Basics in Managing Your Money in 8K
I would like to welcome you all to John the Mouse University. I'm your professor John the Mouse. Now at this high class University we will be learning lots. And as students of this university I expect you to engage in the comment section and to use your thumbs up button.
In this video, I'm going to go over some things they don't teach in regular school. I will be sharing a lot of what I have learned over the years. I will also point other people stuff that you can learn from. I would also point out that your situation is different then mine.
Now this doesn't mean you can't incorporate some of the stuff you learn into your situation.
Let's start out with the basics I have told many over the years. It don't matter how little or how much you make. Now think of a bucket as your wallet. In this bucket is water that repasents the money. Do you see the holes in the bottom of the bucket? Each hole is a bill that drains your water out. Some of the holes are bigger than others. Now to keep the bucket from running dry you need to pore water in faster then it leaking out the bottom.
Now that you have a idea of how I look at it lets get into it a little deeper.
With everyone's bucket we have two choices. The most poplar option everyone loves to talk about is to pore more money in the bucket. The other option is to plug the holes in the bottom of the bucket. This is the harder thing for people to do, hence most people don't talk about it.
I will come out and tell you, that you need to do both to make it work. If you neglect to fill the holes they will become bigger over time. Some holes you won't be able to fill.
You will have to look at your bucket and see where we can start. Can you work over time? Sideline jobs, youtube, lift, ect. Are you putting money in the 401k? Maybe that's not the best spot for it if your making 5% interest. Just hear me out if your poring in this 5% in the top and you have a credit card taking out 20% interest out the bottom your loosing money. Just remember I have told many over the years, and now I'm telling you that making the money isn't the problem, its keeping it, is the problem. Everyone has their fingers in it. Starts with the government and works its way around back to the government.
So what to do to keep more of your money? Don't spend it. I wish that was the ez answer, but as the government prints money you lose that money that you don't spend. You have heard it called inflation. The FED want's to make you lose 3% every year. So that's why I say it's important to do both choices. As you save money you are going to use it to plug holes, that in turn will help you save money faster to plug more holes.
Dave Ramzes has a lot of ides on the snow ball affect. He always talks about paying off the smallest bill first, then work on the next smallest one.
Cut your food bill that is dripping money out the bottom. Dave says your broke you should eating beans and rice. I would push it further and say you should be buying it in bulk to save even more money on it. Be looking for that 50# bag of beans and rice. Growing a garden is a good way to cut your food bill.
You should really cut out all your extra expenses you have, and put it into assets. I hoped you learned the Basics about managing your money. Remember make the money work for you. Lots of people say make a budget. That is one thing that I have never done. But it might work for you.
Disclaimer
All information provided in John the Mouse University is provided for information purposes only. John the Mouse University does not necessarily agree with every expert that comes on to give speeches at this fine University. We put a reasonable effort to present accurate information at John the Mouse University, but makes no guarantees of any kind. As you leave this University for the day you will come across the tip jar, by no means does this mean you have to fill it up. If you like the information that you received here today I would encourage you to share this with everyone you know. I will be here for your next class.
Thank-you for all your comments and viewing the video. I have other videos I would like you to view.
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Basics, Basic, Managing, Your Money,