Money Expert Brilliantly Exposes The American Finance Trap
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- Опубликовано: 30 июн 2024
- Meet Igor Meystelman, a debt specialist who gives us an inside look into the world of debt.
He uncovers the real truth behind credit cards like you've never heard before and shares eye-opening stories about the debt people are facing behind closed doors.
He was so eloquent and quite a few of the things he shares will really open your mind during our latest Kosher Money episode.
To contact Igor, email igor@theimlawgroup.com or
igor@relationshipreimagined.com
Igor has his own podcast on relationships.
• iOS: tinyurl.com/igorios
• Spotify: tinyurl.com/Igorspotify
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CHAPTERS:
00:00 Intro
02:20 What Does Igor Do For A Living?
03:20 The National Credit Card Debt Problem
11:12 The Credit Card Illusion
13:02 Credit Card Debt by the Numbers
15:04 Credit Card Company’s Saviness
17:46 I’m In Debt, Now What?
23:00 Colel Chabad
24:35 How to Stop the Snowball Effect of Debt
32:12 How to Help Others in Debt
36:06 Paying Off Debt with Equity: Good Idea?
39:28 The Donors’ Fund
41:21 Necessities Vs. Luxuries
46:27 How Credit Companies Get You
49:39 Is Freezing Your Credit a Good Idea?
51:18 Filing for Bankruptcy
54:08 Twillory
55:21 Giving Your Identity to Someone Else
58:46 Becoming a Marriage Counselor
1:05:36 Outro & Book Giveaway
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I froze my credit after identity theft 2 years ago. It helps keep me responsible and keeps the thieves out!
I keep mine frozen. It's to prevent theft. A little over a year ago there was a whole thing where a band of identity thieves were stealing the garbage of my apartment complex. I'm not even making that up. I've always shredded important stuff, but I decided to go ahead and freeze my credit anyway. It's a secure feeling.
Yep, love that feature. #Scammers
How can someone freeze their credit?
Same.
You need to individually contact the credit bureaus and request this. There’s I believe 4 of them.
I just finished paying off 50,000 dollars in CC debt, its the best feeling ever! I haven't used a CC in at least 6 month
Way to go, Ari! 👑
Cards aren't for everyone. The same way home "ownership" (namely the mortgage) isn't either. In the latter, only makes sense if you plan to live at the same location for many years and your household size stays the same. While I've of course never paid any finance charges on cards in the maybe 20 years I've had them
Congrats!
@@LivingLchaim ❤️
Wonderful!!! So happy for you!!! 🎊
Igor is a fascinating human with so much wisdom. I could listen to him all day long. And you always ask the right questions and are a great listener. I love Kosher Money. Love from Sydney.
Thank you, thank you very much for your kind words 😊
Hello from Phx AZ 🌞. I personally do not use credit cards due to the industry being so disgusting and how their system works. It's been great for me not to follow the crowd. Excellent discussion and very insightful . Please bring Igor back.👏
Excellent and insightful presentation! I grew in what would be described as an underprivileged area, the daughter of Polish immigrants under communism. We really started with nothing, yet no one on our street had financial problems. We paid off our modest homes quickly, lived well within our means, and were working any job we could procure by age 8 or 10. Most of us went on to pay for college and enjoyed successful careers. As far as I'm concerned, I had an excellent education, lacking nothing. Money in the form of credit is not success. Life without credit is truly success.
"Life without credit is truly success". No truer words were ever spoken. "Poor" and free trumps being a slave to the lender, any day of the week.
I thank G-d I no longer have car, student loan or credit card debt. It's been really difficult to get there. You have to look at it like a predator that wants to devour you and treat it accordingly.
“Gazelle Intense” - Dave Ramsey (He meant it like the debt is the Lion and you have to run like a Gazelle running for it’s life)
Two insightful things that the guest mentioned: 1) He took action to change his surroundings and moved when he realized the financial threats to his family. 2) He understood scarcity since he grew up in the Soviet Union. A wonderful guest who seems empathetic towards those in trouble!
This show never misses and this guy is on point. I watched the ENTIRE episode… as always incredibly insightful
another predatory practice i see is car dealerships. you go into a dealership and say i will buy the car (no lease or loan), and they try to deflect and push car with loan for 7 yrs. when i asked them they called and said we got new stock arrived and how i would like to pay, i said by cash - full amount. then, there was a delay and he said, sorry, he called wrong customer, there was one ordered ahead of me. i settled for 2nd hand on loan for 7yrs, but i will pay off in 1 yr. they have some deal with the financing bank, and this is totally unethical behavior in my books. i wanted a specific hybrid, so i wasn't interested in a different car.
Vau i thought cash is always better
@@MirjanaPucarevic yes, it is better, but they playing games and prefer clients that willing to go into lease or loan.
Just pay it off the next month. Don’t even do the first year
@@MirjanaPucarevicthey sell your debt and bundle it to banks and use it as an
Income security
If the vehicle you were after isn't available then leave. A co-worker got the switcheroo with a semi truck and it had a dropped valve
This should be mandatory teaching in every high school in America.
This is exactly why they don't teach it. They want you in debt.
Sure, the schools do. It's basic math.
Not to mention, plenty of things are taught and not remembered or followed. How many remember algebra, trigonometry, and calculus?
What about health class? How many eat right and exercise on a regular basis?
Get the point? Most decisions come down to discipline, which many humans struggle with. 😳
Empowering. From Tucson AZ love. Thank you Living Lchaim and Kosher Money. Your channel looks great and I have learned a lot from you. Regards.
I decided not to have a credit card thanks to this channel (in my country you don’t need it to build credit). I’m so glad I’m living my life more responsibility, and within my means. If I know I have an event coming up, I start saving a couple of months in advance to be able to afford a new outfit/gifts/the trip.
Thank you guys. Much love from Croatia ❤️
My wife had all the same debts that frum kids have today. Never ever had debt my whole life. I was very good at saying no, yet we were never depriving, more living in our means. Never did restaurants beyond pizza/fries, always took trips - cheap ones to Florida for five days , lots of parlay, coupons, local camps. Now we’re on a very good position. Basically young people are not responsible and are very spoiled by all the expensive toys out there - us- Lakewood. Just say no. I always liked another dividend compared to a newer car.
And the balls gonna drop when grandma goes! Supporting generations in Kollel isn’t sustainable. Real estate income can only go last for so long! And if tenants don’t pay…It’s a mageifa. Must have latest kitchens and new construction!
So my oldest is 28 with two kids. He left BMG for Denver. His wife just a a ST degree and has a good job plus he gets paid from Kollel plus free house for three years. We stopped giving regular money but give gifts here and there. They got the message that life isn’t a free ride. They’re doing great and saving money. So it can work for awhile but there’s definitely a kaitz cause who can afford it? I feel bad as today’s numbers don’t work today. It’s definitely harder today. Garbage gig jobs and no security like years ago. Even professions are worse as most doctors work for hospitals with a ceiling on income and that will worsen. Kollel has a place but it takes a team to make it work for longer term .
@@murep to be honest, I’m pretty opposed to the idea of Kollel. Rashi owned a vineyard, Don Yitzchak Abarbanel was the finance minister for Ferdinand and Isabella and they still had time to master Torah and write their commentaries. Rabbi Abadi who was the rabbi of Safra in NY went to medical school. My point is, these kids need to realize that even if they have a PHD (papa has dough), it’s not their money. Home prices in Denver in the Frum area are in the $1mm range now. Parents can only do so much until the spigot runs dry. You have to worry about out rising medical costs and senior care. Parents need to put their own oxygen masks on. It’s nice to help if you can, but some kids just expect it. That’s where the problem is.
I’m a longtime subscriber. Great interviews. Thank you and hello from Canada
You had my attention from the start because I BELIEVE that is exactly why people end up in massive troubles other than scammers or an unexpected health crises. I am sharing this for sure today! Thank you!
I gotta say, I'm not Jewish but I really like this channel. everyone should watch it.
Igor is one of the Best Guys to interview for this bilateral intergreted topic of finance and matramonial - he has seen and heard it All from all sides of the table. I myself brought Igor a few cases way back when and he was so caring, patient, understanding and professional all while not even knowing if would make any money from this client he still showed true kindness care and concern. A man of True Chessed First!
It's very empowering to listen to Jewish wisdom about money. Thank you for letting us in. Godspeed!
Credit cards are a great tool if you can internalize what they are and how they work. I learned the hard way when I was younger but glad I did not get into too much debt (just enough to learn my lesson).
Very inspiring!!!! Everything he said is the stress I'm living all day. I listen to Dave. I feel like I'm in the ER and needed to hear all this.
Igor, I'm calling you !!
Lol. I love this guy
Enlightening on helping relationship portion of debt
God Bless
You ask the right questions!
Being a Muslim, we could have a difference in many things but whatever you said here is absolutely gold. In the end of the day, whatever you believe or do, you deserve to live in Peace.
I love this channel! From South Africa 🇿🇦
Incredible video. As a non Jew I am truly grateful and saddened I didn’t find this channel sooner… I’m subscribed.
Welcome aboard! So many great videos to catch up on. Enjoy! 👋🏻
I was one of those people. Thank God I woke up abt 15 years ago and 5 years later graduated to as you would say the one income world. Thanks for reminding me of what I escaped from.
Thank you for sharing this insightful interview! Great interview with Igor! This was my first watch of your channel and definitely liked and subscribed.
I’m out of debt. Paid off student loans, credit card debt, it feels so good. Won’t take out debt again. I’m free.And now my credit score is 821. 😊
Very insightful! Thank you so much!
Thanks for the great content as usual.
Empowering. If you can use credit cards responsibly, they are great. If not, stick with cash.
So insightful! I wait with bated breath for the next episode on this channel!
This video was so insightful. Really great video Igor!
This was so good 👏🏾👏🏾👏🏾. The guest put so many things into perspective and a reminder not to spend more than we have. So good I learned a lot. Thank you for sharing.
This episode was insightful, empowering, and enlightening! Thank you.
Enlightened conversation, thank you for bringing high quality guests!
Great interview! Most of your guests seem to be low talkers/soft spoken. I wash the microphone was a little closer to the guests face. Very useful information, Thx!
This is so informative. Thank you. You always get the best guest on!!
Absolutely Excellent guest, please need a second program with him and your UNCLE ❤🙏🏽
Very very enlightening!!! Thank you Kosher money!!!! I have learned so much from your podcast. Truly your podcast is life changing.
Thank you for what you do, thanks for having these conversations outside of the synagogue so everyone who is not Jewish could listen. God bless you.
Wonderful session.
Part of the healing journey, I love it. Speaks to me , after 7 years of working at the hospital I am ready to start growing my own food and giving it away. Quiting the hospital. Everything is paid for with no debt, very feasible in my mind❤
You got this! You. Got. This.
My wife had all the same debts that frum kids have today. Never ever had debt my whole life. I was very good at saying no, yet we were never depriving, more living in our means. Never did restaurants beyond pizza/fries, always took trips - cheap ones to Florida for five days , lots of parlay, coupons, local camps. Now we’re on a very good position. Basically young people are not responsible and are very spoiled by all the expensive toys out there - us- Lakewood. Just say no. I always liked another dividend compared to a newer car. I love this show but nothing new here that anyone can’t get themselves .
Your podcast is always a BLESSING
I really enjoy your insightful program-I’ve been praying about understanding how money works and how to be a good steward of all I have.
Thank you!
If you use CC for all purchases with the following rules 1) not buy anything you do not need - purchase you would have made anyway 2) pay the full balance using autopay. The amount of rebates of 2 to 5% and promos are substantial and yours to keep. If you cannot adhere to those 2 rules CC's are not for you, you are best off using a Debit card.
this was very insightful, I have so much work to do, but this conversation was very hopeful and empowering. would love a book ;)
Really excellent podcast thanks for this from Australia
Soooo good!! Insightful!!!😊
What an empowering episode! Really looking forward to Dave's episode!
Watching from Ireland….this was so insightful and fascinating!!! Really enjoyed this video and learnt so much. Thank you 👍
I commend this lawyer/therapist. Truly amazing what he has done with his life and his family’s and his impacts on others! This was an empowering episode!
Very insiteful, thank you both
This episode was extremely insightful. Another great episode
Very much an enlightening experience.
Extremely informative.
Inightning episode.
I love this channel 💰
Conversation was very insightful. Not too many other personal financial channels dive into bankruptcy.
Insightful!!!
Great episode!
Wisdom has entered the chat. Loved every min of this interview such wise counsel and insights words to live by and reminders to stay on the straight and narrow road. I’m 48 and heard Dave Ramsey when I was I’m my twenties…He said “honest debts must be paid” and this simple words helped me keep debt to a min. Also as scripture states…”the borrower is slave to the lender” This is why G-d tells/ instructions …When we entangle ourselves with such high amounts of debt AND keep kicking the can down the road…we enslave ourselves.
Great episode! Greetings from Az 🌵
Absolutely fantastic podcast. 👍👍
Im so glad I did things MY WY. Bought my first house free and clear in Detroit. 5 years later bought a free and clear rental. Didn’t finance my dream car until 25 but it was totaled out thank god at some point. Now I’m 34 with 2 houses free and clear and they pay the mortgage. Equity going up on all my homes. Oh also no children and only 2 credit cards. I’m not drowning in debt and i paid my student loans off. I want more rental properties to free me from my corporate job
Love the new set
Great interview!
Credits card leading to cognitive dissonance - what an incredible insight!
We complain about prices rising and taxes increasing but we pay up to 30% extra swiping a card
The only credit rating you need to check on a regular basis is with Hashem !
great content and wisdom. made all the mistakes. rebuilding now.
Insightful thankful I am responsible with money
Thank you very much for this interesting episode, ❤ I think it would be amazing if you could interview Rabbi Gutman Locks about his amazing life story
What percentage of debt and bankruptcies are due to medical expenses?
Good interview,I also believe Naftali covered the credit card cycle,and how to truly handle it and the damage it does very specifically.Spending Future Money Today
This is awesome content. I just hope its not to late.
Insightful
Some great financial alpha on this channel ✅
Nice sharing Vidio.. very inspiring and useful..🇮🇩💲💱💰😮❤
Great content
I have a budget I usually stick to it. I save, have an emergency fund, invest 20% of my income. What’s evil is student loans. They make you pay to be a member of society and my theory is they do it to keep you tied to it for life. Why doctors have 300k of debt to make sure they stay doctors. Student loans are the worst. It’s a drain on the youth. Credit cards and cars are just your spending and you can curb that but to do my profession I had to go through the education system.
Hurts our heart to read this. Rooting for you.
awesome podcast
GREAT interview. Of course, this guy is VERY skewed against using credit cards. But, used responsibly, credit cards are very helpful. Using cash for many things is just not feasible. And using a debit card doesn't have the protection against fraud, or the extra time to pay a month later in full with no interest, or the 1.5% or more cash back. IF someone can't do it responsibly, they definitely shouldn't...but if someone CAN use it responsibly, always being able to pay the full amount a month later when the bill is due, then they probably should. I would like a Dave Ramsey book; he is very insightful.
Start building the Titanic now...😂... Priceless analogy
This guy is brilliant and funny. (My credit card debt is just medical expenses and paid off monthly).
Another great episode @Igor I’m curious where you went to Law School and if you became an attorney as a second career.
He went to Hofstra University.
Freezing your credit can also stop bad actors from spending under your identity.
Enlightening
Super insightful! Wow so informative. I wish he spoke more about student loans I am 26 graduated in 23 with a doctorate and 170k in student debt…. Not sure The degree was worth it
3% interest per month plus fees on transactions plus late fees. Fees are higher on certain products / services than others.
At about the 27 minute mark on bankruptcy. F that companies go bankrupt all the time. Use the system the same way they do.
Don't car loans front load the interest payment as well? You will pay the interest off disproportionately in the first year of the loan, after which paying loan off early makes less sense. Cash up front is better.
You’re right on the money , ty. However there’s a great deal of ashirus now where people often times can learn for at least several years. Downside is kids are spoiled and ignorant of the real cost of living and supporting a family.
I love this guy
holy shit i remember when this channel only have a few thousand followers
I like this guy! Peep game. Where's Brooklyn at? Throw your hands up 🙌
Brooklyn in the house! Eli is from Brooklyn!
The 4th National Debt....over 34, 000,000,000,000 which is over 100,000 per American.
Igor was created for these ministries in these days. Blessings from a Texas Christian
*Also, the national debt is $34.75 T!*
This guy is the real deal
He should know. I love the analogy of poison wrapped in honey.