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59. It is time to spend some money! Are You Afraid?
YouTube Link: https://youtu.be/62aEsQxL_p8
🔔 Subscribe for more tips just like this: https://www.youtube.com/channel/UCcja7IBZ2VZVsCdmGDjZiRw?sub_confirmation=1
-----Contents of this video-----------------------------------
0:00 - Intro
0:20 - When is it ok to start spending money?
0:54 - #1: You are out of debt
1:11 - #2: Have emergency fund in place
1:20 - #3: You have your insurance in place
1:33 - #4: Saving at least 15% towards your retirement
1:43 - Start Enjoying Life
2:37 - One thing to remember
2:40 - Share, Like, Subscribe
3:07 - Watch this next
There are not a lot of people out there, but there are still some that would save, and save money all their lives without actually enjoying some of the money as well.
The Purpose of this video is to bring awareness on when it is ok to start spending your money. When I say start spending your money, I am not just talking about fulfilling your needs like, food, shelter, clothing. I am really talking about fulfilling your wants like going to a restaurant for a night out, like going on a nice vacation, maybe even buying a car that you dreamed about for so long.
Here is when it is ok to start spending money on those wants of yours:
1. You are out of debt (not including mortgage or manageable debt like a reasonable car loan). Here, I am really talking about unmanageable debt, like credit card debt, and any other debt that is dragging you down
2. You have your emergency fund of about 6 months worth of expenses.
3. You have the necessary insurance in place, like medical, life, car insurance, home insurance, and any other that you really need.
4. You are saving 15% or more of income towards retirement
Then by all means go ahead and start enjoying life. Go on that date night out with your spouse, go on that nice vacation that you always wanted. Start enjoying life.
What is the point of getting to the end of your life and all you can remember is save, save, and again save. You are working hard, saving and investing so that someday you can start to spend on what you really want.
All I am saying is start enjoying life while you are still doing all the right financial moves that I mentioned as being the prerequisites.
If you do the things in the right order, then life becomes very enjoyable.
My wife and I wrote the book: “LIFE LESSONS: From A Wiser Me to A Younger Me” In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)
*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the posting and may not be accurate in the future.
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By VladimirYouTube Link: https://youtu.be/62aEsQxL_p8
🔔 Subscribe for more tips just like this: https://www.youtube.com/channel/UCcja7IBZ2VZVsCdmGDjZiRw?sub_confirmation=1
-----Contents of this video-----------------------------------
0:00 - Intro
0:20 - When is it ok to start spending money?
0:54 - #1: You are out of debt
1:11 - #2: Have emergency fund in place
1:20 - #3: You have your insurance in place
1:33 - #4: Saving at least 15% towards your retirement
1:43 - Start Enjoying Life
2:37 - One thing to remember
2:40 - Share, Like, Subscribe
3:07 - Watch this next
There are not a lot of people out there, but there are still some that would save, and save money all their lives without actually enjoying some of the money as well.
The Purpose of this video is to bring awareness on when it is ok to start spending your money. When I say start spending your money, I am not just talking about fulfilling your needs like, food, shelter, clothing. I am really talking about fulfilling your wants like going to a restaurant for a night out, like going on a nice vacation, maybe even buying a car that you dreamed about for so long.
Here is when it is ok to start spending money on those wants of yours:
1. You are out of debt (not including mortgage or manageable debt like a reasonable car loan). Here, I am really talking about unmanageable debt, like credit card debt, and any other debt that is dragging you down
2. You have your emergency fund of about 6 months worth of expenses.
3. You have the necessary insurance in place, like medical, life, car insurance, home insurance, and any other that you really need.
4. You are saving 15% or more of income towards retirement
Then by all means go ahead and start enjoying life. Go on that date night out with your spouse, go on that nice vacation that you always wanted. Start enjoying life.
What is the point of getting to the end of your life and all you can remember is save, save, and again save. You are working hard, saving and investing so that someday you can start to spend on what you really want.
All I am saying is start enjoying life while you are still doing all the right financial moves that I mentioned as being the prerequisites.
If you do the things in the right order, then life becomes very enjoyable.
My wife and I wrote the book: “LIFE LESSONS: From A Wiser Me to A Younger Me” In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)
*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the posting and may not be accurate in the future.