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have you ever wondered how our emotions can impact our financial decisions well in this video we're going to be exploring kind of a compelling connection between your mental well-being and your money um now I've got some super interesting statistics and real life stories I'm going to share with you and I'm also but I'm going to go over like real life scenarios of how you can really keep your finances on track even if your like head's not right there and you know maybe your girlfriend or boyfriend left you or you lost a job and you're just not thinking right so let's dive in so first off right don't spend more than you earn okay so Jeff Reeves of investorplace.com uh he's the author of some books points out that you know most people in their 20s they spend more than they earn and they totally forget about saving money for retirement or for investing and stuff like that now it's super tempting to like want to live in lavish luxury lifestyle travel the world you know I deserve this expensive restaurant Etc right but if you're just out of school right you should not be spending money on luxuries like that right a lot of young people end up in debt for years because they feel like they deserve things and the simple fact is if you want to be rich you keep your money you don't give it away to other people now retirement may seem like a distant Horizon like in your 20s you're like d I don't want I want to live for the day you know like not think long term but the magic of compounding interest actually works to your advantage the younger you are so the more money you save right now the more you're going to become rich later on you know so one thing you can do is number one ask your company that you work for if they offer a 401k match uh a lot of companies will you know for every dollar you put in your own retirement they'll give an extra dollar and if you're working for a company you can make sure that's automatic so that it's just Happ happening every month you're saving money uh and you're securing your future and you're giving yourself compound interest so that you know and passive income it's just win-win win win win you know paying less taxes too right now the second way is you don't pay unnecessary Bank fees so banks are going to charge you for everything they're going to charge you for you know if you're not using your credit card they're going to charge you if you are over spending they're going to charge you if you go over your limits and all this sort of stuff so what do you do to escape this well you can visit sites like bankrate.com or savings account.com or casasa to help you find banks that offer better deals and less fees and structures that align with however you typically spend money um you can also consider Credit Unions is something in the US which offer lower interest rates on loans and they charge fewer fees right but here's a crucial tip when you're transitioning to a new bank Bank keep your old account open for a period of time at least 6 months to allow all the recurring transactions and checks to clear because you don't want to have bounce payments you don't want to have uh stuff like this that can affect your credit score now the next tip for financial advice when you're depressed right is you know a common money mistake is skimping on investing in your own career right your own education your own ability to get higher wages higher salaries better job offers uh because it's a super competitive job market in the remote world right everybody's competing against everybody you know I'm competing against people in India you know realist you know everybody's competing against anybody and neglecting investing in your career will get you caught in a rut the world's moving faster than ever before um investing in your education is one of the best things you can do investing in your brain is a great place another thing you can do is invest in a career coach and right you know this can cost you know $200 a session you know that might be like a expensive cost but again if you're putting money into a place where you can make more money forever then it's it's just a better situation right and we all know better spend $200 on on a career coach than to spend you know $200,000 on a college like most people are doing it's you know it's it's crazy it's thund what is that a THX difference and a lot of people will wince at hiring a career coach but say oh of course you don't go to college now if you're depressed it's also really important to have an emergency fund of money right one of the biggest things you know a crucial Financial Safeguard is an emergency fund and life is unpredictable you know you get sick your dog gets sick you break a leg your car crashes your house catches on fire your you know stuff happens and and you need to build an emergency account I'm not talking about an investment account I'm talking about emergency savings for when life goes differently than you expect how many folks have had life throw curveballs at them right everyone has now what I used to do is I just wouldn't spend money and I just try to save everything you know I live I lived my parents uh at times when I was like really early on in my career in college right just so I could keep more and more and more money uh and you know I could invest that in my education or you know building compan you know building software when I was young Etc now the next financial advice for depressed people is don't fall victim to spending traps right and what that means is getting like some of these rewards credit cards uh they sound really exciting you know oh I'm going to get like all these perks and stuff but if you're falling into this like oh I just need to spend another $200 to get a this reward then you're probably spending you money you wouldn't have otherwise and uh there's actually a term economists have a term for this it's called purchase acceleration and it describes a situation where you're ramping up spending just because you know you want to achieve some sort of like reward or you know get cash back or you know or you know it can just trigger people to subconsciously want to spend more money and again spending more money is like it's like the equivalent of killing yourself okay another drawback of rewards credit cards they usually have higher interest rates so if you're if you're uh you know not paying off your card each month if you're carrying a balance that extra interest rate is just costing you money that you could keep otherwise okay next financial tip is don't like fail to negotiate prices you know a lot of people who are depressed they're just sad they don't want to talk to people and uh you know they don't want to impose themselves on the world and and stuff like that but if you allow that to affect not negotiating prices or negotiating your you know you know home price or whatever you're buying a car you know you're you're crazy you're just wasting money that you could have otherwise haggled um now the term for this is called neoh haggling uh you know it's to describe people that are scared to actually like ask like can I get a lower price right are you you know and I'd love to hear in the comments are you when you go to a store are you scared to ask for a lower price okay I'm going to throw some uncommon wisdom at you get over yourself you know just stop it you know haggle you know ask for people for lower prices now the general rule of thumb I use is I believe everything can be discounted at least a third you know so if I'm paying you know if somebody's saying oh you know the the product's $300 say 150 and then I try I I give them a 50 50% you know I tell them I'll pay 50% of it and then I'll haggle up to uh you know $200 you know so I'm paying a third less now another problem that depressed people do is they have 100% complete Reliance on a single income source and that's super risky in today's job market you can't really like expect a job to last forever um people are changing jobs 10 times more uh than they were like 50 years ago so some of these transitions are voluntary some of these are like just companies going in and out of business technology whatever the reasons are you should have more than one income Source multiple streams of income is actually sort of a necessity today's day and age because the world is just such a chaotic place next T next uh tip of financial advice for you depressed people out there is not choosing a right student loan repayment program so you know just statistically speaking most of the folks here you know we're students sometime relatively recently and you're repaying student loans like who here in the comment how much do you owe on your student loans you know who who's going to be brave and let us know how much do you owe on student loans um if it's zero that's great but if it's not zero right that sucks and you should negotiate how much you are actually paying a great person to listen to about negotiation is Gary vaynerchuk he negotiates literally everything I mean you see this guy at garage sales he's he's negotiating like a $2 like Pokemon card to get it for a dollar and then he's going to flip it on eBay for $1,000 you know the guy's insane he wants to save an extra dollar when he's already going to make like a thousand bucks you know he's crazy but he negotiates everything that sort of instinct that instinct around just always not you know keeping your money is a really good Instinct it's a really smart Instinct and it's something that you know should it it's a muscle it's a muscle that needs to be trained okay if you never do push-ups you're going to not be able to do many push-ups but if you're doing them every day you'll be able to do more and more and more and you'll get better and better and better at it now the next income tip is for the uh older folks watching this is you know make sure you do estate planning you know make sure you plan out your will make sure you figure out what the future is for your family right all anyone here who is older and has a family you're going to live forever right you you your legacy does not die with you right your your legacy continues on and if you want to preserve your legacy uh with your future Generations that come from uh your bosom or whatever it's called you know you you got to do estate planning you got to plan out the future of how your family operates so that it continues on into Infinity now some pretty shocking statistics is that actually only 40% of people actually do any sort of estate planning or like write a wh uh which just means 60% of people are really just winging it and just hoping their family continues on and spends money right not a good decision so next money tip for de you depressed folks is you know don't just consider the upside when you're looking at Investments a lot of folks will invest in you know maybe dividend stocks or you invest in education and they'll only think of the good things that can happen with like oh I'm I'm going to become a millionaire I'm going to you know get dividends for life you know but they don't think about what are all the problems well the stock could the dividend stock could go down and neate all the losses you know you could learn nothing you know you could be learning you know if you invest in education in the wrong thing you could be learning about a b an old business model that doesn't work you know there's so many things like that you know if you're learning from you know there's a ton of gurus out there I guess arguably I'm a guru you know I'm a marketing Guru uh but uh there's a lot of folks out there that I see getting into my industry you know this education Guru industry and they're teaching tactics that just work for like a really short period of time they're just you know it's kind of like Facebook ads and neutr products and you know before and after pictures and like that worked but it doesn't work right now um easily uh so people will teach old things so you got I I say always look for teachers or you know education programs that have been around and that I've stood the test of time in terms of creating a consistent income you know another uh you know for instance my boy Gary ve you know he teaches people to buy stuff at garage sales and flip it on eBay for more expensive well that's something that's been working for 20 years uh okay and it continues to work today so it's a really you know it's it's just that's a good business model it's basic it's simple it requires work it's simple you know I teach affiliate marketing it's been around for 30 plus years you know it's simple it's easy it work you know it takes work but it makes money so whatever you do you know make sure that when you're you're sad you know most likely you know if you lost a girlfriend or boyfriend or a job or you know something happened in your life right you're not eating right you're not sleeping right you're not you know I'm not going to talk about all the health related stuff of course you know you need to be doing that stuff but you got to be careful with your money when you're depressed and the most important thing is keep it close make smart decisions get that multiple streams of income Advance yourself Advance your mind so that you're more valuable on the workplace but again multiple streams of income I'd say it's pretty important up there so folks I'm John cristani uh I've made tens of millions of dollars on the Internet working for myself financial location time freedom and I want to help you do it as as well subscribe to my channel comment about what tip was most helpful to you and look forward to speaking with you in future videos peace

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