The REAL Reason Young People Can't Afford to Buy Homes
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- Опубліковано 30 вер 2023
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What was I taught about money? That women should not have money. This was the ‘60s. My dad was much older than my mom. She had no access to any of the ‘family’ money, and she was not allowed to work outside the home. But there was a lesson that was far more important that happened by accident. I was just in HS, I wanted to go to a party so I asked my dad for money to buy a dress. Cheap jerk that he was he gave me $5. Even in the 60s that was not enough to buy a party dress. I cried, was angry. Then I decided somehow I was going to do it. It wasn’t enough for a store dress but it was enough for a pattern, some material and sewing supplies and we had an old sewing machine. I had never sewn before, but instructions were on the pattern. I followed them carefully. When done I wore the dress to school. My art teacher loved it, it was made of intricately patterned material that was hard to match. She even had me “model” for her advanced drawing class. The lesson was this: Even if you don’t have the resources that someone else might have, take what you do have, and with a creative brain, and two capable, willing hands, you can take those limited resources and create something great. Find ways to maximize even limited potentials.
Damn. Sorry to hear your dad was abusive. 😞
That was a great story. I really wish sewing was still taught in the school system!
I was born in 1967 here in the states it was illegal for women to get a loan. My mother had a credit card but was in her husband’s name. I am the first woman in my family to have a credit card in my own name.
I was born in ‘66 and decided at a young age to never be financially dependent on a man or anyone after watching my mom deal with my father, the bread winner.
Do you think financial education is intentionally not taught in schools to keep people kind of ignorant and endlessly consuming?
Intelligence is separate from education. You’re intelligent.
Also, dont ever get married to a financially irrisponsible person.
Nicole should open up her own school of life. She fills in the real life stuff we have never been taught. And she still has the ability to think independently. Bravo Nicole...watching from England.
No one would listen. They would be too busy changing gender and drinking pumpkin spaice lattes
Diana is exactly right. You're becoming well known and should start thinking about teaching a course on becoming financially mature and independent. Your a natural.
Tell her, not us.
My sister and I learned absolutely nothing about money. All we saw was our mom freaking out over everything, and constantly telling us we couldn't afford..well anything. I wish I could say that I took that and turned it into something awesome, but I did not. I spent the pandemic learning about finance, and I'm starting to get things under control now, but holy hell, it's been a JOURNEY. It's STUPID that we don't learn about this stuff in school, good grief.
The best time to learn may have been yesterday, but the second best time is today. You got this.
Good for you it’s never too late to learn and turn things around. 👏🏻
As time passes, it ought to become more evident that the institutions we were taught to trust were never really worth that trust. That said; you are the best qualified to run your life. You may make mistakes but, the only time those mistakes are a waste is when a lesson isn't learned from them. The good news is that there are people out there that want to help with a hand up and you can do it!
Not teaching finance in schools is the present day equivalent of not teaching kids how to read and write in the 1600's or not letting kids go to school (have to quit school at grade 8) in the 1900's.
It's a way to keep the masses poor, because if you don't know about money and taxes you'll struggle to grow.
I think it is intentional we aren't taught. Debt is a great income for banks.
We were told NEVER to talk about money. How f’d up is that!
It's incredible how she highlights the importance of leveraging what you have to create something remarkable, rather than fixating on what you lack. She's the guide we never knew we needed! 💰📚
I started saving as soon as I started my job after college. When I bought my house, I POURED money into paying it off as fast as possible. I HATE being in debt. Now I own my house free and clear.
What if you lose your job?
@@stephenh.4476 How would not saving and having more debt make you better off if you lose your job?
@@RobertR3750 It means if you lost your job you might lose your house as well.
@@stephenh.4476 And? That's not a reason not to buy a house.
@@RobertR3750 Buying a house that you can afford means buying a house you can afford even if you lose your job. Most people buy too much house or assume that they'll always have 2 incomes, a study job, etc. Take a look at 2008 in the US housing crash.
Problem is…the rules keep changing in the middle of the “game”. Today it’s work several jobs from age 17 on and IF you even have a foot up at that age like, staying at home, you can’t make any mistakes, nothing significant & costly can occur and, if you can do that before the rules change, again, you might be able to own a home. And of course, you’ll have to keep up, afterward, no major “mistakes” or costly situations can come in and blow your house of CARDS over or…you can lose it all. Shit…property taxes, right now, alone…my gawd. But do not be naive! The rules will change, you will face reality and shit will happen and this is CAPITALISM and it requires the have nots be a good majority of ppl putting in their hours. And at this point…what’re the new rules going to be, if this shit doesn’t stop? Do we lower the legal working age…again? I promise…humans are not lazy. There’s a lot of shit that goes into this and plenty of “Nicole’s” that have worked just as hard and even harder and they don’t own a home or one of innumerable variations of ending up having not, instead of what is due them and honestly, due every human. Seriously…this shit has been studied deeply…the more that ppl bust their asses and they will continue to…the more the rules get stacked against them. Capitalism does not work any other way. So…at least…let’s stop blaming the average person because the average person works plenty hard to have earned their basic needs to be met.
The best advice I can give young people is to stay living in your parents' house for as long as possible. Save as much as you can and keep it in the family.
Double edge sword. There is a very narrow line between hurting and helping (somewhat like love and hate). The most independent people I've ever met were the ones that left the earliest. Dependency is the greatest form of hate you could ever hand to an adult. I left at 17 (as in completely).
Bad, bad, bad advice. You will never know what you can do on your own, until you do it ON YOUR OWN. Living with your parents not due to an emergency reason, is just sad.
@@jamesr1703wasting money on rent to some cùnt landlord is whats really sad
The advice, although well intentioned, is an insensitive thing to say to a lot of people. Some people come from homes with alcoholics, drug addicts, wife beaters, etc. I had to leave home for safety reasons when I was 20. And countless people have solicited me that advice to move in with my parents to save money. The advice doesn’t feel genuine, it just feels like getting talked to like you’re stupid
@@ashleyann1527 You're right about abusive situations but that applies to any living situation, including roommates and in some cases, even a landlord. Definitely don't live with anyone that is abusive, but if it's not way with the family, and the relationship is good, then I would stay home. I say this because rent costs are insane in many places. Giving up half your take home pay to a landlord can be extremely limiting and discouraging in many ways and it would be extra hard for those that have a lot of student debt.
And to the others who have commented, of course, don't stay home forever, but it will give you an added advantage financially in your early years if you are able to save up before you move out. Moving out alone can cost over $5,000 in some areas.
Yes, I feel bad for kids today, they have it tough.
They also don’t help themselves with some of their financial behaviors, making it even harder for themselves.
I do not understand how you do not have 30 million subscribers. Your message is excellent but we need to get better marketing. You need to reach a lot more people with your message. This is probably the most important education that our Next Generation can be exposed to.
Rich to me is having money in the bank, knowing I can buy what I want but I don't buy them, denying myself gratification to keep that money in the bank. You realize "rich" is a state of mind. Rich people that buy everything don't stay rich.
As a senior who spent a lot of money on new cars for forty years this young lady is spot on. Fancy cars are a trap and over those forty years I should have been buying beaters would have saved a ton of money. Now I only buy beaters and with cash. No more car loans or leases. Remember when people look at your car that is all they are looking at. Guys having the car of your dreams is not going to get you the woman of your dreams, that is a fantasy promoted by car companies and advertising agencies. Get a used Toyota, make it last.
Twice in my 20s, my parents ended up in a financial situation, and I helped them out. Both times they paid me back, but it took several years. I'll be 30 soon, and I'm currently struggling to get myself together to by my first home. Watching this video makes me want to go back in time and give my younger self all of this advice. Back then I didn't realize that maybe my parents don't have the greatest understanding of finances, and it's really starting to hit me now looking forward at my life, and I really want to be in a better place than they are.
U're still young believe me, keep dreaming and working😊
Home ownership has changed since I was a youngster. It used to give you a tax deduction that boosted your take home pay so you could afford the house payment. Now the Standard Deduction is so much higher that a mortgage interest deduction isn't higher than the Standard Deduction. If you can afford a cheap tax preparer like H&R Block, get the preparer to give you an idea of whether or not you will get a tax deduction if you have a loan of a certain amount. That will give you an idea of where you will be financially when you do buy a home.
Read the simple path to wealth by j l collins
@@PS-ic4bp Read "The Four Pillars of Investing" by William Berstein or "The Millionaire Next Door" by ?.
totally agree. part of the problem is keeping up with the jones. I remember someone commenting about how old another coworkers iphone was. replacing shit that works with newer models is such a waste of $.
I had a television from the nineteen nineties that died on me a couple of years ago…While it was still working, a family member bought an upgraded television and tried to give it to me. I said thank you, but no thank you…I refused to get rid of my television when there was nothing wrong with it!
I still have my iPhone 7, it works perfectly fine and I will not get another phone unless I absolutely have to. Over the past 5-7 years I have adopted a more minimalist lifestyle and I love it. I’m still working on it but I’ve come a very long way from where I was. Once we got out of debt I said never again will I allow myself to buy things that don’t matter and accumulate debt.
@@christinme23 Good for you. My IPhone’s a refurbished IPhone eight. It does everything I need it to do and I’m happy with it!
Just started researching Apple refurbs. We both have the iPhone 6s. They’ve been great but i don’t want to wait until they die to replace them.
“Costco sized pickle jar”😂😂😂😂
Man, does it have to be a Costco sized pickle jar? Lol love that one
Nicole, your videos are the best! Fitting a Costco size pickle jar where it doesn’t belong had me laughing hysterically. The Expression on your face was priceless. I am a 56-year-old empty nest mom, watching your videos as much as possible and you delight me. I grew up in a very, very poor household, my parents’s income was below the poverty line. They spent every single penny they had irresponsibly. I took the scarcity mindset my childhood gave me and turned it into positive financial behaviors, and now I live very comfortably.
Me Too...
There is one takeaway from this video that stands out to me. That is whenever there's a pickle jar demonstration, I'll start lowering the lid of my laptop. The value of the information in this video is lifesaving.
Lol
I am going to sit my teenage daughter down to watch this later today. Hubby and I are very much into personal finance and debt-free living. Our only debt is our mortgage, which we have been aggressively and rapidly paying off early. We are savers. We have been having those money conversations and family budget meetings with our daughter. I'd like her to hear it from you too. :)
Imagine being gifted an entire house. That's what my neighbor did for his daughter!
Lifestyles of the rich and famous.
@@AccordingtoNicole not necessarily. My grandmother lived like a beggar, saving pennies to support herself in order to save as much of her salary as possible. Bought me a family home (in need of renovation) when I was 12. I was forced to let it go for scrap of money when this global breeding insanity broke out. I was constantly assaulted by men for it and I couldn't renovate it myself because men don't work for a woman. They take away what they want.
Great job Nicole! You are an inspiration to many people your age. I didn’t grow up with money, so I became a natural saver and have benefited greatly because of my mindset. I am entering my 60’s in 2024 and just now starting to loosen the purse strings. Luckily I had a job that paid me to travel (my passion) all over the world and I have had some amazing experiences! Life is a journey of choices and I always try to keep it balanced!
I knew I wanted to be home owner but I was a graduate in my first full time job. I started flipping furniture which allowed me to take £10 and turn it into £120 and little by little I saved enough and grew my money enough to be able to buy the house. And now I've renovated it and we are debt free just by flipping things in the evenings.
Pure gold - I love Nicole's take no prisoners approach: to money and decision making. Maybe Nicole didn't go to college - but she sure is a valedictorian of the school of life.
It's not that she did not go to school.but cause she did not go to school i think.
My dad was a truck driver (short, local hauling), and winter was very slow. I watched my mother divide cash into various envelopes -- grocery money, utilities, taxes, etc. I also watched her save "hard" during the summer so that we could live the same when the work slowed (or ground to a halt) in the winter.
Me too , plenty of times I saw mother when she lived count out out spare change , she collected to buy us kids food that we had ran out of while dad was at the construction site.
I grew up living with my mom and grandparents.
My grandmother was very frugal because she had to be. She made our clothes, used coupons, and didn't buy anything she didn't need.
My mom put herself through college while working at least 2 part-time jobs at a time and got a job at Wall Street because she wanted to make as much money as possible. She saved and saved, eventually buying my grandparents a condo and was extremely good at saving her money.
I grew up using the knowledge I gained from each of them. I don't buy what I don't need or really want, and I've always been a saver.
I also learned that I didn't want to be a slave to my job like my mom was. I think I learned a good balance.
I love how Nicole keeps it real.
Tell her not us.
Okay, that Costco remark was F'ing funny.!
Still laughing about the Costco sized pickle jar! 😂😂😂😂😂
I was not taught anything about money growing up. When I was married, my then husband and I learned about money together. After my divorce, I have continued to learn about money and how to better manage it. I really like your content, and it’s good to see someone your age being so smart about their finances. More influencers need to be like you!!
Just make sure you watch part 2: how to get the pickle jar back out.
@@hipsterkennyrogers909 😂😂😂
As an old guy this young lady is one very level headed financially literate 26 year old. And I'll add disciplined as well. You mentioned financial education and boy you are right on with that. Our "education" system focuses far too much on crap that won't serve us later in life like all the things you brought up. You are living proof that with knowledge, self control and not falling into the instant gratification trap you can achieve a lot. Well done. Keep it up and I hope you are educating some young people with your videos.
I’m 31
Thanks for that Nicole. Your achievements are still an outlier from what we see today. Well done@@AccordingtoNicole
My dad was self employed mostly forever. We had a dairy farm untill the late 80s, then he got into beef cattle. He also bought a sharpening business in town. He talked to us often about paying interest as seldom as possible, and saving money.
So YOU’RE the one! Glad someone out there had a dad who got it.
The most important thing for financial success is: don't have kids. Sorry, but it's true.
Don't have car, either. Do like everybody does and you will end up like everyone else does - in debt.
@@stasacab Ludicrous. You buy a 7k car and work in town. My 7k car been going 12 years with no payments. I see them everyday. Cheap compact cars, 70k miles 7k. Every fkin day man. Wtf are you saying? Why do you generalize bullshit?
@@user-xd7rc6eo8n Insurance, gas, repairs.
In US there's free homebuyer education and many down payment assistance grants that many people don't take advantage of.
As a Gen X’er I’ve got to say that Nicole here isn’t the norm for her generation. I wasn’t raised by financially responsible parents (boomers) so I had to figure it out on my own. Lucky I left home at 16 and learned from what we used to call “hard knocks”. 😂 A long story short I managed to open up a business and thankfully I own my own home as well but it’s been a long road. Keep your heads up and you’ll make it. Believe in yourself. 😊
Another great video, Nicole.
I hope your viewers are open to putting this advice in practice. It requires self discipline and a long view. I also believe that prioritizing your wants is of value. Most of us want to drive a nice car, travel, dine on delicious food, treat ourselves to a concert, grab a coffee out, look stylish, own a home we can decorate to our taste… However, most of us will have to choose what we are willing to focus on. I am 63 and own my home outright, but that does not mean I can now spend my money elsewhere. There will always be property taxes, home insurance, and home repairs eventually. In order to get where I am, I never held credit card debt, always made sure I had good health insurance, traveled/vacationed very rarely( once every 20 years), owned my cars 20+ years paid in cash by always having a car savings account, lived at home while attending community college then state while I worked. My daughter lives at home in order to get her degree with out debt. The problem is that the messaging has been, by the financial institutions, is that you can have it all through credit. You’re exchanging your freedom whenever you finance anything. The best reward you can give yourself is a financial cushion before you begin to choose what you value most.
@@flohough1870 Yes, the banks do bear some of the blame for the amount of consumer debt in this country. They are not alone. You can also blame the government for forcing banks to extend credit to people whose credit rating is sub-prime and are thus, predictably, unlikely to be able to repay.
Same. Now worth 2m and no debts. 😮 Schools don't really teach about debt and accounting. I took courses in Financial Accounting and learned about RRSPs etc.I lived at home til my 30s and then bought. Yes!!!! You are very astute and a rare truth teller.
My family was poor but we were never hungry. I was raised to stay out of debt. I didn't have to learn how to not spend money I didn't have. It came naturally. I live below my means and always have. That's what it takes to succeed financially!
Sounds like you will live a paupers life of struggles & one day when your old, pass on sleeping on a mattress of money that did nothing for you.
There should be a course on FINANCES in high school. Most of us take a lifetime to learn how to handle bank accounts, credit cards, savings, investments, etc. Some of us never learn the basics.
You are so freaking hilarious! Your expression with the pickle jar google search and the "But hey...at least we know the mitochondria is the powerhouse of the cell.." *mic drop*
😅
i agree i grew up poor . my dad worked hard and my mom just spent every dime. i'm not like them i'm 48 no debt own 4 houses and paid cash for a new truck. My son is 14 and he worked and saved more money than most adults have
Makes sense that corporations lobby to abolish the teaching of financial literacy in the national curriculum
This video was impressive. Love the way she is able to verbalize this information for the masses. Thanks girl.
You are so bright and wise. Nobody taught me how to handle money. Because of that I am paying a lot for credit cards and loans. Importance of saving it did not hit me until after 40’s so kudos to you.
I was thinking about a house when i was 25, 30, now 35 in California and in a place where i can pour my entire savings into a down pmt or do things i love to do, go on vacation, eat out, enjoy life. Or live in a small house and eat noodles for ten years.
I was always taught to save. I was 18 when I left home and honestly knew nothing about credit cards! It was a good thing. I worked a lot. After marrying we have invested in real estate and it’s been the only thing I’ve known that has worked financially. I’m grateful for being taught to save and invest. Wish it was all taught in high school!
My parents were frugal with money. They also didn't give us kids much. it was necessities mostly. We were encouraged if we wanted something to get a job and save money and then go buy it. I believe this cultivated an sense of independence and self-reliance. I did at a point read a bunch of books on investing. It was a useful thing to do. Prior to that I felt kind of vulnerable and ignorant when it can to things like investing. I would recommend doing that to anyone. It's worth the time and trouble.
I bought my 1st house in 94 and it costs 110G I put 10G down and paid it off in 8 years! It seems impossible for young people today but I think if you really apply yourself you can do it! Great Video Nicole!
Lol buying a home in the 90s was cheap af
@@apolloniusbeitsman5444 Your gonna say the same thing 30 yrs from now : )
@@apolloniusbeitsman5444 It didn't look that way in the 80's 90's 00's or 10's... The 20's don't appear to be shaping up any different.
Seriously Paull, you wrote that with a straight face? So now in 2023 your $110k home is a 1.1 million. So to buy it someone needs at least 110k down & a massive mortgage each month. Unlike 8 years it will take decades to pay off & they will have to work 16 hours a day. Tell us how easy it is now compared to then?
Stop making excuses and start focusing on your goals! If Nicole can do it alone so can you! You don't have to buy a 1million dollar home! Start small like everyone else! @@gregoryspeers3992
Totally agree about teaching finances at school. This could easily be combined with mathematics classes. Compound interest, how much a house will cost after 25 years of x mortgage payments, how much a car loan will eventually cost. Schools should also teach cooking (they already do mostly), basic plumbing and electrics. All useful skills that evaded me in the 1990s. Although I could have done cooking or food technology / home economics as they called it in the English school system.
Another great video. I downloaded the expenses app you suggested, and I wrote "death by a 1000 cuts" on my desk. It's been very helpful, thank you. Hopefully the effect lasts longer than a few days. I really need to stop wasting money on Amazon and UberEats. Spent 120 bucks at the vet this morning, that's a worthier expense.
Thank you, spot on. I started at 17years and now I owe 3 property paid for. Education is very important 👏
I think this video is half true. There are plenty of people living above and spending above their means. New cars, vacations, etc. And some of those people could own real estate if they budgeted strictly. But there are still so many people (more than she implies) who work full time, drive a cheap car or no car, keep their spending in check, and just wont be able to save up enough to buy a home for any number of reasons like: can't save money living at home, have a medical condition that is costly, have responsibilities to care for family members that either cost money theough child care or prevents from working 60-80 hours a week. Bottom line is that long term saving 50% of income is not feasible for a lot of people, and while we have to face reality and work within the system that exists, we need to urgently acknowledge how the housing system is failing.
OMG! That pickle jar thing sent me into a tear-soaked laughing fit! I subbed, and now binge-watching ALL your shows!👍✌
Definitely agreee. I acknowledge that it's harder than ever to buy a house, but if you give up, then you never will. If you try, there's still a way. I did similar things as her (a little bit less extreme scale) and was finally able to buy a house in NY suburb couple of years ago as early 30 millennial. Most of my friends who were in similar or better situation do not have a house, mainly because they spent so much
My parents were in a continuous spite war over spending and who got to. It continued all the way up to their divorce 34 years later.
The 1st thing to understand is that money is an idea. It is not real. I still have a good mental picture of how my grand parents lived growing up in Czechoslovakia. They were born in 1894 and 1899. The never had money, never saw it but heard about it. They were happy and everybody in their little town were active in everything that happened. They were pre-industrial. They entered a verbal contract to come to the states in 1936 since people were needed to work in real manufacturing. A job with the railroad was waiting for my grandfather before they even got to the states. My dad was born in 1938. With the "living wage job" they were able to buy a house and raise 3 kids easily in East Chicago, Indiana. My dad married my mom in 1958. In 1959 the family got $700 together and bought my dad a city fire department job. No shit! My sister was born in 1960 and me in 1963. All my neighbors had union jobs that paid very very well. Government jobs didn't pay shit compared to those union jobs. While I was in high school everybody started laying off in huge numbers. Billy Joel even sang a song about it, Allentown. I knew from that point that it would be a struggle. That was a critical point in history for the states. From that point forward the manufacturing jobs that were the living wage jobs began to leave, 1st as a trickle and with the signed free trade agreements today there is nothing left. I remember around 1980 my neighbors would show me their pay stubs. With the union overtime they were coming home with $600 to $700 a week. That does not include the benefits either. All my neighbors growing up were retired in their early 50's with a fat pension check every month and health care for life. Then when the social security kicked in they really had it made. Those were the early baby boomers. They were the most spoiled rotten generation America ever had. I remember around 2000 when LTV steel went through bankruptcy and of course people had to take early union retirement. It was even in the newspapers that some of these union people had to settle for a $5,000 a month fat pension check every month but they lost their health care. Here is my point. The only jobs that paid a living wage to support a family where the mom stayed at home that included real benefits were the real manufacturing jobs throughout the history in the states. The satanic schools are nothing but government worshiping indoctrination centers. Younger people have no idea what so ever of how life used to be 50 years ago when a guy would get paid extra for really trying to work hard for a living. We are at a time now that the people "at the top" don't need us anymore so they are depopulating the planet. Have you noticed? Thanks for reading.
I’m 28 and ever since I was 17 I given my mom rent I give them 1,100 never can save they never let me save always was told I was lazy yet they always wanted more more money I could never move out y? Because I can’t save enough to get out finally I put my foot down they gave me 3 months to get I have nothing saved. So wish me luck.
I was just thinking to myself that I was running out of space for my costco pickle jar. Thanks for the great idea!
Well said, Nicole! Except the part about the pickle jar. Weird... I grew up in a household the same as yours. Paycheck to paycheck. But except for the mortgage, my parents avoided credit like the plague. I was never taught a damn thing about finances in school, not even what a tax form was. And I believe for the same reasons you cite. Keep the poor folks poor.
When my son was in his teens, I gifted him a little stock. When he asked when he should sell it, I said: "Do your own research. Let me show you how." 25 years later, he gives me stock advice. Your plain spoken wisdom is of great value. Please keep it up!
I also wasn't taught anything about money growing up. We were solidly middle class, comfortable, but no luxuries. As a result, I too have a scarcity mindset. One thing I did learn from my dad was about VA home loan financing. I knew that after serving in the military you could buy a house with no down payment. That's how I bought my home. No down payment VA loan. The option is still available.
I lost my kidneys for that loan.
My parents were bad with money, and I realized it from pretty early on. They were lucky and had a few windfalls, but I watched them spend it down and live outside their means. They were soon broke again, and the stress of not having money was back. I knew I didn't want this for myself, but still ended up experiencing a lot of financial stress in my 20s. Only now in my 30s are things improving, and even now I don't feel like I've hit the milestones (like homeownership) that I thought I would've at my age.
The image of the pickle jar will stay with me forever! Brilliant, you are spot on,
I desperately needed to hear this. You have a new subscriber.
For my husband and I the problem isn't the down payment the problem is the monthly payment due to interest rates.
Neither of my parents had more than a high school education and came from poor families.
My father became a self-employed businessman so we lived reasonably well - a mildly upper middle class lifestyle in the 1970’s.
The only financial advice my father ever gave me was to be self-employed. As a Greek immigrant he understood the opportunities offered by America. He told me “Never work for other people because you’ll never get ahead in life. The only way to get ahead is to work for yourself.”
He was right about that.
Thank heaven for UA-cam and you!
I was a #1, she was a #2 and had a lot more life experience than I did. I could earn money, she taught me how to (not?) spend it.
We both only had high school education. I took accounting so I was alway interested about money, but this was long before the internet. Financial stuff was the business section of the big city newspapers.
Bought our house at 27. Had it paid off by 37. Then I leveraged no mortgage to go back to school to take a trade. Worked my butt off, saved and invested (no advisor, self directed) all the money I wasn’t paying in rent or mortgage and then retired at 57.
The weather in Mexico is really nice in the winter…
Good stuff Nicole.
I'm Gen Z and my parents lived check to check. I was never taught about finances or even how to balance a checkbook! My entire 20"s were spent paying on average $500 per year in NSF fees. I am turning 50 soon and I am still renting. I have been dreaming of homeownership for nearly 30 years and have yet to achieve it. I was however able to have my son live at home for almost an extra decade, without paying any bills, so that he had a sturdy financial foundation to start life out with. I really like your videos and became a new Subscriber over the weekend. I am hoping to continue to educate myself so that I am not in the same position in another 10 years. Thank you for what you do, it gives me hope that maybe one day I can make such sound financial decisions.
You're one of the few UA-camrs that I never get bored by. You're very intelligent and interesting.
I live WELL below my means, save, invest, take advantage of tax breaks from investing, have no credit card debt, put 20 % cash on a house. I just don't buy the whole sob story mentality most people have when it comes to money. Most people never have 10 cents to rub together but they always seem to have enough for a car payment, eating out, vaping, drinking, vacations, Blundstones for every family member, effing tattoos, ad infinitum. 75% of people can't come up with $400 for an emergency ? That's not the fault of the economy, or inflation, or Justin Trudeau or billionaires.
I was born in 1952 and raised in the 60’s! Talking about finances wasn’t done back then. I never heard my parents discuss money, now with each other or anyone else. Today it’s common to talk finance’s with family and friends or on the internet.
Can I offer a counter argument? I’m a Gen x in my forties and do not own a home. I did but sold. I do recommend higher education for those that want it. I’ve lived and worked in many different countries met many different people of different languages. Owning a home would just be another thing to think about a weight on my mind. I think it is important to say owning a home comes with invisible restrictions that don’t seem obvious at the time of purchase.
Great video. I think there are a lot of people that may not understand the importance of making enough money. If your not making enough money to save money you are screwing yourself. If your income doesn't allow you to save something reasonable like at least $1,500 a month you need to make more money. Sometimes budgeting and living thrifty alone won't cut it. I think people also need to understand that as soon as they buy a house, they instantly go into 3 to 4 hundred thousand dollars of debt or even more! Debt is debt. House, car, or education debt has interest that must be paid just like a credit card. Financing should be avoided. And yes, the goal of the system is to get us all buried in debt before we realize what is happening. This is why schools don't teach this.
THIS VIDEO! Preach Nicole!
Most young people will never own a home because of student debt. Never, ever, take out education loans. It's like a loan from the mob. Work your way through, work for a company that offers tuition reimbursement (but read the fine print) and choose your major wisely.
i watch ur videos everyday nicole, you're teaching me so much and motivating me to be more like u!!!
Glad I found you.. binge watching while working. Funny about the pickles
when i was 25 i ordered a custom built F550 crew cab from ford. I had 4 other trucks already, but traded oldest in on 550. I bought 4 more trucks within 2 years. I already had a house on an acre in millionaire neighborhood. i now have 18 cars and trucks. I dropped out in 9th grade and mowed yards.
Excellent Nicole. Sharing your video
Pickle jar too funny! I love your insight and comedy spin. Keep on being you! 👍😆✌️
The problem is most people don’t have the discipline to commit to the plan.
Your awesome. Hello from Vancouver BC.
A part of the problem is that as a culture we see homes as an investment now, not just a place to live. The trouble with that is we expect investments to grow faster than inflation, much faster if they are good investments. So people expect homes will quickly rise in value, they're willing to pay more than their value as a place to live. And the person they sell the house to is also willing to pay a price that reflects that past rise in value and they expect they also will sell the house at a much higher price. And guess what, an investment that grows faster than inflation and that grows faster than the standard of living quickly becomes too high priced for an increasing segment of the population to afford. In treating houses as investments we are pricing ourselves out of the market.
Not at all to say that living below your means, avoiding debt, and earning all you can are not worthwhile. Just the opposite, they are the best things you can do financially.
I was taught nothing about money. I lived in great scarcity as my father was a gambler. I’m much older than you and have just gotten it into my head that I don’t have to treat myself when I get paid. I was fortunate enough to get a small inheritance which made me rethink blowing that. I will be a home owner in the next few months. Thanks Nicole
I have been binge watching your videos. Very good stuff.
Preach, preach, preach. So true Nicole. 👏
I love this channel. You are teaching me so much. Just want to say thank you Nicole ❤
My family taught me that adults could be completely out of cash. I didn't think that was possible. Too bad they didn't crush my dreams before I attempted college.
Brilliant. Bravo to you, you've figured out the matrix. Enjoy the spoils and thank you so much for sharing your insights which are dead on. I'm a woman in her 60s and really admire your story and your wisdom.
from those 2 cenarios i became a money saver as a child... started working early and, while my friends and coworkers were traveling the world at their 20s i was saving up and bought my 1st apartment... it's not easy to not do what people around us are doing.. it's a sacrifice, but i personally think it was worthy... love from Brazil 🇧🇷
I was raised in a lower middle class family in the state of Washington. My dad taught me to buy with cash the best of what you could afford. Credit cards were not to be used except for vacations and then they would be paid off as soon as possible. He never financed anything he didn’t need to. Even then, put down as big a down payment as possible. He never purchased any extended warranty. He also encouraged me to get as short as possible mortgage on my house. I completely agree that financial matters should be taught at every high school.
I freaks me out that Nichole has the exact same ideology that i do to the point. I never would have thought there was others like me out there. Im 49 years old own my home and have zero debt.
Great video and advice.
Well said! And well done! Standing ovation for you 👏👏👏
Thank you Nicole 👍🏽
I'm very happy I found your channel!
My mother was born during the Great Depression and to this day she lives in fear of being poor. No matter how much money she had or how much something was on sale she thought it was too expensive and worried about being poor. The part I am most concerned economically our society is built on people spending money. If you don't buy that $7 latte, those nice new shoes or that big screen then there will be economic issues. This is why when I read everywhere that we must curb our spending & become frugal I cringe at how many businesses will go under and how many people will be pushed further into poverty. My mother is now old and did not travel the world, she never owned a nice house or a fancy car. She was too afraid to spend money & now her life is a memory of not doing a whole lot other than being worried.
One of the big things hurting younger people financially is trying to live like their middle class parents or their friends at work. New car, name brand clothes and so on. The number one factor that determines eligibility for a mortgage is debt to income ratio. The less debt you have, the better your loan terms can be. Don’t run up credit cards. Keep your car payment around $250-300 a month. Pay down what debt you do have.
Also, where you live can definitely make or break your finances. You don’t need to live in the slums, but you also don’t need to live on the top floor of the Empire State Building.
Today I came across this channel. I like what I hear. Subscribed ✔️
Magic advice, and the Simpsons quotes were perfect!
Just found your channel recently you're a pretty smart cookie for your age
Low income. I was told that if I work hard, I will get a better one. Didn't happen.
Divorce. I have always struggled with loneliness and I have ended up with very wrong people.
Burglary. A burglary into my home cost me so much that I never recovered from it fully.
I fall into the category of people Nicole says this video does not apply, so I am not disproving her advice, more like adding to it.
I was finally able to find affordable house. I am retired. I am not in relationship. I am free.