'Merica: the only country in the world where stufent loans permanently fuck you up and where your parents can take out a credit card in your name even if you're underage.
My mom is one of those who believes that more income = more taxes = less income. She even refused a raise over this. I had a conversation with her years later about loans ans she told me she always ho for the longest loan possible because it makes the monthly payments lower and thus lowers the total amount you end up paying.
Best advice - never buy anything you can't pay for in cash, including a car, with the only exception being a house. Use your credit card, but pay it off entirely every month, on time. Live below your means, and build up your savings and emergency fund. Contribute to your retirement funds (to the max you are allowed). Buy certified used car, never a new one. Maintain your car, drive it until it falls apart and can't be fixed. Learn the difference between what you want, and what you need.
Your advice for cars is awful. Working minimum wage by the time I got the $8,000 for a car I'd have to beg for rides for over a year assuming I never spend a single penny. Fixing somebody's broken 1997 ranger is going to cost way more than that $2,000 price tag suggests so don't even pretend that's any more feasible.
unless you buy a total heap (or an EV or some german pos) a $1000 or so every few years in repairs and routine maintanence as well as the lower insurance rates is considerable savings over buying a new car with payments and higher insurance.
@@petelee2477 I can certainly understand if you are making minimum wage you can't afford to pay cash for a decent car. I went to a three year nursing school right out of high school, and after graduating, I made enough money to save up and buy a car for cash after the old clunker I'd been driving throughout nursing school bit the dust. It wasn't a fancy car (a VW bug that I bought used for $2,500 back in 1976). I took good care of it and it lasted me 10 years. In the meantime I was saving they money I would have spent on a car payment. I was able to buy a better car with cash the next time. But yeah, working a minimum wage job, you are not in a very good financial position.
@@janinejohnson5014 I also had an old car. Don't think a car note on my second vehicle really affected me because honestly the first car I had was so unreliable that I spent just as much if not more money fixing the piece of junk than a car note would have cost me.
The college loans system is bonkers. No private bank would _ever_ offer an unguaranteed six figure loan to an unemployed teenager. It's absolute madness. But the federal government are more than happy to.
One good bit of financial "advice" I was given was when my dad gave me a credit card when i was younger. He told me to only use it for gas and that it should help with increasing my credit score.
A long time ago when I was barely an adult learning how to do taxes, a "tax expert" recommended I increase my W4 withholding. His reasoning? Not so it could help offset potential taxes owed (which I never owed any), but so I could get a bigger tax refund next year. Even I knew that was stupid advice.
You are smarter than most people. Getting a tax refund means the government has had your money all year and gives it back to you without paying interest on it. You are better off to owe a small amount (not enough to have to pay a penalty), and keep what you think you will owe in a savings/cd that pays interest. until you need it to pay those taxes. I"ve tried to explain this to a lot of people, but they don't have enough faith in themselves to save any money to pay the taxes later, and they like getting "a big check from the government". Oh well.
my mum tried to give me unscolicited financial advice and I said to her "I love you but you arent in a place to give me advice on my finances" she didn't like that but Its true
12:25 A Chapter 7 bankruptcy may stay on credit reports for 10 years from the filing date, while a Chapter 13 bankruptcy generally remains for seven years from the filing date.
16:23 and that's why I never went to college, whoever said "sign up to this 10 year plan and your debt will be forgiven" saw this guy coming from a mile away.
And don't do something you hate just because it might lead to a lucrative career. 1) It might not lead to a lucrative career. Not everyone makes it 2) If you hated the education and the subject matter, how in the hell do you ever expect to cope with the _job_ for the next 35+ years? Absolutely bonkers.
I have a disability, so I get SSI to complement my part time work. But i cant save up any money for retirement since that qualifies as assests I could "use for day to day." Pre-Pandemic, I met with someone from SSA to ask questions about what to do when I'm old. Her response? "Well, you could buy a trailer or a very small house, and let that appreciate for decades until you sell it." With *what* money can I do either? And having that kind of liquidable asset would disqualify me from SSI anyways. System is f*ucking broken.
If you get off the coasts your life will become so much easier. I live in a northern plains town of 200,000 and I only have to work 8 months out of the year to live comfortably plus travel. I try to keep things as simple as possible, all my money (except some emergency cash, a few hundred) is in my checking account, no formal emergency fund, no retirement, no credit card. During the work season, I keep spending to the absolute bare necessities. Rent, groceries, car repairs if they pop up. I have a rule where I only order delivery alone once a year and I only order from restaurants 3 or 4 times during the work season. This way, I have much extra money for the travel season, in case something were to go wrong (for example, my car got hit in a hotel parking lot and was totaled, paid for repairs because I didn't have time to drive home and shop for a new one. after all that, I was still fine). I splurge much more during the travel season, partially because I usually don't have a kitchen. Living alone also helps A LOT, but I know that's hard for some people. Managing myself and only myself is one of my favorite things about my life.
"Go to college." Mind you, I understand why it works for some people. I now understand that I'm not one of those people. Even kinda suspected it then, but when you have two parents who went to college, they're going to push you in that direction, expecting things will turn out for you like they did for them. They did not for me. Since I finally finished college, guess what? The saem jobs I apply for and get now, are the exact same jobs that were available to me straight out of high school. And you don't need college for them. I have no interest in working in the field I have a degree in, so I don't. I have no interest in going back to college, so I don't. I already know living paycheck to paycheck will be my future, but I don't really see a way out, unless some rich person decides they want to pay me a ton for some strange reason.
Toss up between buying a powerball ticket, Day Trading, Whole Life Insurance, Time share as an investment. Didn't fall for any of them. My other investments are up about triple in under 4 years. Good advice: Pay off debts first. Interest not paid is tax free. If you must have a car, drive the first one twoe as long as it takes to pay it off, and save for the next. Pay cash from then one for no car payments. Buy undervalued stocks and put overvalued stocks on stop loss sale orders to sell high. Reinvest in undervalued stocks. Collect dividends on overvalued stocks to buy undervalued stocks.
I say get your associates in liberal arts if you don't know what to do for college so that way when you DO find your ideal area of interest, you can skip the basic education classes like history, math, science, etc mainly because you already did them in your associates.
If you dont have the money you cany afford it. If you cant settle your credit card at the end of the month, every month, you cant afford it. Never do a payday loan under any circumstance. Settle all your debts first, and start saving second. Live within your means, and you will have a much happier life. If not, work on increasing your means.
One financial mistake I made was listening to my coworkers who told me to celebrate my success on the stock market in 2020 by buying something nice. I made $15,000 making trades and went on a $10,000 shopping spree to furnish my house. I dont regret the things I bought, but I regret listening to them when I was fine with what I had. The upside is I didn't owe much in taxes, instead of getting a refund, I paid in $60
"Pay tithe and you will never struggle with money" Uh yeah right, starting wages are so trash now that its close to impossible to live on them even without doing that.
Ok, so this is weird. Good credit does actually rely on paying your debts slowly, two things that increase your credit score is showing that you have long running and consistently payed off Debts, because having a few big payed off debts in the past means nothing in terms of if you can pay it at the moment, but if you are still consistently paying for really long drawn out old debts it shows you have money. My suggestion? Just don't use a Credit Card, my family straight up doesn't use them, they seem like a waste and don't make sense in the long run
yes and no. we pay for just about every thing with credut cards and pay it off every month. we don't have a history of loan payments. our credit score is very high.
April 17th 2003 - AAPL fell to its decade low of $6.56. If you'd spent the $1000 at that time you would have bought 152.43 units. As of today (17th August 2023) with a price of $174, those 152.43 units would be worth $26,524 Tesla went IPO in 2010 at a share price of $17. If you invested $10,000 at IPO you would have got 588.23 units. As of today (17th August 2023) Tesla's stock is at $219.22 which would price your 588.23 units at $128,952. Imagine having been a multi-millionaire tech bro for both of those. You could have invested millions and got tens of millions back.
The number of bits of "advice" that was given to me by family/acquaintances that was then expressly said to be some of the most devastating long-term experiences in this video was laughable...
I got a student credit card and paided off the balance every month bar 2 for 7 years. We don't use credit scores much in Ireland but I must be at the max. I even have put in more than I owed a few times. Love a credit card bill that says u do not need to make any payment this month.
I am 26, almost 27, work two bullshit part time jobs, but I have never paid even a PENNY in interest on my credit cards. My debt always comes first, way I see it.
growing up poor/frugal is the best financial advice, but the problem is when it gets too much, I know a few people who should be comfortable with their finances, but instead, count every penny and avoid spending, one of them shops in thrift stores but only when they have a sale, or just buys the cheapest shit like 1€ flipflops that constantly brake, the other is my friend who throw a tantrum while we were on the 3-day trip, she refused in day 3 to not do anything for the rest of the day because she already spent too much money, and even told me the exact amount she did spend to that point, I was shocked, we were both adults (26yo) and had jobs, we sat in silence that hot day until our bus picked us up in 8 pm. and there is also my sister who also looks at every penny, I think she spends less money than what 12yo kids had as allowance. She never goes shopping even if there is nothing to eat at home she will just cry to her mom to get her something, almost all her clothes are hand me down, even some shoes, she packs her lunch at home, mom pays for her mobile bills, she needs to travel for some extra education and on those days mom makes her lunch for two days to carry. I at least fill a fridge once a week, it is not just about spending money it is a household chore to stock up, but she never does it... when I got a new job recently the first thing she asked me is how much will I earn and when I said it she mumbled to herself "That is more than me". people like that get on my nerves, and she is not richer than me, all she gets is no fun and loneliness, also she is not saving up for anything in particular, once in a while we all pitch in when we need to do some big expenses (like buying a new front door, etc.) and that is the only time she spends her money.
Become an otr truck driver, join The military, get ANY govt job. Ort Truck drivers make $60,000 for the first year and about $80,000 in the second with a Carrier with a good CSA score. Any Govt job forgives studen loan dept after a set amount of years, like working for the library, irs, or post office. Lasyly, The military will always take fresh meat for the meat grinder, but you have to do illegal things if you are ordered to or they will make your life a living hell... Just don't get caught.
@@mxbx307 I heard a rumor that during covid people could take money out of their 401K without penalties to buy a house but I do not know if that is true or not.
me after graduating hs in 2018: i'm considering getting my real estate license, since it'll only take about 6 months mom: don't do that. the commission pay for that job is terrible. 5 years later and I'm still working shitty low wage jobs instead of having 5 years experience in real estate to use as leverage(thanks mom)
Yup! Asked for them to cosign a 5k loan so I could get my pilots license (you need flight hours, and that was 5k). My mom "but pilots don't make any money!" I instead became a teacher, cuz we all know how much money they make!
About realtors, they only get paid in commissions. If they show 10 house to one person and they don’t buy, then they get nothing. It sounds stressful, and you have to be a people person. It wouldn’t be the job for me.
There comes a point in your life where you outgrow listening to what your parents have to say. You're an adult, you won't be told what to do, it's your responsibility. Imagine being 36 years old and living 400 miles from where you grew up, yet your mother is nagging you like you're 7 and telling you what you should and shouldn't be doing. It's not endearing so much as enraging.
I hear the more income = more taxes one all the time. F*** that. I'll take the extra money after taxes. The only debt I have is a car payment which I'm paying extra on thanks to all the OT that I work. Last year I went on vacation and didn't spend a dime on credit card.
All you people complaining about debt. I’m 24 and bought a house and two cars all with no debt paid for by my wife and I’s hard work. Simply put we are built different. In the past I would’ve lived in a castle and visited you plebs once a month to collect 10% of your grain.
Not so much bad advice, but someone once saw me looking through my purse and said, “you don’t put your dollars in your wallet? You will never be rich because that shows that you don’t respect money.” oh, I am now a homeowner.
Not as much advice as a misunderstanding. Someone said "buy apple" so I did. Unfortunately, I got golden delicious. I thought they were reminding me to add them to the grocery list.
Just about anything from Dave Ramsey. Everything is about straight-up penny pinching and with no real nuance. His "debt snowball" thing is very questionable. It doesn't take into account interest rates or repayment periods, so what often happens is your largest debts are just getting ever larger while you waste money clearing smaller, less important ones that can probably be left a little while longer. Or the smallest debt is fine, but the third largest needs paid yesterday and has 40% APR. Lining them up based on outstanding balance is good only for psychology. He doesn't seem to get false economy. Having the ancient $1 car that blows up after six weeks and gets like 5pmg is somehow better than spending $3 on a car that lasts you 18 months and gets 14mpg. I'd challenge that notion. He also doesn't seem to understand the idea of time vs. money, either. How dare you pay $30 for the maid service, except the maid service frees up several hours of your life that could be used to do something far more productive and potentially earn you more money. And don't set foot into any kind of further education - even if it's free - unless you plan to become a doctor or a lawyer.
See, my folks taught me a healthy respect for credit cards, to the point that I won't touch the bloody things with a gun to my head. They've actually hinted that I should probably start looking into them.
A car salesman once told me and my fiancé the following: If you get an auto loan at 7% interest, you can put that money into fixed income investments that give you guaranteed return. Here, let me show you an example... (The risk free return is about 5% at the time) I was actually intrigued at the math because I thought, "it can't be what I think he's saying, because that would be one of the stupidest thing I've ever heard."
I got $500 from working and birthday when Google went public in th 90's. My dad told me to save it for a car and that the stocks would never mature......
At the counselors office in college: “you can pause your loan payments at anytime if you need to” My dad fell for this one and just finished paying off the interest in his mid 40s
'Merica: the only country in the world where stufent loans permanently fuck you up and where your parents can take out a credit card in your name even if you're underage.
My mom is one of those who believes that more income = more taxes = less income. She even refused a raise over this.
I had a conversation with her years later about loans ans she told me she always ho for the longest loan possible because it makes the monthly payments lower and thus lowers the total amount you end up paying.
The older generation is very miss informed about money
The loan part is true if the inflation is fucking insane
But...increasing income means increasing retirement contributions to the max
My moms friend was in a mlm. She told me to get a loan for $1000 and join her team. Thankfully, I was too broke to get the loan.
Your mom's friend is probably double broke now.
😂😂😂 damn
MLMs are horrible!
Best advice - never buy anything you can't pay for in cash, including a car, with the only exception being a house. Use your credit card, but pay it off entirely every month, on time. Live below your means, and build up your savings and emergency fund. Contribute to your retirement funds (to the max you are allowed). Buy certified used car, never a new one. Maintain your car, drive it until it falls apart and can't be fixed. Learn the difference between what you want, and what you need.
Your advice for cars is awful.
Working minimum wage by the time I got the $8,000 for a car I'd have to beg for rides for over a year assuming I never spend a single penny.
Fixing somebody's broken 1997 ranger is going to cost way more than that $2,000 price tag suggests so don't even pretend that's any more feasible.
unless you buy a total heap (or an EV or some german pos) a $1000 or so every few years in repairs and routine maintanence as well as the lower insurance rates is considerable savings over buying a new car with payments and higher insurance.
Not everyone learns this growing up? All that’s just like, common sense.
@@petelee2477 I can certainly understand if you are making minimum wage you can't afford to pay cash for a decent car. I went to a three year nursing school right out of high school, and after graduating, I made enough money to save up and buy a car for cash after the old clunker I'd been driving throughout nursing school bit the dust. It wasn't a fancy car (a VW bug that I bought used for $2,500 back in 1976). I took good care of it and it lasted me 10 years. In the meantime I was saving they money I would have spent on a car payment. I was able to buy a better car with cash the next time. But yeah, working a minimum wage job, you are not in a very good financial position.
@@janinejohnson5014 I also had an old car.
Don't think a car note on my second vehicle really affected me because honestly the first car I had was so unreliable that I spent just as much if not more money fixing the piece of junk than a car note would have cost me.
It blows my mind that the US actually puts student debt on the record…
best country in the world.. as long as you're rich
They sure do! 🙄
The college loans system is bonkers.
No private bank would _ever_ offer an unguaranteed six figure loan to an unemployed teenager. It's absolute madness.
But the federal government are more than happy to.
One good bit of financial "advice" I was given was when my dad gave me a credit card when i was younger. He told me to only use it for gas and that it should help with increasing my credit score.
Credit score means jack shit. It's all about _managing_ credit, so simply paying off your credit card in a lump sum counts for nothing.
Wrong.
A long time ago when I was barely an adult learning how to do taxes, a "tax expert" recommended I increase my W4 withholding. His reasoning? Not so it could help offset potential taxes owed (which I never owed any), but so I could get a bigger tax refund next year.
Even I knew that was stupid advice.
You are smarter than most people. Getting a tax refund means the government has had your money all year and gives it back to you without paying interest on it. You are better off to owe a small amount (not enough to have to pay a penalty), and keep what you think you will owe in a savings/cd that pays interest. until you need it to pay those taxes. I"ve tried to explain this to a lot of people, but they don't have enough faith in themselves to save any money to pay the taxes later, and they like getting "a big check from the government". Oh well.
my mum tried to give me unscolicited financial advice and I said to her "I love you but you arent in a place to give me advice on my finances" she didn't like that but Its true
12:25 A Chapter 7 bankruptcy may stay on credit reports for 10 years from the filing date, while a Chapter 13 bankruptcy generally remains for seven years from the filing date.
16:23
and that's why I never went to college, whoever said "sign up to this 10 year plan and your debt will be forgiven" saw this guy coming from a mile away.
On that last point. Don't do what challenges you in college - do what comes naturally to you.
And don't do something you hate just because it might lead to a lucrative career.
1) It might not lead to a lucrative career. Not everyone makes it
2) If you hated the education and the subject matter, how in the hell do you ever expect to cope with the _job_ for the next 35+ years?
Absolutely bonkers.
I have a disability, so I get SSI to complement my part time work. But i cant save up any money for retirement since that qualifies as assests I could "use for day to day."
Pre-Pandemic, I met with someone from SSA to ask questions about what to do when I'm old. Her response?
"Well, you could buy a trailer or a very small house, and let that appreciate for decades until you sell it."
With *what* money can I do either? And having that kind of liquidable asset would disqualify me from SSI anyways. System is f*ucking broken.
The system is designed to keep you poor & easy to control. I'm so sorry.
....just buy gold. Or keep cash.
If you get off the coasts your life will become so much easier. I live in a northern plains town of 200,000 and I only have to work 8 months out of the year to live comfortably plus travel. I try to keep things as simple as possible, all my money (except some emergency cash, a few hundred) is in my checking account, no formal emergency fund, no retirement, no credit card. During the work season, I keep spending to the absolute bare necessities. Rent, groceries, car repairs if they pop up. I have a rule where I only order delivery alone once a year and I only order from restaurants 3 or 4 times during the work season. This way, I have much extra money for the travel season, in case something were to go wrong (for example, my car got hit in a hotel parking lot and was totaled, paid for repairs because I didn't have time to drive home and shop for a new one. after all that, I was still fine). I splurge much more during the travel season, partially because I usually don't have a kitchen. Living alone also helps A LOT, but I know that's hard for some people. Managing myself and only myself is one of my favorite things about my life.
I pay my credit cards every month. I am definitely poor and I have an 800+ credit rating do not keep a balance.
"Go to college."
Mind you, I understand why it works for some people. I now understand that I'm not one of those people. Even kinda suspected it then, but when you have two parents who went to college, they're going to push you in that direction, expecting things will turn out for you like they did for them. They did not for me.
Since I finally finished college, guess what? The saem jobs I apply for and get now, are the exact same jobs that were available to me straight out of high school. And you don't need college for them. I have no interest in working in the field I have a degree in, so I don't. I have no interest in going back to college, so I don't. I already know living paycheck to paycheck will be my future, but I don't really see a way out, unless some rich person decides they want to pay me a ton for some strange reason.
Toss up between buying a powerball ticket,
Day Trading,
Whole Life Insurance,
Time share as an investment.
Didn't fall for any of them. My other investments are up about triple in under 4 years.
Good advice:
Pay off debts first. Interest not paid is tax free.
If you must have a car, drive the first one twoe as long as it takes to pay it off, and save for the next. Pay cash from then one for no car payments.
Buy undervalued stocks and put overvalued stocks on stop loss sale orders to sell high.
Reinvest in undervalued stocks. Collect dividends on overvalued stocks to buy undervalued stocks.
Listening to this video had me look at my finances for the first time in years. Thanks video!
I say get your associates in liberal arts if you don't know what to do for college so that way when you DO find your ideal area of interest, you can skip the basic education classes like history, math, science, etc mainly because you already did them in your associates.
liberal arts degrees are worth less than the paper theyre printed on, go to a community college for your core credits.
If you dont have the money you cany afford it.
If you cant settle your credit card at the end of the month, every month, you cant afford it.
Never do a payday loan under any circumstance.
Settle all your debts first, and start saving second.
Live within your means, and you will have a much happier life. If not, work on increasing your means.
I guess the point of this is that never get a loan in the USA
One financial mistake I made was listening to my coworkers who told me to celebrate my success on the stock market in 2020 by buying something nice.
I made $15,000 making trades and went on a $10,000 shopping spree to furnish my house. I dont regret the things I bought, but I regret listening to them when I was fine with what I had. The upside is I didn't owe much in taxes, instead of getting a refund, I paid in $60
"Pay tithe and you will never struggle with money"
Uh yeah right, starting wages are so trash now that its close to impossible to live on them even without doing that.
As a Filipino, 19:20 is BS. I have no good words for someone who beleives that, and is a careless leach.
Don't worry, that mindset is by no means restricted to Filipinos.
Ok, so this is weird. Good credit does actually rely on paying your debts slowly, two things that increase your credit score is showing that you have long running and consistently payed off Debts, because having a few big payed off debts in the past means nothing in terms of if you can pay it at the moment, but if you are still consistently paying for really long drawn out old debts it shows you have money. My suggestion? Just don't use a Credit Card, my family straight up doesn't use them, they seem like a waste and don't make sense in the long run
yes and no. we pay for just about every thing with credut cards and pay it off every month. we don't have a history of loan payments. our credit score is very high.
@@BY-bj6ic Congrats but I don't trust someone who makes only credit purchases
7:50 not from taxes but when you are above certain income levels you can lose things like food stamps or affordable housing that can cost you more.
Comment about they’re dad said, “2008 Don’t invest in Apple, 2012 Don’t invest in Tesla.” What’s his advice now? I need to do the opposite.
April 17th 2003 - AAPL fell to its decade low of $6.56. If you'd spent the $1000 at that time you would have bought 152.43 units. As of today (17th August 2023) with a price of $174, those 152.43 units would be worth $26,524
Tesla went IPO in 2010 at a share price of $17. If you invested $10,000 at IPO you would have got 588.23 units. As of today (17th August 2023) Tesla's stock is at $219.22 which would price your 588.23 units at $128,952.
Imagine having been a multi-millionaire tech bro for both of those. You could have invested millions and got tens of millions back.
My emergency fund has been Murphy repellent.
The number of bits of "advice" that was given to me by family/acquaintances that was then expressly said to be some of the most devastating long-term experiences in this video was laughable...
I got a student credit card and paided off the balance every month bar 2 for 7 years. We don't use credit scores much in Ireland but I must be at the max. I even have put in more than I owed a few times. Love a credit card bill that says u do not need to make any payment this month.
My boss says I should owe the IRS on purpose like him.
I am 26, almost 27, work two bullshit part time jobs, but I have never paid even a PENNY in interest on my credit cards. My debt always comes first, way I see it.
growing up poor/frugal is the best financial advice, but the problem is when it gets too much, I know a few people who should be comfortable with their finances, but instead, count every penny and avoid spending, one of them shops in thrift stores but only when they have a sale, or just buys the cheapest shit like 1€ flipflops that constantly brake, the other is my friend who throw a tantrum while we were on the 3-day trip, she refused in day 3 to not do anything for the rest of the day because she already spent too much money, and even told me the exact amount she did spend to that point, I was shocked, we were both adults (26yo) and had jobs, we sat in silence that hot day until our bus picked us up in 8 pm.
and there is also my sister who also looks at every penny, I think she spends less money than what 12yo kids had as allowance. She never goes shopping even if there is nothing to eat at home she will just cry to her mom to get her something, almost all her clothes are hand me down, even some shoes, she packs her lunch at home, mom pays for her mobile bills, she needs to travel for some extra education and on those days mom makes her lunch for two days to carry. I at least fill a fridge once a week, it is not just about spending money it is a household chore to stock up, but she never does it...
when I got a new job recently the first thing she asked me is how much will I earn and when I said it she mumbled to herself "That is more than me".
people like that get on my nerves, and she is not richer than me, all she gets is no fun and loneliness, also she is not saving up for anything in particular, once in a while we all pitch in when we need to do some big expenses (like buying a new front door, etc.) and that is the only time she spends her money.
“Just get any degree and you’ll be fine.” I’m homeless and can’t get a decent paying job. I wish I stayed STEM.
Become an otr truck driver, join The military, get ANY govt job. Ort Truck drivers make $60,000 for the first year and about $80,000 in the second with a Carrier with a good CSA score. Any Govt job forgives studen loan dept after a set amount of years, like working for the library, irs, or post office. Lasyly, The military will always take fresh meat for the meat grinder, but you have to do illegal things if you are ordered to or they will make your life a living hell... Just don't get caught.
Buying all those crummy stocks that Wall Street Bets told me to buy....
Buy a pool,invest in bitcoin😢
Used to work with an arrogant braggart who bought a pool and never got the chance to use it due to his divorce.
Love the thumbnail for this one!
Take money out of your 401k to pay for a down-payment on a house.
My coworker pulled from her 401K to "go all out on Christmas gifts" and another that's financing his $1,000 graphics card for his computer 😢
The taxman will slap you across the face with a trout if you do that. Same in the UK with our SIPP system - early withdrawals aren't worth the pain.
@@mxbx307 I heard a rumor that during covid people could take money out of their 401K without penalties to buy a house but I do not know if that is true or not.
@@elgatomoscato230 and that children, is what we call 'living beyond your means'
me after graduating hs in 2018: i'm considering getting my real estate license, since it'll only take about 6 months
mom: don't do that. the commission pay for that job is terrible.
5 years later and I'm still working shitty low wage jobs instead of having 5 years experience in real estate to use as leverage(thanks mom)
Yup! Asked for them to cosign a 5k loan so I could get my pilots license (you need flight hours, and that was 5k). My mom "but pilots don't make any money!" I instead became a teacher, cuz we all know how much money they make!
About realtors, they only get paid in commissions. If they show 10 house to one person and they don’t buy, then they get nothing. It sounds stressful, and you have to be a people person. It wouldn’t be the job for me.
@@millersam07- I’m not sure about their pay, but pilot students that used to be in my uni classes told me it’s high competitive to get a position.
There comes a point in your life where you outgrow listening to what your parents have to say. You're an adult, you won't be told what to do, it's your responsibility.
Imagine being 36 years old and living 400 miles from where you grew up, yet your mother is nagging you like you're 7 and telling you what you should and shouldn't be doing. It's not endearing so much as enraging.
I hear the more income = more taxes one all the time. F*** that. I'll take the extra money after taxes. The only debt I have is a car payment which I'm paying extra on thanks to all the OT that I work. Last year I went on vacation and didn't spend a dime on credit card.
All you people complaining about debt. I’m 24 and bought a house and two cars all with no debt paid for by my wife and I’s hard work. Simply put we are built different. In the past I would’ve lived in a castle and visited you plebs once a month to collect 10% of your grain.
Not so much bad advice, but someone once saw me looking through my purse and said, “you don’t put your dollars in your wallet? You will never be rich because that shows that you don’t respect money.” oh, I am now a homeowner.
Not as much advice as a misunderstanding. Someone said "buy apple" so I did. Unfortunately, I got golden delicious. I thought they were reminding me to add them to the grocery list.
Pegleg to place in the third.
12:10 🤦♂️
Just about anything from Dave Ramsey. Everything is about straight-up penny pinching and with no real nuance.
His "debt snowball" thing is very questionable. It doesn't take into account interest rates or repayment periods, so what often happens is your largest debts are just getting ever larger while you waste money clearing smaller, less important ones that can probably be left a little while longer. Or the smallest debt is fine, but the third largest needs paid yesterday and has 40% APR. Lining them up based on outstanding balance is good only for psychology.
He doesn't seem to get false economy. Having the ancient $1 car that blows up after six weeks and gets like 5pmg is somehow better than spending $3 on a car that lasts you 18 months and gets 14mpg. I'd challenge that notion.
He also doesn't seem to understand the idea of time vs. money, either. How dare you pay $30 for the maid service, except the maid service frees up several hours of your life that could be used to do something far more productive and potentially earn you more money.
And don't set foot into any kind of further education - even if it's free - unless you plan to become a doctor or a lawyer.
11:00 didnt age well.
See, my folks taught me a healthy respect for credit cards, to the point that I won't touch the bloody things with a gun to my head.
They've actually hinted that I should probably start looking into them.
Sounds like they taught you an unhealthy paranoia of them.
Buying Iraq dinars.
A car salesman once told me and my fiancé the following:
If you get an auto loan at 7% interest, you can put that money into fixed income investments that give you guaranteed return. Here, let me show you an example... (The risk free return is about 5% at the time)
I was actually intrigued at the math because I thought, "it can't be what I think he's saying, because that would be one of the stupidest thing I've ever heard."
I got $500 from working and birthday when Google went public in th 90's. My dad told me to save it for a car and that the stocks would never mature......
$500 was also worth more in the 90s than it is now, as inflation was lower.
Hello!!
Bitcoin, glad I didnt take it
That crypto crap is on its way out. Finally.
It never really went mainstream.
Comment aged like milk.
more money videos pls. would like to hear about culture shocks from going from poor to rich and how people did it
My advice is take anyone an everyone's money!!Never pay!!!m 45 an never worked,an living large!!
At the counselors office in college: “you can pause your loan payments at anytime if you need to”
My dad fell for this one and just finished paying off the interest in his mid 40s
Hi
"Apple stock isn't worth it."
"Crypto currency is the coming thing!" Absolute bullshit!
Lmao Bitcoin is already up 4x from the lows of 2022. If you understand Bitcoin market cycles and macroeconomics then it's basically a money printer
@@Slenderman63323 Sorry to tell you, it's a classic Ponzi scheme. Even the gov't says so.
Don’t ever get a credit card.
Was that the bad advice or advice you are giving?
@@allenwalkeranime7968both
My coworker was once denied a credit card. I didn't think that actually happened.
Let's re-word this. Don't get a credit card if you are an absolute idiot with money.
@@mattwolf7698 no. I meant what I said.
First