I really need the Transcript!

Since it is a relatively small video you can write down what he says by using the subtitles (the cc button)!

At 2:16 what does he mean by live below your means?

living below your means is a phrase that means you should not spend more than you have or need. When you don't need it, then don't spend on it. Having something less or not having your "wants" fulfilled is better than having an empty pocket.

how do you budget when so much is needed?

A nicer car and a nicer house is only truly enjoyable if you aren't at all struggling to pay for it. Same with clothes, jewelry, etc. If you need anything more than a 5-year loan to get a car, you cannot afford that car. And most people are better off buying a certified pre-owned 1-2 year old car. The only exception is buying a bike given the savings on a not-new bicycle isn't worth not getting the latest technology and not having any wear and tear on the bicycyle. You cannot afford the houseIf if: you cannot afford proper insurance, property taxes, and a down payment of at least 20%. The only exception to that is if you have a high income that is stable (such as you're a law firm partner). Even then, it's better financially to wait another year or so to put down that 20% down payment.

so now I should spend money on freedom?

I believe what Sal is saying here is to, instead of maximizing your money, you should try to maximize your freedom to fulfill your desires and happiness, which is achieved partly with money, but also with other things

how do i learn how to invest my money

Study the types of savings/investment vehicles and the strategies involved in investing your money wisely. Khan Academy has classes on this later on in this subject.

Main content

Course: Personal finance > Unit 2

Lesson 1: Advice for individuals

Should I spend more money on experiences or things?

Name: Should I spend more money on experiences or things?
Uploaded: 2017-05-31T06:29:42Z
Description: Success is redefined as gaining fulfillment from freedom, spending time with family, and pursuing passions. Money is viewed not as a means for acquiring material possessions, but as a tool for achieving freedom and experiences. This perspective challenges conventional notions of wealth and happiness, sparking conversations about personal values and the true meaning of success.

Google Classroom

Success is redefined as gaining fulfillment from freedom, spending time with family, and pursuing passions. Money is viewed not as a means for acquiring material possessions, but as a tool for achieving freedom and experiences. This perspective challenges conventional notions of wealth and happiness, sparking conversations about personal values and the true meaning of success.

Want to join the conversation?

Sort by:

Stevenson, Brian
Posted 6 years ago. Direct link to Stevenson, Brian's post “I really need the Transcr...”
I really need the Transcript!
Button navigates to signup pageComment on Stevenson, Brian's post “I really need the Transcr...”
(19 votes)
Answer
- Davide Ghazal
  Posted 6 years ago. Direct link to Davide Ghazal's post “Since it is a relatively ...”
  Since it is a relatively small video you can write down what he says by using the subtitles (the cc button)!
  Button navigates to signup page
  (2 votes)
Dylan Montgomery
Posted 6 years ago. Direct link to Dylan Montgomery's post “At 2:16 what does he mean...”
At
2:16
what does he mean by live below your means?
Button navigates to signup pageComment on Dylan Montgomery's post “At 2:16 what does he mean...”
(4 votes)
Answer
- kaede
  Posted a year ago. Direct link to kaede's post “living below your means i...”
  living below your means is a phrase that means you should not spend more than you have or need. When you don't need it, then don't spend on it. Having something less or not having your "wants" fulfilled is better than having an empty pocket.
  Comment on kaede's post “living below your means i...”
  (3 votes)
Michael A. Sloan
Posted 6 years ago. Direct link to Michael A. Sloan's post “how do you budget when so...”
how do you budget when so much is needed?
Button navigates to signup pageButton navigates to signup page
(3 votes)
Answer
- beeemkcl
  Posted 6 years ago. Direct link to beeemkcl's post “A nicer car and a nicer h...”
  A nicer car and a nicer house is only truly enjoyable if you aren't at all struggling to pay for it. Same with clothes, jewelry, etc.
  
  If you need anything more than a 5-year loan to get a car, you cannot afford that car. And most people are better off buying a certified pre-owned 1-2 year old car. The only exception is buying a bike given the savings on a not-new bicycle isn't worth not getting the latest technology and not having any wear and tear on the bicycyle.
  
  You cannot afford the houseIf if: you cannot afford proper insurance, property taxes, and a down payment of at least 20%. The only exception to that is if you have a high income that is stable (such as you're a law firm partner). Even then, it's better financially to wait another year or so to put down that 20% down payment.
  Button navigates to signup page
  (13 votes)
naweedtaheri15
Posted a year ago. Direct link to naweedtaheri15's post “so now I should spend mon...”
so now I should spend money on freedom?
Button navigates to signup pageButton navigates to signup page
(3 votes)
Answer
- Jackijones
  Posted a year ago. Direct link to Jackijones's post “I believe what Sal is say...”
  I believe what Sal is saying here is to, instead of maximizing your money, you should try to maximize your freedom to fulfill your desires and happiness, which is achieved partly with money, but also with other things
  Comment on Jackijones's post “I believe what Sal is say...”
  (3 votes)
trackervan
Posted 6 years ago. Direct link to trackervan's post “how do i learn how to inv...”
how do i learn how to invest my money
Button navigates to signup pageComment on trackervan's post “how do i learn how to inv...”
(2 votes)
Answer
- Diarasis Rodriguez
  Posted 6 years ago. Direct link to Diarasis Rodriguez's post “Study the types of saving...”
  Study the types of savings/investment vehicles and the strategies involved in investing your money wisely. Khan Academy has classes on this later on in this subject.
  Button navigates to signup page
  (2 votes)
abhi
Posted 2 months ago. Direct link to abhi's post “Six years and Sal is stil...”
Six years and Sal is still AMAZING
Button navigates to signup pageButton navigates to signup page
(2 votes)
Answer
Trent Van Nordstrand
Posted 4 years ago. Direct link to Trent Van Nordstrand's post “What if Things lead to Ex...”
What if Things lead to Experiences?
Button navigates to signup pageButton navigates to signup page
(2 votes)
Answer
MAHESH NAIDOO
Posted a year ago. Direct link to MAHESH NAIDOO's post “I am so glad I found Sal...”
I am so glad I found Sals vids 12 yrs ago , I learnt alot about personal finance and although not rich I have the freedom today to do the things I want.
Button navigates to signup pageButton navigates to signup page
(2 votes)
Answer
rlutmanj0001
Posted 2 years ago. Direct link to rlutmanj0001's post “How would i start a bank ...”
How would i start a bank account?
Button navigates to signup pageComment on rlutmanj0001's post “How would i start a bank ...”
(2 votes)
Answer
Aasfa Khatoon
Posted 5 months ago. Direct link to Aasfa Khatoon's post “I only think of money is ...”
I only think of money is to buying stuff
Button navigates to signup pageButton navigates to signup page
(1 vote)
Answer
- Tyler
  Posted 4 months ago. Direct link to Tyler's post “If you buy stuff, you los...”
  If you buy stuff, you lose the potential money you could use in the future to buy stuff by saving.
  Button navigates to signup page
  (1 vote)

Video transcript

- A lot of times in modern society you see movies, or you read about people in magazines and they have fancy cars and big houses, and there's kind of this implication that, hey maybe those people have made it. Maybe that's what I wanna be like. But the real reality is, yeah, maybe a nice car or this and that might make you on the margin a little bit feel good but in the big picture of things, those aren't what's going to really fulfill your soul. The things that are gonna fulfill your soul is the freedom to do things you want, the time with your family, getting to do intellectually interesting things, things that really cater to your passions. That's where I always view money not as something to buy thing, but money that will help you have the freedom to do the things that you want, to have experiences. Don't optimize for money. Optimize for the freedom that money might be able to get you.