Name: Three Basic Principles of Personal Finance | Mint Personal Finance Tips Video
Uploaded: 2017-09-17T14:53:38.000Z
Duration: 3 min 45 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Modal verbs - A2

The imperative

be distilled to the three basic principles.

So number one is just spend less than you earn,

Number two is make the money you have work for you.

Make sure that you take advantage of compound interest.

And number three is, once you've saved and invested, protect it,

So there are a lot of people who write in and say that Mint

They had 5, 10, 15 thousand dollars worth of debt.

And simply by seeing where they were spending

all of their money and what their interest rates were

and finding potentially lower interest rates,

-My sister-in-law introduced me to mint.com

and basically just told me about this really neat website

and said, hey, you should log onto mint.com.

It'll really help you track your spending.

and it'll give you access to your accounts

much faster than any other way that you could possibly

is that it will categorize your spending for you

and really detail exactly where your money is going.

And before, I really didn't have a very good idea

of exactly where all of my money was going.

So it was a really eye-opening experience

And I believe that it identified some areas

-Since the early 19th century, the stock market,

although it's taken a big dive this year,

has returned an average of about 7% return.

in for the next five years and you were 25 or 30

when you started on that, you'd have about a million dollars

And we can retire when we want to retire.

And this is just a great tool to help us realizie and achieve

-It's really opened my eyes to the importance of investments.

need to become a little bit more conscientious about my savings.

And it provides us the tools to get there too.

It doesn't tell us exactly how we need to get there,

but it allows us to decide what we want to do in a fashion

-You never know when you're going to lose your job

So we recommend that people have an emergency fund.

And we recommend if you're in your twenties

many other financial obligations, about 10 to 15

And if you're a little bit older, if you have a family,

if you have a house, if job loss would be an even greater burden

on you financially, you probably want $30,000 or more.

And the last advice on preparing for the unexpected is only 29%

of renters actually have renter's insurance,

even though you can get it for about $150 a year.

And so, even if you're paying that for five or 10 years,

it's going to be less than the cost of replacing

if they're lost, stolen, or damaged in a fire.

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Three Basic Principles of Personal Finance | Mint Personal Finance Tips Video

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