Next Level Life

Personal finance should really be taught in schools, but it isn't. So I'm here to pick up the slack. Drawing from the knowledge I've gained over the last 10 years I will upload videos covering various money related topics like investing, retirement, debt, and general wealth building on this channel. Subscribe and together let's start a financial revolution!

Disclaimer: I am not a professional financial adviser. These videos are for educational purpose only. Investing of any kind involves risk. While it's possible to minimize risk, your investments are solely your responsibility. I recommend you conduct additional research. I am merely sharing my opinion with no guarantee of gain or performance on investments.

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  • I am 30 years indonesian male. I've watch a lot of similar videos. Now I'm gonna simplified my understanding.

    1) Being more minimalist less consumerism overtime. This is in my blood so I don't have to even effort a little
    2) Build my own business. I Have few employees, but still too attached to the business. Working on it. Keep open to new ideas, I might make a side hustle as youtuber šŸ˜€
    3) Invest good, primarily on rentable real estate.

    Let see how it works in the next 5 years

  • Selling both cars probably doesn't make sense, new cars lost 30% of their value in first year, they probably didn't paid 30% of credit yet. So if they already bought new car it is reasonable to live with it. They can sell one of the cars if they are able to share another one, e.g. if they work close each other

  • this example is similar to my wife and I… early 40's/late 30's… no kids… make a combined $85k a year… only debt is $25k on our house and $10k on the car… monthly cost of living expenses are $3k… take home pay is $5k… currently working on paying off debt and getting our emergency fund back up to $9k (we let it drop to $8k this past year)… hoping to get the car paid off this year (2 years early) then we can throw that money towards our house (originally set to be paid off in 2027)

  • Me and my girlfriend make well over 20$/hr, and have no debt. but including living expenses and things need to survive, there is absolutely noway for us to save 4k/month. we don't party or waste money… If we were to make $8500/month together, after taxes we're left with only about 6.5k. Rent alone is going to be 2k+/m šŸ™

  • I'd like to see this done with a more realistic example. Let's say, a couple making $15-20 per hour ;3 kids ; in their late 20s/early 30s; with medical bills. This example is not applicable to most people. Use a harder case so people can figure out how to achieve this goal in easier cases.

  • so youre tryina tell me…. jane doesnt want any valentines, christmas, birthdays, going out to eat???? YEAH RIGHT hahahaha their relationship lasting 1 year and 1 year only šŸ˜‚šŸ˜‚šŸ˜‚

  • if you can do this in a third world country with 5 kids and your salary is $5 a day then teach me how you became rich… but if not i'd rather be an employee to provide food to my kids.

  • It is a very informative video. However, it could be improved by making it a bit more realistic. May I suggest, al alternative investment return percentage? I believe 10% return before inflation is very optimistic, most of Europe the interest rate at the Central Bank is currently 0 and in most of the western world it is below 3%. Most economists believe that on the long turn you earn about market interest rate on any investments (stocks/bonds etc.) which is around 3-5% (unless you are a star at investing and always perform above which only a very small percentage can achieve, certainly not the two in the example). So I would recommend for reasonability and achievability to perhaps in your next estimates take the more realistic 5%.

  • I don't think any of these "financial experts" understand cars. If you have have car loans, your cars are likely only worth about what the loan values are, at best. Meaning, if you sell the cars… you have $0… or you likely owe some money. And since they don't yet have an emergency fund… they don't have cash to go buy a nice used car.

  • None of that example accounts for life events either. I'm sure medical insurance could alone use up all that spare money and this would take them twice as long. Forget Buying new "used" cars every 2-5 years, having a child, buying a house, rent, etc. I was already in disbelief when you said they both make $20 /hr, considering these other factors I really don't see how this is relevant to most people who would be watching this video.

  • Not really accounting for children. Or living on one income. Nice in a vacuum, but needs to be taken with a grain of salt. Granted, I also like the idea of starting my own businesses and creating new income streams besides just the stock market.

  • I'm on level 3 level moving into level 4. Zero debt and a net saver (saved 65% of after tax income in 2018). 19:00 minutes of the video: I agree that it's really a mindset and I would say I'm a borderline minimalist as it almost become a challenge or a game to save more than I did last month and differently more then the year before. In 18 months I doubled my income and tripled my savings so if I can do it anyone can. Now that I'm onto level 4 it's a whole new ballgame and I would say, even harder position of finding sound investment opportunities. I find it even more frustrating and scarier then the levels before as I'm petrified in losing the hard earned gains I scrimped and saved. What I've saved in the last 5 years I could easily lose in 5 months and the thought of starting over from zero is terrifying! There isn't 10% returns after inflation like there was in the 1980's waving you in.

    " Over the last 30 years, the average investor saw a return of 3.66%, whereas the S&P 500 had an average return of 6.73%. What is the average rate of return on retirement investments? According to Vanguard, over the next 10 years, investors can expect a 6.6% return on stocks in their retirement account".

    So basically the stock market has returned 0% when factoring in 3% inflation. Not including fees. People spend hundreds even thousands on trading fees each year. I had my retirement saving plan in a mutual fund (growth fund) and the fee's were greater than the returns. It's a frustrating, maddening feeling to see you're retirement fund go in the wrong direction and frankly it feels like a lying scam the banks and financial institutions endorsing. Ted Benna (the father of the 401K) is coming out with a new book and would like to see what he has to say . He states it need an entire makeover and he want's to simplify it. The fee's that have grown out of control was not his intent. It was only created to supplement retirement not fund it.

    Taxes are BY FAR my largest expense and the government has covered every angle to benefit themselves at every level.

    I had 3 rental properties in the past and there are A LOT of extra expenses and headaches. I was in a partnership with 2 other guys and they were hoping for the fast buck opposed the the future passive income. I put in a lot of work with little return and a lot of sleepless nights. Things look doable and much more appealing on my spreadsheet but on paper everything is better then in practice.

    Last April I put 20% of my savings into a syndicated self-storage facility. It's going to be 2 years before it's built and another 5 years before liquidity is allowed (can't sell my share) but I'm putting my trust in others and it's only a 7% return which I have to pay taxes on leaving me enough to pay my monthly phone bill.

    I'm just sitting in cash which everyone will say is crazy because inflation is eating away at it but at least the numbers go up every month and I don't feel like I'm sitting in Vegas at the roulette wheel. I'm just going to keep on working, saving, educating myself and wait for an opportunity that I feel comfortable with.

  • Im 32 and Im @ level 5.5 (able to afford plenty of digital entertainment) lol. Quit a job that I didn't enjoy, took a 5 month vacation and recently accepted a position @ 30% less than I was at but will be more fulfilling. This was made possible by keeping major expenses and debt as low as possible, saving AND investing at least 1/3 of income for over ten years. Being frugal is really a hip thing and is actually a marketable skill. KEEP SAVING PEOPLE!!

  • Little bad advice here. I don't think you can sell your cars with the loans still going. The bank wouldn't give you a lean release so you wouldn't be able to transfer the title. The reason I think it is bad advice is you now have a loan tied to nothing, it would be like taking out a second mortgage to by another car. If you want to save you should try to keep your car for as long as you can stand it. Buying a new asset that is just going to drop in value isn't a good idea here.

  • If only a lot of millennials will actually practice what you mentioned in this video, it will go a long way in helping our communities and the need to live above your means, work extra hard to make more money and spend even more than what you make. I have interviewed lots of early retirees like; Mr. FREE AT 33, FIRECRACKERS( Kristy and Bryce retired at 31), Mike Rosehart(retired at 24 and I believe the youngest retiree through frugality in Canada) and their insights are somewhat similar as well as with cringing stories.
    No hard vocabularies, they just talk in plain terms about their journies, how they started their early retirement journey, practical things they did that helped them along the way and what their plans are moving forward. It is very easy to fall into a lot of traps that could have been avoided if you are new to the whole lifestyle of frugality, spending less, saving more and investing but most of these guys are really open about how they did it. Especially with the different ranges of F.I.R.E(Financial Independence And Early Retirement), you can always find which one fits you the most and how you too can stop clocking in to work and only working because you want to and not because you need to. -Idy on F.I.R.E

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