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Why Millionaires Appear Broke -- How They Spend Their Money

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Some numbers seem wonkybr5 on transportation, including taxes, gas, and insurance?brSo a couple, both working and commuting to their jobs, make combined $200K/yr Pretty well off in anyone’s bookbrThat is $10K/yr or $415 per car per month including insurance, excise tax (depending on your state) and gasbrNot many doing thatbrOh, and since both driving to work…what about daycare for the kids?brOr maybe they should be like so many success-oriented people and just not have kids?brLife is hardbrGood people are living paycheck to paycheck to make ends meet and videos like these actually make them feel even more inadequatebr“Just save 20 of your net pay chucklehead It’s easy And you too can become a millionaire”br🙄
Comment from : @Rob02138

This is all wrong Your largest expense is TAXES Lowering this expense is the key to getting wealthy
Comment from : @ryanlunn2869

Its quiet interesting how we reject the reality of our situation and expect to be able to observe it, control it and even change it I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments
Comment from : @KatyMccullars

Housing 25 brFood, homebasics 15 brCars 5 brClothing 5 brVacations 5 brEntertainment 10 brbrWhat about last 35 ? Investing?
Comment from : @sebastiankarlsson1294

They spend their money on gorgeous girls humpin them to the very end
Comment from : @naar7192

Wife and I are close on most of these categories, and have gotten to the Ramsey Baby Step 4 Been tracking however, over the last 5 months, and there always seems to be an essential 2-3 income eater expense usually one per month, which always puts us above the 80 threshold we hope to achieve Lately its been tires, which our paid for cars needed 8 of between them Frustrating, but I can't imagine going $600 in the hole for tires, which Visa will charge you 28 to finance
Comment from : @CYCO1631

Just have so much money making more money that you cant spend it all, that is this video in a nutshell
Comment from : @ArchesBro

5 for transportation?? I send that just on gas back and forth to work a month!
Comment from : @andrewbennett7987

I think its important to understand you shouldnt focus so much of your efforts on saving on small items, but mostly just on housing and transportation other than that, focus on improving your income so you can have a much higher savings ratio I think its possible for most people who are willing to put in the effort to earn at least 80-100k after a while that makes it so much easier instead of investing a mere 20 / 10k annually, now you can invest 40-60k annually So by doubling your income you quadrupled your investments
Comment from : @victorravn3075

My net worth is over a million but you would think I was broke… I’m very conservative with my spending I focused on paying off my debt and my house Now I’m focused more on investing and early retirement I splurge on travel but am pretty thrifty on a day to day basis
Comment from : @TheComp_Troller

The 5 on transportation is impossible considering there’s gas, insurance, tolls, and registration
Comment from : @pauly3d728

Would you be interested in doing some illustrations for me to be used in a book I am writing? Thanks, Mark
Comment from : @MarkMphonoman

Less hookers and blow and you are good to go!
Comment from : @GrnXnham

Some millennials fail to do one thing correctly: INVEST I made my first million dollars by investing in blue chips and top etfs through a broker, so I invested and re-invested my earnings I also bought a lot of high-quality dividend-paying equities, which offers me a good basis of passive income James Fletcher Brennan has been managing my portfolio for two years and continues to amaze me
Comment from : @robertthurmond8161

Being poor is a state of mind, not an actual position in life Change your mindset and change your life Keeping up with the Jones’ will keep you broke!
Comment from : @samzach2057

Privatize your profits, ask your bankers the best ways to do it Democratize your costs, ask your democratic representatives the best ways to do it
Comment from : @The0ldg0at

Something often missed in these videos is that the modern economy depends on the majority of people being a consumer I am personally a super saver but I am also aware that I am only able to live that lifestyle because the economy is held together by consumers If everyone were to be frugal and save like these everyday millionaires the economy would enter a massive depression It is sometimes hard for people to realize but you being a millionaire by being a big time saver is only possible when others spend
Comment from : @jordanmcmurray5785

Reg housing, just bear in mind your house can be a great investment
Comment from : @maciejdworzanski5063

Don't forget the cleaver flipper?
Comment from : @pantera6169

Apart from housing cost I check all the boxes Living alone is expensive, but without a partner or parents I can live with options go down fast I used to live with roommates, but pay less living alone so that wouldn't save me any money either I should really find a partner to live with if I want to get to the 25 Alone I spend 35, so not too bad Shared this would land me in the 25 with ease
Comment from : @Lillith

Sadly some with money are so tight they won't even buy a festival ticket or 5 star hotel and fridges emptybrBut some no hesitation in botox plastic brNo thanks sadly some are happen to turn up in 5 star hotels but not paid for itbrSome have poor cold communication skills because a complex everyone after there moneybrGive nothing and you get nothing bear this in mind when old
Comment from : @reducepricroryhrywtby

Materialism don't equal to wealth
Comment from : @ericsmith9835

I buy a few pairs sturdy clothes like cahartt, and i wear em for years and years I buy used cars My money goes into real estate and the market We use our business to shop at restaurant aupply Actually live very frugally We vacation alot in Eastern europe and turkey so we get 5 star service at budgetcin rates
Comment from : @peterd9940

Millionaires are not some special class of person,brFor many in the West property can easily account for $500,000 add say $250,000 pension fund value not much more is required to make millionaire status
Comment from : @badass6656

Millions isnt money in the first place the ppl we think about with private jets and yachts are 10s -100s of mills - billionaires 2 5 million isnt enuff for 1 private jet Or 1 nice yacht
Comment from : @theblackinvestor3990

As a Canadianwhen I travel in my second home in West Palm Beachwe pay $375 for two adult round tripbrNot to mention we buy couples property in WestPalmBeach in 2013pay in average $45 000 USeachbuy directly from the bank in shortsalebrMost of them are rentedbrbrIn Canada, I have (3) story home 4000 sqfeet in big citycost per month $600only city taxesbrbrThe trickpay your debt fast as possible and don't use them like a ATM
Comment from : @christianduval9067

The car one is shocking A car payment of $500/month alone is $6k
Comment from : @ShaunaLeesSnackidies

Do you want to look rich , or be rich
Comment from : @mikekinsella2822

Millionaire don’t appear broke lol
Comment from : @420BLUNTLEY

Your attitude to money changes once you understand that investing is basically playing Cookie Clicker irl
Comment from : @mrwizard5012

Rich invest on appreciating assets while poor spend money on depreciating assets
Comment from : @doodleknowledge

nice video
Comment from : @ChiSotheara

Big ups to everyone working effortlessly trying to earn a living while building wealth I am 50 and my wife 44 we are both retired with the net worth of over $3million with no depts Currently living smart and frugal with our money Saving and investing lifestyle in the financial market made it possible for us this early even till now earn monthly through passive income
Comment from : @davidreus9321

My father told me if I save a nickel, I have a nickel, if I make a nickel the government will take 2 cents of it
Comment from : @rogerpullin8997

I invest 60 of my income after paying bills into bitcoin lol
Comment from : @Martinez-u1t

Can I translate your videos and post it?
Comment from : @waiyan1345

We don’t want to be robbed
Comment from : @johnbts9216

I'm a Millionaire and I get criticized for wearing "Cheap" clothes Lol
Comment from : @martinmi5

I save up about 60 of my income into savings & investments I used to work hard making minimum wage and now I work hard making high income I didn't change my money spending habits because I get sick thinking of life creep
Comment from : @Winston0Boogie

People don’t realize how much money they’d save by shopping at Walmart and driving a 10 year old Honda
Comment from : @jdmdamian

There’s fifth type of millionaire The silver spooner
Comment from : @shirleytan5162

Congrats on 100k subs Well done
Comment from : @buckpr5387

These are lies
Comment from : @thelaw2348

Working in Wealth Management, I see this daily The clients who do not seem as wealthy are the wealthiest and those who seem wealthy are average at best But it makes sense if you understand how they think about money Accumulation of assets is their first priority
Comment from : @forbesfortunes4000

I like your advicebrSimple easy and exactly what we do, brsave more than we spendbrI look poor enough that I can't go to shady stores without them worrying I will steal, brwhich makes me laugh, brbecause if they accused me I can definitely afford a good lawyer and they would regret judging a book by the tattered 20 year old pantsbrUnfortunately for these businesses, brwhen I do spend I pay a lot for exactly what I want, brwhich means they chase away the biggest spender with their bigotry brWealthy people avoid places they will get accused of nonsense
Comment from : @marshalepage5330

So that means the average American family now has to earn 6 figures to spend 15 or less on foodbrWith 2 incomes I suppose that shouldn't be too difficult, but it is more risky on 2 incomes because only 1 income loss hurts but 2 incomes means twice as likely to lose 1 income
Comment from : @marshalepage5330

I look like a bum and I still work like a dog The only change is I don't take chit from ignorant management
Comment from : @Dollsteak69

How can an average income earner use less than 5 on car or holiday?
Comment from : @Macarto

Keep expenses 80 or below you take home pay Spend 25 for housing, 15 for food and home basics, 5 for cars, 5 for clothing, 5 for vacations, 10 for entertainment - each of those comes with "or less" attached and is a of your net pay The rest goes into saving/investing
Comment from : @LordMcGray

All of the rich people I have known live in nice houses, not mansions, put their kids through college, seeing that as an investment and work very few hours a week, with residual income and investments financing their lifestyle The ones that appear rich bring their cars, RV's, boats, etc to sell on the street when 2008's and 2023's recessions happen
Comment from : @spiritualexercise265

Love learning about this type of content 🔥
Comment from : @Almightykingtay

Saving / investing is only possible if you have the income to support Basic costs to average salary is much higher these days Principles hold but difficulty is much higher
Comment from : @Tunafishyme

Man I be living like a millionaire except my bank acc don't reflect
Comment from : @Psychsmoothie

Made some really valid points in this video man! Enjoyed this a ton - well done!
Comment from : @KyleChasseCrypto

Is this only obvious to me?
Comment from : @hobocyclist

Wife & I save roughly 60 of our take-home-pay Currently 33-years-old and should become a millionaire within the next couple years It's pretty easy to do, as long as you are willing to try Having 2 incomes helps tremendously
Comment from : @HedgeFundAnalyst

I love how a Tesla is synonymous with overspending on a car lol, it's so true!
Comment from : @Thaigera

Everyone seems to focus on the "millionaire" status Just aim to live a comfortable, balanced life🤷🏾‍♂️
Comment from : @taurusthebull76

I work with people who make $80k a year and are married to a person who makes the same They are broke I have no idea how one can spend that much money
Comment from : @Damon-qt3fw

I know SEVERAL millionaires and this is PRETTY MUCH correct except 10 on entertainment but ONLY 5 ON VEHICLES AND GAS??!! What are we at $150 a gallon gas here??!! There's NO WAY your entertainment is DOUBLE your car AND gas costs NO WAY
Comment from : @OffGridInvestor

no its simply because its easier not to get jumped by 4 grown men that want ur jordans
Comment from : @obnoxiouscat6269

The Twitter CEO looks like a homeless dude so he can blend in with the crowd on his way to their San Francisco office
Comment from : @JB-kx9bx

Stealth wealth 💯💯💯💯
Comment from : @DoubleOddJosh

Words of wisdom:br“Buy less crap”br- Jaspreet Singh
Comment from : @vincef7487

A million dollars is only a lot if you don't have it Don't get me wrong, it's great to have, but it's not what many people think You still have to watch what you spend
Comment from : @griffinreitz7041

Wealthy people live like they are broke - broke people live like they are rich
Comment from : @danieldpa8484

Well, the millionaire only spends 5 of their earnings on basic needs and investing 95 of it brbrBut for the average Joe, this is practically impossible If you are broke, you know how well society hates you brbrIf you have minimum cash, you can't open a bank account, because monthly fees will just eat up your money But without banks, things like paying bills/rent will be significantly more difficult
Comment from : @asinglebanana

Kardashian's look rich but still rich I think it depends
Comment from : @sheelynguandan6459

My wifi will never understand this
Comment from : @lieberfreialsgleich

This is just BS… none of this video is true… You’re just pandering to the average person
Comment from : @b_to_the_b

One key is not increasing your lifestyle as your income increases It’s tuff to do especially with a family
Comment from : @awefunbit7881

That’s right! I got a bike, moved into shared accommodation paying under £500! and still wear clothes that are 3 years old 💫👌 it works
Comment from : @yasminogbu8929

Hmm, seems like percentage of income may not be the best way to think about this, given how the millionaires have such a high income to start with Vs the average Joe Seems like things would be easier to plan for if everyone had access to a chart of reasonable amounts to expect to spend on different categories Like, you’re buying a car and people focus on the sticker price, maybe some factor in gas mileage, but fewer people are looking at maintenance costs over the years, even just the cost of biannual services, never mind typical repairs or replacements Or like, what is a fair and reasonable amount to pay a good plumber? Just a thought
Comment from : @Squintillions