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I am 70 years old, and I never smoked a cigarette in my life, and I probably had a sweet, liquored drink less that 10 total. I don't have TV that is turned on. I do however belong to a YMCA to swim three times a week for 1 hour. But my health is great, and I don't take any meds. So, I feel very BLESSED.

1. Car payment 2. Spend more than earn 3. Spend selfishly 4. Buy don't consume 5. Increasing spending after raise 6. Buying the wrong discount 7. Listen to your friends

I saw a guy spend 48 dollars on cigarettes and sodas today. The economy must be booming.

I worked in consumer finance and the majority of customers spend 110% of what they gross.

Pro tip: since having a job in Western Europe is much more of a guarantee of a decent life than having a job in the US, maybe the bad habit keeping someone poor is living in the US

I think you should consider being more critical of the companies you accept as a sponsor in regards to the audience you address? investing in alternative assets such as art is considered high risk and closer to gambling than investing, so, it does feel a bit odd to hearing you recommend them.

I love your compassion-donation point of view: imagine were one homeless? That hot shower etc a great KZfaq connection - this video....thank you

I like the pick your friends wisely one. It's funny because I became the friend in my friend groups that wasn't really into drinking and clubbing. So when we all hung out I was the one not drinking and saving money while they are spending tons of money. Fast forward to today, most of them have basically developed the habits I created for myself years ago.

Pick who you listen to wisely🌱💛👍😊

Nice list! Lifestyle creep is real when raises are involved. My mindset has evolved over the years from spender to saver. I recently received a nice raise and my first inclination was to up my 401K contribution and pad my emergency fund.

That last point is so good. You are who you hang out with.

A comment on "Buy don't consume" is also about consuming less in general, aka "Content", it might not be that we buy to much stuff but the fact that we give away our attention/time energy on stuff that really don't affect our lives, for example the news, gossip, tv-shows etc.

Not sure what everyone else does, but in 2016 I bought a new 2015 Prius that the dealership was desperate to get off the lot to make room for their newer cars. You can negotiate the heck out of a car in this situation if you do want to buy new. Paid cash for it and all taxes and fees. Just bought the basic model and then, for cheap, later just upgraded it in a few small ways to make it more comfy, which was the right fit for us since we could afford to pay for those upgrades in cash as well. It's old now, but is doing fine. Not perfect like a 2024 car would be, but it's been paid off for years so we invested that money we would have had for a car payment into the stock market and retirement instead. It's never going to win any awards for being a perfect or good looking car especially now over all the years, but the decision made us a lot of money over all of those years and I just don't care to keep up with the Joneses on cars since cars are depreciating assets. I plan to run it imto the ground until it dies. It only has 90,000 miles over all these years and we kept up on all the oil changes and basic routine inspections and fixes as needed over the years so I'm hoping it still has a way to go. All the while with the money we made in investing over all of those years while still driving this car, we saved up enough to easily pay cash for the next car once this one dies. Personally I think the key is to pay in cash for all if not some or most of your next car if you can and to take basic care of it and run it for as long as you can and not to care what your friends and neighbors think of its looks. If people judge you for that, I think it's on them not you and that they aren't folks you'd want to keep company with anyway. Sorry for the long winded rambling but just my 2 cents. Could afford to pay in cash for any car on the planet pretty much but I still love my simple basic 2015 Prius! Trust me, in Silicon Valley I see a bevy of expensive cars and folks who try to show off the latest and greatest. Don't get caught up in all that hype.

Appreciating your suggestions. Thanks.

I wish more people talked about giving back! It will change your life!

This is so wise and I’m grateful for your knowledge. A few points did not apply but some definitely did and will be pondering on them. I especially love your thoughts on giving, so important. Blessings from bethanna grace in Tulsa ☀️

Hey Gabe! I've been watching your channel and your work for like a year now, I was really enjoying it, from the topics to the aesthetics (and cuts) and your overall great, inspiring vibes. I was a subscriber of your newsletter as well (but unsubscribed because some weeks it felt more like a spam, trying me to convert into the 5HYT course). And now this sponsor made me even more unsure if this channel is still a positive impact on me (I find it problematic to recommend investing in unpredictable art market which is a high risk, while talking about wrong middle class habits. It's pretty ironical, to be honest.) But I still wish you the best Gabe.

Great tips as always!

Do not tithe a church, they are wasting money & take a look at the church leader’s house. If you give, give right to the cause not an untaxed business.

Hi Gabe Another good video Yes it's good to have gratitude for basic health etc I think you have found your niche with money management We have all bought wrong stuff because it's been discounted lol You are making me more aware of what I pay out for Same goods just different prices depending on where you shop 'pounds'' add up Lots of love x

New to your channel and really enjoying the tips, thank you!

Great video, Gabe. 🙌🏻

That chart 😮 savings goal calculator Didn’t know it existed , THANKS 🙏

My parents allowed each kid to drive a used family car until we were a junior in university. It was NOT your car. When you became a junior you were gifted one of the used family cars along with the responsibility for the insurance. Mine was a 15 yr old Volvo station wagon. I finished working my way through Uni, got a job and saved $9K rapidly. Bought a Ford Taurus and gave the Volvo back to my family. I know I could have kept it and sold it but I was the oldest of 6 kids and I knew the next kid could use it, not to mention repairing a Volvo was too expensive. I drove the Taurus to 500K miles, donated it, took the tax deduction and found another. I have done that over and over. Currently I have a used Toyota Sienna that went 250K on all original parts. Since there is no acceptable car for my long commute at a good price I had all the repairs done with original parts and just will keep driving it as the exterior is fine. As long as repairs are cheaper than another sensible used I will keep repairing.

Such an important message! Thank you for sharing.

Gabe, I watched your video about dedicating to a video a week on KZfaq for a year and that video came at the EXACT time I needed to hear it- when I just started my channel. It was the one thing that really kicked me into gear. You the man.

nice video, thx bro

Facts. Was just telling my 3 teens, to start putting 10% of their earnings in the money market account I opened for them consistently & stay out of debt!

Thanks Gabe! Great video and I LOVE the recommendation to start donating. Tithing reminds me that it isn’t my money so instead of feeling like I am entitled to more I feel blessed for the 90% I get to keep that doesn’t really feel like it’s even mine :)

Self-discipline is the master key to wealth, practice, practice, practice, create the habit. I would write the word practice 28 times, but that may be too much, even for KZfaq.😀

Great video Gabe! Thank you 🙏🏼😊

Great advice as always, I just can’t help remain slightly mindful that I also need to enjoy my life too, I e lost too many people in my life too soon. It’s a balance

inspiration, I talk about Brazil and I always watch your videos.

Thankyou❤

Thanks for another great video Gabe. I’ve been living paycheck to paycheck, working long hours for a small salary (working on earning a raise and hoping it comes soon) but I have been following a lot of your financial tips for a while now and even though I am responsible for having my job with a smaller salary, I’ve committed to paying myself first and been able to start and continue to add to an emergency fund. My wife is fortunate to have a better paying job, so that does help our situation a lot, but I am thankful for your advice and my minimalist mindset to help me live below my means. Thanks again!

Hey mate, I watched your video and although it started like many others and then I got to the part "spend selfishly". I agree completely doing this absolutely gives meaning to money and helps to crystalize what's important in life. Not everyone can do it but helping others also makes your own life better. This sets your video apart from all of the others. 😊

Nice video. Thank you so much.

I've been getting more interested in investing lately, but I'm not confident in my understanding of it. Would you recommend using an individual advisor or simply starting with an index fund?

Your advice is awesome

Here is the flip side of Raises😮 there is no guarantee you are going to keep the raises you get😏you could get let go to budget cuts, health issues. I’ve always said I would buy a good used car 🚗 a classic, paid in full, that is one reason you save, your absolutely correct😉

I don’t think your math works on the car payment. If I buy a car for $20k and put down $5k, my interest over five years is about $2,800. But the $15k that I leave in an investment account will likely bring in about $9k. So, if I spend all $20k on the car, I’m really losing money long-term (and moving cash from an asset that appreciates to something that depreciates pretty rapidly). I think the better advice is really “hey, buy a cheap car and keep it for as long as possible.”

Great tips! Definitely like the tithing one 👌🏻

👍👍👍👍Thank you

My husband and I are both elementary school educators, and he is a budget-conscious person. We live within our means. My sister and her husband are both doctors and keep asking to borrow money from us. I told her last year that my wallet is closed, and now I feel like I am the selfish little sister with the horrible husband.

Link didn't work for me. cheers

I've been completely Stop drinking for 6 months now, and I've lost weight from a BMI of 29 to 22.4 . I've also controlled my shopping urges... I hope these changes can transform me. I think there needs to be a trigger for all of this to start, and for me, it was the breakup of my last relationship. I'm not sure if achieving these goals will make me feel better about myself, but one thing is for sure, I'm definitely healthier now and my skin looks better.

Any recent college grads here? Before getting a car check into the corporate/company benefits .. not just dealership. I graduated and wanted to pay cash for a toyota. I put most down but took out a loan for the remaining 2500. Toyota corp gave new grads (need to show your deploma) 2000 off if the car is financed. The next month i paid off the remaining 500 plus $34 interest. Hmm. Difference for me was saving additional $1966. They run these deals frequently in late spring. Usually you have to purchase within 12 or 24 months of graduation.

I could of owned the Coke company by now. I don't consume major things but man those little things do add up. Thx Gabe.❤

Wow! Our 2nd car was also Civic, and the next one and the current one is Cr-v. But ours is Honda from both outside AND inside. There seems to be something wrong with yours ;) Great vid and channel, thank you so much :)

Thanks!

Alcohol only gets worse the older I get

It seems I say I have no money so I need to spend money to make myself feel better about having no money. Anyone else do this?

Favorite video of yours so far.

The best way to save money is groceries, if you see something you normally use at a discount but more than an one. A three dollar saving on a ten dollar purchase is a 30% saving.

We have two cars both cost 1000 each (pounds and euros) Suzuki swift and Honda crv. The suzuki i bought in 2010, still have it. The honda we bought with almost 300,000km on the clock. Perhaps a stroke of luck, i am three quarters Irish 😂

I am so happy to know another person who gives so much charitably. We have so much more than we realize!!!!

My first car was 10 years old and I drove it for 10 years. My 20 year old car sold for 1k dollars. I laughed along with everyone else who laughed at the car. I have a no debt habit and yes, I can be very generous. It is free to listen to the birds in my garden instead of going to a noisy mall buying crap I do not need

The Honda's come in clutch smart man

My problem is the exact opposite. I’m retired 8 years and still scared to touch my savings. I’m living off of social security. I should be enjoying my retirement but I’m scared to spend any money.

When your lights started going crazy I initially thought that was a video edit and was like wow he’s going all out for this part lollll

Current interest rates make car loans crippling. When I had a car loan at 1.49% I was not bothered about it. The interest rate was less than inflation so I was technically making money on it in the second year.

Brilliant as always 💚 Will be living more frugally and eating healthier for the next year... Starting August ( My year (birthday) starts in August) setting up a budget and a more sustainable diet ( Vegan of course) Thank you any advice 💚

My car is a 2005 Kia Sportage. Bought it for cash payments from a friend in 2018. This year I got a $40 month increase in my social security and my rent $25. and car insurance went up $7. and my food stamps went down $18 . For a total of $50. a month loss. So I’m in the negative $10 a month or $120 a year. How do you fix that and I’m 71, disabled, so working isn’t an option.

I bought my car in cash when I moved out of my parents place, the dealer did not want to sell it to me for cash, he made up an act of going to talk to the manager to get permission.

Im 51 and finally i made more from my stocks than im making from working a year. Quite a bit more. Granted, i no longer work full time 😂😂 but i guess 24 hours a week working in acute care at a level 1 trauma hospital feels like I'm working more than 40 hrs a week 😂😂

My Kids call me Cheap ! But im just frugal and they dont understand that every dollar adds up

My problem is medical bills. How do you escape those in the U.S.? And now I have another health problem. I’m so over it. Those are gonna bankrupt me 😢

I really need to learn how to quit buying stuff all the time. Most of it only gives me a short endorphin rush and then it fizzles out very quickly. I feel guilty or lousy when I put it in the donation box and I was like but I just HAD TO HAVE IT!!!!😑

When my wages go up, I increased my mortgage payment and retirement saving. Then I may adjust the rest of my budget. Now my house is paid off, and I am still putting the same amount towards the mortgage (except my auto insurance increased, and I offset that).

you can live without a car but only if you live in a major urban area with reliable other choices, in the LA metro that is very hard - things are far apart, public transport is unreliable and a beater car might break down on your way to work. . . also if you can't blame people for wanting to spend a little more if they earn a little more. I never did, but then I missed out on a lot. I had savings then I got sick, and that will clear out anyone in America where there is no universal health care

The housing market is being inflated by corporations buying up housing stock for rentals…high end rentals bundled and sold as investments…sound familiar. Don’t take advice from those who are in serious debt. They look rich.

I just came to KZfaq to see the new updates of the iPad and stumbled upon this 😂😂😂

No duh, needs vs. wants. Easier said than done, once you get behind and run behind on your credit card payments, it's hard to get back on your feet.

when you can help someone else…you are really rich!

$532 is what I paid in TOTAL for my previous car. Good 15yo car. I earn around $250k per year.

This is sooo much in line with godly teachings in Torah/Old Testament/Quran: 1. Car payment: Do not take money interest/Usury/Riba. 2. Spend more the earn: Do not unnecessarily loan money, unless you really don't have anything for you & family to eat today. 3. Spend selfishly: Donate to the poor and needy/donate 10% of earning/pay 2.5% zakat/give sadaqah. 5. Increasing spending after a raise: live moderately/do not indulge in gluttony/every food you eat and stuff you wear will be questioned in your afterlife. 6. Buying the wrong discount: prepare your afterlife as if gonna die tomorrow but earn your living as if gonna live forever (long time investment). 7. Listen to your friend: your inner circle will determine your way of life, find friends that bring positive influence on you/surround yourself with righteous people.

The quality of your life is directly proportional to the quality of your relationships-Werner Erhard

@gabebult can you do a series on the Bible? Like stories and lessons you've learned that have affected you and your life?

I pay cash for used cars but it bothers me when people say to invest what you would have paid for a car payment. I can’t do that because I have to save that money for the next car so I can pay cash for that one.

Many people pursue the American Dream of college, marriage, children, and home ownership. Those things are wonderful, but it means that by the time most people are in their mid twenties they are heavily in debt for decades if not the rest of their lives, which makes it difficult if not impossible to save for retirement or build generational wealth. Wealth is created by investing not by working. One can work all his life and end up with nothing! Get out of debt as soon as you can and start investing as early as you can.

How does a person move out of a scarcity mindset if they’re literally living paycheck to paycheck? How can people who are having to choose between gas and groceries buy things that increase in value, like stocks?

I limit my alcohol consumption. No more than 2 drinks in one day. Not too many days in a week or month.

Car payment - it’s evil - that’s the reason we need people friendly road design. Not car centric road design

All the dudes with trucks on payment are like “but I NEED my truck for my (low paying) job “ 😂

I really don’t think they give 10% of your earnings away Suggestion is going to go over well.

Cars 🚙 feel good when you have a nice car but not realizing it is a depreciating asset. 😮Lifestyle creep is very real

I think it’s very hard to the average person to get out of the debt cycle because one you’re in it it’s designed to keep you there. You have a car note for $500 a months you pay on for like 7 years. Then hopefully you get a lot of life out of the car and keep it another 7. But now you feel like you have an extra $500 you just freed up, and more than likely you need it to keep up with inflation on other expenses. So there’s no savings for when you need a new car after the 14 years and it’s now even more expensive. So you borrow again

Just a note, you mentioned "extreme frugal living here" but on the video the other day you recommended not to follow this to an extreme!

Idk why so many drink alcohol: Wealth advice says no alcohol, Brain experts say no alcohol, Doctors say no alcohol (causes cancer and other problems), Religious/Spiritual gurus say no alcohol (clouds the mind/spirit), Psychologists say no alcohol (diminishes ability to process emotions in a healthy way, can lead to alcohol dependence/addiction which is a whole new problem you have to solve…) I literally have never found an expert in any topic of health or wealth that didn’t say to avoid alcohol… lol 😂

I'm a 48-year-old doctor feeling burnt out from long hours and stress. I've never invested in a retirement portfolio because I've always believed the economy would collapse eventually. However, I plan to retire soon and I'm curious: If you had $100k to invest safely in stocks over 4-5 years to grow, how would you start?

Lottery tickets!

TL;DR

I dont make a lot, but i donate to animal shelters and cuddly to help animals. Bless 🙏 it changed my mindset for the better

I disagree with the car payment comment. Buying a new car saves on maintenance. Keeping a new car for 10 years save if you only have a 5-6 year loan, you are trained to save for the next 4-5 years for the net car. I can keep the money that could be used on a car and keeping available for emergencies.

This 10% bless the rest 90%!

You are SENSIBLE Mr. Gabe! I forwarded your true advice...to my son! 🤣 (he may listen to YOU!) Thank you dearly, helene :)

I just make my own alcohol. Makeing wine and beer is so cheap. I can make a bottle of wine for less then 2$.

I do blame the government and inflation tbh. A) My husband is military, so we don't get to decide where we live, and additional income opportunities are limited. B) 4 years ago, with less income, we were building savings AND bought a house! Now we are paycheck to paycheck and have downgraded our lifestyle to nearly extreme frugality. Honestly, it's depressing.

i'm selling my 2022 SUV to drive a 1996 little mini car to get rid of my car payment