8 Big Money Mistakes People Regret!
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- Опубликовано: 7 сен 2024
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Looking to learn more? Check out these related articles from Ramsey:
10 Money Traps to Avoid - bit.ly/RamseyMoneyTrapsToAvoid
How to Avoid Timeshare Scams - bit.ly/RamseyAvoidTimeshares
Are Mobile Homes a Bad Investment? - bit.ly/RamseyMobileHomes
what is it about a time share contract that people keep paying for them?
I was unemployed and this guy called and invited me to a timeshare presentation - free food included! I was hungry and unemployed so I said "sure!". I got there, chowed downed and then they tried to close with me and I said was unemployed, broke and no way I could afford this. I could see the manger take the sales guy aside and wasn't happy with him - oh well - I had been honest I was unemployed, but he said no problem come on down! So I did and got my free meal.
They always get people with those free meals 😅 I went to one before and snuck some sandwiches in my bag lol
I had a similar story - my wife and I attended a 1 hour presentation where they gave you $75 for attending, despite us clearly telling the lady "we're just married, we have no money". After a long presentation, they started pressuring everyone, and when they got to us I politely said "We're not interested, we would like our $75 and leave please." Got some resistance, so I mentioned the person's name who had "recruited" us to come, and told them that " told us this would be an hour and it was ok that we were for sure not interested." I think they were cussing under their breath but they did finally give us the money.
I went to a time share presentation. I told them I was single and 20 (I was 28 but I look fantastic 😂). They took back my Danish and coffee
I will watch anything with Jade!!!
She's my absolute favorite!!! 💚
These two work so well together
20 years ago when I was just starting my first full-time job and living in a duplex, a neighbor a couple of duplex's down asked me to co-sign for her power bill - I turned her down but did feel sorry for her as the power company was requiring her to pay a deposit and she did not have the money. I knew not to co-sign for anything, even if it's friends or family.
Scared me when I first started reading your post. Glad you knew better than to co-sign!
Even the Bible says not to sign for another man's (or woman's ) debt
The Ramsey show is definitely in good hands. These presenters are great! 😂👏🏾👏🏾
I love that you shared your financial mistakes
The commentary from you two😂. Love it! New hosts? !!
I got a cool deal to go visit some nice time-shares for a low price in sort of a vacation package deal. It was really nice, but the first day you had to go through the presentation early in the morning. It was like 6am or something. Anyway we went through the timeshare presentation, then they set us up with an aggressive salesman. I kept saying no over and over again, but he would not give up. Then I just started to talk about Jesus and started to share the gospel with him. He then quickly wanted to end the conversation and get outta there!
Great idea! Start your own “presentation” that the salesman doesn’t want to hear!
🤣
That is ABSOLUTELY HILARIOUS! That is the best idea ever and would work in many situations. Thanks for sharing
Living on campus rather than commuting to college. Will forever be my biggest regret.
Whys that
Why was living on college campus your biggest regret? It may be a little bit more expensive, but the convenience of being able to just walk to class and being around other students is part of the college experience. I lived on campus for two years and don't have any regrets. It was an awesome experience and so convenient.
@@charliesteadman9397 I’d say it definitely depends on the college. For my school, there were plenty of apartments that were walking distance from the college, that were significantly cheaper (and you didn’t have to share a room with a stranger)
For me commuting to college was more cheaper that staying in campus and more efficient in terms of utilities (power, wifi, transportation , etc) activities i had outside of school and mind you i live an hour away in a tiny village by the city that houses the college. And besides even if i did live on campus I would still need to have about 30mins to walk to my closest classes from the housing.
Jade’s smashing it 🙌
she fits in so well
My biggest money mistake was when I divorced, and we settled the financials is that the legal separation didn't stipulate that part of the equalization for the retirement accounts was to be transferred in kind, and not a cash settlement. Ended up having to withdraw an extra ~30% more from my own RRSP to pay the withholding tax (well, income taxes) in order to access the cash to settle with. Huge oversight from me and my lawyer which pretty much depleted a decade of retirement savings for me.
Ouch. I heard a similar story where the guy got divorced, then about 20 years later when he was about to retire, he found out that his ex was still on some of his retirement. Cost him half of his retirement and he had to go back to work in a different career due to the reduction :/
Legit question, would you recommend young adults get married in today's society?
🙁🙁🙁
@@AlejandroHernandez-xi4vl Nope.
How bad is your lawyer? Jeez
Getting married was my stupid tax.
You and countless other men out there. Probably the single biggest wealth "re-setter" there is.
Getting married doubled my income and accelerated my financial progress. It’s smart in my book.
Same. It's the gift that keeps giving. Heart break until death do us part instead of the heartbreak of breaking up before marriage.
Oof lol
Hopefully youre not still with her. That would be cowardly of you are
My husband of 40 years bought me- outright- a car for me after TWO weeks of knowing me. We were engaged two weeks later and married six months later.
That's exactly what my husband did with me! 👀
This is fantastic content. Love the host chemistry and the honesty of their testimonies.
My mistake: thinking debt is the only option. Also: not working overtime when offered.
It's important to differentiate between a manufacted home and a mobile home. A manufactured home placed on land will absolutely appreciate in value on par with any other house. Even a properly maintained mobile home on a proper foundation on land will appreciate in value. Modern day manufactured homes are built to the same standards as any other houses built to be affordable for the average person.
You must be a manufactured home salesman. 😂 Not in my area!
@@micahwatson9017 Nope, just someone whose parents bought a new manufactured home and put it on land back in 2000 for a total cost for the whole package of about $85k. That house is worth about $330k now, an appreciation rate basically identical to site built homes in the area. And that house is surrounded by thousands of other manufactured homes on land which did the same thing.
@@eli-bt4heWe came out good when we bought and sold our MH in the Ocala area of FL. I’ll agree with your assessment.
How about cigarettes? They cost about $12 per pack in my state and they do absolutely nothing for those who smoke except give them various health problems and make them smell bad. Those who quit are utterly amazed how much money they are no longer wasting.
If you have an addiction it is an addiction not waste.....
buying a "trailer" isn't automatically the money pit which is always attributed to it. Buying a trailer in a trailer park, where you pay huge lot fees, don't own the land and still have all the other obligations of home ownership is the issue. A trailer (modular home) on a lot that you actually own can be a good investment... ALL houses depreciate or require continuous substantial injections of cash to preserve the value, it's the land on which the house is built on that appreciates.
Some people because of high rents buy a "tiny home" on wheels or foundation and pay 500 for land, water, trash etc and it's better for them. They don't care about equity, it's their home and much cheaper than apartment.
Let me count the ways…… that I’ve done stupid things with money😄🤪 but we’re finally on our way out and can see the light!🙌🏻 Thanks papa Dave!
You're gonna count? How long do I have to be here? LOL
As soon as I hear Nigeria I hang up the phone!!
My wife and I were looking into a mobile/manufactured home a year and a half to two years ago for our first home as that was all we could afford. I always had a sick feeling when it came to it. We looked at some decent ones, even found a potential plot for a new one.... never felt good about it. Now we are in a better place financially to buy something better. Glad this was included in the biggest money mistakes. One that we were close to making. Trust your instincts and think through logic and not emotion!
We bought land and a brand new manufactured home. Nearly paid off and the equity is double. It’s probably because of the 20 acres but it’s was a good investment on our end. But I wish I knew about repairs. They are not standard sizes, like plumbing or door knobs lol
I remember when they said beanie babies would be worth money in the future. Lol
Some of them are, but it's few and far between.
Don’t forget Cabbage Patch Kids. My daughter had a dozen, her kids didn’t want them, so we dropped them at Good Will.
I’m guessing Jade has since paid off her student loans. Just part of an education
Thank you for sharing your experience. Keep up the good work.
“She took advantage of that homie” 😂
Lol
I get it when Jade says she has no idea were the money went. I was working all through college and never seemed to have any money now I have debt and no idea were the money went. College was great for me but, I knew so little about money that I was always in trouble over.
Jade is awesome. I'm seeing some hatorade in the comments, but she's got her stuff together, fits right into the show. Definitely my favorite co-host by far.
She set does fit in.
I totally agree. She has a good on-air presence and is straight to the point.
This lady is fire ! Love her !!!
I wish I can raise my debt ceiling and print my own money.
God OWNS the money. If you're on His side you can do far more than your wishes.
@Spladoinkal I deny the very existence of God, yet I'm debt free and sleep soundly each night. How do you explain that?
I'm sure his devout followers that pray for his financial blessings, yet don't receive them would love to hear your explanation of how an atheist seems to be receiving blessings.
@@fonz-ys6xu Simple, there are certain things God baked into the universe itself so it's not like ONLY Christians can access it it was just designed for His followers. Same reason there are cruel, wealthy people. God's principles for wealth can be accessed by wicked people, they just have to figure out those principles. What do you think witchcraft is? Satan has no power of his own, he steals God's power. Witchcraft is simply tapping into God's power through satan. The thing to remember though is that although it may be ACCESSIBLE, without being a christian, it was designed for God's followers so it's never the full potential. Wealth was designed to be an outreach so that a person could help those in need financially and enjoy the blessing for themselves as well. When non christians tap into this, they tend to horde the money for themselves because they tap into the principles without the lessons that come with them.
So God just let's Satan steal his power? I didn't know you could trick God by using witchcraft.
When you don't pay your woman's debt / not cosigning, she will then accuse you of not loving her enough and call you selfish. Fortunately, that also don't work on me haha
That’s crazy 😮
It doesn’t work on you because you don’t have a dating life, you’re in your 30s living with your parents LOL
Those are the things that people should definitely avoid! Agree!
Everyone has done sth stupid about money it is the people that do not admit it that are still broke - so true. It pays to be humble.
It wasn't stupid at the time, but looking back? HA. In the run up to getting married, I was shelling out money to my fiance to pay her phone bill and some other stuff and of course all my normal bills. After we got settled as a married couple, I got an American Express bill (stupid card to have) that I couldn't pay; AMEX cards had to be paid in full at that time. So I took one of those checks that Citibank Visa had given me and I paid the AMEX bill and then took a few months to pay that off. While I look back now and laugh, it wasn't a laughing matter at the time.
I love going to timeshare presentations because I love the word NO! I will take the free stuff though!
I love the free stuff too lol.
@@EvangelismforGod yep!
Absolutely, I will never say yes and always get the free stuff.
My parent
If I type all my mistakes, I will be writing a book.
One of the classics: "loaning" my brother-in-law money when his then live-in girlfriend took him to the cleaners and he was about to get evicted and his car repo'd. Thirty years later, never saw a dime of the money I "loaned" him. In all fairness, this one is on my wife.
@@hawkeye2958 lol. Negative emotions aren't always bad. It's a good measure in order for you not to be constantly taken advantage of.
“If you loan your brother in law $1000 and he never speaks to you again, was it worth it?” One of my favorites. And I’d consider it if I knew it would work.
@@hawkeye2958 Nah, I'm not bitter. I write it off as the price of admission for front row seats to the Jerry Springer Show that was his life at the time. Live-in girlfriend was a "model" and he was in "luuuuuv". She worked him over pretty good financially. If I could write music, I'm certain there was a country song in there somewhere.
If it’s true you can learn from others’ mistakes, I’ve been a graduate level class on personal finance.
The good thing is that you can always learn and can always improve. Making mistakes isn’t bad. Making the same mistake over and over is.
Very true! Who amongst us hasn't made bad financial decisions, especially in our 20s! You just have to strive to do better over time.
Those who learn from their own mistakes are smart. Those who learn from others mistakes are smart AND wise.
I try to learn from others mistakes as much as possible as that is a lot easier than learning from my own.
You can learn from the mistakes of others when you're paying attention to the whole story.
These two work well together
Not them not wanting to let you off the bus. 😂
A mobile or manufacturered home is not always a bad idea. We bought land and moved a home on to it and raised our family there. The mobile home lost value but the land has appreciated in value.
I agree if you own the land its a great purchase.
Yes! Do a budget and stay out of debt!
Lending a credit card to a family, thats crazy...
"mobile homes don't go up in value" they sure as heck go up in value here in Florida. Just not as much a slab homes does
They’re selling old dirty manufactured homes here from the 80s at 180-280k, who even buys them.
@@DynamicForce5714 no its not 😂
Successful real estate investor once wrote in one of his books (I forgot his name): 'buildings don't go up in value, the land does'
Makes sense since buildings are just man made, they can always build more and require replacement or sometimes expensive maintenance to delay inevitable aging issues.
@@stevenporter863 'buildings don't go up in value, the land does' ?????
The cost of materials does go up.
they can always build more????
I live in a land locked City, no more room.
Correct.
The hosts stories are so funny 😁
My stupid tax? Small stuff that added up! Coffee every morning from Starbucks, lost weight and decided I would not only get new clothes, but new clothes from expensive brands and new shoes just to match my new clothes, buying more food than we could use before it went bad, new kitchen gadgets just so that they’d all match, I could go on. Now I’m trying to fix my mistakes so that I can actually have a savings account.
I remember being taken on a timeshare tour to get €50 off a jet ski trip on holiday. Thankfully I was too broke to sign up but can see how older people with money do.
I had someone send me the same type of PayPal email for my ps3 several years ago. Good thing I didn’t send my ps3
It was definitely a Nigerian prince thing 😂
Wasting money on a timeshare is my dumb money move. Was lucky to get out of it. Never used it and wasted a lot of money.
My ex co-signed for a car for me. Fortunately for him I paid the car off ...and early. Never again.
I opened student loans to pay for 10 courses in my first year then I withdrew from my classes as soon as the money hit my bank account and before the deadline. I did this on purpose so that l can buy stupid handbags. One handbag got stolen by my friend at the time and others I gave away.
Notice I haven't seen Dave in a while, maybe he's graduated from the Ramsey show and is now on to other things 😂
I got a lot of good use out of my timeshare, but it was still the biggest financial mistake of my life. They have no resale value. I ended up paying $500 net to get rid of it. Never ever buy a timeshare.
So I’m in my late 40s now but in my early 20s, my wife got tricked into a timeshare, but the way we got out of it was when they tried to collect maintenance fees, I said I do not want this anymore and if you won’t cancel it, repo it, take it back. It worked for me.
ANY HOME YOU OWN - MOBILE OR OTHERWISE YOU HAVE TO PAY FOR REPAIRS.
adjusted for inflation that $500 dinner set in 1980s cost him $1900 in today money
Nothing says love like a transaction
Don't buy timeshares, whole life insurance, or lease cars.
I have NEVER regret financing my car, cant beat 0.9% rate back then, why wait
I don't think rates will ever go that low ever again.... sad state of the U.S. right now!
Jeep Liberty 🤦♂️
What about buying a mobile home that's on some acres? Wouldn't that increase in value?
The land will always increase at a slow rate but it will increase depending where it’s at
So FUNNY. Just love George and Jade
Lol to that boyfriend
I like watching these two together, but I will say I've never heard George say "ain't never" and "homie" before not sure where that came from! Hahaha!
some collectibles may have increased in value....some
While dating you don’t give money unless you’re ready to marry her
Co signing an apartment with my mom when I was 21 was a stupid tax
I know of many trailers that are worth a lot more
I love Jade! 👏🏽👏🏽👏🏽
My dumbest thing with money? I used to live by the Bible literally, or at least by what I had been told and understood The Bible says about money. With whatever I earned I paid my bills and bought basic food, any outstanding money giving to people who in my opinion were in need. I never questioned why they were so short of money if they earned the same or more than myself. I had no savings, nobody to help me when I was sick and out of work for almost 3,5 months and nobody to advise me wisely on money topic. When I was 47 one incident triggered a change in my attitude. Now, at 50, I am still in the process of changing myself but doing much better.
I can identify with you. I have been in your shoes. It does not pay to be that good a person.
I'm sorry that you found yourself in that position, but I don't think I would blame it on the Bible. I take the Bible literally as well. I also try and be as wise as I can with money. The Bible says to take care of your own house first and foremost, and if you don't, then you are worse off than an unbeliever. You aren't supposed to be putting yourself into poverty to give charity to people. You are also not to horde any wealth you accumulate because you can't take it with you when you die.
There's a balance there, and you didn't find it until after on in life. However, don't blame the Bible for your choices.
lol "she took advantage of that homie"
Good ones,. Oh my ! But glad the only stupid things I can say I have done with money is buy a car on loan- early in my life, and not start investing until my 30s. Other than those things, have not done the mountains of dumb that seem to be so prevalent in our society today.
College/student loans are very similar to the time share stories mentioned.
I all ways stupid with money 😢I pray all the time because I struggle all the time..I try but with Bidens economy I just can't make it..
Rich Dad brags about being in debt, using debt as money or some scheme like that....the rich seemingly spin a bunch of fragile plates to be in debt to generate cashflow and do deals. The rest of need simplicity and peace of mind.
Dynamic duo here...
I made money on all the mobile homes I bought. Buy used, fixed them up myself.
Pimpin ain't easy
I would make an argument against the mobile home part of this video. My mom bought a mobile home for 12k in 96 and it is now worth over 100k. Mobile home appreciation is really based on location. In California, a mobile home that was worth 150k in 2000 is now worth over 400k in some mobile home parks.
A few mobile home parks like that in Florida.
How do mobile homes work? Do you own the land it sits on?
@@SweetPotata10 Some have them in mobile home parks in which they pay rent for the space/land the home sits on. Usually its just a small area not like a large lot. But these are communities with pools and maybe even a community park or pond. Some are very nice and very well kept but others can be very ghetto. The rent for the space can go anywhere from $300 to over $1k a month.
Others may own their land, such as an acre or two and they have their mobile/manufactured home on the land like any other home. Those types of owners straight up own everything including the land and home. In that case it is no different than any other single frailly home property.
Those have an advantage of having equity growth based on the land price increase. But in California, homes are so expensive that even mobile homes are looked at as a cheaper alternative, and even biter than living in an apartment so prices have gone up along with regular home prices.
@@diegolara4202 gotcha, thanks for your response. I’ve considered selling my primary home in retirement and buy a piece of land outside of the city and slap a manufactured house on it. It’d be cheaper and I don’t have to worry about resell at that point.
Right up until the park shuts down. Or some big corp buys it and triples your land rent.
Lets be more specific. You probably bought a mobile home in a park not on its own property. I have made bank on mobiles on land in far northern Ca.
Shiiiieeeeetttttt! 100k for gf bills? I give mine 200 bucks every time we dated. 😆😆😅
JOHN 14:6 😊
Thumbnail is literally all yellow with 1/8 being faces…
My stupid money thing was buying a car on eBay, a fake eBay website, sent 2900 to eBay aka scammer, didn’t realize till after we sent it. Informed police and western union. Received 2900 back ten years later.
Donald Cornwell is a bot
@bill joseph this is a bot...
are you a bot?
@@donaldcornwell1151 are you a bot?
Take them red pills fellas.
Never made any of those mistakes. Was more of a saver,investor, and retirement contributor living within means.
Knew many doing this through the years and learned from their mistakes.
The whole time share thing never made sense to me. I only rented at different places in the world with cash.
1:13 - "I had to get medieval on 'em." --> Did she just make a reference to Weird Al's "Amish Paradise"!? She just made my day!
The Weird Al line is a reference to a Ving Rhames line in Pulp Fiction
@@nugsin4 Oh, thank you! I never realized that. I will have to re-watch Pulp Fiction. Thanks again and take care!
Any definitions not many people realize it when it comes to homes you have trailer parks they have a bunch of trailers and I'm kind of like a mobile homes campers then you have modular homes now you're getting up there Ray prefab home I bought a modular home came into sections I set it on a basement some people say it would never go up in value but it's also on 20 acres I did well with it a modular home is not a prefab my daughter made a mistake and bought a prefab and a trailer park I got her to move it out she bought herself a little lot put it on a block basement she's safer now the only difference in her house in a regular stick-built it might be the picture of her roof but I have a stick-built home brick I don't know what kind of definition my roof is but it doesn't have the standard 12-2 pitch to it getting a little bit out of my league but the pitch is determined by how far away how much to angle is it so many feet or foot if it's a factory or a commercial building it has flat roof and they have training systems they have little Plumbing that collect the water and send it down to the ground or they may have some form of pitch they have some form of pitch but they don't have a big picture on it the water is still has to flow somewhere otherwise just sits there
Takeover your ex girlfriends bills. Do not let this man procreate!
Biggest regret from homebuyers in June 2022 was listening to Dave Ramseys advice and bought a home
@@Andrew_406 which will be when?
I will never forget "Home prices are NEVER going down." That was a direct quote and you can spin it anyway you want, but it doesn't change it.
Home prices fluctuate over time, but if you look long term, most do trend up. Rates will go back down, probably not gonna be back at the 2’s for a while, but def lower than it is now.
@@Ryan_DeWitt exactly. Dave Ramsey and his team are dumb on that call..
LOL paying off someone elses DEBT
Even If I were to marry a chick I'd still never pay off their debt... Key words there "their debt" they have debt coming into relationship they pay it off, they want to argue, bye bye.
HARRIS 2024!!
The worst thing is to pay mandatory tithe to sect Pastors!! After 20 years your pastor is rich and you are poorer !!!
Busy head 28
Stupid is an ableist term and I love this show but I wish they wouldn’t use terms that are demeaning to disabled folks. Stupid tax is Poor decision making tax
Whine and dine? But don't pay bills? Wow.
Я тут
The new host (I think her name is Jade) needs to quiet down and calm down a bit. She's making it a little rough to pay attention to the knowledge they have to offer.
@DoublePortion4ME she does have good knowledge... It's the other things that are a little distracting.
she is sharp as a tack.
Please stop with bragging. It is disguised as a story, but it is constant bragging. Please bring back Dave. These guys are so self-absorbed.