I just wanted to thank you for always bring us something useful and honest. Whether it's makeup reviews, advice, or letting us into your life you two are such a blessing, I hope you continue to injoy you tube and that your chanel grows even bigger, you and your wonderful family deserve it.
I can attest to a funeral for a child is something you just cannot prepare yourself for. My daughter died 11 years ago when she was almost ten. The funeral home was so kind to not want to charge a full price because she was just a little girl, but, even at half the cost of an adult funeral, it was still a huge bill hanging over our head. Thankfully, very kind people donated to us in our time of need, and paid for us. Thanks again for these videos, I hope you and Michael continue these for a very long time. :)
+Angela Taylor Oh Angela-words can't express how sorry I am for your loss. I don't think there can be anything worse to experience in life. I'm keeping you in my thoughts today!
I'm 27 and I'm getting serious about budgeting, saving, 401k, etc. and I'm loving these videos. As a single person with very few assets (car, some savings) I never even considered making a will, but I think I'm going to now. Thanks for the advice!
I would love to give it a double like !! Thank you so much for all the info, and the valuable information you guys are up to in regards to not only Beauty products (which I love too) but topics about family values, finances, educating, etc So appreciated!!
Planning is so very important! We have learned that the hard way a couple of years back when my husband left his stable job to build a company with a "friend" who was basically paying us to work on the project for about a year after which he stopped without any notice because things have gone bad on his side...it was so devastating to us to go from making a lot of money to making zero and my husband could not get any jobs for few months...we almost lost our home and even though we had a lot of money we could not access it as rules didn't allow it.Gov did not help because we had money we could not access...so yeah if it wasn't for my amazing mom and dad helping us feed the kids and pay for our house we would be on the street....Now since that fiasco we have learned who to trust how to budget and because we lived on almost nothing we learned how to minimize our spending and we are better than ever...we have savings we have plans and our children have better appreciation of money and the value of it...as bad as it felt it was very eye opening and a great lesson to us.
This is so generous for you, and Michael to share this important information. I so agree with delayed gratification, and appreciation of goals attained. Thank you so much. Blessings....MaryEllen
Thanks so much for series, it's really informative on so many levels. Have to say, I so appreciate your honesty around it taking time to become great financial stewards for yourselves and those you love. Inspiring. 😃
Thanks guys! As always, well done. I had to smile about the 'go somewhere else - out of the house - so the other person doesn't get up and walk away' regarding budget talk. that is EXACTLY what my ex would do whenever I would try to get him to do a budget talk. He would say he had a headache (no joke), it wasn't a good time. To people watching this: I couldn't agree more with M&M. If you are a couple that shares finances, it is imperative to both be on the same page, with the same common goals. Looking forward to your next video!
You two are so adorable. Michael looks at you and you can see the love he has for you, it shows!! The last 5 minutes really cracked me up. My husband has spent money on golf clubs and they just appear in his bag, which aren't cheap clubs by any means. We would definitely have to talk about budget at a restaurant, because I'm the calm one and he is the high strung one. Thank you for the video and information.
My understanding of why Money Advisers promote a 3 to 6 emergency fund is in case you lose your job and are unemployed for a considerable amount of time. Love watching your videos.
Love these M&M videos, they are informative and a joy to watch! Could you guys address the topic of money and children, i.e. allowances for kids, how/where do they earn their own spending money and how this may have evolved from when they were young through to the teenage phase? I think you have mentioned Jake had a summer job, but what about Shane, he is probably too young to have a 'job' per se so what has worked for you, and also what did you/are you teach(ing) them about budgeting, saving, etc?
+Shari Puddicombe (Busy Mama) We are generally doing a horrible job on that end, so I'm going to stay away from that topic!! We're still trying to figure it out and haven't reached a good conclusion yet.
+Marnie Goldberg oh Darn, I was hoping for an answer for this too. I've never figured out what was a good way to do this either. We paid by job sometimes. I just didn't want to hand over money each week for nothing in return. lol
I agree 100% with everything that was said in this video. Imagine this happened to us just last month: the hubs got a sudden job offer to San Antonio (it was a really good offer, hard to say no), so we had to pay for moving expenses from Florida to Texas with 2 cars and a house full of furniture plus we had to spend 2 nights in a hotel. We have a house in Maryland that we are renting out but the AC completely broke and had to be replaced so that happened too at the same time plus my husband's job did not start until the next two weeks! Thank God we had a nice cushion to help us with those unexpected costs!!
We follow Dave Ramsey's advice, also. (and his daughter's, too--Rachel Cruze) We purchased my husband's vehicle in full and I love not having a car payment! Can't wait for next week's video, we started saving for our vacation a year ago and have one more year of saving before we leave next fall...Boston/NYC. We're going with another couple for our 20 yr anniversary--no kids! Since you are a seasoned traveler--I will be watching next week with a pen and paper:) PS. I've heard Dave talk about term life over whole but it wasn't clear as to why in that discussion. And now I've heard you say it--could you explain for me?
Great video guys. And my heart went out to you both when you were discussing the wills and life insurance. You both did an amazing job of trying not to imagine how it would feel if something were to happen. Love you for the love you have for one another and your children.
Interesting ideas ya"ll have shared here. I totally agree that delayed gratification is the key to a successful budget and peace of mind. I was having difficulty understanding some of your words when you talked over each other..so I replayed those areas.. Good advice..thanks Dar
Great video. Our challenges are having medical expenses (ASD child) that eat up our budget AND our home needs more repairs than we can afford. Anything other than the basics would keep us within budget which means nothing fun, no kids sports, no eating out, no vacations, no furniture etc. We absolutely delay gratification though. Our couches are so ripped and have not purchased new yet. When there is not a lot to work with it's hard to do the MQA method. Feeling frustrated.
+melissa horbal I showed your comment to Michael and both of us wanted to throw some ideas at you. First of all, have you considered selling your home and renting instead? The reality is that homeownership isn't for everyone, and you seem like the perfect candidate to rent. That would remove a huge amount of stress from your life. No property taxes, no maintenance costs, etc. As for vacations and eating out, those are luxuries, not needs. When I was growing up, we NEVER went on a family vacation. The first real family vacation we took that didn't involve staying at my grandma's house was my senior year in college, and I can honestly tell you that I don't feel like I missed out. Eating out when I was a kid meant going to McDonald's. Regardless of what everyone is posting on FB, the average family is not going out to eat weekly and taking yearly fabulous vacations. I'm just trying to think of ways to reduce your stress and free up some cash for you. You already have a lot on your plate!
+Marnie Goldberg so very true! I think many parents feel they need to do so much for their kids in terms of clothes, gadgets, vacations, etc. Like Marni said, some of these are wants and not needs. Kids need your attention, guidance, love, and time. They don't need a fancy vacation. It's hard these days because of the "FOMO - fear of missing out" culture we live in and all the comparison that happens. But kids need to be taught the value of hard work, delayed gratification, and budgeting too.
Thanks Marnie and Michael. I do appreciate the suggestions. The reason we have not decided to sell in the past is that we really love where we are located and moving alone can cause stress especially in light of our situation. We have a fabulous, safe neighborhood and great schools. It is not off the table but it's something we really don't want to have to do. Also I agree on the luxury part. We didn't do vacations either. My Dad always took his vacation money in cash and didn't feel the need for them. I think we did maybe 3 that I can remember but nothing major. We live in a well off area and we do way less than my kids friends. The vacation is something we do to escape the every day. Having an ASD child is wonderful but also brings stress. Financial, emotional etc. I could share more but already feel uncomfortable posting this to youtube. Again thank you so much, I will consider what you suggested. It was kind of you both to respond.
My Green Gypsy, Again these vacations are not huge and the whole time we are trying to save along the way. Our kids save their own money for purchases and relatives help pay for classes and sports now and then. I hope I did not come off wrong. We say No to many many things that are wants and even some needs.
Just to clarify, there is nothing in VA guaranteed home loans that prevents a buyer from actually giving a down payment. You can, and should if you have the means, have a down payment. As for these M&M videos, they are great! Keep them coming.
I agree 100%, but it's the 100% financing that is the appeal of the VA Loan as well as wrapping the closing costs into it. That's what makes it so dangerous.
Janis Scobee I still don't agree. This may sound harsh, but if you can't afford the 20%, then you shouldn't buy a house. There is absolutely NO shame in renting a house. It makes sense financially for so many people. To say that you "own" a home if you've put down 0-15% on a home is a fallacy. The bank owns the home, and you now own a huge debt, on top of the costs of maintenance and taxes. When my husband was in the military we rented, and we loved it. There are many days I wish we still did!
Dave Ramsey actually says it's good in theory, but not in practice. Generally, the VA loan has higher interest rates and more fees, so if you have the 20% or more to put down, then there are better options. I do agree that until someone is out of the military, renting is the best option.
We just sold our house in Florida (moved to NYC), and I am loving renting. If something breaks, call the land lord! Honestly, I am not sure I'll ever buy again. On the plus side of owning, if you wait long enough to sell and have good equity, you can make a bit of money on the sale. Still, not sure I'll buy again.
I'd like to know what steps you've taken to teach your kids about money and responsibility... I've always made my kids put aside spare change and made them wait (months) before getting whatever it was they wanted. Otherwise, they only get something on their birthday. I always tell them "someone else is doing the work and you are getting the benefit - what's your input". I've seen so many kids who feel entitled to things everytime they walk into shops because their parents are always indulging them. It doesn't teach the best of coping habits, imho, when they can't get what they want straight away.
Love these video's. My questions is how did you save for college for your kids? I'm hesitant on getting a 529 plan. I'm thinking of just setting aside a savings bank account for them. What is your advice?????
I can't emphasise enough the advice in sorting a will, even if you don't think you have anything to leave. My mother in law died without a will last year and due to circumstances she was never aware of, she actually had an estate to leave. This brought issues out that she would never have left to chance. In the uk at least, your estate is divided according to law, and not what an individual would have wished. Please think about others and ensure they do not have the ordeal that I had in resolving this. I know she would never have put me through this if she had had an inkling of the consequences.
This is maybe an odd question. What you you guys think you should spend money on? (In terms of quality or brands etc) For example, I believe spending a good amount on a high quality mattress is super important.
Marnie!! Totally irrelevant to this video but you are looking so fit !!!! Girl I hope I look as amazing as you do when I am your age !!! You are gorgeous !
Education always puzzles me in North America (I live in Canada)..I grew up in Poland and education including university tuition is absolutely FREE,You pay for your books and pencils...lol..but no tuition!I will never understand why rich country like US or Canada make money off of kids,,,,when it is so important to have them go to college and get good education...if not them who is going to build our roads in the future or treat us when we get sick?
Many military families don't have your income to afford to save up for a home. For many this is their only way to enjoy and benefit from home ownership. My dad served 25 years in the Marines. I'm of the belief that all who serve should be given every benefit the country has to offer. Those who serve make the ultimate sacrifice as do their families. Sorry for the long comment but military families hold a special place in my heart. Thank you for the informative videos.
We are a proud military family; Michael is a former officer in the Air Force. It is a dangerous proposition for military families who get PCS'd on a regular basis to put themselves in a potential no/negative equity position on a house. With all due respect we would disagree with the idea that VA loans provide a "benefit" of home ownership when it has a tendency to put military members and their families in a risky position where they are tied to a property they can't sell and possibly can't afford. The VA loan with 100% financing and no closing costs is one of the riskiest ways for someone to get in a home. In that case, there is NO benefit to owning a home, because that person doesn't have any equity in the house. And if the house depreciates at all, then they're immediately underwater. Even if the house stays at the same value, you're underwater because you're paying interest on the closing costs and commission on the sale. Home ownership is not for everyone, it's not appropriate in certain circumstances, and it's a relatively new concept in America that everyone is supposed to own a home.
+Marnie Goldberg I have to respectfully disagree on some of your comment. I would hate to think that home ownership would become a benefit for the upper middle class only. As home ownership might not be appropriate in all situations of military and ex-military persons, for some it might be the only way to purchase a home. My ex husband and myself purchased our first home through the VA and it worked out well. There are always exceptions to everything. Thank you for your response and time.
I still don't understand what benefit there is to being in debt up to your eyeballs. Even the upper-middle class have high foreclosure rates. Our generation, especially Americans, have lost sight of the fact that we can't have everything we want. It was only a generation or two ago that most people did NOT own their homes, and if they did, they put at least 50% down. Many countries around the world do not have high home ownership rates and no one thinks less of those that rent. While am I thrilled that your home purchasing experience went well, every responsible financial advisor I know, as well as Dave Ramsey (who is a HUGE supporter of the military) agrees that VA loans are good in theory, bad in practice at put our most treasured citizens, the military, at huge financial peril. We should want to protect our military, not encourage them to take risks they don't need.
+Marnie Goldberg Home ownership has benefits as you know. I didn't suggest people being in debt "up to your eyeballs". You and I might disagree on some issues but please don't suggest that I would want anything but the best for our military. They should have better than a VA loan. I just know if you're realistic regarding your budget and income, this might be the only chance to own a home. There is more to home ownership than a mortgage payment such as pride, investment in a community, stability etc. I realize you don't have to own a home, it may not be for everyone. We will have to disagree on this topic. You seem to want to lecture me. I'm glad you have all the answers. I'm just a nurse who works hard to own my home and love the feeling of ownership and community . God bless and have a wonderful day.
+Susie SC I agree with a lot of what you are saying. I think it all depends on the the individual/family, their financial situation and the market they live in. If you are financially stable and renting is more expensive on a monthly basis than buying, buying starts to look very attractive. I think there are a lot of intangible benefits to home ownership like you mentioned, and these things can be especially important to many of our combat veterans who come home needing stability and community. Marnie makes a good point that it can be too risky for some, but I think for others it can be a good option.
Great pieces of advice from the two of you as always! Thanks for sharing! P.S. In Canada, university tuition fees are more affordable. I graduated from university with a master's degree last June 2014, so I can provide you with a more up-to-date number (in case anyone is interested): $6,000 tuition fee/year. I heard in the U.S., it is a lot more than that, which is crazy. Education should be made more affordable.
I'm jealous! My sister is getting a masters for $50,000/year (undergrad was the same price) and my tuition for a doctorate is $75,000/year. Sad that education has become so expensive 😭
For future videos, could you give some insight on 401k? I have one but I am a foreigner, i.e. An immigrant. Will I be able to take out that money I put towards that? Prior to retirement, should I choose to go back home (Europe?)
Yes you can take it out but the taxes you would have to pay would eat your savings up. The best solution would be to have it transferred to a company in your country until you are retirement age. If thats not possible, talk with your retirement company's representative and get some answers from them. Just some options you can take.
529s are very state specific in regards to tax benefits. savingforcollege.com is a great resource for parents to decide if it is a benefit to them and which plan they may want to choose.
I cannot get enough of Michael's voice!!! Love M & M Monday..Thank you!
I just wanted to thank you for always bring us something useful and honest. Whether it's makeup reviews, advice, or letting us into your life you two are such a blessing, I hope you continue to injoy you tube and that your chanel grows even bigger, you and your wonderful family deserve it.
I can attest to a funeral for a child is something you just cannot prepare yourself for. My daughter died 11 years ago when she was almost ten. The funeral home was so kind to not want to charge a full price because she was just a little girl, but, even at half the cost of an adult funeral, it was still a huge bill hanging over our head. Thankfully, very kind people donated to us in our time of need, and paid for us. Thanks again for these videos, I hope you and Michael continue these for a very long time. :)
+Angela Taylor Oh Angela-words can't express how sorry I am for your loss. I don't think there can be anything worse to experience in life. I'm keeping you in my thoughts today!
I'm sorry for your loss.
I'm so sorry for your loss. You are a strong woman for having gone through something so traumatic. Hugs to you! Xoxo
+Angela Taylor That is every mother's worst nightmare. I'm sorry you had to endure this.
+Angela Taylor I can't even imagine...I'll say some prayers for you and your family.
I'm 27 and I'm getting serious about budgeting, saving, 401k, etc. and I'm loving these videos. As a single person with very few assets (car, some savings) I never even considered making a will, but I think I'm going to now. Thanks for the advice!
Love hearing Michael talk! Great job on your videos to both of you.
I would love to give it a double like !! Thank you so much for all the info, and the valuable information you guys are up to in regards to not only Beauty products (which I love too) but topics about family values, finances, educating, etc So appreciated!!
Planning is so very important! We have learned that the hard way a couple of years back when my husband left his stable job to build a company with a "friend" who was basically paying us to work on the project for about a year after which he stopped without any notice because things have gone bad on his side...it was so devastating to us to go from making a lot of money to making zero and my husband could not get any jobs for few months...we almost lost our home and even though we had a lot of money we could not access it as rules didn't allow it.Gov did not help because we had money we could not access...so yeah if it wasn't for my amazing mom and dad helping us feed the kids and pay for our house we would be on the street....Now since that fiasco we have learned who to trust how to budget and because we lived on almost nothing we learned how to minimize our spending and we are better than ever...we have savings we have plans and our children have better appreciation of money and the value of it...as bad as it felt it was very eye opening and a great lesson to us.
This is so generous for you, and Michael to share this important information. I so agree with delayed gratification, and appreciation of goals attained. Thank you so much. Blessings....MaryEllen
I'm loving M&M Monday's and looking forward to next week's vacation topic! Thank you both so much for taking the time to make these videos.
I love these videos, u guys are also teaching partners how to work together on your financial goals. Thank you
Thanks so much for series, it's really informative on so many levels. Have to say, I so appreciate your honesty around it taking time to become great financial stewards for yourselves and those you love. Inspiring. 😃
Thanks guys! As always, well done. I had to smile about the 'go somewhere else - out of the house - so the other person doesn't get up and walk away' regarding budget talk. that is EXACTLY what my ex would do whenever I would try to get him to do a budget talk. He would say he had a headache (no joke), it wasn't a good time. To people watching this: I couldn't agree more with M&M. If you are a couple that shares finances, it is imperative to both be on the same page, with the same common goals. Looking forward to your next video!
You two are so adorable. Michael looks at you and you can see the love he has for you, it shows!! The last 5 minutes really cracked me up. My husband has spent money on golf clubs and they just appear in his bag, which aren't cheap clubs by any means. We would definitely have to talk about budget at a restaurant, because I'm the calm one and he is the high strung one. Thank you for the video and information.
My understanding of why Money Advisers promote a 3 to 6 emergency fund is in case you lose your job and are unemployed for a considerable amount of time. Love watching your videos.
Love these M&M videos, they are informative and a joy to watch! Could you guys address the topic of money and children, i.e. allowances for kids, how/where do they earn their own spending money and how this may have evolved from when they were young through to the teenage phase? I think you have mentioned Jake had a summer job, but what about Shane, he is probably too young to have a 'job' per se so what has worked for you, and also what did you/are you teach(ing) them about budgeting, saving, etc?
+Shari Puddicombe (Busy Mama) We are generally doing a horrible job on that end, so I'm going to stay away from that topic!! We're still trying to figure it out and haven't reached a good conclusion yet.
+Marnie Goldberg oh Darn, I was hoping for an answer for this too. I've never figured out what was a good way to do this either. We paid by job sometimes. I just didn't want to hand over money each week for nothing in return. lol
I agree 100% with everything that was said in this video. Imagine this happened to us just last month: the hubs got a sudden job offer to San Antonio (it was a really good offer, hard to say no), so we had to pay for moving expenses from Florida to Texas with 2 cars and a house full of furniture plus we had to spend 2 nights in a hotel. We have a house in Maryland that we are renting out but the AC completely broke and had to be replaced so that happened too at the same time plus my husband's job did not start until the next two weeks! Thank God we had a nice cushion to help us with those unexpected costs!!
+Da Nads Welcome to San Antonio!
We follow Dave Ramsey's advice, also. (and his daughter's, too--Rachel Cruze) We purchased my husband's vehicle in full and I love not having a car payment!
Can't wait for next week's video, we started saving for our vacation a year ago and have one more year of saving before we leave next fall...Boston/NYC. We're going with another couple for our 20 yr anniversary--no kids! Since you are a seasoned traveler--I will be watching next week with a pen and paper:)
PS. I've heard Dave talk about term life over whole but it wasn't clear as to why in that discussion. And now I've heard you say it--could you explain for me?
Very informative! Y'all are doing such a good job with your M+M videos! Keep up the good work! I would like even more info on your way of budgeting.
I really love this videos, I have learned so much. Thanks Guys! Really appreciated. Can't wait until next Monday.
Michael is the kind of friend people are talking about when they say 'I want a lawyer friend'. Thanks for sharing guys!
Great video guys. And my heart went out to you both when you were discussing the wills and life insurance. You both did an amazing job of trying not to imagine how it would feel if something were to happen. Love you for the love you have for one another and your children.
Interesting ideas ya"ll have shared here. I totally agree that delayed gratification is the key to a successful budget and peace of mind. I was having difficulty understanding some of your words when you talked over each other..so I replayed those areas.. Good advice..thanks Dar
Such great info. I really appreciate you guys doing this!
Sandra
Thank you this was very helpful. I appreciate it.
Thanks! I appreciate your insights!
Loving these videos!!! Mahalo Marnie and Michael!
Thanks for taking the time to make these videos!
Excellent - Bravo - very well done. Thank you!
Great video. Our challenges are having medical expenses (ASD child) that eat up our budget AND our home needs more repairs than we can afford. Anything other than the basics would keep us within budget which means nothing fun, no kids sports, no eating out, no vacations, no furniture etc. We absolutely delay gratification though. Our couches are so ripped and have not purchased new yet. When there is not a lot to work with it's hard to do the MQA method. Feeling frustrated.
+melissa horbal I showed your comment to Michael and both of us wanted to throw some ideas at you. First of all, have you considered selling your home and renting instead? The reality is that homeownership isn't for everyone, and you seem like the perfect candidate to rent. That would remove a huge amount of stress from your life. No property taxes, no maintenance costs, etc. As for vacations and eating out, those are luxuries, not needs. When I was growing up, we NEVER went on a family vacation. The first real family vacation we took that didn't involve staying at my grandma's house was my senior year in college, and I can honestly tell you that I don't feel like I missed out. Eating out when I was a kid meant going to McDonald's. Regardless of what everyone is posting on FB, the average family is not going out to eat weekly and taking yearly fabulous vacations. I'm just trying to think of ways to reduce your stress and free up some cash for you. You already have a lot on your plate!
+Marnie Goldberg so very true! I think many parents feel they need to do so much for their kids in terms of clothes, gadgets, vacations, etc. Like Marni said, some of these are wants and not needs. Kids need your attention, guidance, love, and time. They don't need a fancy vacation. It's hard these days because of the "FOMO - fear of missing out" culture we live in and all the comparison that happens. But kids need to be taught the value of hard work, delayed gratification, and budgeting too.
Thanks Marnie and Michael. I do appreciate the suggestions. The reason we have not decided to sell in the past is that we really love where we are located and moving alone can cause stress especially in light of our situation. We have a fabulous, safe neighborhood and great schools. It is not off the table but it's something we really don't want to have to do. Also I agree on the luxury part. We didn't do vacations either. My Dad always took his vacation money in cash and didn't feel the need for them. I think we did maybe 3 that I can remember but nothing major. We live in a well off area and we do way less than my kids friends. The vacation is something we do to escape the every day. Having an ASD child is wonderful but also brings stress. Financial, emotional etc. I could share more but already feel uncomfortable posting this to youtube. Again thank you so much, I will consider what you suggested. It was kind of you both to respond.
My Green Gypsy,
Again these vacations are not huge and the whole time we are trying to save along the way. Our kids save their own money for purchases and relatives help pay for classes and sports now and then. I hope I did not come off wrong. We say No to many many things that are wants and even some needs.
+melissa horbal I was just speaking generally....not directly about your situation. :) I apologize that it came across that way.
Just to clarify, there is nothing in VA guaranteed home loans that prevents a buyer from actually giving a down payment. You can, and should if you have the means, have a down payment.
As for these M&M videos, they are great! Keep them coming.
I agree 100%, but it's the 100% financing that is the appeal of the VA Loan as well as wrapping the closing costs into it. That's what makes it so dangerous.
Janis Scobee I still don't agree. This may sound harsh, but if you can't afford the 20%, then you shouldn't buy a house. There is absolutely NO shame in renting a house. It makes sense financially for so many people. To say that you "own" a home if you've put down 0-15% on a home is a fallacy. The bank owns the home, and you now own a huge debt, on top of the costs of maintenance and taxes. When my husband was in the military we rented, and we loved it. There are many days I wish we still did!
Dave Ramsey actually says it's good in theory, but not in practice. Generally, the VA loan has higher interest rates and more fees, so if you have the 20% or more to put down, then there are better options. I do agree that until someone is out of the military, renting is the best option.
We just sold our house in Florida (moved to NYC), and I am loving renting. If something breaks, call the land lord! Honestly, I am not sure I'll ever buy again. On the plus side of owning, if you wait long enough to sell and have good equity, you can make a bit of money on the sale. Still, not sure I'll buy again.
I'd like to know what steps you've taken to teach your kids about money and responsibility... I've always made my kids put aside spare change and made them wait (months) before getting whatever it was they wanted. Otherwise, they only get something on their birthday. I always tell them "someone else is doing the work and you are getting the benefit - what's your input". I've seen so many kids who feel entitled to things everytime they walk into shops because their parents are always indulging them. It doesn't teach the best of coping habits, imho, when they can't get what they want straight away.
I love this series!!
I love these videos, thank you again xxx
Love these video's. My questions is how did you save for college for your kids? I'm hesitant on getting a 529 plan. I'm thinking of just setting aside a savings bank account for them. What is your advice?????
Good information, good videos!
I can't emphasise enough the advice in sorting a will, even if you don't think you have anything to leave. My mother in law died without a will last year and due to circumstances she was never aware of, she actually had an estate to leave. This brought issues out that she would never have left to chance. In the uk at least, your estate is divided according to law, and not what an individual would have wished. Please think about others and ensure they do not have the ordeal that I had in resolving this. I know she would never have put me through this if she had had an inkling of the consequences.
This is maybe an odd question. What you you guys think you should spend money on? (In terms of quality or brands etc) For example, I believe spending a good amount on a high quality mattress is super important.
+Sarah Humbug Hmm...I just think it all depends on the specific item.
Great video!
Marnie!! Totally irrelevant to this video but you are looking so fit !!!! Girl I hope I look as amazing as you do when I am your age !!! You are gorgeous !
Education always puzzles me in North America (I live in Canada)..I grew up in Poland and education including university tuition is absolutely FREE,You pay for your books and pencils...lol..but no tuition!I will never understand why rich country like US or Canada make money off of kids,,,,when it is so important to have them go to college and get good education...if not them who is going to build our roads in the future or treat us when we get sick?
Yay!! Dave Ramsey! He's my fave financial guy
Does Michael know about a website where one could go about doing a legally bounding will for The USA?
Many military families don't have your income to afford to save up for a home. For many this is their only way to enjoy and benefit from home ownership. My dad served 25 years in the Marines. I'm of the belief that all who serve should be given every benefit the country has to offer. Those who serve make the ultimate sacrifice as do their families. Sorry for the long comment but military families hold a special place in my heart. Thank you for the informative videos.
We are a proud military family; Michael is a former officer in the Air Force. It is a dangerous proposition for military families who get PCS'd on a regular basis to put themselves in a potential no/negative equity position on a house. With all due respect we would disagree with the idea that VA loans provide a "benefit" of home ownership when it has a tendency to put military members and their families in a risky position where they are tied to a property they can't sell and possibly can't afford. The VA loan with 100% financing and no closing costs is one of the riskiest ways for someone to get in a home. In that case, there is NO benefit to owning a home, because that person doesn't have any equity in the house. And if the house depreciates at all, then they're immediately underwater. Even if the house stays at the same value, you're underwater because you're paying interest on the closing costs and commission on the sale. Home ownership is not for everyone, it's not appropriate in certain circumstances, and it's a relatively new concept in America that everyone is supposed to own a home.
+Marnie Goldberg I have to respectfully disagree on some of your comment. I would hate to think that home ownership would become a benefit for the upper middle class only. As home ownership might not be appropriate in all situations of military and ex-military persons, for some it might be the only way to purchase a home. My ex husband and myself purchased our first home through the VA and it worked out well. There are always exceptions to everything. Thank you for your response and time.
I still don't understand what benefit there is to being in debt up to your eyeballs. Even the upper-middle class have high foreclosure rates. Our generation, especially Americans, have lost sight of the fact that we can't have everything we want. It was only a generation or two ago that most people did NOT own their homes, and if they did, they put at least 50% down. Many countries around the world do not have high home ownership rates and no one thinks less of those that rent. While am I thrilled that your home purchasing experience went well, every responsible financial advisor I know, as well as Dave Ramsey (who is a HUGE supporter of the military) agrees that VA loans are good in theory, bad in practice at put our most treasured citizens, the military, at huge financial peril. We should want to protect our military, not encourage them to take risks they don't need.
+Marnie Goldberg Home ownership has benefits as you know. I didn't suggest people being in debt "up to your eyeballs". You and I might disagree on some issues but please don't suggest that I would want anything but the best for our military. They should have better than a VA loan. I just know if you're realistic regarding your budget and income, this might be the only chance to own a home. There is more to home ownership than a mortgage payment such as pride, investment in a community, stability etc. I realize you don't have to own a home, it may not be for everyone. We will have to disagree on this topic. You seem to want to lecture me. I'm glad you have all the answers. I'm just a nurse who works hard to own my home and love the feeling of ownership and community . God bless and have a wonderful day.
+Susie SC I agree with a lot of what you are saying. I think it all depends on the the individual/family, their financial situation and the market they live in. If you are financially stable and renting is more expensive on a monthly basis than buying, buying starts to look very attractive. I think there are a lot of intangible benefits to home ownership like you mentioned, and these things can be especially important to many of our combat veterans who come home needing stability and community. Marnie makes a good point that it can be too risky for some, but I think for others it can be a good option.
I just love you guys
Great pieces of advice from the two of you as always! Thanks for sharing! P.S. In Canada, university tuition fees are more affordable. I graduated from university with a master's degree last June 2014, so I can provide you with a more up-to-date number (in case anyone is interested): $6,000 tuition fee/year. I heard in the U.S., it is a lot more than that, which is crazy. Education should be made more affordable.
I'm jealous! My sister is getting a masters for $50,000/year (undergrad was the same price) and my tuition for a doctorate is $75,000/year. Sad that education has become so expensive 😭
For future videos, could you give some insight on 401k? I have one but I am a foreigner, i.e. An immigrant. Will I be able to take out that money I put towards that? Prior to retirement, should I choose to go back home (Europe?)
Yes you can take it out but the taxes you would have to pay would eat your savings up. The best solution would be to have it transferred to a company in your country until you are retirement age. If thats not possible, talk with your retirement company's representative and get some answers from them. Just some options you can take.
+Sandra Lee thank you for your reply Sandra! I appreciate it!
1st like 😊 Great advice as always, love M & M Monday's
Ps. Did you guys match on purpose?!?!? Awwwwwwww!!!!
+thewifeybea No-we walked into the kitchen to film and realized it! Great minds, you know!
529s are very state specific in regards to tax benefits. savingforcollege.com is a great resource for parents to decide if it is a benefit to them and which plan they may want to choose.