How do you even "feel" it? We have a 7 figure net worth (with 2 mortgages and one car loan) and I am not feeling it.. You would think that in order to feel it, you would be drinking expensive champagne, etc. (which I can buy but I don't think that it is smart and I feel guilty).
If you are talking about the NY “hot girl” from the first video, her advice was pretty good. If you have high interest debt, move it to a 0% credit card and actually work on paying that debt off.
As many have already said and I agree with...a transfer to a 0% credit id absolutely a great idea IF the person focuses on paying the transferred debt off and not accruing any additional charges on the old or new card. This takes discipline...and those that have it will save tons in interest and pay the debt off faster. I did a balance transfer a few months ago and have paid 3500 at 0% towards a debt that had 23% interest attached....that is a WIN.
The cool thing is, you don’t have to pay it off faster. You just have to pay it off within the 0% interest window. If you have 18 months to pay it off, use all 18 months because 100% of it goes toward the principal. Any extra money you don’t need to put towards it can go towards building an emergency fund. You can basically kill 2 birds with 1 stone.
Sure but most people don’t have such discipline. Let’s not beat around the bush here this isn’t targeted at people who can finesse their finances this is targeted to people who will not pay it back on time. Whether that’s because they are too irresponsible or have a tough situation.
@@mikeyman1974 in spite of what Ramsey says, most people DO have enough discipline to stay to out of credit card debt. Less than half of Americans carry a debt on their credit cards. Credit cards are bad, but I don’t get why Ramsey and his people get hysterical about it and stretch out the actual numbers. You can easily make an anti-credit card argument without lying about it.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts or advisors with experience since the 08' crash
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
If you don't want to crash and burn, you should seek the advice of a fiduciary counselor when you first start out. Fiduciary-counselors have exclusive information and data paths that are not available to the general public. Understanding the direction of my Fiduciary-counselor Tracy Britt Cool Consulting
J Waller is saying why He as a "millionaire and businessman" just orders uber eats and does not cook because he values time more. He did not say in that podcast that everyone should do that. Full context.
Love the advice on this channel, but if you're serious about getting out of debt, and you're gonna be gazel intense, then transferring a debt at 22% interest to a 0% interest card is just a smart idea. However, if you are going to just keep doing what you have been doing and not change your behaviour and not cut up the credit cards after you pay them off, then it's a waste of time.
their plan works for a broad section of people. Your suggestion is mathematically correct, but credit card companies offer 0% balance transfers because they know the majority of people who do balance transfers end up in MORE debt than before the balance transfer.
We did the transfer to save us money and paid off the debt and now have $0 cc debt. However, I married someone with credit card debt and didn’t have any myself. So I wasn’t really a danger with credit cards and we were able to get on the same page and get them paid off. For most people that have credit card debt it’s a bad idea because it gives them more room for more debt and they’ve already proven themselves untrustworthy with credit cards.
@@jacobkummer2067 based on the statistics, a great majority are indeed in darkness. Being treated like adults is exactly how they were able to dig that deep, dark hole. Dave gives a simple path out of the hole. The plan is simple: don't spend money you don't have. I don't know what city you're in, but I bet the tallest buildings in your city are owned by Chase, Wells Fargo, US Bank or an insurance company. Those buildings exist because financial companies employ PhDs who spend all day figuring out how to get adults to believe going into debt is good for them.
I transfered to a 0 percent card and then paid everything off in 10 months. I dont get why what i did was wrong. I saved a ton of money. Now im debt free with an emergancy fund
It's not wrong IF you pay it off. It'll save you a mass amount of money in interest payments. Most people don't pay it off and all that interest you didn't pay suddenly gets tacked on. They make money and you're in even deeper. Just don't be that guy.
Hubby just lost his job, and we ate out ALL the time. So, being a proactive & smart person... I knew it was time to watch the food budget. Let me tell you... I have completely forgotten how cheap it is to buy groceries and eat at home!!! Don't tell me groceries are too expensive. We made chicken spaghetti for $12 and will get 6 servings from this one dish... That's $2 per meal/person. People are just lazy and want to gripe....
#1 makes sense to me if you pay off the debt in 18 months AND don't add any additional credit card debt. The transfer fee is usually 3% of the balance transfer so it could be less than $200. #2 is just showing off. I have enough in my checking account to cover everything (I log into all my accounts almost every day) and $10K is in a HYS.
I'm a truck driver and 90% of my meals are out of a mini fridge. Yeah it's not perfect, but it's like $2 for a pretty decent meal versus $15 for some crap from McDonald's. Not to mention it's actually crispy in my air fryer. Sure, I might idle the truck for a minute or two longer to run the equipment, but that's negligible compared to the cost of eating out.
I come from a culture that cooks most but all their food. We cook it and freeze it, and freeze spices. So I highly recommend looking up some tasty easy recipes, I always recommend Korean because you can even make the veggies tasty and it's easy, get a great freezer and warm it up in the air fryer.
I love that! I need a bigger fridge though with a freezer top, beef and other meats aside from chicken go bad really fast in my mini fridge.@@rainbowtravelingyogi
@@n.g.l.That's an interesting point! I'll have to try some Korean foods out! Unfortunately, I grew up on the chicken nugget diet like most American kids over the past 30 years.😅
@@TrickyMickTrucking Lol that's ok when my grandma would visit America I'd ask her to make me hotdogs. But I'd start off with seafood pancakes (add some veggies like spinach too) and Gochujang sauce + soy sauce dipping sauce on the side (low sodium sauce versions still taste amazing). Super easy to make literally make it before hand, freeze it and warm it up in your air fryer and you have tasty omega 3 veggie pancake. My favorite dish is tteokbokki, and it's rice cakes with a sweet and spicy Gochujang sauce with more seafood, some people put a boiled egg in it, and if you add cabbage 😱😱 it'll taste amazing. Tteokbokki is easy to make, frozen rice cakes, Gochujang sauce + honey + soy sauce, frozen seafood, frozen cabbage, bring to boil until its thick and seafood cooks really quick. There's meat dishes as well all super tasty and healthy. Lol I'm hungry already just thinking about it
The Arizona Tea interview is the exact reason I want to be debt free. To be comfortable enough to fill other’s cups in my overflow as a blessing. 10:32
Agreed. I prefer supporting privately help companies like In-n-out and Arizona tea because they often deliver more value for their customers than competitors while also treating employees better
I've transferred debt to 0% cards multiple times and just like George said, all it did was kick the can down the road. We have to address the behavorial issues in order to fix the problem.
I save SO much money bargain shopping and making my own meals at home. A number of single people I work with don't shop or cook at all and their eating expenses are ridiculous. They'd rather play videogames with every single moment of their free time instead of investing in their future. When they tell me that they don't have enough money to save for retirement, but they spend $250+ a week eating out and also have $750+ car payments for fancy cars that they barely even use, I just have to shake my head. How they don't see the fallacy is beyond me. You make your own choices, though, and I hope they see the light before it's too late.
Dude’s just lazy flexing. He can’t be worth that much because dropping “G-wagon” and “Valet” references are him just trying to get you to believe that he’s a baller. Truly wealthy people don’t have to tell you they’re rich. First, because it’s obvious. Second, because they don’t care what you think!
@@hogue3666 from experience, it's pretty consistent across all large/brick and mortar banks in Canada to offer free chequing accounts only if you maintain over 4k in balance. If you want a free chequing account, you need to go with an online only bank
If you can pay it off in 18 months it makes sense to move it a card where you are paying less interest on it in that time. She wasn't saying to use the card to get into more debt. She said transfer the debt so that it has less interest. I don't know how those cards work, but it made sense as a method for getting out of debt. George Just heard the word "credit card" and assumed it was a bad thing.
@@alinatamashevich3354 If I'm in credit card debit, I probably don't have the means to just pay it off. But if I owe $10k on a 20% interest credit card, I would have to pay probably at least $12k total to pay it off over the course 18 months. Or, I can transfer it to a 0% card, as this girl said, and only pay $10k total. I just saved $2k.
@@alinatamashevich3354or hammer it and pay it off without getting hit with 20% interest every month? Why pay more and make it harder to pay off for the sake of simplicity
On cooking, there are so many options if your time is that valuable to you, that are cheaper than eating out/ordering in. There's grocery delivery, meal kits (pre made at store), meal kit delivery (that you still cook), pre made meals (either meal delivery or from the store). It doesn't have to be hard, and it doesn't have to be a waste.
The first girl was actually right. Transfer debt to avoid paying more in interest. Pay it all out. And then you can cut your CC, if you want. I don’t understand how paying more in interest is “smarter”…
It's absolutely the better financial decision... But Dave's "rules" are "no credit cards", so they can't support it even if numerically it makes the most sense.
Ramsey optimizes psychology, not math, which is why they debt-snowball, not debt-avalanche. His logic is that if people were disciplined enough to use credit as a tool, they wouldn’t be in debt and calling him.
That girlie is going to max out CC number one and number two with her “hot girl debt” aka debt contracted to look hot like skincare, clothing, etc. Unless, sorry if I’m a bit cynical, all that debt bags her a glucose guardian who pays her credit cards lol
These credit card companies know exactly what they're doing. They know that people will tell themselves "Great! I'll pay off all of my debt before the 18 months is over and I'll pay 0% interest all that time" but in most cases, what actually happens is that they spend even more and get into even deeper debt. When those 18 months are over, guess what? You didn't read the fine print? Well, too bad, because by not paying it all off by the end of 18 months, you also now owe them 100% of that 18 months worth of interest on top of everything else you owe since transferring your balance. TL;DR - IT'S A TRAP. These credit card companies set it up like this because it makes them the most money.
Because most of the credit cards I looked at that had balance transfers only applied to new purchases not your current transfer, plus you pay a transfer fee. Some credit cards are actual interest free balance transfers for a year or so but most aren't.
Justin Waller has so much money (second clip) was not giving financial advice. He’s a multimillionaire who started with nothing and worked his way up in construction. The title was clickbait and out of context. He doesn’t cook because he makes so much money it’s possible. He could hire a chef and no one would bat an eye. The dude is always moving around for various projects and doesn’t even have a primary residence/home that he owns so of course cooking is difficult. Did he exaggerate and mess around a bit? Yeah. Watch him on the iced coffee hour where that clip was made. Interesting interview
On the cooking front: 1) the cooking is MUCH cheaper than eating out here. 2) I can cook some dishes better than any restaurant around where I live. Like a steak from my stove or grill is WAY better than almost all of the steak places, and the bbq from the smoker blows everything away that is within a 300 mile radius.
I know exactly what you are saying! I have the problem these days that I make better meals than most restaurants that I’m willing to pay for, so it makes going out to eat usually a disappointment. Restaurants that serve better food than me are REALLY EXPENSIVE!!
Honestly, cooking is fun, therapeutic, healthy, and makes the meal that much more enjoyable, and as a side effect is often cheaper. I don't uber-eat because 1. I don't want to support corporations who basically contribute to elevating the cost of things, 2. even in the pursuit of financial freedom, making time to slow down and enjoy the little pleasures of life is important.
I understand why George/Ramsey don't agree (because you're opening a credit card), but they should have left it off because it is a good way to get out of credit card if that is what you are going to actually do. I think calling it stupid advice does more damage.
Transfering credit card debt to a zero interest card is a really smart way to get out of CC debt. You obviously pay a fee, but it’s usually a percent of the debt, and a tiny fraction of what you would have paid in interest. Obviously it’s not good if you use it to just spend more, but for many people it helps them to pay off the debt. My gf got into debt paying for essentials during college, and she could only afford the min payment and like 75% of that was going to interest. Lowering the interest rate a lot allowed her to pay more toward the actual principal. Most people don’t have the ability to just ‘pay the debt off’. That comes from an incredibly privileged POV, obviously people would if they could.
And not to mention, just because you switch to a 0% interest card doesn't mean you not "paying it off" it's a more efficient way TO PAY IT OFF. That girl in the TikTok is right I don't know why he said "nope, just pay it off" like that's not literally what she said.
Always read the fine print. Some "zero interest for X months" cards are zero interest for new purchases only. They apply the full interest rate (or a special balance transfer interest rate) to balance transfers. If a person is not careful, they could pay MORE in interest after the balance transfer.
I think it's just to discourage people from thinking they "paid off their credit card debt" by transferring it over to another one only to rack up more credit card debt in that "freed up" card. I've seen others fall into that mentality many times and just dig a bigger hole. I agree with you though. I did a balance transfer and was able to pay off all of my credit card debt faster, then I cut up all my credits cards because I'm not willing to go through all of that again lol. So it could be worth it if you have the right mentality and discipline.
The first take was not good. He said “just pay off the debt” as if people have 20-30k lying around. And he didn’t address if her claim could actually save money in that scenario
It's the easy "credit card mind" that got you into all the consumer debt trouble in the first place, my brotha'. The very last thing you need to be doing is opening up yet another one! C'mon, now! You know better than anyone that you'll just end up maxing-out that one too and the Pelosian cycle will never end.
@@situated4 I have no debt and a single credit card with a $300 limit. Don’t assume people’s situations. I get the mindset is bad and people could make it worse by opening up a new card, but that’s on them. The girl even said debt was bad. But she also said this is a cheaper way to get out of it, which is a true statement. You act like people can’t change their mindset.
@@azeemsiddiqui4764 The math of the take is correct though. If you only have 10k debt at 20% and it will take you a year to pay off, that’s $2,000 extra you’d pay. Whereas if you do what she said, you pay $200 instead. And she still said debt was bad. How is correct math and saying debt is bad an asinine take?
George works for Ramsey and can't tell the truth about "hot girl debt" which is transferring debt until they hit the wall, marry Poindexter, cheat on Poindexter and spit out Chad's kid, have Poindexter payoff her debt, divorce grape Poindexter and collect cash and prizes for 18ish years, then go on government benefits until they pass.
Love George, love George a lot but he could have explained how the balance transfer could be beneficial. The young lady in the video didn’t explicitly explain what to do after the balance is transferred. That’s where George could have inserted powering through step 2. I did a balance transfer and in 4 months I’ve paid off the same amount it took me 4 YEARS to pay before because I didn’t know about balance transfers as an option. Help the ppl out, George!
Pretty sure first girl meant to pay the cc debt off before the 0% interest expires and depending on the cc balance it probably works out mathematically but not good for your credit score to be opening and closing cards. You pay more for Uber eats and they eat your fries before you get them. Sigma is a "lone wolf alpha." For my student loans I used the debt avalanche method. Props to you Arizona.
Already from the first part, I was paying $60 / month in fees and I transferred it to a new card for $60. (Around )2K in debt) I tanked $300+ in fees and my 0%interest saved me. I was NOT making over 2k a month at that time. Just to say “pay it off” is horrible. You’ll end up paying so much more in interest
George’s response to the hot girl broke video is an example of why society is messed up. George takes half of her message which he doesn’t like, dismisses the other half which doesn’t fall completely in lockstep with his master Papa Dave, and attacks a topic that she didn’t talk about. In fact, she even says getting into debt is bad. If he would have addressed her entire video in proper context, you’d realize that they’re very much in agreement, and she’s just talking about a singular action to address George’s & Ramsey’s basic point that getting into credit card debt is a bad idea.
Right. She specifically said use the 0% interest break to pay off the debt. Overall I like the Ramsey personalities and content but this whole "pay as much interest on debt as possible" take along with them acting like things are mutually exclusive when they're not is very aggravating. My main pet peeve is when they say to stop 401k contributions and then frame it as either stopping, paying off debt, and then contributing 15% or not stopping, never pay off debt, and only ever contribute the match. No you can still contribute up to the match and still pay off debt.
Yeah I came to the comments for exactly this. I get that they don't trust people enough to not just end up using both credit cards, but to not even ACKNOWLEDGE the original author's stance and then argue the merit of your position that having an additional card is a risk . Her stance was that debt is bad, don't get into it, that she's advocating this as a way out of debt by paying it off faster and that she was even intellectually aware/honest about the risk of the fee and why it still makes sense... George could learn from her about presenting an opposing point to discuss why it doesn't change your position - makes your argument even stronger to have acknowledged those points and then argue why they aren't persuasive. it just shows that George has a religious dogma now about how credit cards are just bad, and he's incapable of seeing past it. I've already blocked the Ramsey channel from my RUclips, and I guess it might be time to block George, too. I thought he was better than that.
Typically you can just set up a 6 month payment plan for that card with 0% interest... doesn't make sense to open another account to transfer. Also, doesn't make sense to go into that much debt to need 18 months interest free for "hot girl broke" anyways.
George literally said they both agreed that credit card debt is #notcute. The girl’s main hot tip was to open a new credit card, and George explains that he disagrees because that’s just kicking the can down the road. I don’t agree with him, but I also don’t think he dismissed her message.
My checking account balance is $2000 minimum, and I transfer the rest to my high yield savings account. Then when I make large annual payments, such as property taxes and insurance, I transfer enough back to checking to cover the payment. Then I'm sad that I have to pay taxes and insurance forever. 😥
For a contractor making a mill clean at the end of the year , managing six figure contracts constantly, being on call 50 hours a week , it would make sense to order out a lot… not for a regular person
The first girl accidentally almost gave good advice... if you can refinance all of your credit cards into one lower interest loan, have a fixed payment that guarantees that you will pay it off in a fixed amount of time (and of course, still make extra payments whenever you can), and then lock up those cards and never touch them again. If you can cut 22% interest down to 10% interest, you'll pay a lot less in the long term, and by having fixed payments, it removes the will power and discipline aspect, you are forced to make those payments above what had been your minimum payment on the credit cards.
George is not a classically trained money expert but perhaps that is why his advice is so effective. It’s simple and right- get out of debt and stop thinking there’s something called hot girl debt. Hot girl debt is the same as miserable debt. Put the Lipstick on a pig…but it’s still a dang pig 🐖
Arizona sells non priced cans and 99 cent priced cans now. but the wholesale price on each is different. Arizona said if you don't want to sell them for 99 cents you are going to pay more for them from us.
My minimum balance was $10k at the age of 20 while waitressing and going to school full time for engineering. It’s absolutely possible. While I was in school I always wondered how everyone was going on trips and seemed to have way more money than me, I felt like I was broke. Reality finally hit a few years after when these same people started defaulting and I even had one friend ask me to open a line of credit for her because hers was so bad, then it all made sense. I wasn’t the broke one, they were. I was living my broke college student life, not vacationing, not shopping, not going out to the clubs and partying. I was either at school/in the library, at the gym or working. This was maybe 2012-2017 timeframe so it’s INSANE to me how people choose to live beyond their means. But just look at social media, I know the types of jobs my old Hs friends have and I know they can’t afford the lifestyle they share on social media, it’s all fake.
7:22 I agree with her… $10k in checking is ALOT! Unless you are married with like 3+ kids and a large mortgage and ALL the bills add up to that much then maybe?! But still seems high to me. I’ve noticed when I have more in my checking than I need for my bills etc, then I tend to overspend it cause I’m like “well it’s there, so I’ll spend it” vs just putting it away in savings and forgetting about it.
Keeping that much cash in my checking account just isn’t normal for us. We use that account to pay bills + make transactions. We keep the minimum there. All of the funds are in the high yield savings and easy/quick to access if we have an emergency.
JWaller is actually from humble beginnings. He clarifies that take out thing later in that interview and says if you’re not making 100k + a month living in a penthouse this isn’t for you. If you’re not making more money than the time that it would take you to cook your own meal that this isn’t for you. Only when you can make more money with that time you would have spent shopping cooking cleaning etc does it financially make sense.
I don’t know who he is but to say he shouldn’t cook because he has money doesn’t make much sense to me unless he uses every second of his day to make more money and cooking would cut into his money making time.
@@bigshoe84ify The process of cooking is wasting time he could be using to produce money or enjoying the money he already had way too much of the spend in a lifetime. The better argument would be to hire a chef. A chef could probably supply better food at a better price.
Regarding the amount of money in checking accounts -- speaking of someone who HAS had their paycheck not arrive during some chaos at my employer, AND someone who is paid only monthly now - I don't like if my checking account balance doesn't at least cover a full month's expenses. My bank's normal savings doesn't pay much more than my checking interest, so for me my high-yield savings is an inter-bank transfer away - I'm not messing about with overdraft fee risk just to squeeze an extra couple percent out of a few thousand dollars.
Definitely.. although I'm privileged to live in a country with universal health care, free education and a social net to assist you when in trouble. That aside, I returned home from 15y+ living abroad with a loan to help me start up again + still paying a credit card. It was $ 20k + $ 4k where the latter was hanging for at least 3 years just paying interest. Rolled my sleaves, created an excel sheet to see the Numbers clearly.. got a temporary second weekend job, minimize my costs and happily seeing the numbers fall and fall and fall with being debt free next February.. took 24 months and had to stick with it... And I'll keep going but now I'm saving...
5 months expenses in HYSA, 1 month in a standard savings account is my Emergency fund. I keep 1 to 4 grand in checking just depending on when I got paid and when bills are due.
I have a checking account, I calculate the exact amount that goes out each month and leave only what I need in there. The rest goes in savings and I move it to checking if needed
2:00 Balance transfers are legit. You typically pay 2-4%, not $200 It isn't always beneficial and the best thing to do is to stay out of debt in the first place, but if you know that you're going to be paying off a mess of debt for say... 5 years? It's great. Every 17 months you balance transfer and exchange a 24% interest rate for a 3% rate. Why is that a bad idea?
If you’ve got a $5k balance on a card, at 22% that’s $1,100 of interest & fees that’ll significantly slow down repayment. If you find an 18 month no interest transfer option and you KNOW you can pay it off in 18 months. Do it. It’ll save you thousands.
Ramsey folks once again, not bothering to do the maths. Balance transfers can save money. If you're paying 25% APR on $10,000 of debt, paying a one-time fee (typically 3-5%) to be 0% for 12 months would save you about $2000 in interest. It's helpful - if you have a plan to get debt paid down within the period. It's only dangerous if you are using it as an excuse to keep overspending.
Mathematically, you're completely right. Unfortunately, I'd imagine the people who fall into the situation where this is a solid plan are the sort that likely will view it as a reprieve and get lazy. There's a reason why banks offer the promotion, they know a fair number will slip up
@@klick0858actually my dad is a millionaire who (as Dave would say) used airline miles and never paid off his mortgage. One year at age 70 the stock market was low so instead of cashing out stocks to pay 18k CC , he balance transferred that. So basically when the stock market went back up, his stocks went 25k up and he could easily sell off apple stocks and pay the CC. This is while he doesn’t touch his 2million of other stocks. He still has a car payment too cause he has cancer so he’s like why pay off a car when I’m gonna die lol . Some people have discipline for 59 years and it allows them to utilize products correctly
I feel like it's the same as the advice to organize the debt by smallest to largest while ignoring the interest rates. Makes no sense mathematically...
You took Justin out of context. He was saying, which you cut out, that FOR HIM his time is better spent working, where the return on investment is greater than the extra cost of ordering food. The rest was just him being a smartass for the sake of making a point. The point that you skipped over. He doesn't tell people to "get rich by ordering out." He actually tells guys who are still starting out to cut unnecessary spending. Clip culture in a nutshell. Always out of context.
I remember my mom transferring money back and forth between credit cards for points and interest rates. It can be a reality of life but there is a better way. 5k is what is needed to cover unlimited bank acct here. Essentially that works out to 4% If a family of four can save $10 for both lunch and dinner 5 days a week, they will save 1k per year. Our family of four spends less than $900/month on food.
Wife and i bought grociers and ate off it for a week..cost averaged over each meal was $4 a meal. Full meals. FOUR DOLLARS A MEAL. Conpare to one uber eats meal and divide against the 365 days, 3 meals a day you eat
I moved to a different country in a different continent 5 years ago, few 5-6 months before Covid for a master's degree study (only because I was offered a scholarship -> no tuition + monthly stipend for living expenses). I didn't (or rather couldn't) work at all during the almost 2 year study period due to Covid and the fact that I can't speak the local language. But, after graduation I started working almost immediately full time in my field and started saving (yes, by cooking at home almost every day and never ordering a takeout). Also, I don't have any unnecessary expenses like alcohol, cigarette, weed, drugs etc., and next year, in about 6 months I'll have enough money for a 20% down payment for an apartment, so I can finally move out from a rental apartment..
When I was in my 20s and had too much dumb debt, the 0% balance transfer was very helpful for the debt snowball. So I wouldn't dismiss it as an option entirely, but I found it takes discipline to not just build up all new debt on the new card. I slipped up a couple times and used it. Shame. It's a trap for the undisciplined. Now debt free except the mortgage 🎉
Bro’s just flexing. He can’t really be worth that much because dropping “G-wagon” and “Valet” references are him just trying to get you to believe that he’s a baller. Truly wealthy people don’t have to tell you they’re rich. First, because it’s obvious. Second, because they don’t care what you think!
It’s pretty wild you are against her saving money and want her to pay more interest on her debt by not refinancing it to a 0% loan while she pays it down. Actually crazy you said that.
Balance transfer is not a bad idea only if 1) the fee is lower than the interest your paying (or better yet no fee but that’s hard to find) 2) you have a plan to pay off said debt by the end of your interest free period 3) you have a plan not to get back in the same hole you’re climbing out of. If you can’t get all 3 of these, it’s not worth it
Great video George! What do you think of full coverage insurance vs liability insurance? If a car is paid off, it doesn’t require full coverage insurance. It would help decrease expenses for the budget.
That is what we in the insurance industry call "self-insuring". You are taking on the risk of paying out of pocket for repairing/replacing your vehicle in the case of an accident instead of transferring that risk to an insurance company by getting full coverage. It's up to you to decide if your budget can handle having to buy a vehicle if, say, you pull out of your driveway and someone smacks you with their car. Most people can't bear that expense, so unless they have a beater or access to another vehicle for cheap, they will transfer that risk to an insurance company via full coverage collision insurance.
I keep my checking at about $1000. My wife's checking account builds up, and when it hits $5k+ (every 6-8 weeks), she transfers all but $1k to our joint savings.
paid off 220K of mine and my wifes student loans in a little under two years using debt snowball method. I do make a good salary but also moved, bought a new car, got married and was renting during the same time period and did not get into any new debt from that either. Debt snowball method works.
I like to keep 2 months of expenses in my checking which is about 13k. I get 4%APY in my checking so not super encouraged to move to HYS. I put the rest of my emergency fund in HYS.
8:08 I have a feature on my checking account that makes sure I can make my big payments by moving money from savings to checking if I get below a certain amount and all the money left in my checking account before my paycheck lands goes to savings as well
The bro in the 2nd video is insufferable Miami at it's worst. 2:52 G Wagons might have to be the douchiest vehicle out there. Maybe even moreso than a Tesla Cybertruck. When I visited Miami, I saw people like this all over the place. I've never seen more G Wagons in one spot in my life. Such a fake, superficial lifestyle.
If she really were a hot girl, she wouldn’t have debt. She’d be making all the simps fawning all over her pay her bills & buy her stuff. I mean, she lives in New York so there’s definitely a large population to draw from. Just sayin’.
$10k is NOT too much to have in a checking account. The interest on that in a HYSA is like $500/yr. It's nothing. I think after payday, having 2 months of expenses is reasonable, and it can dip down to 1 month of expenses after paying bills. I actually just keep my emergency fund in checking, because I'm not too worried about a tiny bit of interest when I have significant investible assets. If I was younger, I might be trying to squeeze that extra interest out, but at this point in my life it's just not worth the mental energy of monitoring my balances that closely.
If someone makes the statement that they "feel like a millionaire" you can guarantee they're going to give you terrible financial advice.
How do you even "feel" it? We have a 7 figure net worth (with 2 mortgages and one car loan) and I am not feeling it.. You would think that in order to feel it, you would be drinking expensive champagne, etc. (which I can buy but I don't think that it is smart and I feel guilty).
If you are talking about the NY “hot girl” from the first video, her advice was pretty good. If you have high interest debt, move it to a 0% credit card and actually work on paying that debt off.
As many have already said and I agree with...a transfer to a 0% credit id absolutely a great idea IF the person focuses on paying the transferred debt off and not accruing any additional charges on the old or new card. This takes discipline...and those that have it will save tons in interest and pay the debt off faster. I did a balance transfer a few months ago and have paid 3500 at 0% towards a debt that had 23% interest attached....that is a WIN.
The cool thing is, you don’t have to pay it off faster. You just have to pay it off within the 0% interest window. If you have 18 months to pay it off, use all 18 months because 100% of it goes toward the principal. Any extra money you don’t need to put towards it can go towards building an emergency fund.
You can basically kill 2 birds with 1 stone.
Yep. Great idea for Tuition when you can’t work
Sure but most people don’t have such discipline. Let’s not beat around the bush here this isn’t targeted at people who can finesse their finances this is targeted to people who will not pay it back on time. Whether that’s because they are too irresponsible or have a tough situation.
@@mikeyman1974 in spite of what Ramsey says, most people DO have enough discipline to stay to out of credit card debt. Less than half of Americans carry a debt on their credit cards.
Credit cards are bad, but I don’t get why Ramsey and his people get hysterical about it and stretch out the actual numbers. You can easily make an anti-credit card argument without lying about it.
THANK YOU. that’s what I did and it worked great. Oh also I don’t use that card any more because Citi sucks
Is that guy washing dishes with dial hand soap....😂
He don't seem too bright...
It's got stuff plants crave!
Stupid people are everywhere
I saw that too😂
But it’s only 8 dollars 😊
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts or advisors with experience since the 08' crash
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
If you don't want to crash and burn, you should seek the advice of a fiduciary counselor when you first start out. Fiduciary-counselors have exclusive information and data paths that are not available to the general public. Understanding the direction of my Fiduciary-counselor Tracy Britt Cool Consulting
I don’t know who edits your videos but we share a sense of humor and I laugh way to hard at these videos
J Waller is saying why He as a "millionaire and businessman" just orders uber eats and does not cook because he values time more. He did not say in that podcast that everyone should do that. Full context.
@ronneltiongco5781 Full context, he's a moron.
Love the advice on this channel, but if you're serious about getting out of debt, and you're gonna be gazel intense, then transferring a debt at 22% interest to a 0% interest card is just a smart idea. However, if you are going to just keep doing what you have been doing and not change your behaviour and not cut up the credit cards after you pay them off, then it's a waste of time.
Shh... Ramsey personalities are much more interested in you doing their plan perfectly than they are about actually making smart decisions.
their plan works for a broad section of people. Your suggestion is mathematically correct, but credit card companies offer 0% balance transfers because they know the majority of people who do balance transfers end up in MORE debt than before the balance transfer.
We did the transfer to save us money and paid off the debt and now have $0 cc debt.
However, I married someone with credit card debt and didn’t have any myself.
So I wasn’t really a danger with credit cards and we were able to get on the same page and get them paid off.
For most people that have credit card debt it’s a bad idea because it gives them more room for more debt and they’ve already proven themselves untrustworthy with credit cards.
@@Allan_A Their plan assumes everyone has their head up their butt. Better approach is to treat people like the adults that they are.
@@jacobkummer2067 based on the statistics, a great majority are indeed in darkness. Being treated like adults is exactly how they were able to dig that deep, dark hole. Dave gives a simple path out of the hole.
The plan is simple: don't spend money you don't have. I don't know what city you're in, but I bet the tallest buildings in your city are owned by Chase, Wells Fargo, US Bank or an insurance company.
Those buildings exist because financial companies employ PhDs who spend all day figuring out how to get adults to believe going into debt is good for them.
I transfered to a 0 percent card and then paid everything off in 10 months. I dont get why what i did was wrong. I saved a ton of money. Now im debt free with an emergancy fund
YOU did it right
It's not wrong IF you pay it off. It'll save you a mass amount of money in interest payments. Most people don't pay it off and all that interest you didn't pay suddenly gets tacked on. They make money and you're in even deeper. Just don't be that guy.
Hubby just lost his job, and we ate out ALL the time. So, being a proactive & smart person... I knew it was time to watch the food budget. Let me tell you... I have completely forgotten how cheap it is to buy groceries and eat at home!!! Don't tell me groceries are too expensive. We made chicken spaghetti for $12 and will get 6 servings from this one dish... That's $2 per meal/person. People are just lazy and want to gripe....
3:57 Im literally watching this while I cook! 😂😂😂😂😂 Broke Girls hit the like button 👍
#1 makes sense to me if you pay off the debt in 18 months AND don't add any additional credit card debt. The transfer fee is usually 3% of the balance transfer so it could be less than $200. #2 is just showing off. I have enough in my checking account to cover everything (I log into all my accounts almost every day) and $10K is in a HYS.
These hosts are so married to the regimented Ramsay method that they will literally ignore math to adhere to them.
I'm a truck driver and 90% of my meals are out of a mini fridge. Yeah it's not perfect, but it's like $2 for a pretty decent meal versus $15 for some crap from McDonald's. Not to mention it's actually crispy in my air fryer. Sure, I might idle the truck for a minute or two longer to run the equipment, but that's negligible compared to the cost of eating out.
My cousin drives a truck and she also prepares all her food. ✨
I come from a culture that cooks most but all their food. We cook it and freeze it, and freeze spices. So I highly recommend looking up some tasty easy recipes, I always recommend Korean because you can even make the veggies tasty and it's easy, get a great freezer and warm it up in the air fryer.
I love that! I need a bigger fridge though with a freezer top, beef and other meats aside from chicken go bad really fast in my mini fridge.@@rainbowtravelingyogi
@@n.g.l.That's an interesting point! I'll have to try some Korean foods out! Unfortunately, I grew up on the chicken nugget diet like most American kids over the past 30 years.😅
@@TrickyMickTrucking Lol that's ok when my grandma would visit America I'd ask her to make me hotdogs. But I'd start off with seafood pancakes (add some veggies like spinach too) and Gochujang sauce + soy sauce dipping sauce on the side (low sodium sauce versions still taste amazing). Super easy to make literally make it before hand, freeze it and warm it up in your air fryer and you have tasty omega 3 veggie pancake. My favorite dish is tteokbokki, and it's rice cakes with a sweet and spicy Gochujang sauce with more seafood, some people put a boiled egg in it, and if you add cabbage 😱😱 it'll taste amazing. Tteokbokki is easy to make, frozen rice cakes, Gochujang sauce + honey + soy sauce, frozen seafood, frozen cabbage, bring to boil until its thick and seafood cooks really quick. There's meat dishes as well all super tasty and healthy. Lol I'm hungry already just thinking about it
The Arizona Tea interview is the exact reason I want to be debt free. To be comfortable enough to fill other’s cups in my overflow as a blessing. 10:32
I’m finally debt free and I put out free drinks for the delivery people in a little front porch fridge
Agreed. I prefer supporting privately help companies like In-n-out and Arizona tea because they often deliver more value for their customers than competitors while also treating employees better
I've transferred debt to 0% cards multiple times and just like George said, all it did was kick the can down the road. We have to address the behavorial issues in order to fix the problem.
10000%
I agree with him but I used mine to save me and I cut it up after I was done with it.
I save SO much money bargain shopping and making my own meals at home. A number of single people I work with don't shop or cook at all and their eating expenses are ridiculous. They'd rather play videogames with every single moment of their free time instead of investing in their future. When they tell me that they don't have enough money to save for retirement, but they spend $250+ a week eating out and also have $750+ car payments for fancy cars that they barely even use, I just have to shake my head. How they don't see the fallacy is beyond me. You make your own choices, though, and I hope they see the light before it's too late.
Oh my gosh. The Uber Eats Bro. I can’t stop laughing. One of the funniest things I’ve seen in days. 😂
You mean the second one? That guy must be trolling. And if he was actually rich, he'd have employees to buy food and cook meals 😂
Dude’s just lazy flexing.
He can’t be worth that much because dropping “G-wagon” and “Valet” references are him just trying to get you to believe that he’s a baller.
Truly wealthy people don’t have to tell you they’re rich.
First, because it’s obvious.
Second, because they don’t care what you think!
@jochenkraus7016 He's famous for being one of these alpha male self made guys, but everything I see from him is a load of shit. 😂
The reason I keep 4k in my checking account is that is the amount that you get your $20 monthly account fee refunded in Canada.
Is this some sort of national thing in Canada? It sounds like you need a different bank.
@hogue3666 we basically have an oligopoly, choose one of 5 banks that are all the same. 2 newer banks are trying to disrupt.
@@hogue3666 from experience, it's pretty consistent across all large/brick and mortar banks in Canada to offer free chequing accounts only if you maintain over 4k in balance. If you want a free chequing account, you need to go with an online only bank
Transferring my car loan debt to zero interest cards saved me 5k in interest and allowed me to pay my car off in half the time
If you can pay it off in 18 months it makes sense to move it a card where you are paying less interest on it in that time. She wasn't saying to use the card to get into more debt. She said transfer the debt so that it has less interest. I don't know how those cards work, but it made sense as a method for getting out of debt. George Just heard the word "credit card" and assumed it was a bad thing.
Nope, why do something silly as that, just hammer it and pay it off.
@@alinatamashevich3354 why should I hammer a 25% interest debt if I can hammer a 0% interest debt?
@@spencergambrell7819 if you can pay it off in 18 months, why complicate the situation? Just pay it off.
@@alinatamashevich3354 If I'm in credit card debit, I probably don't have the means to just pay it off. But if I owe $10k on a 20% interest credit card, I would have to pay probably at least $12k total to pay it off over the course 18 months. Or, I can transfer it to a 0% card, as this girl said, and only pay $10k total. I just saved $2k.
@@alinatamashevich3354or hammer it and pay it off without getting hit with 20% interest every month? Why pay more and make it harder to pay off for the sake of simplicity
On cooking, there are so many options if your time is that valuable to you, that are cheaper than eating out/ordering in. There's grocery delivery, meal kits (pre made at store), meal kit delivery (that you still cook), pre made meals (either meal delivery or from the store). It doesn't have to be hard, and it doesn't have to be a waste.
The first girl was actually right. Transfer debt to avoid paying more in interest. Pay it all out. And then you can cut your CC, if you want.
I don’t understand how paying more in interest is “smarter”…
It's absolutely the better financial decision... But Dave's "rules" are "no credit cards", so they can't support it even if numerically it makes the most sense.
Ramsey optimizes psychology, not math, which is why they debt-snowball, not debt-avalanche. His logic is that if people were disciplined enough to use credit as a tool, they wouldn’t be in debt and calling him.
That girlie is going to max out CC number one and number two with her “hot girl debt” aka debt contracted to look hot like skincare, clothing, etc. Unless, sorry if I’m a bit cynical, all that debt bags her a glucose guardian who pays her credit cards lol
These credit card companies know exactly what they're doing. They know that people will tell themselves "Great! I'll pay off all of my debt before the 18 months is over and I'll pay 0% interest all that time" but in most cases, what actually happens is that they spend even more and get into even deeper debt.
When those 18 months are over, guess what? You didn't read the fine print? Well, too bad, because by not paying it all off by the end of 18 months, you also now owe them 100% of that 18 months worth of interest on top of everything else you owe since transferring your balance.
TL;DR - IT'S A TRAP. These credit card companies set it up like this because it makes them the most money.
Because most of the credit cards I looked at that had balance transfers only applied to new purchases not your current transfer, plus you pay a transfer fee. Some credit cards are actual interest free balance transfers for a year or so but most aren't.
Justin Waller has so much money (second clip) was not giving financial advice. He’s a multimillionaire who started with nothing and worked his way up in construction. The title was clickbait and out of context. He doesn’t cook because he makes so much money it’s possible. He could hire a chef and no one would bat an eye. The dude is always moving around for various projects and doesn’t even have a primary residence/home that he owns so of course cooking is difficult. Did he exaggerate and mess around a bit? Yeah. Watch him on the iced coffee hour where that clip was made. Interesting interview
On the cooking front: 1) the cooking is MUCH cheaper than eating out here. 2) I can cook some dishes better than any restaurant around where I live. Like a steak from my stove or grill is WAY better than almost all of the steak places, and the bbq from the smoker blows everything away that is within a 300 mile radius.
That's why we cook at home! It tastes better. Restaurant food is meh in my area at all price points.
I know exactly what you are saying!
I have the problem these days that I make better meals than most restaurants that I’m willing to pay for, so it makes going out to eat usually a disappointment.
Restaurants that serve better food than me are REALLY EXPENSIVE!!
Damn right. You can't buy ribs or brisket anywhere near as good as I can smoke in my backyard unless you want to take a 14 hour drive to the south.
Honestly, cooking is fun, therapeutic, healthy, and makes the meal that much more enjoyable, and as a side effect is often cheaper. I don't uber-eat because 1. I don't want to support corporations who basically contribute to elevating the cost of things, 2. even in the pursuit of financial freedom, making time to slow down and enjoy the little pleasures of life is important.
Mathematically, the first tiktok was good advice and will save you a lot of money if you follow through.
Emotionally it's wrong. Money is a lot about emotion and selfcontrol. They offer it because they make money with it.
@@EatEatyso, because of emotions they should just keep paying off their debt with 22+% interest, instead of paying off debt with 0% interest?
@@EatEatybecause you are broke
She's a moron.
I understand why George/Ramsey don't agree (because you're opening a credit card), but they should have left it off because it is a good way to get out of credit card if that is what you are going to actually do. I think calling it stupid advice does more damage.
Transfering credit card debt to a zero interest card is a really smart way to get out of CC debt. You obviously pay a fee, but it’s usually a percent of the debt, and a tiny fraction of what you would have paid in interest. Obviously it’s not good if you use it to just spend more, but for many people it helps them to pay off the debt. My gf got into debt paying for essentials during college, and she could only afford the min payment and like 75% of that was going to interest. Lowering the interest rate a lot allowed her to pay more toward the actual principal. Most people don’t have the ability to just ‘pay the debt off’. That comes from an incredibly privileged POV, obviously people would if they could.
That's correct. 3% vs 30% is a rather large difference.
And not to mention, just because you switch to a 0% interest card doesn't mean you not "paying it off" it's a more efficient way TO PAY IT OFF. That girl in the TikTok is right I don't know why he said "nope, just pay it off" like that's not literally what she said.
Always read the fine print. Some "zero interest for X months" cards are zero interest for new purchases only. They apply the full interest rate (or a special balance transfer interest rate) to balance transfers. If a person is not careful, they could pay MORE in interest after the balance transfer.
I think it's just to discourage people from thinking they "paid off their credit card debt" by transferring it over to another one only to rack up more credit card debt in that "freed up" card. I've seen others fall into that mentality many times and just dig a bigger hole. I agree with you though. I did a balance transfer and was able to pay off all of my credit card debt faster, then I cut up all my credits cards because I'm not willing to go through all of that again lol. So it could be worth it if you have the right mentality and discipline.
@@misterskippy2u I was just about to say that. Most balance transfers are not zero interest and there is probably a fee to transfer.
Um 3% interest for a year paid up front as a transfer fee is a helluva lot better than 12-24% interest, Dude.
MOST of the time, it applies only to NEW purchases.
@@azeemsiddiqui4764 a balance transfer credit card typically has the small fee and the number of months at 0% for the transfered debt.
The first take was not good. He said “just pay off the debt” as if people have 20-30k lying around. And he didn’t address if her claim could actually save money in that scenario
It's the easy "credit card mind" that got you into all the consumer debt trouble in the first place, my brotha'. The very last thing you need to be doing is opening up yet another one! C'mon, now! You know better than anyone that you'll just end up maxing-out that one too and the Pelosian cycle will never end.
@@situated4 I have no debt and a single credit card with a $300 limit. Don’t assume people’s situations. I get the mindset is bad and people could make it worse by opening up a new card, but that’s on them. The girl even said debt was bad. But she also said this is a cheaper way to get out of it, which is a true statement. You act like people can’t change their mindset.
@@JaredEast1 Most Americans CAN'T. That's why most live paycheck to paycheck. This take was just asinine.
@@azeemsiddiqui4764 The math of the take is correct though. If you only have 10k debt at 20% and it will take you a year to pay off, that’s $2,000 extra you’d pay. Whereas if you do what she said, you pay $200 instead. And she still said debt was bad. How is correct math and saying debt is bad an asinine take?
@@situated4”Hurr Durr you should choose to pay a higher interest rate cause psychology” you’re just lighting money on fire bro 😂😂😂
1:40 Obviously!
George works for Ramsey and can't tell the truth about "hot girl debt" which is transferring debt until they hit the wall, marry Poindexter, cheat on Poindexter and spit out Chad's kid, have Poindexter payoff her debt, divorce grape Poindexter and collect cash and prizes for 18ish years, then go on government benefits until they pass.
1st tip was legit good if you’ve already changed your thinking on spending behavior and debt
Love George, love George a lot but he could have explained how the balance transfer could be beneficial. The young lady in the video didn’t explicitly explain what to do after the balance is transferred. That’s where George could have inserted powering through step 2. I did a balance transfer and in 4 months I’ve paid off the same amount it took me 4 YEARS to pay before because I didn’t know about balance transfers as an option. Help the ppl out, George!
I did not pay debt smallest to largest instead. I paid off a vehicle loan because it freed up the most cash margin in my budget
Pretty sure first girl meant to pay the cc debt off before the 0% interest expires and depending on the cc balance it probably works out mathematically but not good for your credit score to be opening and closing cards. You pay more for Uber eats and they eat your fries before you get them. Sigma is a "lone wolf alpha." For my student loans I used the debt avalanche method. Props to you Arizona.
Already from the first part, I was paying $60 / month in fees and I transferred it to a new card for $60. (Around )2K in debt) I tanked $300+ in fees and my 0%interest saved me. I was NOT making over 2k a month at that time. Just to say “pay it off” is horrible. You’ll end up paying so much more in interest
I love these videos! keep doing them bc theyre great!!
George’s response to the hot girl broke video is an example of why society is messed up. George takes half of her message which he doesn’t like, dismisses the other half which doesn’t fall completely in lockstep with his master Papa Dave, and attacks a topic that she didn’t talk about. In fact, she even says getting into debt is bad. If he would have addressed her entire video in proper context, you’d realize that they’re very much in agreement, and she’s just talking about a singular action to address George’s & Ramsey’s basic point that getting into credit card debt is a bad idea.
Right. She specifically said use the 0% interest break to pay off the debt. Overall I like the Ramsey personalities and content but this whole "pay as much interest on debt as possible" take along with them acting like things are mutually exclusive when they're not is very aggravating.
My main pet peeve is when they say to stop 401k contributions and then frame it as either stopping, paying off debt, and then contributing 15% or not stopping, never pay off debt, and only ever contribute the match. No you can still contribute up to the match and still pay off debt.
Yeah exactly. And the way he said to “just pay off the debt” as if people have 20-30k lying around
Yeah I came to the comments for exactly this. I get that they don't trust people enough to not just end up using both credit cards, but to not even ACKNOWLEDGE the original author's stance and then argue the merit of your position that having an additional card is a risk . Her stance was that debt is bad, don't get into it, that she's advocating this as a way out of debt by paying it off faster and that she was even intellectually aware/honest about the risk of the fee and why it still makes sense... George could learn from her about presenting an opposing point to discuss why it doesn't change your position - makes your argument even stronger to have acknowledged those points and then argue why they aren't persuasive. it just shows that George has a religious dogma now about how credit cards are just bad, and he's incapable of seeing past it. I've already blocked the Ramsey channel from my RUclips, and I guess it might be time to block George, too. I thought he was better than that.
Typically you can just set up a 6 month payment plan for that card with 0% interest... doesn't make sense to open another account to transfer. Also, doesn't make sense to go into that much debt to need 18 months interest free for "hot girl broke" anyways.
George literally said they both agreed that credit card debt is #notcute. The girl’s main hot tip was to open a new credit card, and George explains that he disagrees because that’s just kicking the can down the road. I don’t agree with him, but I also don’t think he dismissed her message.
My checking account balance is $2000 minimum, and I transfer the rest to my high yield savings account. Then when I make large annual payments, such as property taxes and insurance, I transfer enough back to checking to cover the payment. Then I'm sad that I have to pay taxes and insurance forever. 😥
For a contractor making a mill clean at the end of the year , managing six figure contracts constantly, being on call 50 hours a week , it would make sense to order out a lot… not for a regular person
“this is so sigma”
George: “idk, is that a fraternity?”
I spat my drink out 😂
George is now the sigma male
So funny 😂
Balance transfers is a great move
Even the money guys in America agree with tipping culture. Its insane as a non american 😂
The first girl accidentally almost gave good advice... if you can refinance all of your credit cards into one lower interest loan, have a fixed payment that guarantees that you will pay it off in a fixed amount of time (and of course, still make extra payments whenever you can), and then lock up those cards and never touch them again. If you can cut 22% interest down to 10% interest, you'll pay a lot less in the long term, and by having fixed payments, it removes the will power and discipline aspect, you are forced to make those payments above what had been your minimum payment on the credit cards.
What if I went on TikTok and just laid out exactly how to do a Ponzi scheme and called it a "finance hack"?
What's the most valued item of our age? Data. Keep making fun of ppl for not wanting to be tracked. That's going to make you a bunch of friends.
George is not a classically trained money expert but perhaps that is why his advice is so effective. It’s simple and right- get out of debt and stop thinking there’s something called hot girl debt. Hot girl debt is the same as miserable debt. Put the Lipstick on a pig…but it’s still a dang pig 🐖
What exactly is a "classically" trained money expert? Where does one acquire such a degree? Please advise.
Arizona sells non priced cans and 99 cent priced cans now. but the wholesale price on each is different. Arizona said if you don't want to sell them for 99 cents you are going to pay more for them from us.
6:40 lmao reminds me of when I asked my dad about his checking account he said he keeps 80k in there
My minimum balance was $10k at the age of 20 while waitressing and going to school full time for engineering. It’s absolutely possible.
While I was in school I always wondered how everyone was going on trips and seemed to have way more money than me, I felt like I was broke. Reality finally hit a few years after when these same people started defaulting and I even had one friend ask me to open a line of credit for her because hers was so bad, then it all made sense. I wasn’t the broke one, they were. I was living my broke college student life, not vacationing, not shopping, not going out to the clubs and partying. I was either at school/in the library, at the gym or working. This was maybe 2012-2017 timeframe so it’s INSANE to me how people choose to live beyond their means. But just look at social media, I know the types of jobs my old Hs friends have and I know they can’t afford the lifestyle they share on social media, it’s all fake.
7:22 I agree with her… $10k in checking is ALOT! Unless you are married with like 3+ kids and a large mortgage and ALL the bills add up to that much then maybe?! But still seems high to me. I’ve noticed when I have more in my checking than I need for my bills etc, then I tend to overspend it cause I’m like “well it’s there, so I’ll spend it” vs just putting it away in savings and forgetting about it.
My minimum checking balance is $2k. When my register shows $0 - then I have $2k left. Mini emergency fund.
That’s actually a good idea!
Exactly…$2000 is your zero….I do the same thing.
🤣 you’re hilarious. Thank u for the financial laughs
Keeping that much cash in my checking account just isn’t normal for us. We use that account to pay bills + make transactions. We keep the minimum there. All of the funds are in the high yield savings and easy/quick to access if we have an emergency.
I really don’t like using other peoples downfalls to lift myself up but these are the type of things that let me know I’m not doing so bad after all
JWaller is actually from humble beginnings. He clarifies that take out thing later in that interview and says if you’re not making 100k + a month living in a penthouse this isn’t for you. If you’re not making more money than the time that it would take you to cook your own meal that this isn’t for you. Only when you can make more money with that time you would have spent shopping cooking cleaning etc does it financially make sense.
I always keep a buffer in my checking account equal to my next autopay mortgage payment.
Same
If you are as rich as Waller then you probably shouldn't cook. Different tax bracket than 99% of people.
I don’t know who he is but to say he shouldn’t cook because he has money doesn’t make much sense to me unless he uses every second of his day to make more money and cooking would cut into his money making time.
@@bigshoe84ify The process of cooking is wasting time he could be using to produce money or enjoying the money he already had way too much of the spend in a lifetime. The better argument would be to hire a chef. A chef could probably supply better food at a better price.
I can just picture that guy talking about cooking is for broke guys, saying after his spiel “and that brings up to our sponsor today, Uber Eats.” 😂
Regarding the amount of money in checking accounts -- speaking of someone who HAS had their paycheck not arrive during some chaos at my employer, AND someone who is paid only monthly now - I don't like if my checking account balance doesn't at least cover a full month's expenses. My bank's normal savings doesn't pay much more than my checking interest, so for me my high-yield savings is an inter-bank transfer away - I'm not messing about with overdraft fee risk just to squeeze an extra couple percent out of a few thousand dollars.
Definitely.. although I'm privileged to live in a country with universal health care, free education and a social net to assist you when in trouble. That aside, I returned home from 15y+ living abroad with a loan to help me start up again + still paying a credit card. It was $ 20k + $ 4k where the latter was hanging for at least 3 years just paying interest. Rolled my sleaves, created an excel sheet to see the Numbers clearly.. got a temporary second weekend job, minimize my costs and happily seeing the numbers fall and fall and fall with being debt free next February.. took 24 months and had to stick with it... And I'll keep going but now I'm saving...
5 months expenses in HYSA, 1 month in a standard savings account is my Emergency fund. I keep 1 to 4 grand in checking just depending on when I got paid and when bills are due.
Having a cook who brings the groceries and cooks for you is cheaper and healthier than Uber eats every meal.
I have a checking account, I calculate the exact amount that goes out each month and leave only what I need in there. The rest goes in savings and I move it to checking if needed
Same! I only leave $150 for gas, the rest is cash or savings accounts (gave those dollars jobs)!
That guy that doesn't want to cook doesn't even need a kitchen. All he needs is a dining room for all his purchased food. Skip the whole kitchen.
2:00 Balance transfers are legit. You typically pay 2-4%, not $200
It isn't always beneficial and the best thing to do is to stay out of debt in the first place, but if you know that you're going to be paying off a mess of debt for say... 5 years?
It's great. Every 17 months you balance transfer and exchange a 24% interest rate for a 3% rate. Why is that a bad idea?
If you’ve got a $5k balance on a card, at 22% that’s $1,100 of interest & fees that’ll significantly slow down repayment. If you find an 18 month no interest transfer option and you KNOW you can pay it off in 18 months. Do it. It’ll save you thousands.
It’s not a freaking math problem. It’s a habit problem.
The saddest part is that lots of people are being “educated” in Tik Tok 😅
Ramsey folks once again, not bothering to do the maths. Balance transfers can save money. If you're paying 25% APR on $10,000 of debt, paying a one-time fee (typically 3-5%) to be 0% for 12 months would save you about $2000 in interest. It's helpful - if you have a plan to get debt paid down within the period. It's only dangerous if you are using it as an excuse to keep overspending.
Mathematically, you're completely right. Unfortunately, I'd imagine the people who fall into the situation where this is a solid plan are the sort that likely will view it as a reprieve and get lazy. There's a reason why banks offer the promotion, they know a fair number will slip up
@@klick0858actually my dad is a millionaire who (as Dave would say) used airline miles and never paid off his mortgage. One year at age 70 the stock market was low so instead of cashing out stocks to pay 18k CC , he balance transferred that. So basically when the stock market went back up, his stocks went 25k up and he could easily sell off apple stocks and pay the CC. This is while he doesn’t touch his 2million of other stocks. He still has a car payment too cause he has cancer so he’s like why pay off a car when I’m gonna die lol . Some people have discipline for 59 years and it allows them to utilize products correctly
You really think that girl is a wise spender?
@@lanceroparaca1413 the Ramsay plan is also based on the assumption that people CAN change their habits. It wouldn't work otherwise.
I feel like it's the same as the advice to organize the debt by smallest to largest while ignoring the interest rates. Makes no sense mathematically...
You took Justin out of context. He was saying, which you cut out, that FOR HIM his time is better spent working, where the return on investment is greater than the extra cost of ordering food. The rest was just him being a smartass for the sake of making a point. The point that you skipped over. He doesn't tell people to "get rich by ordering out." He actually tells guys who are still starting out to cut unnecessary spending.
Clip culture in a nutshell. Always out of context.
“Hey!”
“Oh no!”
🤣🤣🤣🤣🤣
I remember my mom transferring money back and forth between credit cards for points and interest rates. It can be a reality of life but there is a better way.
5k is what is needed to cover unlimited bank acct here. Essentially that works out to 4%
If a family of four can save $10 for both lunch and dinner 5 days a week, they will save 1k per year. Our family of four spends less than $900/month on food.
Wife and i bought grociers and ate off it for a week..cost averaged over each meal was $4 a meal. Full meals. FOUR DOLLARS A MEAL. Conpare to one uber eats meal and divide against the 365 days, 3 meals a day you eat
First one is actually good advice
Our monthly expenses are more than $10,000 (mortgage, daycare for two kids, etc.), so we like to keep our checking account comfortably above that.
Same
Me too.
You must be living in very high cost of living area....
I moved to a different country in a different continent 5 years ago, few 5-6 months before Covid for a master's degree study (only because I was offered a scholarship -> no tuition + monthly stipend for living expenses). I didn't (or rather couldn't) work at all during the almost 2 year study period due to Covid and the fact that I can't speak the local language.
But, after graduation I started working almost immediately full time in my field and started saving (yes, by cooking at home almost every day and never ordering a takeout).
Also, I don't have any unnecessary expenses like alcohol, cigarette, weed, drugs etc., and next year, in about 6 months I'll have enough money for a 20% down payment for an apartment, so I can finally move out from a rental apartment..
The girl who doesn’t even have 10k to her name, how can she even give financial advice lmaoo
When I was in my 20s and had too much dumb debt, the 0% balance transfer was very helpful for the debt snowball. So I wouldn't dismiss it as an option entirely, but I found it takes discipline to not just build up all new debt on the new card. I slipped up a couple times and used it. Shame. It's a trap for the undisciplined. Now debt free except the mortgage 🎉
Dude won't cook but buys a 200k G'wagon. 🙄 priorities NOT inline.
Bro’s just flexing.
He can’t really be worth that much because dropping “G-wagon” and “Valet” references are him just trying to get you to believe that he’s a baller.
Truly wealthy people don’t have to tell you they’re rich.
First, because it’s obvious.
Second, because they don’t care what you think!
It’s pretty wild you are against her saving money and want her to pay more interest on her debt by not refinancing it to a 0% loan while she pays it down. Actually crazy you said that.
Balance transfer is not a bad idea only if 1) the fee is lower than the interest your paying (or better yet no fee but that’s hard to find) 2) you have a plan to pay off said debt by the end of your interest free period 3) you have a plan not to get back in the same hole you’re climbing out of. If you can’t get all 3 of these, it’s not worth it
Great video George! What do you think of full coverage insurance vs liability insurance? If a car is paid off, it doesn’t require full coverage insurance. It would help decrease expenses for the budget.
That is what we in the insurance industry call "self-insuring". You are taking on the risk of paying out of pocket for repairing/replacing your vehicle in the case of an accident instead of transferring that risk to an insurance company by getting full coverage.
It's up to you to decide if your budget can handle having to buy a vehicle if, say, you pull out of your driveway and someone smacks you with their car. Most people can't bear that expense, so unless they have a beater or access to another vehicle for cheap, they will transfer that risk to an insurance company via full coverage collision insurance.
I keep my checking at about $1000. My wife's checking account builds up, and when it hits $5k+ (every 6-8 weeks), she transfers all but $1k to our joint savings.
Dumb to insinuate that 0% interest is worse than 30% interest 😂
paid off 220K of mine and my wifes student loans in a little under two years using debt snowball method. I do make a good salary but also moved, bought a new car, got married and was renting during the same time period and did not get into any new debt from that either. Debt snowball method works.
I like to keep 2 months of expenses in my checking which is about 13k. I get 4%APY in my checking so not super encouraged to move to HYS. I put the rest of my emergency fund in HYS.
Ouch, she felt rich by spending credit with money she didn't have.
Fire vid George🔥
8:08 I have a feature on my checking account that makes sure I can make my big payments by moving money from savings to checking if I get below a certain amount and all the money left in my checking account before my paycheck lands goes to savings as well
George, using Uber Eats everyday is a path to wealth…for the owners of Uber Eats
I don't keep anything in my checking account. I agree with that girl. If you need money in your checking it's easy enough to transfer money into it.
Why on did you say 19 pans and the editors decided to put 22 pans on the screen 4:38
Her first year in debt but not her first rodeo
3:57 the context is this guy is a multimillionaire who can afford it. Context is key.
But he didn’t live that when he was making his millions.
The bro in the 2nd video is insufferable Miami at it's worst. 2:52 G Wagons might have to be the douchiest vehicle out there. Maybe even moreso than a Tesla Cybertruck. When I visited Miami, I saw people like this all over the place. I've never seen more G Wagons in one spot in my life. Such a fake, superficial lifestyle.
Yup, most people who have G wagons are middle class 9-5 workers, maybe around $50k salary. So dumb
Hot girl debt. Lmao!!!
cockroach 🪳 dad 😮
She gave the worst advice ever!😂 Let's pay $200 in fees. Brainless!
@@DebbieBennett-p5v I can pretty much tell by looking at her, I wasn't expecting Einstein.
If she really were a hot girl, she wouldn’t have debt. She’d be making all the simps fawning all over her pay her bills & buy her stuff. I mean, she lives in New York so there’s definitely a large population to draw from. Just sayin’.
Barbie girl debt
We aim for morgage payment in our checking account. Basically we want to make sure that if the morgage came out esrly it wouldn't bounce the account.
Arizona lowered the ml in the can. So shrinkflation price increase did happen.
Not true
@@GeorgeKamel Arizona ice teas used to be 24 oz they are now 22 oz.
@@aaronjjacques nah, a quick check at the grocery store indicates that they are between 23 and 23.5 oz
@benjaminfitzgerald7011 maybe it different in canada but these used to be 24 oz now they are 22
Anyone who says they are hot, is automatically not hot by default.
$10k is NOT too much to have in a checking account. The interest on that in a HYSA is like $500/yr. It's nothing. I think after payday, having 2 months of expenses is reasonable, and it can dip down to 1 month of expenses after paying bills. I actually just keep my emergency fund in checking, because I'm not too worried about a tiny bit of interest when I have significant investible assets. If I was younger, I might be trying to squeeze that extra interest out, but at this point in my life it's just not worth the mental energy of monitoring my balances that closely.