I'm working toward keeps me excited about life. When I run out of things I want, I end up a slob and just do nothing.

@SuperReallyNice

4 жыл бұрын

Even tho now I have more, I don't spend more.

@syrosyndicate0001

4 жыл бұрын

Money shouldn't make one happy Happiness will make one rich

@syrosyndicate0001

4 жыл бұрын

Money shouldn't make one happy Happiness will make one rich

@xFullBusterGaming

4 жыл бұрын

Platmus the problem is that happiness doesn’t make rich either

gambling is the worst

@the5thmusketeer215

4 жыл бұрын

You bet it is! 😉

@tenand11

4 жыл бұрын

@@the5thmusketeer215 oh! you bet? haha

@theory8sf

4 жыл бұрын

I have a friend who’s like that and he even went into debt to do it! Credit cards and payday loans And he lives in Las Vegas lol!

@eyeq7730

4 жыл бұрын

Unless you're a professional gambler...

@lrdalucardart

4 жыл бұрын

@@eyeq7730 That would Gamble on stocks then.

I have been working on changing this part of my life in the last year. While yes my income has doubled, what really is making me more comfortable are my lifestyle changes. I downgraded my apartment, and started doing frugal diy repairs instead of replacing things. For instance I do my own car work, sure its not as good as a pro, but I only need a functional vehicle not a pretty one. I have hit hard times multiple times since I have made this lifestyle change. Been through about 4 different jobs! However since changing this I have survived and not had complete breakdowns because of the hardships. This video is great advice.

"Essential expenses: food, housing costs, HIS CAR, ..." 🤣 USA in its best. The car stands in the same row with food.

Thank you I was about to buy a $3000 motorcycle just before I watched this video, when there is a $1800 dollar one, and yes I want to impress the people I dont like All I need is a simple means of transport... and I dont need to impress those people

@mathieuvart

4 жыл бұрын

Invest this money in knowledge; even poor, knowledge stay.

@sendalunar2974

4 жыл бұрын

I was about to buy a $7000 car and then bought a $1500 scooter. Never been happier!!

@emissarygw2264

4 жыл бұрын

@@mathieuvart knowledge does fade, unfortunately.

@chodxnielmobile671

4 жыл бұрын

EmissaryGW2 that is not true at all! A deep rooted understanding of what makes someone happy will stay with them forever!

@johndirac6707

3 жыл бұрын

Make sure you invest the remaining money!

Just want to say i listened to this video years ago amd now im making more money i appreciate what i have and invest most of my money and really consider everything i buy. This video was a building block for me in my life so credit is due 😊

@dannys69

2 жыл бұрын

this video was posted last year

I am soon inheriting some family property, and I was thinking of my changed lifestyle. No , I will be wise , I'll take care of money and investments. Thank you

I love how Mike is always smiling inspite of being such a screw up :)

@arcticblue7514

Жыл бұрын

😂

There's also this line of reasoning that is a trap very easy to fall in: you have a lot of money compared to what you spend, like I did when I got my fist job, still living with my parents, earning 500€, spending about 50€ a month, and with 3000€ in the bank. So you got all that money, and your expenditures make the digits on the right move, but the ones on the left have been still for a while, or going up, and that starts giving you a sense of security. Then you see a pair of pants that is really expensive and you think, _"hell I have lots of money"._ Then you have a coffee somewhere expensive and think _"damn this coffee price is robbery! Ah hell I have lots of money"._ And you keep expanding this reasoning all over the place, and before you know it, the digits on the left have plunged.

I'm actually glad you touched on this topic because this is so true. It is so easy to fall prey to lifestyle inflation. But as you said in the video, with goof spending habits, you could avoid it. Well said and well done.

I recently got a new job that pays me the double that I got. Despite of some really necessary things (like fixing my old computer) I'm keeping the same expenses and I keep controlling it in the same way when I received half.

@icemans1matedude339

2 жыл бұрын

Im proud of you. You are staying out of one of the worst financial traps and living the life you want to pursue. Keep on rocking

Thanks for making this video. It just reinforces my decision to keep striving to live at my current quality of life and not impulse buy, even when I feel that it would help me(but actually won't). Great tips.

That call to action @ the end was amazing. Thank you for that!

did you win the lottery? yes what did it cost? everything

Tyler Durden approves of this message.

@tarvoc746

4 жыл бұрын

I don't think Tyler approves of doing anything for the purpose of saving money. Tyler Durden is the type who would rather set tons of money on fire just to see a bunch of space apes get salty over burning paper before even considering to keep the money for himself.

@hali_moto

4 жыл бұрын

@@tarvoc746 Sounds like you know him well, say hi to him for me.

@tarvoc746

4 жыл бұрын

@@hali_moto I've seen and read Fight Club quite a few times back in the days of my teenage anarcho phase. Is that what you mean? If not, here's a little secret for you: _He's not real._

@leon.damjanov

4 жыл бұрын

@@tarvoc746 Or maybe he doesnt want to fall into the consumerist trap. He may not be real in Fight Club, but his character has definitely opened the eyes of alot of people.

@tarvoc746

4 жыл бұрын

@@leon.damjanov True, true. I'm just saying if what they take away from his philosophy is "I need to save my money instead of spending it all", that's probably not _quite_ what Palahniuk intended with the Tyler Durden character. (Incidentally, if _everyone_ cut back on consumption and just saved their money, the economy would run into a demand crisis, where produced stuff isn't sold anymore, which results in businesses going bankrupt, people losing their jobs and small savers losing their savings. Tyler Durden would have a field day with such a situation, he might even use the chaos and instability as an opportunity to mobilize people for his revolution like so many demagogues have before him, but I doubt it'd be in the interest of most people here. Now I absolutely don't want that to be misunderstood as a call for wasting your money on useless stuff, I'm just saying that's how our economic system works.)

Your art style is incredible and you deserve a lot. You out a lot of work in and you make every ones lives a little better than they were yesterday

Truer words have never been spoken. I tell clients this all the time. The question is, how to get them to listen. Great video. Thanks for spreading the word.

I am decreasing my life style (even the necessary one's like skipping meals), As much as I can, So I work less and less So I would have free time to do what I want. And I am caring less and less what people thinking of me. it doesn't matter at all.

@laggedxx

4 жыл бұрын

Don’t skip meals. You’re doing more harm than good. You can decrease food costs, though. Well, as long as you still get enough nutritional value.

@biscuit9890

4 жыл бұрын

Good going. Skipping meals aka Intermittent fasting will help you ward of diabetes and other illnesses as well. Hence saving more money for later on healthcare expenses!

@danielphasey9073

4 жыл бұрын

Well done. It's only when we reverse the formula an start thinking of our money as time (instead if our time as money) that we realise our most important commodity is time. None of us know how long we have and I hope that when I'm laying in my coffin my time has equated to more than a new TV every year.

@danielnigusse8044

4 жыл бұрын

@@biscuit9890 oh yeah fasting is the greatest thing that we can do to help our body to increase immune system, to decrease different diseases and decrease aging (meditation also). Just imagine who lives longer and healthier, regular western people or monks who fasts in different religions.

@iqi616

4 жыл бұрын

@@danielphasey9073 exactly right! Money _is_ time.

Thanks for the video. Awesome information shared.

I wish I found this channel last month and showed it to my mate would have saved him $2000 of superannuation. I learnt not to buy into lifestyle inflation after I lost everything in a housefire, I'm glad you're out here teaching this lesson so people don't have to learn the hard way like we did, thank you we need more of this education in the world

you are an amazing "life teacher".. all of the videos you post here are gold. I'm really happy KZread algorithm worked in my favor.

The problem is not “lifestyle inflation,” it’s actually living without margin. If you spend everything you earn every payday, there’s nothing left over for emergencies or for long-term savings or investments. So you should always live on somewhat less than you earn. In other words build some margin into your budget.

@SnootchieBootchies27

3 жыл бұрын

What's this "budget" thing you speak of? I don't think i have one to build things into..

@Mike__G

3 жыл бұрын

Yuuup Lots of,people hate the “b” word. Maybe call it a spending plan instead. Spend your money on what you really need and want instead of blowing it on stupid stuff.

@bentonrp

Жыл бұрын

You are mostly correct, sir. But I just want to add that Lifestyle Inflation Can be the root problem in some of these cases. Because it can actually be a big reason Behind why many people simply do not budget correctly, in the first place. It's rarer than failing due to neglecting to make a bugdet, sure, but there are cases where Lifestyle Inflation was the problem *despite* the fact that those people made a budget. That's because Lifestyle Inflation makes it harder to *stick* to a budget formed with the mindset of a prior and lower status level. It comes with new, unfamiliar (and therefore unforeseeable) opportunities to increase expense; Luxuries that you were never surrounded by before come into access when you upgrade a single, small aspect of lifestyle. Now you have to become better at avoiding temptation, countermand prior, menial expenses against the lack of access to anything as affordable in locations that any lifestyle upgrade will take you. Lifestyle upgrade Can be the problem, because a new lifestyle is unfamiliar to a person, and so are the many eccentric details. Those unfamiliarities cannot always be forseen or budgeted in. A lot of peolle get trapped into having little other choice than to bite off more than they can chew or they can't afford to get any lifestyle upgrade that they really want. That's what makes it hard to take it "little by little," and what makes Lifestyle Inflation ... sometimes so dangerous.

The channel is the best thing that has happened to me in a long time

This video is actually great. Learned one of my biggest mistakes. Thank you for the information

His voice is soothing, kinda makes us pay more attention to the video and think about it afterward. I am glad I stumbled upon this channel. (:

What's wrong with a 6$ watch? "Promoted by wish"

I love the movie Fightclub, I watched it many years ago and it also influenced me in lifechoices and how I see posseions. Very good movie, couldn't recommend it more

Great Post, thanks for making and sharing👍💖

Thank you for identifying this! I am not old enough to move out just yet (nor do I make the money necessary), but I can see myself showing signs of these concepts, and now that I know it’s an issue, I can use that knowledge to educate my future plans and ideas.

As soon as I paid off my student loan I opened a saving account and redirected the monthly payment into it.

Thank you. This video is purely helpful. I appreciate the work you are doing here so much. Keep grinding!

Love your vídeos! Thank you!!

An Arabic saying goes that three things determine a person's life: command, wealth, and bad luck.

Income : 1000, outcome : 800 Income : 2000, outcome? still 800! Save the 1200!

@davidlarsen1981

4 жыл бұрын

Save for what? People always just say "anything you earn beyond sustaining yourself out aside for savings!!!" Like it's some golden rule.. so now you can dienricg with a life full of regret because you were basically a slave saving money for your kids. A balance between saving a little for emergencies and also living a life with great experiences is probably a nice comprise.

@trance1986

4 жыл бұрын

@@davidlarsen1981 for finance independence lol. Man I save and invest over 50% of my income and soon enough I will be able to quit my full time job to either work part time or do something on the side I will enjoy a lot better than the regular work week.

@hadishams5732

4 жыл бұрын

@@trance1986 👍👏 congratulations

@naturegirl2110

4 жыл бұрын

@@trance1986 What do you invest in?

@trance1986

4 жыл бұрын

@@naturegirl2110 to make it short. I'm trying to diversyfie so index stocks dividend stocks REITs on fundrise a little bit of bonds and 1 rental apartment which will be ready soon I bought it recently. Also I have some on high yeild saving account. It's pretty bad now cause interest went from 2.1 to 1 % in the last idk 8 months

Great video! Thank you for making and sharing your grains of wisdom 🙂

Excellent video and point of view, thank you for the helpful information!

I think the technical term for this is, the Hedonic Treadmill, or, in layman's term, ”keeping up with the Joneses”

“Mo money mo problems.” Biggie Smalls

@grizzlynips

4 жыл бұрын

More money = less problems

@EctoGamer

4 жыл бұрын

Imagine your car's engine blowing up and then say "oh thank god i dont have more money or i would have bigger problems" and then continue loosing your job cause you have no transportation

One of the best KZread channels by far!

Thank you so much for doing this video. :) I know that a lot of people were taught since childhood to never talk about money with anyone...The thing is, it was a very different time when our parents were growing up that money was a much more physical thing- there was probably a lot more risk associated with someone knowing about how much one had. Anyways, I wish I knew this advice when I was younger! Thank you so much for your content :)

Ha this one actually makes me feel better, cause it means I'm doing something right.

Great Video

the best channel ever on youtube. keep doing the good stuff, sir.

Once you actually start looking people are falling for this all over the place. Great video!

great video and youre preaching to the choir here! ive seen it and lived it! when youre poor you can live off baloney and cheese, peanutbutter and jelly, and $.30 Ramen. you start making money then youre eating out, restaurants, better cars etcetera. Financial success depends on how you manage your 'lifestyle'

@wannawatchu66

4 жыл бұрын

And your lifestyle depends on your financial success.

@FuckYouWhosNext

4 жыл бұрын

@@wannawatchu66 not always! Sam Walton used to drive his old pickup truck for years. Warren Buffet still eats at macdonalds regularly and lives in the same house he has had since the 50s

@henryholsten8802

3 жыл бұрын

Ramen here is like 2€

From now on, I’m living by the motto: “Better than yesterday”

@musicpro7278

3 жыл бұрын

My motto is not about how much money u make is about how much u can keep

Excellent information I wish I understood 10 years ago! Thank you!

This is very good advice, I was fortunate that my father was smart and taught me early to avoid this pitfall of life.

0:40 Better than yesterday: "This is Mike." Me: What a surprise... Just kidding of course, I love your videos!!! Waiting for your next!

@anubhavsharma1761

4 жыл бұрын

lol

@henryholsten8802

3 жыл бұрын

I like it when he does his this is mike bit

If you live in a society that has an effective tax system then all of your essential expenses such as health can be met by the state because everybody pays in proportionate to their income

Wow, you just literally described my current situation. Recently I got a new job making almost 2 times what I used to, and I still don't have a Lot of money left in the end of the month.

@misterkeebler

4 жыл бұрын

At least you recognize it and can dial things back a bit. It's good to enjoy your new success, but ideally you want the increase in money to not leave you in the exact same net worth position, and to save some portion of the increase. By all means though, if that increase in salary got you from a lesser home or apartment on one side of town to a place you're much more comfortable living in, dont feel bad about spending a bit more. There are some things worth spending on that are truly beneficial to improving your happiness level. Just gotta be honest with yourself on separating the things you want for yourself versus the things you want to impress others.

I completely relate to 'lifestyle inflation' having unknowingly (prior to watching this video) been a victim of it myself 😔🙄. Great video 👍

My financial strategies: - I do register all my spendings in an excel table, categorizing, monitoring and evaluate them from month to month. I watch peaks in spendings and evaluate the cause of those. Learn and adapt from them. - Saving is first on payday. I'm not saving what _remains_ at the end of the month. I'm saving at the start of the month. If I have unexpected expense I can still cover it from my savings. - On every salary increase I take the increase percentage and let my lifestyle inflated by the percentage of the salary increase (thats where the monitoring of my spendings get useful). In that way I still spend more on things I would like but still have budget for increase my savings as well. Or you can apply the 50:30:20 rule: 50% of your salary should be the essential expenses, 30% of your salary should be the "luxury expenses" and you should save 20% of your salary in every month. If it's applicable.

I was taught this was called “Parkinson’s Law”

@MultiKingDeDeDe

3 жыл бұрын

I know it as coles law

That last quote was powerful, thanks for another great video ^^

I love your videos! I already knew about this topic, but I have friends who need this video!

I love that Fight Club quote

Not caring about People is a drug. It takes time to learn how to use this drug. Once you learn, you become ADDICTED to it.

@reachstar7828

4 жыл бұрын

I like it. 😄

@martyloso6433

4 жыл бұрын

What are you talking about?

@uremawifenowdave

4 жыл бұрын

Marty Loso I haven’t got a clue what he’s talking about either.

@wannawatchu66

4 жыл бұрын

@@martyloso6433 I think what he's saying is "not caring about what people think." He just didn't word it that way. If that's what he's saying, I would agree.

Thanks for the advice.

thank you so much for this :D im just a college student and i randomly found this channel u got a new subscriber

Money is good when you used it wisely. Mike needs to be educated more about emergency cash accounts, income protection and financial planning.

"Worst finicial mistake" literally not having common sense...

@BetterThanYesterday

4 жыл бұрын

Common sense is not common 😐

@iqi616

4 жыл бұрын

@@BetterThanYesterday exactly! And often common sense is common nonsense. Whenever I hear the words "it stands to reason" I know that what is about to be said hasn't been tested in real-world conditions! :D

@chodxnielmobile671

4 жыл бұрын

iqi616 I believe you miss the point of BTY’s comment. It was just pointing out how very many either lack the knowledge required to live happily and safely, or understand but fail to act.

Excellent advise!👍🏻

Thanks for the lesson✌️

3:00 this isn't a problem for me because i live in the Netherlands ☺️

@stefangrobbink7760

4 жыл бұрын

And the spending culture is not as insane here too.

I love the way that you show gold coins in the video when referring to saving money in the piggy bank because only gold is real money paper money is currency.

A lot of teachers in my state do this, they say they cannot afford anything and than I look through the classroom window strait at their 80,000$ car. I never understood how people would do that without noticing. My family was very poor and my mom always told me to buy what worked well and lasted long and not what looked good.

thank you for the video real facts!

Lifestyle inflation is your expenses expanding to match your income.

I believe this is happening in Government.

@blacksmith0316

4 жыл бұрын

This has always happened in Government.

Thank you for sharing, BTY!

Very good information/advice!

There's an old saying: "Expenditures rise to meet income."

@jeremypiper4309

4 жыл бұрын

It’s a principal of economics. Based on that you can deem what’s called someone’s marginal propensity to consume.

@christopherbenton2732

4 жыл бұрын

@@MyRackley , when is a good time to learn? Do you always start sentences leaving the reader wondering whether or not you're having fun learning or informing them that it is a good time for them to start? ...I guess it's a good thing you didn't mention composition.

@theycallme_X

4 жыл бұрын

@@MyRackley it would be quite obvious this was a mobile response as well... i highly doubt very many people use proper punctuation without autocorrect.

"Do you really need to get a new iPhone every year?" Yes, because they are designed to break down after a year so you buy a new one. That being said, I own an android because I like being able to afford food.

@sanderschat

4 жыл бұрын

Nezun Skyfire yes thats why they support up to 6 versions back... i guess peeps buying a phone every new year has nothing to do with the manufacturers but with the weak spine these peeps have and “neeeeed” another dopamine shot.

@oscarfrederickmaita5072

4 жыл бұрын

Jajaja nice!!

@reichan8363

4 жыл бұрын

It’s sad that most of iPhone users have this thinking. It’s worse because non-iPhone users also think that all iPhone users live this way. But there are also Android users who live like this. It’s not about the brand or the OS, it’s the lifestyle of the person.

@Brickswol

4 жыл бұрын

Rei Chan Thank you for using your brain and countering the ignorant generalizations.

@danielromero7867

4 жыл бұрын

I still have the iPhone 7 lmao

Great video 👍😊. My children loved it. It's so informational and straightforward and easy to comprehend.

Amazing video, thanks for this eye opening video....

It's ok to want to live more comfortably and to enjoy life, but saving at least 10-15% of your income makes a huge difference.