i hate people like Rudy who think the rich get richer because theyre smart... it takes money to make money. its easy to make money, but you have to have a good starting chunk to do it.
@@Scorch428 he had to be smart to get the money in the first place and not blow it all on frivolous crap, And be smart to let his money make him more money. So Rudy would be right saying that rich people get richer because they are smart but you would also be right saying it takes money to make money. The two statements go hand in hand.
My wife and I are in the process of buying our first place and did the long-term calculations on what we'd owe if we did minimum payments at the top end of our pre-approved mortgage amount. It's astounding - something like 33-50% on top of the dollar amount of the mortgage. With that in mind we're looking to buy something we can pay off in 5-10 years and either leverage the sale cost towards a larger property that we can put a significant down payment on, or use the smaller place as a rental. Every time we talk to family and friends about this the response is basically "why not just buy the bigger home and do a 30 year mortgage?". Clearly these are the same people who don't pay off their credit cards every month and get tricked by Timmy Tactics. Long-term debt is something you should avoid at all costs, but short-term debt can be valuable if you have a realistic plan to pay it off before the interest exceeds the potential profit margin. Also, when we were straight out college and couldn't afford to make a down payment we lived below our means and saved like crazy. Paid off student loans, only bought one vehicle and did so outright, and have been debt free for 2+ years. It's not Rudy levels of success but it puts us in a much better place than our parents and sets us up for long term stability and affords us options to take on investment opportunities down the line. Thanks for laying this out so clearly Rudy, people need to face reality when it comes to money and protect themselves from debt that is designed to bleed us dry.
That's smart, buy pay off move to something nicer buy pay off. Its a lot easier to buy a $150k house and pay it off in 5 or 10 years when your putting say $100k down from the paid off house you just sold.
Don't forget to save some money on the side for emergency situations like illness or loss of work. An mortgage payment plan that is perfectly balanced becomes dangerous if your expected income hiccups for even a few months, for example the federal government shutdown.
Glad to see your situation is going well. I like the idea of progression on the housing investment. It makes sense for it being easier on people’s minds to take on big investments incrementally instead of long-term payments with minimum mortgage
We (my family) paid off our mortgage this january. We took it for 30 years, and then calculated how much would still get us a tax return if we paid extra principle each year. It took us 10 years total in the end.
mattmc20 I mean doesn’t it come to the same thing? Assuming I have $3k of interest to pay in my 3-year fixed term, if I pay it off in the next 10 months won’t the next 2 years and 2 months be paying the principle?
@@sdidonato6178 Not exactly. If it's being applied to forward interest, that's just interest you haven't paid yet. On the other hand, paying down the principal means your interest will go down, since it'll recalculate.
My wife and I always pay an extra $100 a month on our house and just paid off our new car in 2.5 years as well. No golden hero award, but Rudy is totally right. The small decisions you do everyday add up over time to something extraordinary. Cheers Rudy.
As an individual in my early twenties I can honestly admit I have no idea about finances and stuff of the sort, nobody has ever taught me and it’s like a whole different language to me, but this video has actually given me some motivation to learn about it. Thanks Rudy.
It's because the school system in this annoying country is absurd. Too busy teaching a 30 second math equation making it last 10 minutes with 169 extra steps for no practical reason. And telling students Christopher Columbus founded America. "This is America"
The earlier the better my man. Good luck on your journey. There are plenty of sources out there to teach you and groups of people willing to answer questions.
Thank you sir Rudy. I would like to make a suggestion, start a new playlist : " Learning with Rudy" I subscribe to that, but jokes aside, thank you for 13 minutes of knowledge. Please make more.
VERY well put, Rudy. Straight up and honest, just like folks say you are. For you to go out of your way and make this video and say what you did in the clarity you did proves your honor, and I applaud you for that. I grew up and have known a number of people in the business finance world, and what you are saying is 110%. There are very few people that would do a video like that out there (and surely not one of them). Again, I applaud you! 2:40 yup
that can hurt your credit score overall though, you have to pay some sort of interest to gain score points in long term. it will however show you have X liquid capital and make it more likely they raise your limits
Lol that really depends on what country you live in. Interest will accrue everyday on the outstanding balance in 99% of countries. Read the written agreement when you open the account. Figure out how interest accrues. Sometimes it wont be clear. T banking attorney.
@@smilesaredaggers3088 I don't believe that's true. You'll improve your credit by doing this, through: 1) length of time credit line open (age of credit history) 2) installment payments paid on time (payment history) 3) low credit card utilization %.
Coming from a banker here. Here is a few good rules to live by Act like a bank. Borrow at 3% invest at 6%. Keep the spread. As long as you are disciplined this will work. Live within your means Challenge yourself to save it gets addictive once you see money in the bank There is more to it but this is the basics
That's fantastic advice, but where are you getting a 6% return that's secure? Most bank accounts and money markets are giving out less than 1% and the highest CD in my area has 3% return.
@@mistere5857 Need to look at Bonds, Equities or Real Estate. I find for the long term an index fund on the S&P 500 has done well. Picking Bonds requires a LOT of research to get good deals with low risk at 5-6% returns. Anything that purports to be secure at 6% is a scam. See Bernie Madoff.
Merp merp, so... should we invest in certain boxes and sit on them for them to go up in insane value like Rudy and his $100 patron he mentioned in the video?
I dont get why Uzras is even worth that much.. Its not the oldest sets and its not in standard anymore, so what do you do with the cards? I dont think ppl understand how much urzas legacy is out there....sure its in closets, but one day, ppl are going to sell those closets...they arent gone forever.
It’s funny you say this Rudy. As an FA, I tell clients all the time if they cannot afford the payment on a 15 year mortgage, they can’t afford the house. People done like it, but their stomach is bigger than their brain. On $300k house you’ll pay around $390k on 15 year vs close to $600k on 30 year. It is disgusting.
This is by far one of the biggest reason why I have been watching your channel for about a year and a half. The fact you take your time to talk about things like this. Still got a long way to go but patience is most importnant.
Well, Rudy, thanks, I have already started putting almost 1000 net each month aside for my student debt!! You definitely inspired that, so giggidy!!!! One of my hero’s! Keep up the inspiration!
Seriously rudy thanks alot for every Video.. you retorched my Passion for Magic and brought back so much nostalgia and childhood for me. Then you put out Videos like this, I really don't often comment on UA-cam but you deserve every like, every abo and I wish you and every of your loved ones the very best!!! Greetings from Germany :)
Rudy spitting truth like an angry Lama! Made me think about the crap I've been told previously in regards to mortgage debt and there is logic to this rant. Makes more sense to pay off my 4.25% 30 year than earn 2% on any savings...damn I'm an idiot!!!
That's a false dichotomy, there are plenty of investment options that will pay you significantly more than 4.25% that you could put that extra cash into instead of your mortgage.
@@dbzwarlord True Andrew but no one said there weren't other options. Rudy is speaking in general terms and to Timmy's like me who hadn't really thought about mortgages at all since it's on auto pay. I've been saving at 2% mindlessly thinkin I'm doing fine where I'm now stepping back thinking wtf am I doin?!
@@ed-steminator6688 His rant should have been about personal savings accounts rather than mortgage payments and credit card debt. Even rich people carry mortgage debt, because they can leverage the money they owe better elsewhere. What they don't do is earn a 2% annual return on it in a bank account.
@@dbzwarlord And this is why I am a poor Timmy...needed someone like flippin Rudy to knock sense into me? Talk about about a new low moment for me! But yes I agree rich savy investor's can exceed 4-5% all day, unfortunately I am none of those things.
@@dbzwarlord There's 2 assumptions that need to be made for this to be true though. 1. The will or the effort to get a rate better than the mortgage. 2. The one you listed, the financial discipline to put it that into a some kind of long term savings (as well as the interest) instead of wasting it on something frivolous.
I miss these videos. The box openings are great but it’s the candid discussions about finances (and Rudy’s energy) that drew me to this channel. Love the content
Thank you for making these financial videos. I really enjoy them, and I've learned from them. This video in particular has opened my eyes. I bought my first house 5 months ago and didn't really plan on paying more than my regular monthly payment.
I love watching box openings, but your pure finance stuff is really good. My wife and I always paid extra and now we own our home. It's a great feeling and now there is even more money for Magic cards!
Thanks for this, Rudy. Learned a lot of really valuable things from this video. Just recently got into magic and I think as soon as I got into it, I'm going to be getting out. Still gonna watch your content though!
The world is a war for your mind. Most are unaware. Meanwhile, Rudy is out here giving free advice on that topic. Is he a Hairy Armed ReSealing Creepy Hosing Greed Monster? Or is he the Wise Sage Guru Shepard Jedi, here to guide us to the Golden Age of Magic? Probably somewhere in between I'm guessing. Thanks Rudy, hopefully the kids paid attention.
While I've been thinking this way about my personal finances for a while, I hadn't ever brought how I spend money on magic into this way of thinking. I was going to buy a box of Ravnica Allegiance next paycheck even though that money should go elsewhere... I was being emotional in this decision, "because I wanted it right now this instant." This was the reminder I needed Rudy... Thanks!
Thank you Rudy. Very great video with even better messages. I buy a box on release day and open all these nice booster. I get almost all commons and uncommons, most rares and have a nice time with them. And then a year from now I buy some boxes when I can afford them, 1-4 a month. Then they will rest for years maybe decades and I will see what I get for them. That's my own plan to save some money over the years :)
Learning how to use an amortization table is a great personal skill to figure out how long term debt actually hits you. I have a 2.29% mortgage, 30 year term. Assuming it stays that low (it won't), I'll end up paying 40% on the principal if I make "the minimum payments". Most people don't realize how even a small interest becomes "big" over time.
Man Rudy, I didn't think I would find such awesome wisdom from your Magic Channel. Once I pay off my school loan, I'll be adding that 300-400 a month to my home loan. Once I pay off my car, I'll add that 300-400 to my home loan. If I pay $1000 extra per month on my mortgage I can pay off my home in 8 years vs 30 years. Holy crap. Good call.
I teach middle school economics (amongst a stupid amount of other things) and I just realized today that Rudy is my financial advisor. 🤦♂️ thank you for your service sir.
Since day 1 I've paid over on my mortgage every month. I always feel like some day it will pay off but it just seems so far away. Thanks for keeping my motivation up.
I agree with you about credit card debt. You mentioned your minimum mortgage payment idea does not apply to landlords/investors like me. I push on the banks to give me 5% or at most 15% down payments on a new property. I always do 30-year mortgages and never pay more than the minimum payment. The reason for this is so that I can leverage my money to buy more properties. For example, if I pay an extra $300 per month on the mortgage for 3 properties, that's almost an extra $1,000. Instead of paying more for 3 mortgages, I could buy another property and use the $1,000 to pay that mortgage. Then I have 4 properties rolling instead of 3. This is how I leverage money to buy more and more properties every year.
Rudy is basically a blessing for the MTG space. He obviously loves Magic and started a store and fun channel. But then he injects his financial knowledge, risk management and investment experience to help folks who are willing to take action and make a difference in their lives and create generation wealth. Keep rocking man.
Can we have more Finance Rudy videos? Love the way you know how to explain and "expose"(?) the system and maybe, just maybe, help those in need to become less of a Timmy and more of a Tim.
I bought a rare pint glass for 50 cents at a thrift store on saturday and sold it on eBay today for $49+shipping. As soon as I am mortgage free I'm becoming a patron
Thank you for this kind of more serious content and advice. There isn’t enough of this content on the gaming side of the web. We’re pressured to treat our cardboard like currency, it ain’t right. If I was a Timmy I’d get you on Patreon.
I needed this Rudy. Thank you, my friend. I was about to take my small quarterly bonus and buy WAR Mythic Edition. I'm a Timmy, but not anymore thanks to you lol.
To be honest since I’ve been watching you I’ve actually been more smart with my money and investing a little here and there. Paid off a bunch of cards only touch them when I absolutely want something I haven’t saved for like an extra box or a new game I didn’t think I’d like til I played the demo. Your honesty is a wonderful thing to see everyday keep it up
If the mortgage interest rate is lower than the expected long term return of a reasonably diversified basket of securities, then it generally will make no sense to pay the mortgage down quickly as opposed to instead investing the excess you would have spent on the excess mortgage payment into said diversified basket of securities. This is even more likely to be true if the mortgage interest is generating a material tax benefit for the mortgage holder. (There may be an argument for paying down the mortgage in marginal cases if looking at the problem from a risk-adjusted perspective, however.) That said, the problem is that the Timmys to which Rudy refers would squander the excess mortgage payment instead of investing it long term. For such undisciplined people, paying the mortgage down quickly may make sense, though they are doing so at a cost of both potential maximum return and maximum liquidity.
Thanks for letting me win, Rudy. You guys don't know this but there was a lottery for all those Urza's Legacy boxes in the background and Rudy said I won. I love you man.
Thanks for the 3 minutes and 49 seconds of extra content Rudy. You spoil us.
It was like watching End Game. I didn't even notice he went for a solid 13 minutes!!!!
This video is just him doing so
+Dielfton Elletab
B...but... for me the Video is 13:48 Seconds
What happens in the last Second?! Tell me!
Finance Rudy is best Rudy. Thank you for giving us such important information.
I only take advice from youtubers who wear 2 ties.
Most professional amount
rudy "two ties". Financial Advisor Boss.
Rudy's out here, educating magic plebs on finance, as if he got sentenced to 13 minutes of community service for stealing hot sauce from Taco Bell.
we all know he steals the hot sauce...
Diablo sauce!!
i hate people like Rudy who think the rich get richer because theyre smart...
it takes money to make money. its easy to make money, but you have to have a good starting chunk to do it.
@@Scorch428 he had to be smart to get the money in the first place and not blow it all on frivolous crap, And be smart to let his money make him more money. So Rudy would be right saying that rich people get richer because they are smart but you would also be right saying it takes money to make money. The two statements go hand in hand.
@@Thesilverfist62 Rudy didnt start out at 0 after college, I can assure you...he was rich before opening his store
The most honest video I have seen in years. Loved every second of it.
My wife and I are in the process of buying our first place and did the long-term calculations on what we'd owe if we did minimum payments at the top end of our pre-approved mortgage amount. It's astounding - something like 33-50% on top of the dollar amount of the mortgage. With that in mind we're looking to buy something we can pay off in 5-10 years and either leverage the sale cost towards a larger property that we can put a significant down payment on, or use the smaller place as a rental. Every time we talk to family and friends about this the response is basically "why not just buy the bigger home and do a 30 year mortgage?". Clearly these are the same people who don't pay off their credit cards every month and get tricked by Timmy Tactics. Long-term debt is something you should avoid at all costs, but short-term debt can be valuable if you have a realistic plan to pay it off before the interest exceeds the potential profit margin.
Also, when we were straight out college and couldn't afford to make a down payment we lived below our means and saved like crazy. Paid off student loans, only bought one vehicle and did so outright, and have been debt free for 2+ years. It's not Rudy levels of success but it puts us in a much better place than our parents and sets us up for long term stability and affords us options to take on investment opportunities down the line. Thanks for laying this out so clearly Rudy, people need to face reality when it comes to money and protect themselves from debt that is designed to bleed us dry.
That's smart, buy pay off move to something nicer buy pay off. Its a lot easier to buy a $150k house and pay it off in 5 or 10 years when your putting say $100k down from the paid off house you just sold.
Don't forget to save some money on the side for emergency situations like illness or loss of work. An mortgage payment plan that is perfectly balanced becomes dangerous if your expected income hiccups for even a few months, for example the federal government shutdown.
Congratulations on the life progress. Keep going on.
Glad to see your situation is going well. I like the idea of progression on the housing investment. It makes sense for it being easier on people’s minds to take on big investments incrementally instead of long-term payments with minimum mortgage
We (my family) paid off our mortgage this january. We took it for 30 years, and then calculated how much would still get us a tax return if we paid extra principle each year. It took us 10 years total in the end.
Good job, that's genius
I'm glad I added an extra $300/month on my mortgage payments in January. I feel less like a Timmy right now.
Stephen Di Donato just make sure they are applying it to the principle and not forward interest. This is a little trick they play with people.
mattmc20 I mean doesn’t it come to the same thing? Assuming I have $3k of interest to pay in my 3-year fixed term, if I pay it off in the next 10 months won’t the next 2 years and 2 months be paying the principle?
@@sdidonato6178 Not exactly. If it's being applied to forward interest, that's just interest you haven't paid yet. On the other hand, paying down the principal means your interest will go down, since it'll recalculate.
@@VGJustice That shit should be illegal.
YEAH, YOU IDIOTS, JUST PAY YOUR 800,000$ HOME OFF IN ONE PAYMENT
SHEESH, YOU STUPID IDIOTS
ITS JUST THAT EASY
My wife and I always pay an extra $100 a month on our house and just paid off our new car in 2.5 years as well. No golden hero award, but Rudy is totally right. The small decisions you do everyday add up over time to something extraordinary. Cheers Rudy.
We have the same name.
My favorite war of the spark video out of all MTG channels, by far.
As an individual in my early twenties I can honestly admit I have no idea about finances and stuff of the sort, nobody has ever taught me and it’s like a whole different language to me, but this video has actually given me some motivation to learn about it.
Thanks Rudy.
It's because the school system in this annoying country is absurd. Too busy teaching a 30 second math equation making it last 10 minutes with 169 extra steps for no practical reason. And telling students Christopher Columbus founded America. "This is America"
when you are around 30 you will know how much bullshit school thought you...
The earlier the better my man. Good luck on your journey. There are plenty of sources out there to teach you and groups of people willing to answer questions.
Go look up Dave Ramsey! You won't be disappointed
As someone else mentioned, go watch Dave Ramsey. The dude will change your view on money in a day.
Thank you sir Rudy. I would like to make a suggestion, start a new playlist : " Learning with Rudy"
I subscribe to that, but jokes aside, thank you for 13 minutes of knowledge. Please make more.
I’m in highschool and I found this video very informative for my future, thank you Rudy
VERY well put, Rudy. Straight up and honest, just like folks say you are. For you to go out of your way and make this video and say what you did in the clarity you did proves your honor, and I applaud you for that. I grew up and have known a number of people in the business finance world, and what you are saying is 110%. There are very few people that would do a video like that out there (and surely not one of them). Again, I applaud you! 2:40 yup
Always pay your credit card off 20 days aftter you buy something. They can't legally charge interest unless 21 days has past. The more you know
that can hurt your credit score overall though, you have to pay some sort of interest to gain score points in long term. it will however show you have X liquid capital and make it more likely they raise your limits
SmilesAreDaggers fucking false false false false false
Lol that really depends on what country you live in. Interest will accrue everyday on the outstanding balance in 99% of countries.
Read the written agreement when you open the account. Figure out how interest accrues. Sometimes it wont be clear.
T banking attorney.
Or just pay it off the very next day. Treat your credit card like a debit card that gives you cash back.
@@smilesaredaggers3088 I don't believe that's true. You'll improve your credit by doing this, through:
1) length of time credit line open (age of credit history)
2) installment payments paid on time (payment history)
3) low credit card utilization %.
Coming from a banker here. Here is a few good rules to live by
Act like a bank. Borrow at 3% invest at 6%. Keep the spread. As long as you are disciplined this will work. Live within your means
Challenge yourself to save it gets addictive once you see money in the bank There is more to it but this is the basics
That's fantastic advice, but where are you getting a 6% return that's secure? Most bank accounts and money markets are giving out less than 1% and the highest CD in my area has 3% return.
@@mistere5857 Need to look at Bonds, Equities or Real Estate. I find for the long term an index fund on the S&P 500 has done well. Picking Bonds requires a LOT of research to get good deals with low risk at 5-6% returns. Anything that purports to be secure at 6% is a scam. See Bernie Madoff.
Rudy dishing out the life secrets over here, much love
These rare financial nuggets is why I love this channel. Plus the top shelf entertainment
Agreed.... I stopped trying to show , help ppl. I just keep studying , making improvements, setting goals and completing them
You must have a lot of chicken dinners ;)
@@JuanCruz-cb1lf si... with some gravy
Talks about mortgages, has enough urza’s legacy behind him to buy a small house
Or a nice house in a state like TX!
That's the point
Exactly the point of the video lol
Merp merp, so... should we invest in certain boxes and sit on them for them to go up in insane value like Rudy and his $100 patron he mentioned in the video?
I dont get why Uzras is even worth that much.. Its not the oldest sets and its not in standard anymore, so what do you do with the cards? I dont think ppl understand how much urzas legacy is out there....sure its in closets, but one day, ppl are going to sell those closets...they arent gone forever.
Went back, watching old Rudy vids and this pops up.
My body is ready.
It’s funny you say this Rudy. As an FA, I tell clients all the time if they cannot afford the payment on a 15 year mortgage, they can’t afford the house. People done like it, but their stomach is bigger than their brain. On $300k house you’ll pay around $390k on 15 year vs close to $600k on 30 year. It is disgusting.
Thanks for sharing the knowledge , you are one of the few that help others to open there eyes from the reality of the system we live on , never change
This is by far one of the biggest reason why I have been watching your channel for about a year and a half. The fact you take your time to talk about things like this. Still got a long way to go but patience is most importnant.
Well, Rudy, thanks, I have already started putting almost 1000 net each month aside for my student debt!! You definitely inspired that, so giggidy!!!! One of my hero’s! Keep up the inspiration!
Seriously rudy thanks alot for every Video.. you retorched my Passion for Magic and brought back so much nostalgia and childhood for me.
Then you put out Videos like this, I really don't often comment on UA-cam but you deserve every like, every abo and I wish you and every of your loved ones the very best!!!
Greetings from Germany :)
Rudy spitting truth like an angry Lama! Made me think about the crap I've been told previously in regards to mortgage debt and there is logic to this rant. Makes more sense to pay off my 4.25% 30 year than earn 2% on any savings...damn I'm an idiot!!!
That's a false dichotomy, there are plenty of investment options that will pay you significantly more than 4.25% that you could put that extra cash into instead of your mortgage.
@@dbzwarlord True Andrew but no one said there weren't other options. Rudy is speaking in general terms and to Timmy's like me who hadn't really thought about mortgages at all since it's on auto pay. I've been saving at 2% mindlessly thinkin I'm doing fine where I'm now stepping back thinking wtf am I doin?!
@@ed-steminator6688 His rant should have been about personal savings accounts rather than mortgage payments and credit card debt. Even rich people carry mortgage debt, because they can leverage the money they owe better elsewhere. What they don't do is earn a 2% annual return on it in a bank account.
@@dbzwarlord And this is why I am a poor Timmy...needed someone like flippin Rudy to knock sense into me? Talk about about a new low moment for me! But yes I agree rich savy investor's can exceed 4-5% all day, unfortunately I am none of those things.
@@dbzwarlord
There's 2 assumptions that need to be made for this to be true though.
1. The will or the effort to get a rate better than the mortgage.
2. The one you listed, the financial discipline to put it that into a some kind of long term savings (as well as the interest) instead of wasting it on something frivolous.
I love it when Rudy shoves his urza's boxes into our faces.
Thank you Rudy I needed this as a Timmy.
i like ur style. u opened my eyes on alot about credit n stuff with ur wom series cant thank you enough
I miss these videos. The box openings are great but it’s the candid discussions about finances (and Rudy’s energy) that drew me to this channel. Love the content
I, Timmy, am showing this to my son. He's 6 years old. Thank you Rudy!
top tier video here Rudy, I have only found your channel recently, and I have enjoyed every minute.
I like to believe that all of Rudy's videos are unscripted the passion is amazing. Love this content. Finance Rudy speaks wisdom!
Take this video and replace “war of the spark” with “midnight hunt” and bam you’ve got some original and very relevant content
Rudy this might be my favorite video you've made. Love the real talk
"the goldfish can only swim so quick in the LGS fishtank"
thanks rudy i needed my daily laughter somewhere.
Thank you for making these financial videos. I really enjoy them, and I've learned from them. This video in particular has opened my eyes. I bought my first house 5 months ago and didn't really plan on paying more than my regular monthly payment.
I love watching box openings, but your pure finance stuff is really good. My wife and I always paid extra and now we own our home. It's a great feeling and now there is even more money for Magic cards!
This video was probably one of the best videos you had thumbs up 👍👍👍wealth is not a acquired in a couple days, long term,,,
I freaking love this video. Proud to be a patron!
Thank you for this videos. Really missed this kind of content from you.
Thank you for the knowledge bombs my friend.
Thanks for this, Rudy. Learned a lot of really valuable things from this video. Just recently got into magic and I think as soon as I got into it, I'm going to be getting out. Still gonna watch your content though!
The world is a war for your mind.
Most are unaware.
Meanwhile, Rudy is out here giving free advice on that topic.
Is he a Hairy Armed ReSealing Creepy Hosing Greed Monster?
Or is he the Wise Sage Guru Shepard Jedi, here to guide us to the Golden Age of Magic?
Probably somewhere in between I'm guessing.
Thanks Rudy, hopefully the kids paid attention.
I was just thinking to myself.....can't he be both?
Both? Both seems about right.
Nice! Rudy giving the good money making lessons! Teaching me on the daily, become a better Timmy day by day!
I do an extra $150 on principle every month and do 2 double payments a year
Man, I actually really needed to see this right now. Thanks, Rudy. You're the man, dawg 👌
While I've been thinking this way about my personal finances for a while, I hadn't ever brought how I spend money on magic into this way of thinking. I was going to buy a box of Ravnica Allegiance next paycheck even though that money should go elsewhere... I was being emotional in this decision, "because I wanted it right now this instant." This was the reminder I needed Rudy... Thanks!
Watched til the end , it didnt have a box topper this time, but by taco I learned a lot
never had 1 magic card, never collected any cards are interested in magic cards. but i love you watch your videos
The amount of info rudy gives us. From a magic channel! Thanks rudy.
Moral of the story- if you make the minimum payments on anything, you are a Timmy.
Solid advice! Let us know when you start your "Timmy's Guide to Debt Free Living (so you can buy MTG)" website. I'll be the first to join up!
Thank you Rudy. Very great video with even better messages.
I buy a box on release day and open all these nice booster. I get almost all commons and uncommons, most rares and have a nice time with them. And then a year from now I buy some boxes when I can afford them, 1-4 a month. Then they will rest for years maybe decades and I will see what I get for them. That's my own plan to save some money over the years :)
Thank you! Watch all the way thru 🙏
Great video. Anyone that stumbles across it needs to watch the whole thing.
been waiting too long for this. keep finance videos coming Rudy
Damn, 'bout time the real Rudy that we knew and loved finally made an appearance.
Chuck Norris fist is the best explanation for an unfortunate accident ever
Fantastic vid rudy. Really puts living in sf into perspective
Great video Rudy, hard truth not sugar coated. Quite a few things learned in fact.
A ton of precious advices in this video, thank you so much for sharing your knowledge.
Learning how to use an amortization table is a great personal skill to figure out how long term debt actually hits you.
I have a 2.29% mortgage, 30 year term. Assuming it stays that low (it won't), I'll end up paying 40% on the principal if I make "the minimum payments".
Most people don't realize how even a small interest becomes "big" over time.
Rudy, I love your wisdom🏆 thank you!
Man Rudy, I didn't think I would find such awesome wisdom from your Magic Channel.
Once I pay off my school loan, I'll be adding that 300-400 a month to my home loan. Once I pay off my car, I'll add that 300-400 to my home loan.
If I pay $1000 extra per month on my mortgage I can pay off my home in 8 years vs 30 years. Holy crap.
Good call.
Thanks man. Always inspirational.
I teach middle school economics (amongst a stupid amount of other things) and I just realized today that Rudy is my financial advisor. 🤦♂️
thank you for your service sir.
Since day 1 I've paid over on my mortgage every month. I always feel like some day it will pay off but it just seems so far away. Thanks for keeping my motivation up.
First time I actually liked one of your videos.
Might be sad but I've learned more from Rudy than any teacher or parent about these matters by a long shot.
the system is designed to keep us ignorant so we get hosed.
@@David-sd7oq They want us all to stay Timmy's lol
You make a solid point, to seperate emotion from financial decisions is key.
Wolf of Magic indeed. Brilliant.
I agree with you about credit card debt. You mentioned your minimum mortgage payment idea does not apply to landlords/investors like me. I push on the banks to give me 5% or at most 15% down payments on a new property. I always do 30-year mortgages and never pay more than the minimum payment. The reason for this is so that I can leverage my money to buy more properties. For example, if I pay an extra $300 per month on the mortgage for 3 properties, that's almost an extra $1,000. Instead of paying more for 3 mortgages, I could buy another property and use the $1,000 to pay that mortgage. Then I have 4 properties rolling instead of 3. This is how I leverage money to buy more and more properties every year.
This is the true true, though for people just struggling with cc debt probably a little advanced
That's good, but Rudy's advice for Timmies is best: start small and build from there in scale and sophistication.
Rudy is basically a blessing for the MTG space. He obviously loves Magic and started a store and fun channel. But then he injects his financial knowledge, risk management and investment experience to help folks who are willing to take action and make a difference in their lives and create generation wealth. Keep rocking man.
Great channel, awesome content.
Greetings from Costa Rica.
Thank you for this Rudy!
Rudy, can you do a video playlist where you put all these really important tips like this one? It's hard to navigate properly.
I love Rudy Rants!
Thanks, for the advice Rudy, I'm looking to buy a home in the next year and this was really useful
ONE OF THE BEST VIDEOS EVER. KEEP IT UP RUDY!
I would love to see more videos like this... we can't buy cards if we no nothing about finances
i had to stand up and applaud. well done sir, well done.
Rudy this is the one time ending at 10:00 would have been perfect.
Man, I actually enjoy these life lessons vids.
Can we have more Finance Rudy videos? Love the way you know how to explain and "expose"(?) the system and maybe, just maybe, help those in need to become less of a Timmy and more of a Tim.
*Hits Camera*
Welcome back its Rudy!
I bought a rare pint glass for 50 cents at a thrift store on saturday and sold it on eBay today for $49+shipping. As soon as I am mortgage free I'm becoming a patron
Thank you for this kind of more serious content and advice. There isn’t enough of this content on the gaming side of the web. We’re pressured to treat our cardboard like currency, it ain’t right.
If I was a Timmy I’d get you on Patreon.
If theirs no Timmy video sometime this week wall street got him 🧐
got some robert kiyosaki vibes here. thats good!
Psd: YOU BROKE THE CAMERA!
Rich Dad got me started.
I needed this, thank you!
I needed this Rudy. Thank you, my friend. I was about to take my small quarterly bonus and buy WAR Mythic Edition. I'm a Timmy, but not anymore thanks to you lol.
Awesome video! Not may people know about the paying off the principal off mortgages, car loans etc.
To be honest since I’ve been watching you I’ve actually been more smart with my money and investing a little here and there. Paid off a bunch of cards only touch them when I absolutely want something I haven’t saved for like an extra box or a new game I didn’t think I’d like til I played the demo. Your honesty is a wonderful thing to see everyday keep it up
If the mortgage interest rate is lower than the expected long term return of a reasonably diversified basket of securities, then it generally will make no sense to pay the mortgage down quickly as opposed to instead investing the excess you would have spent on the excess mortgage payment into said diversified basket of securities. This is even more likely to be true if the mortgage interest is generating a material tax benefit for the mortgage holder. (There may be an argument for paying down the mortgage in marginal cases if looking at the problem from a risk-adjusted perspective, however.) That said, the problem is that the Timmys to which Rudy refers would squander the excess mortgage payment instead of investing it long term. For such undisciplined people, paying the mortgage down quickly may make sense, though they are doing so at a cost of both potential maximum return and maximum liquidity.
Your economic videos are your best.
Thank you finance Rudy. Please be my life advisor to save me from my sheeple ways 👏
Thanks for letting me win, Rudy. You guys don't know this but there was a lottery for all those Urza's Legacy boxes in the background and Rudy said I won. I love you man.
Thanks for the lecture Wallstreet dad. ( :