The Automatic Millionaire // 10 Invaluable Lessons

Рет қаралды 59,541

Күн бұрын

► Check out Shortform and get a free trial and 20% discount at www.shortform.com/taekim
► Download Your FREE PDF 1-Page Companion Guide: financial-tortoise.ck.page/ac...
Timecodes:
0:00 - Intro
0:38 - What Matters Is How Much You Spend, Not How Much You Earn
1:50 - Very Few People Are Born To Budget
2:51 - Try Shortform
3:51 - Track Your Spending
5:13 - Find Your Latte Factor
6:25 - You Don’t Need Discipline To Become A Millionaire
7:40 - Pay Yourself First
8:58 - FREE 1-Page PDF
9:12 - You Can Still Get Rich By Being An Employee
9:58 - Pre-Tax Retirement Plans Are Where Wealth Starts
11:17 - Emergency Fund = Good Night Sleep
12:12 - Strive For A Debt Free Lifestyle
------------
FAVORITE TOOLS:
► Mint Mobile - Check Out My Partner Mint Mobile, Affordable Phone Service - trymintmobile.com/financialto...
► SoFi - Checking & High-Yield Savings Account, Terms Apply - sofi.com/tae
► Shortform - More Than Book Summaries - shortform.com/taekim
► Playbook - Develop Your Most Tax-Efficient Investment Strategy - www.helloplaybook.com/taekim
LINKS:
► Get My Weekly Newsletters: www.financialtortoise.com/new...
► Favorite Books: www.financialtortoise.com/bes...
DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.

Пікірлер: 88

@TaeKimFinancialTortoise Ай бұрын

► Check out Shortform and get a free trial and 20% discount at www.shortform.com/taekim

@bohorosewellness 19 күн бұрын

All the ladies... *shows his wife* 😊😂

@jackterranova 19 күн бұрын

If I had hair like Tae, I wouldn't need money.

@TaggeGust 2 күн бұрын

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.

@bennettross1 2 күн бұрын

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

@GertonTootle 2 күн бұрын

The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.

@ReuletRikki 2 күн бұрын

I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.

@jadewashington7 2 күн бұрын

I'm new at this, please how can I reach her?

@aarizphilip 2 күн бұрын

Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading

@christinaguerrero5930 19 күн бұрын

My favorite finance book! 📚

@brucestiles6477 19 күн бұрын

Finally! Someone else who says that an emergency fund should be for a year. Monthly take-home pay, minus amount transferred to savings and/or investments (although you might be able to get it all out form your gross pay), times 12. I used to think 6 months was enough, but then the pandemic came along and I saw how back things could really get.

@phoenixnmhesq 18 күн бұрын

This really is how an emergency fund should be calculated . Some say it should be based on expenses, but this is really the way. I also think yearly expenses such as property taxes, insurance payments, and expected repairs should be added to the total.

@brucestiles6477 18 күн бұрын

@@phoenixnmhesq Thank you. I was just trying to have an easy calculation. I hadn't thought about different methods. But you're right -- money coming in that isn't going to savings and investments is going somewhere. You can try to list all your expenses, but the fact is that you expenses are everything you receive that you don't set aside -- you just don't know exactly where the money will be going.

@hello_world_0 19 күн бұрын

Writing down every single thing you spend is a must. You need to know how much you need per month first in order to set your emergency fund for 6 months for example.

@aidenehw 19 күн бұрын

i was just about to say 😂 he compares it to portioning out meals and counting every calorie, which IS what most successful weight lifters have done to contribute highly towards that success. still an interesting point tho ima carry on watching 😂

@grod805 19 күн бұрын

You don't need to do this. Your emergency fund doesn't need to be exact as there's still a huge range within 3 to 6 months

@MeltingRubberZ28 15 күн бұрын

@grod805 how do you know? If you didn't track your expenses it could be 2 weeks or 2 years worth.

@alexsteven.m6414 17 күн бұрын

I sometimes wonder how successful investors manage to accumulate enormous wealth from their investment endeavours because I am an avid investor. I currently have equity from a recent house sale that exceeds $545K, but I'm not sure what to do with my money next. Is now the right moment to buy stocks, or should I wait for a better opportunity?

@valeriepierre9778 17 күн бұрын

The current market conditions may provide opportunities to increase revenues swiftly; however, experience is required to carry out such a plan.

@yolanderiche7476 17 күн бұрын

Many people minimise the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm solvent. I looked for licenced advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.

@edelineguillet2121 17 күн бұрын

That does make a lot of sense; you appear to understand the market better than we do. This coach is who?

@yolanderiche7476 17 күн бұрын

’Sharon Marissa Wolfe’ is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

@bernisejedeon5888 17 күн бұрын

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.

@cbrottler 17 күн бұрын

I hate budgeting and I am a data scientist 😂 automation is what has helped me get to a 20-25% gross income savings rate. It makes life so much more enjoyable for me.

@rlauck 19 күн бұрын

I also read this book about 18 years ago. I'm literally in the middle of reading the 2016 updated edition now, just to see what new material might be there. It's a great book when you're starting your journey of improving your finances.

@whodefan 19 күн бұрын

The US Government should listen to this.

@martywilliard 19 күн бұрын

It’s intentional irresponsible spending - convinced of this.

@MeltingRubberZ28 19 күн бұрын

@@martywilliardWEF

@PremSteve-yg4de 14 күн бұрын

The most popular investment portfolio strategies include diversification, where you spread investments across different asset classes to manage risk. Another is the growth strategy, focused on capital appreciation through high-risk, high-reward assets. Income-oriented strategies target regular income from dividend stocks or bonds. Finally, there's the value strategy, seeking undervalued assets for potential long-term gains.

@edelineguillet2121 14 күн бұрын

According to Warren Buffett, dividends are less valuable for growing businesses and more suitable for established ones. Investing in companies that offer dividends might be seen as parking capital for steady returns, especially for those relying on portfolio income. This approach resembles bond investing, serving as a means of generating consistent earnings.

@belobelonce35 14 күн бұрын

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

@bernisejedeon5888 14 күн бұрын

Recently, I have been exploring the possibility of consulting with advisors. As a mature individual, I am in need of guidance, but I am curious to know how truly impactful their services can be?

@belobelonce35 14 күн бұрын

Her name is ‘Sharon Marissa Wolfe’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@yolanderiche7476 14 күн бұрын

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks

@pedrofeliciano7041 19 күн бұрын

Excellent summary, Tae, Thank you!

@xx-ql3kv 19 күн бұрын

this was the first book I read on personal finance. I remember the latte factor and it changed my whole outlook on finances. Little things we don't think about and spend on every day sure do add up. And I remember the story on the McIntyre's. It was the classic "millionaire next door" type. Automate.. automate.. automate.. your savings/investing; it couldn't be more true!

@Golfplyr 19 күн бұрын

Great video! Automatic millionaire is a good book but I too really like budgeting. Daily investments in my Robinhood is my latte factory which I will keep on doing.

@yatinm9250 19 күн бұрын

automatic notification got me here.

@DonaldMark-ne7se 4 күн бұрын

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

@kevinmarten 4 күн бұрын

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.

@Jamessmith-12 4 күн бұрын

Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $21k ROI, and this does not include capital gain.

@JacquelinePerrira 4 күн бұрын

Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.

@Jamessmith-12 4 күн бұрын

'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

@JacquelinePerrira 4 күн бұрын

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

@grod805 19 күн бұрын

This has been my most life changing book. I got stuck for years trying to budget and always failings. Automatic saving and investment just clicked for me. Now I can enjoy my life without having to worry about whether or not i can afford it

@lilibethvilella 19 күн бұрын

This was so real so eye opening thank you ❤

@Mário-l4v 14 күн бұрын

This video was really nice and clear. Keep up the good work 💪

@andrewcbelton 17 күн бұрын

Great practical tips, thanks!

@allardvanderstarre 19 күн бұрын

yes, lifestyle creep....i experienced that in 2008....avoid it at all costs

@tomscott7271 17 күн бұрын

loved this video. Look forward to each one. Thanks

@peterl2767 19 күн бұрын

Great info 👍 👌 👏

@taramcgriff1110 19 күн бұрын

Great video

@mihaylo_kovin 18 күн бұрын

Classic, but a reminder of something important learned long ago is still valuable) Thanks

@OUSTET 19 күн бұрын

💰💰💰 let’s gooo

@Sketches8 18 күн бұрын

Heyyyy I read this book 10 years ago too!! And after I read it I did what he said but not to the extent that I would have liked, but the things I did, I now thank myself for

@babakbabak5329 17 күн бұрын

Great!

@RobertMoreland 19 күн бұрын

Shout out to Sponsor block for allowing me to stay subbed to this channel.

@frankalexander5401 19 күн бұрын

As my income (gross income) increased, my spending did not change one bit!! No fancy clothes, still drive a 2011 Prius, no fancy restaurants, NO contributions to any charities or NGOs except the medical school I graduated from and the U.S. Army War College. The result is my net worth is now well into 8 figures with ZERO debt. Not spending on shit fits my personality: I am a total cheapskate (my first dinner with future wife was McDonald’s). I still work at 76 because I enjoy watching my net worth grow and grow (my financial advisor called me in January 2024 to tell me my portfolio grew by over $1,000,000.00). I was making more money sleeping than working for a large health insurance company!!!!!!🤣🤣🤣🤣🤣🤣🤣. Life is good 😅

@fredrickalfarez6875 19 күн бұрын

My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.

@annddyyy-6920 19 күн бұрын

I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.

@jasperflontes4289 19 күн бұрын

I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.

@ivarlast2966 19 күн бұрын

I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.

@fred5528 19 күн бұрын

I just looked up her name online. she is licensed with credible certificates and has an amazing track record. Thank you for the message.

@leticiaenraz8514 19 күн бұрын

Please can someone tell me more?

@lovealwaysjasmine 4 күн бұрын

Do you have any videos going over TSP? How to invest in your TSP?

@JBoy340a 19 күн бұрын

A 401K (or similar retirement plan) is a good start but is just a starting point. I find my small, but consistent investment in the markets have paid much better returns. This is because of the growth of underlying share prices greatly exceeds what a 401K returns. I focus on companies that consistently return profits year after year versus those that skyrocket and often crash. Slow and steady wins the race.

@honzasgarage5125 13 күн бұрын

What about roth 401k?

@michaelswami 19 күн бұрын

Isn’t automation a form of discipline? I think so.

@70qq 18 күн бұрын

🤘🏻

@orhbo0 19 күн бұрын

Your hair is very tall

@anthonyjames4319 3 күн бұрын

This book was awful. 200 pages to tell you to automate your finances. Could have saved myself 18 bucks by watching this video.

@PeterParker-wj3cr 9 күн бұрын

Here is something I believe most are unaware of. Outside of inheriting a fortune. A majority of self made millionaires, are millionaires not because of the stock market. Most started a business and sold it for millions, if not billions. So unless you're an successful entrepreneur. Getting rich/wealthy from the stock market is the only other option. However, this is a painfully slow process. But it should be. Investing shouldn't be exciting. If it is, you are doing someone wrong or chasing meme stocks. Getting rich slowly is the way. This doesn't mean put all your money into bitcoin or whatever hot stock reddit is chasing, and pray it goes to the moon. Save to invest. Don't save just to save!