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by the age of 30 how much do you think

someone should have in their bank

account zero zero

[Applause]

[Music]

[Music]

so my first question for you today is

when you were younger how much did you

expect to have in the bank by 30 and did

you meet those goals before I was 30 I'm

not sure I expected to have a 10 in the

bank I think I would hope today as I

look back that I might have you know

upwards of fifteen or twenty thousand

dollars in the bank is a kind of a

little Nest Egg for emergencies or

things of that nature probably I don't

know I gave a lot of thought when I was

much younger than that certainly wish I

had as I was much older yeah but what do

you think is a good number for a 30 year

old whatever they can put away is I

would say ten thousand dollars okay as

is it bad that I I don't really

I mean somewhere in the ten thousand I

don't know like like I it's it's bad

that I can't come up with one all the

time okay no it's okay by the age of 30

how much do you think someone should

have in their bank account zero zero

really

you shouldn't I mean by 30 I mean who

has money right so yeah I'm a doctor I

didn't really start making money until I

was 35. okay I had enough to survive

okay we'll just say you're making a

hundred thousand dollars you should have

twenty thousand dollars in in your bank

account so that's that's just

proportional okay okay that's a very

good question the problem is a lot of 30

year olds are struggling they don't have

very much money left over once they paid

their rent or utilities their uh car

payment right and uh the situation is

much different today than it was when I

was 30 years old and things were more

affordable things have really gone up

um probably like around like 80 to 100

000. oh my gosh

you know some people are like oh maybe 5

000 maybe 10. I'm going for fire energy

yes okay

Financial Independence retire early

retire early so do you prefer to save

for the future or invest in right now

save really why is that uh because I

want to retire early do you think that

young people here in the U.S they focus

more on right now instead of saving for

the future and well I think that'll

affect it well I have a son and he's

working and it's difficult for him

because the rent is so high right I I

think again they need to try to save

what they can and then spend what they

have to spend in order to live that's

where we're at right now right we have

people in our family that we've tried to

give wisdom to financially and sometimes

they just aren't interested in listening

and then they complain about their

situation right and I see where they're

spending money that my wife and I would

have never spent in our younger years or

now if we were that age yeah and so they

kind of create their situation make it

worse okay I'm starting to be a teacher

so trying to just like you know put

enough away where that I can you know

live comfortably enough on the salary

yeah spend it now spend it now so like

if you see something you like you're

like I need that I'm just gonna get it

treat yourself yeah mentality yeah okay

way too many people are under the

complete illusion that Social Security

is going to exist uh 30 years from now

so I'm 39 and I can tell you I can count

on one hand the number of people that I

work with that are saving at the same

kind of level that I am a lot of people

are like oh well I want to buy a new car

first I really want that thousand dollar

iPhone right I really want that six

dollar coffee and

um there was a really fascinating

experiment that I can't remember the

publication it might have been The

Economist or the Wall Street Journal but

they basically

um calculated the average person buying

like a grande latte five days a week for

a 40 hour work week and it will just for

argument's sake say it was 25 and they

basically said okay take that 25 put it

in a compound interest retirement

account every single year for you know

20 years and I think they broke down

that you'd have over a million dollars

economy was was healthy so you know it's

like just making these small sacrifices

pays off in tremendous amounts but to

answer your question you know the

average American under the age of 40

typically is more concerned with this

element of hyper consumerism right which

is like Buy It Now buy it now have I

mean I'm willing to bet that that Sony

camera that you're filming me on was

2500 minimum you're

lens is at least 1200 bucks so you know

you've got a pretty hefty setup but

you're using it for for Clear purposes

that probably generate you income I'd

like to imagine that's an investment in

your own income a lot of people are just

like oh my gosh you know the Black

Friday new iPhone I'm gonna spend a

thousand dollars while I owe forty five

thousand dollars for a degree right so I

don't think that a proportion of

Americans have that kind of savings

mentality whatsoever right what is one

thing that you've learned about money

that has always stuck with you

throughout your life nothing concrete

but just like saving and I don't know

I'm I mean I say this holding a Sunglass

Hut bag but I but I I try to like I

really try to limit the shiny things the

shiny things yeah I try I I it's it's

really this is not helping me like

through my point but but I I try to keep

pragmatic right right okay and then if I

do that I find that I have you know

do stuff like this awesome well thank

you so much I judiciously spend it so

yeah okay that's a tough question

you always need money of course to say

hi so you need lots and lots of it you

know it makes things nice but you don't

really need enough to survive and right

you know choose your path right okay

probably the thing I've learned most is

that you've got to be patient with the

market here don't as you're investing

money make sure that your your patient

I don't know what the right term is

maybe ride the waves don't do that be

patient look for stocks to give you

long-term dividends don't rush into

something like I'm not a big fan I know

lots of people have made a lot of money

in Bitcoin and some of those things I'm

certainly not an economic advisor but

for me from an investment standpoint I

think long-term secure Investments

strong dividends and write them out

don't pull your money right away it's in

the Long Haul if you look at the history

of the market the Market's consistently

gone up right as it dips but especially

for a young person like you I would

leave it in there it's scary don't look

at it every day but let it let it ride

itself up and then be patient with it so

that's probably the best advice I give

for somebody for something different

that I've learned from money or how to

manage money a little bit better over

the years debt is slavery debt is the

modern day slavery and that the debtor

is the slave to the lender your labor is

going towards JPMorgan Chase Sallie Mae

student loans whatever I mean the the

best thing that you can do is live

within your means and whatever ever else

you have at the end of the month you

should put into a savings account you

should put into a retirement account

it's just simple numbers because the

worst thing that you can do to yourself

or your family is set yourself up to

retire poor that is one thing that

you've learned about money that has

stuck with your own life money makes

money if you have money to invest and

put in the bank you're going to get

something back on it if you spend it

you're not going to get it that's right

and and the time value of money is

extremely important they've now let me

make your money let money make money so

you don't have to work later on exactly

that's the that's the theme of it all

okay let money make money so you don't

have to work later on but you gotta have

money to do that right so yeah pay

yourself first

set aside what you want to save

and stick to your budget I do zero-based

budgeting okay allocate every dollar

really yeah so like twenty dollars to

car payment yeah yeah every single month

yeah that is amazing yeah okay and plan

on your fun stuff don't make a budget

that's unreasonable right

okay just not to spend it fervously I

mean if you're gonna buy something to

really think about it research

okay I don't put as much no it's just

money in the past and I I tend to Value

more like time and experience right and

money and I think a lot of young people

feel that way too yeah yeah yeah I'm not

sure it's kind of like spend money on

experiences and worry about saving later

a little bit I feel like right now for

young people yeah kind of just like

saving it and then like when I was

younger I used to save money and then

just like using it on like stuff that

like I actually need okay yeah okay

awesome well thank you so much thank you

foreign

[Music]

[Music]

Video Info

[Street interview with American passers-by] Americans don't have the concept of savings? There are also lying flat people in the United States? ASKING AMERICANS ABOUT THEIR THOUGHTS ON SAVINGS AND MONEY

by the age of 30 how much do you think

someone should have in their bank

account zero zero

[Applause]

[Music]

said

um

[Music]

so my first question for you today is

when you were younger how much did you

expect to have in the bank by 30 and did

you meet those goals before I was 30 I'm

not sure I expected to have a 10 in the

bank I think I would hope today as I

look back that I might have you know

upwards of fifteen or twenty thousand

dollars in the bank is a kind of a

little Nest Egg for emergencies or

things of that nature probably I don't

know I gave a lot of thought when I was

much younger than that certainly wish I

had as I was much older yeah but what do

you think is a good number for a 30 year

old whatever they can put away is I

would say ten thousand dollars okay as

is it bad that I I don't really

I mean somewhere in the ten thousand I

don't know like like I it's it's bad

that I can't come up with one all the

time okay no it's okay by the age of 30

how much do you think someone should

have in their bank account zero zero

really

you shouldn't I mean by 30 I mean who

has money right so yeah I'm a doctor I

didn't really start making money until I

was 35. okay I had enough to survive

okay we'll just say you're making a

hundred thousand dollars you should have

twenty thousand dollars in in your bank

account so that's that's just

proportional okay okay that's a very

good question the problem is a lot of 30

year olds are struggling they don't have

very much money left over once they paid

their rent or utilities their uh car

payment right and uh the situation is

much different today than it was when I

was 30 years old and things were more

affordable things have really gone up

High

um probably like around like 80 to 100

000. oh my gosh

you know some people are like oh maybe 5

000 maybe 10. I'm going for fire energy

yes okay

Financial Independence retire early

um

retire early so do you prefer to save

for the future or invest in right now

save really why is that uh because I

want to retire early do you think that

young people here in the U.S they focus

more on right now instead of saving for

the future and well I think that'll

affect it well I have a son and he's

working and it's difficult for him

because the rent is so high right I I

think again they need to try to save

what they can and then spend what they

have to spend in order to live that's

where we're at right now right we have

people in our family that we've tried to

give wisdom to financially and sometimes

they just aren't interested in listening

and then they complain about their

situation right and I see where they're

spending money that my wife and I would

have never spent in our younger years or

now if we were that age yeah and so they

kind of create their situation make it

worse okay I'm starting to be a teacher

so trying to just like you know put

enough away where that I can you know

live comfortably enough on the salary

yeah spend it now spend it now so like

if you see something you like you're

like I need that I'm just gonna get it

treat yourself yeah mentality yeah okay

way too many people are under the

complete illusion that Social Security

is going to exist uh 30 years from now

so I'm 39 and I can tell you I can count

on one hand the number of people that I

work with that are saving at the same

kind of level that I am a lot of people

are like oh well I want to buy a new car

first I really want that thousand dollar

iPhone right I really want that six

dollar coffee and

um there was a really fascinating

experiment that I can't remember the

publication it might have been The

Economist or the Wall Street Journal but

they basically

um calculated the average person buying

like a grande latte five days a week for

a 40 hour work week and it will just for

argument's sake say it was 25 and they

basically said okay take that 25 put it

in a compound interest retirement

account every single year for you know

20 years and I think they broke down

that you'd have over a million dollars

if

economy was was healthy so you know it's

like just making these small sacrifices

pays off in tremendous amounts but to

answer your question you know the

average American under the age of 40

typically is more concerned with this

element of hyper consumerism right which

is like Buy It Now buy it now have I

mean I'm willing to bet that that Sony

camera that you're filming me on was

2500 minimum you're

lens is at least 1200 bucks so you know

you've got a pretty hefty setup but

you're using it for for Clear purposes

that probably generate you income I'd

like to imagine that's an investment in

your own income a lot of people are just

like oh my gosh you know the Black

Friday new iPhone I'm gonna spend a

thousand dollars while I owe forty five

thousand dollars for a degree right so I

don't think that a proportion of

Americans have that kind of savings

mentality whatsoever right what is one

thing that you've learned about money

that has always stuck with you

throughout your life nothing concrete

but just like saving and I don't know

I'm I mean I say this holding a Sunglass

Hut bag but I but I I try to like I

really try to limit the shiny things the

shiny things yeah I try I I it's it's

really this is not helping me like

through my point but but I I try to keep

it

pragmatic right right okay and then if I

do that I find that I have you know

do stuff like this awesome well thank

you so much I judiciously spend it so

yeah okay that's a tough question

you always need money of course to say

hi so you need lots and lots of it you

know it makes things nice but you don't

really need enough to survive and right

so

you know choose your path right okay

probably the thing I've learned most is

that you've got to be patient with the

market here don't as you're investing

money make sure that your your patient

don't

I don't know what the right term is

maybe ride the waves don't do that be

patient look for stocks to give you

long-term dividends don't rush into

something like I'm not a big fan I know

lots of people have made a lot of money

in Bitcoin and some of those things I'm

certainly not an economic advisor but

for me from an investment standpoint I

think long-term secure Investments

strong dividends and write them out

don't pull your money right away it's in

the Long Haul if you look at the history

of the market the Market's consistently

gone up right as it dips but especially

for a young person like you I would

leave it in there it's scary don't look

at it every day but let it let it ride

itself up and then be patient with it so

that's probably the best advice I give

for somebody for something different

that I've learned from money or how to

manage money a little bit better over

the years debt is slavery debt is the

modern day slavery and that the debtor

is the slave to the lender your labor is

going towards JPMorgan Chase Sallie Mae

student loans whatever I mean the the

best thing that you can do is live

within your means and whatever ever else

you have at the end of the month you

should put into a savings account you

should put into a retirement account

it's just simple numbers because the

worst thing that you can do to yourself

or your family is set yourself up to

retire poor that is one thing that

you've learned about money that has

stuck with your own life money makes

money if you have money to invest and

put in the bank you're going to get

something back on it if you spend it

you're not going to get it that's right

and and the time value of money is

extremely important they've now let me

make your money let money make money so

you don't have to work later on exactly

that's the that's the theme of it all

okay let money make money so you don't

have to work later on but you gotta have

money to do that right so yeah pay

yourself first

set aside what you want to save

and stick to your budget I do zero-based

budgeting okay allocate every dollar

really yeah so like twenty dollars to

car payment yeah yeah every single month

yeah that is amazing yeah okay and plan

on your fun stuff don't make a budget

that's unreasonable right

okay just not to spend it fervously I

mean if you're gonna buy something to

really think about it research

okay I don't put as much no it's just

money in the past and I I tend to Value

more like time and experience right and

money and I think a lot of young people

feel that way too yeah yeah yeah I'm not

sure it's kind of like spend money on

experiences and worry about saving later

a little bit I feel like right now for

young people yeah kind of just like

saving it and then like when I was

younger I used to save money and then

just like using it on like stuff that

like I actually need okay yeah okay

awesome well thank you so much thank you

foreign

bye

[Music]

[Music]

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