YOLO Spending, Bad Money Advice, & Wealth Porn: Chelsea Reacts To TikToks
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- Опубликовано: 7 ноя 2022
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In this episode, Chelsea reacts to TikToks glamorizing making bad money decisions. Click here to check out Chelsea's members-only video detailing her kitchen renovation, and make sure you're enrolled in the $4.99 tier to watch! • My Kitchen Renovation:...
TikToks mentioned:
www.tiktok.com/t/ZTRm73MLB/
www.tiktok.com/t/ZTRm7wJpC/
www.tiktok.com/t/ZTRmvNEcF/
www.tiktok.com/t/ZTRmvNe62/
www.tiktok.com/t/ZTRm7cQYw/
www.tiktok.com/t/ZTRmv8h8u/
www.tiktok.com/t/ZTRm7cvBY/
www.tiktok.com/t/ZTRmvRDXd/
www.tiktok.com/t/ZTRm7vFfQ
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One of my professors once told me “make sure that you don’t spend your 30’s paying for the decisions you make in your 20’s.” Also a friend’s aunt told me “Don’t wait until life is perfect to enjoy it. I’m glad you girls are traveling at your age because I waited until I was older. Now I have all the money but not the strength to explore like you.” I am grateful to both of them. We just need to learn balance between YOLOing our way into bankruptcy and penny pinching our way into misery.
“We just need to learn balance between YOLOing our way into bankruptcy and penny pinching our way into misery.”
Well said! I am going to use this!
The balance is the key part for me - also it's easy for Chelsea and other physically healthy people to say "well, I can go hiking in Switzerland in my 30s and 40s" without considering that the number of people who develop illnesses that stop that in those ages isn't actually that small. In my 20s, I definitely thought I could still do those amazing hiking holidays I saw when I was in my 30s, and then I developed health issues. I could still hike in Switzerland for a day hike, but I'm never going to be able to do those really long and involved ones that I might have really enjoyed in my 20s. My illness isn't even that bad, it's just something that really hinders some of the activities I could have done in my 20s.
I had plenty of fun in my 20s, and probably spent money on things I shouldn't have, but if I went back in time, there are some experiences I would make sure I did when I was young that I skipped at the time because I thought I could do them later.
*cries in being disabled at 20-something*
Travel is a luxury. Don’t ever go into debt for it which I see many of my fellow millennials doing
I call the balance between Yoloing and pennypinching.The Great Split like being torn in half.
As someone from Switzerland: walking on a hill in Switzerland is literally the cheapest way I can spend my time in this country hahah
Lol As an American, let me say the a very American thing. Since you are already on that hill, why not make money of these influencers "who only live once" since you are already there.
I was going to post that exact comment ^^
@@CaraMarie13 I'd need a new account everyday for it to be credible ;)
That must be amazing, Switzerland is such a beautiful country. I'd love to visit
Those views tho!
As an even older "Old" (43), the "You'll never be 23 and doing XYZ again" mentality drives me bonkers. You don't shrivel up and die at 30,40,50, etc or cease to enjoy life! Life gets better as you get older. I think young people have a hard time understanding that and think it's now or never.
Reminds me of a quote from one of my favorite movies, Singles.
"I'm 23. Remember how old 23 sounded when you were little? By now I thought we'd be traveling in airlocks and I'd have five kids. Well, here I am... 23...Things are basically the same. I think time's running out to do something bizarre. Around 25 'bizarre' becomes 'immature.'"
Tbh thats also a mentality thats being pushed onto us. And Theres merit to some of it.
And example would be travel/Work visas and volunteering abroad. Volunteering abroad is expensive and will eat a hole in your finances. I looked into it when i was 19 or 20, because i dreamed of going to Costa rica for a year and Work with conservationists there. I couldnt afford it. The Work travel Visas also have Cut Off Dates. for canada its only 18-30 year olds.
If your dreams involve sth Like that, then your mentality has to be "do it now or never".
If you want a Family but also want to do sth financially intensive, you should also do it while you still have the money AND the flexibility to do it. Otherwise the next opportunity is likely 20 years down the line.
This one is actually a situation that kept getting pushed on me. My own Family told me over and over again how many Things i wont be able to do once i have a Family. That i was selfish for wanting to do certain Things and couldnt only do them because i was single and Young. They predicted that once i found a Partner, i would learn what real Life is because my "Partner wouldnt be Up for that" (that was mostly travel related but... OK?). Jokes on them, i have No interest in a Family. And my Partner Blatt enables my stupid ideas, so i guess i dont have to get them all Out now. I have time.
But If society treats youth as aThing with an expiration Date, that you need to cram all your Life into a decade or so before it's too late... Well thats how yong people will treat it.
I agree! I’m 38 and I’ve been pressured into that “before you’re 40” bullshit. When I turn 40 I’m going to enjoy my life the same way I am today. You don’t stop living because you got a year older
Lol, thank you!!!! My thirties have been my favorite so far! You couldn't pay me to go back to the twenties. And I'm much more capable now in every way. You know what I wish I did actually do in my twenties?? Have kids. There's a reason you can stay up easily all night at that age. Now my kids have lost their grandparents and will have to grow up without them. Anyway, looking forward to my forties!
@@ariwl1 this is basically the mindset that's imposed on me. I'm 24 and I'm not *that* mature yet. I'm still young. I wish I felt free to act like a teenager again, to get drunk and be stupid, to do a spontaneous trip or wear ugly clothes or get a silly haircut. Instead, I feel like I'm just really obligated to be this perfectly mature adult, always ready to be 'on' for work and responsibilities and always looking and acting presentable, especially since I live in a smaller town. At 24 I feel like I'm 44 and I genuinely feel sometimes like life is just not worth it anymore because I'm absolutely empty, purposeless and miserable. I wish I was still young. I wish I felt young.
Not to mention the pressures women get, to never age past 25...
Was at the mechanic yesterday, and another woman waiting for her car was talking about being on a boat, and she looked like she was in her 40s. Evidence that you can still be on a boat past your 20s. They will not card you and kick you off.
😂😂😂
Social Media influencers earns money from "inspirational" videos they post-- telling people to live their lives and not be slave of corporate overlords. The irony is technically viewers are the one paying these people so that they can have that YOLO experiences, and in return we'll get videos asking "are you living or just existing?".
EXACTLY
If everyone took their advice and got to live their best influencer life, they wouldn't be in the position they're in. They need to be alluring enough to watch, yet remain unattainable or at least not spell out exactly how to BECOME them
I used to really buy into the "omg I have to learn everything in my 20s and then just do everything I learned until I die." Then I turned 30 and realized that was dumb. Now I budget for new experiences/adventures do things like take an art class with a couple of women I met on a facebook group. I'm largely terrible, but learning something knew!
As a car guy, it takes at least 30 years for a decent expensive sports car to appreciate. The cars that kind of appreciate in 5 years or less are so freaking expensive that you have to have a massive trust fund to get when you are under 30. So even as a car guy, buying a new car for the coolness of it is dumb if you can't afford it.
Public transportation.
It's the smartest way to get from a to b.
We need massive investments in public transportation.
It's better for the environment and people's mental health and it's more safe.
It's selfish and thoughtless to own a car when you don't need it. A total waiste of ressources.
And you can only flex at people who are as consumption fixated as you.
+
@@CordeliaWagner I appreciate the need for better public transportation, but that won't end the car enthusiast. It actually gives us more space to use our cars for fun. Or use the car as a status symbol (which is very much like jewelry or fashion clothing)
@@CordeliaWagner in some places there isn't trust worthy access to public transport so you have to drive everywhere. I'm also legally blind etc. so don't enjoy public transport because of bad experiences I've had before
And those luxury cars often require luxury parts and labor when they have issues so you're not just committing to the car, you are committing to the more-expensive ongoing maintenance of a luxury car. German cars in particular are difficult to work on, so, your friend the Car Guy is not going to be of much assistance when your Porsche needs work done.
I think Chelsea’s forgetting the fact that she’s childfree. Most people aren’t, so it makes sense that many feel their twenties are the last time they’ll be free of the responsibilities of matrimony and parenthood, which take a big toll (financially and emotionally) on women who shoulder most of the burden of domestic labor. Obviously, you can still go to Switzerland later in life, but if you and your spouse are working class or middle class, chances are you’ll be making that trip once your kids are college age.
For the record: I don’t condone the irresponsible spending habits promoted in those videos, nor do I agree with the rampant ageism, but there’s definitely a difference between people who desire the traditional nuclear family with children and those who don’t.
As a low wage earning mom, I respectfully disagree. It isn't the experiences I had in my twenties that I'm grateful for, it's my family. And I regret putting off having my family. But I can't speak for everyone. :)
100 %. I did my traveling when I was younger because I knew it would be harder once I settled down and had kids
@@mrose3299 same here, if I had to recommend what to "take advantage of" in your 20's it would be your time. Further your education if you can or self-study things you're interested in, and help other people because once you have kids it will be hard to do anything but take care of your own family.
It still doesn't make sense to blow all your money in your twenties then because then you won't have it to pay for a wedding or help support a family later in life.
Is this what it feels like to be first? Is this true power?
😂😂
Hahaha true power
How does it feel to be one of the gods on Mt. Olympus?
I have been very blessed to have traveled as much as I have in my twenties. I think it is important for anyone who is traveling to note that not everything you do has to be luxurious. My friend and I made sure to stay in airbnbs with kitchens, so we could cook at least one meal a day to save money. We went to high tea in London, but we also ate cereal. Same thing goes with activities. As always life is about balance.
In my early-to-mid twenties I travelled a bunch around the US and camped in my car. Super low-budget, super great memories. I'm glad I did that when I was that young (because my body is no longer kind to me if I sleep curled up on a car seat 😅) but I'm also glad I was able to do it so inexpensively. Don't think I would have enjoyed it a jot more if I'd been staying in fancy hotels and doing all the expensive "touristy" activities.
My parents (early 60s) jetted off to New Zealand recently to celebrate retirement where they hired a campervan, trekked in Milford Sounds etc and had the best time. Travelling after your 20s is 100% possible
I spent too much in my 20s without the mentality of “but I’ll never be 20 something again” however I’m so glad I traveled where I went then because now with kids and a husband it’s much harder to travel with or without them. And definitely not as spontaneously!
Traveling extensively in my 20's is one thing I will vouch for. After I graduated college I backpacked through South America for eight straight months. In that time I think I spent maybe $6-$7K. Absolutely worth it and I wouldn't trade that experience for anything. It's also something I would never do again because my personal priorities and preferences have changed. Traveling that much and living that long without a true homebase is exhausting. These days my max traveling time caps out at around 2-3 weeks before I want to be home again. So yes, if you love traveling do a bunch of it early on if you have the capability and it's generally simpler logistically. Because it's not that you'll never be able to travel again later in life, but more that things you want out of life will change as you grow and move through it.
That's why I won't become a mother.
Life is so much easier and overall better without children.
They are so expensive and prevent you from doing the things you love.
@@CordeliaWagner you’re not wrong! Only have kids if you want to be a parent!
Exactly!!!!
Having a health condition that causes constant pain in my feet I can assure you that the travel I didn't do in my 20s because money is severely regretted. Thinking we can go wherever and wander around for hours when we have more money. Now two hours doing grocery shopping knocks me out for the next two days. Good for you for having your health. Don't take it for granted. Also I'm 42, not 80. It sucks.
I used to have the same idea about life peaking in your 20's but life proved me wrong and my 40's and 50's were far wilder and more exciting than nearly anything did when I was younger. However, almost none of those later, experiences had much connection with my income. Not everything that matters comes with a hefty price tag, even the truly amazing things that we take with us to our graves.
In some respects, I do understand the mentality of "I'll never be 22 again". I used to have a friend who was diagnosed with MS in their teens. Around age 22/24, they came on a trip to Niagara Falls with myself and another mutual friend, and I was very apprehensive because said mutual friend, while not meaning any harm, could often be a bit inconsiderate when planning activities involving someone with mobility issues. Even so, we hiked every trail as a group, saw some incredible sites, and took some beautiful pictures.
While we have drifted apart, I know that their MS has progressed quite a lot since then, and their mobility is much more restricted. We were all pretty poorly paid at that time, but the money was definitely worth the memories and experiences, especially since those experiences are likely physically impossible for them now.
That seems like an exceptional case. But I’m happy that she got to enjoy her life ❤️
I'm glad you talked about the trend where people think their life is over when they turn 30. There is still plenty of living to do after 30. I'm 58, which I know a lot of your viewers would think of as ancient. But (based on the lifespan of my parents), I will possibly live 30 more years AFTER this, which is an entire lifetime of the under-30s. At this point, I am still going to rock concerts and standing at the barricade, I'll keep doing that as long as my knees can handle it. But I see so many 30 yr old youtubers talking like they are 'old people'. (and they are only partially joking) You don't suddenly become a spent husk of a former human just because you pass 30. At least half of your life will be after the age that you think is "old". You should appreciate every happy moment because it's true you will never be in that *exact* time and place again, but you still have other NEW happy moments and experiences still to come. And what you don't realize, is that you will still feel like your 20 year old self on the inside for your whole life. Your experience changes, your body changes, how you cope with things changes, but who you are, what you love, what makes you yourself, stays the same.
I'm an older millennial (38), and I definitely did treat my finances "like a trash can" for most of my early and mid 20s - for a totally different set of reasons, mind you, but the net effect in dollars was the same. Until I was able, by a good deal of luck, to land a very good exec-level job 2 years ago, my financial situation remained in the dumpster. I paid for those dumb decisions for a decade. And if I had not had the good luck and positioning to land that job, I would probably still be in that condition
Chelsea is right
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25 and just bussin' my way through life
That tip about looking at the past month and highlighting things you wouldn't spend on again.... damn. I'm gonna have to do that.
I think it's a balancing act. I know there's some parts of my life when I budgeted all fun out and I deeply regretted it, but I've also overspent at times. Especially at 18-25 I try to give people a lot of leeway because managing finances is a brand new experience for them and we all go wrong and need to learn. I do make sure to send everyone your college playlist though 😉 😆
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The sink one just feels like a practical investment, tbh. Looks great, they use it every day, it'll save them water bills in the long run to have excellent water pressure.
I appreciate the many learning experiences of my 20's, but I would NEVER want to repeat them. There are aspects of college that I miss (I was lucky to attend a school with many beautiful hiking trails just off of campus). But there was also the huge stress of managing constant homework and exams (I was an engineering major). Then after college, there was the anxiety and depression of working an utterly soulless job for nearly 4 years to pay off my student loans.
Now in my early 30's, I feel like I have a much better understanding of who I am, what I value, and what experiences are actually worth my time and money. Being debt free has allowed me to take risks (changing my career from electrical engineering to software being the biggest) that have moved my life in a direction that reduces my stress and allows me to do work that I actually find interesting. It has done wonders for my mental health too. I am very grateful to my 20-something self for making some sacrifices to get me to the place I am now.
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I dont judge yolo fans. if you come from poor background and you never learnt how to responsibly deal with money, you truly do believe that you better enjoy it while it lasts. also in today's economy as someone who was always quite the opposite, i am 40 and havent had a vacation longer than 5 days (weekend included) or that wasnt low cost because i was always afraid i will run out of money or get fired from my job if i miss too much time off. that aint life either.
as someone who is 23 i really appreciate you talking about this! I have not the best finances at the moment not because of doing things like what’s in this trend but primarily because of medical debt and my medical issues being undiagnosed for so long, and from having that experience and perspective when i see people my age doing that stuff I’ll feel left out for a second (but then just have to remember my values and validate to myself my feelings etc) because this culture is super ingrained/upheld by people who have a lot of disposable income (and don’t have medical issues) that are my age. And a lot of it continues because of dynamics of social inclusion. But i understand the nihilism with finances too because there is a large generational gap where sometimes talking about money is stopped by their parents whose experience with college was barely any student loans, and being able to get a house relatively easily compared to today. It’s like,, guys,, we can have nuance lol! Agh. Thank you for doing what you do!!!! You’ve really helped me reshape my relationship with money
Chelsea trying to figure out what the kids say 🤣 incredibly relatable hahaha
My grandfather found his best friend in his 70's. They make trails and bridges in the woods (they're both hikers and woodworkers) like 10 year old boys living their best lives. You have a lot of living left to do after your 20's. Most of it! And I'll say without a doubt, that I'm looking forwards to travelling in my 40's compared to what I did in my 20's. My mother spends 6 weeks in Mexico every year trying find unique and out of the way places to stay and if one doesn't work out, she has the capital to just try a different location. That sounds amazing compared to my questionable hostel nights in Europe.
On the flip side I wish I had done some travelling and other fun things in college when I physically could (became disabled in my early 20's). But I didn't know that then and I didn't have the money to do most of those things. Not saying do what you want spend what you want but don't wait to do everything (but be financially responsible at the same time!).
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My 20s were awful. I was in survival mode. Always broke and not because I was spending all of it. Im from a lower class background, so paying college or an apartment was a big struggle, later in my mid twenties got the worst jobs you could ever imagine. Just reaching the mark of 30s I was ready to achieve stability and start saving for a house. But then again the universe told me, you dont deserve it. And I have to move back with my parents because they are always struggling financially. Now Im 35, still repairing my parents house and the dream of having a space just for me is dying as my family need rise every year.
Travel was always important for me. What got me to start prioritizing using my money on it was the possibility of having children in the future, where it would become difficult, expensive or wait a long time to travel abroad. Almost 10 years later since we started traveling, we decided we’re not having kids and go on epic journeys at least once a year.
YOLO spending is basically the antithesis of FIRE... A balanced approach where you spend money (responsibly) on things you enjoy throughout your life seems like the best way to go
I went to Barcelona with my best friend at 51 for an amazing girls vacation, and I’ve traveled all my life. I have to be intentional with my spendings to make it happen, but seriously…. At 22 saying it will never happen again is effectively sad 🙄
as a 23 year old its hard to have the foresight to save/plan for the future when it feels so bleak, id much rather have 'ensured' happiness via instant gratification given the state of the world
"Now I'm just being an old hater" 🤣🤣🤣 You always make me crack up with your sassiness Chelsea!
I wonder how much of this is also tied into online doomerism. So many young people aren't confident in the existence of a future for them at all
I know people of varying ages 20s> who still follow the “We may not be here tomorrow, so we need to spend today” mentality.
They’re also constantly wringing their hands and complaining of always being in debt, so this behavior is best dropped sooner than later.
It’s all really just a balancing act. I understand the whole “I’ll never be 22 again…” to some degree because I also live by that in some ways. Now that I am older, I just don’t have the same energy and enthusiasm for travel like I used to. I
used to be okay flying for over 16 hours. Now, a 5 hour flight is already too taxing for me. So I get that. But again, balance is key. It is perfectly doable to invest in your future self and at the same time, investing in meaningful experiences at the present. Travel is still a big priority for me but I can’t imagine being in my 60s and flying off to some exotic destination, managing the logistics of it all and hopping from one airport to another. Hell to the no. I’m sipping my tea 🫖 while wrapped in my cozy blanket, thank you very much. 😅
My grandparents married in their early twenties, worked, had kids, saved money, invested in real estate, retired, once the kids were out of the nest they traveled the world, while in their 60s. And when their kids were little, they would take them to trips to the US or around Mexico, so it's not like they didn't travel. They've been to more countries than anyone I know, and their trips lasted a month or more. There are different ways to do things, you don't have to eat the world in one big bite while on your twenties to enjoy it 😊
I mean, with climate change and the impending nuclear war, they really might never be able to enjoy a hill in Switzerland again. So I understand the mentality more than ever with this generation.
I think the Switzerland Hiking one could be reasonable, depending on the circumstances. As people age, there is a tendency to become less fit . Also, if you are living in Europe, travelling to Switzerland can be done relatively cheaply if you take something like flixbus and stay in a hostel.
As a fellow Old (41), I concur that there are things to enjoy about life at every age.
0-10: the imagination, excitement and wonder over everything being so new
10-20: the joy of excelling in hobbies and school, having dreams
20-30: being able to afford my share of rent for $400/mo or less
30-40: self-discovery and acceptance...
All I want to add is that i am 48 years old and STILL have not peaked. And I am quite happy with the situation.
Great video. Irresponsible spending has always been there, but I think the "YOLO" phenomenon/attitude is fostered by a number of factors. 1) A particularly American anxiety about aging/death and obsession with youth - spend it while you got it. 2) Quick access to what seems like a lot of money as a teenager, leading to a lot of bad spending habits. I remember as a teenager being envious of so many of my peers with part-time jobs getting cars, or bling, or moving out from their parents, only to end up locked into a cycle of bills that's hard to escape. Your trappings can become a trap. 3) Young people may not have many people around them to give helpful advice or act as a role model. Older adults often give advice as pedantic lectures, mostly to boost their own egos, which is a major turn off. And anyone else that's older and living responsibly may just seem unrelateable since they're in another stage of life. And 4) As you pointed out, there's a lot of people that mask their income, their inherited wealth, their beneficiaries, which gives the impression that this is something everyone should be doing. But when they run out of money, they can just get more from the well, but you're gonna be assed-out.
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OMG CHELSEA!! i dont even use tiktok, instagram or any other brain frying social media platform (besides yt and pinterest) but just seeing these couple of tiktoks made me feel so bad and honestly grossed out - but - your light commentary, life experience (even though girl ur only 33 ur still soo young and I am saying this as a 22 year old) and professional / financial expertise really put things back into perspective! its so weird to me that so many put such an emphasis on the ages between 20-30, bc I personally think that maybe ur happiest times are when ur 50+ or 65+.. and this sort of mentality is also starting to grow in Europe which makes me feel so sad and angry.. such a weird world we life in..
but in short, I am really grateful for all of your efforts!! lots of love from these hills aka. switzerland 💖🙏
Love your nickname! My granny (grandma) used to call me "ma mignonnette" when I was little 😍 I hadn't heard/read that word in along time, this is so cute !
Thank you for the memories !
@@user-ti8bw1ri5h aww that's so sweet 🥰☺ thank u for sharing! 😊
As an individual 50-60 might sound nice now but for many people that is the age when your parents will probably die and/or start becoming very unhealthy so that definitely puts a damper on that age bracket to say the least! Although I do agree that for personal growth your 50s must be a great time and people can still enjoy decent health at that age.
Many people are exercising, traveling and living a great life even in their 70’s. I’m in my 60’s and say it’s the Kindergarten of being an old. 😂
I just realised that I maybe unintentionally morphing into Chelsea. I know have large framed tortoise shell glasses and short-ish hair and I'm financially responsible af.
Every TFD video with Chelsea in it has me seriously considering cutting off my waist length hair and changing my entire wardrobe. The lady is goals.
There were a few awesome shops near my apartment in college that I loved to window shop in. I made a rule for myself that I had to see an item I wanted three times and still want it before I bought it if it was over 30 dollars. I've adjusted it some as I've gotten older and shopped differently but now that I'm living in a city with shops in walking distance again; it's coming back!
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I'm really struggling with this mentality tbh, between an uncertain future (will I even get to retire? climate change?), dismal housing prospects, and general bad luck that could happen to anyone (eg getting knocked over by a bus tomorrow and becoming paralysed), it's hard to want to save. Logically I realise I would be better off in these situations if I had some money put away but emotionally I feel like I need to maximise my pleasure rn. I think having been suicidal for a lot of my life is also not good for learning to plan out my future since I never thought I'd live to this age. Idk
21 and be living the good life for the next 60 years because I will stay childfree.
I think having children is the worst financial decision.
I want to travel and eat the healthiest food available. And I want to stay young. Parenthood ages you so much faster.
Nothing against plastic surgery but I want to have my facelift in my 50, not early 40s.
A big part of what makes spending on experiences so rewarding is the joy that comes from the anticipation. Some of the best “expensive” experiences I’ve had have been taking a trip or seeing a show where I planned and bought the tickets many months in advance.
Another factor in feeling emotionally satisfied with an expensive experience is the strength of the relationship(s) that I have with the other people there. I know my husband will love me just as much whether we’re seeing a broadway show or taking a walk in the park. In no way am I trying to impress anybody by spending money I don’t have.
Dm, let's talk 👆
It's kind of frustrating because materialism has evolved into digital record keeping of extravagance, so now you not only need to have all the right things, but you need to go to the right places and take pictures/videos to keep up with a completely fabricated idea of what a good and fun life is. One thing that's nice about being older (I'm 34) is I care less abt participating in simulations of whatever is popular right now. Additionally, I have plenty of pictures from my 20s where I'm with friends, dressed up to go. to a party, but the party itself we actually enjoyed instead of having to document it constantly to prove we did it.
Thanks for watching, send a msg to the number above for insight and guidance. 👆
I'm 21 and I kind of understand all the people on tiktok spending on opportunities. I was 18 when we went into lockdown. For years I've wanted to travel, and as soon as I was old enough and had some money - I couldn't. When I did a study-abroad this summer you can bet I did every activity and spent on whatever I want. Maybe I'm young and naïve, but I feel like you absolutely cannot take travelling or experiences for granted
Like i hope you enjoy the experience and only time will tell if you are going to regret it. And even if you do regret it, hopefully you can turn it into a learning experience.
I'm probably not coming at it from the same angle as the people on tiktok though because I've been watching TFD and been interested in personal finance since I was a teenager, so I'm in a pretty good place where I could pay for the whole experience in cash and it not really affect my finances all that much. Definitely not advocating doing it irresponsibly, just saying I understand where they're coming from
Interesting that it's kind of a self-fulfilling prophecy- like if you believe your life will only be spontaneous and exciting in your 20's so you spend all your money then, then it'll be true.
Chelsea, I am 33 as well and you really hit me with that life does not end at our twenties. I had impression that it is and I will never have fun as I am in my early twenties. I was sooooo fortunate that in my country you can’t go into debt if you are jobless student. So I never had any debt in my life as today. But I can tell you, all those things I thought I was missing and I will never do it because I have no money, I do it now. And it is way better. I can afford it. Now I afford to stay in a hotel room overlooking directly to Eiffel Tower and this is a normal thing for me. If I did that earlier and went into debt for it, my thirties would not be this fun.
Edit: thank God there was no social media in my twenties.
2:20 you are here for this
I agree on almost everything here, but there's an element of travel that was better younger - I spent 2 years backpacking (absolutely no generational wealth - my parents wouldn't have been able to help out at all if I got stuck) and working abroad. It was wonderful and such a defining experience. Definitely no infinity pools but lots of hiking, street food and sightseeing. I couldn't do that as I've got a small kid. However, I always saved up and was very savvy with my money, possibly because I had no safety net to rely on
I am disabled and I got a windfall of social security back pay in my early twenties. I loved to travel and I knew that my disability would make travel harder and harder as I got older I used the money to visit Nicaragua once and Mexico twice. 15 years later I can't go more than 50 miles from my house because I need to be near my preferred hospital. I realize this is not most people's story, I also did not go into debt and would not have. But there are situations where you may be only able to do certain things during a certain period of time for whatever reason. I don't think it's worth yoloing your life away, but it is something to be considered
8:15
When you describe the attitude of Now is the time to do things because I'll never be able to do this again!
and the idea of peaking in your 20s --
It reminded me of a guy I went to high school with, he said at the time ("back in the day") 'These are the best years of our lives.'
I remember thinking Well I certainly hope not, because they aren't that great, LOL.
“Probably from SheIn” sent me 😂😂
I've just read your book (The Financial Diet) 5⭐ and I must say I've been truly inspired by you. Thank you so much for creating such amazing content.
8:16 omgoshh this, EVERYTIME someone complains to me about the end of their 20's and the peak of their lifetime is gone, I'm like... you still have YEARS to live. Take care of your body for sure (they also don't do that) to make sure you are at your best physical state but you can still enjoy life at your 30's. I look forward to my future because each year I've done something different, or am one step closer in a financial goal. Like it frustrates me to no end to hear my friends have such a pessimistic outlook on aging. But I also am the type of person to keep self improvement in mind regardless of my age. My early to mid-twenties I pursued and accomplished debt-free/positive net worth. Now in my late twenties, I'm building myself creatively and learning how to dress myself.
Regarding travel…. I found lots of ways to travel for cheap… or get paid to travel. Like spending 10 dollars a day to backpack in Southeast Asia (by staying in cheap hostels and only eating rice for lunch), or getting paid to teach English in a foreign country. However I didn’t post it all to social media to brag about it. Also I’m so glad I did all that since now I have a child and live in a house… and can’t quit my job to travel around for months/years
I remember feeling that way like I'll never be here again so I might as well experience it and enjoy it whatever the cost. And you're so right , I could possibly recreate it and re live so no need to over spend, just enjoy it.
im going to be 36 soon and i feel like im still in my 20's lol
This 20s thing is bullshit: my mommy started her adventures (travels, camping, driving to the other side of the country by herself, dating other men,etc) in her 50s, after divorce, and still had a blast
There is a reason why the "but I will never be" people all include their age it's the only thing that makes the statement true.
I feel like with any "collectibles", be it cars, antiques, dolls, etc. you should really be buying these things for the enjoyment you will get out of them, not as any kind of investment. Like if you can afford a Porsche and you really enjoy driving it, caring for it, all that jazz--cool. Get the Porsche. But these things should be thought of and prioritized as toys, not investments.
I have a CF Boomer friend who was traveling well into her 60s. She was good with her money and did inherit her home.
I’ve traveled a lot in my 30s and it was great. On one trip I was one of the youngest people, most were retired.
I feel like life didn’t start until my 40s.
I did make some absolutely ridiculous purchases in my 20s and it took me YEARS to pay those off.
Oh oh!! Bout to hit that 1mill!!! Congrats!
Thank you for linking the TikToks !
Thanks for watching, send a msg to the number above for insight and guidance. 👆
Literally LOLed at the “we can get back to that hill girl” 😂 so much content like that in varying forms and it is almost comical. Of course, All for the gram 🥴
The trouble with spending like there's no tomorrow? Tomorrow almost always comes
In my 20s (1990ish), I had a 30- something co-worker who spent 70% of her income on an expensive car while living with her mother in a dilapidated, small home. She explained to me that “people” will see her and judge her based on her car because that’s very public facing, while only people who she grew to know/trust would see her home. I bought my first home at 23 - thanks to a functional HUD and a brilliant real estate agent (only had to bring $266 to closing!) and she thought my “extravagant spending” was foolish.
13:06 That's a really good tip!
20 year old here, the verb you’re looking for is raw-dogging :)
One thing we say in my Mexican family is “es una ves al año” like it’s “only once a year” but I soon started to realize how much those “one time” expenses would add up 😢😅
Dm, let's talk 👆
I'm 23 now but I yolod by way up to this point but I got to live in pairs, travel, and finally enjoy my life. I'm better with money now but I don't really regret it (all I would do is go out a bit less but I usually didn't spend that much)
It tells me everything about you that high school/college was the best time of your life. And none of my friends wallow so far in their past, dull minds have limited aspirations.
I’ve had jingle at the beginning in my head all day hahahaha
As someone who has traveled every 2-3 weeks since July 2020, I'd MUCH rather travel now than when I'm older. I'm 36 and traveling is exhausting. I can't imagine how miserable it probably is when I'm old.
I kind of go half and half when it comes to money. I do budgeting, discounts and savings but I also splurge every once in a while. Not to the point of YOLO (always hated that word), but I have a savings account for a holiday once a year, and that's sorta when I go a bit yolo, but I'm still using the money I saved specifically for that. I would like to be living too, not just existing
That whole sidebar about YOLOing so perfectly summed up my experience of starting a new job with a bunch of twenty-somethings and realizing 1) I am mostly definitely in my 30s, 2) I care even less now what's cool than I did before, and 3) I have no idea how people talk anymore. Thank you! I felt so normal for a moment haha
I know, right! Like i went to Sephora yesterday to restock my sunscreen and eye creams and only paid $31. Like shout out to the ordinary and innesfree for making good stuff at affordable prices. And girl, $45 for therapy. Like either your company has good insurance or you know someone.
If you see an intern at a therapy group office, you could actually pay $45 for therapy! Of course it’s with a clinical graduate student rather than an experienced therapist, but it’s a way to access therapy on limited funds
I don't know if she's in France now, but at some point she did live here and that's how much therapy costs (and can be covered by our social security, and if you have insurance for psychiatry it can be free)
A big part of Financial Freedom is having your heart and mind free from worry about the what-ifs of life! Have an amazing week everyone!!!
I've always traveled and had adventures, but you don't have to be young to continue to do so. At 60 I was hiking in the Australian rainforests. After that I got cancer, but I made it through that, and at 64 I went on a fabulous trip to Hawai'i. I still go to rock concerts and took up rock climbing about six years ago. Unless you're sick or handicapped in some way, think young and keep moving. And this goes for anyone: Lay off the processed/sugary crap, stop smoking if you do that, exercise a lot, and you'll be vital throughout your life. In fact, you'll have more time and money to enjoy your golden years without worrying.
Definitely blew a bunch of money in my early 20s, especially once I had my first job out of college, I think we probably need a little bit of a "go nuts" period in our life, so that it's easier to then reign it in and get our act together. But there's a huge difference between wasting money you have and wasting money you don't have. I didn't have to spend my 30s paying for my 20s, instead I got to spend it setting myself up for my 40s. I honestly can't wait :)
As a U.S. expat in Europe, I've definitely grown old of acting like sitting in a cafe once somewhere in France is going to be life changing and culture you for the rest of your life (Emily in Paris?). Everyone is doing the same trip at this point and they all will just go back home and act in a "higher than thou" attitude. Just spending money won't culture and educate you on the world. That's not how life works. I've learned a lot living abroad and I'm very lucky, but there's plenty who can't afford to fly over one state. It's more of a flaunt than a pivotal life highlight.
Drop an email 👆👆
My one YOLO spend that I thought was super worth it and I still remember: tickets for me and my then boyfriend (now ex) to see Prince in concert. The rest, yeah bad decisions.
Omg that sink!
The problem is that things aren't as fresh or new as they are when you're young. If you wait to do things when you can afford them it's usually too late. It's not fun to own an expensive car when you're 40 years old, it's just boring. It's much more fun when you're 20 with a new driver's license, sharp mind, healthier and faster body.
Traveling when you're younger is also much more enjoyable because of the novelty factor. If you wait too long to experience some things you just don't take enough enjoyment from them (specially now with everything on line you have to work hard to avoid spoilers or that trip to Paris might be moot if you had already seen the major attractions in 4K or using a VR Headset). Having expensive clothing makes sense when you're young and attractive enough, once aging worked its way on you you're just hiding your wrinkles behind expensive items and it's just plain sad because you're supposed to be in a different place in life where it doesn't matter if you have a 10 dollar or a 10 thousand dollar purse because you are focused on other things like your health and retirement.
After getting older, dealing with chronic pain ant fatigue and being forced to live a frugal lifestyle (against my will) I see myself stuck at home waiting for my days to end. If this isn't depressing, I don't know what is. I didn't do much when younger (because I could not afford it) but I don't regret burning everything back then because those few thousand dollars would not make much of a difference in my current life (I'd still be poor) as I at least have memories of a time where I'd eat out everyday and travel around once a week (small road trips). Doing the same today would not be as enjoyable and I just feel like cooking my own food and staying home. Same thing with shopping. It used to be much more fun to buy new clothes back in the day. Now I just want something that looks reasonably good, lasts long enough and has a good price.
More mature now? Yes, but much less happy. Old age removed the novelty factor and 99% of the fun. I am still in my 40's and I can't even think about how boring life will be when I am in my 70's. Sorry.
Being too responsible is going against the system. Your savings are deteriorated. There's no guarantees future performance will match past performance when you talk about any investments that give you a little chance of matching real inflation. Spending all the money you can now is more powerful than "delaying gratification" because you'll be able to afford less in the future (unless you're talking about shiny plastic things which went down in price thanks to semi slave labor exploitation overseas, but we might see a reversal in that trend, so even those items might become more expensive with time).
I personally want a large house with a massive carbon footprint. Not to show off. I would be happy if my dream home is invisible. I want it large because I live in a small European apartment but I like to cook. I hate bumping into furniture all the time, not enough counter space, not enough storage space, not enough air to breathe. I also want to be able to not freeze during winters or to feel too hot and tired on summers. That costs money I don't feel like burning right now, but it's a guilty "pleasure" I want to afford in the future. I also don't mind living in an 80's McMansion. Make it tacky, make it ugly and cheap looking, I don't care. I just want it large, functional and free of problems.
Sorry for ranting. 😬
Happy holidays! I wish people can burn as much carbon as they want to. Let's all just have less children if we want to be green. No need to eat insects and vegetables only. I'll have as much meat as I can until they make it unlawful. Gotta roast something nice for Christmas' Eve!
🍗🥂🎄🎁
Can confirm about the car. I bought a car that I absolutely love but it is a money pit. I do have the finances to cover all of the expenses without worry, however, for some people that might not be as fortunate as I am, I do not under any circumstance recommend it. Buy a lightly used a Toyota Camry instead and enjoy having more disposable income instead of a check engine light
Lol I bought a used Camry last fall and still spent almost $30k on it. Should have got a Mazda 😂
@@swimvain lmao, trust me, the 30k spent to purchase the vehicle (depending on age) was money well spent. I'm in an enthusiast car, and it's an older luxury German sports car so my maintenance costs are VERY high, and frequent 😅😅😭
@@A_Dog_Formerly_Known_As_Cat it’s a 2018 xse had 60k mileage bought in AZ a year ago this month. I had no choice :( Used car market was a mess. I love the car though. Yeah, no I’m too poor for all that. Looking to refinance it next month.
@@swimvain honestly compared to others buying cars in 21, you made out very well! I've heard of some cars LTV being 110% plus. When it comes to your vehicle purchase, you got a very reliable and affordable car to maintain. You did better than the vast majority of people. Especially those PPP ballers.
@@A_Dog_Formerly_Known_As_Cat That actually makes me feel a lot better!! Thank you.
Thanks!
my life in my 20s was not great (financial and family struggles made it hard), my best life was in my mid 30s to early 40s honestly 😅 now in my mid 40s it's a bit tougher but hey we are all struggling a bit at the minute due to the pandemic and financial crisis, so I'm sure I'll be happy even at an older age as I've become resourceful and resilient over time 💪
I'm turning 30 tomorrow and was feeling TERRIFIED. I needed this video so much. Thank you Chelsea
I'm 43 and I promise you life is going to get better and better! Your 20s are hard in ways that later years aren't and you're better equipped to handle the challenges that do come. Happy Birthday! 🎉🎂
Year by year you'll give less and less of a rats arse what anyone else thinks, so liberating (I'm 47). Happy birthday.
Happy birthday Ana, I wish you all the best
I just turned 30 too. Happy birthday! It honestly doesn't feel like anything once you cross the 30 threshold.
Happy birthday! My 30s were the absolute best!!! I didn't get married or have kids (which seems to make 30s stressful for some) but I had a good income and was energetic and at my peak cuteness 😉. I had started two mutual funds in my 20s - one for retirement and one for the future - and when I was in my 30s the second one had grown enough that I could put a down payment on my first house 🏠. Now that account is for my future face lift 😁
CityNerd has a good video about the hidden costs of car ownership. The average cost was somewhere around $11,000 per year, so I imagine that a Porsche is going to be more than that, so even if it appreciates you're still going to lose a ton of money in the long term.
Love this reality checks from Chelsea
I think it's important to differentiate things that are genuinely meaningful to you vs just some bucket list type thing. Ie I'm not gonna spend my money on a boat just because it's a "once in a lifetime" opportunity because... I don't see how it's fun, it's just land with a higher chance of getting sick. But it's so hard to determine what is meaningful to you when you are young.
Hey I don't comment on videos much but I have a collaboration suggestion! Lately I have been watching the Money Guys channel and they have been extremely helpful with helping plan for retirement as well as many other things. I think they are a great channel and I would love to see you do a video with them!
Why does people buys that much Starbucks?
I have a different perspective about this YOLO thing. I did YOLO in my late 20’s (turning 30 next month) because in a few years time, once I have kids, I’ll be tied up with childcare responsibilities which will be very hard to enjoy travelling because I will need to bring them with me then.
Also, I still wanna do some things that I haven’t tried because of hustling in my early 20’s to get a better life. I missed a lot of things while pursuing a better career and life overseas (Aus).
Hence why I tried squeezing a lot of things that I want to buy and experience when I started earning more than I used to in this short time frame.
Once you’ll have kids, they will be tied to you forever (or at least for 18 years). 🤷🏻♀️
My Grama said something to the effect of if you can poop it don't charge it - you'll pay for it long after it's gone. So spending $70 on brunch wouldn't be an option since that is a whole week of meals for our budget. I've found its not worth 'splurging' on eating out in general. Unless it is an occasion like a birthday or Mother's Day we do not 'splurge' and even if we do pay for a fancy dinner to celebrate, we don't put it on credit. It's worked well on saving money overall. I do try to keep some favorite local restaurants in business so we'll order take out or go when they have a special - but with cash, not on credit. Glad you brought this up Chelsea!
Thanks for watching,msg me on telegram for more guidance
I saved my own money years ago to go to a Wrangler and packing school in Wyoming for a month. It was a learning experience that I still learn from. Better than what some young people see as a vacation.
This made me feel so much better about growing up
Ok, there are two sides to the travel when you are young thing. IMHO, it's a great thing to go travel when you are young to give you a better idea of who you really are. That being said, having to do that with super expensive travel is not at all needed. You can find yourself hiking in any mountain that is close to you, or camping in a forest near you, or going to Chicago or New York on a budget.
And the idea that you have to do more high end travel when you are young is bogus- like pointed out- we are in our 50's and have had the experience of dining in Venice along the canal, or cafe in Paris, or going to a really cool event (like auto racing)- all after we were both 40. Let alone, time gives you the perspective on WHY that is actually special as opposed to just documenting it.
You can travel your whole life.
I won't have children so I can spend my money on experiences and travelling.
I am 21 and spending a niçe week in Paris isn't that expensive. You can go to the 5plus Star Hotels and have a coffee there or use their pool and spa.
I have been sitting on the rooftop at the Four Seasons in Paris several times, sipping a cocktail. While sleeping in a youth hostel for 25€ a night including breakfast.
I don't need to spend money on hiking in Switzerland, my grandfather has a house there nearby St. Moritz.
It's the ceapest way to make holidays for me.
Venice is super cheap too. You just have to dress like old money and you can get everywhere.
Unfortunately people in their 20s think 30s and 40s is very old.What they don’t realize that life starts in late 30s.
Wrong. In your 30s you waiste your money on buying a house you can't afford and breeding children.