@@BryceThomassub quit being a crybaby. you'd probably be even more offended if the thumbnail showed the woman in struggles but the man with money. be better dude.
Quick note on the notion that if divorce once, you are more likely to to have a 2nd and 3rd divorce than you had having the 1st divorce. This might be true on population level, but I am almost certain not for an individual. A person who ends up divorced three times likely had a much higher chance to divorce their first partner compared to the general population. To clarify the point, if you crash your car three times in a year, there likely was a much higher chance of you crashing the first time than the rest of us had. You are just a bad driver (or not marriage material).
Yea, because you got money in the divorce, and if you have kids, it's another income stream. My mom got 500k from her divorce, and no child support was needed, I am over 25
I'm so glad you talked about cars being a money killer. Even if you get a car well within your budget, you still have to pay for insurance, parking (sometimes even at work, as well as your apartment), gas, washing it every week, other maintenance, miscellaneous repairs. Furthermore, if you get in an accident (even if you're not at fault, nor injured) your life is going to be turned upside down for a few weeks and it's so stressful. I now live in a place where I don't need to have a car anymore. I miss the late night drives but I'm so much happier (and wealthier) now.
I had a 2006 Corolla that I bought when I was 18 back in 2007 and I kept it until somebody rear-ended me and totaled it a few years ago. I was very sad about it. Now I have a 2014 ½ Camry that I also love.
fantastic video Everybody wants to be financially independent and live a better life. With savvy investing, an inexpensive lifestyle, and diligent budgeting, this is not difficult to do. I'm glad I realized early on that achieving financial freedom requires hard work.
My belief is that making a wise investment is a fantastic way to save money for the future as well as a way to generate passive income. Those who make poor mistakes early in life regret them later in life. But, if done alone, investing may be challenging and risky. For this reason, I suggest consulting experts for advice (financial advisors). The difficulty lies in effectively employing it, not just watching videos and reading investing books.
I genuinely believe that having the necessary knowledge is important to the success of any investment, and I say this as an OAP with much experience. Whatever you set your mind on, do it regardless of what others may say. Be fearful when others are greedy, and greedy when others are fearful, advises Warren Buffer often. This is surely the key to succeeding while others fail. I made $100,000 working with a financial advisor. Working with an advisor has proven to be a promising experience thus far.
@@hombretropical3028 i think that there was probably supposed to be another bot asking them which advisor they recommend, and then they start throwing names. It is kind of frightening how advanced these bots are becoming, though. They start a thread talking about general stuff and only later start introducing names. I just recently started noticing this, earlier they always just wrote a single large post promoting some financial advisor or promoting someone who gives betting tips, etc., at least to my knowledge. It is getting harder to distinguish bots from real people online.
It’s important that you don’t get divorced, so don’t marry the wrong person if you want to protect your well. That said, you absolutely should get married, because not getting married shorten your life by 10 years. Good luck!
Debt is absolutely the number one killer. You're spending money you don't have on something and then paying interest on that money, which is already a problem because you don't have it. Get out of debt.
Very simple, and 100% true. Anything else is irrelevant until this step is taken care of (I don't include mortgage here, though - a mortgage is a bill that lasts for 25 years for most people).
Unfortunately debt is a necessity in certain professions and there are very few ways around that. Educational debt is similar to a mortgage, it's meant to be an investment.
@@briancruz6661 Be discerning, though, on the actual financial value that that educational investment brings. A $100,000 gender studies degree is not a wise investment, in my opinion.
BS. Debt is necessary in building wealth. It’s when you misuse it and overspend that causes the problem. Your debt gets mostly deflated over time and helps boost your return on equity.
this isn’t the scope of the channel, but the fact that divorce is such a major wealth killer shows us that everybody who wants to get married needs to educate themselves on how to have healthy communication, to know their feelings, and to have good judgment in relationships, in addition to getting a prenup. much less straightforward than learning about personal finance, but so important for an overally healthier happier life.
The other thing to remember is that a big majority of people do not get divorced. 70% of first time marriages go the distance. What drives up the divorce rate is that the people who get divorced the first time keep getting remarried and divorced again, and this skews the statistics to give us the commonly cited “40-50 percent” number.
I can attest divorce is costly ($65,000 personally). I was divorced due to domestic violence and infidelity. My advice: Know the person you are marrying. Ask many questions!
#6. Lifestyle. Some people have too extravagant lifestyles in relation to their income. For instance, alcohol is not only expensive in itself, but there are secondary costs such as accidents, bad/impulsive financial decisions and bad social decisions that lead to divorce etc.
I'd retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $120K per year but nothing to show for it yet.
I am three years out. Start with maxing employer match on 401k, max your limited IRA space each year. Be debt free when you retire. Have at least 3 months expense in short term (money market, t-bills etc) . The key is aggressively cutting expenses to hit a min 15% savings target. Being only 8 years out I would shoot for 25% (I am currently at 35%). Low cost index funds (vanguard, fidelity).
You should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/ planner
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28 fact forward timo I'm 57 now not laid off
The math is very simple when both people have careers and a common path. Only if your partner is heavily financially irresponsible is it that much of a detriment @@markoDhex
I'm rather famous in my social circle for being a lifelong bachelor. i play it off as whatever the person ribbing me says is the reason (high standards, scared of commitment) I even let them think that somebody has thoroughly wronged me and i am a jaded and angry person, even though literally no evidence points to this fact. the honest fact is I was and am very aware than a single divorce would crush my goal to be able to retire. nevermind wealth per se - wealth is just a tool or means to an end. I want to retire and I concluded at an earlier age that divorce would either make it significantly more difficult or outright impossible it sounds jaded to type out and if you want to think that, like the first paragraph says, I would let you think that. but it doesn't change the underlying reality.
@@M_SCLOL, how stupid. Not everyone cares about marriage. And there are plenty of "real" relationships outside of those shackles. I also know plenty of married people who can't stand each other. Wedded bliss indeed ...
I to a 100% agree with all of them. And my mantra for using my credit cards is: If I cannot afford to pay it off in the same month, I cannot buy it! Somewhere I read or saw a video where it was explained that people like me who pay off their credit cards monthly in full are called "deadbeats" by the banks. Proud to be one!!!!
@@robinmiller871 I always pay off my credit cards before they accrue interest and my credit score is over 830. Just keep at it. Do not close any old cards. That lowers your average age of credit which has a negative impact on your score.
My wife, who completely handles our finances, is a master at organizing things. She has a spreadsheet just for our modest household that would make a lot of mid sized company's accounting departments blush. She pays all of our monthly bills on a low interest credit card. The card always gets paid off on time, so two things hapoen. One is our credit rating is damn near perfect. Two is that we gain a crazy amount of reward points on said credit card.
I'm glad you listed divorce as a top wealth killer. Most financial advice says to start investing young and that's good advice but that is blown away with a couple of divorces.
Great content! Only thing I'd change as a financial advisor, is every time he says gross income, change it to net income. Base your budget on your take home capital!
Great things to avoid. When my parent's got divorced, they had a mature talk and reached an agreement. They didn't go after each other for child support and alimony. What each other owned went with them. I went with my mom while my three sisters went with my dad.
I'm on my second marriage and when I got divorced from my first wife we just had a simple divorce and it was just a couple hundred dollars and we just kept our own stuff.
@@xmusic2049 It's nice to have a non-vicious separation, but i would tend to think that's more of a rarity then the norm. It's just hard to predict what will happen with any divorce.
What the hell is wrong with you guys? No better way than to show complete and utter diadain for the institution of marriage than to keep breaking the pact over and over. You need to see a psychologist and figure out what’s broken inside you.
@haveaday1812 You feel real secure talking like that over a keyboard, with the security that comes with distance. You try saying that to my face. You'll be dropped long before finishing that rant.
@haveaday1812 These days nearly 80% of divorces are initiated by the wife, and in most states, there is little to nothing the husband can do to stop that. So when you shame men for being divorced, most often you are shaming the person who wanted most to make the marriage work. Old Boomers like yourself raised a generation of daughters who don't commit to their marriages anymore. Guess looking in the mirror isn't so convenient.
The more you use a lawyer in animosity, the higher the fees you will pay. Be grown up and accept your shortcomings and the legal fees will be much smaller.
I have to stress the marriage one. Being married to someone with similar goals and who supports you like an amazing partner - GOLD ❤ I think thats definitely the most important one. If you have a great spouse, the rest will follow
I think prenups should be standard and opt out rather than opt in, would save a lot of awkward conversations and make it clearer what someone’s after if they are insisting on not getting one and going against the ‘norm’.
One thing not covered about divorce is the change in your tax rate. I went from married/4 to single/0 on my filing which effectively doubled my tax rate. All told between the cost of my divorce, enforcement when she didn't follow the order and child support...it cost me around $250k. This was without a house, business or any major investments. And pre-nups are not ironclad, the judge doesn't have to accept it and can still rule against you. My portfolio would be WELL into the $1M range if I had invested that money I lost in my divorce. To top it off she brainwashed my son against me so I don't even have that. It was just a giant all-consuming hole. It's not worth it.
I'm truly sorry to hear that she's abusing your son with parental alienation. And it IS abuse. The money can be replaced. Your relationship with your son cannot.
Humphrey great video as always. In my opinion, the two items a younger generation really must pay attention to is divorce and debt. Me, divorced twice in 4-years. Went from full to about 1/16th in that time... and both were fairly simple divorces as they go. You didn't say it, so let me. Divorce attorneys, the whole lot, work together to extend and milk their clients throughout. E.g., they will call each other (but they don't, their assistants do) and bill you for 3-10 calls per week (@$250 ea call). Requests for copies, $500 ea copy plus the bill for the phone call to make the request $750). They are not interested in a quick and fair settlement. If you are getting divorced, avoid attorneys at all costs. If you don't cut them off, they will drag your divorce out for years (multiple friends have gone through same, but worse) and happily charge you along the way. Debt, is math. Just do the math and control your spending. If you can't, don't use credit until you can. Awesome content! Cheers.
Sometimes you have to use an attorney. My mom filed for divorce and refused to consider even informal settlement offers unless provided via an attorney. Wasted thousands using highly paid lawyers as couriers for something they could have worked out in one phone call. Same thing happened with property valuations. My dad wanted to use the valuation from the property taxes to avoid paying 1000s determining the value, my mom wanted them revalued.
That's why I am -- and always have been -- intentionally and blissfully single. Debt-free with a net worth approaching $14 million, no disagreements about money, no financially irresponsible spouse, no costly divorce.
@markbrowning4334 It's great! I don't have to pay for a man. I have a very close male friend for companionship and mutually exclusive relations. He's a fine man and we have a wonderful relationship. Neither of us wants to marry. We are very happy together and get along very well. This type of friendship isn't for everyone, but it works extremely well for us.
I got a 3-year old Acura, and it feels new to me and I managed to buy it all in cash. Definitely could have gone lower $$ and invested more, but I love the car, don't regret it.
@@a32tlI was in the same boat, as I’ve always liked sportier sedans. I ended up with a 6 year old RDX and haven’t looked back having an SUV as a daily driver. If you don’t need the space though, TLX would be a solid choice
@@HangmansHalo I owned a '16 TLX V6 Advance. Currently own a '21 Accord Touring 2.0T. Love that engine but Honda no longer offers it in the Accord. I'm not looking to replace my car in the very near future but when I am ready, I don't want the weaker hybrid Accord. Therefore, I'm considering moving back to a TLX. Don't need or want an SUV. However if I did, I would highly consider the RDX.
I think if you are able to buy a car in cash, then there is nothing wrong with that. It is when you need to take out a loan where there is trouble, If you make a one time payment in cash, you know exactly how much you are paying for this 'hunk of metal.' If you still want the car, then that's totally up to you. The truth is most of us cannot do without a car to get around for work, etc. If this is the case, then I think your method of purchase is the best method.
*The first step to achieving wealth is figuring out your goals and risk tolerance. Either on your own or with the help of a financial planner. And by following through with an intelligent plan, you will gain financial growth over the years and enjoy the benefits of growing your money.*
Same here. Its taken me way too long to get this done, but we are so close to being debt free. I keep hearing other financial gurus talk about debt being good, but they can have it. I'm sick of owing money to anyone. I want that clean slate.
@@markbrowning4334I don’t really care about mortgage debt too much because I have to pay property taxes anyway. So it doesn’t even feel like I completely own my home when it’s paid off since I have to pay 1.5% of its value every single year to the government for no reason.
We bought a brand new car a year ago and it's almost paid for, but we keep them till they die. My other car is a Honda pilot, and it just turned 20 yrs old. We're saving up now for our next car 🚗
13:10 I'm the sort of person who, contrary to the advice of this channel, pays 2/3 or more of my income into my mortgages, not because I have to, but because I enjoy seeing the amount go down. I understand from your other videos that this might distract us from other wealth-building and also neglects the "growth" side of property. But surely I can't be too far wrong this way, can I? This way, we've managed to accumulate four apartments in total, one we live in and the other three we rent out. Given there's not a lot of capital gains on this type of property, we're not "missing out" on lower costs of getting into the next apartment purchase, as they do not rise in cost much over time.
I married a very high income spender and I am frugal to a fault. It actually works well bc logic prevails; we buy low cost index funds, property and not much else. He occasionally checks our joint accounts, smiles and thanks me for “the way I am”.
Those who don’t have anything to lose get married. Those who acquired things or have something to lose understand value of losing what you have worked so hard for. Good luck!
Buy my car used, 3-4 years old. I drive them 12-15 more years, 200,000+ miles. Always do recommended maintenance. Always keep tires and brakes in good condition. Probably spend less than $2,000/ yr on 3 vehicle, plus gas and insurance.
Ex-husband brought house and money to the marriage; I brought earning potential. When we split, I decided it wasn’t fair to take what I didn’t help earn. He kept the house and his money, investments. I busted my hump for 22 years while raising two kids with no child support. Now I’m set to retire early and both kids graduating college without debt. Ex-husband soon to be homeless. The point is: follow Humphrey’s money advice and you will prevail no matter the setback.
@@fonzieog5072 I was a new lawyer. My ex was a software engineer and had a house and retirement account. When we divorced, I took the kids, he kept all his assets. I kept head down and grinding, and now I will reap the rewards.
Getting married and having kids are the biggest killers of souls AND wealth if you don't find the right person. Everyone's first marriage is a test but the 2nd is straight up your fault if it fails, you should have learned.
@firefeethok_tui2355 that is your opinion. there is a guy at work on his 3rd marriage and nationnwide there is 5% of the population on their 3rd marriage and 2.6% on their 4th. 1st marriage divorce is %54 and 2nd marriage divorce is %67 and 3rd marriage divorce is %73. Its a failed experience no matter which way you go.
@kaianthony8077 41 to 43 is the stat for first time marriages. You get higher than that if you add in 2nd or 3rd marriage divorces. I usually check in with the stats when they release the census results which averages over the decade. You will get 43% if you read mid decade articles and don't read the entire article. 43% is still big if you want to go with half stats. Apparently, divorces after covid are down but only cause divorces during covid went up, supposedly, because it's easier to get divorce cases over Skype. I will be interested to see the census numbers in 2030.
@@kaianthony8077 Census information, I check it each decade to see where it is. usually 41-44% is pulling from more current numbers like you will see in Articles from grocery stand magazines or Forbes articles and usually are only accounting for first marriages. If you read the entire article it will include 2nd and 3rd marriage when averaged out, is above 50% if your argument is 56% is bad but 43% is good, then WOW, really settled in to the American failure. Even at 43% its overwhelmingly a bad situation for the men, even though women have equality, they still need a man's money to survive. Apparently divorce is down after covid but that is from the high during covid so not sure there is anything to celebrate there. I look forward to the 2030 stats.
I just started selling options after watching a lot of videos, and researching different companies. Such a huge difference in my life. I'm not rich, but I can't count on getting there eventually.
What would be nice to talk about when it comes to buying a new car is the anomaly that occurring now. Many cars that are two and three years old are very close to the same price as a brand new car in this post pandemic error. And it has little warranty left on it. So in some cases, it’s actually more advantageous to buy the new one.
The real solution is to not buy a car made past 2020. Beyond the stupid prices, many of them use cheaper quality electronics due to the shortage at the time.
there is no advantage to buy a new car on lease in any situation. If you have to lease, you can not and should not afford it. Exception is if the car brings you money.
You missed the one that has been the greatest downfall of my mother's wealth-building career: costly living standards. For all of these debt traps she did quite well, but she had a ridiculous spending problem. "Now that I'm earning more money, I'm also spending more money". She retired last year and has gotten a reality check where she has to cut down on all unnecessary costs in order to be in line with her new monthly income
The flip side of the coin; the single highest factor correlated with wealth is being married to the same person for life. This correlation is higher than any other single factor including education, high salary, and inheritance. From Boston Retirement Research Institute, a very credible think tank. Of course correlation is not causation, but nonetheless interesting.
Getting married does not make financial sense for men. Not these days. Those assets include your 401k and retirement plan. Not to mention your home equity.
@MyOrangeString That only helps for what you had before. What you spend years putting into it while married is fair game. Particularly, if your spouse does not have one. Then that is the 401k for both of you. Half of it gone.
I like to propose adding #6 to your list. Not investing and continually improving on yourself. Let's face it. Most people are not born rich. They have to learn, work, and grind it out throughout their lives and make the most of their skills. Some people are good at math, others art. Some people are great with kids, some with animals. Whatever your niche is......make the most of it. But I see too many people wasting time and not doing squat or anything worthwhile with their lives. I have a distant cousin who's 30 who still lives with her mom and has never held down a job longer than 4 months. IMO this is the ultimate wealth killer.
Interesting to learn the divorce stats on second and third marriages. I had a high school teacher that had three marriages. My brothers and I all took her class...but she had a different last name each time she taught us.
Yeah i really think society needs to re-think marriage and the importance people put on it and the way finance law treats it. It's a major issue for everyone. You can be with a partner for life and not need to marry them. But everyone is pressured to because of religion, the wedding ceremony industry, and the incentive of joint filing tax benefits and next of kin rights (Which should function more like chosen beneficiaries rather than being tied to marriage). But that comes at the cost of there being HORRIFIC financial ruin if you get divorced without a pre-nup. As someone with parents who have both been through multiple divorces ending in financial ruin, while also having a 80-something year old uncle who's very happily been with his girlfriend for DECADES without getting married. I have very strong feelings on this lol. Marriage isn't worth it and your relationship isn't made better by it and it's not needed.
Not everything in life needs to be seen in a financial light. I understand that the financial fallout sucks, but people are not just financial robots. The truth is they do make decisions based on religion or culture, love, family, community and many other things that you can’t just say aren’t worthwhile for anyone just because they aren’t what you would prioritize
@@joelplatt2651 That's great and all but the problem is it's been forced to be a societal standard for everyone. If someone wants to get married and take that risk, they can. Literally no one is stopping them. But there's literally no alternative for the rest of us. It's been forced to be a financial incentive and next of kin rights that people who don't get married are excluded from and that's objectively wrong. That's the problem. By your own logic of not making everything financial. Marriage should be about love/religion/whatever only and have no financial/next of kin benefits single or partnered but not married people can't get. That's my point. The fact that marriage has exclusive financial benefits means it's also a financial decision and it's incorrect for you to posit that shouldn't equally be a factor in whether or not people decide to do it. But just like society has intended. You are ignoring that and making it an idealic thing that you should just do without thinking about the financial side.
@@VMYeahVN I’m with your comment. The entire legal and financial system in the United States benefits a married person much more than a person who isn’t.
@Kevin-fm1vn I don’t think that spam reference was directed at me? I think that you’ll that it’s pretty easy and reasonable to ignore if you have 5+ considerations you prioritize over financial fallout on the chance your marriage fails. I know I’m going to get dog piled on but maybe you should get screwed as the higher earner. If you think of it like a failed business relationship, you’re going to split the business fairly regardless of who was the revenue generator and who was the office manager if you both own 50% stake
I agree, society does need to rethink marriage: people need to stop treating it as a decision to be made without much thought and not treat divorce as an easy way out. Once upon a time, “till death do us part” actually meant something; how about people work to stay married rather than just give up? (Obviously not talking about relationships with abuse or things like that)
The idea that car overshot is 12k per year seems high. if you buy a $30k car that makes 30MPG and you drive 12k miles per year and assume it completely dies in 10 years… 2-4 oil changes per year- $450 Pads - $400 1/4 set of tires - $200 1/4 set of rotors - $200 Gas at $4- around $1600 1/10 of your depreciation. $3k Insurance $400 Registration/tax $400 Other repair and maintenance items: $1000 That gets you to around 8k… which is a lot, but I am overestimating depreciation and chose a not fuel efficient car. You could add parking, but people have different needs and options. Unless your car has a Major failure, a “normal” car is not costing you 12k unless you are doing extra math…
Your father divorced three times?! I wonder what lead him down this path. I remember you saying that your father was very responsible with money and that, even if he could afford it now, he often didn't want to spend any money to better his daily life because he prefered to save it. So, it's a bit surprising.
I'm from Turkey. The dollar/turkish lira rose up so much last few years but stable. They have raised compound interst to %58 year. Compound interest in Turkey is amazing atm. People praise %8 per year. Yeah, I'm making that in a month. And dollar expected to pull back too.
Can you do a video on how to budget and save for consumer items and or vacations cause all the videos are like save but don't touch what would be some good tips to keep the growth going but also enjoy life?
I own a Daewoo Matiz since 2011 it costs me $20 in insuranse a year, a $30 in new battery every 3 years, $50 in replacement clutch and work every 4 years and $15 in fuel, oils, fluids and so on every week I do actually drive. Not all cars are money eaters!
The divorce resonates with me, but it wasn’t even divorce, just my defacto partner, not married, up and left out of the blue and then came after my pre relationship money and assets that we had always agreed were separate. Because of these verbal agreements and promises I never had the prenup signed that I had initially suggested, because I trusted them. Once they left me they were horrendous. Their father was a family lawyer and they came at me hard. It broke my heart a second time, and far worse than them leaving me. I will never make that mistake again. It set me back so much financially. Only good thing was all our mutual friends turned on them and sided with me when they saw how awful they were being.
Wow looking at those car statistics I’m feeling very validated by living in SF and not having a car after college haha. Sure, my rent is $1500 a month, but I’m saving almost my rent’s worth of income by avoiding a car
Lmao how many people didn't look at life through what's optional financially and still ended up in divorce almost half of the people get married today end up in divorce. It's a reality. And guess what, most of them now, especially men will say they wished they signed a prenup. Life isn't fair and marrying someone without any financial protection in the future in case of divorce is a suic1de.
9:43 - As an avid patron of Chipotle, I don't understand where you get the $15 price tag for a bowl from. In my state I can still get a chicken bowl for $10+ with tax. And in searching around online, many places still sell bowls for less than that. $15 is what I pay If I get steak AND guac. And for those than don't want to down that many calories at once, its common to buy a bowl and a couple tortillas, effectively halving the cost of the meal to make way for two.
Getting a prenup done is one of the best ways to test whether you're relationship will likely last in the long term because it requires good communication and boundries and shows where everyone's priorities lie. If you and your spouse can't get together and write up a fair pre-nup, you'll immediately know you're not compatible so you then don't waste your time. Make sure both of yall have your own lawyers for your own legal counsel for the prenup.
People always mention the figures of missing the 10 best days in the market vs staying invested, but you’re just as likely to miss the worst days. Would be interesting to see a chart of staying invested vs missing the 10 worst days of the market!
Marriage is a commitment. I don’t see it as a wealth killer. Sure if I get divorced then my finances are taking a hit. But I married my high school sweetheart. She has always been smarter than me and even got a Ph.D. I ended up becoming an air traffic controller which is more than enough for us to live on a single income. We decided it was better for her to stay home and raise our kids. Sure…on paper it’s me that has brought in all the money. But it is just as much her money as it is mine. If you think you should be able to walk away after 20 years and say it’s all your money then that says a lot about you. If people don’t want to be married then that’s fine. I’m not suggesting you can’t have a relationship - even a long term relationship without being married. But those aren’t life partners and it’s not commitment. Those are kites and by that I mean you just want to cut the cord if it gets caught in the wind and walk away. Now if you’re in a potential situation where you’re walking in with $1 million and the other has $50k then sure - that’s different but I don’t think that applies to many people.
Homosexual couples were not allowed to marry until recently. I am fairly certain many of them were just as committed to their partners (if not more committed) than you.
Prenups are stupid, especially if you are just starting out in life. If you are starting out, make sure. Work at making it successful, be much better off.
I usually look up your videos for updates! Our government has no idea how people are suffering these days. I feel for people with disabilities not getting the help they deserve. Thank you Ms Rachael Campbell, imagine investing $12,000 and received $305,500.
Mrs Rachael Campbell was my hope during the 'bear summer' last year. I did so many mistakes but also learned so much from it, and of course from Rachael Campbell.
just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
My advice when you younger buy a reliable vehicle just past warranty i buy American so typically 3 years old or more than 36k miles. I now have moved to the next phase buy new and drive it to 200k miles and take care of it im tired of trucks rusting and think i can do a better job keeping it nice if im the first owner.
I have only a mortgage & no other debt. My car is 13 years old, w/128k miles & I bought her brand new and kept her maintenance up! Repairs are needed & are roughly going to cost the same price as my car is worth. Should that money go towards a down payment towards a newer car or pay the repair bill of 3k and keep my car? I ONLY want to go into car debt if I am losing money with repairs since my car is worth 3k. Thoughts 💭?
That’s just assuming the man was the breadwinner. I was raised by a woman who purchased the home and financed majority expenses. Of course her “wealth” was affected in divorce because she had a higher income he didn’t purchase or pay for much. That’s just how it works. 🤷🏽♀️
A quick stat nitpick - correlation is not causation. Getting a divorce the first time doesn’t necessarily cause the second divorce. A person likely to divorce once may be likely to do it again, but reading the stats say doing it once will make you do it again is weird.
A prenuptial agreement involves more than just establishing terms; it entails strictly adhering to the rule of keeping finances separate, without mingling funds, especially when purchasing property jointly. Maintaining it isn't straightforward; both parties must devoutly adhere to its provisions.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
Did you make a video for parents and graduating seniors not to spend or borrow huge sums of money for not so high demand or useless degrees on expensive private U or out of state State U? I know someone in late 20’s already put down payment and bought a home from money saved having gone to a state U.
I know a well known thoracic surgeon who works in the San Jose Area. Despite the fact he makes a “ton of money” for his surgical procedures, he lives in an old one bedroom apartment and drives an old “beat-up” Honda Accord. When I asked him about his car, he said the choice of his car was the result of having to pay alimony for 7 ex-wives!!! He was as poor as a mouse!!! 🤣🤣🤣🤣
@@thetapheonix California law lol, whether or not you think they deserve it, he should have known what he would get into when getting MARRIED. His fault if he had poor prenups or none at all
Wait, do you think cryptocurrency will crash? I don't think so. I'm using Eledator, traders just do business instead of me :) I don't afraid even if crypto will crash
What about missing the 5, 10, 30 worst days? Was that factored in your graph? I happened to time the Great Recession very well and made a killing. However, I timed the tech implosion in 2000 or 2001 about as poorly as anyone.
It's crucial to understand the financial impact of divorce and take steps to protect your wealth. Educating yourself about personal finance, investing in your skills, and considering a prenuptial agreement are smart moves to safeguard your assets and financial well-being. 💰
wawo9193 Like roads? I mean they’re not free obviously I know taxes go to them. But to most people they’re absolutely invaluable and each of us only had to pay like .0000000001% of the total cost to build and maintain them and we get to use them whenever we want? Sounds like a good deal to me
Hopefully you enjoyed this video. And the video game theme ;) Access my stock portfolio and our community chat here ➡ whop.com/critical-wealth
I didn't enjoy the sexist thumbnail. Do better dude.
@brycethomassub Hurts because it’s true 😂
@@BryceThomassub quit being a crybaby. you'd probably be even more offended if the thumbnail showed the woman in struggles but the man with money. be better dude.
Quick note on the notion that if divorce once, you are more likely to to have a 2nd and 3rd divorce than you had having the 1st divorce. This might be true on population level, but I am almost certain not for an individual. A person who ends up divorced three times likely had a much higher chance to divorce their first partner compared to the general population. To clarify the point, if you crash your car three times in a year, there likely was a much higher chance of you crashing the first time than the rest of us had. You are just a bad driver (or not marriage material).
I have the oldest car at work, but the feeling of having no car payment is well worth it.
Beaters bring you down, though.
@ what do u mean, sis?
@@maxdudomite You feel crummy driving an old worn-out car.
Being married to the wrong person can also be a wealth killer. My finances are soooo much better post divorce.
I bet they are
I'm definitely more financially stable ... almost a year later & she's filing for bankruptcy now
Yea, because you got money in the divorce, and if you have kids, it's another income stream. My mom got 500k from her divorce, and no child support was needed, I am over 25
@@jkow814 they conveniently leave out the alimony ,child support , and loss of the man’s pension part
Absolutely, staying married to the wrong person is a wealth killer.
I'm so glad you talked about cars being a money killer.
Even if you get a car well within your budget, you still have to pay for insurance, parking (sometimes even at work, as well as your apartment), gas, washing it every week, other maintenance, miscellaneous repairs.
Furthermore, if you get in an accident (even if you're not at fault, nor injured) your life is going to be turned upside down for a few weeks and it's so stressful.
I now live in a place where I don't need to have a car anymore. I miss the late night drives but I'm so much happier (and wealthier) now.
On the other hand... Divorce is the #1 wealth creator for lawyers
@@scot909😂
Although those who are married & stable are far richer
And women
@@greggpurviance7252u til there served papers and being married doesn’t mean your happy you can be in a financial prison because of it
@@greggpurviance7252which is statistically less probable to happen lol
My 2006 Corolla is still running just fine. I ain’t too proud.
Teach me how
I had a 2006 Corolla that I bought when I was 18 back in 2007 and I kept it until somebody rear-ended me and totaled it a few years ago. I was very sad about it. Now I have a 2014 ½ Camry that I also love.
234k on my 2013 accord. It's been building my wealth for awhile.
@@levioneill9677so glad to hear this. Driving my grandpa's 05 accord that only has 83000 kms
@@levioneill9677holy shit dude nice, I got my 2001 toyota camey at 34k miles, currently at 87k hoping to make it to 250k 🫱🏻🫲🏼
fantastic video Everybody wants to be financially independent and live a better life. With savvy investing, an inexpensive lifestyle, and diligent budgeting, this is not difficult to do. I'm glad I realized early on that achieving financial freedom requires hard work.
My belief is that making a wise investment is a fantastic way to save money for the future as well as a way to generate passive income. Those who make poor mistakes early in life regret them later in life. But, if done alone, investing may be challenging and risky. For this reason, I suggest consulting experts for advice (financial advisors). The difficulty lies in effectively employing it, not just watching videos and reading investing books.
I genuinely believe that having the necessary knowledge is important to the success of any investment, and I say this as an OAP with much experience. Whatever you set your mind on, do it regardless of what others may say. Be fearful when others are greedy, and greedy when others are fearful, advises Warren Buffer often. This is surely the key to succeeding while others fail. I made $100,000 working with a financial advisor. Working with an advisor has proven to be a promising experience thus far.
Pssst hey bots I think you forgot to finish this comment thread
@@hombretropical3028 i think that there was probably supposed to be another bot asking them which advisor they recommend, and then they start throwing names. It is kind of frightening how advanced these bots are becoming, though. They start a thread talking about general stuff and only later start introducing names. I just recently started noticing this, earlier they always just wrote a single large post promoting some financial advisor or promoting someone who gives betting tips, etc., at least to my knowledge. It is getting harder to distinguish bots from real people online.
It’s important that you don’t get divorced, so don’t marry the wrong person if you want to protect your well. That said, you absolutely should get married, because not getting married shorten your life by 10 years. Good luck!
Debt is absolutely the number one killer. You're spending money you don't have on something and then paying interest on that money, which is already a problem because you don't have it. Get out of debt.
Very simple, and 100% true. Anything else is irrelevant until this step is taken care of (I don't include mortgage here, though - a mortgage is a bill that lasts for 25 years for most people).
It's amazing how quickly one can build wealth when one has no debt.
Unfortunately debt is a necessity in certain professions and there are very few ways around that. Educational debt is similar to a mortgage, it's meant to be an investment.
@@briancruz6661 Be discerning, though, on the actual financial value that that educational investment brings. A $100,000 gender studies degree is not a wise investment, in my opinion.
BS. Debt is necessary in building wealth. It’s when you misuse it and overspend that causes the problem. Your debt gets mostly deflated over time and helps boost your return on equity.
this isn’t the scope of the channel, but the fact that divorce is such a major wealth killer shows us that everybody who wants to get married needs to educate themselves on how to have healthy communication, to know their feelings, and to have good judgment in relationships, in addition to getting a prenup. much less straightforward than learning about personal finance, but so important for an overally healthier happier life.
Remember that prenups don't hold up as well when children come into the mix.
@@basilman121 Yea Kids, those lovable little Budget Busters. They have a knack for laying waste to the best financial planning. Lol.
The problem is that the state has incentivised women to seek out divorce.
The other thing to remember is that a big majority of people do not get divorced. 70% of first time marriages go the distance.
What drives up the divorce rate is that the people who get divorced the first time keep getting remarried and divorced again, and this skews the statistics to give us the commonly cited “40-50 percent” number.
The way people casually bounce from bed to bed with any old body these days, I'm really not sure why they would have any notion of getting married.
I can attest divorce is costly ($65,000 personally). I was divorced due to domestic violence and infidelity. My advice: Know the person you are marrying. Ask many questions!
@@JulieStevenson752 and for goodness sakes, there's no rush.
@@JulieStevenson752not enough these days. Put everything in an llc
...and you still don't know how your partner may change after a few years of marriage.
The odds of marrying the right spouse for life is like winning in the lottery
Or, how about don't get married? What is the point of this outdated piece of paper?
#6. Lifestyle. Some people have too extravagant lifestyles in relation to their income. For instance, alcohol is not only expensive in itself, but there are secondary costs such as accidents, bad/impulsive financial decisions and bad social decisions that lead to divorce etc.
I'd retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $120K per year but nothing to show for it yet.
I am three years out. Start with maxing employer match on 401k, max your limited IRA space each year. Be debt free when you retire. Have at least 3 months expense in short term (money market, t-bills etc) . The key is aggressively cutting expenses to hit a min 15% savings target. Being only 8 years out I would shoot for 25% (I am currently at 35%). Low cost index funds (vanguard, fidelity).
You should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/ planner
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28 fact forward timo I'm 57 now not laid off
Walter James Henry is the licensed fiduciary I use.
@Gainwithwalter7
Marrying the right person can be a wealth multiplier. Everything we have we’ve gotten together ❤
The math is not mathing. Not worth it for most Men now a days tbh. 😊
by we, u met him😂
And divorcing the right person can also be a wealth multiplier to the other party, 😅
The math is very simple when both people have careers and a common path. Only if your partner is heavily financially irresponsible is it that much of a detriment @@markoDhex
Men build women move in
I'm rather famous in my social circle for being a lifelong bachelor. i play it off as whatever the person ribbing me says is the reason (high standards, scared of commitment) I even let them think that somebody has thoroughly wronged me and i am a jaded and angry person, even though literally no evidence points to this fact.
the honest fact is I was and am very aware than a single divorce would crush my goal to be able to retire. nevermind wealth per se - wealth is just a tool or means to an end. I want to retire and I concluded at an earlier age that divorce would either make it significantly more difficult or outright impossible
it sounds jaded to type out and if you want to think that, like the first paragraph says, I would let you think that. but it doesn't change the underlying reality.
Just don’t lie to your dates by pretending to be interested in a real relationship
@M_SC bro absolutely lie your way into as many vaginas as possible. It's all fair in love and war.
Called a prenup my guy.. and if the woman won't sign, she's doing you a favor and showing her hand early.
@@M_SCLOL, how stupid. Not everyone cares about marriage. And there are plenty of "real" relationships outside of those shackles. I also know plenty of married people who can't stand each other. Wedded bliss indeed
...
@@dre32pittWhy assume it is the "woman" who won't sign? I am a woman, and I am the breadwinner in my household.
I to a 100% agree with all of them. And my mantra for using my credit cards is: If I cannot afford to pay it off in the same month, I cannot buy it! Somewhere I read or saw a video where it was explained that people like me who pay off their credit cards monthly in full are called "deadbeats" by the banks. Proud to be one!!!!
Or the Minority Mindset mantra: if you can’t afford to buy 5 of something at one time, you can’t afford to buy one.
Same. I pay everything off and my credit is TERRIBLE!
Weird I do this and my credit is great.
@@robinmiller871 I always pay off my credit cards before they accrue interest and my credit score is over 830. Just keep at it. Do not close any old cards. That lowers your average age of credit which has a negative impact on your score.
My wife, who completely handles our finances, is a master at organizing things. She has a spreadsheet just for our modest household that would make a lot of mid sized company's accounting departments blush.
She pays all of our monthly bills on a low interest credit card. The card always gets paid off on time, so two things hapoen.
One is our credit rating is damn near perfect. Two is that we gain a crazy amount of reward points on said credit card.
I'm glad you listed divorce as a top wealth killer. Most financial advice says to start investing young and that's good advice but that is blown away with a couple of divorces.
50% with ONE divorce.
Great content! Only thing I'd change as a financial advisor, is every time he says gross income, change it to net income. Base your budget on your take home capital!
Great things to avoid. When my parent's got divorced, they had a mature talk and reached an agreement. They didn't go after each other for child support and alimony. What each other owned went with them. I went with my mom while my three sisters went with my dad.
I'm on my second marriage and when I got divorced from my first wife we just had a simple divorce and it was just a couple hundred dollars and we just kept our own stuff.
@@xmusic2049 It's nice to have a non-vicious separation, but i would tend to think that's more of a rarity then the norm. It's just hard to predict what will happen with any divorce.
@@florious80Not true. I know plenty of people who divorce and keep things amicable and civilized (myself included). I'm still friends with my ex.
As a son of one "please for the love of God just divorce already"
I envy deeply the sons of civil divorces
Sounds utopic
Best wives:
1) Wife 1
2) Wife 4
3) Wife 2/3
😂
Just finished wife #2 and yeah so far this seems pretty legit! Lol
What the hell is wrong with you guys? No better way than to show complete and utter diadain for the institution of marriage than to keep breaking the pact over and over. You need to see a psychologist and figure out what’s broken inside you.
@haveaday1812 You feel real secure talking like that over a keyboard, with the security that comes with distance. You try saying that to my face. You'll be dropped long before finishing that rant.
@haveaday1812 These days nearly 80% of divorces are initiated by the wife, and in most states, there is little to nothing the husband can do to stop that. So when you shame men for being divorced, most often you are shaming the person who wanted most to make the marriage work. Old Boomers like yourself raised a generation of daughters who don't commit to their marriages anymore. Guess looking in the mirror isn't so convenient.
Divorce is underrated. My parents wasted so much money on lawyers. Hundreds of thousands of dollars. The process lasted over 2 years.
A close buddy of mine is going through a nasty divorce right now. He said the same thing … this will be $100-200K on lawyer fees alone. Insane.
The more you use a lawyer in animosity, the higher the fees you will pay. Be grown up and accept your shortcomings and the legal fees will be much smaller.
I guess a lot of people don't realize you can do your own divorce for a few hundred dollars. No lawyers needed.
Best wealth builder: study law
I have to stress the marriage one. Being married to someone with similar goals and who supports you like an amazing partner - GOLD ❤ I think thats definitely the most important one. If you have a great spouse, the rest will follow
I think prenups should be standard and opt out rather than opt in, would save a lot of awkward conversations and make it clearer what someone’s after if they are insisting on not getting one and going against the ‘norm’.
One thing not covered about divorce is the change in your tax rate. I went from married/4 to single/0 on my filing which effectively doubled my tax rate. All told between the cost of my divorce, enforcement when she didn't follow the order and child support...it cost me around $250k. This was without a house, business or any major investments. And pre-nups are not ironclad, the judge doesn't have to accept it and can still rule against you. My portfolio would be WELL into the $1M range if I had invested that money I lost in my divorce. To top it off she brainwashed my son against me so I don't even have that. It was just a giant all-consuming hole. It's not worth it.
I'm truly sorry to hear that she's abusing your son with parental alienation. And it IS abuse. The money can be replaced. Your relationship with your son cannot.
Humphrey great video as always. In my opinion, the two items a younger generation really must pay attention to is divorce and debt.
Me, divorced twice in 4-years. Went from full to about 1/16th in that time... and both were fairly simple divorces as they go. You didn't say it, so let me. Divorce attorneys, the whole lot, work together to extend and milk their clients throughout. E.g., they will call each other (but they don't, their assistants do) and bill you for 3-10 calls per week (@$250 ea call). Requests for copies, $500 ea copy plus the bill for the phone call to make the request $750).
They are not interested in a quick and fair settlement. If you are getting divorced, avoid attorneys at all costs. If you don't cut them off, they will drag your divorce out for years (multiple friends have gone through same, but worse) and happily charge you along the way.
Debt, is math. Just do the math and control your spending. If you can't, don't use credit until you can. Awesome content! Cheers.
Why use an attorney at all? I did my divorce myself, and we kept things amicable.
Sometimes you have to use an attorney. My mom filed for divorce and refused to consider even informal settlement offers unless provided via an attorney. Wasted thousands using highly paid lawyers as couriers for something they could have worked out in one phone call. Same thing happened with property valuations. My dad wanted to use the valuation from the property taxes to avoid paying 1000s determining the value, my mom wanted them revalued.
Biggest I learned from this is getting married is a wealth killer
That's why I am -- and always have been -- intentionally and blissfully single. Debt-free with a net worth approaching $14 million, no disagreements about money, no financially irresponsible spouse, no costly divorce.
Sure......
Why buy the cow when you can get the milk for free?
@markbrowning4334 It's great! I don't have to pay for a man. I have a very close male friend for companionship and mutually exclusive relations. He's a fine man and we have a wonderful relationship. Neither of us wants to marry. We are very happy together and get along very well. This type of friendship isn't for everyone, but it works extremely well for us.
Married couples are wealthier than single people
@@d_all_in Except for one couple, not the ones I know.
I got a 3-year old Acura, and it feels new to me and I managed to buy it all in cash. Definitely could have gone lower $$ and invested more, but I love the car, don't regret it.
Which model? I’m thinking of a TLX for my next vehicle.
Yeah okay buddy
@@a32tlI was in the same boat, as I’ve always liked sportier sedans. I ended up with a 6 year old RDX and haven’t looked back having an SUV as a daily driver. If you don’t need the space though, TLX would be a solid choice
@@HangmansHalo I owned a '16 TLX V6 Advance. Currently own a '21 Accord Touring 2.0T. Love that engine but Honda no longer offers it in the Accord. I'm not looking to replace my car in the very near future but when I am ready, I don't want the weaker hybrid Accord. Therefore, I'm considering moving back to a TLX. Don't need or want an SUV. However if I did, I would highly consider the RDX.
I think if you are able to buy a car in cash, then there is nothing wrong with that. It is when you need to take out a loan where there is trouble, If you make a one time payment in cash, you know exactly how much you are paying for this 'hunk of metal.' If you still want the car, then that's totally up to you. The truth is most of us cannot do without a car to get around for work, etc. If this is the case, then I think your method of purchase is the best method.
*The first step to achieving wealth is figuring out your goals and risk tolerance. Either on your own or with the help of a financial planner. And by following through with an intelligent plan, you will gain financial growth over the years and enjoy the benefits of growing your money.*
*Browse Donald Nathan Scott for more insights.*
Bold comment.
I hate debt. Paid house off in 6 years
Same here. Its taken me way too long to get this done, but we are so close to being debt free.
I keep hearing other financial gurus talk about debt being good, but they can have it. I'm sick of owing money to anyone.
I want that clean slate.
@@markbrowning4334I don’t really care about mortgage debt too much because I have to pay property taxes anyway. So it doesn’t even feel like I completely own my home when it’s paid off since I have to pay 1.5% of its value every single year to the government for no reason.
@@ourtube4266 To each their own.
I have mortgage with low interest rate. Best decision of my life.
We bought a brand new car a year ago and it's almost paid for, but we keep them till they die. My other car is a Honda pilot, and it just turned 20 yrs old. We're saving up now for our next car 🚗
13:10 I'm the sort of person who, contrary to the advice of this channel, pays 2/3 or more of my income into my mortgages, not because I have to, but because I enjoy seeing the amount go down. I understand from your other videos that this might distract us from other wealth-building and also neglects the "growth" side of property. But surely I can't be too far wrong this way, can I? This way, we've managed to accumulate four apartments in total, one we live in and the other three we rent out. Given there's not a lot of capital gains on this type of property, we're not "missing out" on lower costs of getting into the next apartment purchase, as they do not rise in cost much over time.
My friend is a divorce lawyer in WA state. He says he see's judges just throw out the prenup quite frequently.
1:10 Random fact: Prenups are illegal in Quebec, Canada. If they were signed in another province, they will be valid, but otherwise they wont.
Humprey is the most rational and informed financial commenter I have seen on YT. I see why he is over 1M subs.
Agreed.
So only marry someone higher net worth, got it. Thanks Humphrey!
🫣
I married a very high income spender and I am frugal to a fault. It actually works well bc logic prevails; we buy low cost index funds, property and not much else. He occasionally checks our joint accounts, smiles and thanks me for “the way I am”.
This
Always sound advice.
@@BuyLessJess This should be a criteria for marriageability. My breadwinner friends that married high spenders are not happy.
Those who don’t have anything to lose get married. Those who acquired things or have something to lose understand value of losing what you have worked so hard for. Good luck!
Buy my car used, 3-4 years old. I drive them 12-15 more years, 200,000+ miles. Always do recommended maintenance. Always keep tires and brakes in good condition. Probably spend less than $2,000/ yr on 3 vehicle, plus gas and insurance.
Ex-husband brought house and money to the marriage; I brought earning potential. When we split, I decided it wasn’t fair to take what I didn’t help earn. He kept the house and his money, investments. I busted my hump for 22 years while raising two kids with no child support. Now I’m set to retire early and both kids graduating college without debt. Ex-husband soon to be homeless. The point is: follow Humphrey’s money advice and you will prevail no matter the setback.
Amazing🎉
What do you mean by earning potential?? What were your sources of income?
@@fonzieog5072Inheritance.
@@fonzieog5072 I had just passed the bar exam.
@@fonzieog5072 I was a new lawyer. My ex was a software engineer and had a house and retirement account. When we divorced, I took the kids, he kept all his assets. I kept head down and grinding, and now I will reap the rewards.
Getting married and having kids are the biggest killers of souls AND wealth if you don't find the right person. Everyone's first marriage is a test but the 2nd is straight up your fault if it fails, you should have learned.
First part is true. Second part of what you said is nonsense. Its complicated and nothing to do with conscious “fault”.
@firefeethok_tui2355 that is your opinion. there is a guy at work on his 3rd marriage and nationnwide there is 5% of the population on their 3rd marriage and 2.6% on their 4th. 1st marriage divorce is %54 and 2nd marriage divorce is %67 and 3rd marriage divorce is %73. Its a failed experience no matter which way you go.
Where are you getting your statistics from? Overall divorce rate is under 43%, not 56%.
@kaianthony8077 41 to 43 is the stat for first time marriages. You get higher than that if you add in 2nd or 3rd marriage divorces. I usually check in with the stats when they release the census results which averages over the decade. You will get 43% if you read mid decade articles and don't read the entire article. 43% is still big if you want to go with half stats. Apparently, divorces after covid are down but only cause divorces during covid went up, supposedly, because it's easier to get divorce cases over Skype. I will be interested to see the census numbers in 2030.
@@kaianthony8077 Census information, I check it each decade to see where it is. usually 41-44% is pulling from more current numbers like you will see in Articles from grocery stand magazines or Forbes articles and usually are only accounting for first marriages. If you read the entire article it will include 2nd and 3rd marriage when averaged out, is above 50% if your argument is 56% is bad but 43% is good, then WOW, really settled in to the American failure. Even at 43% its overwhelmingly a bad situation for the men, even though women have equality, they still need a man's money to survive. Apparently divorce is down after covid but that is from the high during covid so not sure there is anything to celebrate there. I look forward to the 2030 stats.
1:07 Signing a prenup isn't a guarantee of any sort, because it can be overruled by the court decision.
I just started selling options after watching a lot of videos, and researching different companies. Such a huge difference in my life. I'm not rich, but I can't count on getting there eventually.
What would be nice to talk about when it comes to buying a new car is the anomaly that occurring now. Many cars that are two and three years old are very close to the same price as a brand new car in this post pandemic error. And it has little warranty left on it. So in some cases, it’s actually more advantageous to buy the new one.
The real solution is to not buy a car made past 2020. Beyond the stupid prices, many of them use cheaper quality electronics due to the shortage at the time.
there is no advantage to buy a new car on lease in any situation. If you have to lease, you can not and should not afford it. Exception is if the car brings you money.
4:23. Explains why he is still single. Smart man!
Thank you for your research. I find your videos are well done. RIght now I'm keeping an eye on Eledator
You missed the one that has been the greatest downfall of my mother's wealth-building career: costly living standards. For all of these debt traps she did quite well, but she had a ridiculous spending problem. "Now that I'm earning more money, I'm also spending more money". She retired last year and has gotten a reality check where she has to cut down on all unnecessary costs in order to be in line with her new monthly income
Divorces can turn a man crazy with anger and frustration. Eternal Misery .
I used to play soccer and all the angry, crazy players were divorced men.
9:44 the one constant is chipotle still gives you e-coli and staph.
Really enjoy the gamey touch to your recent videos!
thanks!! I love games so it made sense lol
Love the old school game vibes from this video. Nice visuals.
All comments about divorce, true mirror of this society
The flip side of the coin; the single highest factor correlated with wealth is being married to the same person for life. This correlation is higher than any other single factor including education, high salary, and inheritance. From Boston Retirement Research Institute, a very credible think tank. Of course correlation is not causation, but nonetheless interesting.
Getting married does not make financial sense for men. Not these days. Those assets include your 401k and retirement plan. Not to mention your home equity.
Do a prenup. Solved.
@MyOrangeString That only helps for what you had before. What you spend years putting into it while married is fair game. Particularly, if your spouse does not have one. Then that is the 401k for both of you. Half of it gone.
@@MyOrangeStringprenups are routinely thrown out in court when push comes to shove. They are meaningless.
Made financial sense for me. & many men & women I know.
Find a partner with the same ambitions and goals as you. Two incomes are better than one.
I like to propose adding #6 to your list. Not investing and continually improving on yourself. Let's face it. Most people are not born rich. They have to learn, work, and grind it out throughout their lives and make the most of their skills. Some people are good at math, others art. Some people are great with kids, some with animals. Whatever your niche is......make the most of it. But I see too many people wasting time and not doing squat or anything worthwhile with their lives. I have a distant cousin who's 30 who still lives with her mom and has never held down a job longer than 4 months. IMO this is the ultimate wealth killer.
Even if you hire a lawyer and sign a prenup, courts very often toss them out.
This is true- the safest way to avoid divorce is to avoid marriage.
Interesting to learn the divorce stats on second and third marriages. I had a high school teacher that had three marriages. My brothers and I all took her class...but she had a different last name each time she taught us.
😂
There seems to be a lot of people that don't understand you can date new people without marrying them.
Any marriage after the first is the triumph of hope over experience.
Yeah i really think society needs to re-think marriage and the importance people put on it and the way finance law treats it. It's a major issue for everyone. You can be with a partner for life and not need to marry them. But everyone is pressured to because of religion, the wedding ceremony industry, and the incentive of joint filing tax benefits and next of kin rights (Which should function more like chosen beneficiaries rather than being tied to marriage). But that comes at the cost of there being HORRIFIC financial ruin if you get divorced without a pre-nup. As someone with parents who have both been through multiple divorces ending in financial ruin, while also having a 80-something year old uncle who's very happily been with his girlfriend for DECADES without getting married. I have very strong feelings on this lol. Marriage isn't worth it and your relationship isn't made better by it and it's not needed.
Not everything in life needs to be seen in a financial light. I understand that the financial fallout sucks, but people are not just financial robots. The truth is they do make decisions based on religion or culture, love, family, community and many other things that you can’t just say aren’t worthwhile for anyone just because they aren’t what you would prioritize
@@joelplatt2651 That's great and all but the problem is it's been forced to be a societal standard for everyone. If someone wants to get married and take that risk, they can. Literally no one is stopping them. But there's literally no alternative for the rest of us. It's been forced to be a financial incentive and next of kin rights that people who don't get married are excluded from and that's objectively wrong. That's the problem. By your own logic of not making everything financial. Marriage should be about love/religion/whatever only and have no financial/next of kin benefits single or partnered but not married people can't get. That's my point. The fact that marriage has exclusive financial benefits means it's also a financial decision and it's incorrect for you to posit that shouldn't equally be a factor in whether or not people decide to do it. But just like society has intended. You are ignoring that and making it an idealic thing that you should just do without thinking about the financial side.
@@VMYeahVN I’m with your comment. The entire legal and financial system in the United States benefits a married person much more than a person who isn’t.
@Kevin-fm1vn I don’t think that spam reference was directed at me?
I think that you’ll that it’s pretty easy and reasonable to ignore if you have 5+ considerations you prioritize over financial fallout on the chance your marriage fails.
I know I’m going to get dog piled on but maybe you should get screwed as the higher earner. If you think of it like a failed business relationship, you’re going to split the business fairly regardless of who was the revenue generator and who was the office manager if you both own 50% stake
I agree, society does need to rethink marriage: people need to stop treating it as a decision to be made without much thought and not treat divorce as an easy way out. Once upon a time, “till death do us part” actually meant something; how about people work to stay married rather than just give up? (Obviously not talking about relationships with abuse or things like that)
The idea that car overshot is 12k per year seems high.
if you buy a $30k car that makes 30MPG and you drive 12k miles per year and assume it completely dies in 10 years…
2-4 oil changes per year- $450
Pads - $400
1/4 set of tires - $200
1/4 set of rotors - $200
Gas at $4- around $1600
1/10 of your depreciation. $3k
Insurance $400
Registration/tax $400
Other repair and maintenance items: $1000
That gets you to around 8k… which is a lot, but I am overestimating depreciation and chose a not fuel efficient car. You could add parking, but people have different needs and options.
Unless your car has a
Major failure, a “normal” car is not costing you 12k unless you are doing extra math…
Your father divorced three times?!
I wonder what lead him down this path. I remember you saying that your father was very responsible with money and that, even if he could afford it now, he often didn't want to spend any money to better his daily life because he prefered to save it. So, it's a bit surprising.
I'm from Turkey. The dollar/turkish lira rose up so much last few years but stable. They have raised compound interst to %58 year. Compound interest in Turkey is amazing atm. People praise %8 per year. Yeah, I'm making that in a month. And dollar expected to pull back too.
Can you do a video on how to budget and save for consumer items and or vacations cause all the videos are like save but don't touch what would be some good tips to keep the growth going but also enjoy life?
Good suggestion
I own a Daewoo Matiz since 2011 it costs me $20 in insuranse a year, a $30 in new battery every 3 years, $50 in replacement clutch and work every 4 years and $15 in fuel, oils, fluids and so on every week I do actually drive. Not all cars are money eaters!
My mom and stepdad built a shed on their property and now he lives in it: and that was the cost of their “divorce”
This is gold 😂
The divorce resonates with me, but it wasn’t even divorce, just my defacto partner, not married, up and left out of the blue and then came after my pre relationship money and assets that we had always agreed were separate. Because of these verbal agreements and promises I never had the prenup signed that I had initially suggested, because I trusted them. Once they left me they were horrendous. Their father was a family lawyer and they came at me hard. It broke my heart a second time, and far worse than them leaving me. I will never make that mistake again. It set me back so much financially. Only good thing was all our mutual friends turned on them and sided with me when they saw how awful they were being.
@@Mrjudsonjames Glock
Wow looking at those car statistics I’m feeling very validated by living in SF and not having a car after college haha. Sure, my rent is $1500 a month, but I’m saving almost my rent’s worth of income by avoiding a car
In SF, You're saving at least that much just in broken glass replacements from the smash and grabs.
Great video. Liked the graphics too.
If you only see life through what’s optimal financially, marriage is a bad deal. But that’s a really unfulfilling lens to live your life through
Lmao how many people didn't look at life through what's optional financially and still ended up in divorce almost half of the people get married today end up in divorce. It's a reality. And guess what, most of them now, especially men will say they wished they signed a prenup. Life isn't fair and marrying someone without any financial protection in the future in case of divorce is a suic1de.
This is a great man. I hope people listen to him.
Divorce problem 6: women will play the victim card to their advantage and claim ’emotional abuse’ to get whatever they want
9:43 - As an avid patron of Chipotle, I don't understand where you get the $15 price tag for a bowl from. In my state I can still get a chicken bowl for $10+ with tax. And in searching around online, many places still sell bowls for less than that. $15 is what I pay If I get steak AND guac. And for those than don't want to down that many calories at once, its common to buy a bowl and a couple tortillas, effectively halving the cost of the meal to make way for two.
Yeah, typically lunch runs me 10.80 a meal. No soda, no sides, just food to sustain until I get home.
Getting a prenup done is one of the best ways to test whether you're relationship will likely last in the long term because it requires good communication and boundries and shows where everyone's priorities lie.
If you and your spouse can't get together and write up a fair pre-nup, you'll immediately know you're not compatible so you then don't waste your time. Make sure both of yall have your own lawyers for your own legal counsel for the prenup.
People always mention the figures of missing the 10 best days in the market vs staying invested, but you’re just as likely to miss the worst days. Would be interesting to see a chart of staying invested vs missing the 10 worst days of the market!
Marriage is a commitment. I don’t see it as a wealth killer. Sure if I get divorced then my finances are taking a hit. But I married my high school sweetheart. She has always been smarter than me and even got a Ph.D. I ended up becoming an air traffic controller which is more than enough for us to live on a single income. We decided it was better for her to stay home and raise our kids. Sure…on paper it’s me that has brought in all the money. But it is just as much her money as it is mine. If you think you should be able to walk away after 20 years and say it’s all your money then that says a lot about you.
If people don’t want to be married then that’s fine. I’m not suggesting you can’t have a relationship - even a long term relationship without being married. But those aren’t life partners and it’s not commitment. Those are kites and by that I mean you just want to cut the cord if it gets caught in the wind and walk away. Now if you’re in a potential situation where you’re walking in with $1 million and the other has $50k then sure - that’s different but I don’t think that applies to many people.
Homosexual couples were not allowed to marry until recently. I am fairly certain many of them were just as committed to their partners (if not more committed) than you.
Prenups are stupid, especially if you are just starting out in life. If you are starting out, make sure. Work at making it successful, be much better off.
I usually look up your videos for updates! Our government has no idea how people are suffering these days. I feel for people with disabilities not getting the help they deserve. Thank you Ms Rachael Campbell, imagine investing $12,000 and received $305,500.
Mrs Rachael Campbell was my hope during the 'bear summer' last year. I did so many mistakes but also learned so much from it, and of course from Rachael Campbell.
I Started with 5,000$ and Withdrew profits
89,000$
just withdrew my profits a week ago,
To be honest it was an amazing feeling
when the profits hits my wallet I wish I
could reinvest but, too much bills
please i'm new here how can i contact her
Whats..... App~
My advice when you younger buy a reliable vehicle just past warranty i buy American so typically 3 years old or more than 36k miles. I now have moved to the next phase buy new and drive it to 200k miles and take care of it im tired of trucks rusting and think i can do a better job keeping it nice if im the first owner.
I actually made more wealth after my divorce. Also, avoid buying a boat and/or and RV.
I have only a mortgage & no other debt. My car is 13 years old, w/128k miles & I bought her brand new and kept her maintenance up! Repairs are needed & are roughly going to cost the same price as my car is worth. Should that money go towards a down payment towards a newer car or pay the repair bill of 3k and keep my car? I ONLY want to go into car debt if I am losing money with repairs since my car is worth 3k. Thoughts 💭?
Own a 2007 BMW (Junk) and a 2013 Truck. Totally agree on the cars. We plan to buy a used car soon.
Lmao, then you have 3 vehicles that need insurance..that's not financial literacy 😂
@@renogunzddragon1900 older cars are usually a lot less to insure.
It's even less as you get older
Cars are a huge conundrum for the economy. If no one buys new cars then no one can buy it used a few years later. I’ve only ever bought used.
Actually, you missed one: Kids outside of marriage is an even bigger wealth killer than divorce. It should have been first, before divorce.
Nice concise presentation with no waffle. Thanks
Divorce steals wealth from men, but increases wealth for women. That's the "equality" we hear so much about.
That’s just assuming the man was the breadwinner. I was raised by a woman who purchased the home and financed majority expenses. Of course her “wealth” was affected in divorce because she had a higher income he didn’t purchase or pay for much. That’s just how it works. 🤷🏽♀️
A quick stat nitpick - correlation is not causation. Getting a divorce the first time doesn’t necessarily cause the second divorce. A person likely to divorce once may be likely to do it again, but reading the stats say doing it once will make you do it again is weird.
The richest women in the world didn't get there by starting companies. . .
Excellent video, superb coverage of the key issues. Thank you !!
This is why less and less people getting married, for it is so pointless...
A prenuptial agreement involves more than just establishing terms; it entails strictly adhering to the rule of keeping finances separate, without mingling funds, especially when purchasing property jointly. Maintaining it isn't straightforward; both parties must devoutly adhere to its provisions.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Elizabeth Wesley too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
Did you make a video for parents and graduating seniors not to spend or borrow huge sums of money for not so high demand or useless degrees on expensive private U or out of state State U? I know someone in late 20’s already put down payment and bought a home from money saved having gone to a state U.
Fyi some states defacto marry you if you cohabitate with someone long enough.
Make sure you’re not avoiding the marriage for nothing 😂
It is like that here in Canada, but I still find it is much less complicated to split from a common law spouse (usually).
The red pill has entered the chat.
All roads lead there.
The red pill is the truth after all.We have to wake up to reality.
Great video Humphrey! I really liked the 8-bit video esthetic!
I know a well known thoracic surgeon who works in the San Jose Area. Despite the fact he makes a “ton of money” for his surgical procedures, he lives in an old one bedroom apartment and drives an old “beat-up” Honda Accord. When I asked him about his car, he said the choice of his car was the result of having to pay alimony for 7 ex-wives!!! He was as poor as a mouse!!! 🤣🤣🤣🤣
Not really funny. He shouldn't have to pay any of that!
Why did he get married 7 times lol
@@PorcelynnnWhy do they deserve any money?
@@thetapheonix California law lol, whether or not you think they deserve it, he should have known what he would get into when getting MARRIED. His fault if he had poor prenups or none at all
Hit us with the facts Humphrey! 👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼
Wait, do you think cryptocurrency will crash? I don't think so. I'm using Eledator, traders just do business instead of me :) I don't afraid even if crypto will crash
It has already crashed
It's inherently worthless
I liked the graphical theme, the font the graphics. It's arcade style. Sparks memories.
I won’t get married unless there’s a prenup.
Beta
Wont protect you. Ask Dr. Dre.
@@matshepherd118 🤡
They only protect you for the wealth you created prior to marriage anything during the marriage is fair game.
@@crunchydee4877 I know. At least something is protected, how I see it.
What about missing the 5, 10, 30 worst days? Was that factored in your graph? I happened to time the Great Recession very well and made a killing. However, I timed the tech implosion in 2000 or 2001 about as poorly as anyone.
Learn from father Yang
It's crucial to understand the financial impact of divorce and take steps to protect your wealth. Educating yourself about personal finance, investing in your skills, and considering a prenuptial agreement are smart moves to safeguard your assets and financial well-being. 💰
My basic car takes most of my money. But I need it.ugh.
if its a necessity then, its a need! But hopefully its not taking up too much of your budget, if it is, think of ways to reduce that cost over time
If only we had car free infrastructure…
wawo9193 Like roads? I mean they’re not free obviously I know taxes go to them. But to most people they’re absolutely invaluable and each of us only had to pay like .0000000001% of the total cost to build and maintain them and we get to use them whenever we want? Sounds like a good deal to me
@@awsambdaman And how did those roads 124 years ago get built before taxes?
@@awsambdaman oh im all about taxes, i meant car-free, not money free, like trains and buses