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Avoiding Financial Land Mines
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- Опубликовано: 1 окт 2017
- Everybody is trying to make money. Some in more grey zones than others but you can count of many bombardments of people trying to sell you STUFF. Sometimes it could be convoluted financial instruments that will only bite you years later, other times you might not even notice you received an inferior products. Let me point to some of the bigger pitfalls you could have so that you may avoid them in the future.
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Wife and I had a financial landmine earlier this month. Our washer broke down. We decided to go shopping for a whole new set because the dryer wasn't very good either. Because we are so close to being debt free, we were able to pause our debt snowball and cash flow a new $1500 set without signing up for credit or a loan. It felt amazing to be able to do that for the first time.
Feels great right? It gets even better when you have a larger and larger chunk to pay for all these sudden expenses. =D
Thanks for the consistency. I get motivated every time I watch your financial videos. I get a lot of clarity on things I thought I knew about.
He’s the most consistent youtuber out of my subscriptions
This time, to prevent huge financial mistakes. =D
If you get a raise, take the difference and add that to your 401K installments, especially if the company matches. I did it, made a big difference. My company raised my hourly from $5 to $7. Since, I had become accustomed to $5, I didn't miss it. When I left, just a year later, I had enough for LASIK in Canada.
All about holding your lifestyle the same and allow the increase in pay to go towards savings. Although $5? Even in Canada this seems low.
Your hourly was $5? Are you in the US? Federal minimum wage is $7.25/hour (currently in 2017)
If I can't pay cash, I don't buy it.
It's where you buy it from rather the payment type.
Meaning if I can't pay in full, I will not purchase an item.
Do you not take out loans or are you just talking about small ticket items?
curiousgeorge555 could not agree more. Thats the right way.
MrC0MPUT3R Never taken a loan my entire life (except for small loans as a kid from my parents and friends). I have terrible credit and could not get one anyway. I don't use credit cards or checks. I only use cash and debit cards. Then again I live an unusual life. That's probably one reason I like BeatTheBush's way of looking at finances (for the most part).
Another financial landmine- private student loans!!! I paid mine off much earlier than it was due but I still paid $3,000+ in interest on a $6,000 loan! What a scam. They would have taken me for even more than that if i was just paying the minimum balance.
Whoa.... it does add up over the years. If you make minimum payments you pay a lot of interest and yet see the principle go down slightly. But all that interest you pay adds up.
I need to pay mine... Sigh. Could you do a video on student loans please?
Great job on paying it off
Rarely subscribe to any channels, but yours is so refreshingly honest that I felt I just had to support your endeavors.
Thank you! And welcome!
Thank you for uploading a video on this tragic morning.
Pray for Las Vegas.
How do things like this happen? It does seem he was radicalized.
Oh no! Dino stepped on a land mine, got stuck under the stair rail, and his panties landed on the blue sharp-toothed t-bone eater's head! Seriously though, thank you for the very useful financial information :)
Dino has panties? Lol.. he then gives that same look after you say that.
This is so funny! Hahaha! Best comment!
Every time I watch a beat the bush video I make a deposit in my mutual funds. Love your videos bro!
Do you? Lol... A while ago i got the habit of paying money into my student loans. Not long after, it was gone!
Marriage is a financial time bomb when the divorce rate is 50% in America. That means the expected value of your net worth is already cut one quarter the moment you sign the contract. Cruel but true
Ohhhhh.... ahhaha ... 50%*50% =25% Sigh... the laws and the courts are stacked against men.
Not if a guy married a rich orphan. Just saying.
Hey, 50% of marriage end up lasting forever.
Well, marry a woman who has her own money flow. And wants to having her own flow. One of the biggest reasons for divorce is money
@@naturalLin Glass half-full...I love it!
howsitgoingeverybody?thisisbeatthebush
Do you want a t-shirt like that? lol.
@@BeatTheBush I'll take 5.
Being in a terrible financial position about a year ago, I went to Les Schwabb and had to get some urgent work done on my car. I had no choice. No public transport in my area. They offered me the finance and I had no choice, but it didn't seem that bad. Recently, I wondered how the hell I had made so many payments, yet my balance didn't seem to be going down much. It turned out that they were charging almost $600 of fee's on a $2000 bill over 12 months. That was the day I started saving HARD! The minute you have to take something on credit, you are screwed. And people don't realize how badly they are getting screwed.
I think the absolute worst financial landmine is actually timeshares. I have all kinds of horror stories about them. But the average timeshare payment now is $300 a month with crazy interest for say, $20,000, so 5-6 years of $300 per month car payments on a timeshare. Then they charge about $1000 "maintenance fees" every year. My mother's had these for the past 15 years, and she even allowed/coerced? my sisters into getting them at 18, and I cussed out the sellers when I was 18. I calculated all the money my mother put into them over the years would be $200-300K in an index fund. She also was one of the first to get hosed by a VBR mortgage, too, back in 2003. :/
Scams contribute to "GDP" though so it's OK. :/ All about that "GDP."
I hear you. Timeshare seems a bit restrictive to me. You use it or you lose it while costing a bundle.
@@BeatTheBush I think possibly in the 1970s or 1980s it might have vaguely made sense, but now in an era with online hotel price shopping and especially Airbnb it's so irrelevant and costly it's not worth it at all.
Great video again ☺️👍🏼 always worth watching!
=D
Do you have any advice for those that are interested in buying or leasing a car? Or on car loans?
I just started watching your channel over a week ago, so I have yet to catch up on many of your past videos. If you already have a video about what I just mentioned, please do share.
Keep up the informative videos! My hubby and I love learning about all the financial/miscellaneous knowledge you share. Will definitely continue to support your channel ☺️
Yes. For leasing or buying a cars here: ruclips.net/video/dX6VFSaWZE8/видео.html
If you're still not convinced and want a new car anyway, should at least get it for the lowest possible price here: ruclips.net/video/APXv81hwOfk/видео.html
Do not so your own car maintenance if you're buying a new car because if you mess with anything, the dealership will negate your factory warranty. Usually factory warranties are 3-4 years max. Best to buy a car that's 3-4 years old, that has OEM parts that you can get any car parts store and do the maintenance yourself. Also, you save lots when buying a used car that's still got a lot of life left and don't have to worry about that 25% drop in value as soon as you drive a brand new car off the lot.
Yeah... you can void the warranty possibly. But then luckily, the car has coverage the first year or more so you don't need to do self maintenance at all.
ARM mortgage is like a Mack truck coming down the street smh I took out a home equity loan, interest paid first then principle...so ask me why the bank Wells Fargo is trying to charge interest AGAIN on the principle!!! How is this correct? I'm having a big fight with them now! Do you know anything about this?
@BeatTheBush Isn't an ARM mortgage useful, though, on a starter home that's low-priced and which you can reasonably expect to pay off the principal quickly? Let's say that it's a 3/1 ARM and you know you can pay off the house in full in 3 years (or a 5/1 ARM if you can pay it off in 5 years). Aren't you benefiting by securing the low interest rate for the 3 years or 5 years versus a fixed mortgage rate?
can you share your insights on insurances, all kinds.
Sure, I haven't really covered that in detail. You do need to insure against certain things like flood or earthquakes if you are near those areas.
Hi BTB ...Thanks for another fine video. I hate to part with my money. Debt free except the mortgage.
That's a biggie. I feel the bankers cringe whenever they see a additional payment.
In many cases these land mines as you said are visible if you look for them. Usually if its too good to be true, it usually is. That is what I live by and I have had to learn the hard way a few times.
People today are just either too naive or willfully ignorant to bad deals.
Sometimes it's really great but it really is true. $200 cash back when you spend $1000 on a credit card? Well, only great if you pay your card off in full and you manage you finances well.
For some reason I really like the last 35 seconds of all your videos ( Don’t forget to give a like comment down below; audible patreon etc. Thank you :) A+++
I would think it gets boring if you keep on listening to the same thing so I'm trying to hurry it up. =D
BeatTheBush don’t change that part or the gestures it’s really cool :)
avoid door to door scams... i had some "government employees" sign me up for some kind of green energy program... i must have been out of my mind to give them a void cheque with my banking details.. luckily i called the financing company for this organization and told them to cancel everything from my contract....
Fell for the service thing on my last car. Still learning.
Sigh.... Yeah, so many land mines out there. Many others I did not cover.
Every time I think I've got car buying down I run into another mine. I will probably start doing it your way and buying used.
At least you can use your car for some time before needing a new one.
True. VW diesel so it should last a few hundred thousand miles.
In my crystal ball I can see a milk tea sponsorship heading towards you.
Oh man... if that happens, will that be some sort of tea they want to sell? Lol.
Yea back in the 80' one of my relatives thought they were buying a new VCR in a seal box? When he got home and opened it he found a Piece of cement rock 😂😂😂🤣🤣🤣😂😂
Lol.. yep. Open items you buy at less reputable store... even better just open it and take a peak first.
Chico Sickofshit that happened to my friend too!
When I first read your title I thought it said Finance Land Minds, and I was like 😱
Minds? Lol.
I'm learning sooo much from your videos that I'm now at a point where I'm about to make a big financial decision and wanted some input. Should I get a new credit card or refinance my auto loan first? My credit score has improved dramatically and the interest rate I got on my car (with a cosigner) is awful. Both will create a hard inquiry on my credit so I only want to do one. Both have the potential to save me money... one more immediately than the other I think. If it helps, I have no financial need to have a lower monthly car payment I just want a lower interest rate and I have never missed a payment. I just want to save the most money in the long run and improve my credit. Thank you so much to anyone that helps!
Refinance first as that is a more immediate impact if you get a lower interest rate. If you anticipate you wont get a much lower rate since you score is not good enough, then go with a new credit card to build your credit more.
BeatTheBush Thanks so much for your reply back! I refinanced and was able to get 2.3% lower interest rate WOOHOO! I already have one credit card (BofA cash rewards) and I've already learned that i was using it all wrong, or not using it as best as i could. Channels like yours is what RUclips was created for...i can't wait for more! Subbie for LIFE! ❤
I made the mistake of buying the service with my car if only I saw your video before. Oh well lesson learned. Thanks for the video.
SOooooo True!!!!!! Stay Farr away from those who find you or offers that come to you. This includes credit card offers. I even had a real estate agent approach me on the street. It’s was the worst experience ever.
It sort of cooled down by the time I did the intro...LOL . I love this guy!
I was disappointed. I'm gonna drink off camera now, no more milk tea during the video.
Friday I was at Best buy and somebody was buying something I heard the sales man say to him do you have our best buy credit card the customer said no . Not sure if he signed up . but you hear about the 0% for either 6months or 1 year then a 25% interest rate if it's not paid in full.
Lol... any Best Buy associates here can confirm they get a bonus for getting any customer to sign up for a credit card? I'm almost sure they do.
your correct.
Hey BTB, can you do a video on strategies to getting out of an upside down car loan? I'm trying to pay down my negative equity so I can trade the car in and get rid of the loan altogether to buy a cash car to rid myself of the extreme monthly payments and insurance rates.
Negative equity. You cannot turn negative equity into positive suddenly unless you want to pile in a lot of cash. You can sell the car, pay the balance and then buy a much cheaper car.
My main problem is trying to break even on the loan with an absurd 12% APR. The car insurance as well continues to rise despite no tickets or anything of that nature, which is making it more difficult as well. It's so upside down no other bank is willing to touch it for refinancing.
New ICOs huge landmine
Talk about it. Everybody and their mom is starting a new ICO.
I feel like you would be really good at stand up comedy with your straight-forward and matter-of-fact way of speaking.
I don’t consider zero term financing predatory. It’s only if you don’t pay attention. I get them all the time then pay off in half the time.
Yeah it's always funny how the ARMs always start out lower than the Fixed rate mortgage....but you can be assured within 3 to 5 years out to 30 years you'll be paying more. I think ARMs should be illegal...cause I've never seen many ARM go lower after you buy....they always go higher. Do a fixed rate 30yr note...and then pay it off in 10 to 15 years, saves you gobs and gobs of interest.
I think so too. ARMs are somehow structured to rope you in. At least it's a bit more strict these days.
Thanks for the Heads up. I was debating about that 0% transfer deal. They charge 3% up front on a discover card to do a transfer fee. I was thinking about transferring 4k at 0% and then just giving 500$ a month to knock it out in 8 months but I am not too sure if the 3% upfront would be more than my current 6.9%. I think I will just throw 500 now to those cards and pay them off individually. One card is at 6.9% (a student loan) and my other card is at 3.9%, a chase card and I only owe 1700. I like your advice.
It all depends when you estimated time of pay back will be. With that, you can figure out which option is best for you.
Good job on that.
If it isn't a house, student loans or a car, why are you paying installments on merchandise?
True. Some people do not have enough to pay for smaller purchases and thus need the installments. A sign they should not buy it at all.
I don’t have a 401k at work. Is there something else that I can do
Open up your own IRA and put money into it yourself. Any brokerage company will allow you to open one up with them.
Start a Roth IRA and keep contributing to it religiously. I think you can do up to $5,500 a year today. Put from $100-$500 into a seperate savings account then transfer it to the Roth IRA before Dec 31 of each year. Or better yet start a Roth IRA with a discount brokerage such as Vanguard, Schwab, or Fidelity and have the money directly deposited.
Use index funds for your investment vehicles. Determine the equity percentage based on your age, rebalance every quarter.
Hey I remember watching one of your videos where you was talking about a lending app but I can't find it
Lending app? You mean robo investor app? Or are you talking about P2P lending as a form of investment?
Milk tea? 🍵... I have to try that.
Is it best to ask for an adjustable rate vs an introductory 💹 rate?
Adjustable rate for mortgages? You want a flat rate for the life of the loan.
I do sometimes do 1 year no interest, but I always pay more towards the bill.
Yeah those are time bombs waiting to happen. It causes a bit of stress as I've done that too.
It worked for me, but I have the cash to pay it off. I just kept my money in the savings
Yup. I did that before and it still caused stress for me.
You are so smart with your money. I was binge watching your videos last night while doing some computer work. I posted a funny story on the video where you thought people thought you were odd.
Well, I try and I try to learn new tricks and post them here as well. Hmmm I didn't see that comment pop up on my feed just yet, maybe I will see it.
Can you please make a video about your thoughts on Tiny homes?
Sure
This may sound heartless, but I consider donating to charity as land mines. I get there are needy people out there that charity is supporting, but you are also surviving yourself. Unless you are a millionaire., other than that, theres no point.
There is an argument that doing so in turn buys you a positive feeling from doing so. So in a way, you do get something back.
799% interest rate on cash express loans. Google it
Ha ha ha.. yeah... those loans are a killer!
Businesses always try to upsell you. I just say no.
Very rarely is it good for you.
Another great video. I just made myself a coffee after seeing that yummy milk tea.
Enjoyed it doing nothing else?
BeatTheBush Yup. Great advice.
how is a 25% apr make a $1000 mattress $2000 in 12 months?
For 3 years it'll be $2100 but the whole idea is getting charged from the beginning.
What's that hanging from the railing?
T-rex!
My dude have you tried better thumbnails? A land mine in the thumb nail with a dollar sign photoshopped, and some pictures you can add to the screen in post production plus transitions (don't ruin your essence or style please though) would go a long way. Just some suggestions! :)
Lol... I suck at youtube.
Can always get a bit better :p think of the ad revenue
I do the best with the ability I have.
Fam it's super easy to edit in a new thumbnail, you might even enjoy it. Try Pixlr, it's a simple online mini Photoshop. Also "paint.net" or "gimp" are free and pretty decent although gimp is more advanced. I mean it's up to you, but just giving some suggestions. Keep up the good work btw I love your videos, they're very helpful
YEP!
When are you going to write a book?
It is something on my radar.
Most of my cash is going towards aggresively paying student loans :(
Herryfrd - My 💝 goes out to you. My niece is very unhappy for the same reason. At 23, she works as an LPN with seniors. I advised her to use some apps for selling things she no longer wants. She wasn't encouraged. Sadly, her mom could have set money aside to pay for vocational school 20 years ago, bit instead wanted trendy clothes for her little princes. Now they are fashionable, cash poor and miserable. This was self- imposed misery. I warned her. My sister has declared bankruptcy twice and earns a decent income. I should be jealous, but she can't manage money. Her daughter has inherited the legacy of not respecting money.
I approve. =D
Is it Hong Kong style milk tea? Where's the best one in south bay?
The one you make yourself. Get a really good tea and organic milk. Brew it yourself.
I kind of knew this was coming. Can we have a kitchen tour next?
What do you use for audio? I like the sound :D
I list all my equipment on my Amazon product page here: www.amazon.com/shop/Beatthebush
Thanks!
Not much. Just watching your video and eating dinner. 😋
Enjoy your dinner! =D
Financial Defense! 💪
I know it sounds simple at times but I know plenty of people who fall for any one of these.
these offers usually come with a free t shirt
Then you can use your free t-shirt and mope the parting of a bunch of money.
20 year old n school. This stuff is sorta interesting
Keep it in mind, it might save you so much grief.
Hi BTB!!!
Wassup!?
milktea is life, HK represent!
Lol... I wonder why I'm so attached to drinking it. I didn't use to.
What's with the nerdy sweater? It's probably really durable and was priced low knowing you lol. But cmon, you deserve something better.
I got it for $2. Better? It's very comfortable and I like the color.
BeatTheBush It looks too warm and resembles peas but if you like it i supposed that's what matters lol. You're too cool beatthebush. Have you done a video on what you do like to spend money on? I remember you saying you like to go out to eat on occasion.
He bought $1600 xps remmebrr? Refurbished . I like the sweater too. Cute. But is nor cal cold enough already?
Ha haha... I tend to dress much warmer than others. Sometimes I might wear a jacket indoors.
vexpressivo is xps a computer
lol he's wearing that green thing 😅 but wears the dinosaur?? 🤔🤔
You don't see the dino?
There is no need to ban any of these loans. People generally know there is a catch with everything free and happy to accept the lower interest rate now and except a higher interest rate later if they go past the low interest period. It might not suit you but each to their own, they just have to be honest with the offer which is the law. Nothing is free even in Socialist California :)
Many consumers do not actually know the implications of these types of loans.
Yes the public education system is so bad that people can't understand contracts there are 2 ways to fix this. Open up education to the free market so consumers actually get a decent education and/or decrease the regulations/laws (government law requires them to be complex/long) so contracts can be more simple and clear. You can't write a contract with someone who is mentally disabled so you shouldn't be able to write a contract with the uneducated in a manner they can't understand. p.s If they can't understand a contract to buy a TV under finance they should be able to vote as that is a much more complex matter and effects everyone's lives?
Translation: Avoiding Marriage. LOL!
Is that so?
You should go around to high schools and teach this stuff
There is a possibility of doing so at community colleges.
Credit Cards
Depends how you use it.
hi first
=D
=D
Thanks for being first!