5 Mistakes I Saw Teaching a Personal Finance Course
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- Опубликовано: 21 сен 2023
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5 Mistakes I Saw Teaching a Personal Finance Course
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I will never stop using a CC for one reason; SECURITY! I’ve had money stolen from my checking account using my debit card, and the banks are less willing to cover fraud. However, I never carry a balance.
Good point
@@jloop_2008They are not wrong. You may be the rare exception to the rule.
Rachel is right about 3 months to get the budget just right. That's how long it took me to get my budget to the point where it was basically on auto pilot
Investing is a stepping stone to success, investing is what create wealth. BTC is the key
The teachings on this channel are always top notch so informative and easy to understand, it's very hard to find good content online these days
Who exactly is this Mr. Robert?
what does he do?
And how can I take advantage of him
Thanks for the help everyone, I will contact him as soon as possible
3:03 Almost 100% on track with the baby steps… my ONLY argument for credit cards is security. Most people are terrible with their personal security and online accounts. Using debit on those (necessary!) accounts is a gamble. Use the banks money in this scenario but obviously pay them off in full monthly and don’t spend more than you bring in. If someone were to hack you with a debit account linked, now you have a negative balance when you might need it most. Banks won’t rush to get you your money back (trust me, lesson learned). Using the banks money lights a fire under their butts and you’re not at a loss at the end of the day. Sorry for the contradiction Rachel, but it’s a real issue for the majority who don’t know how to be secure online!
My credit card is locked in my petty cash box, that has no petty cash in it. 😂
I haven't carried a balance for years.
I am not sure that I agree with completely stoping retirement funding. Maybe for some people, if they are well funded already or are still in their 20s, it would be okay. But I don't see the wisdom for someone who is behind or over the age of 35.
Re: giving when money is tight. Any charity or good cause you should give money to will likely be much more interested in you donating your time. Even if that time is spent running a fundraiser.
We’re starting DR after watching for a long time. But we’re not stopping paying into retirement, I feel this is bad advice. With an employer matching , it would be silly to pause it.
It is possible to use credit cards for points or cash back without spending more. Autopay you gas, electric, phone, etc bills. Don't use it for store purchases. Pay it off every month. These bills are set so you don't overspend but reap the rewards. BUT if you don't have self control with a card or the discipline to pay it off each month on time, then don't do it. We took our family to Disney and points paid for a week long stay at an Airbnb. No debt, no fees, didn't overspend.
Many companies now charge more fees for using a credit card on utilities than the cash back is worth.
On my last water bill for $500 it would cost me $20 to use a credit card. My last $150 electric would cost $4.5 for credit card. My last $40 nat. gas bill would be $1.5 for using a credit card. The only place this still works is for the cable/internet/ streaming/cell phone bill, but that bill is only $265/mo.
I realize alot of people are going to go OMG bla bla bla you use so much water. No I don't that is just the cost of water in rural Kansas. The combined streaming bill is for: 2 cell phones, fiber home internet, backup LTE home internet, slingTV, netflix, espn+, hulu+, disney+, and 2 Sirrus XM radios.
@@thedude5040 Thanks for sharing! I'm using them less and less these days!
This is what I do. Use it. Get my cash back and pay it off. I've never paid a penny in interest. And that cash back is my Christmas money every year. Free Christmas!
I like the idea of giving but not money if you are in debt. You can volunteer in your community or donate meals to a soup kitchen. Then when you have money you can give physically.
Thank you Rachel!!!!
In Australia the retirement thing is automatic as 10% is put in by every employer
I spent about 595 on four new tires at Sams Club. I have a small car, maybe depends on your vehicle, or where you find a good bargain. Sams does free tire rotation, you just have to be patient with getting an appointment.
Rachel love your videos. You really keep me motivated.😊
TL;DR:
1. Continuing to invest in retirement while in debt.
2. Not wanting to cut up credit cards.
3. Giving up on a budget before 90 days.
4. Fear around giving and generosity.
5. Trying to work the 7 Baby Steps without your spouse.
Watching from Jamaica. Following the steps and so far so good. I just wish the budget app was available here. But still very useful content for any individual
No. She’s referring to paying off consumer debt first, not your mortgage.
Here's a question for a video...how do you deal with fraud when you are using a debit card? Many banks take a LONG time to get the funds back (if at all) when you use a debit card and receive fraud charges. 🤔
I spent $1200 on new tires last year so thankfully i had an emergency fund, but your comment about $600 for new tires is wild.
Can confirm, I had to get new tires last week. I picked the cheapest ones and they were $1300.
Wow! That's a lot ... 4 new tires on my car coast me $500 about a year ago
Cars are a huge money pit. Horrible amounts spent on repairs and keeping the thing going, never mind the depreciation.
You should not have a credit card if you are not able to pay it in full when you receive the statement. If you use it correctly it gives you one month of good debt.
I would love to see a video on how would you prepare for a emergency disaster without breaking the bank 😊
Yesterday I shredded all my six credit cards. My wife didn't believe. Neither did I.
Yay🎉
This seems like a dumb question, but I have a sinking fund for my bachelorette party trip, but how do I account for it in the next months budget on EveryDollar? Just don’t put it on a line item? Thx!
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I don't agree about stopping retirement.
Man how many people argue that Cc can be disciplined, I know myself and my husband the way we are, im a bigger spender and a good budgeter but we both agree when we take that card we let ourselves go, we just start easing our budget. Its a deception of free money, you stop feeling the responsibility!
I've had credit cards for over two decades. I've never paid one penny in interest because I pay it off every time. Cash back is a good thing. That's my Christmas money
Ya keep the credit cards, just be disciplined and pay them off right away, Rachel is telling you to cut them up because that’s what her daddy taught her from day one, she has no clue what it means to actually struggle financially, so if your smart you would take everything she says with a grain of salt
I have a credit card that I keep locked in the safe and never ever use unless I’m traveling abroad. It doesn’t have foreign transaction fees, for one. But also, if I take only my debit and it get compromised and my account is wiped out, sure I can still report it and probably get the money back, but in the meantime, how would I buy food? It takes time for money to come back, so I prefer to have a backup card. And use the credit card to make sure the bank’s money is the one being compromised, not mine.
Can u order online groceries with a debit card? That’s the only reason I still keep one CC
Don't see why not.
In UK, I do. Both debit and credit are equally accepted here. Just have a seperate account for your groceries, that way you are not risking the one that pays the fixed bills or distributes your income.
You can use your Debit card to pay for everything that you can use a credit card for- as long as you have the cash in the bank. 🙂
God Bless 🙏🏻😇
Perhaps your bank has the Visa Debit option?
I order online groceries using my bank card. I don't have a credit card
Rachel, do we stop the retirement until the house is paid off?
No lol
Keep paying both retirement and mortgage. Decide which is more important to you the compound interest you earn on investments or the reduction of compound interest by paying the mortgage early. Which one you gonna overfund?
NO!!!
No. Baby Steps 4, 5, and 6 are done simultaneously.
Personally I don't do free giving to anyone. Not even to my children as that's not the way we have organised our society to function. We are exchanging either money for service or goods or service for service. I do understand that there are charity organisation that "help" less fortunate but what they really are doing is exploiting less fortunate for their profit- wages and expenses dont count as a profit but surely cover wages so someone still profits from it.
I feel bad for your children, money isn’t God buddy, spend money on the ones you love
Don’t invest in your retirement but definitely buy “Telestrations”. Okay, Jan.
More irresponsible advice. I pay off my cards every month and never carry a balance, but I travel internationally every year with the points and credits I get.
What's is the hype over Telestrations in the last month or so? Why is Rachel pushing it in every video?
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How do people take Rachel seriously? You people do realize that she was born into an extremely rich family right, she has never wanted for anything in her life, so if your having money problems why not go listen to someone that has actually been there themselves and had to scratch and claw their way out, she isn’t genuinely wanting to help people she just looks at this as a business opportunity, I’m telling you if your having money problems I’d seriously seek counsel somewhere else
I agree that all debt should be paid down before investing or savings with the exception of contributing to 401k to maximize an employer match. No other investment will give you instant 100% tax free return on investment.