How to Avoid These 5 Financial Regrets

How to Avoid These 5 Financial Regrets | Phil Town

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4 жыл бұрын

Regret over money is just the worst. It's difficult to prepare for your future if you are spending all of your disposable income on unnecessary expenses. In this video, we’re going to run through 5 of the major financial regrets that people have. bit.ly/2mGeqdI
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Пікірлер: 162

@PhilTownRule1Investing 4 жыл бұрын

Do you have any financial regrets? Leave a comment with some financial regrets you've made in the past. Will you keep making mistakes with your money, or will you have enough to last you through retirement? Find out today with my quiz! bit.ly/2lLe996

@jonajones7044 4 жыл бұрын

One of my regrets is buying a brand new car, but not getting the most reliable one. I still owe 10k, and the car needs 2k worth of mechanical work. Only 60k miles on it.

@ionkayak1948 4 жыл бұрын

I still don't have medical insurance, but hope soon I'll get it. Thank you very much, Mr Town!

@Berend95 4 жыл бұрын

Glad to say I can check the first four and working on the 5th

@derekog2090 4 жыл бұрын

Selling drugs

@yawsarkodie9283 4 жыл бұрын

@@jonajones7044 what car was it?

@marktalksmoney1956 4 жыл бұрын

Absolutely the biggest mistake is taking a huge loan to buy an expensive vehicle

@ShaneHummus 4 жыл бұрын

Biggest financial regret is being afraid to take the risk. That's why my mindset now is .. Find what you love, master your craft, take the risk and build a business with it.

@eltonm.t.873 4 жыл бұрын

The greatest regret one should have is having gotten along with people who live from paycheck to paycheck and have low self esteem and a slave mindset. It causes a devastation to one's life, even worse is waking up after your forties. Lesson: Always walk with people smarter and better than yourself whenever possible.

@niro56 4 жыл бұрын

ditto

@wanderhow3950 Жыл бұрын

noted!

@TheNORegretShow 4 жыл бұрын

Lists of my regrets 1. Getting married young to my ex wife 2. Buying a german car 3. Gyro from lunch truck this morning.

@araohollow16 4 жыл бұрын

Hope things work well for now

@leonschallenberg 4 жыл бұрын

What's wrong with German cars :D

@patrikkauppinen3232 4 жыл бұрын

@@leonschallenberg They are endless money pits, should have bought a 94' celica instead

@nachannachle2706 4 жыл бұрын

Classic hedonist mistakes. Next?

@SG-he4cy 3 жыл бұрын

@@patrikkauppinen3232 Hahha nice. Buy a Lexus instead of Germans.

@jonajones7044 4 жыл бұрын

"Splurge a little, go ahead and add the guacamole in your burrito bowl" loved that!!!🥑🥳 Of course, after the bills are paid and money saved 😎

@PhilTownRule1Investing 4 жыл бұрын

Gotta have that guac, Jona! Thanks for watching!

@beaviswealth 4 жыл бұрын

Pay yourself first, automate the process - tough to go wrong. Great advice, Phil!

@cheechamus 4 жыл бұрын

Phil thanks for all you do! One thing you may add to this list is the cost of a bad relationship/divorce, especially with children. Can be devastating emotionally, spiritually and financially!

@WILSON.1 4 жыл бұрын

6) For the average person, who isn’t a skilled financial professional, going into debt. Debt, for most people, is like buying dollars for a dollar and twenty five cents. The interest over time far exceeds the apr, and sets people back years and years. 7) Needing to have the latest and greatest.

@robwolfe6120 3 жыл бұрын

My biggest financial regret was when I began playing with a compound interest calculator at age 37. If I'd learned investing in my early 20s instead of late 30s I'd have 10x the amount in my current portfolio (if I'd started saving at age 15 when I got my first job). I squandered well over $100k during those first 22 years of my working life. I estimate I could have been retired between 45 and 50.

@BusterDarcy 4 жыл бұрын

Definitely regret not learning about investing sooner when I think about how much earlier I could have retired. But I started about 18 months ago, am averaging 20% so far and am on track to retiring at 55, thanks in no small part to your videos and podcast.

@donybg 4 жыл бұрын

Damn, I wish I had the knowledge from your books and videos 12 years ago, when I started working. My life would have been completely different by now.

@tamanousJP 4 жыл бұрын

Getting started too late is my biggest regret. I talked a good game in my 20s, but didn't get started early enough. Compound growth is your friend! Only in my 30s did I really get into it by paying off student loans and putting my income where my investing mouth is. I am trying to make up for lost time now, and save about half of my net income, including a maxed out HSA and 401k, with zero debt. No time like the present to get started!

@mrshetty2019 4 жыл бұрын

All the best

@dboucher26 4 жыл бұрын

Stop buying brand new cars. Get a used car and pay cash for it if possible.

@kennyevans3317 4 жыл бұрын

One big financial regret is not listening to my mom when she suggested I attend Rule #1 training back in 2013! I finally listened in 2018, and am in the TIC course now. It's changing my life. Just wish I'd done it earlier.

@jan-jans143 4 жыл бұрын

I am thankful to start watching you as a young adult. sometimes I am very shocked seeing my peers who believe "networking" can make you really rich after all those promises, they believed in someone else's promises because they never knew how to invest, I tried to lend them some books or your channel but they never watched or read it. they want to be rich yet they ain't putting time on it.

@shankshweta7776 3 жыл бұрын

Phil you are a legend, Big fan!!! You provide soo much value with your books and videos to the society. Good Karma indeed

@ShaneHummus 4 жыл бұрын

Love the content by the way.. Thanks Phil

@mayflower6819 4 жыл бұрын

you are so right about getting a good investing education. I self teach with reading books and your youtube guidance. Thanks so much

@wyvernspit 4 жыл бұрын

Thanks for posting this, Phil. Not to sound like a total suckup, but most of what I've learned about investing has been from you. When I was "taught" about investing as a youth, it was all "here's a bunch of jargon and this will be way too difficult for your meager mind, so leave it to the professionals and open an IRA as soon as you land a job". So there's that. I agree with you, I wish everyone was taught about investing - from someone who knows what they're talking about and WANTS you to learn it. Do you think they're afraid of people having power with their own money? What is it that prevents this from being common knowledge? Financial regrets: Burying my head in the sand when it comes to student loan and credit card debt (17% and not paying it off right away turned into thousands wasted, I wish I'd been beaten over the head with a rule one book as I was making those mistakes), and not believing until I was freaking 30 that I could learn about money and how to not be a slave to it. Thanks again, Phil, hope there's some good riding weather this weekend!

@alinan.2276 3 жыл бұрын

Buying things to impress others...thank you Phil Town. I agree one hundred percent with you.

@stevensmallwood1477 4 жыл бұрын

I appreciate your videos. You are kind and centered and articulate and I enjoy my time learning from these lessons.

@joeldawriter 4 жыл бұрын

thanks for the advice phil!

@landenkeffer4481 4 жыл бұрын

Phil, I have just recently discovered your channel. Thanks for the real advice!

@txpyro1885 4 жыл бұрын

Kids, car Payments, traveling, and moving out of parents too soon. Delay kids, drive a paid off car, don't travel! and live at home till you're 40. Ive been able to save 40k a year doing this. When i get lonely i just check my bank account.

@kiritpatel8202 3 жыл бұрын

Your tips to keep life and finance in order I'm late but late better than never. Thankfully grateful to mr Phil Town

@viktorgeorgiev8329 4 жыл бұрын

Great video as always!

@GenExDividendInvestor 4 жыл бұрын

Great tips! Really valuable. Some others: Not investing sooner &/or more and not starting a side hustle sooner. :)

@mragoraphobic9698 4 жыл бұрын

Thank you for sharing.

@elidvenega3017 4 жыл бұрын

You're right I have so many regrets financial I wish I made better decisions I can't change the past but hopefully make better decisions going foward

@hannkg7715 4 жыл бұрын

Great advice as usual!

@user-ww6ii6zn8m 4 жыл бұрын

Great tips Phil! I've found that paying myself first has really helped me achieve my investing goals. Keep the awesome videos coming!

@thatbimmerkid6073 4 жыл бұрын

I totally agree!

@user-ww6ii6zn8m 4 жыл бұрын

@@thatbimmerkid6073 Glad to hear it!

@samscil 4 жыл бұрын

#6 Taking on debt or relying on credit cards

@dbulsa 4 жыл бұрын

Wish I found out about your conference/workshop sooner. Changed my life as I grow my investment account monthly on strategy I developed through going to Rule #1 workshop along with continued education I do daily.

@justinsims1006 4 жыл бұрын

What are some others ways you would recommend to get that investing education? I follow pretty much everything you say and do. I have read all three of your books, listen to your podcast several times a week and don't miss any of your KZfaq videos. I even subscribe to your toolbox. I am always looking for more. Knowledge is Power!

@nicola-socialmediasuccess8687 4 жыл бұрын

Pay myself first is not easy, but it's good for motivation

@InvestingwithTom 4 жыл бұрын

Wouldn't be a Phil Town video without a burrito reference ;)

@PassiveIncomeTom 4 жыл бұрын

I completely agree. Pay yourself first before anyone else. 😉

@mathyderabadi5513 4 жыл бұрын

Thanks Phil.

@andyfrancisco9115 3 жыл бұрын

Advice is gold

@sserestevoofficial908 4 жыл бұрын

Great advise and great love from 🇺🇬

@kaysi768 4 жыл бұрын

thank you

@stephenmutua4163 4 жыл бұрын

Hello Phil, I have been watching your videos and I really appreciate your work.

@stephenmutua4163 4 жыл бұрын

Which of your books can you recommend I read?

@ZeeNasir1 4 жыл бұрын

Great advice

@kriskenny5481 4 жыл бұрын

Phil, you are right on the money (pun intended). I never got an education until I invested in your workshop. Now I am beginning to follow your steps in this video and my financial status is already improving and I haven’t even invested in the market YET. Thank you.

@Chrissers2010 4 жыл бұрын

Appreciate your teaching. I just bought your book "Rule 1" and utilized the principles you've taught. It was used, on sale at a great price, from Amazon. ;)

@ridiska 4 жыл бұрын

Is it good? I am waiting for my book to come.

@user-em2tt1js3r 3 жыл бұрын

TY 😊

@henrymichal8522 4 жыл бұрын

Are you talking to me? Wow, another excellent video. I am on the right path. However, my regret is that I didn't start this stuff when i started working. But got on board eventually. Finance should be taught to kids in High School. We would be a lot better off. Many thanks Phil.

@InvestingEducation 4 жыл бұрын

Great share

@ttoronto6956 4 жыл бұрын

Another incredible video Phil! I love your recommendation of 10% gross income into savings. My husband and I have only been doing 10% of our net. This is going to change on this coming monthly budget! 👏👍

@blaineduet4107 4 жыл бұрын

Where do you get this investment education? What do you recommend? Specific book recommendation?

@yasarkhan672 4 жыл бұрын

Thanks coach for your amazing videos full of financial info, big fan from Pakistan 🇵🇰.

@geldspricht 4 жыл бұрын

Nice Video

@isabelvelez1105 3 жыл бұрын

suggestions on investing education phil.... thank you

@ssdskully 4 жыл бұрын

Phil, quick question. I have whole life insurance and had it sense 17 years old so my payment is $30 a month. Would you switch to an HSA if you were 28 years old and dump the whole life?

@ichangemynameregularly 4 жыл бұрын

Would you please discuss what things to look for wwhen investing in an individual company's Stocks, i need to know

@neilvarghese9138 4 жыл бұрын

I made a mistake not investing in a stock here in the UK back in December . Great company with tremendous growth and market share and was down about 40%, anyway long story short that stock is up 127% from its December lows!!!🤦🤦🤦

@rubenhbaca 4 жыл бұрын

Hey, I love your show. Great job in giving us such a unique and fresh outlook. My question is, I have been investing in dividend-paying stocks, I am at the point where I make $7,200 /yr or avg of $600/mo. I want to buy a new/used car for my family. I am preapproved for a payment of $300/mo and a 3.8% interest rate. Should I finance it and pay it monthly with my dividend income or pay the car outright? I think it's similar to investing in property, should I use my property income to pay for the car or should I use my hard-earned money to pay it outright?

@tamanousJP 4 жыл бұрын

Pay it outright. Remember you are taxed on your dividends. Also don't buy a new car. For someone with that much dividend income, you should be able to get a better rate. Be patient and look for a 0 or special APR rate. The auto industry to scrambling for sales these days, they are kind of desperate to push inventory.

@NickPeitsch 4 жыл бұрын

Never be afraid to take risk! Risk avoidance is the biggest regret for most...

@flawaii-pines6858 4 жыл бұрын

The Joe Madden of investment advisors. Lol. Id say borrowing too much for a car, house, or education is bad also. Great Advice TY!!

@larryhurt6805 4 жыл бұрын

Getting in or having too much student loan debt.

@MichaelJosephJr934 4 жыл бұрын

I like money!

@richardroman2625 4 жыл бұрын

Saving money! Putting the bulk of my investing into a handful of companies I understand, has a moat, and that is at least 50% margin of safety. Can you tell I've been listening to your podcast? 😂🔥💯💸

@PhilTownRule1Investing 4 жыл бұрын

I can tell! Thank you for tuning in, Richard!

@WubblesMinecraft 4 жыл бұрын

Do you personally know warren buffet or charlie munger?

@ec6362 2 жыл бұрын

My current biggest financial regret is lifestyle creep!

@site_is_down 2 жыл бұрын

Remember the goal is to be rich and not to look rich. Invest your money and not spend it over luxurious things which won't make you financially stable for a long time.

@Skyshr 4 жыл бұрын

Can an unused credit line be a replacement of the emergency fund?

@Diazlsx07 4 жыл бұрын

Leasing a car. Went over the miles now I owe 4400... don’t lease or buy a car unless your assets can buy it.

@minhbao3544 4 жыл бұрын

Not sure about the health insurance in my 20s.

@NickPeitsch 4 жыл бұрын

Speculating will lead to regret. Investing on the other hand will never lead to regret if you’re a long term investor!

@irfannadeem9664 4 жыл бұрын

What about index funds..?? Is it good?

@Anonymous-md2qp 4 жыл бұрын

irfan nadeem Yes. Still a great idea.

@bnt7526 4 жыл бұрын

I am going to start with 10 000 and invest in company with 7% dividend fully franked. So I will end up with $700 more a year. I earn around $20 000 a year as a student. Half is going to the tuition fees so at the end of the first year I will have around 4k a year after spendings. This 4k is going into the investment 10k. $700 dividend I can use to give myself some luxuries to go around the country attending lectures and seminars and learn more. In the end, I value the ability to earn than the ability to scrape. I do not restrict myself to budgets, why do it anyway if you can spend the time to learn on how to generate more?

@marioxmariox 4 жыл бұрын

My biggest regret is saving a ton of money but leaving it sit in a bank account that gives me pennies every year. Saved up over 100k and realized just putting in a fidelity account would earn me 1k a year at least. I started investing in stock and I am getting close to increasing my wealth with my investments, then with my actual job! My 10+ years to save up 100k I could double with just investing in just 3. If health insurance wasn't nearly free with my work, I would not bother. Just need to pick it up before you need it. not have it between 20-30 would save you 10k or more.

@REYTIBUR0N 4 жыл бұрын

Can you recommend any books so that I can further educate my Investment skills?

@PhilTownRule1Investing 4 жыл бұрын

Visit the website for recommendations! You also have a chance to get the first 2 chapters of each of my New York Times #1 Best-Selling audio books: bit.ly/RuleOneBooks

@jasonlim4512 4 жыл бұрын

greatest regret: trusting the wrong investing educator.

@eggsandtoast741 4 жыл бұрын

My financial regret is trusting a financial advisor rather than learning to manage my own investments earlier. An advisor that is working in your best interest would advise you to not pay huge advisory fees.

@angelosenlob1557 4 жыл бұрын

clever

@longbeachjjh 4 жыл бұрын

I was expecting to see something about college degrees on here. I know it greatly depends on the type of degree and what you plan to use it for, but it seems like a lot of people waste their money on this. Anyone else agree or have this experience?

@shahabkalmoni5443 4 жыл бұрын

Not just the $ cost, but Time U could use better

@Simon-je7ko 4 жыл бұрын

My regret is going to school and not learn about finances and investing. They didn't teach this at school. Of course now, they don't teach it either. What a huge loss of time! I could be retired today!

@pnowikow 4 жыл бұрын

Stay away from things that look too good to be true. Real estate can be trickier than it looks

@adamthomas9293 4 жыл бұрын

Spending money on things with no real world value, e.g. ingame currencies. Wasted alot of my money growing up on this and I would be in a far better situation now, if I hadn't done that earlier in life.

@Chrissers2010 4 жыл бұрын

Divide your Emergency fund in 2 parts. Stagger in 8 week T-Bill investments so one T-Bill matures every 4 weeks. Takes about 3 minutes to buy one, once your online account is set-up.

@ronallan8680 4 жыл бұрын

The idea of Emergency fund is for it to be as liquid as possible! 20% Cash, 80% separate Checking account. No! Other! Way!

@Chrissers2010 4 жыл бұрын

@@ronallan8680, there is no issue with what I recommended. A proper emergency fund is 3 to 6 months of expenses. I do agree you need a portion of that in cash ready and available, but staggering the balance in T-Bills, you have half of your cash maturing every 28 days or less. Plus you have the most secure investment on the planet. If T-Bills go bust, say goodbye to the dollar.

@ankitsethiya5863 4 жыл бұрын

The best part about HSA is that you can invest the money over $2000 and there is no tax deduction even when you take it out for medical bills. they have abundant health categories where you may use it.

@sersimovi 4 жыл бұрын

Falling for get rich quick schemes

@brownpunk1794 3 жыл бұрын

Send me ur money..ill return it next month and triple it..trust me

@diafaradrame9823 4 жыл бұрын

The only 2 regrets I have right is not saving enough money to invest and for emergency fund.

@VegasBaller 4 жыл бұрын

My biggest regret by far is not investing in Bitcoin in 2010. One of my tech peers In the Network Operations Center was selling it for 25 cents a Bitcoin.

@jorgeguerrero3455 4 жыл бұрын

The problem with investing education is the internet is full of stock market crap and trading, which is only part of investments but they make it seem like it's all and at such high loser risk! Other alternatives into other investing instruments are scarce.

@mike82151 4 жыл бұрын

The regret I have not knowing this stuff when I was 17

@mr.upcycle9589 4 жыл бұрын

Well they don't teach it to kids in general.

@hyouzanren1846 4 жыл бұрын

Taken loan for too big/expensive house or car! Is a BIG NO!!!

@elnoraabduqadir2297 4 жыл бұрын

What happens with HSA money if you get fired or laid off?

@souravmondal2688 4 жыл бұрын

Please anyone suggest me a good investing course!

@ld4974 4 жыл бұрын

I personally think the only investment one needs to make is a total market index fund. Save your money and buy John Bogle's "Common Sense on Mutual Funds". Read it, study it and you'll know all you need to know.

@trading4878 4 жыл бұрын

Blowing up my money on things I don’t really even needs or use.. now when i am 23 i realized how stupid i was 😂

@amill1563 4 жыл бұрын

Looks like it's time to add either another job or another source of income.

@1hunterdale 4 жыл бұрын

What would u do say your 50 you net 44k yr and have no bills and only cost you 500 month live on how would invest in .thanks

@IsaacKnowReally 4 жыл бұрын

Stocks or CD's

@roh92cp 3 жыл бұрын

Pulled my retirement savings (TSP/401k) out of the market in a panic when market dropped this past March. Lost a boat load when I moved it to Govt bonds.

@onderbetaald8677 4 жыл бұрын

What's wrong with "over" diversifying? You think all your viewers are Buffets? I think the majority could be a better Bogle than a Buffet.

@diogofarias1822 4 жыл бұрын

I think the same. If you check the companies, and they have good fundamentals and are good managed, I don't see a reason to "over" diversify.

@imperia9pl 4 жыл бұрын

Save 6months income or expenses?

@Anonymous-md2qp 4 жыл бұрын

Krzysztof Budzynski Expenses.

@joaom.4944 4 жыл бұрын

Not going to medical school

@superduper9357 4 жыл бұрын

So if you don't live in the US and live in a country with free at the point of use healthcare, there's only 4.

@thefireprint7665 4 жыл бұрын

Living in Norway we don’t need the health insurance in the same way you Americans do. As it’s free here.. The rest is very true!..

@1hunterdale 4 жыл бұрын

Thier nothing free you are paying for it probably more than here in usa we can go same day and see the dr. Then just make payments

@thefireprint7665 4 жыл бұрын

1hunterblack well it’s true, we pay it through our taxes.. but I’m sure you have some sort of tax as well?.. But yes, I could go to the doctors right now if I needed and it’s free.. welcome to Norway.. one of the richest countries in the world 😉 If it helps we also have free education... completely. 😎

@frankyg6906 4 жыл бұрын

How quick can you be seen by a doctor? Can you walk in, or setup an appointment in months advanced?

@thefireprint7665 4 жыл бұрын

Franky G walk in.. unless it’s nothing with ergency!.. 😎

@finnderp9977 4 жыл бұрын

Finns pay public healthcare trough taxes also, but the healthcare is there regardless if you are unemployed, retired etc. And there is no private alternatives for hospitals anyways