How to Set Financial Goals - Young Guys Finance | YouTube Summarizer

Summary

Challenges with Traditional Financial Advice

Traditional financial advice often seems unrealistic for young individuals.
Advice like saving for retirement or skipping coffee feels impractical.
Financial advice should be based on achievable goals to motivate saving.

Personal Finance Priorities

Personal finance is more about personal goals than financial rules.
Common goals include getting married and buying a home within five years.
Understanding concrete costs is crucial for setting realistic savings targets.

Setting and Achieving Financial Goals

To achieve goals like marriage and home ownership, one might need $90,000 in savings.
For those with average incomes, saving such an amount can be daunting.
Upcoming videos will provide a step-by-step guide to managing expenses and saving.

Actionable Takeaways

Identify and write down your financial goals.
Research and understand the costs associated with your goals.
Evaluate your current financial situation and plan accordingly.
Consider realistic strategies to manage expenses and increase savings.
Stay informed and seek resources that offer practical financial advice.

Transcript

00:00

[Music] there's something that I don't understand with traditional Financial advice and that is why is it all so unrealistic you hear these Financial experts say things

00:17

like stop buying confidence s $1,000 a year hey I know you really want to buy this new car but it's never too early to start saving for

00:35

retirement this advice is true but for young guys like us it's just not realistic first I don't want to feel guilty getting my cup of coffee I'm pretty grumpy without it secondly retirement is just so far away that I'm not thinking about it right now it's

00:51

just not a priority for financial advice to really work in motivating us to save up it should be based on some realistic achievable goals before we can even think about things like debt credit card investing we need to think about the goals and what we're

01:08

saving for look personal finance is more personal than Finance when we talk to dozens of people about their financial goals we got all different kinds of answers we don't have the time to talk about how to achieve all of them but let's go with what the majority of

01:23

people told us and that's they want to get married and to buy their own place within the next 5 years so now that we have our own goals set let me ask you this do you know how much the average wedding cost how about the down payment you would have to put down on a small

01:39

two-bedroom condo it's important to have concrete numbers to know how much you need to save up here are a few other goals that you might consider we've taken some time to research the estimated costs of these goals if your goal is to get married and

01:55

to own a place you would need $90,000 in your bank account ready to be withdrawn in 5 years can you confidently say that you can save up this amount by then if you are already making 6 figures a

02:11

[Music] year and planning to have your parents back you up for your wedding and down payment of course you can save that much but if you're like me making an average paycheck working 9 to5 with a growing

02:26

list of monthly expenses that number might be a bit frightening don't worry in this series of videos we'll give you the stepbystep guide on how to manage all of those expenses and still be able to save up for your goals let's recap now that you've written down

02:42

your goals and know how much they cost you have two options you can continue to ignore your own finances and just hope that you'll save enough for your goals or you can choose to do something about it in our next video we will provide you with some tools and in 5 minutes you'll

02:59

you will be able to break down your own Current financial situation to know exactly how much you'll save in 5 years this financial breakdown will be the start of your own money game plan if you're new here go ahead and subscribe below also join our email list at youngu

03:15

finance.com this is the end of the video so tell us your goals and dreams leave a comment below and we'll see you next [Music] time it doesn't even say anything there

03:32

recording three two one go nice nice nice nice so tell us your goals and dreams leave a comment below and we'll see you next time cut it's good thank you