THIS IS WHY YOU SHOULD SAVE $25,000 A YEAR

Created on June 3, 2010 using FlipShare.

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[jonvssocrates]

Man I always dig your videos. Tons of good points.

Reading the comments, I see a lot of people making excuses. There are so many ways to do this.

Ebay store, roommate(pays rent + 1/2 utils), cheaper car = cheaper insurance and taxes, no cell phone, no cable TV, no eating out, workout at home instead of the gym, don't drink, etc, etc.

That's probably a $1,000/month right there...

The trick is finding fun things to do that are free.



[mohammedabshaun]

@jonvssocrates Thank you I am glad someone is trying and not making excuses.

[imstillworkin]

Speaking from experience, frugal and passive is a very difficult balancing act. A frugal person tends to do things for themselves to save money. A passive income generally requires hiring someone else to do the work. Other people have no problem whatsoever with burning through your money.

[mohammedabshaun]

@imstillworkin hmmm interesting. A vending machine, is passive, internet cafe, at an airport frugal, vidoe games at a truck stop frugal, rental property. Where are the employees and all are passive. So I am confused with the type of passive income you are referring to. Of course other people want have passion about your business, by what I am talking about doesn't involve people.

[mohammedabshaun]

@imstillworkin Why so many excuses it seems as if you have lost your fight. It only takes thirty minutes to collect money from machines. They are responsible people who can fix the house? Why so many excuses?

[manman153]

your videos have helped me so much. i am a college student and I started an emergency savings like you said. and you know emergency came and i was able to deal with it. Thank you so much. I am working on living a frugal lifestyle and trying to get other sources of income. as a college student what are some ways i can do this besides getting another job?

[mohammedabshaun]

@manman153 tell me about what emergency came and how you handled it. Good Job.

[dynamikpat]

This video should be standard Curriculum in every school and university!

[308beatZ]

Ive been watching your videos for few hours..and you really got me interested in financial talk...as myself being 17 yrs old I want to save...not like my brother that spends about half his weekly paycheck that would be about $650 at the mall each weekend...Spend Money To Get Money !!!

[ryanvms]

Agreed. With one exception. I hate to be "that guy" but if you are saving, you should be saving some of it in gold and silver.

[trwsandford]

Mohammed! you have these qualities is spades!

Thrift

Humility

Charity

Moderation

Hard work

Honor

Everyday I look at that list and do my best...

[imstillworkin]

@mohammedabshaun I'm not making excuses, I'm pointing out reality which is something you'll rarely get from a person involved in business. My husband would tell you he made $132k a year from one of his side businesses. I would be truthful and tell you he grossed $132k a year and netted $19k, big difference. Who would you rather talk to if you were deciding to go into that business?

[imstillworkin]

@mohammedabshaun Someone has to fill that vending machine, collect the money from the video game, etc. and things break. I have rental property. When a kitchen sink starts leaking, do I fix it myself with a $2 part or do I call a plumber and get popped for $300? Multiply that scenario times 11 houses and you'll find yourself choosing between being frugal or being passive. There are only 24 hours in a day. You're overlooking the fact that tenants TEAR UP houses and someone has to fix them.