*CHECK OUT THESE VIDEOS* 💖How I save 60% of my income: ruclips.net/video/GZ65Du39p14/видео.htmlsi=l-Yw3FilfzEkA9LE 💜Dealing with back-to-work anxiety: ruclips.net/video/_L8AKiu779g/видео.html 💚The Wage slave (short film): ruclips.net/video/-1XarlvUK9s/видео.html
Absolutely! I used to wonder why I was given such a hard time in my office job. Then it hit me, I needed the money but didn’t have a home or car. They had a vice like grip on me. The day I paid off my humble beach house, I wandered into one of those interminable office meetings knowing the worst they could do is sack me and I’d still have a place to live. The meeting was to get employees to vote in the affirmative on a management proposal that had been agreed on in advance by management (something used to really annoy the h*ll out of me). I indicated that the options were A/ YES, or B/ YES … and to make it look as though we had thought about it, I moved that option B be voted first and accepted. My fellow clerks got the joke and after the laughter subsided, actually voted for option B. Management were furious I had made a mockery of their proposal. I kept my job but my file was stamped never to be promoted. It was worth it. I had demonstrated I was no longer a wage slave.
As a younger man use to collect a month and a half of checks before cashing, wanted my boss and his bookkeeper/business manager to know I appreciate the job but am not living hand to mouth
Something that I keep forgetting to mention in my videos. Back in the day, 50-100 years ago, average workers could buy their own houses. Today its just not possible.
@@TomScryleus food, clothing, shelter are the basic needs of every human being but in today's overpopulated capitalist greedy world food, clothing and shelter is no more a just a basic need but it's become a tools to show-off as a status to the society.
@@TomScryleuswhen he used to work in the governmental sector in the 60s, my grandpa could buy a house with 4 months of salary saving, it's actually crazy how housing has become impossible to afford.
I have 900 dollars on a credit card and it makes me uncomfortable. I saw what debt did to my parents and me and my siblings growing up. No food, lights getting shut off, cars repoed etc etc. I swore to avoid it at all costs
Definitely Tom, I could listen for hours to your videos , maybe because it's resonate so well with my own perspective and/or view of things in the world 🙂
I retired from a senior position in the oil and gas industry at age 51 in April. None, absolutely none, of my colleagues could either believe or understand it. I stopped buying expensive toys years ago, paid off all debt, saved, and invested in income-producing real estate. They continue to buy expensive, depreciating cars and boats.
Well done. I’m reminded of the story of an executive who wore neat but cheap suits, lived frugally, ate breakfast at the same down market café every morning and read the café newspaper over coffee ☕️. When he died the café patrons couldn’t believe how wealthy he was. This guy is my hero. Why buy things to impress people you may not even like !!
Nice! I hope to be in your shoes one day. Currently going all in on commodities. No wife, no kids, so I might as well try and get myself free. Wish I could have taken advantage of the real estate markets. Hopefully I can ride the downturn
I wish. Technically I am not in a bad position. No student loan but I have 23k to pay for my condo mortgage. Maybe at 50 years old I will not have any debt but I don’t have much in my bank/stocks (only about 30k). So how can I escape wage slavery? If I sell the condo I can make maybe 300k but then where do I live? If you have 120k debt how will you escape wage salary in 1 year? I am curious and I will you can do it.
I’m a doctor. I make 7-8x the average salary. You’d think that doctors or other high income individuals wouldn’t fall for this trap. But as income grows, expenses grow and you end up in the exact same situation.
Their quality of life was worse, they lived in filth, upward mobility was basically impossible, they were exposed to all sorts of diseases, and their life expectancy was decades lower than it is now.
For the 1st part of the video, I think the new generation needs to hear this. I feel like it is only necessary to go to school only for lawyer and doctor at this point.
Back in the 1980s they decided everything needed a 'degree' for training. A degree for interior decorating. A degree for Jazz....you name it, they'll make it a degree. Nurses used to have hospital training.....3 years hospital trained or 2 years university. We need to get back to practical training especially since they are whining about skills shortage. That's not just the trades. I get so sad when yet another innocent kid tells me they're getting their psychology degree....or sociology degree, or liberal arts degree, or English literature degree, or anthropology degree.......I'll see you back as my coworker behind the till at the cash desk...
It’s fine by me. While I understand the sentiment of some few that started to complain about it all getting “gimmicky”, I get behind the knowledge imparted about all the instances were you have had choices to make that made you go farther or closer to wage slavery. It’s a daily battle, myself I need also the constant reminder or else I get complacent. I now have no doubts in my mind that all things consistent you will succeed, and this channel will evolve “how I finally escaped and how you could too”. Post as much as you need, I see this as your road to freedom diary of sorts.
Tom, I recently found your channel and enjoy your content. I think this is a good outlet for you. I am on the bleeding edge of financial freedom. The house I bought in 2018 appraised for double what I owe. It is currently on the market and I'm able to wait on a good offer. I feel the wage slavery in bones though bud. I quit my career working in corrections because I was trading my soul to deal with the most degenerate and evil people imaginable. I got a job working in auto parts and took a big pay cut. But eliminating debt was the key. Once the house sells, I will be completely debt free. I'm in a new place, new job, better friends, beautiful woman, and although I'm typing this while waiting to go into work, I couldn't be happier. I wish you strength and tenacity in overcoming wage slavery and hope you can find some happiness.
Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
‘’Marisa Breton Dollard’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Excellent share, just inputted Marisa Breton Dollard on the internet, spotted her consulting page ranked top and was able to schedule a call session. I’ve seen commentaries about advisors but not one looks this phenomenal.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Katherine Storch
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
This video resonates a lot with me... And I really like how you pointed out the so-called "traps" in life. One trap you missed out on is having children! And that can set you back $250,000-$300,000 per child in Australia where I am from, because child support is paid very poorly by the government. I am honestly glad that me and my wife never decided to have children. Now we are in our mid 40s and we LOVE our freedom, our home, hobbies, travel etc. And even though this may sound selfish, all the money we make, we get to keep and can spend it on our own.. And like you, I got a 2nd chance by inheriting some money from my dad that passed away a year ago which allowed me to invest some money in real estate, crypto and other things, plus I have got my own business. I basically got an "out of jail" free card to never having to go back to a lousy corporate job! But in all honestly, I still feel quite miserable about it, because I didn't MAKE IT on my own. My dad needed to pass away for me to become free (well no-one is totally free, but I have a lot more freedom now than I used to!) I still failed at life I think and that's what I need to come to terms with... And yes, I paid off my mortgage in full and all I can say is, owning your own home right now may not be a smart investment because it doesnt make money, BUT IT GIVES YOU PIECE OF MIND. And that is priceless! In my opinion, I always say it is definitely not smart buying a home in your 20s and 30s. But at some stage in your life, like 50s, 60s, and so on, everyone should own their own home, because no-one wants to pay rent or a mortgage for the rest of their lives. And especially as you get older, you dont want to work as hard anymore! These days rent and mortgage is 1/3 of a person's pay cheque, which is quite substantial. Great video! Keep it up!
I admire your dedication to educating your audience. We all aim for financial stability and a better life. Achieving this is possible through wise investments, being debt free, frugal living, and careful budgeting. I'm grateful that I learned the importance of working hard for financial freedom at a young age.
I agree, investing with the help of an advisor set me up for life with about $1.6m currently in stock portfolio. I max out my 401k and have few properties. I worked hard as a language tutor for 32 years, and my salary was just over 80k annually. It all boils down to consistent regular investing to minimize risks and maximize growth.
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with “Becky Lou Gordon” for years and highly recommend her. Look her up to see if she meets your criteria.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
The point of owning a house is you pay it off for the financial security. If you ever want to retire comfortably, being debt free and owning a home is an important step to freedom. Paying rent is another form of slavery.
Aaron Clarey (of Asshole Consulting and CaptainCapitalism fame) does mention few things that make someone poor: - having kids we can’t afford - spending on useless college degrees (although, Tom’s one really isn’t I believe) - “DO NOT, I REPEAT, DO NOT GET MARRIED” (but really referring on the risks should a divorce happen, North American mindset also) - plus the usual: spending more than what’s affordable, McMansions, McMobiles (a 2024 leased Honda with all the perks for $700+ a month is such a far), etc I believe Tom over here has actually made great choices, frugal minded, somewhat stoic and getting down the brass tacks where he has the power to change and course correct.
Owning a house is much better than renting. I can't believe people still argue against owning a house even after seeing rents skyrocket like they have. The problem is people buying houses they can't afford.
@@GGWP-nx3kn Exactly why you should get one, if you can afford one. Inflation keeps pushing prices higher and houses will keep getting more unaffordable. Build equity instead of wasting it on rent. Plus, in the future the rent will become unaffordable for many. "The rich get richer and the poor get poorer" is not just a saying, it's very true.
Like everything, it depends. Right now, no one can make me buy a house even if they put a gun to my head. The housing market is overvalued because of all the cheap money out there. I’d rather take a loan and put the money on commodities instead.
@@Juznik1389 The housing market is priced perfectly, considering all the money printing. Expecting low prices after printing so much money is absurd. And even if prices fall, I wouldn't expect them to fall much because it's not like the great recession. Back then regular people owned many homes. This time it's real estate investors and investment companies that own them and they will continue to buy up the houses long before prices crash significantly. And even if prices crash, a few years will fly by and prices will recover. Buying a house is a long term investment. People often own it for the rest of their life. Trying to time the market is ridiculous.
@@BullsEye3333 But it is not. You can just look at charts comparing housing to income and housing to gold. It is more expensive today compared to before. More cheap fiat out there chasing basically the same amount of houses because it is cheaper and faster to print money and hand it out to people. And buying a house is not an investment. It does not gain you any income and it does not appreciate, because in most cases not much real value has been added to it. In reality it depreciates since it becomes older and less useable. For a new couple that buys that house, they would actually need to spend more cheap fiat for restoration. A good investment however, would for example be a tractor, since it can do job for a person to provide an income. People have been brainwashed with the "house is an investment" bs without even knowing what they are signing for. There is a difference between an investor and speculator. You are speculating that your house will be more worth in future - without any real value added to it.
You don't learn the important stuff in the university, you just learn enough to become successful in wagie sense, so basically you're just more likely to end up as a wagie. As another MSCEcon from Finland.
I dont share normally but i would want to thank you, since your truthvideos always inspired me and we now just escaped the trap. We had studentloans and a house. Our luck was to sell the house that we bought when the housingprices were crazy and slowly but surely prepare for leaving to our land and small house in Portugal (low spenditure, not comparable with the Netherlands montly costs) and in this way choosing to go down in spending instead of having to work/earn more. This does come with a price, since our eldest son is still in the Netherlands (with btw an unimaginable loan for his law study he doesnt even like). We manage ourselves off grid which has its pros and cons. I always loved the consistency of your chanel and its so valuable for people to start to see what we are tricked/manipulated in, being kept asleep since a young age. And more so, to realise it is possible to escape this rotten system when you follow your own path, get to know the power you do have in choosing your standards and go about your life intentionally and aware and let go of the money trap. There is so much we can let go of when it comes to stuff and imposed expectations on how to live. Thanx Tom
I totally relate. Falling to the trap of mortgage is for everybody. As a fellow economist, I have to mention the opportunity cost: if you don't have a mortgage, you have a rent, which frequently costs more - for the same piece of real estate. This gives the illusion of a good business and the trap is here. We usually rent an apartment and subsequently buy a (big) house, which are in fact two moves (ownership + change of object type and size). I also identified this afterwards... In my opinion, the optimal option would be to own and keep a small cheap apartment and sometimes afford some fancy travel, which is less expensive and without the maintenance of a permanent fancy residence. And the stairs, I experienced exactly the same when arriving in my new house. Going back, I'm not sure I would buy one today...
That's really sad. I genuinely feel sorry for everyone with huge student loan debts. Yeah, it was their fault, but society preys on young people and convinces them to get into this debt, and that's just not right. I would call it evil in fact, to not fairly tell people upfront everything they are getting into before signing their lives away. I came out of college 35K in debt, and it took me about 5 years to pay it off. it felt like a lifetime. I can't imagine owing more than that. Of course, I never had a fantastic paying job either, but the money you make is all relative to the money you spend and how much debt you have.
This is what is preventing me from upgrading my apartment to a better one. I'm debt-free currently, and I own my apartment. I'd really like a bigger and better apartment, but it would mean an additional 100K EUR loan + the capital wouldn't create any income. Buying a better apartment would prolong my career another 5 - 8 years. Now I'm battling, which one I hate more, my career or my current apartment. :D
Trying to avoid 'debt' and trying to avoid 'hard work' will take you down two different roads. The former will liberate and strengthen you, the latter will send you into fantasy land.
Tom, I can say I 100% agree that home ownership is a trap. Almost two years ago we sold our house of 16yrs, sold all our vehicles, and pieced out our 20yr business. All to be free! We bought an RV, and began traveling. Hubs had never left his home state, because of fear. Fear of what do I do? How will I make money? What's out there? The unknown IS scary, but once you get out here... It is worth it. We have seen the most beautiful places and people. But everyone thinks we're a tad crazy that we sold our "appreciating assets" for one big "depreciating assets". But we lost our ass in our home in the '08 crash!!! Houses are not investments. Real estate is, the kind that can make you money, if you 1. Buy it at a good price 2. Are able to charge a rate that pays the mortgage 3. Can actually find tenants that pay on time 4. Can still afford to maintain the property 5. And so much more! We had a rental as well, long ago. Never again. We have no regrets about the path we took. The path we're (driving). We absolutely LOVE our life. Keep talking, Tom. ❤
If you can save lots of money with renting, renting is a good choice, if you cant mortgage is the right choice longterm otherwise you gonna end up without anything.
videos like these makes me so scared of getting into any big debt again. I pay cash if I can or I live without it. Thanks Tom for telling us your experience.
I don’t know, maybe I was weird one in my school group. I never really spend much and I only took the minimum loan I needed to pay for college. I went to community college for 3 years and 3 years late a university. I guess I was lucky in living with my parents and doing internships during the summer months to help pay for everything I needed at the time. I even had 8k in the bank when I graduated. My parents wanted me to get a new car after my first paycheck but I just kept my old Toyota rolling till today. That car is 25 years old now lol. Looking back I never had much financial hardships but I never had that feeling where was making it either. When I got married was when my bank account really drained. The house, furniture, repairs, vacation, wife wanting new car, etc really took a toll. I did eventually paid off the mortgage within 10 years. I still feel poor to this day. After being fired, looking for work and feeling helpless, I never wanted to be in that position ever again so I learned a trade where I can always fall back on in these crazy economic times. I guess your channel really resonates with me as I’ve been through all the cycles and I’ve only been working for the last 14 years. I feel I’d go crazy if I had to do this for the next 30 years 😂
Its curious that this video hits me todat. I was investigating this morning the housing market in my city and its crazy. I want to visit one of the apartaments but I'm nervous and I didnt even buying anything!. Buying an apartment, all the process, I feel its like a kind of trap because the costs are so fucking high. Maybe the house costs you 180.000€ but if you start to add the other costs (interes, comissions, taxes, notary...) its a punch in the face. It makes me a little sad and frustrated because I want to start experiencing my independence. I like living with my parents, I love them. But I also have the feeling that I should learn how to live by myself. Its just, my priority its not having a lot of debt. What a game is this weird privilege city lives. Whatever, Im reading books about economics and investing. I hope making little moves with my money gives me good seeds for the future. Its a step at time. Lots love, Tom! Have a good day!
I’m 33. Got married two years ago and bought a median priced house to have room for a couple future kids. . High ish interest. Through my 20s I had no debt and had plenty of money. After the mortgage I need over time just to get by now. I thank God for my job but dream daily of the day the house is paid off.
Hope this video was longer and deeper. We want more. Working is hell. I hope to get sacked soon, after my last pay check i will try set my life up on government hand outs.
I been in debt since I was 18. I'm 42 now. I hate it. Working on being free but I still have blips where I spend money pointlessly just because I want to feel better and try to actually enjoy life.
In Romania , at state universities, the tuition fee for an entire year for students that don't get in on the free spots based on grades is about 75% of the average monthly net wage . Very affordable. It was about three or four net monthly average salaries back in 2001 when I started Uni. So still quite cheap compared to this stuff in some more Western countries. A high tuition means a market for loans , that drive the fees even higher. It's crazy, given that those countries need college educated people and import them from countries where education is this cheap or free.
When I was buying a house, the 40% smaller apartment has the same price (both second market) and the house came with 2 garages and is on 500+ sq meters plot. And actually monthly cost of owning the apartment is much higher. So not really always a good option :(.
If you buy an apartment or a house in a great area the value always goes up over time so you can always sell it and make a profit and then live a life you want with that money
My father also passed away, in 2022. Also someone burned down his house after. I know how sad it can be. I wish my father were still alive, I was working on an invention with him.
The question is what is worse? To own a house someday when its paid off or to own nothing and still have to be in wage slavery to just pay rent and groceries and be able to travel sometimes? No answer to that
in my video "why owning a house is a wage slave trap" I explain why Rent has usually more benefits then trying to buy a house and paying for it the rest of your life.
You can rent cheap and change your living situation as needed. You can't do that when locked into a house. As long as someone can save and invest what they would have put into a house then they can build wealth. Real estate is a good thing when it's affordable but that's not the case right now.
@@althunder4269 You can change your living situation even if you are locked into a mortgaged house: You rent out your house and rent a room if your income is too low, or move to a lower cost of living area, while you still build your equity in your house and keep collecting rent. Flexibility is still there when you are a home owner with a mortgage.
I took a two year associate degree. I graduated top of my class. I did not have to go in to debt for it and it was fully paid for by graduation. My step daughter insisted on getting 6 years of university and a masters degree earned overseas which is not even recognized in our country. That was about 20 years ago and I know it took her years to pay off. But she openly looked down on me or 'not getting a degree'. The joke is, she is now working a job that requires no more education than what I have.
Having our mortgage paid off through inheritance created an odd situation as we’ve actually stayed in full time employment, I don’t enjoy the work but it’s relatively well paid and does for the most allow a good work life balance(full time WFH). Also it does allow the freedom of not being scared to lose your job, like when HR wanted me back in the office I just said No, and they didn’t really know what to do with someone not scared of losing their job so agreed to let me continue WFH. It has created an unease in me though, as I feel I ‘should’ be doing something else for myself but my worry is having my own business would end up in me having less free time to spend doing the things I enjoy. Not without its dangers but I’m leaning towards just riding out my current job until it impacts my happiness, the risk is realising it’s been another 10years and I’ve missed an opportunity of being fully in control of my own time.
I made a mistake and got a nice sports car at 21. I'm now 28, have made lots of fun memories with that car but the truama of being a wage slave and going from shitty job to shitty job has turned me away, not just from debt but the car hobby itself. I'm more than likely getting yhat car sold so i can be debt free and have something more economical.
Not sure how this would be in Sweden, but you hadn’t gone into debt and bought a house, you’d have paid rent instead - years later there’d be no asset and you might have paid out just as much, if not more. That describes the trap two of my children are in. Thankfully I was able to help them avoid most student debt, but that rent trap is much worse than the mortgage one. Could I respectfully say it’s your desires that trap you - you have choices but having the freedom you want might mean sacrifices too.
I understand what you are saying about the house thing, especially today, but if you don't want to live in your car or on the street, you are going to have to pay to have a roof over your head.
I don't know the house purchasing thing worked out for me. I bought it in 2008, it took me 10 years to pay off but now I am rent free, plus having your own backyard and the room and space to do what you want. House projects can be annoying and sometimes expensive but it can also give you something to do, also whenever you do a house project you get a sense of accomplishment because you feel like you're working for yourself and not just a wage slave for someone else. I would never take back owning my home when I did even if it was proven that I could have saved more money just by living in that cheap crappy 1 bed apartment for the last 16 years.
To me, there is something fundamentally wrong when a society has agreed upon basic human needs, food, water, shelter, but yet that same society also allows big banks to profiteer off of the population on those very same basic human needs. In this example it is housing, but we also see it for things like life saving or necessary medicine. Sure companies can make a profit, and it takes a lot of time, research and money to create good medicine or to build houses, but to me, if a society agrees that basic human needs are something people should have, then we should be doing everything in our power to make sure everyone has them and they are not some object or target for corporate greed who in no way has our best interests at heart.
Hey Tom, nice video, but correct me if I'm wrong. Since you can sell your house with some profit, go for it and the problem is solved. No mortgage or any other loan, if I understood correctly, and in a way, you can fix the economic mistakes of the past. On the other hand, if you like it so much, that is absolutely normal because it seems like a very beautiful house, continue like that and the problem is also solved.
LOL. Buying my house in 2008 was the best decision I ever made. I live in a 1500 square foot house with a large yard and 2 car garage for $850 a month. I would be paying double for almost anything else otherwise, and your rent will keep going up forever.
I don't have a house. I won the "social housing" lottery. Still, I really want to own a house, not only to have at least something protected against inflation but I want to have a proper garage and more space, since my tiny apartment is enough to survive but too old, ugly to make me happy and I can't modify it enough because I don't own it. Work on making more money, not dumping your house as you'll still need a roof.
“What is work? Work is of two kinds: first, altering the position of matter at or near the earth's surface relatively to other such matter; second, telling other people to do so. The first one is unpleasant and ill paid; the second is pleasant and highly paid.” - Bertrand Russel (some random philosopher)
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I'm new to this and have heard that now is an excellent time to buy. However, I currently have cash sitting in my bank account that I would really like to put to good use because inflation is at an all-time high. Who is this coach that you mention, and do you mind if I look them up?
I feel this is quite an easy one. You already have her name which makes it easy for you. Just look up her name online. I’m sure you will come across her. That’s how I found her too.
Debt should be illegal, it is just slavery, owning a piece of someones future. The debt doesnt help anyone but the banks, easy debt drives up prices of everything, housing, school, cars, etc.
How to get a ”good job” after high school, I’m unemployed for the moment have no driver license have no “working experience”. I want to work in a supermarket like ICA or Coop or even Lidl but I have applied for many such jobs but get denied every time :(. In EU we have a limit on how much we could work in a week 48 hours to be exact.
I'm thinking about making my home my investment. Stop investing my money in other areas and focusing on paying my house off early. I realize I'll always have taxes and insurance after it's paid off. But I've also come to the conclusion that I'll more than likely have to work until I'm dead. Hopefully not though.
I bought my duplex march 2020 right before Covid for 295k. I just sold my duplex for 525k last month. The just upgraded to a colonial on 11 acres of land with the profits. Yes housing is a good investment
Just because you got insanely lucky with your timing and location doesn't mean it's always a good investment. Ask anyone who bought a house in Detroit back in the 60s
Some debt is okay I think. If having a mortgage allows investments I would probably prefer to have the debt and the investments rather than having neither.
we save and invest too. Its not like this morgage is destroying us. but the fact that we have to work for the rest of our lives to pay it off, thats where the cookie crumbles.
This video is highly recommended if you enjoyed this video: Your house is a wage slave trap! - ruclips.net/video/XTk8pSpE7Dc/видео.htmlsi=oC99tDtm4K0eQfHl
If you go into a flat/apartment take into consideration the monthly maintenance charge & that it will be leasehold & not freehold like a house (if that matters, I don't know). In the UK flats are a bad investment outside of London for these reasons.
Sell your house, and buy a triplex. Make your money work for you. Stay as long as the terms of the loan says you have to live in part of the duplex/triplex, then repeat the process in a nicer neighborhood. Hopefully within a couple of years you have 6 income sources and your own house is being paid for. You can sub out management to a 3rd party company for a small fee if you don't want to deal with tenants and repairs. Take your year off and find your passion. Your Vocation should be your Avocation, so you never work a day in your life. Working for a piece of cheese is only for those that can't figure out how to make the cheese in the first place. Don't be that rat, that's only a taker, and not a maker for family and society as a whole.
A house is the best investment for the bank and not you. It is not an asset it is a liability. When you tell your boss that you have no debt - watchh him or her not be thrilled because they know they don't control you
Sorry, chief. We paid the mortgage up pretty early, and we don't 'owe' money on any loans. But normal daily life is set up to enslave you to debt. We still have to pay property and school taxes, and deal with inflation. We do have chickens and a decent sized vegetable garden, but there are always expenses. It's wrong. I wish that more people could see that the system we have set up, isn't meant for human beings. Much like Aging, it's a sort of evolutionary mistake that should be discarded as soon as we figure out how.
thank you Dan. appreciate it. Im glad you have no loans. I suppose thats why you can afford the superthanks. ;) I like the sound of your life, with the chickens and veg garden. tell me more about the aging being a evolutionary mistake. sounds interesting.
@@TomScryleus It's just the way I see it, it was just the luck of the draw. Evolution was never optimal, although it produced some useful traits. In spite of the Superchats, I'm not wealthy or anything. But I do donate to various causes. One of the minimum monthly donations is Aubrey de Grey's Levf organization. They are much closer to treating aging ; if they don't do it within 20 years, then for sure one of our AIs will. Of course, conquering aging wouldn't be quite as fun, if we didn't eliminate Wage Labor along the way. They gotta give us something to live for.
You're just coming to terms that you were lied to, you're not better for this, you're just slightly less worse. Would you go back and have a more humble life with less if you could? Chances are you will say yes but that really doesn't change anything does it?
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Employers love employees with mortgages and debt because they make obedient workers.
They are happy when you buy brand new car that you need car payments for every month.
100% correct.
Absolutely! I used to wonder why I was given such a hard time in my office job. Then it hit me, I needed the money but didn’t have a home or car. They had a vice like grip on me. The day I paid off my humble beach house, I wandered into one of those interminable office meetings knowing the worst they could do is sack me and I’d still have a place to live.
The meeting was to get employees to vote in the affirmative on a management proposal that had been agreed on in advance by management (something used to really annoy the h*ll out of me). I indicated that the options were A/ YES, or B/ YES … and to make it look as though we had thought about it, I moved that option B be voted first and accepted. My fellow clerks got the joke and after the laughter subsided, actually voted for option B.
Management were furious I had made a mockery of their proposal. I kept my job but my file was stamped never to be promoted. It was worth it.
I had demonstrated I was no longer a wage slave.
As a younger man use to collect a month and a half of checks before cashing, wanted my boss and his bookkeeper/business manager to know I appreciate the job but am not living hand to mouth
Good little slaves
It's insane how like buying a house which is just one of basic necessities is almost unaffordable in today's world.
Something that I keep forgetting to mention in my videos.
Back in the day, 50-100 years ago, average workers could buy their own houses.
Today its just not possible.
@@TomScryleus food, clothing, shelter are the basic needs of every human being but in today's overpopulated capitalist greedy world food, clothing and shelter is no more a just a basic need but it's become a tools to show-off as a status to the society.
Buying a house is a trap, same with expensive cars, they will enslave you to the system.
@@TomScryleuswhen he used to work in the governmental sector in the 60s, my grandpa could buy a house with 4 months of salary saving, it's actually crazy how housing has become impossible to afford.
@@sheyarjames4904 the basic needs have become luxury because of overpopulation and capitalism
I'm only 10k in debt and that feels suffocating. Liked and subscribed.
welcome to the channel. I hope you like my future videos.
I have 900 dollars on a credit card and it makes me uncomfortable. I saw what debt did to my parents and me and my siblings growing up. No food, lights getting shut off, cars repoed etc etc. I swore to avoid it at all costs
Honestly, was this video good?
Whenever I make a new video, I always try to do it better than the last.
It's great Tom.
Always great. Keep going. 😊
It's great seeing people wake up and share their experiences.
A ton of people don't like it because the unknown of reality is very scary.
Definitely Tom, I could listen for hours to your videos , maybe because it's resonate so well with my own perspective and/or view of things in the world 🙂
It is a great video
Home owners look down on renters saying u r just throwing money but as a renter I can pack up and move asap and in a worse case live in my car.
Homeowners can live in their car too
Homeowners can live in car but rent out home for instant income.
Don't fool yourself, home ownership is very important
@@lengerer no it’s not ownership is an illusion in the end nobody owns anything
@@noseefood1943 FACTS
@@lengereryou don’t own anything you have a mortgage 😂
I retired from a senior position in the oil and gas industry at age 51 in April. None, absolutely none, of my colleagues could either believe or understand it. I stopped buying expensive toys years ago, paid off all debt, saved, and invested in income-producing real estate. They continue to buy expensive, depreciating cars and boats.
Well done. Congratulations
Well done
Well done. I’m reminded of the story of an executive who wore neat but cheap suits, lived frugally, ate breakfast at the same down market café every morning and read the café newspaper over coffee ☕️. When he died the café patrons couldn’t believe how wealthy he was.
This guy is my hero. Why buy things to impress people you may not even like !!
Nice! I hope to be in your shoes one day. Currently going all in on commodities. No wife, no kids, so I might as well try and get myself free. Wish I could have taken advantage of the real estate markets. Hopefully I can ride the downturn
I’m 40 and paid of my house this week, no more wage slavery for me
Congratulations 😊
How did you get there?
You paid your house. Lol your bank still owns your house. Don’t pay your property taxes and see who owns your house
You paid your house . The bank will always own your house. Stop paying property taxes and see who owns your house
@@BUDWEIZER777 property taxes aren't crippling like a mortgage though lol
I'm leaving wage slavery next year. who is coming with me?
@@TomScryleus That is wonderful news! Not next year, but hopefully before two decades
Where do you go?
I wish. Technically I am not in a bad position. No student loan but I have 23k to pay for my condo mortgage. Maybe at 50 years old I will not have any debt but I don’t have much in my bank/stocks (only about 30k). So how can I escape wage slavery? If I sell the condo I can make maybe 300k but then where do I live? If you have 120k debt how will you escape wage salary in 1 year? I am curious and I will you can do it.
I retired last year so I already did.
I already did. But I am 50 already.
I’m a doctor. I make 7-8x the average salary. You’d think that doctors or other high income individuals wouldn’t fall for this trap. But as income grows, expenses grow and you end up in the exact same situation.
Expenses only grow because your neck might be growing.. it's expensive to live rich to impress people who envy you.. makes no sense at all..
The answer isnt to only make more, you definitely have to make a certain amount to live, but to lower your wants, is the answer
The funny thing is that if only people lived a good, healthy life doctors wouldn't earn as much.
A medieval peasant had more time off/down time then the modern day wagie
And better rulers
Their quality of life was worse, they lived in filth, upward mobility was basically impossible, they were exposed to all sorts of diseases, and their life expectancy was decades lower than it is now.
Make a video on how consumerism keep us trapped in the wage slavery
Noted, consider it done.
For the 1st part of the video, I think the new generation needs to hear this. I feel like it is only necessary to go to school only for lawyer and doctor at this point.
very true.
Back in the 1980s they decided everything needed a 'degree' for training. A degree for interior decorating. A degree for Jazz....you name it, they'll make it a degree. Nurses used to have hospital training.....3 years hospital trained or 2 years university. We need to get back to practical training especially since they are whining about skills shortage. That's not just the trades. I get so sad when yet another innocent kid tells me they're getting their psychology degree....or sociology degree, or liberal arts degree, or English literature degree, or anthropology degree.......I'll see you back as my coworker behind the till at the cash desk...
Sorry for posting another video so soon. I just could not resist repeating the gimmick.
It’s fine by me.
While I understand the sentiment of some few that started to complain about it all getting “gimmicky”, I get behind the knowledge imparted about all the instances were you have had choices to make that made you go farther or closer to wage slavery.
It’s a daily battle, myself I need also the constant reminder or else I get complacent.
I now have no doubts in my mind that all things consistent you will succeed, and this channel will evolve “how I finally escaped and how you could too”.
Post as much as you need, I see this as your road to freedom diary of sorts.
Thank you! :)
Why not just sell it? You may even make something extra if it appreciated.
Tom, I recently found your channel and enjoy your content.
I think this is a good outlet for you.
I am on the bleeding edge of financial freedom. The house I bought in 2018 appraised for double what I owe. It is currently on the market and I'm able to wait on a good offer.
I feel the wage slavery in bones though bud. I quit my career working in corrections because I was trading my soul to deal with the most degenerate and evil people imaginable.
I got a job working in auto parts and took a big pay cut. But eliminating debt was the key.
Once the house sells, I will be completely debt free.
I'm in a new place, new job, better friends, beautiful woman, and although I'm typing this while waiting to go into work, I couldn't be happier.
I wish you strength and tenacity in overcoming wage slavery and hope you can find some happiness.
This video was incredible! amazing editing, great message!
Thank you. I try my best. So its nice when people see that.
Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
‘’Marisa Breton Dollard’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Excellent share, just inputted Marisa Breton Dollard on the internet, spotted her consulting page ranked top and was able to schedule a call session. I’ve seen commentaries about advisors but not one looks this phenomenal.
I owe I owe it's off to work I go ...
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Katherine Storch
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
You trade with Katherine Storch too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much.
This should apply harder for younger generations who need to pay for overinflated houses in the west. Debt = life of wageslavery.
This video resonates a lot with me... And I really like how you pointed out the so-called "traps" in life. One trap you missed out on is having children! And that can set you back $250,000-$300,000 per child in Australia where I am from, because child support is paid very poorly by the government. I am honestly glad that me and my wife never decided to have children. Now we are in our mid 40s and we LOVE our freedom, our home, hobbies, travel etc. And even though this may sound selfish, all the money we make, we get to keep and can spend it on our own..
And like you, I got a 2nd chance by inheriting some money from my dad that passed away a year ago which allowed me to invest some money in real estate, crypto and other things, plus I have got my own business. I basically got an "out of jail" free card to never having to go back to a lousy corporate job! But in all honestly, I still feel quite miserable about it, because I didn't MAKE IT on my own. My dad needed to pass away for me to become free (well no-one is totally free, but I have a lot more freedom now than I used to!) I still failed at life I think and that's what I need to come to terms with...
And yes, I paid off my mortgage in full and all I can say is, owning your own home right now may not be a smart investment because it doesnt make money, BUT IT GIVES YOU PIECE OF MIND. And that is priceless! In my opinion, I always say it is definitely not smart buying a home in your 20s and 30s. But at some stage in your life, like 50s, 60s, and so on, everyone should own their own home, because no-one wants to pay rent or a mortgage for the rest of their lives. And especially as you get older, you dont want to work as hard anymore! These days rent and mortgage is 1/3 of a person's pay cheque, which is quite substantial.
Great video! Keep it up!
I admire your dedication to educating your audience. We all aim for financial stability and a better life. Achieving this is possible through wise investments, being debt free, frugal living, and careful budgeting. I'm grateful that I learned the importance of working hard for financial freedom at a young age.
I agree, investing with the help of an advisor set me up for life with about $1.6m currently in stock portfolio. I max out my 401k and have few properties. I worked hard as a language tutor for 32 years, and my salary was just over 80k annually. It all boils down to consistent regular investing to minimize risks and maximize growth.
I'm interested in trying this out. Who is your advisor, and how can I contact them?
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with “Becky Lou Gordon” for years and highly recommend her. Look her up to see if she meets your criteria.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Small correction, I have not been married for 20 years. Closer to 12 years.
It just feels like 20 years lol.
@@althunder4269Drat !! I was gonna say the same thing.
Congratulations you beat me to it !!
The point of owning a house is you pay it off for the financial security. If you ever want to retire comfortably, being debt free and owning a home is an important step to freedom. Paying rent is another form of slavery.
Aaron Clarey (of Asshole Consulting and CaptainCapitalism fame) does mention few things that make someone poor:
- having kids we can’t afford
- spending on useless college degrees (although, Tom’s one really isn’t I believe)
- “DO NOT, I REPEAT, DO NOT GET MARRIED” (but really referring on the risks should a divorce happen, North American mindset also)
- plus the usual: spending more than what’s affordable, McMansions, McMobiles (a 2024 leased Honda with all the perks for $700+ a month is such a far), etc
I believe Tom over here has actually made great choices, frugal minded, somewhat stoic and getting down the brass tacks where he has the power to change and course correct.
Owning a house is much better than renting. I can't believe people still argue against owning a house even after seeing rents skyrocket like they have. The problem is people buying houses they can't afford.
Most houses are unaffordable.
@@GGWP-nx3kn Exactly why you should get one, if you can afford one. Inflation keeps pushing prices higher and houses will keep getting more unaffordable. Build equity instead of wasting it on rent. Plus, in the future the rent will become unaffordable for many. "The rich get richer and the poor get poorer" is not just a saying, it's very true.
Like everything, it depends. Right now, no one can make me buy a house even if they put a gun to my head. The housing market is overvalued because of all the cheap money out there. I’d rather take a loan and put the money on commodities instead.
@@Juznik1389 The housing market is priced perfectly, considering all the money printing. Expecting low prices after printing so much money is absurd. And even if prices fall, I wouldn't expect them to fall much because it's not like the great recession. Back then regular people owned many homes. This time it's real estate investors and investment companies that own them and they will continue to buy up the houses long before prices crash significantly. And even if prices crash, a few years will fly by and prices will recover. Buying a house is a long term investment. People often own it for the rest of their life. Trying to time the market is ridiculous.
@@BullsEye3333 But it is not. You can just look at charts comparing housing to income and housing to gold. It is more expensive today compared to before. More cheap fiat out there chasing basically the same amount of houses because it is cheaper and faster to print money and hand it out to people.
And buying a house is not an investment. It does not gain you any income and it does not appreciate, because in most cases not much real value has been added to it. In reality it depreciates since it becomes older and less useable. For a new couple that buys that house, they would actually need to spend more cheap fiat for restoration. A good investment however, would for example be a tractor, since it can do job for a person to provide an income.
People have been brainwashed with the "house is an investment" bs without even knowing what they are signing for. There is a difference between an investor and speculator. You are speculating that your house will be more worth in future - without any real value added to it.
You don't learn the important stuff in the university, you just learn enough to become successful in wagie sense, so basically you're just more likely to end up as a wagie. As another MSCEcon from Finland.
I dont share normally but i would want to thank you, since your truthvideos always inspired me and we now just escaped the trap. We had studentloans and a house. Our luck was to sell the house that we bought when the housingprices were crazy and slowly but surely prepare for leaving to our land and small house in Portugal (low spenditure, not comparable with the Netherlands montly costs) and in this way choosing to go down in spending instead of having to work/earn more. This does come with a price, since our eldest son is still in the Netherlands (with btw an unimaginable loan for his law study he doesnt even like). We manage ourselves off grid which has its pros and cons. I always loved the consistency of your chanel and its so valuable for people to start to see what we are tricked/manipulated in, being kept asleep since a young age. And more so, to realise it is possible to escape this rotten system when you follow your own path, get to know the power you do have in choosing your standards and go about your life intentionally and aware and let go of the money trap. There is so much we can let go of when it comes to stuff and imposed expectations on how to live. Thanx Tom
thank you appreciate it.
and thank you for sharing your thoughts and story.
I hope you don't think I overshare personal details?
honestly I'm inspired from your comments, wher you share your stories with me.
It's all great information. Keep going. 😊
Your story is grounded, honest, and hugs Tom. Don’t be afraid of some change. Let’s distance ourselves from wage slavery.
I totally relate. Falling to the trap of mortgage is for everybody. As a fellow economist, I have to mention the opportunity cost: if you don't have a mortgage, you have a rent, which frequently costs more - for the same piece of real estate. This gives the illusion of a good business and the trap is here. We usually rent an apartment and subsequently buy a (big) house, which are in fact two moves (ownership + change of object type and size). I also identified this afterwards... In my opinion, the optimal option would be to own and keep a small cheap apartment and sometimes afford some fancy travel, which is less expensive and without the maintenance of a permanent fancy residence. And the stairs, I experienced exactly the same when arriving in my new house. Going back, I'm not sure I would buy one today...
That's really sad. I genuinely feel sorry for everyone with huge student loan debts. Yeah, it was their fault, but society preys on young people and convinces them to get into this debt, and that's just not right. I would call it evil in fact, to not fairly tell people upfront everything they are getting into before signing their lives away. I came out of college 35K in debt, and it took me about 5 years to pay it off. it felt like a lifetime. I can't imagine owing more than that. Of course, I never had a fantastic paying job either, but the money you make is all relative to the money you spend and how much debt you have.
exactly, I will take responsibility for choosing to take a loan, but its sad so many fall for it.
I moved overseas, bought a house, and left 82 k in student debt behind. F 'em
This is what is preventing me from upgrading my apartment to a better one. I'm debt-free currently, and I own my apartment. I'd really like a bigger and better apartment, but it would mean an additional 100K EUR loan + the capital wouldn't create any income. Buying a better apartment would prolong my career another 5 - 8 years. Now I'm battling, which one I hate more, my career or my current apartment. :D
Trying to avoid 'debt' and trying to avoid 'hard work' will take you down two different roads. The former will liberate and strengthen you, the latter will send you into fantasy land.
Thank you for your videos Tom. They help me and are appreciated.
Tom, I can say I 100% agree that home ownership is a trap.
Almost two years ago we sold our house of 16yrs, sold all our vehicles, and pieced out our 20yr business.
All to be free!
We bought an RV, and began traveling.
Hubs had never left his home state, because of fear. Fear of what do I do? How will I make money? What's out there?
The unknown IS scary, but once you get out here...
It is worth it.
We have seen the most beautiful places and people.
But everyone thinks we're a tad crazy that we sold our "appreciating assets" for one big "depreciating assets".
But we lost our ass in our home in the '08 crash!!!
Houses are not investments.
Real estate is, the kind that can make you money, if you
1. Buy it at a good price
2. Are able to charge a rate that pays the mortgage
3. Can actually find tenants that pay on time
4. Can still afford to maintain the property
5. And so much more!
We had a rental as well, long ago.
Never again.
We have no regrets about the path we took.
The path we're (driving).
We absolutely LOVE our life.
Keep talking, Tom. ❤
Can't wait to watch this one!
I hope you like it
Rent or mortgage - you pick
Great comment both have advantages
Rent all the way. Unless you can buy the house in cash
@@holson2112 pros & cons to both.
If you can save lots of money with renting, renting is a good choice, if you cant mortgage is the right choice longterm otherwise you gonna end up without anything.
@@FurkanSavas we are only alive for around 77 years. Ownership is lie 😉 how do we own anything?
Tom, we have a similar story. You aren’t alone in your plans to live free. Our father’s are proud of us. RIP. Let’s go get the life we want 💪
Good of you to make this video.
Low bills, no debt = freedom
🍀
videos like these makes me so scared of getting into any big debt again. I pay cash if I can or I live without it. Thanks Tom for telling us your experience.
this video should have more views! More people should see it
Thank you. Have a nice Saturday
I don’t know, maybe I was weird one in my school group. I never really spend much and I only took the minimum loan I needed to pay for college. I went to community college for 3 years and 3 years late a university. I guess I was lucky in living with my parents and doing internships during the summer months to help pay for everything I needed at the time. I even had 8k in the bank when I graduated. My parents wanted me to get a new car after my first paycheck but I just kept my old Toyota rolling till today. That car is 25 years old now lol. Looking back I never had much financial hardships but I never had that feeling where was making it either. When I got married was when my bank account really drained. The house, furniture, repairs, vacation, wife wanting new car, etc really took a toll. I did eventually paid off the mortgage within 10 years. I still feel poor to this day. After being fired, looking for work and feeling helpless, I never wanted to be in that position ever again so I learned a trade where I can always fall back on in these crazy economic times. I guess your channel really resonates with me as I’ve been through all the cycles and I’ve only been working for the last 14 years. I feel I’d go crazy if I had to do this for the next 30 years 😂
Home owners are deeply in denial.
Great video . Thank you for sharing . “ we are the time we have left “
Thank you for great video!
Glad you liked it.
Thanks for the kind comment.
Its curious that this video hits me todat. I was investigating this morning the housing market in my city and its crazy. I want to visit one of the apartaments but I'm nervous and I didnt even buying anything!. Buying an apartment, all the process, I feel its like a kind of trap because the costs are so fucking high. Maybe the house costs you 180.000€ but if you start to add the other costs (interes, comissions, taxes, notary...) its a punch in the face. It makes me a little sad and frustrated because I want to start experiencing my independence. I like living with my parents, I love them. But I also have the feeling that I should learn how to live by myself. Its just, my priority its not having a lot of debt. What a game is this weird privilege city lives.
Whatever, Im reading books about economics and investing. I hope making little moves with my money gives me good seeds for the future. Its a step at time.
Lots love, Tom! Have a good day!
I’m 33. Got married two years ago and bought a median priced house to have room for a couple future kids. . High ish interest.
Through my 20s I had no debt and had plenty of money. After the mortgage I need over time just to get by now. I thank God for my job but dream daily of the day the house is paid off.
i love this video tom.........honest talk......
I'm so happy to read that. Thank you :)
Hope this video was longer and deeper. We want more.
Working is hell. I hope to get sacked soon, after my last pay check i will try set my life up on government hand outs.
Good luck bro. Use every loophole you can find in the system.
@@zvuchko9785 30 years of working and still in the same place. Thanks👍
Debt is slavery...no better advice ever given.
I been in debt since I was 18. I'm 42 now. I hate it. Working on being free but I still have blips where I spend money pointlessly just because I want to feel better and try to actually enjoy life.
I don't want to work tomorrow (monday).. :(
Should we start a global walkout during lunch?
I've often thought that we need a general strike.
Mpox is coming 😂
Haha
In Romania , at state universities, the tuition fee for an entire year for students that don't get in on the free spots based on grades is about 75% of the average monthly net wage . Very affordable. It was about three or four net monthly average salaries back in 2001 when I started Uni. So still quite cheap compared to this stuff in some more Western countries. A high tuition means a market for loans , that drive the fees even higher. It's crazy, given that those countries need college educated people and import them from countries where education is this cheap or free.
Big houses are for those with serious sums of capital, otherwise get a modest apartment that you can afford.
100% agree
When I was buying a house, the 40% smaller apartment has the same price (both second market) and the house came with 2 garages and is on 500+ sq meters plot.
And actually monthly cost of owning the apartment is much higher. So not really always a good option :(.
An apartment, landlord, HOA fee, no equity...lol you have no idea what you're talking about
Apartments are going 400k bro
If you buy an apartment or a house in a great area the value always goes up over time so you can always sell it and make a profit and then live a life you want with that money
My father also passed away, in 2022. Also someone burned down his house after. I know how sad it can be. I wish my father were still alive, I was working on an invention with him.
The question is what is worse? To own a house someday when its paid off or to own nothing and still have to be in wage slavery to just pay rent and groceries and be able to travel sometimes? No answer to that
in my video "why owning a house is a wage slave trap" I explain why Rent has usually more benefits then trying to buy a house and paying for it the rest of your life.
You can rent cheap and change your living situation as needed. You can't do that when locked into a house. As long as someone can save and invest what they would have put into a house then they can build wealth. Real estate is a good thing when it's affordable but that's not the case right now.
@@althunder4269 Rent is Not cheap, not anymore and moving is not cheap either.
@@althunder4269 You can change your living situation even if you are locked into a mortgaged house: You rent out your house and rent a room if your income is too low, or move to a lower cost of living area, while you still build your equity in your house and keep collecting rent. Flexibility is still there when you are a home owner with a mortgage.
I took a two year associate degree. I graduated top of my class. I did not have to go in to debt for it and it was fully paid for by graduation. My step daughter insisted on getting 6 years of university and a masters degree earned overseas which is not even recognized in our country. That was about 20 years ago and I know it took her years to pay off. But she openly looked down on me or 'not getting a degree'. The joke is, she is now working a job that requires no more education than what I have.
Stairs are vital as you get older, you don’t want to end up with bungalow legs.
My daughter just graduatef uni with a student debt of £50K!
So sad how society is failling young people 😢
50K.. its crazy.. its a shame too, because I loved the university years.
but the system is flawed.
Why did you encourage her...
It's by design
Having our mortgage paid off through inheritance created an odd situation as we’ve actually stayed in full time employment, I don’t enjoy the work but it’s relatively well paid and does for the most allow a good work life balance(full time WFH). Also it does allow the freedom of not being scared to lose your job, like when HR wanted me back in the office I just said No, and they didn’t really know what to do with someone not scared of losing their job so agreed to let me continue WFH.
It has created an unease in me though, as I feel I ‘should’ be doing something else for myself but my worry is having my own business would end up in me having less free time to spend doing the things I enjoy. Not without its dangers but I’m leaning towards just riding out my current job until it impacts my happiness, the risk is realising it’s been another 10years and I’ve missed an opportunity of being fully in control of my own time.
These vids are Lit!!!!
Thank you
Whatever you do, do NOT go to college!
I made a mistake and got a nice sports car at 21. I'm now 28, have made lots of fun memories with that car but the truama of being a wage slave and going from shitty job to shitty job has turned me away, not just from debt but the car hobby itself. I'm more than likely getting yhat car sold so i can be debt free and have something more economical.
The great thing about owning a house is that when you’re old and need long term care State Medicaide can put a Lien on it to pay for it when you die.
I hope you break free, soon 👍
Not sure how this would be in Sweden, but you hadn’t gone into debt and bought a house, you’d have paid rent instead - years later there’d be no asset and you might have paid out just as much, if not more. That describes the trap two of my children are in. Thankfully I was able to help them avoid most student debt, but that rent trap is much worse than the mortgage one. Could I respectfully say it’s your desires that trap you - you have choices but having the freedom you want might mean sacrifices too.
Yes you could say that. And I agree.
But no idea is born on its own. There is a reason why a lot of people want a house. Society.
Everythings a trap...home loan, rent, debt, money, no money, crack addiction, fun. Benefits and shackles
My trap was taking on dependents.
I'm sorry to hear that. :(
Here's an experienced person...indeed, someone else's dependants is all the responsibility and no authority.
@@MrFrobbo Sounds like a bad deal.
Same here.
What kind of dependents?
I understand what you are saying about the house thing, especially today, but if you don't want to live in your car or on the street, you are going to have to pay to have a roof over your head.
Brilliant video... Love the stairwell chat, and now living in a one story home, I long for an updairs, but I'm sure thats just a trap too!
Thank you Brian.
Still waiting for your next masterpiece
@@TomScryleus ha ha... Me too! Probably will get just a regularpiece though!
Looking forward to it! :)
I don't know the house purchasing thing worked out for me. I bought it in 2008, it took me 10 years to pay off but now I am rent free, plus having your own backyard and the room and space to do what you want. House projects can be annoying and sometimes expensive but it can also give you something to do, also whenever you do a house project you get a sense of accomplishment because you feel like you're working for yourself and not just a wage slave for someone else. I would never take back owning my home when I did even if it was proven that I could have saved more money just by living in that cheap crappy 1 bed apartment for the last 16 years.
Thats good. Im refering to more common situations where people pay of their house the entire life.
To me, there is something fundamentally wrong when a society has agreed upon basic human needs, food, water, shelter, but yet that same society also allows big banks to profiteer off of the population on those very same basic human needs. In this example it is housing, but we also see it for things like life saving or necessary medicine. Sure companies can make a profit, and it takes a lot of time, research and money to create good medicine or to build houses, but to me, if a society agrees that basic human needs are something people should have, then we should be doing everything in our power to make sure everyone has them and they are not some object or target for corporate greed who in no way has our best interests at heart.
Im debt free myself but i have not much money because its hard to get ahead in life. Everything is expensive and wage slave is cheap, minus the taxes.
The laws of mathematics say you cannot buy a house with a mortgage. This was taught to us all in elementary school.
Hey Tom, nice video, but correct me if I'm wrong. Since you can sell your house with some profit, go for it and the problem is solved. No mortgage or any other loan, if I understood correctly, and in a way, you can fix the economic mistakes of the past. On the other hand, if you like it so much, that is absolutely normal because it seems like a very beautiful house, continue like that and the problem is also solved.
I will soon pay for the entire house.
So problem will be solved.
LOL. Buying my house in 2008 was the best decision I ever made. I live in a 1500 square foot house with a large yard and 2 car garage for $850 a month. I would be paying double for almost anything else otherwise, and your rent will keep going up forever.
I went to university in the early 1990s and my loan was 20k. I couldn't wait to pay it off. Now its just my mortgage keeping me up at nite. 😢
I don't have a house. I won the "social housing" lottery. Still, I really want to own a house, not only to have at least something protected against inflation but I want to have a proper garage and more space, since my tiny apartment is enough to survive but too old, ugly to make me happy and I can't modify it enough because I don't own it. Work on making more money, not dumping your house as you'll still need a roof.
“What is work? Work is of two kinds: first, altering the position of matter at or near the earth's surface relatively to other such matter; second, telling other people to do so. The first one is unpleasant and ill paid; the second is pleasant and highly paid.” - Bertrand Russel (some random philosopher)
I know russel. :)
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I just looked up her name online. she is licensed with credible certificates and has an amazing track record. Thank you for the message.
I'm new to this and have heard that now is an excellent time to buy. However, I currently have cash sitting in my bank account that I would really like to put to good use because inflation is at an all-time high. Who is this coach that you mention, and do you mind if I look them up?
I feel this is quite an easy one. You already have her name which makes it easy for you. Just look up her name online. I’m sure you will come across her. That’s how I found her too.
Debt should be illegal, it is just slavery, owning a piece of someones future. The debt doesnt help anyone but the banks, easy debt drives up prices of everything, housing, school, cars, etc.
How to get a ”good job” after high school, I’m unemployed for the moment have no driver license have no “working experience”. I want to work in a supermarket like ICA or Coop or even Lidl but I have applied for many such jobs but get denied every time :(.
In EU we have a limit on how much we could work in a week 48 hours to be exact.
I'm thinking about making my home my investment. Stop investing my money in other areas and focusing on paying my house off early. I realize I'll always have taxes and insurance after it's paid off. But I've also come to the conclusion that I'll more than likely have to work until I'm dead. Hopefully not though.
I bought my duplex march 2020 right before Covid for 295k. I just sold my duplex for 525k last month. The just upgraded to a colonial on 11 acres of land with the profits. Yes housing is a good investment
Just because you got insanely lucky with your timing and location doesn't mean it's always a good investment. Ask anyone who bought a house in Detroit back in the 60s
Some debt is okay I think. If having a mortgage allows investments I would probably prefer to have the debt and the investments rather than having neither.
we save and invest too.
Its not like this morgage is destroying us. but the fact that we have to work for the rest of our lives to pay it off, thats where the cookie crumbles.
This video is highly recommended if you enjoyed this video:
Your house is a wage slave trap! - ruclips.net/video/XTk8pSpE7Dc/видео.htmlsi=oC99tDtm4K0eQfHl
Thank you , This was a great video and what you have said is so True . 😒
If you go into a flat/apartment take into consideration the monthly maintenance charge & that it will be leasehold & not freehold like a house (if that matters, I don't know). In the UK flats are a bad investment outside of London for these reasons.
1-3% of population can make money with debt ... but they are thought it by their peers or parents.
Us peasants ... yes, we are debt slaves.
You can see the cheese ....but did you notice the trap ? .....most of people not
Have just come out the other side of the debt but the wage slavery doesn’t end because of greedy energy and food provider companies chasing profit.
Oh wow, your father has passed. My condolences. 😔
Sell your house, and buy a triplex. Make your money work for you. Stay as long as the terms of the loan says you have to live in part of the duplex/triplex, then repeat the process in a nicer neighborhood. Hopefully within a couple of years you have 6 income sources and your own house is being paid for. You can sub out management to a 3rd party company for a small fee if you don't want to deal with tenants and repairs.
Take your year off and find your passion. Your Vocation should be your Avocation, so you never work a day in your life.
Working for a piece of cheese is only for those that can't figure out how to make the cheese in the first place. Don't be that rat, that's only a taker, and not a maker for family and society as a whole.
A house is the best investment for the bank and not you. It is not an asset it is a liability. When you tell your boss that you have no debt - watchh him or her not be thrilled because they know they don't control you
You can pay it within 1 year with YT money if you play it right :D
Thanks!
Thank you so much! :)
Have a great week.
EZ money that’s hard to pay back for school makes school artificially more expensive for everyone including your future kids
Sorry, chief. We paid the mortgage up pretty early, and we don't 'owe' money on any loans.
But normal daily life is set up to enslave you to debt. We still have to pay property and school taxes, and deal with inflation. We do have chickens and a decent sized vegetable garden, but there are always expenses.
It's wrong. I wish that more people could see that the system we have set up, isn't meant for human beings. Much like Aging, it's a sort of evolutionary mistake that should be discarded as soon as we figure out how.
thank you Dan. appreciate it.
Im glad you have no loans. I suppose thats why you can afford the superthanks. ;)
I like the sound of your life, with the chickens and veg garden.
tell me more about the aging being a evolutionary mistake. sounds interesting.
@@TomScryleus It's just the way I see it, it was just the luck of the draw. Evolution was never optimal, although it produced some useful traits.
In spite of the Superchats, I'm not wealthy or anything. But I do donate to various causes. One of the minimum monthly donations is Aubrey de Grey's Levf organization. They are much closer to treating aging ; if they don't do it within 20 years, then for sure one of our AIs will.
Of course, conquering aging wouldn't be quite as fun, if we didn't eliminate Wage Labor along the way. They gotta give us something to live for.
Interesting. I need to read more about it. Thank you Dan.
You're just coming to terms that you were lied to, you're not better for this, you're just slightly less worse. Would you go back and have a more humble life with less if you could? Chances are you will say yes but that really doesn't change anything does it?