A Minimalist Approach to Personal Finance

A Minimalist Approach to Personal Finance

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There’s a basic formula to win at personal finance. And it’s this… Make more money than you spend. In practice it’s not that easy. In the real world our money slips through our fingers. No matter how much we make our bank account seems to have its own agenda.

In this video I breakdown common myths, pressures & misconceptions about money and how to manage it.

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35 Thoughts to “A Minimalist Approach to Personal Finance”

  1. Hey everybody! I'm making a course on habit change (it's my first one and it's going to be awesome). There will be lots of videos, silly jokes, & most of all actionable steps to make any habit stick.

    Sign up to hear about it… http://mattdavella.com/newsletter

  2. Before I buy anything I check to see if it satisfies the following criteria:
    1) utility
    2) value for money
    3) opportunity cost

    The items you really need will always satisfy these three. The items you want will never satisfy the third. And that is how you can differentiate between need and want. Bottom line, the less you want the more you have. That and the book "the richest man in Babylon". I never understood why they don't teach this book's content at school or even uni.

  3. "They don't go out and lease a brand new BMW." Shit he got me there.

  4. My minimalist approach so strong, I don't even have a personal finance

  5. we are tempted to consume because, if we put our money in the bank, we get nothing, because of inflation. nobody seems to want to talk about this aspect.

  6. sadly some of us are on such low income even after spending less than we earn we are in serious shit. but i still give a thumbs up to the video because there are guys earning decent salary not amazing decent and even they are in a hole. by being materialistic minded. buying rolex with their first nice pay check. using credit cards and before they know it they have 6 credit cards with each one with £100 minimum payment and car loan and all sort there is no excuse.

  7. It's ironic that you majored in mass communicatiion, which is partly the science of how to increase consumer spending, yet you advise the opposite. If sellers only relied on prudent spenders who pay cash they'd be out of business. I agree with you though of course.

  8. I clicked on this video to play in the back ground and now I feel like my mind has been read… I’m fortunate enough to have 0 debt with an associates degree and bachelors. But I am constantly thinking as I make more I should live in a nicer place or drive a nicer car…. this was like a bucket of ice water wake up call

  9. Just wondering why didn't I saw this channel before. Great job done Matt. Learned a lot already.

  10. 1)Create your goal – and know it well.
    2)Structure your goal through noting sub-goals(steps/processes/productive habits necessary to complete your goal).
    3)Tick off what you've achieved, whilst keeping your Main Goal in mind.
    4)Keep your goal to yourself – always.
    5)Acquire knowledge, learn-as-you-go and from your mistakes.
    6)Be resilient
    7)Make necessary sacrifices and strive toward more productive habits, people, events and research.

    I wish you the best of luck along your way. You Can make it.
    – be sure to Think Different.

  11. Living at home is a great financial resource for young adults, if they are fortunate to have good parents. If they save and invest etc, it will really help

  12. I am 42. own my own home outright. have essentially semi retired and have never had a credit card…ever. apart from our mortgage (when we had one) If we didnt have the money we couldnt afford it and therefore didnt get it. don't get me wrong looking back I have still wasted money in my time but it was my money credit cards are killers!

  13. I've been living for 10 months in Paris, without my parents. Working to gain my own money… Watching your videos has been really helpfull trying not to espend all my money in the Forst days of the month

  14. I pretend like I can't afford anything so I don't spend any money.

  15. It's such a simple concept "don't spend more than you make" but yet so many of us fail at this concept (including me!)

  16. Quiting social media + changing friends + hanging out less exept if it is somewhere like forests or cascades where I will not need to spend any money + preparing food instead of bying it.


  18. are. you. single????????????????????

  19. Do you know Uncle Dave?
    (Dave Ramsey)

  20. The hardest thing is to find somewhere to live thats super cheap.
    All i need is a place to sleep, small bathroom, small kitchen.

  21. I have that same british flag pillow xD

  22. Inspired! Thanks for sharing. I’m currently working on becoming “debt free” also.☺️

  23. America you have such a big problem with student dept. First thing you can do: Don't elect Trump again

    Second thing: Try to get a degree in an other country for less money
    Third thing: Get a fucking insurance! If you get cancer without no insurance you are fucked and all others around you too. That shit costs you 100k per year.
    Fourth thing: Do not get a credit for ANYTHING

  24. Not inflating our lifestyle as income rises, sounds like a good plan!

  25. I stopped halfway through the video. First I want to say the visuals are great as well as the music. But as a financial planner, the overall theme of this video is terrible. I got as far as him saying that you don't deserve things after hard work, but you deserve to be debt-free, lol. Look man, we deserve whatever we want! I don't believe in minimalism AT ALL. I've never lived my life like that. What people NEED is a good budget that allows them to blow some cash on themselves every time they get paid.

    If you allow yourself to blow money on yourself all the time, it gets old and you'll end up more conservative. It usually only takes a few months to reach this level of conservatism. It's the same reason lottery winners go crazy and end up broke. They've never allowed themselves an allowance to blow on themselves.

    Bottom-line you should have at least 4 accounts. 1 for Expenses, 1 for Savings, 1 for Investments, and 1 for Blowing it. Savings, Investments, and Blow it all accounts should be allotted the same percentage. You can check my video about that out here: https://youtu.be/96bwT9SkWbE

  26. There’s a really fantastic book I can recommend called “young money” by Dasarte Yarnway. It’s about how you can use your time to make money for the future.

    The basic philosophy is that, as a 20-30 year old you have something so valuable that even no amount of money can buy – time.

    The 20+ years you have over a 40-50 year old entrepreneur is more valuable than his entire stock portfolio if you spend it right.

    It taught me how best to budget and build habits to build wealth as efficiently as possible.

    Cannot recommend enough <3

  27. Thank you – appreciated it very much

  28. hi im from india love you content big brother

  29. E

    Too much self-reflection, very few actual tips. Please be more specific in your videos

  30. What Americans call minimalism is a freaking joke.

  31. Easy advice from somebody who makes 10k+ per video.
    Just die a minimalist with money under your pillow and a lifetime of sacrifices and deprivation. Save money, yes, at least 10%, but do not strain yourself into a minimalist lifestyle. Life is too fragile to live it with a deprivation that strains and drains your mind.
    I tried and became ill.

  32. Hey! I love your channel and your videos are so helpful and amazing. I was wondering if there's any chance you could make a video based on finding freelance work. Typically freelance work is more popular in LA and SF and there's a lot of websites claiming they have the best choices and as college students looking to gain experience and maybe a little extra cash, it would be helpful to know where to start, as I heard you mention that you did some freelance work yourself in film. Anyway, love your content!

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