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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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Matt D'Avella Love what you have to say. I talk the talk and walk the walk. I graduated university debt free, bought my car in cash, I save 50% of my monthly pay cheque, I have zero debt, I’ve travelled to Asia twice and I’ve travelled elsewhere. I’m 26 years old. I have RRSP retirement funds and TFSA. I effectively live off $13,000 USD a year living within my means. Please reach out to me. I love helping people with their personal finances and showing them how to unlock their own potential.
Great video content! Excuse me for chiming in, I am interested in your initial thoughts. Have you thought about - Trentvorty Urticaria Victory Theorem (do a google search)? It is a great exclusive product for curing hives minus the headache. Ive heard some extraordinary things about it and my close friend Aubrey at very last got astronomical results with it.
I nearly made it, and because I literally did the opposite of what was said in this video I lost everything including my family. Real hustlers get it back and I'm building myself back up, and I won't be making the same mistakes again. #discipline
A good book is Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter. It advocates the importance of financial literacy, financial independence and building wealth through investing in assets, real estate investing, starting and owning businesses, as well as increasing one's financial intelligence to improve one's business and financial aptitude.
Your Money Or Your Life. Increasing our income, decreasing our expenses and investing the difference over the course of our life until we reach "the crossover point" in which we now are creating more money through passive income than we need to live on, making us essentially financially free.
Sure! I have developed a strong financial independence thanks to my full time job as a salesman, thanks to my live gigs as a musician and thanks to my family support. But the ultimate truth is what you say: spend less than you earn. It's not so much how much you earn. It's what you save that makes the big difference!!🙏🙏☀☀☀🎼
Quick Success Story: I had 21k debt on a car, which is now down to 4.6k. I had 12k in credit card debt from a failed business, and now have it down to 2k. its been 3 years since any debt was accumulated though I live with mom and make 25k/yr.
Main Question: @MattD'Avella How do you find success in independant filmmaking? I am an apprentice electrician and am taking the safe hard working route toward success. Though I've always wanted to create a creative worklife though havn't had much luck in Colorado finding creative work with a descent enough pay. Any tips?
I appreciate your time and videos. Thank You
*I'm currently living at home to save money. Although it may be a social step backwards, it's a HUGE financial leap forwards and I'm glad I'm doing it. I made a video about how you can save money fast for those interest!*
Rich ppl DO rent BMWs and do blow money on frivolous things like $600 dinners at Michelin rated restaurants. They may actually be some of the worst personal finance people out there. A lot of them just happen to also have very high income jobs.
+Robert Evans the idea is live your life fully and stop being so obsessed with money. Use your money to network yourself and improve yourself. Improve your quality of life. For people in the developed countries there are safety nets. If your country doesn't have universal healthcare please purchase a good health insurance. Likewise for your retirement plans. Being overly frugal and penny pinching is overrated. It won't make a big dent so long as you can increase your income. Consumption is a big part of the economy.
XY Gog you’re exactly right... you only live once. Don’t throw your one life away by buying stuff you don’t need, and getting in massive debt. Live frugal and debt free so you don’t have to be the guy who never goes out and spends money.
I am Greek and it's impressing how different things are for us now! a) No student loans, uni is for free b) After Greek economical crisis, talking about money is not a taboo. You may laugh, but it was pretty comforting being able to talk about not having enough money. It was, and still is, ok to confess you can't afford something. And you can say it out, proud and loud. You don't feel ashamed. c) we learned the hard way not to waste money d) we learned the hard way to carefully plan our payments e) when you spent half of your monthly income just for rent, you have to make sure that every euro spent, is a well spent one. For me, one other great rule, is to keep track of what you spent. With credit cards, that is an issue and at the end of the month you can be really out of what you can actually afford. (sorry for the long post)
Love what you have to say. I talk the talk and walk the walk. I graduated university debt free, bought my car in cash, I save 50% of my monthly pay cheque, I have zero debt, I’ve travelled to Asia twice and I’ve travelled elsewhere. I’m 26 years old. I have RRSP retirement funds and TFSA. I effectively live off $13,000 USD a year living within my means. Please reach out to me. I love helping people with their personal finances and showing them how to unlock their own potential.
Thank you for this. In the past 3 months i have saved a lot of money after watching this and you other video on minimalism. I didn’t realized i was buying so much dumb shi* i didn’t need. I feel like a weight has been taken off my shoulders. I want to live a simple life with intention . That’s what makes me happy.
If you have trouble not saving that paycheck that hits your account every month, try setting up an automatic ACH (free at most banks) transfer that moves $100 to a bank account you opened at another bank. Just let it grow there and don't spend it unless you have an emergency.
My favourite: “the myth of I don’t have” I can’t tell you how many times I used to use that as an excuse when I was young. Now I find genuine joy from finding creative ways to make due with what I have.
I don't get how the hell an American Student can buy all the things he desires? A Brand new car, a big TV and so on.....
No wonder you are very high indebted after College.
The banks at yours are very stupid.
Actually they are smart. You guys are very very stupid.
In Germany you CAN'T get those desired things so easily.
You don't have to go 'without' to pay off your debt, just go with less. For us it was staying with the small 1300 sq ft starter home for 30 years now. During our credit card debt days we drove old cars and paid off the cards. The house was paid off years ago. Our two most recent car purchases were low mile 'last year' models , we eat out once a week and sock away a lot of money. I don't wear designer clothes, my only jewelry is a wedding band, I drive a mid sized pickup, no cable or sat and I always buy a generation or two older phone. My wife has a few nice 'designer label' items but she gets them on sale. She hasn't purchased jewelry in years. All of this allows me to spend money on some of the highest quality hiking and backpacking items without worry. I even had expensive custom hiking boots made for me! Living large when you are young may feel great at the time. I am in my 50's and don't 'worry' about money. I pay attention, but I don't worry. I wish I could convey to the younger folks how much freedom this adds to my life.
One key piece of advice to understand financial freedom is to play a game called ‘cash flow’ created by Robert Kiyosaki (rich dad poor dad). Quite simply this game is pure genius in educating us all on the importance of raising your financial IQ..
I'm 27 and realized last year that I was living a really bad Financial Life, traveling with credit cards, no saving, and Lots of plans. This video changed me in seconds just realizing the things that we do just automatically, we buy cars, clothe, go to bars and order bottles, buy lot of technology not necesary, and we have no savings at all for the future.
Yes! I’ve been practicing this lately. I only spend about 50-60% of my check. I know I have more to spend but I DO NOT let myself spend it. It’s basically like I just don’t have it. I went from having $2 in my bank account the day before payday and now I saved close to $5,000. This is even after going on vacation and purchasing a new car! I still continue to only spend 50%-60% but I am able to save enough for those things without dipping into the other money.
Your videos are amazing, I know that each of them has thousands of comments but I thought it would make a difference to stop by and let you know that you are impacting one more life. I'm a new subscriber to your channel and I just love your content! Don't ever think about stopping. You're doing a great job!
I have been in debt for a long time, even in my teens years, no job or having temp work in NYC really digs deep into your mind and soul. I told myself I will crawl out of this and after listening to many stories of those past before me and their financial horror and successes.
The one that stud out the most is this. "Always no matter what happens pay yourself at least 10 dollars every week. You deserve to keep your money and build it for something great." it has been 5 years now, I can smile knowing that I am 100% debt free, and still paying myself first before any bills or rent. However, that $10 dollars has boosted to $300 per week. My savings account is no longer lower than my regular banking amount.
I have kept my expenses to a bare essentials as a minimum and I am happy to say I can finally breathe despite the absurd Living Wage in NYC.
The horror stories of NYC rents is true, currently from 1,500 - 2300+ /monthly. My biggest regret is renting most of my life and never took action to buy. Doing the math I have spent over 800k dollars on rents the past 15 years alone when I could have most likely owned 2 or 3 homes by now
The USA public school are at best pathetic in general when it come to educating the youth about life, the importance of finance and how it can make or break you.
My father died by the time I was 8 years old, my mother has been a strong single woman raising 2 children on her own however, she did not have a great education or had help explaining to her how money management was. She told me her worse mistake of her life is believing that the only way to live is by renting, and buying a home was a terrible thing to do.
For those in a financial debt.
Please, do not over spend, clothing, jewelry, smartphones, tech, etc all those things are great but know this, marketer and advertisers have studies the psychology of the human mind what make them tick, what drive individualism and how they can exploit vulnerable people to make them feel accepted in the social world. Resist buying things because you want it or you have seen your peers owning things. Buying an iPhone or Samsung Galaxy's smartphone for 1,000 USD is just ridiculous. Every year these companies and other will raise the bar on consumer product to see how far people are willing to buy them for. There is no stopping them from raising that bar unless you ignore those ads, trends and peer pressure.
Most of those features you will not be using or even know exist. You are paying for a brand, because it is the new shinny this year. It's like buying a $10,000 Ultimate gaming PC just to browse the web and play candy crush saga. Totally absurd and a waste of money.
for most people a $150 smartphone will do all it need to do to keep you connected to everyone else. And it most likely has more features and processing power than you can utilize.
that rant out of the way.
Pay yourself for your hard work, because being you isn't easy and it isn't free. You owe it to yourself to save something worth investing, for yourself, your kids and their future, and teach them how to use money to keep them from struggling like you are now.
I think we should all think about financial freedom at 40s. I have just start my financial freedom saving this year, as I'm 31, dept free and having a great career. And as my plan, after 10 years from now, I can have a passive income that enough for my monthly spend, so I can do whatever I want at any organization without worrying about my income or paycheck. 3 things that helped me to reach that kind of lifestyle are: recording my spending daily with Kakeibo method, audit my house with Konmari method and a financial plan with Excel. Thank Japanese a lot for what they have taught me :")
I have a good tip I've been doing lately. I like to put purchases on my credit card because I get cash back from it but then I'd get shocked to see my bill a month later so high. I didn't even know how it got that high but it was a lot of small (usually unnecessary) purchases. A lot of people recommend a cash budget but I think using your debit card helps too. You can see in one place how much you're spending and there is NO delay on it coming out of your account.
Hey, Matt! Thank you for this video. I'm from Brazil and we have a YouTuber here (Nathalia Arcuri, from the channel "me poupe!"), that talks a lot about how we have "moneyphobia" (a syndrom that makes us not talking about money). She always says that it's the first step for us to be richer and more comfortable in our financial lifes. She's changing others people's mind here. I'm Just saying all this because she is awesome and have already helped 3 Million people with her Channel. It's crazy. That subject It is reaaally important. Talk more about It!
If stock market fluctuations keep you awake at night, it would be better not to throw yourself into buying stock.
Investing to pay for higher education for your children, to finance a sabbatical or your retirement involve different investment strategies .
To invest in the stock market , it is strongly recommended you have an investment horizon of at least 5 years .
Tools and tips.
2. Define the analysis method.
A variety of analytical tools are available to gain a better grasp of the plethora of economic and stock market information.
The quantitative method analyzes some economic variables to detect trends.
Complementary tools exist as well. Contact your financial institution to find out what tools are available to you.
Tools and tips.
This video introduces the analysis tools and methods you will need to make informed investment decisions.
3. Formulate an investment policy.
This involves setting a direction for your portfolio. The direction is based on 4 principles.
Diversification means a decline by some securities is offset by an increase by others.
Tools and tips.
This video will provide 4 key tips to managing your securities well.
4. Evaluate and monitor your portfolio.
Some events may prompt you to change your portfolio to keep it in line with your investment policy.
Tools and tips.
5. Improve your knowledge.
The investment world is changing constantly, which means you must update your knowledge continually. Rather than being satisfied with what you already know, keep on learning .
Tools and tips.
Investment Portfolio Management.
Investment Portfolio Management is the art of putting together and managing various investments to meet specific goals. We will examine management strategy choices, asset allocation and investing strategies, and management of risk as they pertain to management of an investment portfolio.
Passive management is for investors willing to accept market returns. Using a fixed asset allocation with a portfolio comprised of index funds would be examples of passive management.
Asset Allocation Strategies.
Strategic Asset Allocation.