hello and welcome to coffee
with lyman i'm out and about today so i thought well maybe i'll do a little lunchtime coffee
with you today we'll have a little coffee in a little chat now me i've got my coffee cup you see
and i picked up a nice little sandwich here from the local grocery store i had to make a
stop in there it's combination we got some turkey a little ham cheese tomato lettuce and white bread
is it a healthy lunch no it's not i've also got something here strange thing
never saw it before so i thought i'd try it but it's a it's a package of
toe ferki plant-based original sausage and what that means is that there's no meat in it
and here's what they look like
try one of these i've never had these before
and taste is pretty good but the it's like the interior is dry i guess that's the lack of animal
fat i suppose huh well excuse me for eating with my mouth full but there's no alternative
okay what i'd like to talk about today
on this beautiful day in april as i sit out here in the parking lot of a grocery store
is that about money saving money now one of the biggest things about getting old
is that you regret you didn't listen to old people when you were young
so i thought i'd make it a bit of my mission today
to talk to you a little bit about finances money money's a big deal when you're young
you're never going to get old you're going to stay just the way you are all the people you
know who are old apparently they screwed up and grew old how did that happen i don't know well as
the years go by you find out they go by faster and faster you get pretty wrapped up in life
in all the stupid things you do when you're young they catch up when you with you when you get old
like say for example you smoke cigarettes hmm not good when you get old bad idea right
you end up with lung problems heart trouble all sorts of things and you spent a fortune
same thing with alcohol maybe you exercise too much you wear out the cartilage in your joints
so everything's got a fine line including money
you know the best part in here is actually the lettuce it gives it like a burst of
freshness
that's a pretty tasty sandwich a lot better than the plant-based sausage
so let me lay out a few rules of thumb that you probably have already heard about money
now i'd be much much further ahead had i adhered to these at a younger age but being young i did
now however i've i've caught up and done well for myself but i could have done much much better so
one of the golden rules here is put away ten percent of every piece of money you earn
every week every month however often you get paid put that away with the intentions of never
touching it again unless it's a very rainy day situation it's life or death something like that
maybe you pack some away in one account because you want to buy a house or a car
maybe you pack some away in another count for retirement and there are many many different
tools or vehicles you might want to say that you can use for saving to get you to your destination
of some form of wealth now if you sit down and do the math about 10 of everything you make even
if it's really a small amount maybe you can do 20 only 5 but whatever you do do it and figure
out the interest on it try to get high interest higher interest is higher risk but uh there's also
interest at so low that it's almost silly like one percent from your local bank savings account
however it's way better than nothing try to get compound interest that means the interest you earn
also draws interest it compounds itself so it grows exponentially over the years
now another way to save is to buy shares in a company different companies to buy stocks
now something i learned the hard way was there's no quick and easy way of doing this
what you don't want to do is be cheap you take a little bit of money buy cheap stocks
you think you buy them low if they're going to go up i'll sell them when they're up
and buy some more when they're down and my money's going to grow and grow well more than likely
it's not what you've got there is you with a bad business plan trying to make money off a business
that's failing two negatives just aren't going to equal a positive the thing to do with stocks is
to buy and hold buy with the intentions of holding onto those stocks for at least five years
and reassess the situation when that five-year period comes up over the horizon and uh
you pick out companies that are really good growth companies right some of these companies
you looked at go ahead run a chart on them now i realize you may not be from the united states
and you're looking at a different stock market but for the united states you can google this
see how much amazon stock was worth a year ago five years ago however many years ago
same thing uh with shopify spotify many many different companies look them up now i'm talking
about hindsight of course i can sit here like i'm some sort of a financial genius and tell you that
of course had you bought these stocks you'd have all this money today well anybody can
sit and tell you what you should have done and look how where you'd be now today the thing is
today to be able to look at where you'll be in the future now if you think that you're going
to be able to study the stocks and find the best companies that are going to grow the best
i can tell you that the odds are very much against you very much
my suggestion is you go to a company that deals in finding good strong companies to invest in and
basically do what they're doing right now one that's very very prominent in the forefront
of my mind is something called the motley fool fool.com it sounds like a silly name and it is but
those people can give some great advice you can go free you can pay a 100 or 200 a year
for better advice but they're it's not that you send them money to put in the stocks
they simply run up a number of stocks each month just a few and they say hey
excuse me hey these are the best finds we've got and here's why well you go ahead and
look at a stock chart on them see what you think because it's difficult to buy stocks during the
pandemic now because if you look at the the chart of an awful lot of these great stocks you'll find
out that they yeah they were kind of limping along not doing real good not doing real bad
and then came around march of 2020 when the economy was crashing due to the pandemic
everybody out of work staying home business is closing well many of those stocks like amazon
shopify and many many others you know mostly tech stocks they skyrocketed zoom
because everybody was staying home and using them so much shopping from home because you
didn't want to go to the store amazon not going to a meeting but still having to talk
to people conduct business zoom so you have to be careful what you're looking at on these
but like i said this company i just mentioned motley fool and there are others out there
they they recommend stocks and they recommend them like why we recommend them then you decide
what you want to do you go to a brokerage firm maybe you use something like scottrade or whatever
that's not what i use but you pick out one that you like and what you do is it's essentially
like a bank account you send money to your account and with that money you can purchase
stocks right there is basically a couple clicks on your computer screen and poof you own the stocks
and same thing for selling them now when you sell stocks of course you're going to pay taxes on that
because that is money that is a profit to you however those stocks might go up in price quite
a lot double in price triple in price whatever or maybe they'll go down but assuming they'll go up
you know in the united states you don't have to pay any taxes on that money not until you sell
the stocks sell the stocks that's called realized gains you really got the money but before you sell
the stocks hey they're worth this much but you haven't sold them so you don't have that money
you've got the stock so there's no taxes there so you can watch those stocks do whatever they do
for many years and not have to pay taxes on them until you sell if you sell at a loss well there's
no taxes because you didn't make any money but this is just some advice that i lay out to people
because when you start out trying to save up your money it's very complicated even though people
like me try to make it sound uncomplicated but if you've never done any of this before
it's complicated and let me point out something else for you too
is if you get advice from someone excuse me for a second
what a nice simple lunch
not bad at all
if you are going to lose weight and you want to follow someone someone's advice who
uh uh to lose weight are you gonna find some fat guy and ask him how to lose weight
no if he's trying to tell you how to lose weight are you going to take them seriously or her no
because they're not living proof that it works
it's the same thing with money if you're talking to your friends who don't have much money
don't really know how to handle money
and they're giving you advice on what to do with money how they would do it if they had some
money to do it with and all that kind of thing they're not the person to listen to now i'm not
no donald trump either as far as wealth goes i'm not even wealthy i'm just done okay
and i've learned a lot as i got old but as you get old you run out of time to make money to make
money for you make your money make money for you so anyways talk to people who actually not only
talk the talk but they walk the talk okay they're living proof of what they're telling
you actually works don't ask a fat person about it the best diet how to lose fat
don't ask a poor man how to make money right so you want to have someone you can
emulate in whatever subject matter you're requesting information on
well i'm going to finish up my sandwich here and my coffee and go on my merry way it was
really nice talking to you if you have any suggestions if you have any questions please
down below in the comments let me know alright let me know how the video was
too thank you for watching and i look forward to seeing you the next time goodbye for now
you