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A Minimalist Approach to Personal Finance

63499 ratings | 1963413 views
Get exclusive content: http://patreon.com/mattdavella 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. New videos every week! New podcast every Wednesday! My gear... https://kit.com/mattdavella ^These are affiliate links. I only recommended products that I use & fully endorse. Subscribe: https://goo.gl/nzS5ri Podcast: http://groundupshow.com Instagram: http://instagram.com/mattdavella/ Twitter: http://twitter.com/mattdavella/ Thanks for watching!
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Matt D'Avella (8 months ago)
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. Sign up to hear about it... http://mattdavella.com/newsletter
Jonathan Cogger (10 days ago)
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.
Arwin Arriz (13 days ago)
Excellent. There's no point not to subscribe. Thanks.
Patricia Bergman (23 days ago)
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Alex Vidu (1 month ago)
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Trinder3467 (2 months ago)
Matt D'Avella Just watching Dave Ramsey’s videos, you get to be good with money.
Hugo Luna (4 hours ago)
“Set For Life” by Scott Trench.
Vlad Abrudanu (1 day ago)
Nice job telling it like it is, one more subscriber here :D
R1 Million (1 day ago)
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
Joe R (1 day ago)
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.
Sara Taylor (2 days ago)
"Rich people are rich because they know how to handle their money." No offense Matt, but I can think of 3 examples off the top of my head that contradict that 😂 (Love your videos <3)
Debt free. Exactly, that's the key!
Karen Wallace (3 days ago)
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.
Valerio Mattei (3 days ago)
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!!🙏🙏☀☀☀🎼
Kingst (4 days ago)
Every paycheck i put away $200 away into another savings account that i keep locked away. Can't spend the money if it's much harder to get to
wendy Blue (5 days ago)
Are you Arab? Or half ? Curious question.
youngcharles thegoat (5 days ago)
Like I said before so inspiring
Jim Bauer (6 days ago)
Great video. Spot on.
BdogFinal14 (6 days ago)
So essentially, live off your parents for as long as it takes, to work off YOUR Debt. So, you transfer your basic living expenses to your parents while you get your shyt together. Brilliant strategy.
itsferinheit (6 days ago)
great video but if you let yourself be influenced by the kardashians or any other social media "influencer" you are an idiot and deserve to die in debt. SURVIVAL OF THE FITTEST
itsferinheit (6 days ago)
growing up dirt poor teaches you these lessons
Andrew Miller (7 days ago)
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
Sean Lei (7 days ago)
*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!*
Sovanary Chhuon (7 days ago)
Simple & straight to the point. Thank you.
Neo Comet (8 days ago)
A friend of mine canceled his credit card after he told me he payed with a debt balance of 0, it hurt his credit score but he said it was worth it.
galifinaki (8 days ago)
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.
Amit Shah (8 days ago)
Spendings on goods from the need perspective, not brand , quality or show off and try to increase your source of earning and saving with safe investment plan atleast 8 to 9% return. That's all
Soulful Sweat (8 days ago)
Good video, money is always a touchy subject for most people. But getting your financial status in check is one of the greatest freedoms we can give ourselves 👍👍
XY Gog (9 days ago)
Remember that you only live once. You don't want to be the weird guy who never goes out and spend money
XY Gog (6 days ago)
+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.
Robert Evans (6 days ago)
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.
Zach Chauvin (9 days ago)
Good video, but my question.. what kind of couch is that.
Lol why am I watching this I'm 13
annilaki (9 days ago)
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)
Brown Thought (9 days ago)
Tell me what you care about, then let me look at your bank account and I’ll tell you what you care about. Something I tell my soldiers all the time....
cleverchaleigh (10 days ago)
You wanna know what I blow my $ on...The Cost of Living!!....just old bills and groceries!! Hell, I enjoy curb-side shopping....which is free!!!
Jonathan Cogger (10 days ago)
Highly recommend the book called the automatic millionaire by David Bach.
Jonathan Cogger (10 days ago)
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.
だいSaber (10 days ago)
Man that's a life from where m I live like a child at 18. Drop out No job I feel hope less.
stephanie Lesley (10 days ago)
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.
Martin Manweiler (10 days ago)
rich dad poor dad
TATTOO MAGICK (11 days ago)
Matt, this was a life changing video. Thank you so much.
frenchfrete (11 days ago)
As an Asian, I was taught these growing up. I usually save more than 60% of my income. I once lived on 25% of my income. Mind you I didn't earn much. Roughly $1500 a month then.
ZIXERN DREAMZ (11 days ago)
Wow you’re super intelligent and I absolutely love your financial videos.🙏 Thank you for helping me open my mind to think about my financial freedom future!
securedigit (11 days ago)
It was cool and all until you broke the third wall 0:53
Cooper Young (11 days ago)
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.
Emily Davidson (13 days ago)
This was such a great video!
Trinder3467 (13 days ago)
6:58 What is this car? I see it's honda, but what's the model?
taylor hall (13 days ago)
Dave Ramsey! Totally Transformed the way I handle money. Now I save about 50% of my income!
Michael Niesner (14 days ago)
how to be better with your money... go buy these books :P jokes aside good vid thanks! :)
Modern Budget (15 days ago)
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.
300IQ Wizard (15 days ago)
I am an anti-consumer
300IQ Wizard (15 days ago)
I don't buy shit. I have one pair of sweatpants someone gave me, and a shirt I paid $1.50 for.
Jordan David (15 days ago)
You’re financially free because of rich supportive parents
John Jenkins (16 days ago)
Hey Matt... Really wonderful channel you have. Thanks for making these videos.
Evan Finch (18 days ago)
Just realized my expenses outweigh my income. 😬 Didn't realize because a loan makes it seem like I have more money than I really do. RIP.
River Billy (20 days ago)
Income- bills= savings. Make your wants your needs and your needs your wants. And never spend your money on bullshit.
River Billy (20 days ago)
I'm 10000 in debt. Never went to college. Trade school is the best option. No debt always have money.
Toni Caffierro (21 days ago)
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. Thank God!
Ollie Hopnoodle (21 days ago)
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.
Tatyana Edgeworth (21 days ago)
This video is very informative
Patricia Bergman (23 days ago)
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2wheelspy (23 days ago)
One of the best videos I’ve ever watched. Procrastination is the key.
youtuber (24 days ago)
Yo dude you talk really funny... kind of like a male valley girl voice.. you might want to think about making your voice more mature sounding
JamieinDubai (25 days ago)
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..
Aurora Lara (26 days ago)
I waste all my money on food 😫😫
Oliver B. (27 days ago)
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.
FLCLben (27 days ago)
Just checked your channel fron Matti's recomendation ... really cool stuff ! thanks for sharing !
Jordan Joseph (27 days ago)
Do charity bro, don't forget charity!
David Knight (1 month ago)
Google 50/20/30 and emergency savings. Use last month's pay to pay for the current month's bills. All you really need to know.
Snow Tiger (1 month ago)
Boring
Jordan T (1 month ago)
fucking hilarious. Telling adults to make more than you spend while you spent 2 years living for free.
Drake buroro (1 month ago)
I really like the videos you make everything Make sense. Keep up the good work 👍
Hamael (1 month ago)
How about "make more money than you spend" instead of "spend less money than you make"? Kinda same thing, but with a different approach, which turns it into two completely different things.
jon kenny (1 month ago)
The Bible can be used for financial guidance as well. Live within your means.....
Ulises R (1 month ago)
The 1st step to becoming debt free is to contribute to Matt's Patreon at https://www.patreon.com/mattdavella
Adrianna C. (1 month ago)
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.
Jacklyn Cunningham (1 month ago)
while in uni my money goes to rent, and food. That's pretty much it
Edmo Moraes (1 month ago)
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!
Foxy1 (1 month ago)
So much truth to this, it hurts.
Aliya Imadudeen (1 month ago)
1. spend less money, than you make 1:26 2. avoid lifestyle creep, we buy a ton of shit 2:24 3. make sacrifices 5:03
i have 23 years old and i got no cell!!!!!!!
Baruney gurung (1 month ago)
its not just about how much you earn. it;s about how much you save?
Marley Baird Media (1 month ago)
Great, sensible tips!
L W (1 month ago)
Best video on this topic. And I've seen a lot of them
Draken X (1 month ago)
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. Anyways. 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.
Studio Corax (1 month ago)
I understood personal finance just recently, what got me was a line from Mr Money Moustache - "Only buy what contributes to long term happiness".
João Igor Cunha (1 month ago)
omg, loved your hair back then
trang nguyen (1 month ago)
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 :")
Allinson Chong (1 month ago)
Love your channel!! Thanks for making this video.
Laura Adler (1 month ago)
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Илья Котов (1 month ago)
Аrе Yоu sеarсhing fоr gооd оnlіnе fіnance cоursеs . Ѕіmрly Gооglе sеаrсh аs "Zoe Talent Solutions"
Jeff J (1 month ago)
all i need is a decently fast and fun car to drive, and the rest i can go minimal at. lmfaooo.
carebear228 (1 month ago)
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.
Nguyen N. (1 month ago)
Where's my money, Denny? (the person, not the restaurant)
JJ Hayes (1 month ago)
I have learned to do a lot of things myself to save money. In this process I have become a better cook and have more patience. But's hard to do sometimes so I stay off social media to keep me focused.
Cristina M. (1 month ago)
Ok. So much advice on how not to spend money, and that’s fine, but what about focusing on making more money? Wouldn’t that be important?
Ta (1 month ago)
Whenever I want to buy the new “x” I think about all of the people who’ve done better things than me with something older or cheaper.
Remy LeBae (1 month ago)
Pro Tip #1: Don't use credit. You're already richer than 40% of Americans
Lee Nguyen (1 month ago)
I love Dave Ramsey!
Juliana T (1 month ago)
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!
Juliana T (1 month ago)
Actually, we need to heal from this moneyphobia
Todd Barraza (1 month ago)
i started do ledgers seeng whst i buy each week how much and how often i made a purchase
Here Iam (1 month ago)
I would say that if many people are living within their means the US economy would not be doing so well. Us people who are responsible for our finances do depend on people who always overspend.
Dani Marie (1 month ago)
Yes, expose the advertising, the brainwashing media. Don't buy products you don't truly support. Companies spend billions to convince you to want.
A Random (1 month ago)
My largest debt is $4 in dollars
Christopher Gerteisen (1 month ago)
You see? It’s all your fault that your in debt still. You spend spend and spend.
caroline mode (1 month ago)
You´re absolutely right about the third reason why we buy things, the procrastination one... :). I can´t becaouse first I need to buy.... whatever... Will work on that one to start with...

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