If he sold the paintings for $60k, he's bound to be paying some type of taxes on those sales. If he borrows the $60k, he gets all of the $60k from the loan tax-free and any interest paid will likely be at a lower rate than the tax rate. It's why some CEOs make pretty small salaries by comparison to other CEOs, but get paid mostly in company stock. They pay very little in income taxes on their smaller salary and simply borrow against their company stock tax-free to fund their lifestyle.
The whole point is that they're not actually valuable, which means if the bank takes them he's not actually out anything of worth. His whole scheme requires a crooked appraiser
Lol, I actually love when he says it. And now, after months of listening to the guys, I’ve started saying the same thing when I start a meeting. Thanks for the inspiration Bo
“Bankruptcy isn’t that scary”….yeah until you remember your assets can be liquidated and sold to cover your debts. It’s not a walk away from jail free card. Dave Ramsay got rich because he started writing financial self help books and doing a talk show, not because he went bankrupt then became a real estate mogul. Also good luck borrowing money at all for the following decade or getting through anything that requires a credit check lol
It's 5 yrs, not a decade, father in law just finished his bankruptcy, but its a very very difficult time, you can only get a loan for something if your bankruptcy lawyers says so, and its something you don't want to go through ever
It depends on the type of bankruptcy you're claiming and on your financial situation. If you have no assets and just a bunch credit card debt, it makes sense. I have known people who declared bankruptcy and did get out of paying 10s of thousands of dollars in credit card debt. And they didn't have to wait 10 years to get another credit card or even an auto loan. The terms of each of these things is going to be higher but they were still able to get them
Such good chemistry from two men who appreciate each other and value each other. You can just read goodness in these two. Respect! Love the Money Guys.
14:00 I didn’t go to college. Heck I didn’t even graduate high school. Got my GED. Moved to a low cost of living part of the country. Got a job and lived well below my means for an extended period. And now I’m financially independent in my mid 40s. All with no education/debt.
It really does sound like a joke, and the sad thing is that I know a lot of parents who don't even give their kids 20 min per day of fun one on one time
The guy who said he got paid $30K to drive the car: Nope. Go over the records. Deduct the cost of insurance, registration, maintenance, etc. If there was a car loan, deduct the interest payments.
Yeah, especially since insurance on an R8 would be WAYYY more expensive than on a $25,000 Hyundai. If I had to guess, probably at least an extra $500 a month
Also, in addition to the carrying costs, did you use the supercar as your daily driver for grocery store runs or did you have to keep a second vehicle for the commute?
No, he's got a point. It's all about buying cheap. My old boss used to buy brand=name equipment cheap at auction, arbitraging regional differences, run it for some three years, and sell it for close to what he paid. He said he essentially got to use it for free. Of course there were expenses associated with, there always are. But in end he made most of his money back when he sold it to an eager retail buyer. Plus, driving a super car is more fun and gets you more chicks than a statement from your mutual fund.
@@shelbynamels7948 except maintenance costs for a supercar are way higher than they are for say a Honda Accord or Toyota Camry AND their value is very sensitive to mileage. Daily driving an exotic is a horrible idea for most people. Your example of the used construction equipment is apples and oranges.
Why bother having children if the most time you have for them is 20 minutes a day? That’s ridiculous. You’re a bad parent if 20 minutes a day represents your commitment to your children.
That one infuriates me. This content is out there forever her kids are gonna grow up and resent her and have evidence of emotional neglect to prove why they don’t talk to their parents anymore.
I am glad you guys called out the disgusting tricks the super rich use. How can a billionaire get away with saying his property is worth $400 millions when it is time to get a loan and then turn around and say the property is worth $50 millions when is time to pay taxes to IRS? Crooks!
Because property value and market value are separate things. Your property tax is assessed on property value not market value. This not a trick for the rich. This is the same for anyone who owns property.
That kid has a point. That ROI that the MoneyGuys are talking about is not there anymore in the modern days. You do not make that much more money with a college degree. The education costs are insane. What exactly do you get in college that justifies paying you more than someone with 4 years of experience? As these money guys would say, take the student loan amount and invest it. Take the money made in the 4 years and invest it. Let's say that is $100K in student loans and $160K in income. Let's now compare a guy who has 4 years of experience and at least $260K invested at 22 vs a guy who is $100k in student loan debt and see how this play out.
You got a job that needs the degree, most jobs nowadays do not need a college degree. Again, your job absolutely needs it. You're not getting a job in Healthcare without one. However there's are tens of thousands of 50 plus an hour jobs that don't need a degree, just experience and on the job training. I have a job doing 834 edi mapping for health care providers - no degree.
You also have a job that thankfully pays a ton! The issue is people are going into 80-200k in debt over a job that ultimately makes them 50k. You can do that without a degree, and you can do most of those jobs without a degree and just on the job training. For engineers, doctors and scientist, yes a degree (real knowledge) is necessary, but not for the vast majority of things you can learn on the job or from the Internet.
The team “out in the wings” knocked it out of the park with the photoshop additions! Bryan Ross & Michael Squat. Your hours spent cropping, cutting and pasting is not lost on us. Continue the good work!
My father in law just got done with bankruptcy, its 5 years, and you have to pay back a % of any debt you own, and you can build credit but anything you buy and take a loan, you have to get approved from bankruptcy to get it like a new car and everything, its not a fun process like this guy says, Father in law lost his house, bad bad mortgage during the housing crash, he tried to keep it above water but 5 yrs ago it just fell apart on him, so dont do bankruptcy unless its your final last staw
For the bankruptcy guy, just the idea of deflecting your responsibilities is crazy. Just because you could do it doesn't mean you should. You took loan, someone gave you money, you used it and now you won't pay it back. That is not a good advice.
Yeah, I'm all for bankruptcy when it is actually needed (figure depends on the type of debt, the amount of debt and the income). But I've seen sleezeballs buy shit without the intention to ever pay (FFS one of these guys is currently farting in court (and this happened in Europe)).
The supercar argument is misleading in so many ways. 1. You have to be OK with a lack of general utility (cargo space, max passengers, etc). 2. If you drive a supercar an average amount (15K miles per year), it really hurts the resale value. 3. Normal wear and tear really hurts the resale value. 4. Even a minor accident can destroy the resale value. 5. Maintenance on a supercar is much more expensive than a regular vehicle for the same number of miles driven. 6. For new cars that you can guarantee will be worth more, you will pay a huge premium over MSRP, which can translate to no appreciation. 7. Sometimes, specific models end up sinking in value for some unforeseen reason, unrelated to the car market. etc.
My mother wasn’t in “business”. She was however an alcoholic. We lost her about 10 years ago and to hear this lady say that she thinks 20 mins a day is enough, no matter how attentive, is just sad.
I love these videos, keep doing them. I also love that you guys don’t break character on the obviously fake/sarcastic ones either. Like that 2nd one about bankruptcy is clearly tongue-in-cheek.
20 minutes a day for your kids? What the heck? Young kids, statistically, need waaay more than 20 minutes from their mother. In fact, kids that have an at home mother for the first 3 years of their lives, are far more likely to have healthy attachment later in life.
That guy with the R8 neglects to mention that its *minimum* 6k a year to service an R8. There is a breakdown over on the R8 forums and the average is around 7k a year to keep the car on the road and running well. There is also a guy on there who's engine blew up and cost 55k to replace - so the cost of an 80k R8 absolutely can go to 0, just needs one major out of warranty failure that you cant cover and its scrap.
The supercar example was leaving out some important info on both sides. 1) their maintenance costs are significantly higher. If you’re the person who drives 10k+ a year this will kill you. 2) insurance is significantly higher 3) this hinges on you buying a car that is already depreciated, not new ones. You also usually have to buy in the winter when values are down and sell in the summer when they’re up. And again, you can’t drive 10-20k miles a year on these things or you will accelerate the depreciation worse. It is something that can be done by the right person, but not for the average person.
I’m a retail banker and I can tell you with certainty that bankruptcy completely blocks anything you want to do financially for at least 7 years in terms of what banks will do for you. You can’t refinance a car loan, you can’t even get a secured credit card at a lot of banks if you’ve filed bankruptcy in the last 5-10 years
Not true, I had to declare bankruptcy and was able to rebuild everything in 3 years. I will admit you are heavily restricted for the first 12 months after bankruptcy. Assuming you are working on intentionally rebuilding your credit and practice good habits it only burdens you for 3 years.
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance
14:10 Not going to college only makes sense when you’d otherwise be able to achieve something in those 4 years which will pay off handsomely Like if you had a successful business that was bringing in good profits before your peers graduate and you assume the business keeps growing and keeps profiting But many people don’t have the skills or desire to do that so they don’t go and have nothing else to do with their life
That sales coach was hilarious, in an aggressively creepy way. If it were me he had called like that, my reply would have been "#$%&@! you, buddy, I'm letting you go like a hot rock because I don't have time to waste on people who don't recognize the value of what I have to sell."
His appearance matches his manners too. I always wonder when men bulk up like that whether they know it’s a sign to normal people to dismiss them as that type of trashy guy
You’re right as someone that worked at BofA , there are some huge limits are gas as how much cash you can take. Also, cash advances don’t qualify for 0 percent
The art example is scarily true at the highest levels - a paid appraiser will "assess" a work of art for a huge amount and the owner can then donate it to some museum as a large tax write-off. Very sketchy. Not sure about using art as collateral at a regular bank though....
It is also often done as a way of inflating assets for existing owners. Say I have 5 paintings by Bob. Bob paints a sixth painting, and donated it to charity (as a write-off). I get asked as an expert on Bob's paintings how much this new one is worth. I say $100k even though all his other ones I bought for $50k. Voila, my painting collection can now magically be inflated from $250k to $500k at zero cost to me (and a big tax deduction for Bob) 😯
I don't know why anyone thought, "I'm gonna go to a 4 year university and then be worth 100k a year to any company I apply to immediately because of that", in the first place. What that degree does is raise the CEILING at which you can potentially increase your salary, and it needs to be paired with work. If you are going to school to get a degree, and are not also actively working in the field you are pursuing that degree in, you're wrong. Every college in the country has a career placement services department, maybe spend more time there and less on the games.
People think that because in the past that was a thing. Even20’years ago when I was graduating, many jobs in england still just wanted someone with a degree and good grades. They would train this person for the specific company work, they just wanted someone who had proved they could think.
@@M_SC You don't learn enough or have enough experience, at all, to be worth anywhere near 100k a year when you first graduate. The only exception would be if you worked throughout your degree program to ALSO get work experience, or had the experience prior to attaining the degree. I'm a graduate myself, in electrical engineering, and the entire program was useless 2 days out of the door and into the field.
08:00 actually, this is the issue at the heart of the NY's DA's case against Trump, the overvaluation by appraisers of real estate used as collateral for bank loans. Using art in place of real estate gives that an interesting twist. An artist with somewhat of a reputation could just take money, use it on paint, brushes, and canvass, and create a painting that he could claim to be worth thousands. As long as he can find an appraiser willing to appraise it at a certain value, he could donate to a charitable institution and claim the full value as a tax deduction. The charitable institution could in turn sell the painting to a buyer for an even higher price, and since it was bought from a charitable institution, that buyer could also claim a tax deduction. If that buyer then finds a museum willing to exhibit that painting on loan, he presumably gets another benefit from that without having to give up ownership of the painting. And so it goes .....
The $100K building point - think of it this way, when the market goes up 10% at that point, you’ve gained $10,000… when you hit $1 mil, you’ve gained $100K and $2 mil comes a lot faster than that first million. Compounding in the market is glorious.
College is worth so much than a way to income. You should be able to think critically and speak an intelligent sentence -and college is a great way to learn that.
College is great if you are going to be an engineer, nurse, doctor, lawyer, etc. expect a lifetime of debt if you're going for music, art, or liberal arts
The first video talking about bankruptcy gets it wrong. Which chapter of bankruptcy you are eligible to file for is income based. Most people can’t qualify for the chapter 7, the clean slate bankruptcy. Your will likely be doing an 11 or 14 where your debts are consolidated into one payment and you pay on that with the gun addition that failing to make a payment is now considered contempt of court.
The kid is right about college. I had my first home paid off by the time my friend graduated from college. I continued to househack and work. She can't catch up even though she does make more at her j o b! Also, she is a bigger spender because she was taught that college grads are above everyone else. For instance, our daughter are the same age. She got her daughter a car for her sweet 16 and I got my daughter a car after she graduated and needed the car to get to work.
Because he would have to pay taxes on the income he made by selling the paintings. Assuming that the paintings are actually of any value, which isn't at all obvious since no one in the comments knows who the tattoo guy is. Paying interest on a loan from the bank is gonna be better than paying taxes since debt isn't taxed
That dude was actually mostly right about bankruptcy. It shouldn’t be casual but in a lot of cases it can be really worth it. I had to do it 7 years ago. A year later you never would have known it happened and honestly it’s never effected by life and I may not be rich rich but I do pretty dam well and have myself set up for the future well.
For the bankruptcy one its not like you can just declare bankruptcy because you don't want to pay your debts. If you have income that can afford the debt you're not going to have anything discharged.
That kid saying oh don’t go to college and those folks will be 4 years ahead of you. Yes they’ll have 4 years more direct work experience, but those folks are going to more likely also have a cap on their direct salary. Think a regular bookkeeper vs a licensed CPA- a CPA might be 4 years+ behind because of college, but also is licensed and has experience that can give you a higher salary long run guaranteed. And elevate you to firms and access (at least potentially) to clients who will trust you know what you’re doing because of those licenses. Whereas with a bookkeeper yeah you can make good money (I’m willing to bet at least $50-60k salary a year), but you’re more likely capped at that salary and not able to target higher net worth clients etc. without doing things like get your CPA (which guess what requires you to have gone to college to even sit for that exam or others like the CFA, at least when I was in uni it did) in order to offer broader and or more in depth services.
College should not be a default go to, but its not completely useless. Depends on the person and what their plan is. There should not be a catch all overall rule.
The only time you really need to go to college is STEM and make sure you go to community college first then transfer and commute to the University. Also keep in mind even if you have the degree you better have the GPA, Internship, and other experience. Because once you have the degree your first job you are thrown in with others that have that degree and its a hard market. I got unlucky and graduated with a business degree during the pandemic. I still am having trouble getting a good job. Thankfully I have moved up a bit but its the same job someone could have gotten without a degree.
Personally, I think investors will start to seek more market diversification. can i confidently invest about $350k into the financial markets in 2024? I'm still not sure how rates will effect the market just yet, which worries me a lot.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I just started my Roth IRA recently with Fidelity and I have no idea what I’m doing when it comes to picking where I should put my money. I need to do some more research
Let's see, I went to college. For about 11 years in total. Chemistry BS, Nursing BS, and Doctorate in Osteopathic Medicine (DO). I'm 100% disabled, drawing a $13,320 of tax free benefits. Now I can work a little bit, so now I'm more in the $16-18k/month range. Your high school education isn't making that much.
The thing about the paintings is that they get someone "credible" (wink wink) to SAY the paintings are worth major money - that's the whole scam. And the real-world issue is that even the legit art market is baaaaaaasically exactly the same.
Financial literacy will make you look at things on a different perspective. Whenever I encounter brand new, shiny and huge pickup trucks on the road, I would always have a mindset that this person might be broke, but I don’t want to judge 😂
I’m a millionaire by age 32. Believe me. I have magic potion that people want to buy from me. I just told them I will only sell it for a million. And next thing I know I have a million dollars and is in the run from the haters who said the magic potion is fake.
Would love to talk about the true value of the right cars :) Also wasn't during/ bc the pandemic. It was because of the specifics of the car. That specific car is up ANOTHER $30,000-$60,000 since we recorded. it was just one personal example. love you guys! happy to be on even if its the hot takes lol My point was that understanding the TRUE value of tangible items and understanding that they can hold value or even increase value can be a better choice than choosing something that is 100% going to lose you money. P.S with this being a short clip you dont get to hear the explanation of being able to financially support it up front and its obviously not your only vehicle or mistreated.
It’s funny how the lady that spends 20 mins with her kids claims other people “aren’t making the best of their time”. But if she needs 23:40hrs a day for her business… maybe she’s the one that doesn’t know how to make the best of her time
I am so glad I never went to college, each of my friends who went to college right after HS, are still paying off their debt and they are in a field that has nothing to do with their degree. What a waste of time. I joined the military, got my GI Bill, went into the workforce and over the last 25 years worked myself up the ladder to making stupid money. At no point was not having a degree an issue, however, I did go and get a quick degree in networking, afterhours, just because I didn't want to lose that GI Bill money. I have never used the degree, I was degree adjacent in the field I ended up in but by that time it was more about my managing skills and experience working at the same company for 25 years. I now interview to hire people with Masters degrees and I shake my head every time we talk about educational debt (They ask if we offer college loan assistance). Just find the field you are passionate about and start at the bottom and work your way up.
Corporations give money to politicians to pass laws to prevent working your way up. They’re trying to create a sort of feudal economy. Which you’d understand if you’d studied economics, history, political science, some literature, and other degree subjects.
@@M_SC sounds like you got indoctrinated. Which laws did they pass, that haven't been laws for all of human history that you are so keenly able to point out because you think you know something? There is no law that has prevented me from being successful and most people who think that made bad choices. school being one of them.
Bo’s Wife: Honey, we need to talk.
Bo: I am so excited about this!
😂😢😅
BeCooosss
This dude's idea of bankruptcy is the Michael Scott version of screaming it out loud. Bankruptcy doesn't absolve your debt 😂
I just hit $100k in my retirement account! I hit my first boiling point!
Congratulations brother
Bowling point*
@@joshanbajaj9553 I actually like boiling point better
Great job, you're really knocking down those pins!
@@joshanbajaj9553 I was looking for this comment 😊
Whoever slid the Bane graphic in at 18:12 deserves a raise. 😂
same for the wii bowling
If the paintings were so valuable, why didn’t he just sell them instead of borrowing money? 🤣
😅😢
If he sold the paintings for $60k, he's bound to be paying some type of taxes on those sales. If he borrows the $60k, he gets all of the $60k from the loan tax-free and any interest paid will likely be at a lower rate than the tax rate. It's why some CEOs make pretty small salaries by comparison to other CEOs, but get paid mostly in company stock. They pay very little in income taxes on their smaller salary and simply borrow against their company stock tax-free to fund their lifestyle.
Anything is possible when you make stuff up and aren't bound by facts or reality.
The whole point is that they're not actually valuable, which means if the bank takes them he's not actually out anything of worth. His whole scheme requires a crooked appraiser
@@Alex-ve1og Reminds me of a Hunter Bid ..painting ..LOL..
At the start of every episode I say “Let me guess Bo, you’re so excited about this?” He confirms my suspicions every time. Lol
Lol, I actually love when he says it. And now, after months of listening to the guys, I’ve started saying the same thing when I start a meeting. Thanks for the inspiration Bo
“Bankruptcy isn’t that scary”….yeah until you remember your assets can be liquidated and sold to cover your debts. It’s not a walk away from jail free card. Dave Ramsay got rich because he started writing financial self help books and doing a talk show, not because he went bankrupt then became a real estate mogul. Also good luck borrowing money at all for the following decade or getting through anything that requires a credit check lol
It's 5 yrs, not a decade, father in law just finished his bankruptcy, but its a very very difficult time, you can only get a loan for something if your bankruptcy lawyers says so, and its something you don't want to go through ever
It depends on the type of bankruptcy you're claiming and on your financial situation. If you have no assets and just a bunch credit card debt, it makes sense. I have known people who declared bankruptcy and did get out of paying 10s of thousands of dollars in credit card debt. And they didn't have to wait 10 years to get another credit card or even an auto loan. The terms of each of these things is going to be higher but they were still able to get them
@@liranzo005 I agree.
Such good chemistry from two men who appreciate each other and value each other. You can just read goodness in these two. Respect! Love the Money Guys.
14:00 I didn’t go to college. Heck I didn’t even graduate high school. Got my GED. Moved to a low cost of living part of the country. Got a job and lived well below my means for an extended period. And now I’m financially independent in my mid 40s. All with no education/debt.
I kind of thought the kid has a point. 😅
Bo’s look of genuine yikes @ 15:45 is insane. That 20 minutes max with kids really caught him off guard. 😂
It really does sound like a joke, and the sad thing is that I know a lot of parents who don't even give their kids 20 min per day of fun one on one time
The guy who said he got paid $30K to drive the car: Nope. Go over the records. Deduct the cost of insurance, registration, maintenance, etc. If there was a car loan, deduct the interest payments.
Also adjust it for inflation.
Yeah, especially since insurance on an R8 would be WAYYY more expensive than on a $25,000 Hyundai. If I had to guess, probably at least an extra $500 a month
Also, in addition to the carrying costs, did you use the supercar as your daily driver for grocery store runs or did you have to keep a second vehicle for the commute?
No, he's got a point. It's all about buying cheap. My old boss used to buy brand=name equipment cheap at auction, arbitraging regional differences, run it for some three years, and sell it for close to what he paid. He said he essentially got to use it for free.
Of course there were expenses associated with, there always are. But in end he made most of his money back when he sold it to an eager retail buyer.
Plus, driving a super car is more fun and gets you more chicks than a statement from your mutual fund.
@@shelbynamels7948 except maintenance costs for a supercar are way higher than they are for say a Honda Accord or Toyota Camry AND their value is very sensitive to mileage. Daily driving an exotic is a horrible idea for most people.
Your example of the used construction equipment is apples and oranges.
Why bother having children if the most time you have for them is 20 minutes a day? That’s ridiculous. You’re a bad parent if 20 minutes a day represents your commitment to your children.
That one infuriates me. This content is out there forever her kids are gonna grow up and resent her and have evidence of emotional neglect to prove why they don’t talk to their parents anymore.
She’s going to be raising kids that either A. Only talk to her when they need something or B. Never speak to her at all
what's worse is why the heck would someone *willingly* post publicly that they do that? jeez people. that need for attention is wild.
Wait, that dude has kids?
Those kids are desperate for more of mom. That’s for sure
Brian - “Is that Doogie Howser?” 😂😂
It takes 20 minutes for my kids to get their shoes on.
"Time's up! Mommy has to go collect the bag!"
Mommy of the Century!
I am glad you guys called out the disgusting tricks the super rich use. How can a billionaire get away with saying his property is worth $400 millions when it is time to get a loan and then turn around and say the property is worth $50 millions when is time to pay taxes to IRS? Crooks!
No, just followers of the former guy's business methods, probably learned in Trump University!!
Because property value and market value are separate things. Your property tax is assessed on property value not market value. This not a trick for the rich. This is the same for anyone who owns property.
Okay yalls editing team needs a raise. The edits were hilarious 🤣 thirst trap bo was hialrious
lol, the freaking 9 year old giving advice on benefits of going to college or not 😂
Where are his parents. 😂😂😂
These are my favorite videos from y’all.
Keep on thirst trapping, Brian.
The producer went OFF on this episode! 🤣
LMAO that 10 year old kid giving advice about life and the workforce and college. We've hit a new low.
@@moon_wobble7782 I might follow for the Fortnite tips and tricks, that's about it 😂
😂😢😮😅😊
Kids like that are always the ones with rich parents. They don't need to worry about their life decisions nearly as much.
That kid has a point. That ROI that the MoneyGuys are talking about is not there anymore in the modern days. You do not make that much more money with a college degree. The education costs are insane. What exactly do you get in college that justifies paying you more than someone with 4 years of experience? As these money guys would say, take the student loan amount and invest it. Take the money made in the 4 years and invest it. Let's say that is $100K in student loans and $160K in income. Let's now compare a guy who has 4 years of experience and at least $260K invested at 22 vs a guy who is $100k in student loan debt and see how this play out.
It doesnt have to be expensive to get a 4 year degree and ive very much been held back by not having that piece of paper.@markh-vy1sl
I went to college. I’m now a doctor. I often think “wow my college days were useless” 😂
It’s the kids racking up $200K in debt and choosing a major where there are no jobs or if there are, they only pay $22K a year.
There are very good degrees. There are also a LOT of degrees that will leave you with limited options and low income potential.
My medical student friend told me sincerely liberal arts degrees were only good for being able to talk well at cocktail parties
You got a job that needs the degree, most jobs nowadays do not need a college degree. Again, your job absolutely needs it. You're not getting a job in Healthcare without one. However there's are tens of thousands of 50 plus an hour jobs that don't need a degree, just experience and on the job training. I have a job doing 834 edi mapping for health care providers - no degree.
You also have a job that thankfully pays a ton! The issue is people are going into 80-200k in debt over a job that ultimately makes them 50k. You can do that without a degree, and you can do most of those jobs without a degree and just on the job training. For engineers, doctors and scientist, yes a degree (real knowledge) is necessary, but not for the vast majority of things you can learn on the job or from the Internet.
The team “out in the wings” knocked it out of the park with the photoshop additions! Bryan Ross & Michael Squat. Your hours spent cropping, cutting and pasting is not lost on us. Continue the good work!
My father in law just got done with bankruptcy, its 5 years, and you have to pay back a % of any debt you own, and you can build credit but anything you buy and take a loan, you have to get approved from bankruptcy to get it like a new car and everything, its not a fun process like this guy says,
Father in law lost his house, bad bad mortgage during the housing crash, he tried to keep it above water but 5 yrs ago it just fell apart on him, so dont do bankruptcy unless its your final last staw
Bankruptcy is the Ozempic of the personal finance world.
Excellent analogy
"Mommy, can you push me on the swing?"
"20 minutes is up, kid. Better luck next time!"
For the bankruptcy guy, just the idea of deflecting your responsibilities is crazy. Just because you could do it doesn't mean you should. You took loan, someone gave you money, you used it and now you won't pay it back. That is not a good advice.
Yeah, I'm all for bankruptcy when it is actually needed (figure depends on the type of debt, the amount of debt and the income).
But I've seen sleezeballs buy shit without the intention to ever pay (FFS one of these guys is currently farting in court (and this happened in Europe)).
The supercar argument is misleading in so many ways.
1. You have to be OK with a lack of general utility (cargo space, max passengers, etc).
2. If you drive a supercar an average amount (15K miles per year), it really hurts the resale value.
3. Normal wear and tear really hurts the resale value.
4. Even a minor accident can destroy the resale value.
5. Maintenance on a supercar is much more expensive than a regular vehicle for the same number of miles driven.
6. For new cars that you can guarantee will be worth more, you will pay a huge premium over MSRP, which can translate to no appreciation.
7. Sometimes, specific models end up sinking in value for some unforeseen reason, unrelated to the car market.
etc.
8. Insurance costs! And registration fees!
Points well taken.
Vehicles are not assests, even from a business standpoint. They are liabilities and overhead costs
I bet Bo is really excited for this one !
The aggressive sales guy is exactly why people hate sales people lol. I work in sales and would never treat my customers like this
That guy needs to seriously learn from Michael Scott.
We joke on him, but he understands how clients process things
My mother wasn’t in “business”. She was however an alcoholic. We lost her about 10 years ago and to hear this lady say that she thinks 20 mins a day is enough, no matter how attentive, is just sad.
Mom of the year!
It's nuts! I have 2-3 hrs before daycare and 2-3 hours after daycare before bed with my baby and I feel guilty that it's not enough
Narcissists and addicts behave the same
I love these videos, keep doing them. I also love that you guys don’t break character on the obviously fake/sarcastic ones either. Like that 2nd one about bankruptcy is clearly tongue-in-cheek.
20 minutes a day for your kids? What the heck? Young kids, statistically, need waaay more than 20 minutes from their mother. In fact, kids that have an at home mother for the first 3 years of their lives, are far more likely to have healthy attachment later in life.
A special shout out to the editing team on this one. I haven’t laughed that hard in a while (Michael Squat and “thirst trap” moments were my favorite)
That guy with the R8 neglects to mention that its *minimum* 6k a year to service an R8. There is a breakdown over on the R8 forums and the average is around 7k a year to keep the car on the road and running well.
There is also a guy on there who's engine blew up and cost 55k to replace - so the cost of an 80k R8 absolutely can go to 0, just needs one major out of warranty failure that you cant cover and its scrap.
I cannot imagine paying that much to replace an engine.
I'm just gonna stick with my Corolla 😂
The Brian Ross photo is the real thirst trap we've all been waiting for. 😂
The supercar example was leaving out some important info on both sides. 1) their maintenance costs are significantly higher. If you’re the person who drives 10k+ a year this will kill you. 2) insurance is significantly higher 3) this hinges on you buying a car that is already depreciated, not new ones. You also usually have to buy in the winter when values are down and sell in the summer when they’re up. And again, you can’t drive 10-20k miles a year on these things or you will accelerate the depreciation worse.
It is something that can be done by the right person, but not for the average person.
Now I want to see Brian post what he thinks thirst traps are
Bo's reaction to that was my reaction to that 😆
I'm with Brian. I had to Google what a thirst trap was! I'm old
I’m a retail banker and I can tell you with certainty that bankruptcy completely blocks anything you want to do financially for at least 7 years in terms of what banks will do for you. You can’t refinance a car loan, you can’t even get a secured credit card at a lot of banks if you’ve filed bankruptcy in the last 5-10 years
Not true, I had to declare bankruptcy and was able to rebuild everything in 3 years. I will admit you are heavily restricted for the first 12 months after bankruptcy. Assuming you are working on intentionally rebuilding your credit and practice good habits it only burdens you for 3 years.
Your team was on fire with this one!!
MICHAEL SQUAT! The edits on this were on point 😂
There’s 168 hours in a week. Imagine bragging that you only spend 1hr 40mins with your kids and try to advise others to do the same 🙄🙄
And not quality time. Hyperactive, surprises, no calmness, stability. Shame
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
Aileen Gertrude Tippy steals money from senior citizens. She has a bench warrant issued for her arrest.
I could tell this comment chain would be a scam the second I read the first one. Jizzwad scammer bots
*** SCAM ALERT ***. Only a fool would choose a financial advisor based on a fake RUclips tip!🤦♂️🤦♂️🤦♂️
@11:50 This guy is a sales trainer influencer who shops people that take his course. He shops them and then let's them know how bad they are.
I really love watching these ones.
On the topic of college; you can work and go to college at the same time. You’ll gain real life experience and decrease your student loans.
14:10
Not going to college only makes sense when you’d otherwise be able to achieve something in those 4 years which will pay off handsomely
Like if you had a successful business that was bringing in good profits before your peers graduate and you assume the business keeps growing and keeps profiting
But many people don’t have the skills or desire to do that so they don’t go and have nothing else to do with their life
And they don’t learn how to think which is the real value of an undergraduate non job training (like medical) degree
I wasn't prepared for the Wii Bowling clip😂😂😂
That sales coach was hilarious, in an aggressively creepy way. If it were me he had called like that, my reply would have been "#$%&@! you, buddy, I'm letting you go like a hot rock because I don't have time to waste on people who don't recognize the value of what I have to sell."
His appearance matches his manners too. I always wonder when men bulk up like that whether they know it’s a sign to normal people to dismiss them as that type of trashy guy
You’re right as someone that worked at BofA , there are some huge limits are gas as how much cash you can take. Also, cash advances don’t qualify for 0 percent
The art example is scarily true at the highest levels - a paid appraiser will "assess" a work of art for a huge amount and the owner can then donate it to some museum as a large tax write-off. Very sketchy. Not sure about using art as collateral at a regular bank though....
It is also often done as a way of inflating assets for existing owners. Say I have 5 paintings by Bob. Bob paints a sixth painting, and donated it to charity (as a write-off). I get asked as an expert on Bob's paintings how much this new one is worth. I say $100k even though all his other ones I bought for $50k. Voila, my painting collection can now magically be inflated from $250k to $500k at zero cost to me (and a big tax deduction for Bob) 😯
wealth tax would put a stop to that quickly
I don't know why anyone thought, "I'm gonna go to a 4 year university and then be worth 100k a year to any company I apply to immediately because of that", in the first place. What that degree does is raise the CEILING at which you can potentially increase your salary, and it needs to be paired with work. If you are going to school to get a degree, and are not also actively working in the field you are pursuing that degree in, you're wrong.
Every college in the country has a career placement services department, maybe spend more time there and less on the games.
People think that because in the past that was a thing. Even20’years ago when I was graduating, many jobs in england still just wanted someone with a degree and good grades. They would train this person for the specific company work, they just wanted someone who had proved they could think.
@@M_SC You don't learn enough or have enough experience, at all, to be worth anywhere near 100k a year when you first graduate. The only exception would be if you worked throughout your degree program to ALSO get work experience, or had the experience prior to attaining the degree. I'm a graduate myself, in electrical engineering, and the entire program was useless 2 days out of the door and into the field.
Too much content out there is sensationalist. Thank you Bo and Brian for being voices of reason.
08:00 actually, this is the issue at the heart of the NY's DA's case against Trump, the overvaluation by appraisers of real estate used as collateral for bank loans.
Using art in place of real estate gives that an interesting twist. An artist with somewhat of a reputation could just take money, use it on paint, brushes, and canvass, and create a painting that he could claim to be worth thousands.
As long as he can find an appraiser willing to appraise it at a certain value, he could donate to a charitable institution and claim the full value as a tax deduction.
The charitable institution could in turn sell the painting to a buyer for an even higher price, and since it was bought from a charitable institution, that buyer could also claim a tax deduction.
If that buyer then finds a museum willing to exhibit that painting on loan, he presumably gets another benefit from that without having to give up ownership of the painting.
And so it goes .....
Brian not knowing what a thirst trap is peak Money Guy 😂
3:27 "My LEG!!" 😂
This is the best video you guys have done so far! Bravo!
Kid who isn't even in high school: "College is a waste of four years"
Me: That checks out
Love these reaction videos. Bring more👌
The $100K building point - think of it this way, when the market goes up 10% at that point, you’ve gained $10,000… when you hit $1 mil, you’ve gained $100K and $2 mil comes a lot faster than that first million. Compounding in the market is glorious.
College is worth so much than a way to income. You should be able to think critically and speak an intelligent sentence -and college is a great way to learn that.
People who don’t already do that don’t value doing it better. They’re talking about in terms of work opportunities. That’s their whole value.
The most valuable thing about college is that you can network very easily. You can learn anything on a college campus for free with a library card.
You should have learned how to do it way before college...
College is great if you are going to be an engineer, nurse, doctor, lawyer, etc. expect a lifetime of debt if you're going for music, art, or liberal arts
@@c2s2942 Networking is important
The first video talking about bankruptcy gets it wrong. Which chapter of bankruptcy you are eligible to file for is income based. Most people can’t qualify for the chapter 7, the clean slate bankruptcy. Your will likely be doing an 11 or 14 where your debts are consolidated into one payment and you pay on that with the gun addition that failing to make a payment is now considered contempt of court.
Someone on the Money Guy Team deserves a raise for 7:57😂
The kid is right about college. I had my first home paid off by the time my friend graduated from college. I continued to househack and work. She can't catch up even though she does make more at her j o b!
Also, she is a bigger spender because she was taught that college grads are above everyone else. For instance, our daughter are the same age. She got her daughter a car for her sweet 16 and I got my daughter a car after she graduated and needed the car to get to work.
😂😂😂 Air B&B, what could go wrong?😂😂
11:40 don’t hate on STR. I gross $200k . Equity, especially recently has skyrocketed. I wouldn’t scuff at it.
What's the insurance on a s Super Car? That together with the additional capital and maintenance costs will wipe out any savings.
As someone who worked in auto insurance, you are right.
Even with discounts in mind, it's gonna be a lot
Quick comparison! - Dave Ramsey says that the cars you own shouldn’t exceed half your net worth or half your yearly income. Whats your take ?
20/3/8 rule
You guys make me want to become a CFA
If his paintings were valuable why not just sell the paintings?
Because they aren’t valuable, and if he sells them he can’t use them to defraud creditors.
Because he would have to pay taxes on the income he made by selling the paintings. Assuming that the paintings are actually of any value, which isn't at all obvious since no one in the comments knows who the tattoo guy is. Paying interest on a loan from the bank is gonna be better than paying taxes since debt isn't taxed
That dude was actually mostly right about bankruptcy. It shouldn’t be casual but in a lot of cases it can be really worth it. I had to do it 7 years ago. A year later you never would have known it happened and honestly it’s never effected by life and I may not be rich rich but I do pretty dam well and have myself set up for the future well.
Bankruptcy was the best thing we ever did. 4 years since discharge now and doing better than ever and eligible for a mortgage.
You should be punished longer
I laughed so hard when Jackie Elliot said she throws her kids lmao
Please make a video on bankruptsy. That long tail you mention. Please explain it in detail.
Loving all the graphics that come up on the bloopers
7:27 sounds like a hunter B special.. he is an acclaimed painter..
The thirst trap nooooooo 😂😂😂
4:55 my bmw did this, 2 years basically same value.
For the bankruptcy one its not like you can just declare bankruptcy because you don't want to pay your debts. If you have income that can afford the debt you're not going to have anything discharged.
That kid saying oh don’t go to college and those folks will be 4 years ahead of you. Yes they’ll have 4 years more direct work experience, but those folks are going to more likely also have a cap on their direct salary. Think a regular bookkeeper vs a licensed CPA- a CPA might be 4 years+ behind because of college, but also is licensed and has experience that can give you a higher salary long run guaranteed. And elevate you to firms and access (at least potentially) to clients who will trust you know what you’re doing because of those licenses. Whereas with a bookkeeper yeah you can make good money (I’m willing to bet at least $50-60k salary a year), but you’re more likely capped at that salary and not able to target higher net worth clients etc. without doing things like get your CPA (which guess what requires you to have gone to college to even sit for that exam or others like the CFA, at least when I was in uni it did) in order to offer broader and or more in depth services.
College should not be a default go to, but its not completely useless. Depends on the person and what their plan is. There should not be a catch all overall rule.
I’m glad my accountant went to college. And my doctor.
The only time you really need to go to college is STEM and make sure you go to community college first then transfer and commute to the University. Also keep in mind even if you have the degree you better have the GPA, Internship, and other experience. Because once you have the degree your first job you are thrown in with others that have that degree and its a hard market. I got unlucky and graduated with a business degree during the pandemic. I still am having trouble getting a good job. Thankfully I have moved up a bit but its the same job someone could have gotten without a degree.
Nice video money guy team!
EA funds- effective altruism funds. I don't know if funding someone's forex based gambling comes under altruism though
Personally, I think investors will start to seek more market diversification. can i confidently invest about $350k into the financial markets in 2024? I'm still not sure how rates will effect the market just yet, which worries me a lot.
I think investors who are wary of changing market trends should seek out bear market directions from certified strategists/planners. Safer that way
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
Being heavily liquid, I'd rather not reinvent the wheel. Since this strategy works for you, how can I contact your advisor?
Marisol Cordova is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Wait until they find out the car sales guy (Andy Elliot) and the “my kids only get 20 minutes” lady are actually married
As Arnold Schwarzeneggar once said, the fist million is the toughest to make, so start with the second million.
I just started my Roth IRA recently with Fidelity and I have no idea what I’m doing when it comes to picking where I should put my money. I need to do some more research
FXAIX is a good start.
Or a simple target retirement fund
Fxaix and let it sit while you figure things out
Let's see, I went to college. For about 11 years in total. Chemistry BS, Nursing BS, and Doctorate in Osteopathic Medicine (DO). I'm 100% disabled, drawing a $13,320 of tax free benefits. Now I can work a little bit, so now I'm more in the $16-18k/month range.
Your high school education isn't making that much.
Not Uncle Iroh!!! 😂
😂😂😂😂 the 15 year old telling people not to go to college. Like, good luck 😂
The thing about the paintings is that they get someone "credible" (wink wink) to SAY the paintings are worth major money - that's the whole scam. And the real-world issue is that even the legit art market is baaaaaaasically exactly the same.
Financial literacy will make you look at things on a different perspective. Whenever I encounter brand new, shiny and huge pickup trucks on the road, I would always have a mindset that this person might be broke, but I don’t want to judge 😂
I knew I was going to love this as early as the boiling/bowling Wii graphic
I’m a millionaire by age 32. Believe me. I have magic potion that people want to buy from me. I just told them I will only sell it for a million. And next thing I know I have a million dollars and is in the run from the haters who said the magic potion is fake.
Would love to talk about the true value of the right cars :) Also wasn't during/ bc the pandemic. It was because of the specifics of the car. That specific car is up ANOTHER $30,000-$60,000 since we recorded. it was just one personal example. love you guys! happy to be on even if its the hot takes lol My point was that understanding the TRUE value of tangible items and understanding that they can hold value or even increase value can be a better choice than choosing something that is 100% going to lose you money. P.S with this being a short clip you dont get to hear the explanation of being able to financially support it up front and its obviously not your only vehicle or mistreated.
18:44 FOO? :D just kidding. love you guys. :)
It’s funny how the lady that spends 20 mins with her kids claims other people “aren’t making the best of their time”. But if she needs 23:40hrs a day for her business… maybe she’s the one that doesn’t know how to make the best of her time
The 20 mins of time with the kids is a crazy.
"Chasing the bag" is so dumb. I thought you would want to be smart with your money that you have more time with your loved ones
Completely agree. The whole point to financial freedom is to spend time with people you enjoy hanging out with. Hopefully that includes your kids 😂😂
@@Avabanks2025 I'm gonna give my future kids the equivalent of Frieza's "five minutes" 🤣🤣🤣
When is Bo never "really excited" 😂😂😂😂
I am so glad I never went to college, each of my friends who went to college right after HS, are still paying off their debt and they are in a field that has nothing to do with their degree. What a waste of time. I joined the military, got my GI Bill, went into the workforce and over the last 25 years worked myself up the ladder to making stupid money. At no point was not having a degree an issue, however, I did go and get a quick degree in networking, afterhours, just because I didn't want to lose that GI Bill money. I have never used the degree, I was degree adjacent in the field I ended up in but by that time it was more about my managing skills and experience working at the same company for 25 years. I now interview to hire people with Masters degrees and I shake my head every time we talk about educational debt (They ask if we offer college loan assistance). Just find the field you are passionate about and start at the bottom and work your way up.
Corporations give money to politicians to pass laws to prevent working your way up. They’re trying to create a sort of feudal economy. Which you’d understand if you’d studied economics, history, political science, some literature, and other degree subjects.
@@M_SC sounds like you got indoctrinated. Which laws did they pass, that haven't been laws for all of human history that you are so keenly able to point out because you think you know something? There is no law that has prevented me from being successful and most people who think that made bad choices. school being one of them.
@@M_SC seriously, what law was passed to keep people from moving up? I would like to research this bit of information nobody has ever said before.