HOW TO STOP DIGGING INTO YOUR SAVINGS???

[YoungMalcomX1]

what about living off interest?

[mohammedabshaun]

@YoungMalcomX1 you mean off a large sum of money that you have in the bank and living off that interest. Is that your situation.

[YoungMalcomX1]

@mohammedabshaun yes

[trwsandford]

dude! this IS the passive income club!

[mohammedabshaun]

@trwsandford I know it should be my club lol

[memphisdrean]

you are so inspirational, I love listening to your ideas, I think this was a good topic, I would love to be a part of a passive income forum.

[beasty1987]

I've been really feeling demotivated lately and after watching a few of your videos has re lit the fire in my belly, i've just subscribed, keep it going! love it

[xnightxamex]

i think blogtv would be the best way to do the live and interractive kind of thing youre talking about. i dont know why that woman couldnt log on, ive never had problems with it before.

[champc59]

blogtv is horrible, try ustream

[mohammedabshaun]

@champc59 I will

[skeetmoses]

@champc59 that isn't so great either at least the one's I've seen

[MarkBH70]

Try meetup.com. I think that's it.

Poverty, the poor, make the best millionaires.

Proverbs, sorry if that bothers you, says money can take as if wings. And fly away.

It's not about making money exclusively; it's how you operate your life. If you're not frugal, you're going to have problems, usually.

It's too bad that obviously the people on here don't have the mindset of a millionaire. There are problems, but people lack the good upbringing and positive attitude to deal with responsibility.

[sinsarcasmo]

Vending machines have less income; in a depression, all businnesses experience less income.

[mohammedabshaun]

@sinsarcasmo Less income is not bad when you pay for it with and cash and build it up my buddy has 15 vending machine and brings in $1500.00 a month with that.

[sinsarcasmo]

@mohammedabshaun

Did you know we are back to basics, yet? This is not a normal recession, as you seem to see it.

[mohammedabshaun]

@sinsarcasmo I have a question since you seem to negative about everything. Are you doing ok financially, or just getting buy.

[MorningDreamgirl]

@sinsarcasmo Actually there were more millionaires created in the great depression than any other time in the nation's history. Notice I said "created" not the "the rich got richer." People who weren't millionaires became millionaires in the worst economic time we ever had; and not just a few people but the largest amount of millionaires ever created (percentage wise) in the US.

[PayAttentionToThis]

You can start a passive income "meetup" club/organization in your local area if you want...there's an idea. You can always be around other like minded people.

[mohammedabshaun]

@PayAttentionToThis I want to start it with my subscribers any suggestions.

[liabatud67]

@mohammedabshaun meetup daught com

[skeetmoses]

I used to be that way. When I was younger I used to save up for things I wanted then I'd buy it, and repeat it. As I got older and learned better I saw how buying some of those things were mainly wants not needs. That's one thing people need to look at is it a need or a want.

Creating more income is the key via multiple streams, the more money you have the less you have to dip into your savings and the more you save. YOu should be saving a percentage every month anyway.

[imstillworkin]

I said it before and I'll say it again. Save an amount you are comfortable with. If you save every dime, the first time you need a dime you'll dig into savings for it. Once you start that nasty habit you can kiss your savings goodbye. When you budget your money, determine how much money you have left after the bills are paid. Put a large portion of that money into savings and keep the other portion in checking for when life happens. Never touch the savings! 

[imstillworkin]

@imstillworkin I keep forgetting to tell you about a thing called Groupons. My daughter-in-law has been trying to get her business off the ground for over a year and it has been slow. She joined a website called Groupons hoping to sell about 150 coupons to draw customers. She sold 792 and the majority of the people are now regulars. It's a great way to jump start a business. It may or may not be in your area. Worth looking in to.

[mohammedabshaun]

@imstillworkin good Advice

[IndyPlayer75XL]

....good advice

[albc1964]

To stop digging into savings: does anyone , watching this video, know if its possible to set up a blind trust with a bank where I would put money in BUT I CAN,T take money out UNTIL the account reaches a certain balance amount agreed upon in advance by me and the bank,s trust department ? I think can be used for setting up my emergency savings. As always ; I appreciate any words of wisdom on this subject question.

[jchahine]

@albc1964 yes, there are several types of accounts that work like this -- for instance a CD. or even bonds. But I've heard a lot of advice from inflation-hounds stating to stay away from anything that matures in 2 to 5 yrs because of the coming high inflation.

[MorningDreamgirl]

@albc1964 I don't like that combination of words: Blind trust. I want to see where I'm putting my money and what it's doing/what's going on with it. Why not just have an accountability partner? Someone who's not afraid to hurt your feelings and tell you the truth and someone who you show the bank statement to every month to prove the money is still in there? Then you can just have an amount auto-drafted from your checking every month to said savings account.

[TheFlex21]

good video

but as far as kioysaki, I don't trust him because of a few things

for example he says debt is good, he hangs out with donald trump, his books contain a lot of fluff & anecdotes but not much in the way of anything concrete, I couldn't really find any evidence that he really made any money BESIDES from his books & motivational speaking

[mohammedabshaun]

@TheFlex21 Lol I only take the good I like Passive Income but not in real estate until you can pay cash money for it. But Passive income creates power to do things. Internet Kiosks and etc.

[skeetmoses]

@mohammedabshaun real estate is cool you just have to buy right. I receive passive income from my real estate.

[sinsarcasmo]

@skeetmoses Real State is losing money, and the bottom is still far down the rabbit hole.

[mohammedabshaun]

@sinsarcasmo If you pay cash money and are renting it out you don't have to wirry about that.

[skeetmoses]

@sinsarcasmo not all real estate is losing money don't beleve the hype

[MorningDreamgirl]

@sinsarcasmo Actually the statistics are showing that most housing markets (not all but most) have leveled out or are going up. You will go where you look. So don't go looking down rabbit holes. Be aware of them, but don't go searching for them or seeing how far the hole goes.

[mohammedabshaun]

@TheFlex21 but I am with you I don't trust Kiyasaki on the debt part. I pay for passive income with my own cash.

[albc1964]

@TheFlex21 I agree with your opinion about Robert Kioysaki; especially part about what you said about Kioysaki,s opinions on debt. With that and other things he talks about...well I just don,t get it. I don,t know if you agree; The one item I think , I could be wrong , he gets it right would be fianancial edcuation. Thats of course can be done thanks to the internet.

[Mrsschubidou]

yes,, will do it,, if I have

[Rototill27]

There is one important word in life that I always remember. "ANTICIPATE". Anticipate job loss, car repairs,vacations etc. The problem is, we live in a county of instant gratification. Also, don't get ahead of yourself. Your liabilities shouldn't be more than 50% of your monthly income. I start to sweat around 50%. Before spending money, I ALWAYS concider the worst case scenario and I plan for it. Pay your debts down, stop living beyond your means and ANTICIPATE. U dont need more money really

[mohammedabshaun]

@Rototill27 I like your statement, good stuff.