Millennial here. Sounds dry, but he's 100% right. I picture the same financial future for us. Millions use their credit card to simply act as a hedge when they run out of cash, but still need to pay for essentials to survive. The single most dangerous game a person can play with consumer debt is to use it to buy "fun" and just pay the minimum balance each month. It has been threatened for a long time, but the fact is that the credit market (banks letting people borrow on credit cards to furnish consumer debt) mathematically cannot last forever. When banks do inevitably begin closing that valve, your cash/investments/liquid assets will be the only buffer between you and the unforgiving streets.
He did a great job! I’m technically a baby millennial or at least a "zillenial" and the best advice that has been given to me is to invest in an index fund and a Roth IRA. Both of these are more about the amount of time IN the market and less about TIMING the market. Also, it’s imperative to start a line of credit (that you reliably pay off). I wish I knew a lot of this when I was in high school. My best advice to those in high school is to have a side hustle and use that money for investing. Your parents can open a fund with your name attached to it. They can also do the same with some credit cards. It might seem silly to put away $20 when you want to use it for something fun like an Xbox or going out to eat with friends, but trust me, it is so worth it!
Millennial here. Sounds dry, but he's 100% right. I picture the same financial future for us. Millions use their credit card to simply act as a hedge when they run out of cash, but still need to pay for essentials to survive. The single most dangerous game a person can play with consumer debt is to use it to buy "fun" and just pay the minimum balance each month.
It has been threatened for a long time, but the fact is that the credit market (banks letting people borrow on credit cards to furnish consumer debt) mathematically cannot last forever. When banks do inevitably begin closing that valve, your cash/investments/liquid assets will be the only buffer between you and the unforgiving streets.
I was wondering as to why there was no comments. Then i checked the date.
Absolutely amazing talk!
Same
Still no comments though lol
@@taylorlclassen7319 Got me there >.>
Personal finance should be a high school graduation requirement. Absolutely
Imma prepare for the near crisis. Helped a lot 👏
He did a great job! I’m technically a baby millennial or at least a "zillenial" and the best advice that has been given to me is to invest in an index fund and a Roth IRA. Both of these are more about the amount of time IN the market and less about TIMING the market. Also, it’s imperative to start a line of credit (that you reliably pay off). I wish I knew a lot of this when I was in high school. My best advice to those in high school is to have a side hustle and use that money for investing. Your parents can open a fund with your name attached to it. They can also do the same with some credit cards. It might seem silly to put away $20 when you want to use it for something fun like an Xbox or going out to eat with friends, but trust me, it is so worth it!
Great words !
Nice talk bro 👍