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A Minimalist Approach to Personal Finance

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  • ℹ️ Description

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

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

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💬 Comments on the video
Author

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

Author — Matt D'Avella

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"You can't afford something if you can't buy it twice" - my favorite advice!

Author — Kornelia Milewczyk

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

Author — Svetla Nikolova

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

Author — Asief Dhansay

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"Make more money than you spend" is really the golden rule of personal finance

Author — Jake Jones

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

Author — Jennifer Heyden

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

Author — Lughnerson

Author

It’s safe to say that Alec Payden is indeed legitimate after a succession of payouts. I have no doubts investing more, he even turned down my gift token and asked me to give it to charity saying, “God has blessed with everything I need, be His servant and help the less fortunate” .

Author — Dickson Grant

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

Author — Weeper Man

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

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

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

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

Author — pstratt

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“We buy things we don’t need, to impress people we don’t like with money we don’t have”

Author — jwcfree Tv

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growing up dirt poor teaches you these lessons

Author — mattbandz47

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I got out from under a quite large debt, and i made it because i want to own myself and my time. I used this formula to keep my spending in check:
X amount of money= x amount of time i can spend like i want without worrying how to pay for my basic needs.
I wrote this on my smartphones lockscreen: The most valuable thing your money can buy is freedom. When people called me extreme i told them this: i hate my present financial situation. I will use any legal means to make my sitaution better. I don't care about keeping up with the joneses. I will live in a tent if i have to, and eat the same food for a week if i have to.Laugh all you want, i really don't care. This is important to me.

Author — Frm

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I use two checking accounts and one savings. One checking account is for bills while the other is reserved for misc. spending (gas, groceries, eating out, and other non-recurring expenses).

Every week I put $150 in the misc. account and if I have a surplus at the end of the week I just add another $150 to that. If car maintenance or other unforeseen expenses come up I typically have money to pay for them without touching my savings and I know I’m spending exactly $600/month.

Hope this helps someone!

Author — Trevian Harrell

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

Author — Nihal Dabi

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Best short book to read is 'The richest man in Babylon'.

Author — David D

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You deserve to be debt free”
You deserve NOT to live paycheck to paycheck”

Hats off to you, you’ve said it all !!!

In another one of your videos interviewing someone, I learned spending money on WHAT REALLY MATTERS TO YOU is so much healthier than spending money on everything. Live your life rather than a copy paste life.

Likewise, I learnt from your videos that it’s okay to spend less than you make but it’s also great to look for ways to expand your means, put it simply to find ways to earn more.

Last, if we truly value financial independence and all the substantive effects of it I’m certain we’ll find a way to get there and it may feel so so good ...

Author — Manos Koukourakis

Author

Eat 2 meals(or even 1)per day while intermittent fasting. No fast food or processed crap.
Take cold showers.
Open a window for light instead of turning lights on.
Don't drink sugar drinks or smoke cigarettes.
Consider a bicycle for local travel.

Author — Butter Johnson

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"The Millionaire Nextdoor" talks about one millionaire who's reward for a goal was renting a video, making popcorn and enjoying the evening with his wife.

Author — Neil LaDow

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My rule is that “if you can’t afford to pay for it with cash you can’t afford it”. I do own a credit card, but it has a zero balance. I use it to pay bills only and pay it off at the end of the month. A great credit score is a good thing to have.

Author — Scott D