Parents need to be good examples for their children. They learn consumerism young. I'm teaching my kids to save and invest first and to not worry about what their friends have because it has nothing to do with us.
I am teaching my kid the value of money. How he spend it (well actually it is my money). If he could invest it, what it could mean for him later in life.
@@nvmcrider8475 you're right, being militant can sometimes have bad outcomes. I educate my kids on finances, give opportunities to pick up extra chores for pay, and them give them recommendations on the minimum to save versus spend. I need them to learn to make good decisions amd hopefully it will help them in life
@Sheldon Cooper getting married and having children can add stress but it can also be the most joyous experience. I think you can learn from your parents struggles and put together a good plan for yourself. My parents were very poor, didn't have any money or know English when we first moved through the states. Financially struggled for sure but we stuck together as a family and supported each other. They eventually owned everything including their home free and clear.
@@rokyericksonroks Same message prettier package but the underlying problem remains. If you know you have problems with overeating stay away from the buffet and obviously it's not that simple but at the same it really is.
@@mafigueroa8 I apologise if my comprehension levels aren't on par with yours or Linc Merc. I am merely asking for further explanation so I can understand the comment better.
That doesn't mean can't be (more) responsible with their money. I don't think they're 'intentionally' musing anything although it would be a nice add-on.
I'm 45 and when reflecting on the happiest moments in my life, I came to the conclusion that it didn't cost me a penny. A nice walk in the mountains, a football game with friends. Buying a home or a car are not in my top 50 and it does make sense. How can an object make someone happy?
Rolex's and Corvettes make me happy. People are fickle but watches are forever unlike friendships. And you can pass them on to your kids. You can't pass friends to kids but you can pass wealth to them like watches, real estate and other objects that will remind them of you.
This is more for people that love their car for what it is (not as a status symbol) having that dream car to wake up to can sometimes just make you slightly proud and happy it will ware off after a few months but you will still have that very slight boost of happiness and proudness. It seems to be that people that get cars as status symbols don’t get this feeling or that it completely wares out after a few weeks. As for houses living in a crack house isn’t going to make anyone happy but some people their dream is to have a log cabin in the mountains and have a mountain view that could also make them happy. sorry this was a bit long hope it cleared it up :) It seems as though now it can be almost evil to think that cars can create happiness but they can money isn’t everything of course but if we are working 30% of our lives best make the most of it. (or retire early with the extra money)
And how did you get to the mountains? With a car or bicycle you had to purchase with money. How did you watch that football game, either you paid for tickets or on TV via cable or streaming service which all require money.
@@binozia-old-2031 you are correct. use your money to fuel your passion and you will be happy. if everyone is buying teslas and you want and old school cadillac that might cost as much because it "classic/antique" , get that instead of following the crowd. it will bring you greater personal satisfaction very time you look at it.
I actually know a grown woman who borrowed her Mom’s credit card (because hers was maxed out) to buy tickets to Hamilton!! Spent 1,000’s! Goes to Disney every year then complains on FB about being broke. How stupid can people be!!??
Sorry to inform you of this but you described 80% of my generation. The one I love the most is Mommy and Daddy sent them to school and they are still unemployable, so Daddy hires them to be a secretary at his office. It's a real funny thing about wealth without the work ethic it's unsustainable.
This is why "minimalism" is now a huge thing. Don't get married; don't become pregnant. Buy only what you need and only pay cash (or cash equivalent like debit card or money order or cryptocurrency), rather than use debt. The fewer things that you own, the fewer things that own you.
@@nstl440 What's sad is that you think both of those things are needed for EVERYONE to be happy, and you're judging others based off that... and I'm married.
@@AshDemonYoung I was reacting to ultimatebargains, he is advising other to not have a wife and kids. It's fine if u don't want that. But as a means to save money it's not so good
People buy tangible things to replace happiness. They are not getting something they need (i.e., at a job or in a relationship) so they replace this lacking feeling with an item.
I have a friend that shopped because she couldn't come up with anything else to do and I have benefited from her shopping two years ago she asked me to help clean out one of her spare bedrooms that was nothing but racks with clothing she told me to take what I wanted the rest she was donating now she's into crafts and she has totes and totes and totes and she goes and buys the same thing over again because she can't find what she's looking for in all those totes. She just scraped the money together to pay for her first half of her real estate taxes and her income is twice what mine is. I'm glad I have been more of a saver than a spender.
Brought up in poor conditions in Europe the memory of it all has never left me. Accordingly, I never joined the "consumer club' in the US and never regretted it. The amount of purchases excused on behalf of 'needs, wants and requirements' are obscene.
I grew up in poor conditions, grant you it was not in Europe it was in the United states. I do have some consumer goods that i like to buy such as video games. But i always pay cash, i dont have credit cards and the only loan i have is a student loan. But that is the most common thing in the United States, but i avoided that until i absolutely needed it.
Most people should watch this. I worked on political campaigns and you would be surprised on how people are willing to throw away their self intrest or their believes based on feelings and party alignment.
So true. There is a whole list of things that became necessities or at least accepted wants. Some of them are built into the things we buy without being aware of them. Think of all the mandated equipment all cars have to come with these days, in addition to features we have come to expect, like A/C, auto, cruise, etc. That all costs money.
They’ve also become significantly more affordable and integrated into daily life. Nowadays people expect you to be reachable practically 24/7. This wasn’t an expectation back before cell phones were common.
Most people talk about inflation, stagnant wages, and marketing etc as reasons for people being broke. The unpopular opinion is that most people are also just flat out irresponsible with money. The root of the problem is people’s behavior, not outside forces IMO.
After spending to much money my whole life I changed my ways after I got a divorce and lost my home in a divorce and ended up sleeping on my moms couch at the age of 59 Now I live well within my means and watch every penny I spend My dad was frugal in his life by only buying one car his whole life paying it off in 18 months and when he passed away he had left my mom with no debt and their house payed off and a six figure savings account and an income from his pension going to her I wish I had followed his ways growing up but it’s never to late to change
Oh please, we're over spending? It can't be because we spend 50-60% of our income on taxes, surcharges, fees and mandatory insurance. Not much left to pay mortgage/rent, elec/gas, food and fuel for the vehicle to get to our wage slave jobs. Interest rates have been too low for decades - we actually lose money trying to save it. So, excuse us if we're on the brink and want to spluge on ourselves by buying a measely $5 latte at Starbucks once in a while. Why doesn't WSJ address these other outrageous expenses we're forced to pay as the reason why we are all so broke all the time? When's the new American revolution coming? I'm all in.
credit is the most aggressively marketed commodity in the world. without credit cards there would be no debt. people spend too much because they are tricked out of their money by the rich and educated
@jeremiah sams do you have a savings? One problem is people will use cards that don't and plan to pay it but a emergency takes that money away one month and they are now playing catch up. The other problem is that people spend more when they use cards and the banks know that, they did the research.
Do this math : Salary - Savings = Expenses , Not Salary - Expenses = Savings Explanation : Always prioritize savings, whatever will be left on the money after deducting your savings will be your expenses. Put the savings in the bank and think of it that this savings does not exist, so that you will not tempted to withdraw and spend it for luxury . Savings will only be used for emergencies only.
Seems like folks buy nicer things than needed or can afford. $800 cell phone vs $200 phone, $300K house instead of $150K house, $45K vehicle instead of $10K. Last, they don't know how to cook and eat out way too much.
4:46 people think they are richer because the value of a house they don't even own went up. NEWS FLASH: If you still have a mortgage then you are not a homeowner, YOU ARE A LOAN OWNER. Equity only matters to those with paid off houses.
Walking through a mall as a child where you could go buy a Rolex, Swarovski crystals etc. after getting JcPenny underpants, my mom taught me "if you can't see a price tag, you can't afford it." In the same way, if you need to truly pester every penny to make sure you're not spending more than your $80,000/year salary, you are in fact spending way too much. A billionaire can just get a $0.50 candy bar without a second thought. However, it's the $35,000/year accountant (ironically) who has a $29,000/year mortgage and still buys the fancy toilet paper.
When i'm lonely and bored, i stay lonely and bored. I would prefer being lonely and bored then being in debt. I don't need to spend money to have fun, i actually have more fun doing things that don't cost me a penny! That's the frugal in me that's talking!
This really only applies to those that are still fortunate enough to classify themselves as being from that disappearing middle class. This topic couldn't even possibly apply to those living and working under the poverty line. For us, the idea of having any money unaccounted towards paying off your monthly basic living necessities.
Buy something if they have a value. Does it save you time? Does it save you money? If yes buy it. Other than that than wait seven days. Then think if you still need it.
The #1 thing that separates the millionaires like me from the average person is delayed gratification. FOMO makes people spend. They feel the need to be socially accepted by everyone.
... and we call 1-800-got-junk to come and relieve us of all the stuff we bought and thought we couldn't do without. They'll come and get it - for a price. If that's not ironic.
Dave Ramsey only works for those with a problem. Credit cards provide rewards, security and convenience in the hands of those that use them as tools, not as crutches. A LOC can be used to investment leverage or investment bridging. To save money, automatically withdraw it to a HISA and only spend what you have left Pay your CC immediately which causes you to see what is left in your account. Have any bills come off your CC to get more points, cash or rewards. Turn on messaging so when your CC is charged you see it and pay it right away. My current (used) car is paid for via the old car as a down payment and a mixture of savings and LOC. I have a loan and the LOC and savings are in an investment yielding 12%. The interest on the LOC is written off. The monthly car payments are handled by the monthly payments from the investment. I pay the LOC down via automatic withdrawals. 50% of the way through the time it will take me to pay the car off, the LOC will be paid and the auto LOC payments will then go into the HISA. When the car is fully paid, I will own the car and the full amount of what I paid for the car. I can now sell or trade in the car and finance the rest of a newer car. This time the car would have more residual value and I don't need to bolster my investment with a LOC. If I do use the LOC with the higher trade in value and higher amount of investment savings, I could buy a more expensive and/or newer car and have the same financial commitment. Dave Ramsey won't tell you to do this, but I'm doing it, and it works. I wouldn't say for just anybody to do this, but I wouldn't hide the fact that the option exists.
Everyone I know my age want to live like our parents did even they don’t make the same kind of money they absolutely need to live in the most expensive house they could borrow for and drive the 2 most expensive cars they could borrow for.. they will work till they die. I rent, drive an old paid off car and I am financially free in 7 years. But all my friends think I am broke.. people don’t use their brain and worry more what the neighbors think.
I use my credit card for all my daily spending. Gas, groceries Cell phone/ Internet/ Car Insurance. I pay the full Balance every Week! If you pay off the Full Balance before the Month ends, You will never incur any interest charges~! Only spend what you can afford on your Credit Card and don't buy things you don't need.. If you can't pay off the Full balance before Month Ends, then you are spending too much and need to reconsider your spending habits!
We live in a consumeristic society where companies condition us to buy things with the promise that it will make us more happy. We are bombarded by ads all the time, and companies take time to craft them in a way that convinces you to think you need x to be respected/loved/happy... Knowing that makes us more aware and capable to un-condition ourselves to buy things for acceptance, status, attention, validation, rather than actual need. Social media like Instagram took consumerism to a new level. E.g. people posing next to expensive cars in the street they don’t really own to portray the lux&rich life giving that car company free advertising... PS: hopefully people reading this understand where I’m coming from when I call these things out. I am explaining the water we are swimming in. And there’s no problem in buying things or needing them, but when we buy products we can’t truly afford for the prestige, or because it’s a luxury and we want to represent a rich lifestyle, or cause we think it’ll earn us respect or status instead of buying out of need, that’s a problem. Not buying out of insecurities is one of the main pillars of financial responsibility.
Where people really go wrong here is they buy too much house, too expensive cars, eat out too much, and don’t mind their health. Housing is #1. Most people spend 30%+ gross pretax income on housing. Your house is not an asset that will appreciate faster than stocks or returns off of rental property. Live within your means and invest the rest.
If you can't afford to buy your Car, you shouldn't be getting a Car. I own a 2015 Mitsubishi Mirage fully paid!~ I'm glad that i own my Car and don't have to pay monthly on a depreciating asset!
The issue lies in the fact that spending money can cause immediate pleasure on demand. I’ve noticed that there are these broad ranging, seemingly unrelated behavioral patterns that oddly resemble compulsive drug abuse, and spending money DEFINITELY falls into this category
Co-worker JUST told me this morning she’s going to Disney with her family. And that they DESERVE this family trip. 🤔 Wow, you deserve this trip because you did your JOB in raising your daughter to graduate HS?!!! 🤡’s. Once we talked about high gas prices. She said I don’t care, I pay for my gas with my CC🤦🏾♂️. Points
I find people like that annoying. Not because they choose differently than I might, but because they'll go on the Disney trip they 'deserve;', but then want to whine to you (at length) about how they are too broke to afford, say, a $500 car repair. They make poor choices time and time again then want sympathy when those bad choices bite them in the behind.
K H-C kept telling me it’s soo expensive. If you go to Disney paid for by CC’s. You will have a good time while you’re there. But once the bills start rolling in from trip. You will 🤬🤬🤬🤬. As she’s telling me all this, I’m saying good for you guys. So happy for you. Inside my head I’m screaming fool.
Bridget Love good for you. And you’re absolutely right. It’s never too late. Keep it up. If you have kids or grandchildren teach them. It’s the best thing you can do for them. I have a 8 & 11 year old. They know about the Dave Ramsey plan. Cause they will be on it. As soon as there old enough to start working. And after college
Yep, on a modified Dave Ramsey plus other financial experts plan. Taking what works for us from this and that, as long as there is sustainable progress its all good.
I think reward purchases could be good if they're small meaningful things. After reaching certain goals I might go out and allow myself to buy something I've been wanting like some plants or maybe a meal. Motivational :p not too often though
I think you can spend to reward yourself after completing a major project but don't spend too much! I spent $165 on an exotic ink pen after reaching a stock market goal. Once I used up the ink pen fillers that came with it, I could never find another one. I now display it as a symbol of excess to warn me to never make that mistake again. It has worked. I never call myself stupid (because I am not) but foolish is a better descriptive term. It's a beautiful pen though - the way those exotic shells and micro diamonds shine in the sunlight is breathtaking.
Sounds like Dave Ramsey’s plan. Don’t use credit cards. Pay off debt. Pay cash . Have a budget. Have an emergency plan. Save 6 months of expenses then save for kids college and retirement. Wall Street has been hit by Main Street common sense.
That's because people have been given this erroneous mainstream percentage on inflation at 2% mean while if you add the cost of living you're actually getting 5 to 10% increase in inflation per annum and therefore people are finding themselves in the red oh, and that is for those who are responsible and do everything they can to budget themselves and live within their means oh, those on spending sprees while they have to incur the cost of 10 to 20% interest rates on credit cards on top of the annual 5 to 10% overall inflation of goods and services. I'm certain if people were happy they wouldn't be spending all this money to try to compensate for all the misery there in. I'm fine. Will understand that the monopolization over the economy and the money supply are the very two components used to determine the misery index. I would presume that as a result of that misery people are trying to find things to supplement in order to mitigate the levels of misery they're experiencing. Yet the root causes never talked about but only the symptoms, we have engaged in the new religion of symptomology, which has been with us for quite a long time. Don't you think it's time that we began to see things from the root cause of all social problems? And that is monopolization over the economy in the money supply. I think you ought to start looking at it from the root cause rather than doubling with him the symptom and remaining and the religion of symptom ology. Okay oh, every boom-bust Cycles since 200 BC has been a result of government intervention in the markets, that has largely prevented the ancient free market from fulfilling its ability to sustain Societies in such a way that empowers Humanity to develop and maintain the human spirit. I hope you learn something new oh, thank you very much, and you're welcome for this oh, very first Inception of Monopoly over the economy in the money supply began with the very first civilization 4000 years ago with the Sumerians.
I drove the same vehicle for 21 years which means I didn’t have a car payment for 16 years in a row. When I decided I wanted a new vehicle I started making a car payment to myself into a savings account. After 5 years I bought my new vehicle for cash, no payments. I turned 50 and my home is paid for, my vehicles are paid off, I have a gas card, one credit card for emergencies and travel, and a debit card. The last couple years I started using the credit card to pay for monthly expenses in order to earn points for various things. I pay it off at the end of each month so I’m not paying interest. It’s also a real convenience to not worry about paying bills on time because they are payed automatically from the card. And I earn points from that as well lol. Anything smaller than a house I pay for without using credit which is also why my credit score is better than most banks lol Live within your means. Don’t live to impress anyone else. If you need to impress someone they aren’t really your friend.
I'm sure it has nothing to do with the 100s of billions spent on manipulative marketing that hijiacks people's needs with things they don't need. The fact that almost all of the biggest companies in the world are now advertising companies (Facebook, Apple, Google, etc) speaks volumes about why people spend too much.
I’m eating all the junk food I can while I can. I’m gonna enjoy a shorter life and check out in my fifties to heart trouble. I don’t want to die homeless and broke on the streets in my old age. I’m not going through that nightmare again when I’m old and moldy.
Brought up in a poor,Irish- Catholic culture,large family.Parents did'nt know better.Opertunity? Was told i was the wrong color and the wrong sex.Not all the racism and bias was done too black people!Still, i stayed out of trouble and did the best i could.I'm not whining just stating facts.
I don’t believe what they’re saying. First of all , time magazine just said in their issue of happiness that the “happiness” level tied to financial income STOPS Generally at $70K a year. This doesn’t even reach $70k on average do OF COURSE they’ll be striving past. What if they presented this in salaries $25K and under?? Furthermore - is this real average , mean average? Please don’t tie in exorbitant CEO and other 1,000 times higher salaries into the average wage when presenting to us. I find it insulting.
Here's some tips if you can't buy 5 of them don't buy it Intel you can then also keep the full price on a buy so say you buyed a new TV and it cost 1200 take that number and add say 20 to 30% then ÷ it for say how long you want pay it back then set up a auto pull out of your checking tell its paid in full then keep that money for when u need to buy something else do the same thing but don't use it for normal day to day buys
Don’t get a credit card unless you’re ready and pay it back on time. Best tip my old friend told me about using a credit card he said use it to pay for gas and cheap stuff so it’s easier to pay back. Make sure you have an emergency savings fund at least $500, start investing even $5, $10 now can go a long way in the future ( but overtime invest more. Good apps are Goodments, Acorns and Robinhood) eat out at least once a week. Don’t get UberEats everyday. Sell your old items (clothes, sneakers, books and electronics online platforms like EBay, Facebook marketplace, Craigslist) DON’T GET A LOAN UNLESS you can pay it back
What about the people who afforded to buy a house 40 years ago but can't really afford it as well 40 years later. Costly to downsize a little so nearly no financial gain. Need to downsize and move further away from city to make a big difference. Because of this they just sit on the fence and don't make a change.
1) The American Dream. 2) Keeping up with the Joneses. 3) Parkinson's Law. 4) Having (lots of) children when you can't afford to. 5) Children in a Candy Store Syndrome.
“We buy things we don't need with money we don't have to impress people we don't like.”
-Dave Ramsey!
The borrower is slave to the lender
I think from fight club, “We work jobs we hate, to buy things we don’t need, with money we don’t have, to impress people we don’t like”
awesome comment and very true
Everything I have comes from yard sales, I would Love to have a credit card to be able to buy some things new for a change
Parents need to be good examples for their children. They learn consumerism young. I'm teaching my kids to save and invest first and to not worry about what their friends have because it has nothing to do with us.
Heeran so smart!
I am teaching my kid the value of money. How he spend it (well actually it is my money). If he could invest it, what it could mean for him later in life.
Be careful while doing this, if you are too militant and don't give them access to the money they earn, it may have the opposite effect.
@@nvmcrider8475 you're right, being militant can sometimes have bad outcomes. I educate my kids on finances, give opportunities to pick up extra chores for pay, and them give them recommendations on the minimum to save versus spend. I need them to learn to make good decisions amd hopefully it will help them in life
@Sheldon Cooper getting married and having children can add stress but it can also be the most joyous experience. I think you can learn from your parents struggles and put together a good plan for yourself. My parents were very poor, didn't have any money or know English when we first moved through the states. Financially struggled for sure but we stuck together as a family and supported each other. They eventually owned everything including their home free and clear.
Too much ego and need to impress others.
We all self medicate in our own unique ways.
@@rokyericksonroks Same message prettier package but the underlying problem remains. If you know you have problems with overeating stay away from the buffet and obviously it's not that simple but at the same it really is.
Yep im more guilty than j would like to admit.
An elderly friend told me: It's OK to have deep pockets and short arms.
this is a beautiful quote. may i steal it lol
PardonMyFlyness thieves don’t prosper 👌
@@certifiedfinest5065 as long as your cute ppl will always believe in you. Bad guys win very often sweetie :)
Certified Finest - it just means you are frugal, not a thief
cattydcat you on that crack bruh?
They go to TJ Maxx and think to themselves they're budget experts and end up with a home full of garbage that they don't need.
Just because it's on sale doesn't mean you should buy it
TJ Maxx and Marshall’s is my weakness. I end up returning some of that random impulse bought stuff. 🤦🏿♀️
This is ur wife huh.
Wife: It was 75% off! Huge savings!
Me: you’re saving us right into bankruptcy
@@SimplisticallyDigital i love tjmax till i die.
If you don't like me because I drive a paid for 15 year old car and live in a paid for small home, then you never wanted to like me anyway.
Linc Merc spend like a poor man, live like a rich man.
@@flyonthewall.8638 I think a statement like that needs a little more explanation
@@Peczhie No it doesn't you just don't understand it
@@mafigueroa8 I apologise if my comprehension levels aren't on par with yours or Linc Merc. I am merely asking for further explanation so I can understand the comment better.
Me and my husband too😃 own house, own car, not spending a weeks food money on one meal out.😧
They are intentionally missing the point. Marketing is very advanced. Most people don’t realize when they are being marketed too.
Marketed or manipulated or both.
A. Citizen I would say they are basically the same thing these days.
That doesn't mean can't be (more) responsible with their money. I don't think they're 'intentionally' musing anything although it would be a nice add-on.
Is this comment being marketed towards me?
NOBODY can market me.
I'm 45 and when reflecting on the happiest moments in my life, I came to the conclusion that it didn't cost me a penny. A nice walk in the mountains, a football game with friends. Buying a home or a car are not in my top 50 and it does make sense. How can an object make someone happy?
Rolex's and Corvettes make me happy. People are fickle but watches are forever unlike friendships. And you can pass them on to your kids. You can't pass friends to kids but you can pass wealth to them like watches, real estate and other objects that will remind them of you.
This is more for people that love their car for what it is (not as a status symbol) having that dream car to wake up to can sometimes just make you slightly proud and happy it will ware off after a few months but you will still have that very slight boost of happiness and proudness. It seems to be that people that get cars as status symbols don’t get this feeling or that it completely wares out after a few weeks.
As for houses living in a crack house isn’t going to make anyone happy but some people their dream is to have a log cabin in the mountains and have a mountain view that could also make them happy.
sorry this was a bit long hope it cleared it up :)
It seems as though now it can be almost evil to think that cars can create happiness but they can
money isn’t everything of course but if we are working 30% of our lives best make the most of it. (or retire early with the extra money)
And how did you get to the mountains? With a car or bicycle you had to purchase with money. How did you watch that football game, either you paid for tickets or on TV via cable or streaming service which all require money.
@@binozia-old-2031 you are correct. use your money to fuel your passion and you will be happy. if everyone is buying teslas and you want and old school cadillac that might cost as much because it "classic/antique" , get that instead of following the crowd. it will bring you greater personal satisfaction very time you look at it.
Jameel Ja
When did I ever deny that money doesn’t matter?
It ain't about how much you make, it's about what u do with what u do make. Be resourceful, and efficient ladies and gents.
Alonzo Jacome facts
Agreed. Money is a tool.
I actually know a grown woman who borrowed her Mom’s credit card (because hers was maxed out) to buy tickets to Hamilton!!
Spent 1,000’s!
Goes to Disney every year then complains on FB about being broke.
How stupid can people be!!??
I'd be concerned if it were elder financial abuse. That's weird...
Sorry to inform you of this but you described 80% of my generation. The one I love the most is Mommy and Daddy sent them to school and they are still unemployable, so Daddy hires them to be a secretary at his office. It's a real funny thing about wealth without the work ethic it's unsustainable.
Yes, but she's buying EXPERIENCES !
Unfortunately that is way too common. People moan and groan about being broke but they live a life of luxury with money that they don't have.
Is she still alive? My mom would have killed me lol
Frugality is the key to have more assets.
This country is designed for you to overspend. The minute you wake up in the morning you are being overcharged!
The advertising industry plays a huge role in the bankrupting of many Americans.
Brainwashed by all media you consume.
I think it's in our dna. Goes all the way back to the caveman hoarding meat for a rainy day.
Truest comment, and the replies as well.
@@219garry yup, we are consumers and hoarders by instinct... There is when our conscious mind go into the game and make us take better decisions.
HALT... Don't spend money when you are Hungry, Angry, Lonely or Tired! There is a reason that the Ginsu knives are advertised at midnight.
I guess I won't be spending a single dime because I'm always (at least) 1 of the above!
NVMCRIDER “HALT” your spending! 😃
But what if I need to cut through a shoe?!
I think they advertise that late because thats when its cheapest to do so
Isn't that an AA thing?
When you stop and really think about what you want....You realize how little you really need it.
That is a fact!
This is why "minimalism" is now a huge thing.
Don't get married; don't become pregnant.
Buy only what you need and only pay cash (or cash equivalent like debit card or money order or cryptocurrency), rather than use debt.
The fewer things that you own, the fewer things that own you.
UltimateBargains 😆don’t get married have children lol
You're very smart!
No kids? No wife?
Know whats even cheaper? Jumping in your casket right away..
@@nstl440 What's sad is that you think both of those things are needed for EVERYONE to be happy, and you're judging others based off that... and I'm married.
@@AshDemonYoung I was reacting to ultimatebargains, he is advising other to not have a wife and kids.
It's fine if u don't want that. But as a means to save money it's not so good
Sometimes I reward myself Friday night with a hot meal after a 90 hour work week.
Wow sljivovica for you my friend
I do hope it's from the bargain section and cooked at home or you're just one step from falling into the reward cycle of financial ruin 😂😇😉
I reward myself by putting my money in my bank account... (technical about half of my savings ends up in an index fund)
I find little rewards often more gratifying. No guilt.
@@blthetube1 Me too. The rule is: never buy anything unless you absolutely have to have it.
People buy tangible things to replace happiness. They are not getting something they need (i.e., at a job or in a relationship) so they replace this lacking feeling with an item.
I have a friend that shopped because she couldn't come up with anything else to do and I have benefited from her shopping two years ago she asked me to help clean out one of her spare bedrooms that was nothing but racks with clothing she told me to take what I wanted the rest she was donating now she's into crafts and she has totes and totes and totes and she goes and buys the same thing over again because she can't find what she's looking for in all those totes. She just scraped the money together to pay for her first half of her real estate taxes and her income is twice what mine is. I'm glad I have been more of a saver than a spender.
"Is it just me, or is it getting crazier out there?"
Its certainly not getting any better.
Brought up in poor conditions in Europe the memory of it all has never left me. Accordingly, I never joined the "consumer club'
in the US and never regretted it. The amount of purchases excused on behalf of 'needs, wants and requirements' are obscene.
I grew up in poor conditions, grant you it was not in Europe it was in the United states. I do have some consumer goods that i like to buy such as video games. But i always pay cash, i dont have credit cards and the only loan i have is a student loan. But that is the most common thing in the United States, but i avoided that until i absolutely needed it.
@@josephwolf7552 Good on you.
This video should be required viewing for our Congress and President...
Most people should watch this. I worked on political campaigns and you would be surprised on how people are willing to throw away their self intrest or their believes based on feelings and party alignment.
... and the government just raised the debt ceiling, Trump and Pelosi walking hand-in-hand.
When will the gynomous debts of ours going to stop. I am truly worried for the future generations.
Well, having your expenses matching your income is one problem right there.
Not if you count saving and investing as part of your expenses
Don't hang out with friends. They will make you spend money.
Or better yet don't have friends lol
If you have friends don’t tell them how much money you have they will “borrow” it and stop answering your calls
My friends know how much I have saved the only remark they have ever made is they wish they would have saved like I did they don't ask to borrow
I am backwards to most people as I get pleasure from not spending money. People don't value money enough.
I spend too much cause I'm bored,lonely and have to much time on my hands.
WINNER
Winning
I understand
Might I suggest getting a side job to keep you busy and put some 'extra' money away.... just in case.
Time IS Money.
@ atleast OP is honest unlike you
Yesterday's luxuries become tomorrow's necessities. in the 1980s microwaves were a luxury. In the 1990s a cell phone was a luxury...
So true. There is a whole list of things that became necessities or at least accepted wants. Some of them are built into the things we buy without being aware of them. Think of all the mandated equipment all cars have to come with these days, in addition to features we have come to expect, like A/C, auto, cruise, etc.
That all costs money.
What is it for 2000s, 2010s and 2020s?
They’ve also become significantly more affordable and integrated into daily life.
Nowadays people expect you to be reachable practically 24/7. This wasn’t an expectation back before cell phones were common.
and in 2020s home becomes a luxury
over spending is down to helpelessness driven by a culture that obsesses over beating others rather than working together
Most people talk about inflation, stagnant wages, and marketing etc as reasons for people being broke.
The unpopular opinion is that most people are also just flat out irresponsible with money. The root of the problem is people’s behavior, not outside forces IMO.
It's both. Not mutually exclusive.
Wages are stagnet but consumption has skyrocketed
Cable, magazine, excessive phone bills, getting hair /nails done, buy expensive luxury items that's out of ur price range, etc
““I’ve already taken the most important precaution to make sure no one abuses my credit: I’m single”
Here is some sage advice, stay that way.
Luis Cannon Lol 😂
How do you become a millionaire? Start off as a billionaire and then get married. LOL
Smart people grow in wealth, stupid people grow in debit.
Not a true statement
After spending to much money my whole life I changed my ways after I got a divorce and lost my home in a divorce and ended up sleeping on my moms couch at the age of 59
Now I live well within my means and watch every penny I spend
My dad was frugal in his life by only buying one car his whole life paying it off in 18 months and when he passed away he had left my mom with no debt and their house payed off and a six figure savings account and an income from his pension going to her
I wish I had followed his ways growing up but it’s never to late to change
The best time to start was 40 years ago the second best time to start is now
Do you mean you surrendered your house to your wife. Or the loss of house towards the payment of lawyer fees?
Oh please, we're over spending? It can't be because we spend 50-60% of our income on taxes, surcharges, fees and mandatory insurance. Not much left to pay mortgage/rent, elec/gas, food and fuel for the vehicle to get to our wage slave jobs. Interest rates have been too low for decades - we actually lose money trying to save it. So, excuse us if we're on the brink and want to spluge on ourselves by buying a measely $5 latte at Starbucks once in a while. Why doesn't WSJ address these other outrageous expenses we're forced to pay as the reason why we are all so broke all the time? When's the new American revolution coming? I'm all in.
Bravo. We are being taxed into poverty.
credit is the most aggressively marketed commodity in the world. without credit cards there would be no debt. people spend too much because they are tricked out of their money by the rich and educated
@jeremiah sams they love you
@jeremiah sams yeah those credit card companies, they weren't ready for you. you'll show em!
@jeremiah sams do you have a savings? One problem is people will use cards that don't and plan to pay it but a emergency takes that money away one month and they are now playing catch up. The other problem is that people spend more when they use cards and the banks know that, they did the research.
@jeremiah sams your cards re your savings?
It's from the 100s of billions spent on marketing, including psychological manipulation.
YES!!!! credit is the most aggressively marketed commodity in the world
Bingo
I am not manipulatable .
Do this math : Salary - Savings = Expenses , Not Salary - Expenses = Savings
Explanation : Always prioritize savings, whatever will be left on the money after deducting your savings will be
your expenses. Put the savings in the bank and think of it that this savings does not exist, so
that you will not tempted to withdraw and spend it for luxury . Savings will only be used for emergencies
only.
Entitlement and short term gratification
Seems like folks buy nicer things than needed or can afford. $800 cell phone vs $200 phone, $300K house instead of $150K house, $45K vehicle instead of $10K. Last, they don't know how to cook and eat out way too much.
nowadays, with the price of food, eating out is equivalent to cooking at home. I rather eat out.
4:46 people think they are richer because the value of a house they don't even own went up. NEWS FLASH: If you still have a mortgage then you are not a homeowner, YOU ARE A LOAN OWNER. Equity only matters to those with paid off houses.
Walking through a mall as a child where you could go buy a Rolex, Swarovski crystals etc. after getting JcPenny underpants, my mom taught me "if you can't see a price tag, you can't afford it." In the same way, if you need to truly pester every penny to make sure you're not spending more than your $80,000/year salary, you are in fact spending way too much. A billionaire can just get a $0.50 candy bar without a second thought. However, it's the $35,000/year accountant (ironically) who has a $29,000/year mortgage and still buys the fancy toilet paper.
When i'm lonely and bored, i stay lonely and bored. I would prefer being lonely and bored then being in debt. I don't need to spend money to have fun, i actually have more fun doing things that don't cost me a penny! That's the frugal in me that's talking!
This really only applies to those that are still fortunate enough to classify themselves as being from that disappearing middle class. This topic couldn't even possibly apply to those living and working under the poverty line. For us, the idea of having any money unaccounted towards paying off your monthly basic living necessities.
If you can't afford it don't buy it
In a Nutshell it's Advertising, Peoples ego & Lack of financial education in schools!!
@abobjenkins The Financial world is infinitely complex!, it's not just basic math.
@abobjenkins 👍👍 More power to you!😆
@abobjenkins 🙂👍
@@drfix2020 basics math and common sense that all need. be stingy
Buy something if they have a value. Does it save you time? Does it save you money? If yes buy it. Other than that than wait seven days. Then think if you still need it.
The #1 thing that separates the millionaires like me from the average person is delayed gratification. FOMO makes people spend. They feel the need to be socially accepted by everyone.
Not only do we buy garbage we dont need, we will also spend thousands to keep the junk in storage because we do not have room in our homes.
... and we call 1-800-got-junk to come and relieve us of all the stuff we bought and thought we couldn't do without. They'll come and get it - for a price.
If that's not ironic.
@@jdrancho1864 That is ironic and funny at the same time.
Living like the Kardashian's on a Walmart Budget!
Live below your means folks...
Dave Ramsey only works for those with a problem. Credit cards provide rewards, security and convenience in the hands of those that use them as tools, not as crutches. A LOC can be used to investment leverage or investment bridging. To save money, automatically withdraw it to a HISA and only spend what you have left Pay your CC immediately which causes you to see what is left in your account. Have any bills come off your CC to get more points, cash or rewards. Turn on messaging so when your CC is charged you see it and pay it right away.
My current (used) car is paid for via the old car as a down payment and a mixture of savings and LOC. I have a loan and the LOC and savings are in an investment yielding 12%. The interest on the LOC is written off. The monthly car payments are handled by the monthly payments from the investment. I pay the LOC down via automatic withdrawals. 50% of the way through the time it will take me to pay the car off, the LOC will be paid and the auto LOC payments will then go into the HISA. When the car is fully paid, I will own the car and the full amount of what I paid for the car. I can now sell or trade in the car and finance the rest of a newer car. This time the car would have more residual value and I don't need to bolster my investment with a LOC. If I do use the LOC with the higher trade in value and higher amount of investment savings, I could buy a more expensive and/or newer car and have the same financial commitment.
Dave Ramsey won't tell you to do this, but I'm doing it, and it works. I wouldn't say for just anybody to do this, but I wouldn't hide the fact that the option exists.
The problem is simple: we are all SUBTLY GREEDY
There is nothing to save when you have an income of 800 bucks per month.
That depends how your spending it and your circumstances.
Sounds like a you problem
Rich people invest 1st and spend what's left. Poor people spend 1st and invest what's left.
Netanyahu told my landlord that he needs the money to attack Iran,so he raised my rent.
Everyone I know my age want to live like our parents did even they don’t make the same kind of money they absolutely need to live in the most expensive house they could borrow for and drive the 2 most expensive cars they could borrow for.. they will work till they die. I rent, drive an old paid off car and I am financially free in 7 years. But all my friends think I am broke.. people don’t use their brain and worry more what the neighbors think.
Lifestyle inflation...groundbreaking
I use my credit card for all my daily spending. Gas, groceries Cell phone/ Internet/ Car Insurance. I pay the full Balance every Week!
If you pay off the Full Balance before the Month ends, You will never incur any interest charges~! Only spend what you can afford on your Credit Card and don't buy things you don't need.. If you can't pay off the Full balance before Month Ends, then you are spending too much and need to reconsider your spending habits!
We live in a consumeristic society where companies condition us to buy things with the promise that it will make us more happy. We are bombarded by ads all the time, and companies take time to craft them in a way that convinces you to think you need x to be respected/loved/happy...
Knowing that makes us more aware and capable to un-condition ourselves to buy things for acceptance, status, attention, validation, rather than actual need.
Social media like Instagram took consumerism to a new level. E.g. people posing next to expensive cars in the street they don’t really own to portray the lux&rich life giving that car company free advertising...
PS: hopefully people reading this understand where I’m coming from when I call these things out. I am explaining the water we are swimming in. And there’s no problem in buying things or needing them, but when we buy products we can’t truly afford for the prestige, or because it’s a luxury and we want to represent a rich lifestyle, or cause we think it’ll earn us respect or status instead of buying out of need, that’s a problem.
Not buying out of insecurities is one of the main pillars of financial responsibility.
Where people really go wrong here is they buy too much house, too expensive cars, eat out too much, and don’t mind their health. Housing is #1. Most people spend 30%+ gross pretax income on housing. Your house is not an asset that will appreciate faster than stocks or returns off of rental property. Live within your means and invest the rest.
#DaveRamsey
Buy only what are necessary stuffs and focus on needs
his voice woo its relaxing
Yeah if you're into that sort of thing
If you can't afford to buy your Car, you shouldn't be getting a Car. I own a 2015 Mitsubishi Mirage fully paid!~ I'm glad that i own my Car and don't have to pay monthly on a depreciating asset!
The issue lies in the fact that spending money can cause immediate pleasure on demand. I’ve noticed that there are these broad ranging, seemingly unrelated behavioral patterns that oddly resemble compulsive drug abuse, and spending money DEFINITELY falls into this category
It's called AMAZON!!
The one click option to check out in Amazon is to make sure you purchase it. Compulsive shopping.
The comments section is far more educational + interesting than the video! 🤣
As with most videos.
Co-worker JUST told me this morning she’s going to Disney with her family. And that they DESERVE this family trip. 🤔 Wow, you deserve this trip because you did your JOB in raising your daughter to graduate HS?!!! 🤡’s. Once we talked about high gas prices. She said I don’t care, I pay for my gas with my CC🤦🏾♂️. Points
I find people like that annoying. Not because they choose differently than I might, but because they'll go on the Disney trip they 'deserve;', but then want to whine to you (at length) about how they are too broke to afford, say, a $500 car repair. They make poor choices time and time again then want sympathy when those bad choices bite them in the behind.
K H-C kept telling me it’s soo expensive. If you go to Disney paid for by CC’s. You will have a good time while you’re there. But once the bills start rolling in from trip. You will 🤬🤬🤬🤬. As she’s telling me all this, I’m saying good for you guys. So happy for you. Inside my head I’m screaming fool.
Ive been that same fool, lol. Finally got our financial ducks in order and dragging my husband with me. It's never too late to turn things around.
Bridget Love good for you. And you’re absolutely right. It’s never too late. Keep it up. If you have kids or grandchildren teach them. It’s the best thing you can do for them. I have a 8 & 11 year old. They know about the Dave Ramsey plan. Cause they will be on it. As soon as there old enough to start working. And after college
Yep, on a modified Dave Ramsey plus other financial experts plan. Taking what works for us from this and that, as long as there is sustainable progress its all good.
I think reward purchases could be good if they're small meaningful things.
After reaching certain goals I might go out and allow myself to buy something I've been wanting like some plants or maybe a meal. Motivational :p not too often though
I think you can spend to reward yourself after completing a major project but don't spend too much! I spent $165 on an exotic ink pen after reaching a stock market goal. Once I used up the ink pen fillers that came with it, I could never find another one. I now display it as a symbol of excess to warn me to never make that mistake again. It has worked. I never call myself stupid (because I am not) but foolish is a better descriptive term. It's a beautiful pen though - the way those exotic shells and micro diamonds shine in the sunlight is breathtaking.
GeHa or Pelikan cartridges don't fit?
Sounds like Dave Ramsey’s plan.
Don’t use credit cards. Pay off debt. Pay cash . Have a budget. Have an emergency plan. Save 6 months of expenses then save for kids college and retirement.
Wall Street has been hit by Main Street common sense.
Has anyone know the meaning of “frugality” because we need that right now.
Means cutting back in EVERYTHING, sometimes right down to the bone.
That's because people have been given this erroneous mainstream percentage on inflation at 2% mean while if you add the cost of living you're actually getting 5 to 10% increase in inflation per annum and therefore people are finding themselves in the red oh, and that is for those who are responsible and do everything they can to budget themselves and live within their means oh, those on spending sprees while they have to incur the cost of 10 to 20% interest rates on credit cards on top of the annual 5 to 10% overall inflation of goods and services. I'm certain if people were happy they wouldn't be spending all this money to try to compensate for all the misery there in. I'm fine. Will understand that the monopolization over the economy and the money supply are the very two components used to determine the misery index. I would presume that as a result of that misery people are trying to find things to supplement in order to mitigate the levels of misery they're experiencing. Yet the root causes never talked about but only the symptoms, we have engaged in the new religion of symptomology, which has been with us for quite a long time. Don't you think it's time that we began to see things from the root cause of all social problems? And that is monopolization over the economy in the money supply. I think you ought to start looking at it from the root cause rather than doubling with him the symptom and remaining and the religion of symptom ology. Okay oh, every boom-bust Cycles since 200 BC has been a result of government intervention in the markets, that has largely prevented the ancient free market from fulfilling its ability to sustain Societies in such a way that empowers Humanity to develop and maintain the human spirit. I hope you learn something new oh, thank you very much, and you're welcome for this oh, very first Inception of Monopoly over the economy in the money supply began with the very first civilization 4000 years ago with the Sumerians.
Overspending is easy when I'm in the pet toy shop.
Lifestyle Inflation 101
We are constantly being blasted by advertisers all the time & everywhere about how we need this, or that, to improve your life or that you deserve
I drove the same vehicle for 21 years which means I didn’t have a car payment for 16 years in a row. When I decided I wanted a new vehicle I started making a car payment to myself into a savings account. After 5 years I bought my new vehicle for cash, no payments.
I turned 50 and my home is paid for, my vehicles are paid off, I have a gas card, one credit card for emergencies and travel, and a debit card. The last couple years I started using the credit card to pay for monthly expenses in order to earn points for various things. I pay it off at the end of each month so I’m not paying interest. It’s also a real convenience to not worry about paying bills on time because they are payed automatically from the card. And I earn points from that as well lol. Anything smaller than a house I pay for without using credit which is also why my credit score is better than most banks lol
Live within your means. Don’t live to impress anyone else. If you need to impress someone they aren’t really your friend.
No hidden secret...People just live their lives to the fullest because we all die and we only live one life....Enjoy everything while you can
I came to hear about finances, but all I can focus on is how Charlie must be the brother of Kenneth from 30 Rock.
Humm...It seems as though there's a lacking in education concerning personal finance. What's up with that?
her smile is perfect
I'm sure it has nothing to do with the 100s of billions spent on manipulative marketing that hijiacks people's needs with things they don't need. The fact that almost all of the biggest companies in the world are now advertising companies (Facebook, Apple, Google, etc) speaks volumes about why people spend too much.
Not too bright or out right stupid if you know you shouldn’t be overspending but do it anyway.
This guy dropped the name of every university in the world
I’m eating all the junk food I can while I can. I’m gonna enjoy a shorter life and check out in my fifties to heart trouble. I don’t want to die homeless and broke on the streets in my old age. I’m not going through that nightmare again when I’m old and moldy.
Great video and sound advice
0:25 Make sure your expenses Match your income? Your expenses are supposed to be LOWER than your income.
Brought up in a poor,Irish- Catholic culture,large family.Parents did'nt know better.Opertunity? Was told i was the wrong color and the wrong sex.Not all the racism and bias was done too black people!Still, i stayed out of trouble and did the best i could.I'm not whining just stating facts.
I don’t believe what they’re saying. First of all , time magazine just said in their issue of happiness that the “happiness” level tied to financial income STOPS Generally at $70K a year.
This doesn’t even reach $70k on average do OF COURSE they’ll be striving past.
What if they presented this in salaries $25K and under??
Furthermore - is this real average , mean average? Please don’t tie in exorbitant CEO and other 1,000 times higher salaries into the average wage when presenting to us.
I find it insulting.
A Pove $70k pre tax or post taxes? Just curious!!
Did anyone notice that the man being interviewed has vampire teeth? To say I'm concerned is an understatement.
This aged well.
1:01 the most guilty and nervous laugh I’ve ever heard in my life 😂😂
Here's some tips if you can't buy 5 of them don't buy it Intel you can then also keep the full price on a buy so say you buyed a new TV and it cost 1200 take that number and add say 20 to 30% then ÷ it for say how long you want pay it back then set up a auto pull out of your checking tell its paid in full then keep that money for when u need to buy something else do the same thing but don't use it for normal day to day buys
Don’t get a credit card unless you’re ready and pay it back on time. Best tip my old friend told me about using a credit card he said use it to pay for gas and cheap stuff so it’s easier to pay back. Make sure you have an emergency savings fund at least $500, start investing even $5, $10 now can go a long way in the future ( but overtime invest more. Good apps are Goodments, Acorns and Robinhood) eat out at least once a week. Don’t get UberEats everyday. Sell your old items (clothes, sneakers, books and electronics online platforms like EBay, Facebook marketplace, Craigslist) DON’T GET A LOAN UNLESS you can pay it back
Some apartment homes aint worth tge shirt on a mans back by how they treat there neighbors and tenants.
What can you do it's all we can afford
What about the people who afforded to buy a house 40 years ago but can't really afford it as well 40 years later. Costly to downsize a little so nearly no financial gain. Need to downsize and move further away from city to make a big difference. Because of this they just sit on the fence and don't make a change.
Tanya: "Hey Charlie, good to see you" >
Charlie: *smirks* "Great to see you again..." >
Tanya: *smiles*
Me: *arcs eyebrow*
Spend too much? No discipline.
Take a shot whenever he says "right" and "that's right"
Omg I'm blown away at how much money is spent on food! Let alone how much of it is probably wasted😩
1) The American Dream. 2) Keeping up with the Joneses. 3) Parkinson's Law. 4) Having (lots of) children when you can't afford to. 5) Children in a Candy Store Syndrome.
Great advices 👏🏾 thanks #wallstreetjournal