That’s partially true. Many landlords I know in Toronto will not rent to someone without a good credit score. If you’re a new immigrant, you need someone here to co-sign with a good credit score. Good luck finding good housing in Toronto without credit.
I got out of debt from credit cards the only debt I have is my home now im doubling on that. My credit score went down after I paid off my car a year earlier and paid off my credit cards I cut up everything except for one living alone is scary you never know when emergencies will pop up. So since I paid off that card I haven't used it. . I took Dave Ramseys course and it got me in a different train of thought about money.. thank you this has been such a help.. God bless you guys
4:43 Half truth - Rachel and nobody seems to mention that with a Roth 401k the portion you put in is after tax dollars BUT the match portion is pre tax dollars. You have to pay the tax on the match portion upon withdrawal PLUS tax on earnings from that money. it is NOT tax free (unless you do a rollover into a Roth now and pay the tax).
Rachel you claim you can live your life without a credit score. How do you do this to get housing, car loan, etc. Maybe you could do an entire show on this.
Having a high credit score does not mean you love debt - You can have a high credit score and pay the entire bill every month. Having a high score means you have a good payment history.
You are correct Rachel with the answer that school loans are not bankruptable, but you left out one more debt that may surprise some people to know, but many people do hope to include it in a bankruptcy and that is owing back child support. But child support can not also be claimed in a bankruptcy, just like school loans.
I have a 0 credit score and I'm so proud. Just like you Rachel I use debit cards which have the same protections as credit cards. One is Capital One.....if you have a problem they immediately replace the amount to your account and start a dispute. And you are right...you can rent a car, buy a house, car, go on vacation with your debit card. Just call your debit card bank if you are going on vacation so they can watch your card for you. When you buy gas go inside to pay so they don't put a $100 hold on your debit card. I gave up credit cards years and years ago.....was sick and tired of making these creepy banks rich. I still get calls from Am Ex, Chase, Bank of America, etc. wanting me back. Those calls are not answered and when they try to mail me to beg me back their mail goes in my shredder. Now I'm rich....yea me!!
UK follower here so go easy on me lol. I understand the process of applying for a mortgage through manual under writing due to having a “undetermined” credit score but my question is don’t you start the process of having a credit score once you’ve got the mortgage because you’ve essentially gone into debt now. So won’t the payments every month contribute to you building up a credit profile of yourself thus giving you a credit score❓❓
Yes! My husband and I didn't have credit scores when we got a mortgage, but having the mortgage will create a credit score (we're in the US). We haven't paid attention to our credit score because we aren't getting additional debt.
Not so the government has made arrangements to pay off everyone’s student loans now. Now we all will be taking on all student loans not the student. I don’t know about everyone else, but at 65 and retired working two jobs I can’t afford to pay for their loans
Sir, you're not paying off everyone's student loans. I doubt that your quality of life will be changed anymore than it may have already through the months/years. Wishing the best for you.
@@Leeon_King how do u think the goverment has the money to pay of 10k off peoples student loans? money has to come from somewhere and it comes from taxes
@@ipes3 I was waiting on this response. Why are people acting like this is the VERY first time that taxpayers are paying for something that they weren't responsible for? It's selective uproar.
Paying off 10k of loans for people who make under $125k a year is not everyone's loans. It's a small amount. I'll be debt free after that and it's appreciated.
It depends on the employer. All employers have their own policies for their 401ks. Where I work, they only put their matching funds in the plain 401k. I can put anything I want into either one. So I put both my basic 5% that they are matching and an additional 4% into the Roth portion of my 401k. Some places only match what you put into the normal 401k. Then you can contribute to the Roth portion whatever you want up to the yearly limit. My old employer only offered a traditional 401k. They did not offer a Roth. Every workplace has additional guidelines for their employees after they meet the basic federal regulations.
Maybe you should do the top 10 things that make this show better than your Dad's! Here are a few... 1 You look WAYYYYYY better! (He is laughing right now because he knows I am right!) 2. You are NOT a baby boomer, for god sakes would you people simply retire and move on! No Rants, just state the advice and move on, if you need to rant Dave, do it in the bathroom in front of the mirror! Luv you guys!
How can someone 18 out of school get credit score without having a credit ???? Get added to your parents credit card Thier good credit is your credit and u not responsible for thier debt. U just added as a user You don't need to carry the card You add your child as young as 14 to build history so they ready with a good credit score in adult hood
I am so excited, my son is taking personal finance and your dad's book is the text for his class!!!
If only they taught this stuff in schools...more. Rachel's channel is always fun.
That’s partially true. Many landlords I know in Toronto will not rent to someone without a good credit score. If you’re a new immigrant, you need someone here to co-sign with a good credit score. Good luck finding good housing in Toronto without credit.
I got out of debt from credit cards the only debt I have is my home now im doubling on that. My credit score went down after I paid off my car a year earlier and paid off my credit cards I cut up everything except for one living alone is scary you never know when emergencies will pop up. So since I paid off that card I haven't used it. . I took Dave Ramseys course and it got me in a different train of thought about money.. thank you this has been such a help.. God bless you guys
4:43
Half truth - Rachel and nobody seems to mention that with a Roth 401k the portion you put in is after tax dollars BUT the match portion is pre tax dollars. You have to pay the tax on the match portion upon withdrawal PLUS tax on earnings from that money. it is NOT tax free (unless you do a rollover into a Roth now and pay the tax).
Rachel you claim you can live your life without a credit score. How do you do this to get housing, car loan, etc. Maybe you could do an entire show on this.
Aw good for that girl at the beginning with her envelopes !
Having a high credit score does not mean you love debt - You can have a high credit score and pay the entire bill every month. Having a high score means you have a good payment history.
You are correct Rachel with the answer that school loans are not bankruptable, but you left out one more debt that may surprise some people to know, but many people do hope to include it in a bankruptcy and that is owing back child support. But child support can not also be claimed in a bankruptcy, just like school loans.
Good to Know.
Anyone else appreciate the guy who confidently gets every answer wrong?
Omg! Love this format! Awesome video and great questions 🎉
I have a 0 credit score and I'm so proud. Just like you Rachel I use debit cards which have the same protections as credit cards. One is Capital One.....if you have a problem they immediately replace the amount to your account and start a dispute. And you are right...you can rent a car, buy a house, car, go on vacation with your debit card. Just call your debit card bank if you are going on vacation so they can watch your card for you. When you buy gas go inside to pay so they don't put a $100 hold on your debit card. I gave up credit cards years and years ago.....was sick and tired of making these creepy banks rich. I still get calls from Am Ex, Chase, Bank of America, etc. wanting me back. Those calls are not answered and when they try to mail me to beg me back their mail goes in my shredder. Now I'm rich....yea me!!
Right on!!!!!
This is really good information. Thanks.
I haven't had a credit card for years. How do I know about. I must have missed that on the Ramsey Solutions, on you tube.
UK follower here so go easy on me lol.
I understand the process of applying for a mortgage through manual under writing due to having a “undetermined” credit score but my question is don’t you start the process of having a credit score once you’ve got the mortgage because you’ve essentially gone into debt now. So won’t the payments every month contribute to you building up a credit profile of yourself thus giving you a credit score❓❓
Yes! My husband and I didn't have credit scores when we got a mortgage, but having the mortgage will create a credit score (we're in the US). We haven't paid attention to our credit score because we aren't getting additional debt.
Please do more videos like this!!
Glad you liked it @Gab Shen. Our team had fun putting it together.
I have never had an employer offer a Roth IRA. Every employer has only offered a traditional 401(k) that is pretax or nothing.
Every dollar has a name I call this one bob.
You're doing well, so far. Never stop!!
Woohoo, I knew most of these, some because watching Ramsey show 👍 😉
What about other countries ?
Not so the government has made arrangements to pay off everyone’s student loans now. Now we all will be taking on all student loans not the student. I don’t know about everyone else, but at 65 and retired working two jobs I can’t afford to pay for their loans
Sir, you're not paying off everyone's student loans. I doubt that your quality of life will be changed anymore than it may have already through the months/years. Wishing the best for you.
The responsibility has shifted to tax payers.
@@Leeon_King how do u think the goverment has the money to pay of 10k off peoples student loans? money has to come from somewhere and it comes from taxes
@@ipes3 I was waiting on this response. Why are people acting like this is the VERY first time that taxpayers are paying for something that they weren't responsible for? It's selective uproar.
Paying off 10k of loans for people who make under $125k a year is not everyone's loans. It's a small amount. I'll be debt free after that and it's appreciated.
I’m shocked of the ones who didn’t know that answer
Do employers let you do both 401k and roth 401k at same time like 25% of contributions to one and 75% to other?
It depends on the employer. All employers have their own policies for their 401ks.
Where I work, they only put their matching funds in the plain 401k. I can put anything I want into either one. So I put both my basic 5% that they are matching and an additional 4% into the Roth portion of my 401k.
Some places only match what you put into the normal 401k. Then you can contribute to the Roth portion whatever you want up to the yearly limit.
My old employer only offered a traditional 401k. They did not offer a Roth.
Every workplace has additional guidelines for their employees after they meet the basic federal regulations.
Mine does for those of us who are over 50. That's me...they match up to 6% of our gross.
I really hope the people who couldn't correctly answer the question about mortgage insurance don't own homes...
the first answer 😂
Maybe you should do the top 10 things that make this show better than your Dad's! Here are a few... 1 You look WAYYYYYY better! (He is laughing right now because he knows I am right!) 2. You are NOT a baby boomer, for god sakes would you people simply retire and move on! No Rants, just state the advice and move on, if you need to rant Dave, do it in the bathroom in front of the mirror! Luv you guys!
How can someone 18 out of school get credit score without having a credit ????
Get added to your parents credit card
Thier good credit is your credit and u not responsible for thier debt. U just added as a user
You don't need to carry the card
You add your child as young as 14 to build history so they ready with a good credit score in adult hood
What about other countries ?