A lot of people have lost the ability to distinguish between an asset and a liability. They rack up liability after liability and wonder why their situation never gets better. Even if they get an asset, it is often a depreciating one that goes down in value quickly. Then they will blame whomever is in power for their own financial shortcomings, but what goes on in your house is more important than what is going on in the white house. No matter who is in power. There is always this mindset, too with debt and wealth. That it is an instant, quick fix way, but the truth is that it takes time to get out of debt, and it takes time to build wealth. It's the characteristics that you learn along the way in both, namely discipline that will get and keep you on the right track.
This video paired nicely with the "what is your net worth by age" video. It was fun comparing the stats debt to net worth ratio to my actual debt to net worth ratio. Not sure how meaningful that is, but it's nice to see that I am doing ok. Thanks for another informative video.
What a great video. This is how dave ramsey has built a business on. He even tells people that he has not much new to say, but that what he teaches was what your grandparents would say. I liked your notes on the nuances of Ramsey's debt snowball.
Very informative. Thank you for making this video. It is sad to see how people continue to make poor financial decisions. And it seems like the situation is getting worse with all the social media comparisons.
Drive used vehicles that are paid off. Dont go to college. Get a 15 year mortgage when you purchase a home. Stay singles, dont have kids. Debit free at 37 y/o paid off home. Im not wealthy but things could get really bad economical and I can make it on a low wage job. Make youself recession proof because stress will kill you.
The stress caused by the burden of debt can take a serious toll on relationships, health, and many other aspects of life. Thanks for checking out the video.
People confuse wants with needs. They need to live on less than you make. Get a roommate. Get a second job. Have sinking funds for your next car and big expenses. Be responsible now so people don't have to be responsible for you when you're old. Financially... Grow up people!
It's surprising how often people confuse wants with needs, which leads to many of their own problems. Thank you for checking out the video and the comment.
What about national debt? Globalism is coming to an end, and many predict fall of the dollar. How these global changes affect investment strategies? Thank you.
I am certainly concerned about the national debt and the government's inability to control spending. We cannot continue on this path. However, many other countries are struggling with similar problems. I don't believe globalism will come to an end, but I do think there will be shifts in supply chains around the world. Because we are the largest economy and the biggest consumer economy by a wide margin, any period of economic weakness in our country will have significant ripple effects on other nations, as we tend to be the biggest market for many of them. That said, I don't claim to have any answers or valuable insights. Just remember that no one can predict the future! Some of the worst advice comes from analysts and their predictions. One study examined the track record of stock market experts and their forecasts, analyzing over 6,600 predictions made by 68 so-called experts over an eight-year period. Their accuracy rate was only 47%. You would have been better off flipping a coin. For instance, Jim Cramer had an accuracy rating of 47%, and a former chief U.S. investment strategist at Goldman Sachs was correct only 35% of the time. Forecasts are simply not helpful. Tune out the noise, have a plan, and stick to it. Ignore all the hype, predictions, and speculation. By the way, thank you for the comment. I wish I had a better answer for you. What are your thoughts?
I have to question the home debt numbers. As both people in a marriage would think that they owed the amount of the mortgage, but in reality each would owe 1/2. The same with savings where each one thinks that they own it all.
What are your thoughts on debt in America? I’d love to hear your perspective. Thanks for watching the video!
A lot of people have lost the ability to distinguish between an asset and a liability. They rack up liability after liability and wonder why their situation never gets better. Even if they get an asset, it is often a depreciating one that goes down in value quickly. Then they will blame whomever is in power for their own financial shortcomings, but what goes on in your house is more important than what is going on in the white house. No matter who is in power. There is always this mindset, too with debt and wealth. That it is an instant, quick fix way, but the truth is that it takes time to get out of debt, and it takes time to build wealth. It's the characteristics that you learn along the way in both, namely discipline that will get and keep you on the right track.
Good observations - Thank you for sharing and checking out the video!
This video paired nicely with the "what is your net worth by age" video. It was fun comparing the stats debt to net worth ratio to my actual debt to net worth ratio. Not sure how meaningful that is, but it's nice to see that I am doing ok. Thanks for another informative video.
Thank you so much for the comment!
What a great video. This is how dave ramsey has built a business on. He even tells people that he has not much new to say, but that what he teaches was what your grandparents would say.
I liked your notes on the nuances of Ramsey's debt snowball.
Thank you for the comment! Happy to hear you liked the video!
Very informative. Thank you for making this video. It is sad to see how people continue to make poor financial decisions. And it seems like the situation is getting worse with all the social media comparisons.
I certainly agree that social media makes the idea of self-discipline more difficult for most people! Good comment.
There are a lot of people that should watch this video! Great information and helpful advice! Thanks!
Glad to hear you liked the video!
Drive used vehicles that are paid off. Dont go to college. Get a 15 year mortgage when you purchase a home. Stay singles, dont have kids. Debit free at 37 y/o paid off home. Im not wealthy but things could get really bad economical and I can make it on a low wage job. Make youself recession proof because stress will kill you.
The stress caused by the burden of debt can take a serious toll on relationships, health, and many other aspects of life. Thanks for checking out the video.
I agree with a lot of these ideas. But perhaps a bit too extreme with a couple of the points.
People confuse wants with needs. They need to live on less than you make. Get a roommate. Get a second job. Have sinking funds for your next car and big expenses. Be responsible now so people don't have to be responsible for you when you're old. Financially... Grow up people!
It's surprising how often people confuse wants with needs, which leads to many of their own problems. Thank you for checking out the video and the comment.
What about national debt? Globalism is coming to an end, and many predict fall of the dollar. How these global changes affect investment strategies? Thank you.
I am certainly concerned about the national debt and the government's inability to control spending. We cannot continue on this path. However, many other countries are struggling with similar problems. I don't believe globalism will come to an end, but I do think there will be shifts in supply chains around the world. Because we are the largest economy and the biggest consumer economy by a wide margin, any period of economic weakness in our country will have significant ripple effects on other nations, as we tend to be the biggest market for many of them.
That said, I don't claim to have any answers or valuable insights. Just remember that no one can predict the future! Some of the worst advice comes from analysts and their predictions. One study examined the track record of stock market experts and their forecasts, analyzing over 6,600 predictions made by 68 so-called experts over an eight-year period. Their accuracy rate was only 47%. You would have been better off flipping a coin. For instance, Jim Cramer had an accuracy rating of 47%, and a former chief U.S. investment strategist at Goldman Sachs was correct only 35% of the time.
Forecasts are simply not helpful. Tune out the noise, have a plan, and stick to it. Ignore all the hype, predictions, and speculation. By the way, thank you for the comment. I wish I had a better answer for you. What are your thoughts?
I have to question the home debt numbers. As both people in a marriage would think that they owed the amount of the mortgage, but in reality each would owe 1/2. The same with savings where each one thinks that they own it all.
Yes, mortgage loan data is typically reported as household debt, which may apply to an individual or a couple.
Hey boss, I’m ready to rock your thumbnails-can I?
Thanks for the offer, but don't need any help at this time.
@@MikesFinancialEdge ok Sir in Future if you need graphic Design service lets me know. thnxs
Will do - thanks
@@MikesFinancialEdge thanks sir!