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In this video, I will share a simple, yet effective seven-step process to obtain financial freedom. How do you handle money after you have been paid? Where do you spend money? Do you have multiple bank accounts? This video will outline the seven steps that you may want to consider taking when you receive a paycheck. I will show you exactly how you can cut expenses, save money, and build a brighter financial future.
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I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
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Emergency fund is so important! Most people get in debt because they don’t have an emergency fund and are forced to take a loan out to cover an emergency expense.
Right on! Creating that buffer can help alleviate some financial stress
Most people don’t put in the effort to build an emergency fund. The amount of people I see at the tavern, drinking and smoking (both brands), yet bitching about how broke they are, amazes me.
Simple Finance so true an emergency fund is important! After watching Dave Ramsey’s videos I decided to start a goal to establish a 1,000$ emergency fund. I thought it would take 3 months to establish. It should only take 2 months to establish.
alot of credit card debt
Stylish America is still a newly founded country in comparison to German and many older countries. I strongly feel that the US is much more capitalistic than other countries.
It’s really unfortunate this isn’t taught in school.
Thanks for being our teacher Nate!
Thanks for watching!
It’s really no accident. People in debt are far easier to control.
Take economics and accounting?
I had to take a personal finance course in high school in order to graduate. It was a requirement for all students. Still is by my understanding.
It’s actually common information
As a retired teacher, I can honestly say that this and other life skills isn’t taught in our schools, which is unfortunate. This is good info for everyone. Thanks for doing this.
Thanks Norman, my school did not offer personal finance classes. I hope that one day schools will require personal finance class as they do with other subjects
Don’t people have parents in America?
@Mediterranean World it’s frowned upon to talk finance here in the states!
are not or aren’t taught in our schools……….(not isn’t)
@Mediterranean World – Parents in America are not strict.
Nate I started watching your videos 3 months ago and I had 45 dollars and my checking account applying some this advices i opened couple savings accounts and I have 5k dollars and my finances under control. now I getting ready to start investing in market stock …. nate thank you your doing a great job
Wonderful.
@RoseRose RoseRose wow
Good for you, Dylan. It’s called learning. Which schools and parents are not teaching nowadays. So, you have to get it digitally.
Make sure to do plenty of research before you invest in the stock market. It’s easy to lose it if you don’t know what your doing.
dylan F.A. Wonderful!!!! I did it all wrong & it took me forever to learn to “live within my means”. Your life gets better & better as the years go by IF you do learn to live within your means. Our means is not always very good when we start out in life, but it gets better & better as the years go by! Some things he MAY be a little off on, but….he has good advice & IF you listen, you will do well! You make my heart smile to hear your comment! smiles!!!!!!!!!!!!!!!!!!!
I taught my children how to manage money. (savings, retirement plan, the difference between a want and a need, etc) My teachings have paid off and I am so glad I took that time with them:-)
Gail Hawkins….so wise of you. You did the best thing ever for your children!!!!! Algebra, trig….just how many of us EVER use that? Every day living survival….NO ONE teaches that, the very basic of what we ALL NEED! Your comment puts a smile in my heart!!!!
Please teach me!! Lol
Can you teach me? 😭
You are AMAZING! Most adults don’t have this knowledge to pass onto their kids. Glad you paid it forward.
I wish my dad taught me that! He just told me to figure it out and I’m in mid 20s learning everything so late 😭
1. Retirement account 401k/403b account, ~15%
2. Checking account
3. Necessities; food, shelter, transportation, healthcare, utilities
4. Emergency fund; ~$2,500 liquid and easily accessible, higher if you have a family
5. Debt payoff- snowball method or avalanche
6. Save 4-8 months of payroll; options- online savings or money market
7. Investments; example real estate, bonds, stock market
Thanks for saving our time 😊
@konika kaiser yup, but Nate is great at explaining things I’d recommend to watch anyways
I’m telling you, having that 4-8 month payroll is worth everything in gold! I lost my job and had started searching for new ones that fit my needs. Took about 2 months. My payroll fund had me covered no problem. Not having to worry AT ALL about how you’ll pay your bills is a god send and I recommend EVERYONE do this as well. Looking for a new job almost felt like a short vacation haha I was able to take my time finding the right job for me rather than taking what was available to start paying the bills. Thank you for sharing this information, a lot of people could use it myself included.
Good job on that! I hope you are still enjoying your job you chose 🙂
Hey just saw your comment…idk are you willing to answer but how did you create that 4-8 months payroll? What percentage of your paycheck did you put in online savings? Did you put that percentage of every paycheck or just once? I’m an 18-year-old and trying to figure out money management, your help will be much appreciated. Thanks
@Ivan Jaman every case is by individual circumstance such as I was a truck driver so I was able to save on rent and most bills one would have to pay being local such as having a car/insurance so I didn’t have many expenses. I was able to save majority of my paychecks. What I would recommend is write down a list of all your spending. From bills, to food, to entertainment etc. Once you have that down, come up with a goal. What is the amount of money you would like saved by year’s end? And if not a money goal, just save a percentage of your paycheck you feel most comfortable saving. So lets say 10% for example. After you reach your total for monthly expenses, take out 10% of the remainder and throw that in your savings and the rest will be spending money or you can save that too if you don’t want to spend it. You might want to start off your savings percentage a little higher to also build your safety cushion such as if you want to have $2,000 as a safety net. Once you hit your cushion goal, decrease the amount for your overall saving goals. Also, if your company offers 401k i recommend investing into that at the highest percentage they allow you too which is usually between 1-5% of your pay. It might seem annoying or a lot of money to save at the beginning but once your have that initial start, the snowball effect is insane. Before you realize it youll have so much money saved along with your safety cushion for emergencies like i spoke on. You’ll 100% breathe easier and that in itself self is priceless. Im happy to hear a 18 year old is trying to better invest their money, I wish I was that smart at your age. Keep at it brother, you’ll definitely be in a better place! Also, don’t put yourself down if you spent a little more than you wanted or didnt save enough that one month! That’s totally okay man, no one is perfect! As long as you hop back on the saddle and keep striving towards your goals is all that matters! Best of luck!
@Santi 95 thank you for your answer! best wishes
Yes I agree I hear 6 month of living expenses but I’m in favor of a 6 month to 1 year of pay checks saved up. Not been easy for me late started . But paying myself first is helping the most
Been paying off credit card debt. Credit score went up 78 pts due to credit utilization. Savings account getting healthier. Started 401k. Thanks Nate! I feel in control now
Nate is a rare gem for his age, especially when it comes to practical financial wisdom. I’m in my 60s and so glad I practiced fiscal responsibility from my youth up to the present. Don’t just watch this video, put it into practice NOW.
What an awesome video! Explaining things point by point and shooting the idea of building a safety net before investing – sublime job Nate! Why haven’t I learned this throughout my school and college years?
I love these tips. I used the snowball method to pay off my car, personal loan, and iPhone this year! Each small thing I paid off, I put that exact amount into the next smallest debt payment. I only have my credit card and student loans left and I’ve built up my savings account slowly this year too. I love the advice about having the emergency fund in a checking account. Thanks Nate!
Nate I was a retirement planner and I started when I was 20.
You are the most focused guy your age that I have ever met in 42 years. You must have had some one in your life that guided you in the right direction. Your knowledge blows me away
.
*I find it hard to believe that people stil do not understand that with the direction the world is going we all need to find some sort of escape plan when it comes to our finncial life , keep for the future because believe me guys you will be left behind*
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I’m new to investing
How do I get started with a professional?
How do we go about these things if your a contract worker
Illustration ouuu uiilli
Great video has a value knowledge. Running towards financial freedom.
I plan to find the job that have $1K per month salary because i have the certificate that i have collected from schools
I just completed a bunch of financial classes this entire month and you explained everything in one video 😅👌🏽 amazing! You’ve got a new subscriber ❤️
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere??
I’ve overlooked the importance of having put the higher percentage into my pension and I am 58 now so I will be working until I drop, I will be aiming to put in as close to 15% of gross salary as I can from now on (as well doing something else for “side cash”. Thanks Nate, I will also share with my family and friends.
I wish there was a mandatory class in every school for “crucial financial strategies for life”. Thank you Nate for doing this.Your generosity with giving out this for free to all speaks a lot about you as a person!
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ”Missing the train” vs. ”losing your money”. There are a lot of trains, but if your money is gone, it’s over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Nobody knows anything
You need to create your own process, manage risk
and stick to the plan, through thick or thin
While also continuously learning from mistakes and improving.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I’ve netted over $600k in that time frame
Do you mind sharing info on the adviser who assisted you? I’m 39 now and would love to grow my stock portfolio and plan my retirement
Well i won’t say i have……..His name is “Nolan Velden Brent” can’t divulge much. Most likely, the internet should have his basic info, you can research if you like.
Your videos are always on point ❤ You and Gary Joe Wilde are highly recommendable investing coaches every investor who wants to get rich investing must work with and embrace closely. Unfortunately, don’t know why Gary chose not to own a video channel here like other experts. He is long-established and very advanced in the field.
Cardone too. Btw, Gary Joe Wilde is SEC regulated. They aren’t permitted to own or operate an Investing video channel.
@P.K McCain Any idea how I can reach Gary and his charges. I Love the testimonies I have seen about him by people on cnbc make it.
@Hope Robin Run a quick search about him you might see something… I remember Chris and Brian often recommended and promoted him in their early vids…It’s been a while though. Learned he is a mentor to many reputable pros here.
I prefer gary’s method; exactly what i wanted very simple&straight forward you get to monitor your positions. In all honesty, wish i had known about him earlier. i’ve smoothly secured over 40K gain with my positions a few months with him.
@higson Same here wish I knew him before the crash.