Modern slaves aren’t in chains made of debt…they’re in the throws of addiction and don’t know it…addicted to material comfort, bad food, porn …. Debt is a by product not the cause
I remember when I discovered that Microsoft Word was now a subscription based service. That blew my mind. I'm 43, and I remember growing up with Microsoft Word, using it in school in the 90's, and once you bought it, that was it.
Same. There was a stripped down version of a word processing application for a while after they started the prescription thing on Word, but even that's gone now. I just found this out when I bought a new Windows Surface a few months ago - only free writing thing on it is the text document editor.
There are still non-subscription versions you can buy. They are pretty costly and tied to MS sort of annoying DRM but they exist. Alternately something like libreoffice is completely free and basically does everything word does for 99% of users.
I was taught “Neither a borrower nor a lender be” by my parents. At age 49 I still live by that saying and I literally have no subscriptions at all. I have monthly bills of course, but I dont subscribe to anything at all. We have a huge media collection on DVD, no need for cable or streaming services. I just bought a video camera doorbell and my top criteria for buying one was no subscription. We need to get away from this corporate cash cow model. If I cannot buy something outright and have no recurring subscription to continue using it, I wont be buying it.
The doorbell app you use to check your doorbell camera is still selling your information for profit. They know when, where, how, and why you come and go. The data brokers share all that info. Nothing is safe anymore if it is attached to a phone in any way.
@@bobbellendovich6825doesn't have to be attached to a phone. Anything with an internet connection is constantly harvesting data about you. If you to prevent that, avoid anything called "smart" and as much as possible, force things to stay offline.
In the past, I lived paycheck-to-paycheck with a mountain of debt but had a flashy car and an oceanview apartment... and I wasn't happy. Now I live somewhat the same way as you Nicole, with a small old car, no debt, and very few subscriptions. I sleep like a baby and I can count the days when I wasn't happy last year on one hand (it was 3 and there was some uncertainty in my life/health). To me, it is not worth 362 days of happiness to buy anything with money I don't yet have.
I've been near that problem, but broke from buying things on credit cards to always focus on the next thing The past two years I put almost everything into a storage unit to decide what to keep and ended up paring away at least 60% of my stuff. I have a car that's paid for and took out a 401K loan to pay off the credit cards. Next is my Adobe subscription, the last one I have other than utilities. I'm still in an apartment I'd sooner leave, but financially am finally am saving like crazy and my debt is 1/3 what it was a few years ago.
I think a key point here is that financial literacy needs to be brought back and taught in primary schools for our young people, so they understand all these things; understand credit & financing, student loans, subscriptions, saving & investing in index funds, the 50/30/20 rule, living below your means, etc.
If we taught that we'd have more people who understood JUST HOW much the government takes a cut of, ON TOP of making our money worth less and less and less..... well if i wouldn't wan to teach students about that.
Why would the government teach something like that? It serves them no purpose to show how corrupt and incompetent they are to take your money and use it for themselves. Schools sound nice but are nothing but a government propaganda machine.
You say "brought back"; has it been a part of curriculum before? If so, I do really wonder why parents have not taught their children those skills? Yes ideally we would have schools teaching this but this is some basic stuff that should be learnt at home - how to save, how to spot good deals, how to review your finances every now and then to make sure you're still within your budgets.
The billionaire business owners making windfall profits because of people’s financial illiteracy would almost certainly lobby and buy off politicians to stop that from happening sadly. Welcome to capitalism run amok.
Years ago, credit cards weren't available for most middle income families. If you wanted something, you would pay for it by LAYAWAY so when you paid your layaway then you could pick up your purchase. Basically you would put CASH aside weekly to pay for that product you wanted.
Here is Australia it was called "lay by" and I have distinct childhood memories of my mother paying for lay-by at various stores. I really wish we had that concept still instead of whatever the hell we are experiencing now.
FYI Netflix is not an everexpanding catalog. They do add more stuff to the catalog, but they also remove stuff, so I'd call it more of a steady-state catalog
I have NEVER fell into the trap for a "subscription". I knew it was a marketing ploy from the get go. I have a smallish house which is paid off and have no debt of any sort. As far as material possessions, I have enough to last two lifetimes that I SENSELESSLY bought in my consumerism days (LONG behind me now).
It's sometimes called financialization, or as my old WWII veteran friend used to say, buying things "on time". If you can make $10 in monthly interest from 10,000 people, you make $1.2 million per year. This is why businesses sell "on time". And the ethic during the Great Depression was that this was wasteful, irresponsible and reprehensible. But times have changed and more and more people buy "on time" because they can. The money doesn't go to the guy making the stuff, it goes to a bank or finance company. We must be responsible enough to recognize and avoid this.
It’s sad how as a whole we are moving towards fast consumption, pleasure and convenience over quality. We really need to get that fixed since this social experiment clearly has not gotten us anywhere, everything nowadays seems to be broken.
Yep. Now it's going straight from the store shelf straight to the land fill. It used to be we repaired, fixed things. Now if it breaks, just get a new one and throw the other one out.
On target like usual. I haven't had a credit card for about 15 years. If the debit card is declined (it never is), I don't eat! Tends to focus you on wants versus needs. I also have no debt, and an 18-year old 4-Runner that I will keep for the rest of my life. (I'm 82) Here's a habit I have been using lately. When using Amazon to buy a want, I put it in the cart, and then wait a week to make payment. About 80% of the time I then delete it before I buy it.
I do the same! If I’m window shopping or if I am home and realize I would really like something for a specific purpose, I save it to a wish list, and then if I still want it a few weeks later and I have the cash, I’ll get it. Some stuff on that wish list has been there years because it’s always been a “nice to have” but it hasn’t ever risen to where I really needed it. Mostly things for organization or decor. Plus, since I have a list of what I want, I’m often able to find secondhand/antique things that I can repurpose for what I wanted to use them for anyways. 🥰
That last trick is key. It used to be in the French Army if you wanted to register a complaint against a superior you had to wait until 24 hours after the incident (unless you judged it urgent - they allowed discretion to have a say). Most times, 24 hours later you had calmed down, probably decided it wasn't a big deal or not woth the hassle to complain. This way only serious grievences made it through. I carried this strategy over to writing letters and emails. I draft it, leave it a day then re-read and decide if I still need to send it. At least half the time I don't.
Nicole, you're doing a great job! I was a professional financial advisor for 30 years with Sunlife. You're always bang on with your advice for people to live a better life and have a worry free financial future. Many thanks.
I got my iPhone 11 Pro Max when it was new for a monthly 40 bucks or something for two years. BUT: I’m not the type of guy who always needs a new phone. I’m still using it to this day and will until it breaks down. I usually use my phones for around 5-6 years.
When I bought my current car, I bought it new and the salesman smiled broadly and asked me how I'd like to finance that. I said "I'm paying cash." His face fell so fast. He would be missing out on a big chunk of finance commission. That was 12 years ago. If I ever need another car (I'm 63) I'll pay cash for that too, but I'll probably buy used.
Better tactic "I'll put about 25% down and finance the rest but let's settle on a price before we really get into those details". "I have a pre approval from my credit union but would be willing to hear about your financing offers". (Don't show them the preapproval) "hmm, your rate isn't quite as good as their but if drop the price by another $1000 I think we could make it work" "Just to.make sure, there's no prepayment penalty, right?" Then take their financing and pay the full balance to their partner bank a few days later. Play the game better than they do.
When I was married I was doing a juggling act of unsubscribing from things we weren’t using … a lot. I grew up in a house where we were content with antenna tv channels. Now it’s a nightmare of things they think we should watch, it’s not for entertainment anymore it is only to boost our chemicals and drain our wallets. Things that used to be free.
@@allkindsamusicchick If you live in (or close to) a big city you probably CAN get free TV. You just have to buy the antenna. I get about 50 channels for free, although its true that about 45 of them or crap.
Wherever I used to live pre-cable TV, there were usually 2 major network TV stations. Then came PBS. We used to read books from the library and magazines also. It was enough; most of the TV was pretty ordinary and boring by today's standards, but not used to anything better, we put up with it. IT WAS ALL FREE. In the 1960's, the best thing on TV was Star Trek and MASH. Watched on black and white TV's.
The biggest scam of our time is a subscription model in some cars like BMW or MB where you have to pay for some features monthly despite fact that they are actually onboard from production line… how this situation exists without any class action lawsuit is interesting…
Spot on 👍 I've cancelled my Amazon as it was way too easy to constantly click and buy stuff I don't need, all the good prime films are extra so I've saved myself loads of money each month. I also buy my phones outright, I go for used around 12 - 18months old and have sim only monthly contracts, it's way easier to change plans and providers when you only have to give a months notice. Great advice, just subbed from the UK ❤ 🙏
I bought a new car in 2019 (it was in the budget) $5000 down, financed the rest over 60 months, ~$220 biweekly. At the same time, I setup a special account and started putting $50/pay into that account for the next car anticipated in 10 years. Once it was paid off last July, I switched to putting $250/pay in the account so I'm basically still making the payment, just to myself now. Assuming I replace the vehicle in 10 years, I'll have nearly $40k sitting there waiting for me. Note: this is also for major repairs as well - I haven't had to dip into it.
It's great that you are doing this. A normal "family car" should easily last 10 years of "normal" use, without needing any more than scheduled servicing of known wear items, and still be in "almost new" condition at the end. (Not counting people like travelling salesmen who put huge milages on cars etc). I think the "average milage" driven per year is well less than 10,000 miles/16,000 km in New Zealand, and only a bit more in Britain, and a bit more again in Australia. (Yes I realise that some 'Mericans drive much further distances).
Hold on to the car as long as you can don’t worry about what the neighbors think. You do not want to buy a depreciating asset. Just keep it maintained.
Hiii, you’re not telling me anything I haven’t heard before, yet. The kicker is, you’re saying it in a better, more concise, understandable way. I like it! That’s why I’ve subscribed. And, I see so many real world scenarios in the comments. I like those too. Good stuff👍🏽
In business school they called it long-term applied psychology. A very good example is cable TV; at first you got everything (there was no such thing as a premium channel) for one price, then after a period of time where you got addicted to the whole panoply of entertainment, they started separating out HBO/Cinemax/sporting events etc. from the "basic" lineup, charging separate fees for those "premium" channels. Corporations always have this type of thing thought out years in advance.
I just got for free a 1byone that has am/fm, tape deck, cd player, Bluetooth and a record player with brand new needle and I am regretting now getting rid of my old vynyl collection from the 70 & 80’s. I got an album as a gift and is the best quality sound I’ve heard in a long time. I just wish I could figure out how to get more bass.
banks hate me. i constantly churn bank account sign up bonuses and credit card sign up bonuses and get an average 3% cash back on all my purchases and never pay a cent of interest. i drive a 12 year old honda and buy all my clothes at the thrift shop. i also sail the high seas for any of my software and entertainment needs.
Right on! My car is a 2012 that I bought used in 2013. I haven’t had a car payment in almost 6 years and it’s the best. I started saving for a new (well used, but new to me) almost a year ago. Hopefully my car will last another 3 years so I can pay cash for a new car when I retire and still have an emergency fund available. My only debt is my mortgage. Living debt free is amazing. I love it
Thanks for this very thoughtful video. I have a filp phone by the way. Saved a ton of money over the years. My friends and family actually call me rather than texting because they know I don't do that. They've even come around to the idea that having a conversation is important to them. Best to all of you!
I did car payments once in my life. Paid it off on time, never again. I now own two 25 year old vehicles.. one is a truck for hauling stuff, the other a first generation Honda Insight. I learned how to work on cars earlier in life. I do all of my own repairs when they inevitably break down. I'm overwhelmed with subscriptions and payments though.
My only monthly subscription is "pay tv" which is charged to my credit card...which I pay in full each month. My only debt is a mortgage, which I pay more than the required amount and am now over $11k ahead on my payments, (this is available to redraw, which doubles as my emergency fund), and will be fully paid off within the next 6-8 years. I have always lived modestly and never made a high income (max was $45k in any given year), I have never bought a "new" car in my life, and always saved and invested for the future. Now at 57, I work part time because I want an easy life, and will retire when the mortgage is paid off, with a nett worth over $1M, and will live comfortably in retirement, and indulge my passion for classic cars. Nicole, your philosophy and advise is spot on for modest income people, (like myself) to have a good life and a comfortable retirement (despite their modest income). Cheers!
When you were talking about using Visa for groceries in my head I thought well I do that but we pay our card off every month and treat it like a debit. I was happy to see that as a tip. I also use things until they are dead or beyond dead. I had an iPhone 4 once, it lasted almost 4 years. The last $200 android I had lasted 6 years and I only just replaced it with slightly better one. I'm not one for going out and buying electronics or anything if I have something that's older but still works fine. Thanks for another great video!
that was me. I paid off my 2006 car in 2011 and kept it til Dec 2024! It wasn't literally kaput, and I was able to trade it in for a couple grand when I bought a much newer (used) vehicle, but pretty close...almost 19 yrs I drove that thing. I was just starting to get tired of it and ready for something new, it had some cosmetic wear and tear that was starting to bother me a little.
I completely agree. I seriously do my best not to depend on subscriptions. I even collect DVDs and even rare CDs to just to ween myself off Netflix and other platforms.
if you have a good public library in your area, be sure to utilize that too! Mine has an option to stream movies and shows on Kanopy which doesn't have all the typical content but some surprisingly good stuff for free. They also still get DVDs...twice recently I've checked out new release DVD movies from the library when they were barely out of theaters.
Excellent truthful information presented in a no BS manner. I recently came across your channel, and I am sharing it to as many people as I can. Keep up the awesome work!
Back before you were born, the first subscription was Capital Records. They would automatically send you a new record album every month whether you liked it or not. Then people would keep getting them and never pay for them and get their credit destroyed. They had it set up to be hard to cancel the subscription.
We have always paid our cards off by the due date. We have recently begun paying them off a week or 2 early. It is no longer considered revolving credit, just a temporary convenience. I hope it confuses the heck out of the cc companies. We don't charge anything high ticket unless we have back up money to pay it. Try paying for your new fridge with cash. Or buying a car, in full, with a certified cheque. They look at it as if you are trying to pay with chickens. lol.
4:03 Insurance is the subscription where you pay every month and don't get anything in return. I've been paying for car insurance since the early 1990s. Number of claims I've had in my life: zero.
@@laundrygoddess4 For an insurance company to be profitable, and therefore, to exist, it has to take in more in premiums than it pays out in claims. Consequently, insurance policies have a negative expected value. It's better to just save your money and pay out of pocket instead of making an insurance claim.
@@davea691 I drive a 2013 Toyota Prius (that I bought new in 2013). I pay $38.85 a month to State Farm for the minimum coverage allowed by law in Texas. Since I also pay thousands of dollars in homeowner's insurance, I get a discount on the car insurance.
Not criticizing but sincerely asking - do you feel Amazon Prime is worth it? I tried it for 2 years and did not feel it was worth the price. Most of my (few) Amazon purchases have free shipping anyway because I spend over the threshold, and I watched like 2 shows on Amazon Prime Video before hitting paywalls for any other content I wanted, including movies from like 2002 (weird and annoying)! I notice they have some offers in larger cities that don't apply in my area like Amazon Fresh and 1-day shipping on some items. Just curious if someone who is frugal and mindful really finds this subscription worth the cost.
I use open source software which has some good apps for most needs. I go to secondhand shops (charity shops UK) and buy a lot I want (books, CDs, DVDs) and I take them back when i no longer use/read them. There is also the library which has so many resources. I keep my phones until they no longer work - I know there is designed obsolescence which needs to be addressed. I'm also lucky to still be healthy enough to be able to cycle where I need to go. We have things called allotments in the UK too where you can apply for a plot of land (allotment) to grow food on which is good in at least three ways, physical and mental health and you also get food! In the UK we also have Repair Cafes (I volunteer at two of these), people bring their items that are broken and we attempt to repair them, if a part is required they need to buy it but the labour is given for free. Sorry for the essay!
Another great video! I have two points I’d like to make. The first, new cars are not being built to last 20 years any more, so you’re best off buying an older used car that was built before COVID and paying cash. Second, iPhones, and other Apple products, are only supported for five years. If you choose to use them beyond their support life, they will not receive security updates, and you will be at risk. Keep up the great content!
Just don't do Important stuff involving passwords such as banking on phone. My online banking only goes through a LAN wired laptop at home. And yes, my Samsung Galaxy S5 finally quit last November 2024.
Streaming services that go unwatched are something I notice almost everyone around me paying for. For every person who actually binges original series on Netflix and Hulu, I know a dozen people who pay for like 10 streaming services and hardly ever watch TV. It's wild. I seek out free content online and through my public library (Kanopy as well as physical discs). I go to the actual movie theater every month or two. In the end, I spend very little on my entertainment options but I always seem to be pretty "up to date" on movies and when there's a TV show I really want to see, I eventually find a cheap or free way to watch.
An example of this is renter's insurance, which is required for most places now. Nominally it's to both cover loss of your personal items as well as damages the landlord may come after you for. Suddenly landlords all over are putting tenants on these "insurance verification" plans. You don't have insurance they like, you get put on "their" insurance. But it's not insurance. It's an agreement the landlord won't come after you for damages when you move out. The companies that set it up plainly say they think renter's insurance is another "revenue stream" they feel entitled to--you keep paying as long as you stay there unless you go through the trouble to get your own insurance and have them approve it. $25 a month for a complex with 150 tenants is $45,000 a year.
As someone who had a huge baby and showed at 2 months, as well as someone who lost over 100 pounds in 2024, I can confidently say new clothes are still a want. When I was pregnant I was lucky enough to receive 2 pairs of maternity pants and 2 maternity tops as hand me downs from a friend. In addition to that, I bought a pair of jeans, a pair of shorts, and 3 summer tops. When you are pregnant, things like hoodies and cardigans still fit, just leave them open. Also, one crazy solution I used was a washing machine, it really helped cut down on my clothing budget. Losing weight tge only thing I bought was socks (because mine all wore out and it was sock year no matter what. I wore clothes that were too big as I waited to fit into the next size down. I also had the advantage of having kept my faves that were smaller, but I made do with 1 pair of sweats and two pairs of jeans, at one point it was only 2 pairs of jeans. I used my tie waistbands much longer than I probably should, but why am I going to spend money on clothes I will shrink out of in a couple months. Rewarding weight loss with debt, no thanks. I did also have the benefit of hand me downs from my kid though as he grew 6 inches so I now have all their hoodies. Still, 125 pounds and no new clothes is pretty impressive and when I do start to need extra pieces, I'll thrift. Just saying, because I think the world wastes utterly too much money on clothes.
I have followed these rules all my life...screwed up a credit card when I was 18 and said never again. if I don't have cash to pay for what I want i don't get it. I'm lucky I can pay most of my bills from 1 check and save most of what I make. no subscriptions except for netflix (my 83 yr old mother watches it far more than me) I use my phones until I'm forced to upgrade and have learned as many DIY repairs as I can. learning to do a simple oil change on your vehicle will save you 2/3 of what a shop will charge and they ain't cheap. I like your stuff keep it up!! subscribed!
Nicole is correct. I was living Nicole’s life before it was cool. Retired 4 years ago at 57. Planned well with a comfortable retirement. I’m packing my bags as am going to Mexico on Friday, will return in April. All paid for cash. We still haven’t figured out how to spend our annual income in retirement. Yet, I am struggling with my old phone. I think Apple is trying to force me to upgrade. Too cheap to upgrade. Keep up the good work Nicole. Congrats on 100,000.
Very good. Well done. What you're describing is purely how I learned to live from my parents generation. They didn't have credit cards. They saved and bought the things that they needed cash. The only debt they had was a mortgage on the home they lived in in and they managed to pay this off within about 10 years. Cars were bought cash - they weren't great cars but heh, it was the sixties! Clothing, food, furniture, all cash. If they didn't have money, they went without. This is the society that we need to re-establish. Not this debt laden one where nobody gives a damn about their stuff knowing they can just go and get more.
She knows this. Her point is recurring payments are recurring payments, and loans are actually worse than subscriptions because you can't cancel the subscription without penalty.
My first iPad Air lasted for 8 years before it was obsolete. I recently upgraded to the latest version and I’m sure it will last until its eventual obsolescence too.
I had the basic one in 2020 9th or 10th gen? It broke 2 years later, screen malfunction. Never replaced it. Built a PC instead. Come to think of it my iPod 4th gen didn't last that long either. Kinda done with apple
Long ago you would purchase one telephone and that phone would move with you where ever you go. It was buy once and done. Now the phones have an expiration date. I really dislike things like this. Don’t get me started on Social Security they will take all the money you save for retirement. This world is very messed up. Thanks for shedding a light on this. 😊
It is consumer ignorance that helps phone companies to thrive and continue to gauge the gullible public. I stay 2 or 3 phone generations behind and I am yet to notice the difference in the phones that own. $100 or less is the way to go.
Unfortunately planned obsolescence is a reality for many things we used to buy, confident they would last for years. Like cars or major appliances. My car is 12 years old, 170k miles. Newer models of my car often have major problems before 100k miles with extremely costly repairs. Shops typically charge $100-$150 an hour to do any work. If the rxpensive parts are available. Some car brands are so prone to engine blow ups regardless of following recommended maintenance schedule, before 100K miles it makes sense to just lease for about 3 year, and if you do buy trade or sell once the warranty is up. Quality throughout the industry has gotton so questionable that even though new car prices are rediculously high you have to wonder if buying a used car is a wiser choice anymore. Even the brands with reputations for reliability are having problems now. The deal with major appliances is even worse. So many " convenient" features of marginal value are added that overcomplicate the design at the expense of their basic function. Breakdowns are common, repairs and parts very expensive you're tempted to consider replacing over repair. It seems in today's world making products people NEED. In this modern world overly reiable and long lasting is bad business. Make your products last an "acceptable" length of time and no more to ensure a continuous revenue stream over time. Planned obsolescence is how it is now. And don't get me started on computers.
Thanks, I thought that I was the only one who thinks and lives by those rules. Yes, it saves one a ton of cash. Additionally, I never buy lunch at work. Homemade lunch is the best, to me.
I only dine out on Saturdays and make it a big fun outing either for lunch or dinner with my husband, sort of like a "date". I much prefer to do that than grab fast food or overpriced takeout during the work week. We cook a LOT.
Your only choice is to save up in a separate fund for future dental work, if you wait till you’re in pain, then you have no choice. I don’t have dental insurance, but my dentist gives a discount for cash.
I'm still rocking my iPhone 12 Pro Max, which I paid in cash from Apple when it was released. It works fine, and the battery still lasts sufficiency long enough. Sure, it's not the latest and greatest, but functionally it still does the job extremely well. Why should I replace it? We don't always need the new shiny thing in our lives.
💯 agree. I would have one comment though, when it comes to business expenses. Sometimes it makes sense to finance things in order to maintain cash flow or pay things over time. I use affirm quite a bit to spread payments over 3-6 months and take advantage of their 0% option as much as possible. One would still have to be careful not to overextend but I find it useful to not have to lay out too much cash at once.
My husband and I have no credit cards. We have debit cards and we use what is in our account, not credit. I also do not use any finance offers such as Klarna and whatnot - if I can't pay for this perfume/trousers/shoes/tickets NOW, I should not buy them and wait till I can. I was in credit card debt when I was young, I know full well what sort of trap it is. The only debt we have is a mortgage we are paying off. Our car is old and paid for in cash, and we will try to save money before we buy a new one. Financing a car or anything you do not absolutely NEED is a terrible idea. We also buy used (high-end) phones and use them for years, and have a non-bound contract with mobile phone provider.
I got soon 6 years old (android) phone. Not once have I bought a phone on monthly payment. 47$ is not much, maybe its even on 0% interest but I HATE PAYING MULTIPLE SMALL payments every month. No matter if they even are on automatic billing. I just hate them.
Very good video. I paid off my house and avoid debt since. I was able to save but prices have risen to the point where I can't save much. Eggs have gone from $3 a dozen to $8.50 a dozen since the summer and there are shortages. I looked at a new truck 2 years ago but they are ugly and very over priced. I will restore my 1985 C-10 instead. That will cost about $2000 in parts and about 800 hours of my time. In the end, I'll have a much better truck. In my area(New England), car and truck frames commonly rot out in 7 to 12 years because the highway departments use a highly corrosive salt and modern frames are thinner. The salt is also destroying bridges. Good Luck, Rick
@@bunny_smith Thanks, I'm also very old. I've seen these finanacial cycles a few times. The worst was the late 1980s when many people lost their homes and 7 banks in our county, had to close. I learned to be frugal in my teens. That helped me to survive the tough times. Good Luck, Rick
Currently have 4 monthly bills - Rent, Electricity, Internet and my Chequing Account fee. I buy a new iPhone every few years, don’t use a SIM card (wi-fi only) and I’ve been completely fine. The rest of my income goes into savings, investing and generosity.
Your bank is ripping you off if you have to pay a fee for them to keep your money. I know you’re not in the US but you should probably check around. I know in the US there’s plenty of banks that have no fees.
Often there's something you can do to make the bank fee go away. I bounce $150 back and forth between my account and the GF's every week automatically. Each bank sees that as a direct deposit and waives the monthly fee.
Great financial advice! Consider the costs of repairing your old car compared to new car expense. Parts for old cars are easier to find than newer cars.
One solution I split an IPTV service with my sister and a friend, every channel under the sun for less than one month of cable. we've been debt free for many years and its pure freedom 😊
Another great vid! I have 3 credit cards, two with Zero balance constantly, and one I use for everything. The catch is, I signed up for autopayment, full balance every month. It also has 2% cash back on EVERYTHING. When you read the fine print, (a MUST) Many will exclude Walmart! My last year, full cashback amount was 230 dollars. One MORE thing you can do: If you are SURE you can pay it off, buy a higher ticket item with a card that gives you $200 if that Item is paid off in 15 months, for example. You do get $200 in cash for doing that! $$$ ❤
Is not cash back, your own money. During lock down I phased over to those cards instead of cash. Benni was a budgeting tool of the statements, looking at which gave % of my money back. but now I think CC are reducing limits, blame the non payers and merry go round card users.
This actually started decades ago with the power & landline phone companies. There was a time when you would pay nothing, if you didn't use any power or make any calls. Then they realized they had a monopoly & could screw their customers by making them pay a monthly service fees even if they didn't use the utility at all that month. It should be illegal. Btw re:starving & dragging my ass through the lawn like a dog..thanks for the tip!
This whole subject can be boiled down to cash flow. Always aim for a positive cash flow if you can. I am on SSDI and live on a mostly fixed income, with a bit extra from dividends. I have a nice cushion in savings and my car turned 31 (I just had to dump $750 on the exhaust to get it to pass inspection, way cheaper than buying a new car). Because I have the cash buffer, when I had to lay out $4k to replace my heating oil tank, I put it on my discover card and paid it off the next month ($40 of free money from cash back). If you can have that "emergency" fund, it will help you dodge the "finance" trap. So if you have to, when you are young, live like a monk for 2 years and build up a 5 figure fund that will prevent you HAVING to finance things in the short term. Once you have a stash, you can use it like I have to invest in dividend stocks and high yield savings accounts and it will grow over time. The interest on my savings pays for my Amazon Prime and Netflix subs with money left over.
I know a woman who paid $100 per month to store her daughter's toddler bed and other furniture just in case she had a second child. By the time her daughter was 13 or 14, she realized it was never gonna happen and sold all of that for under $1200. She paid over $10k to store it for 9 years. If she did have a second child she could have bought really fancy all new stuff for that price. So nutty.
It’s not just gyms but a lot of things. They make it easy to sign up - especially online - and then make it difficult or almost impossible to cancel without having to call someone or some equally arduous process.
Bambu Lab was attempting to go down this slippery slope with 3D printers and they got backlash from the community. They have temporarily backed off, but I'm sure the subscription model is what their future plans are.
Good thoughts. It really explains why I don’t understand the difficulties people have living these days. I hate payments, buy my phones used, I drive cheap paid for up front vehicle. I occasionally think about how many months of payment my car would pay for, often it’s less than one year worth of payments.
Before buying something expensive, a car or a house, I think to myself, "if I had enough cash to buy this in my bank account, what would I do with it?" The honest answer is usually no, buy something cheaper and keep the rest of the money in the bank.
OMG, you are so right. Thought we were saving by cutting the cable, and just streaming tv, but all the subscription fees through Prime and Roku are chipping away at our limited income now that we are retired! I'm so angry and stressed, I could spit nails!😠
I bought a Roku TV and it came with all the Roku channels for free just included, no subscription fee 🤷♀️ I was so surprised lol and it was also the first time I ever bought a new TV 😅 People used to just randomly give me their old tvs whenever they decided to upgrade. But anyway, my point was I can watch Roku TV and UA-cam on my TV for free, no need for a subscription and there's plenty other things to do than watch TV anyway.
I am what the credit card companies refer to as a "deadbeat". I pay my bill in full each month.
Same!
I'm the same. The interest rate on my credit card is 17% the last time I checked it.
@@Adelina-293 So you have not checked in a long time eh?
@@kickback-timeas long as the average client is not like you, they'll have more gains than losses
I use Discover, and pay the balance every month as well. So I make money off the deal.
We used to call this being "nickled and dimed to death."
Exactly!
Now we should call it being $10 and $20 'd to death !
Modern slaves aren't in chains...they're in debt...
Dent is the modern enslaver, slavery with a new face...
It's even worse, they work full time jobs!
They only debt I have had for over twenty years are credit card payments, that I pay in full weekly.
Modern slaves aren’t in chains made of debt…they’re in the throws of addiction and don’t know it…addicted to material comfort, bad food, porn …. Debt is a by product not the cause
"St. Peter don't you call me, 'cause I can't go, I owe my soul to the company store..." 🤔
"Never finance a want." My favorite part.
A guy who was in finance once told me pay cash for "toys"
only the _quosher_ tribe can finance whatever they want at your expense 'cause they get interest free loans. 😏👆
Advice for my HS students before they graduate: Never put on your card what you will piss or shit the next day.
"Want" is an arbitrary concept that doesn't make sense.
@@worldhello1234 so, once you have shelter, clothes and food, what do you do? 🙄
I remember when I discovered that Microsoft Word was now a subscription based service. That blew my mind. I'm 43, and I remember growing up with Microsoft Word, using it in school in the 90's, and once you bought it, that was it.
Same. There was a stripped down version of a word processing application for a while after they started the prescription thing on Word, but even that's gone now. I just found this out when I bought a new Windows Surface a few months ago - only free writing thing on it is the text document editor.
@@LeftyLinda learn to TeX and LaTeX! and you'll never need a "word processor" as you'll be your very own word processor! 😏👆
Same, I thought my children were joking when they told me.
There are still non-subscription versions you can buy. They are pretty costly and tied to MS sort of annoying DRM but they exist. Alternately something like libreoffice is completely free and basically does everything word does for 99% of users.
Libreoffice works just fine on Windows, Mac and Linux.. it's been out for decades and is free.
You are quickly becoming one of my fav content creators. Thanks for the no BS, straight to the point post.
I was taught “Neither a borrower nor a lender be” by my parents. At age 49 I still live by that saying and I literally have no subscriptions at all. I have monthly bills of course, but I dont subscribe to anything at all. We have a huge media collection on DVD, no need for cable or streaming services. I just bought a video camera doorbell and my top criteria for buying one was no subscription. We need to get away from this corporate cash cow model. If I cannot buy something outright and have no recurring subscription to continue using it, I wont be buying it.
The doorbell app you use to check your doorbell camera is still selling your information for profit. They know when, where, how, and why you come and go. The data brokers share all that info. Nothing is safe anymore if it is attached to a phone in any way.
@@bobbellendovich6825doesn't have to be attached to a phone. Anything with an internet connection is constantly harvesting data about you. If you to prevent that, avoid anything called "smart" and as much as possible, force things to stay offline.
In the past, I lived paycheck-to-paycheck with a mountain of debt but had a flashy car and an oceanview apartment... and I wasn't happy.
Now I live somewhat the same way as you Nicole, with a small old car, no debt, and very few subscriptions. I sleep like a baby and I can count the days when I wasn't happy last year on one hand (it was 3 and there was some uncertainty in my life/health). To me, it is not worth 362 days of happiness to buy anything with money I don't yet have.
love this attitude!
I've been near that problem, but broke from buying things on credit cards to always focus on the next thing The past two years I put almost everything into a storage unit to decide what to keep and ended up paring away at least 60% of my stuff. I have a car that's paid for and took out a 401K loan to pay off the credit cards. Next is my Adobe subscription, the last one I have other than utilities. I'm still in an apartment I'd sooner leave, but financially am finally am saving like crazy and my debt is 1/3 what it was a few years ago.
I think a key point here is that financial literacy needs to be brought back and taught in primary schools for our young people, so they understand all these things; understand credit & financing, student loans, subscriptions, saving & investing in index funds, the 50/30/20 rule, living below your means, etc.
If we taught that we'd have more people who understood JUST HOW much the government takes a cut of, ON TOP of making our money worth less and less and less.....
well if i wouldn't wan to teach students about that.
Why would the government teach something like that? It serves them no purpose to show how corrupt and incompetent they are to take your money and use it for themselves. Schools sound nice but are nothing but a government propaganda machine.
💯 % agreed 🤝
You say "brought back"; has it been a part of curriculum before? If so, I do really wonder why parents have not taught their children those skills? Yes ideally we would have schools teaching this but this is some basic stuff that should be learnt at home - how to save, how to spot good deals, how to review your finances every now and then to make sure you're still within your budgets.
The billionaire business owners making windfall profits because of people’s financial illiteracy would almost certainly lobby and buy off politicians to stop that from happening sadly. Welcome to capitalism run amok.
Years ago, credit cards weren't available for most middle income families. If you wanted something, you would pay for it by LAYAWAY so when you paid your layaway then you could pick up your purchase. Basically you would put CASH aside weekly to pay for that product you wanted.
And you would lend the store money at no interest to them so they could invest it, not you!
I remember layaways. They were so convenient to use. I bought furniture for my first apartment by law away plans.
Here is Australia it was called "lay by" and I have distinct childhood memories of my mother paying for lay-by at various stores. I really wish we had that concept still instead of whatever the hell we are experiencing now.
@@VanessaChatsYes! My mum used to take me to the lay-by counter.
I miss layaway. I wish we still had it.
FYI Netflix is not an everexpanding catalog. They do add more stuff to the catalog, but they also remove stuff, so I'd call it more of a steady-state catalog
A revolving catalogue?
@@233kostayeahhh revolvingg
I have NEVER fell into the trap for a "subscription". I knew it was a marketing ploy from the get go. I have a smallish house which is paid off and have no debt of any sort. As far as material possessions, I have enough to last two lifetimes that I SENSELESSLY bought in my consumerism days (LONG behind me now).
It's sometimes called financialization, or as my old WWII veteran friend used to say, buying things "on time". If you can make $10 in monthly interest from 10,000 people, you make $1.2 million per year. This is why businesses sell "on time". And the ethic during the Great Depression was that this was wasteful, irresponsible and reprehensible. But times have changed and more and more people buy "on time" because they can. The money doesn't go to the guy making the stuff, it goes to a bank or finance company. We must be responsible enough to recognize and avoid this.
It’s sad how as a whole we are moving towards fast consumption, pleasure and convenience over quality. We really need to get that fixed since this social experiment clearly has not gotten us anywhere, everything nowadays seems to be broken.
@@SafwaanMohammad-s7v👍🏽
Yep. Now it's going straight from the store shelf straight to the land fill. It used to be we repaired, fixed things. Now if it breaks, just get a new one and throw the other one out.
We used to call that buying on the "never never" you never own it and never stop paying.
Thanks Nicole. Lots of stuff we don’t have to buy new. Used and refurbished can be serviceable too. And care for what you have.
On target like usual. I haven't had a credit card for about 15 years. If the debit card is declined (it never is), I don't eat! Tends to focus you on wants versus needs. I also have no debt, and an 18-year old 4-Runner that I will keep for the rest of my life. (I'm 82) Here's a habit I have been using lately. When using Amazon to buy a want, I put it in the cart, and then wait a week to make payment. About 80% of the time I then delete it before I buy it.
I do the same! If I’m window shopping or if I am home and realize I would really like something for a specific purpose, I save it to a wish list, and then if I still want it a few weeks later and I have the cash, I’ll get it.
Some stuff on that wish list has been there years because it’s always been a “nice to have” but it hasn’t ever risen to where I really needed it. Mostly things for organization or decor. Plus, since I have a list of what I want, I’m often able to find secondhand/antique things that I can repurpose for what I wanted to use them for anyways. 🥰
That last trick is key. It used to be in the French Army if you wanted to register a complaint against a superior you had to wait until 24 hours after the incident (unless you judged it urgent - they allowed discretion to have a say). Most times, 24 hours later you had calmed down, probably decided it wasn't a big deal or not woth the hassle to complain. This way only serious grievences made it through. I carried this strategy over to writing letters and emails. I draft it, leave it a day then re-read and decide if I still need to send it. At least half the time I don't.
Nicole, you're doing a great job! I was a professional financial advisor for 30 years with Sunlife. You're always bang on with your advice for people to live a better life and have a worry free financial future. Many thanks.
I got my iPhone 11 Pro Max when it was new for a monthly 40 bucks or something for two years. BUT: I’m not the type of guy who always needs a new phone. I’m still using it to this day and will until it breaks down. I usually use my phones for around 5-6 years.
When I bought my current car, I bought it new and the salesman smiled broadly and asked me how I'd like to finance that. I said "I'm paying cash." His face fell so fast. He would be missing out on a big chunk of finance commission. That was 12 years ago. If I ever need another car (I'm 63) I'll pay cash for that too, but I'll probably buy used.
Buy a good used car and pay cash! Best OPTION🎉
Better tactic "I'll put about 25% down and finance the rest but let's settle on a price before we really get into those details". "I have a pre approval from my credit union but would be willing to hear about your financing offers". (Don't show them the preapproval) "hmm, your rate isn't quite as good as their but if drop the price by another $1000 I think we could make it work" "Just to.make sure, there's no prepayment penalty, right?" Then take their financing and pay the full balance to their partner bank a few days later. Play the game better than they do.
When I was married I was doing a juggling act of unsubscribing from things we weren’t using … a lot. I grew up in a house where we were content with antenna tv channels. Now it’s a nightmare of things they think we should watch, it’s not for entertainment anymore it is only to boost our chemicals and drain our wallets. Things that used to be free.
Bring back FREE TV!!! This is insane.
@@allkindsamusicchick If you live in (or close to) a big city you probably CAN get free TV. You just have to buy the antenna. I get about 50 channels for free, although its true that about 45 of them or crap.
Wherever I used to live pre-cable TV, there were usually 2 major network TV stations. Then came PBS. We used to read books from the library and magazines also. It was enough; most of the TV was pretty ordinary and boring by today's standards, but not used to anything better, we put up with it. IT WAS ALL FREE. In the 1960's, the best thing on TV was Star Trek and MASH. Watched on black and white TV's.
The biggest scam of our time is a subscription model in some cars like BMW or MB where you have to pay for some features monthly despite fact that they are actually onboard from production line… how this situation exists without any class action lawsuit is interesting…
@@allkindsamusicchick If you have the internet then you have free tv. Tv on UA-cam, Tubi, most CDN. Tv channel stations are free,...
Colleges should enlist you as a no-nonsense down-to-earth financial literacy expert. Truly...
And a new subscriber after watching a bunch of your videos the last 5 or so days. Excellent content and I love your natural "who you are" approach.
Spot on 👍 I've cancelled my Amazon as it was way too easy to constantly click and buy stuff I don't need, all the good prime films are extra so I've saved myself loads of money each month.
I also buy my phones outright, I go for used around 12 - 18months old and have sim only monthly contracts, it's way easier to change plans and providers when you only have to give a months notice.
Great advice, just subbed from the UK ❤ 🙏
I bought a new car in 2019 (it was in the budget) $5000 down, financed the rest over 60 months, ~$220 biweekly. At the same time, I setup a special account and started putting $50/pay into that account for the next car anticipated in 10 years.
Once it was paid off last July, I switched to putting $250/pay in the account so I'm basically still making the payment, just to myself now.
Assuming I replace the vehicle in 10 years, I'll have nearly $40k sitting there waiting for me.
Note: this is also for major repairs as well - I haven't had to dip into it.
Genius plan keep up the great work!
Hopefully have this money in a money market account, making +-5%
It's great that you are doing this. A normal "family car" should easily last 10 years of "normal" use, without needing any more than scheduled servicing of known wear items, and still be in "almost new" condition at the end. (Not counting people like travelling salesmen who put huge milages on cars etc). I think the "average milage" driven per year is well less than 10,000 miles/16,000 km in New Zealand, and only a bit more in Britain, and a bit more again in Australia. (Yes I realise that some 'Mericans drive much further distances).
Hold on to the car as long as you can don’t worry about what the neighbors think. You do not want to buy a depreciating asset. Just keep it maintained.
@@KiwiCatherineJemma my daily commute is 200km, so we'll see.
Hiii, you’re not telling me anything I haven’t heard before, yet. The kicker is, you’re saying it in a better, more concise, understandable way. I like it! That’s why I’ve subscribed. And, I see so many real world scenarios in the comments. I like those too. Good stuff👍🏽
In business school they called it long-term applied psychology. A very good example is cable TV; at first you got everything (there was no such thing as a premium channel) for one price, then after a period of time where you got addicted to the whole panoply of entertainment, they started separating out HBO/Cinemax/sporting events etc. from the "basic" lineup, charging separate fees for those "premium" channels. Corporations always have this type of thing thought out years in advance.
We sold our cassette tapes to buy compact discs. Then we sold our CDs for digital downloads. Now we're paying for music subscriptions. 🤦♂
😢
You didn't keep your CD's? Heck, I still have some cool vinyl.
To be fair the subscription costs less than a CD did 20 years ago.
I just got for free a 1byone that has am/fm, tape deck, cd player, Bluetooth and a record player with brand new needle and I am regretting now getting rid of my old vynyl collection from the 70 & 80’s. I got an album as a gift and is the best quality sound I’ve heard in a long time. I just wish I could figure out how to get more bass.
@@narancs5Except most people didn’t buy a cd every month. They got you paying forever…
banks hate me. i constantly churn bank account sign up bonuses and credit card sign up bonuses and get an average 3% cash back on all my purchases and never pay a cent of interest. i drive a 12 year old honda and buy all my clothes at the thrift shop. i also sail the high seas for any of my software and entertainment needs.
I did the same for the cash bonuses...ive used up all of them for the time being, ha ha
@ keep a spreadsheet, most are churnable after 24 months
"Arrrr..."
If buying isn't owning, then piracy isn't stealing
based
Right on! My car is a 2012 that I bought used in 2013. I haven’t had a car payment in almost 6 years and it’s the best. I started saving for a new (well used, but new to me) almost a year ago. Hopefully my car will last another 3 years so I can pay cash for a new car when I retire and still have an emergency fund available. My only debt is my mortgage. Living debt free is amazing. I love it
Thanks for this very thoughtful video. I have a filp phone by the way. Saved a ton of money over the years. My friends and family actually call me rather than texting because they know I don't do that. They've even come around to the idea that having a conversation is important to them. Best to all of you!
I did car payments once in my life. Paid it off on time, never again. I now own two 25 year old vehicles.. one is a truck for hauling stuff, the other a first generation Honda Insight. I learned how to work on cars earlier in life. I do all of my own repairs when they inevitably break down. I'm overwhelmed with subscriptions and payments though.
I remembered TV news always talked about how is important to customer. Now, they changed name to consumer.
My only monthly subscription is "pay tv" which is charged to my credit card...which I pay in full each month. My only debt is a mortgage, which I pay more than the required amount and am now over $11k ahead on my payments, (this is available to redraw, which doubles as my emergency fund), and will be fully paid off within the next 6-8 years. I have always lived modestly and never made a high income (max was $45k in any given year), I have never bought a "new" car in my life, and always saved and invested for the future. Now at 57, I work part time because I want an easy life, and will retire when the mortgage is paid off, with a nett worth over $1M, and will live comfortably in retirement, and indulge my passion for classic cars. Nicole, your philosophy and advise is spot on for modest income people, (like myself) to have a good life and a comfortable retirement (despite their modest income). Cheers!
When you were talking about using Visa for groceries in my head I thought well I do that but we pay our card off every month and treat it like a debit. I was happy to see that as a tip.
I also use things until they are dead or beyond dead. I had an iPhone 4 once, it lasted almost 4 years. The last $200 android I had lasted 6 years and I only just replaced it with slightly better one. I'm not one for going out and buying electronics or anything if I have something that's older but still works fine.
Thanks for another great video!
I paid off my car a couple of weeks ago. I plan to use it until the last screw falls off of it.
that was me. I paid off my 2006 car in 2011 and kept it til Dec 2024! It wasn't literally kaput, and I was able to trade it in for a couple grand when I bought a much newer (used) vehicle, but pretty close...almost 19 yrs I drove that thing. I was just starting to get tired of it and ready for something new, it had some cosmetic wear and tear that was starting to bother me a little.
I completely agree. I seriously do my best not to depend on subscriptions. I even collect DVDs and even rare CDs to just to ween myself off Netflix and other platforms.
if you have a good public library in your area, be sure to utilize that too! Mine has an option to stream movies and shows on Kanopy which doesn't have all the typical content but some surprisingly good stuff for free. They also still get DVDs...twice recently I've checked out new release DVD movies from the library when they were barely out of theaters.
Excellent truthful information presented in a no BS manner. I recently came across your channel, and I am sharing it to as many people as I can. Keep up the awesome work!
Back before you were born, the first subscription was Capital Records. They would automatically send you a new record album every month whether you liked it or not. Then people would keep getting them and never pay for them and get their credit destroyed. They had it set up to be hard to cancel the subscription.
Lets start a new holiday: Subscription Purge Day.
I love it, Catherine Austin Fitts suggested: "Cash Fridays". But since convid - I've been 98% cash transactions.
The only subscriptions that people really need is food, water, elecricity, rent, phone bill, and maybe internet.
100% spot on girl. 👍
Unfortunately most people still don't seem to understand the basics of money and that is that the the Borrower is slave to the lender!
Financial literacy is not taught. All by design. Most people are happy to be slaves.
This was a GREAT one Nicole. Well done!
We have always paid our cards off by the due date. We have recently begun paying them off a week or 2 early. It is no longer considered revolving credit, just a temporary convenience. I hope it confuses the heck out of the cc companies. We don't charge anything high ticket unless we have back up money to pay it. Try paying for your new fridge with cash. Or buying a car, in full, with a certified cheque. They look at it as if you are trying to pay with chickens. lol.
4:03 Insurance is the subscription where you pay every month and don't get anything in return. I've been paying for car insurance since the early 1990s. Number of claims I've had in my life: zero.
This is one of those things that it's worth paying for even if you don't use it
If you have buy an older car, the payments are less.
@@laundrygoddess4 For an insurance company to be profitable, and therefore, to exist, it has to take in more in premiums than it pays out in claims. Consequently, insurance policies have a negative expected value. It's better to just save your money and pay out of pocket instead of making an insurance claim.
@@davea691 I drive a 2013 Toyota Prius (that I bought new in 2013). I pay $38.85 a month to State Farm for the minimum coverage allowed by law in Texas. Since I also pay thousands of dollars in homeowner's insurance, I get a discount on the car insurance.
agree 100%. if i don't have the cash i save up. 'Use it up, wear it out, make it do or do Without'.
Love the Price is Right failure sound effect 😅
I’m the person who uses CCs and pays them off in the same week. Our cars are 2002 and 2007 Camrys. Paid for. I have Amazon Prime.
Not criticizing but sincerely asking - do you feel Amazon Prime is worth it? I tried it for 2 years and did not feel it was worth the price. Most of my (few) Amazon purchases have free shipping anyway because I spend over the threshold, and I watched like 2 shows on Amazon Prime Video before hitting paywalls for any other content I wanted, including movies from like 2002 (weird and annoying)! I notice they have some offers in larger cities that don't apply in my area like Amazon Fresh and 1-day shipping on some items. Just curious if someone who is frugal and mindful really finds this subscription worth the cost.
I use open source software which has some good apps for most needs. I go to secondhand shops (charity shops UK) and buy a lot I want (books, CDs, DVDs) and I take them back when i no longer use/read them. There is also the library which has so many resources. I keep my phones until they no longer work - I know there is designed obsolescence which needs to be addressed. I'm also lucky to still be healthy enough to be able to cycle where I need to go. We have things called allotments in the UK too where you can apply for a plot of land (allotment) to grow food on which is good in at least three ways, physical and mental health and you also get food! In the UK we also have Repair Cafes (I volunteer at two of these), people bring their items that are broken and we attempt to repair them, if a part is required they need to buy it but the labour is given for free. Sorry for the essay!
Another great video! I have two points I’d like to make. The first, new cars are not being built to last 20 years any more, so you’re best off buying an older used car that was built before COVID and paying cash. Second, iPhones, and other Apple products, are only supported for five years. If you choose to use them beyond their support life, they will not receive security updates, and you will be at risk. Keep up the great content!
They stopped updates on my Samsung Galaxy 8 like 1.5 years ago. Luckily my work pays for my phone. Damn the infinite subscriptions.
Just don't do Important stuff involving passwords such as banking on phone. My online banking only goes through a LAN wired laptop at home. And yes, my Samsung Galaxy S5 finally quit last November 2024.
@@Denniss7420 why cant you use banking on phone app?
Wimpy: I will gladly subscribe to have a hamburger today.
Pay me on Tuesday.
You’re so right. Best of all, you hardly ever make me feel bad. Why, because for the most part, I live a lot like you. Love your channel.
Streaming services that go unwatched are something I notice almost everyone around me paying for. For every person who actually binges original series on Netflix and Hulu, I know a dozen people who pay for like 10 streaming services and hardly ever watch TV. It's wild. I seek out free content online and through my public library (Kanopy as well as physical discs). I go to the actual movie theater every month or two. In the end, I spend very little on my entertainment options but I always seem to be pretty "up to date" on movies and when there's a TV show I really want to see, I eventually find a cheap or free way to watch.
An example of this is renter's insurance, which is required for most places now. Nominally it's to both cover loss of your personal items as well as damages the landlord may come after you for. Suddenly landlords all over are putting tenants on these "insurance verification" plans. You don't have insurance they like, you get put on "their" insurance. But it's not insurance. It's an agreement the landlord won't come after you for damages when you move out. The companies that set it up plainly say they think renter's insurance is another "revenue stream" they feel entitled to--you keep paying as long as you stay there unless you go through the trouble to get your own insurance and have them approve it. $25 a month for a complex with 150 tenants is $45,000 a year.
As someone who had a huge baby and showed at 2 months, as well as someone who lost over 100 pounds in 2024, I can confidently say new clothes are still a want.
When I was pregnant I was lucky enough to receive 2 pairs of maternity pants and 2 maternity tops as hand me downs from a friend. In addition to that, I bought a pair of jeans, a pair of shorts, and 3 summer tops. When you are pregnant, things like hoodies and cardigans still fit, just leave them open. Also, one crazy solution I used was a washing machine, it really helped cut down on my clothing budget.
Losing weight tge only thing I bought was socks (because mine all wore out and it was sock year no matter what. I wore clothes that were too big as I waited to fit into the next size down. I also had the advantage of having kept my faves that were smaller, but I made do with 1 pair of sweats and two pairs of jeans, at one point it was only 2 pairs of jeans. I used my tie waistbands much longer than I probably should, but why am I going to spend money on clothes I will shrink out of in a couple months. Rewarding weight loss with debt, no thanks. I did also have the benefit of hand me downs from my kid though as he grew 6 inches so I now have all their hoodies. Still, 125 pounds and no new clothes is pretty impressive and when I do start to need extra pieces, I'll thrift.
Just saying, because I think the world wastes utterly too much money on clothes.
I have followed these rules all my life...screwed up a credit card when I was 18 and said never again. if I don't have cash to pay for what I want i don't get it. I'm lucky I can pay most of my bills from 1 check and save most of what I make. no subscriptions except for netflix (my 83 yr old mother watches it far more than me) I use my phones until I'm forced to upgrade and have learned as many DIY repairs as I can. learning to do a simple oil change on your vehicle will save you 2/3 of what a shop will charge and they ain't cheap. I like your stuff keep it up!! subscribed!
Nicole is correct. I was living Nicole’s life before it was cool.
Retired 4 years ago at 57. Planned well with a comfortable retirement.
I’m packing my bags as am going to Mexico on Friday, will return in April. All paid for cash. We still haven’t figured out how to spend our annual income in retirement.
Yet, I am struggling with my old phone. I think Apple is trying to force me to upgrade. Too cheap to upgrade.
Keep up the good work Nicole.
Congrats on 100,000.
Just retired at 58. Doesn’t happen without planning and saying no to a lot of worthless crud .
@@NCrdwlfI was a tradesperson. I was working so much I didn’t have time to spend my money! Lol.
@ 18 hours a day will do that . Please enjoy retirement !
Very good. Well done. What you're describing is purely how I learned to live from my parents generation. They didn't have credit cards. They saved and bought the things that they needed cash. The only debt they had was a mortgage on the home they lived in in and they managed to pay this off within about 10 years. Cars were bought cash - they weren't great cars but heh, it was the sixties! Clothing, food, furniture, all cash. If they didn't have money, they went without. This is the society that we need to re-establish. Not this debt laden one where nobody gives a damn about their stuff knowing they can just go and get more.
If you have to pay something off over a minimum time period, it's not a subscription. It's a loan.
She knows this. Her point is recurring payments are recurring payments, and loans are actually worse than subscriptions because you can't cancel the subscription without penalty.
I'm at least twice your age and don't always agree with your videos, but this one is spot on and I hope many viewers takes it to heart. Great work!
My first iPad Air lasted for 8 years before it was obsolete. I recently upgraded to the latest version and I’m sure it will last until its eventual obsolescence too.
mine is at least 10 years old and still running fine, the battery is just a bit capricious when in the cold
I had the basic one in 2020
9th or 10th gen?
It broke 2 years later, screen malfunction.
Never replaced it. Built a PC instead.
Come to think of it my iPod 4th gen didn't last that long either.
Kinda done with apple
Long ago you would purchase one telephone and that phone would move with you where ever you go. It was buy once and done. Now the phones have an expiration date. I really dislike things like this. Don’t get me started on Social Security they will take all the money you save for retirement. This world is very messed up. Thanks for shedding a light on this. 😊
Tap tap tap "No." I love your videos. The Perfect Blend of Common Sense, wisdom beyond your years, sarcasm and sense of humor! :-)
“Costco sized pickle jar”… still cracks me up! 😂
I've never spent more than $100 on a phone. I refuse.
You get what you pay for I suppose. 😂
@SECULARAF yeah I use for 3 years then pass to my kids
I think I'm closer to $200 but yeah, a decent refurb phone will last me 4 years easily and I don't need anything fancier.
@SECULARAFyou can be sure it’ll break in only a few years, and have very few software updates
It is consumer ignorance that helps phone companies to thrive and continue to gauge the gullible public. I stay 2 or 3 phone generations behind and I am yet to notice the difference in the phones that own. $100 or less is the way to go.
Unfortunately planned obsolescence is a reality for many things we used to buy, confident they would last for years. Like cars or major appliances. My car is 12 years old, 170k miles. Newer models of my car often have major problems before 100k miles with extremely costly repairs. Shops typically charge $100-$150 an hour to do any work. If the rxpensive parts are available. Some car brands are so prone to engine blow ups regardless of following recommended maintenance schedule, before 100K miles it makes sense to just lease for about 3 year, and if you do buy trade or sell once the warranty is up. Quality throughout the industry has gotton so questionable that even though new car prices are rediculously high you have to wonder if buying a used car is a wiser choice anymore. Even the brands with reputations for reliability are having problems now. The deal with major appliances is even worse. So many " convenient" features of marginal value are added that overcomplicate the design at the expense of their basic function. Breakdowns are common, repairs and parts very expensive you're tempted to consider replacing over repair. It seems in today's world making products people NEED. In this modern world overly reiable and long lasting is bad business. Make your products last an "acceptable" length of time and no more to ensure a continuous revenue stream over time. Planned obsolescence is how it is now. And don't get me started on computers.
Thanks, I thought that I was the only one who thinks and lives by those rules. Yes, it saves one a ton of cash. Additionally, I never buy lunch at work. Homemade lunch is the best, to me.
I only dine out on Saturdays and make it a big fun outing either for lunch or dinner with my husband, sort of like a "date". I much prefer to do that than grab fast food or overpriced takeout during the work week. We cook a LOT.
Do a video on saving for dental work while your in pain because ones dental insurance is crap.
Stay away from soda..that stuff will rot your mouth..if you do..use a straw and don't swish it in your mouth.
Your only choice is to save up in a separate fund for future dental work, if you wait till you’re in pain, then you have no choice. I don’t have dental insurance, but my dentist gives a discount for cash.
Have not paid interest on a card for decades.
I'm still rocking my iPhone 12 Pro Max, which I paid in cash from Apple when it was released. It works fine, and the battery still lasts sufficiency long enough. Sure, it's not the latest and greatest, but functionally it still does the job extremely well. Why should I replace it? We don't always need the new shiny thing in our lives.
Actually, were coming up to the 75 anniversary of the Diners' Club card in February. The world's first credit card.
Someone discovered how to milk that cash cow....US!!!!!
Phones i buy are 200 dollars and keep it for 3 ys till it quites ,
I paid $89.00.
💯 agree. I would have one comment though, when it comes to business expenses. Sometimes it makes sense to finance things in order to maintain cash flow or pay things over time. I use affirm quite a bit to spread payments over 3-6 months and take advantage of their 0% option as much as possible. One would still have to be careful not to overextend but I find it useful to not have to lay out too much cash at once.
My husband and I have no credit cards. We have debit cards and we use what is in our account, not credit. I also do not use any finance offers such as Klarna and whatnot - if I can't pay for this perfume/trousers/shoes/tickets NOW, I should not buy them and wait till I can.
I was in credit card debt when I was young, I know full well what sort of trap it is. The only debt we have is a mortgage we are paying off. Our car is old and paid for in cash, and we will try to save money before we buy a new one. Financing a car or anything you do not absolutely NEED is a terrible idea.
We also buy used (high-end) phones and use them for years, and have a non-bound contract with mobile phone provider.
I also don't have a credit card, just a debit card.
I got soon 6 years old (android) phone. Not once have I bought a phone on monthly payment. 47$ is not much, maybe its even on 0% interest but I HATE PAYING MULTIPLE SMALL payments every month. No matter if they even are on automatic billing. I just hate them.
Always end subscriptions to confuse the so called powers. Do you need ignorant movies? No, you don’t. Buy a book, make art, get groovy.
Right!!! Never finance a "want". One of the best life lessons was learning that what I want is often very far from what I need.
I never financed anything. I suddenly feel rich😂.
same here!
My mom shouts this same stuff in my face about my finances all the time. And I agree with her and you.
Very good video. I paid off my house and avoid debt since. I was able to save but prices have risen to the point where I can't save much. Eggs have gone from $3 a dozen to $8.50 a dozen since the summer and there are shortages.
I looked at a new truck 2 years ago but they are ugly and very over priced. I will restore my 1985 C-10 instead. That will cost about $2000 in parts and about 800 hours of my time. In the end, I'll have a much better truck. In my area(New England), car and truck frames commonly rot out in 7 to 12 years because the highway departments use a highly corrosive salt and modern frames are thinner. The salt is also destroying bridges. Good Luck, Rick
You have a plan. Very wise.
@@bunny_smith Thanks, I'm also very old. I've seen these finanacial cycles a few times. The worst was the late 1980s when many people lost their homes and 7 banks in our county, had to close. I learned to be frugal in my teens. That helped me to survive the tough times. Good Luck, Rick
😂Tap tap tap… 👉STOP. 😂🤣 Another great video! Thanks Nicole. ❤️
Currently have 4 monthly bills - Rent, Electricity, Internet and my Chequing Account fee. I buy a new iPhone every few years, don’t use a SIM card (wi-fi only) and I’ve been completely fine. The rest of my income goes into savings, investing and generosity.
Your bank is ripping you off if you have to pay a fee for them to keep your money. I know you’re not in the US but you should probably check around. I know in the US there’s plenty of banks that have no fees.
Often there's something you can do to make the bank fee go away. I bounce $150 back and forth between my account and the GF's every week automatically. Each bank sees that as a direct deposit and waives the monthly fee.
LUCKY ME I DON'T PAY none of those :D
Great financial advice! Consider the costs of repairing your old car compared to new car expense. Parts for old cars are easier to find than newer cars.
One solution I split an IPTV service with my sister and a friend, every channel under the sun for less than one month of cable. we've been debt free for many years and its pure freedom 😊
"It will be a frosty day in .... before I ever spend....." 😆
Perfect sound effect with The Price is Right loser music!
I laughed out loud! Thanks.
Yes! 😂
Another great vid! I have 3 credit cards, two with Zero balance constantly, and one I use for everything. The catch is, I signed up for autopayment, full balance every month. It also has 2% cash back on EVERYTHING. When you read the fine print, (a MUST) Many will exclude Walmart! My last year, full cashback amount was 230 dollars. One MORE thing you can do: If you are SURE you can pay it off, buy a higher ticket item with a card that gives you $200 if that Item is paid off in 15 months, for example. You do get $200 in cash for doing that! $$$ ❤
Is not cash back, your own money. During lock down I phased over to those cards instead of cash. Benni was a budgeting tool of the statements, looking at which gave % of my money back. but now I think CC are reducing limits, blame the non payers and merry go round card users.
This actually started decades ago with the power & landline phone companies. There was a time when you would pay nothing, if you didn't use any power or make any calls. Then they realized they had a monopoly & could screw their customers by making them pay a monthly service fees even if they didn't use the utility at all that month. It should be illegal. Btw re:starving & dragging my ass through the lawn like a dog..thanks for the tip!
Uk . Called standing charge . Over a £1 a day . 370 per yr . & RIP OFF electric , gas prices
@@stephenlyon8577think my daily standing charges for gas and electric are £1.30.
£40 a month before you've even used it
This whole subject can be boiled down to cash flow. Always aim for a positive cash flow if you can. I am on SSDI and live on a mostly fixed income, with a bit extra from dividends. I have a nice cushion in savings and my car turned 31 (I just had to dump $750 on the exhaust to get it to pass inspection, way cheaper than buying a new car). Because I have the cash buffer, when I had to lay out $4k to replace my heating oil tank, I put it on my discover card and paid it off the next month ($40 of free money from cash back). If you can have that "emergency" fund, it will help you dodge the "finance" trap. So if you have to, when you are young, live like a monk for 2 years and build up a 5 figure fund that will prevent you HAVING to finance things in the short term. Once you have a stash, you can use it like I have to invest in dividend stocks and high yield savings accounts and it will grow over time. The interest on my savings pays for my Amazon Prime and Netflix subs with money left over.
Hi Levi. I like your sweater ❤️
Last item, paying a monthly charge for storage because you have too many things you do not use!
I know a woman who paid $100 per month to store her daughter's toddler bed and other furniture just in case she had a second child. By the time her daughter was 13 or 14, she realized it was never gonna happen and sold all of that for under $1200. She paid over $10k to store it for 9 years. If she did have a second child she could have bought really fancy all new stuff for that price. So nutty.
it's really hard to cancel gym membership. Apparently you have to hand mail your cancelation letter to some po box! Then wait and hope.
It’s not just gyms but a lot of things. They make it easy to sign up - especially online - and then make it difficult or almost impossible to cancel without having to call someone or some equally arduous process.
The worst subscription is rent.
I'm big fan of your hair style and hair so silky and smooth😊
Listen to this woman people!! She's wicked smart!!
You're not really free unless you're debt-free.
@@Islandwaterjet That's not a debt. It's a cost living bill.
Mortage, Rent, Property Taxes, Homeowner Association fees
My construction company bought a brand new $700,000 John Deere road grader and just found out that the automatic transmission is a subscription
So that means you can't change it out when it breaks because you don't own it??
wtf? You have to pay a monthly fee to drive it?
apparently we've beat that dead horse enough /sarcasm
Bambu Lab was attempting to go down this slippery slope with 3D printers and they got backlash from the community. They have temporarily backed off, but I'm sure the subscription model is what their future plans are.
John Deere is doing the subscription thing on a lot of stuff. It’s disgusting.
Good thoughts. It really explains why I don’t understand the difficulties people have living these days. I hate payments, buy my phones used, I drive cheap paid for up front vehicle. I occasionally think about how many months of payment my car would pay for, often it’s less than one year worth of payments.
Before buying something expensive, a car or a house, I think to myself, "if I had enough cash to buy this in my bank account, what would I do with it?" The honest answer is usually no, buy something cheaper and keep the rest of the money in the bank.
I bought a run down five bedroom house for 15 grand and, I been living in it as renovating it as I go.
OMG, you are so right. Thought we were saving by cutting the cable, and just streaming tv, but all the subscription fees through Prime and Roku are chipping away at our limited income now that we are retired! I'm so angry and stressed, I could spit nails!😠
I bought a Roku TV and it came with all the Roku channels for free just included, no subscription fee 🤷♀️ I was so surprised lol and it was also the first time I ever bought a new TV 😅 People used to just randomly give me their old tvs whenever they decided to upgrade. But anyway, my point was I can watch Roku TV and UA-cam on my TV for free, no need for a subscription and there's plenty other things to do than watch TV anyway.